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): November 26, 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 8.01 Other Events.
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The Board of Directors of LaPorte Bancorp, Inc. (the "Company") has
authorized a stock repurchase program pursuant to which the Company intends to
repurchase, in the open market and in privately negotiated transactions, up to
60,000 of our common shares. The timing of the repurchases will depend on
certain factors, including but not limited to, market conditions and prices, the
Company's liquidity requirements and alternative uses of capital. Any
repurchased shares will be held as treasury stock and will be available for
general corporate purposes.
During the month of November 2008, we repurchased in the open market 50,000
of our common shares at a weighted average cost including commissions per share
of $6.45 pursuant to a repurchase program announced on November 13, 2008 (the
"November 13 Program".) The November 13 Program has now been completed.
As previously announced, the Company, together with LaPorte Savings Bank
MHC has applied to receive an investment of up to $4 million from the United
States Treasury ("UST") pursuant to its Capital Purchase Program ("CPP"). The
terms of the CPP as they would apply to the Company are not clear at this time
as a result of its MHC structure. The Company has not yet determined whether or
not it would accept a CPP investment, or the amount of such investment, if its
application is approved.
Under the standard terms of the CPP, for a period of three years, companies
may generally not repurchase, without UST approval, their shares while the CPP
investment is outstanding. It is unknown whether the UST would grant a waiver of
this restriction to the Company should it request it following its receipt of
CPP funds. Accordingly, if the UST approves the Company's CPP application and
the Company determines to accept a CPP investment, the Company anticipates
terminating its stock repurchase program no later than the date of such
investment.
This report contains certain forward-looking statements about the proposed
stock repurchase program and CPP investment. Forward-looking statements can be
identified by the fact that they do not relate strictly to historical or current
facts. They often include words like "believe," "expect," "anticipate,"
"estimate," and "intend" or future or conditional verbs such as "will," "would,"
"should," "could," or "may." Certain factors that could cause actual results to
differ materially from expected results include delays in completing the
proposed repurchase program, the status of our CPP application, changes in the
interest rate environment, changes and refinements in the CPP investment,
changes in the market price of LaPorte Bancorp, Inc. common stock, changes in
the general economic conditions, legislative and regulatory changes that
adversely affect the business of LaPorte Bancorp, Inc. and changes in the
securities markets.
Item 9.01. Financial Statements and Exhibits.
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(a) Financial Statements of Businesses Acquired: None
(b) Pro Forma Financial Information: None
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(c) Shell company transactions: None
(d) Exhibits: None
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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: November 26, 2008 By: /s/ Lee A. Brady
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Lee A. Brady
President and Chief Executive Officer
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