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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
February 1, 1999
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Date of Report (Date of earliest event reported)
FIRST ALLEN PARISH BANCORP, INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 0-21165 72-1331593
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(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification No.)
incorporation)
222 South 10th Street, Oakdale, Louisiana 71463
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(Address of principal executive offices) (Zip Code)
(318) 335-2031
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last
report)
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Item 5. Other Events
On February 1, 1999, the Registrant issued a press release
announcing preliminary results of operations for the 1998 fiscal
year. Registrant also announced plans for a stock repurchase and
announced the annual Stockholders Meeting date.
Item 7. Financial Statements and Exhibits
(A) Exhibits.
1. Press release, dated February 1, 1999.
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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 thereunto duly authorized.
FIRST ALLEN PARISH BANCORP, INC.
DATE: February 1, 1999 BY: /s/Charles L. Galligan
Charles L. Galligan
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EXHIBIT 1
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FOR IMMEDIATE RELEASE.................
CONTACT: Charles L. Galligan, President & CEO
First Allen Parish Bancorp, Inc.
222 South Tenth Street
Oakdale, Louisiana 71463
Telephone: (318) 335-2031
Telefax: (318) 335-2941
FIRST ALLEN PARISH BANCORP, INC., HOLDING COMPANY OF
FIRST FEDERAL SAVINGS & LOAN ASSOCIATION OF ALLEN PARISH
ANNOUNCES PRELIMINARY RESULTS OF OPERATIONS FOR FISCAL YEAR
END
DECEMBER 31, 1998, ANNOUNCES A PLAN FOR STOCK REPURCHASE,
AND
ANNOUNCES ANNUAL STOCKHOLDERS MEETING DATE
OAKDALE, LOUISIANA, FEBRUARY 1, 1999 - First Allen Parish
Bancorp, Inc. (the Company), (NASDAQ:FALN), holding company of
First Federal Savings & Loan Association of Allen Parish, (the
Association), Oakdale, Louisiana, reported that the Institution
had net income of $222,555, or $.90 per share, for the twelve
months ended December 31, 1998, compared to net income of
$254,500, or $1.04 per share, for the twelve months ended
December 31, 1997. These results are subject to adjustments upon
completion of the Company's independent audit.
Loans receivable increased to $14,896,198 at December 31, 1998,
from $13,645,908 at December 31, 1997, an increase of $1,250,290.
Deposits increased to $33,553,066 at December 31, 1998, from
$28,656,542 at December 31, 1997, an increase of $4,896,524.
Total assets increased to $38,693,630 at December 31, 1998, from
$33,519,187 at December 31, 1997, an increase of $5,174,443.
First Federal exceeded all federal regulatory capital require
ments at December 31, 1998. Stockholders' equity increased to
$4,784,268 at December 31, 1998, from $4,534,718 at December 31,
1997, an increase of $249,550. Semiannual dividends of $.15 per
share were paid to stockholders in June and December of 1998.
First Allen Parish Bancorp, Inc., common stock is traded on
NASDAQ "Pink Sheets" under the symbol "FALN".
First Allen Parish Bancorp, Inc., announced its intention to
repurchase up to 5% of its outstanding shares in the open market
over the next twelve months. These shares will be purchased at
prevailing market prices from time to time over a twelve-month
period, depending on market conditions. Management also intends
to repurchase up to 4% of its outstanding shares in the open
market to fund the Company's Recognition and Retention Plan.
These shares will also be purchased at prevailing market prices
from time to time depending upon market conditions. The Board of
Directors of the Company approved the repurchase program in view
of the current price level of the Company's common stock and the
strong capital position of the Company's subsidiary, First
Federal Savings & Loan Association of Allen Parish. The
repurchased shares will become treasury shares and will be used
for general corporate purposes, including the issuance of shares
in connection with grants and awards under the Company's stock
based benefit plans. The Board of Directors of the Company
believes that the repurchase of shares represents an attractive
investment opportunity that will benefit the Company and its
stockholders.
First Allen Parish Bancorp, Inc., also announced that the Annual
Meeting of Stockholders will be held at 2:00 p.m. (Oakdale,
Louisiana time) on Friday, April 30, 1999, at the main office of
First Allen Parish Bancorp, Inc., 222 South Tenth Street,
Oakdale, Louisiana 71463.
First Allen Parish Bancorp, Inc., through its subsidiary, First
Federal Savings & Loan Association of Allen Parish, is a
community-oriented financial institution, offering a full range
of banking services aimed at meeting the financial needs of the
families and the communities it services. Deposits are insured
by the Federal Deposit Insurance Corporation (FDIC). Founded in
1962, First Federal Savings & Loan Association of Allen Parish
and its holding company, First Allen Parish Bancorp, Inc.,
founded in 1996, are both headquartered at 222 South Tenth
Street, Oakdale, Louisiana. First Federal recently opened a full
service branch office at 110 North Fifth Street, Oberlin,
Louisiana, and recently established a Loan Production Office at
531 North Ninth Street, Kinder, Louisiana.