8-K

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 Exchange Act of 1934

Date of Report (Date of earliest event reported): June 3, 2010

CFS BANCORP, INC.
(Exact name of registrant as specified in its charter)

Indiana	000-24611	35-2042093
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

707 Ridge Road, Munster, Indiana	46321
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (219) 836-5500

(Former name or former address if changed since last report.)

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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(c) On June 3, 2010, CFS Bancorp, Inc. (the “Company”) announced the appointment of Jerry A. Weberling as Executive Vice President and Chief Financial Officer of the Company and Citizens Financial Bank (the “Bank”), effective immediately. A copy of the press release announcing Mr. Weberling’s appointment is attached to this report as Exhibit 99.1 and, to the extent that any information contained in the press release is required to be disclosed in this report, such information is incorporated herein by reference.

(e) On June 3, 2010, the Company, the Bank and Mr. Weberling entered into a Change in Control Agreement (the “CIC Agreement”) providing, among other items, that (i) upon the occurrence of a change in control of the Company or the Bank and the termination of his employment under certain circumstances and so long as he executes and does not revoke a release of claims and complies with certain covenants set forth in the CIC Agreement, Mr. Weberling will (A) receive change in control payments equal to his average base salary (calculated as a monthly amount) for a period of twelve (12) months following his last day of employment with the Company and the Bank, and (B) be entitled to be reimbursed for the premiums associated with continuation coverage pursuant to COBRA for himself and his spouse and legal dependents under the Company’s or the Bank’s group health insurance plan for a period of time not to exceed twelve (12) months; and (ii) Mr. Weberling will comply with certain non-competition, non-solicitation, non-disclosure of confidential information and other covenants in favor of the Company and the Bank.

The initial term of the CIC Agreement is one year. The CIC Agreement provides that the Boards of Directors of the Company and the Bank will review the agreement within sixty days prior to the first anniversary of the date of the agreement and within sixty days prior to each subsequent one year anniversary thereafter and determine whether the term of the agreement will be extended for a period of one year in addition to the then-remaining term. If the Boards of Directors of the Company or the Bank determine not to extend the term of the CIC Agreement, then the agreement will terminate and be of no further force or effect (except as expressly provided in the agreement) upon the expiration of the then-remaining term.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press Release of CFS Bancorp, Inc. dated June 3, 2010 (filed herewith)

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SIGNATURE

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: June 3, 2010

CFS BANCORP, INC.

By: /s/ Joyce M. Fabisiak                  
Joyce M. Fabisiak
Vice President

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EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release of CFS Bancorp, Inc. dated June 3, 2010

EX-99.1

Exhibit 99.1

June 3, 2010
FOR IMMEDIATE RELEASE

CONTACT: Thomas F. Prisby, Chairman of the Board and Chief Executive Officer
219-836-2960

CFS Bancorp, Inc. Names Jerry A. Weberling Executive Vice President
and Chief Financial Officer

MUNSTER, IN – June 3, 2010 – CFS Bancorp, Inc. (NASDAQ: CITZ) (the Company) today named veteran Chicago banker Jerry A. Weberling, 58, Executive Vice President and Chief Financial Officer (CFO) of the Company and its wholly-owned subsidiary Citizens Financial Bank, effective immediately. Weberling replaces Charles V. Cole, who has resigned to pursue other interests.

Weberling previously served as Senior Executive Vice President and CFO for MAF Bancorp, Inc. and Mid America Bank, FSB, a publicly traded $10.5 billion (asset) savings bank with 82 branches in Illinois and Wisconsin.

“We are pleased to welcome Jerry to the CFS Bancorp team,” said Thomas F. Prisby, Chairman & CEO of CFS Bancorp, Inc. “Jerry’s extensive experience in providing strategic financial leadership will help facilitate the execution of our strategic growth and diversification plan. We have great confidence in his ability to immediately assume leadership of key financial reporting, accounting, and finance functions. Furthermore, we believe Jerry’s experience in mergers and acquisitions, capital raising, and investor relations will serve us well as we consider opportunities in the marketplace.”

During Weberling’s 23-year career at MAF Bancorp, he rose through positions of increasing responsibility. He was named Vice President and Controller in 1984, Senior Vice President and CFO in 1990, and served as Senior Executive Vice President and CFO at the time of MAF’s sale to National City Corporation in 2007. In addition, Weberling served on the boards of directors of MAF Bancorp and Mid America Bank from 1998 to 2007. Prior to joining MAF, Weberling was a Senior Manager at KPMG LLP in the savings and loan, real estate, and mortgage banking practices.

A graduate of Northern Illinois University, Weberling is a Certified Public Accountant. He is a member of the AICPA, the Illinois CPA Society, and serves as a member of the College of DuPage Treasurer’s advisory committee. He resides in Darien, IL.

CFS Bancorp, Inc. is the parent of Citizens Financial Bank, a $1.1 billion asset federal savings bank. Citizens Financial Bank is an independent bank focusing its people, products, and services on helping individuals, businesses, and communities be successful. The Bank has 23 offices throughout adjoining markets in Chicago’s Southland and Northwest Indiana. The Company’s website can be found at www.citz.com.

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