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FORM 8-K
AMENDMENT NO. 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
Pursuant to Section 13 of 15(d)
of the Securities and Exchange Act of 1934
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Date of Report: May 23, 1997
BAYLAKE CORPORATION
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Wisconsin 0-8679 39-1268055
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
217 NORTH FOURTH AVENUE, STURGEON BAY, WISCONSIN 54235
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(Address of principal executive officers)
Registrant's telephone number, including area code (414)-743-5551
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Item 1-4. Not Applicable
Item 5. Other Events
BAYLAKE CORP. ANNOUNCES STOCK REPURCHASE PROGRAM
Sturgeon Bay, Wisconsin, May 23, 1997...Baylake Corp. (OTC/BB:BYLK) announced
today that it intends to repurchase 14,000 of its outstanding common shares
(approximately .57%) from time to time over the next two quarters in open
market or privately negotiated transactions.
The repurchased shares will be treasury shares and later utilized in connection
with the company's dividend reinvestment program or employee benefit plans.
Following is the complete text from the announcement:
Baylake Corp. (OTC/BB:BYLK) recently announced that it intends to repurchase
some of its common shares on a quarterly basis that coincides with its
quarterly dividend paying dates. The number of shares that Baylake Corp.
intends to buy each quarter will be up to 7,000 (approximately .28%) of its
outstanding shares, or the number of shares required to fill its needs for its
dividend reinvestment program, any future benefit plans, and the employee stock
purchase plan currently being developed, the greater. The purchases will be
made in the open market or through privately negotiated transactions.
Baylake Corp. also announced its regular cash dividend of 24 cents per share
payable June 16, 1997, to shareholders of record June 2, 1997.
Baylake Corp. also announced that its dividend reinvestment program will be
suspended for the next two dividend payments. This is designed to reduce the
retained earnings of the corporation to bring its capital to asset ratio more
in line with its corporate peers.
Baylake Corp. is a Wisconsin one-bank holding company which owns all of the
shares of Baylake Bank. Baylake Bank has 17 locations in Northeastern
Wisconsin and has assets of nearly $400 million.
Item 6. Not Applicable
Item 7. Not Applicable
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Baylake Corp.
Date: June 5, 1997 By: Steven D. Jennerjohn
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Steven D. Jennerjohn
Treasurer