- Current report filing (8-K)
December 19 2008 - 2:26PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Current
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
December 8,
2008
(Date of earliest
event reported)
First
Financial Service Corporation
(Exact name of
registrant as specified in its charter)
Securities and
Exchange Commission File Number:
0-18832
KENTUCKY
|
61-1168311
|
(State
or other jurisdiction
|
(I.R.S.
Employer Identification No.)
|
of incorporation
or organization)
|
|
2323 Ring Road,
Elizabethtown, Kentucky, 42701
(Address of
principal executive offices) (Zip Code)
Registrants
telephone, including area code:
(270)
765-2131
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item
8.01: Other Events
On December 8, 2008,
First Financial Service Corporation was notified that it had been selected and
preliminarily approved to participate in the United States Department of
Treasurys Capital Purchase Program (CPP). The Treasury Department
recently created the CPP to encourage U.S. financial institutions to raise
capital to increase flow of funds to consumers thereby supporting the national
economy. On October 20, 2008, Treasury Secretary Henry Paulson
stated: This program is designed to attract broad participation by healthy
institutions and to do so in a way that attracts private capital to them as
well.
On December 18,
2008, the board of directors of First Financial Service Corporation unanimously
approved the participation in CPP. Under the program, the Company would
issue senior preferred shares to the Treasury Department up to $20
million. The senior preferred shares would have a per annum dividend rate
of 5% for the first five years and 9% thereafter. The Company would also
issue to the Treasury Department ten year warrants for common shares equal to
15% of the preferred share investment, giving the Treasury the opportunity to
benefit from any increase in the Companys stock price.
Participation in the
Capital Purchase Program would enhance the Companys investment and lending
opportunities in the communities served as well as provide adequate capital for
growth and expansion. Prior to the Treasurys preliminary approval, the
Companys capital ratios were already higher than the amounts to be considered
by its regulators to be categorized as well capitalized. The additional
capital will further strengthen these capital ratios. First Financial
Service Corporation expects to receive the funds from the Treasury during the
first quarter of 2009.
Item
9.01: Financial Statements and Exhibits
None
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 hereunto duly
authorized.
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FIRST
FINANCIAL SERVICE CORPORATION
|
|
|
Date: December 19,
2008
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By: /s/
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Steven M. Zagar
|
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Steven M. Zagar
|
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Chief Financial Officer &
|
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Chief Accounting Officer
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