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 October 23, 2001
(Date of earliest event reported) October 23, 2001
Kankakee Bancorp, Inc.
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-13676 36-3846489
(Commission File Number) (I.R.S. Employer Identification Number)
310 South Schuyler Avenue, Kankakee, Illinois 60901
(Address of principal executive offices) (Zip Code)
(815) 937-4440
(Registrant's telephone number, including area code)
Item 5. Other Information
On October 23, 2001, Kankakee Bancorp, Inc. (the "Company") issued a news
release announcing its earnings for the quarter ended September 30, 2001, as
well as other recent corporate events. The news release is attached hereto as
Exhibit 99.1.
In addition, effective as of October 15, 2001, the Company entered into change
of control agreements with the following executives: Gerald C. Chantome, Carol
S. Hoekstra, Larry D. Huffman, Michael A. Stanfa and Ronald J. Walters. Each of
these agreements have identical terms, which generally provide that if the
executive is terminated by the Company within either six months before or one
year after a change of control of the Company, as defined in the agreements,
then the executive will receive a severance benefit equal to three times the sum
of his or her base salary, average performance bonus (2 year average) and
average retirement plan contributions (2 year average), as further provided in
the attached from of agreement. Additionally, the Company entered into a change
of control agreement with Terry L. Ralston, which is identical to the other
agreements, with the exception that Mr. Ralston will receive one times the sum
of his base salary, average performance bonuses and average retirement plan
contributions. A form of the agreement entered into with each of the executives
listed above is attached hereto as Exhibit 99.2.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired.
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None.
(b) Pro Forma Financial Information.
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None.
(c) Exhibits.
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99.1 News Release dated October 23, 2001
99.2 Form of Change of Control Agreement entered into by the
Company and several executives.
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.
KANKAKEE BANCORP, INC.
Dated: October 23, 2001 By: /s/ Ronald J. Walters
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Ronald J. Walters
Vice President and Treasurer
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