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): August 20, 2003
Blair Corporation
(Exact name of registrant as specified in its charter)
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Delaware 001-00878 25-0691670
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(State or other (Commission File (I.R.S. Employer
Jurisdiction of No.) Identification No.)
incorporation)
220 Hickory Street, Warren, Pennsylvania 16366-0001
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(Address of Principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (814) 723-3600
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Information
On August 20, 2003, the Company announced that it had formally organized
and began operations of JLB Service Bank (the "Bank"), a Delaware chartered
banking corporation which is wholly-owned by the Company. The Bank is a Delaware
state chartered non-Federal Reserve member bank, which has been approved for
Federal Deposit Insurance by the Federal Deposit Insurance Corporation, which
will serve as a credit card bank to engage only in credit card origination. The
Bank will not accept demand deposits, will not accept savings or time deposits
of less than $100,000, and will not make commercial loans.
A copy of the press release regarding the foregoing is attached hereto
as Exhibit 99.1.
Item 7. Exhibits and Reports
(a) Exhibits
Exhibit 99.1. Press Release
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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 hereunto duly authorized.
Date: August 20, 2003 Blair Corporation
By: John E. Zawacki
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John E. Zawacki
President and Chief Executive Officer
By: Bryan J. Flanagan
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Bryan J. Flanagan
Senior Vice President and Chief
Financial Officer
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Exhibit 99.1.
FOR IMMEDIATE RELEASE:
CONTACTS:
Blair Corporation Carl Hymans
Bryan Flanagan, SVP & CFO G.S. Schwartz & Co.
Thomas McKeever, SVP of Operations/Admin 212-725-4500
814-723-3600 carlh@schwartz.com
BLAIR CORPORATION ESTABLISHES FDIC APPROVED
STATE-CHARTERED BANK FOR CREDIT CARD OPERATIONS
WARREN, Pa., (August 20, 2003) - Blair Corporation, (Amex: BL) (www.blair.com) a
national catalog and direct marketer of women's and men's apparel and home
products, today announced the commencement of operations of a new, wholly-owned
subsidiary, JLB Service Bank.
The establishment of JLB Service Bank will enable Blair to manage its credit
portfolio in a more cost-effective and efficient manner. The bank's products
will involve the extension of credit on an unsecured basis to individuals who
are customers of Blair Corporation to facilitate their purchases of Blair's
merchandise.
"Blair's Easy Payment Plan is a core proficiency for the Company that provides
competitive advantage. JLB Service Bank will help streamline the cost of the
Company's credit program and enhance shareholder value," said Bryan J. Flanagan,
Senior Vice President & Chief Financial Officer.
The JLB Service Bank is a Delaware state chartered non-Federal Reserve member
bank which has been approved for Federal Deposit Insurance by the Federal
Deposit Insurance Corporation. The Bank was chartered pursuant to the
Competitive Equality Banking Act as a credit card bank to engage only in credit
card origination for its parent Blair Corporation.
About Blair
Headquartered in Warren, Pennsylvania, Blair Corporation sells a broad range of
women's and men's apparel and home products through direct mail marketing and
its Web site at www.blair.com, in addition to other Web sites. Blair Corporation
employs over 2,700 people and operates facilities and retail outlets in
Northwestern Pennsylvania as well as a catalog outlet in Wilmington, Delaware.
The Company, which has annual sales of more than $560 million, is publicly
traded on the American Stock Exchange (AMEX-BL).
This release contains statements relating to future results of the Company
(including certain projections and business trends) that are "forward-looking
statements" as defined in the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those projected as a result of
certain risks and uncertainties, including but not limited to, changes in
political and economic conditions, demand for and market acceptance of new
and existing products, as well as other risks and uncertainties detailed in the
most recent periodic filings of the Company with the Securities and Exchange
Commission.