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 Act of 1934
Date of Report: April 5, 1999
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Date of earliest event reported: March 25, 1999
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CAVALRY BANCORP, INC.
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(exact name of registrant as specified in its charter)
Tennessee 0-23605 62-1721072
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
114 West College Street, Murfreesboro, Tennessee 37130
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including are code (615) 893-1234
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Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
Cavalry Bancorp, Inc. announced on March 25, 1999 that it has received
approval from the Office of Thrift Supervision (OTS) to implement a program
to repurchase up to 358,066 shares or approximately 5 percent of its 7.2
million shares outstanding.
The press release concerning the announcement of this event is incorporated
herein by reference and is included as Exhibit 99(a) to this Form 8-K.
Item 7. Exhibits
99. Exhibits
(a) Press Release of the Company Dated March 25, 1999
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.
CAVALRY BANCORP, INC.
Date: March 25, 1999 By: /s/Ed C. Loughry, Jr.
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Ed C. Loughry, Jr.
President and Chief Executive
Officer
Date: March 25, 1999 By: /s/Hillard C. Gardner
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Hillard C. Gardner
Senior Vice President and
Chief Financial Officer
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EXHIBIT 99(a) Press Release
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**FOR IMMEDIATE RELEASE**
Contact:
William S. Jones
Senior Vice President
And Chief Administrative Officer
CAVALRY BANCORP, INC. ANNOUNCES
STOCK REPURCHASE PROGRAM
Murfreesboro, TN - March 25, 1999 -Cavalry Bancorp Inc. (NASDAQ -CAVB)
today announced that it plans to implement a program to repurchase up
to 358,066 shares or approximately 5 percent of its 7.2 million shares
outstanding. At December 31, 1998, Cavalry Bancorp, Inc. had assets of
$364.9 million and stockholder's equity of $95.2 million.
Pursuant to the stock repurchase program shares will be purchased by
Cavalry Bancorp Inc. from time to time, depending upon market
conditions, in open market transactions until such time as 358,066 have
been repurchased.
Ed C. Loughry Jr., President and Chief Executive Officer of Cavalry
Bancorp Inc. commented, "While Cavalry Bancorp Inc. continues to
effectively utilize its capital base to support the expansion of its
community oriented banking franchise, we believe repurchasing shares is
one of the least risky ways a bank can deploy excess capital while
improving earnings ratios."
Cavalry Bancorp, Inc. is the holding company for Cavalry Banking which
conducts its business primarily in Rutherford, Bedford and Williamson
Counties in Central Tennessee.
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