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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)
April 14, 1997
ITLA CAPITAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
DELAWARE 0-26960 95-4596322
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
7979 IVANHOE AVENUE, SUITE 100, LAJOLLA, CALIFORNIA 92037
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (619) 551-0990
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NA
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
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ITLA Capital Corporation issued a press release dated April 14, 1997,
attached hereto as Exhibit 99.1, announcing a stock repurchase program for up to
5% of its outstanding shares of common stock.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
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(c) Exhibits
Exhibit 99.1 Press Release dated April 14, 1997.
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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 thereunto duly authorized.
ITLA CAPITAL CORPORATION
Date: April 14, 1997 By: /s/ Michael A. Sicuro
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Michael A. Sicuro
Managing Director and
Chief Financial Officer
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EXHIBIT 99.1
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FOR IMMEDIATE RELEASE
ITLA CAPITAL CORPORATION ANNOUNCES
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STOCK REPURCHASE PROGRAM
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La Jolla, California (April 14, 1997) - ITLA Capital Corporation announced today
that its Board of Directors has approved a stock repurchase program of up to 5
percent of its outstanding shares, not to exceed $10 million over the next 18
months. Under this program, management may acquire, at its discretion, shares of
outstanding common stock of the Company through purchases on the open market.
President and Chief Executive Officer George Haligowski stated that: "The
acquisition of shares under this program is an intelligent use of our capital
resources which will benefit the Company and our shareholders. Repurchased
shares may become treasury shares and will be utilized in the normal course of
the Company's capital management activities. This program is not intended to
affect the "well capitalized" regulatory designation of our principal operating
subsidiary, Imperial Thrift and Loan Association." The Company's stock has
traded between $14.00 and $17.25 per share over the past three months. As of
December 31, 1996, the Company had $89.3 million of shareholder's equity and
7,824,000 shares of common stock outstanding.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995. This release contains forward-looking statements that are subject to
risks, uncertainties, including, but not limited to, the impact of regional and
national economic conditions, changes in the level of interest rates, credit
risks of real estate lending activities, regulatory factors, changes in the
market value of the Company's stock and the ability to repurchase such stock and
other risks detailed from time to time in the Company's filings with the
Security and Exchange Commission. These risks could cause the Company's actual
results for 1997 and beyond and regulatory designations of its subsidiaries to
differ materially from those expressed in any forward looking statements by, or
on behalf of the Company.
ITLA Capital Corporation is the largest financial services company headquartered
in San Diego County and is the parent company of Imperial Thrift and Loan
Association, which has offices in California, Nevada, Washington, Colorado, and
Arizona, with its headquarters in Glendale, California; and ITLA Funding
Corporation, which operates offices in California, Illinois, New York, Texas and
Florida with its headquarters in Encino, California.
For additional information, contact Michael A. Sicuro, Managing Director and
Chief Financial Officer at (800) 927-2242.
