U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from --------- to -----------
Commission File Number 0-23645
LEEDS FEDERAL BANKSHARES, INC.
(Exact name of Registrant as specified in its Charter)
U.S.A. 52-2062351
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(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or Number)
organization)
1101 Maiden Choice Lane, Baltimore, Maryland 21229
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(410) 242-1234
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15 (d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
/ / Yes /X/ No
As of December 31, 1997, there were no shares of the
Registrant's common stock, par value $1.00 per share,
outstanding.
Part I.
FINANCIAL INFORMATION
Leeds Federal Bankshares, Inc. (the "Registrant") was formed
to serve as the stock holding company for Leeds Federal Savings
Bank (the "Bank") pursuant to the Bank's reorganization into the
"two-tier" mutual holding company structure. As of December 31,
1997, the Bank had not completed its reorganization, and,
accordingly, the Registrant had no assets or liabilities.
Effective January 21, 1998, the Bank completed the
Reorganization and the Registrant became the stock holding
company parent of the Bank. Leeds Federal Bankshares, MHC, the
Bank's mutual holding company, became the owner of a majority of
the common stock of the Registrant, which became the owner of
100% of the common stock of the Bank. Each share of Bank common
stock that was held by the stockholders of the Bank was exchanged
for a share of common stock of the Registrant. The
Reorganization of the Bank was structured as a tax-free
reorganization and accounted for as a pooling of interests.
Part II.
OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
13 Form 10-Q for Leeds Federal Savings Bank as filed
with the Office of Thrift Supervision
27 Financial Data Schedule
No reports on Form 8-K were filed during the quarter
ended December 31, 1997.
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 thereunto duly authorized.
LEEDS FEDERAL BANKSHARES, INC.
Date: February 12, 1998 /s/ Gordon E. Clark
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Gordon E. Clark
(President and Chief Executive
Officer)
Date: February 12, 1998 /s/ Kathleen G. Trumpler
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Kathleen G. Trumpler
(Treasurer and Chief Financial
Officer)