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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): December 1, 2000
ARGO BANCORP, INC.
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(Exact Name of registrant as specified in its charter)
Delaware 0-19829 36-3620612
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(State or other Jurisdiction (Commission File No.) (IRS Employer
of Incorporation) Identification No.)
5818 South Archer Road, Summit, Illinois 60501
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (708) 458-2002
Not Applicable
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(Former name, address, and fiscal year, if changed since last report)
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ITEM 5. OTHER EVENTS
On December 1, 2000, Argo Federal Savings Bank, FSB ("Argo"), the wholly owned
subsidiary of the Registrant, completed its sale of three of its leased branch
banking facilities to Archer Bank and Chicago Community Bank, both subsidiaries
of the Metropolitan Bank Group ("MBG"), a bank holding company located in
Chicago, Illinois.
Archer Bank assumed the leases on the Summit, Illinois and Bridgeview, Illinois
banking facilities of Argo and Chicago Community Bank assumed the lease on the
branch office of Argo located at 47 W. Polk Street, Chicago, Illinois. The
offices will be operated as branches of Archer Bank and Chicago Community Bank.
Total deposits transferred were $113,584,740.00. The Purchasers assumed the
designated deposits and purchased at book value, furniture, fixture and
equipment in each of the branch offices. The total deposit premium paid to Argo
was $9,215,597.00. Argo will also record income, before tax effects, of
$591,000 in the fourth quarter of 2000, attributable to the deferred gain on the
sale of the Summit and Bridgeview branch office buildings that were sold in
June, 1999. Expenses attributable to the transaction aggregated the approximate
amount of $1 million. Argo funded the transaction through short term liquid
investments.
The Registrant is an Office of Thrift Supervision registered thrift holding
company with total assets of $370 million. The Registrant through its wholly
owned subsidiary Argo, operates two banking locations and "umbrellabank.com", an
electronic commerce banking division of Argo, now headquartered in Chicago,
Illinois, has total deposits of $350 million, together with a network of over
800 automated teller machines deployed in 15 states.
As a result of the sale of Argo's Summit, Illinois office, the Registrant's main
office has been relocated to 5818 S. Archer Road, Summit, Illinois.
SIGNATURE
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.
ARGO BANCORP, INC.
Date: December 8, 2000 By: /s/ John G. Yedinak
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John G. Yedinak
President and CEO