UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 16, 2008
LAPORTE BANCORP, INC.
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(Exact Name of Registrant as Specified in Charter)
Federal 001-33733 26-1231235
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(State or Other Jurisdiction) (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
710 Indiana Avenue, LaPorte, Indiana 46350
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (219) 362-7511
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Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 2.06 Material Impairments.
LaPorte Bancorp, Inc. (the "Company") announced today that, in view of the
recent bankruptcy filing of Lehman Brothers Holdings Inc. ("Lehman"), the
Company intends to record an other-than-temporary impairment ("OTTI") noncash
charge with respect to the Lehman debt securities it owns. The carrying value of
the Company's Lehman debt securities as of June 30, 2008 was approximately
$480,000. The OTTI charge related to such securities will be made effective
September 30, 2008 and is expected to approximate $450,000 or $0.10 per share
($297,000 or $0.06 per share on an after-tax basis) based on the market value of
such securities as of September 16, 2008. The amount of this OTTI charge is
subject to material change in the future as a result of significant
uncertainties related to the disposition of Lehman's assets in bankruptcy as
well as general economic conditions and the resulting impact on the market value
of the Company's Lehman debt securities.
Based on management's current projections, even if our Lehman debt
securities are ultimately deemed to have no value, the capital of our
subsidiary, LaPorte Savings Bank, would continue to substantially exceed the
ratios that must be maintained for such institution to be considered "well
capitalized" under the capital guidelines administered by the federal banking
agencies.
This report contains certain forwarding-looking statements about the
Company's securities activities. Forward-looking statements can be identified by
the fact that they do not relate strictly to historical or current facts. They
also include words such as "believe," "expect," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should," "could" or "may".
Certain factors could cause actual results to differ materially from expected
results including changes in the general economic conditions (such as interest
rates, employment levels and real estate values), legislative and regulatory
changes, developments with respect to the Lehman bankruptcy, changes in the
Company's business operations and the results thereof and changes in the
securities markets. LaPorte Bancorp, Inc. does not intend to update this Report
and expressly disclaims any obligation to do so.
Item 9.01 Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired: None
(b) Pro Forma Financial Information: None
(c) Shell company transactions: None
(d) Exhibits: None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LAPORTE BANCORP, INC.
DATE: September 16, 2008 By: /s/ Lee A. Brady
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Lee A. Brady
President and Chief Executive Officer