UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[CAPTION] 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): November 29, 1999
CONSUMERS FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
PENNSYLVANIA
(State or Other Jurisdiction of Incorporation)
0-2616 23-1666392
(Commission File No.) (I.R.S. Employer
Identification No.)
1200 Camp Hill By-Pass, Camp Hill, Pennsylvania 17011-3774
(Address of Principal Executive Offices) (Zip Code)
717-730-6306
(Registrant s Telephone Number, Including Area Code)
FORM 8-K CURRENT REPORT
ITEM 4. CHANGES IN REGISTRANT S CERTIFYING ACCOUNTANT
On November 29, 1999, the Registrant advised Arthur Andersen LLP ( AA ) that
it did not intend to retain AA as its independent public accountants for the
audit of the Registrant s financial statements for the year ending December 31,
1999. The decision to terminate the services of AA was approved by the Audit
Committee of the Registrant s Board of Directors on November 29, 1999, at which
time the Audit Committee engaged the firm of Stambaugh Ness, P.C. as the
Registrant s independent public accountants. The decision to change from a
large international accounting firm to a regional firm was based primarily on
the Board of Directors desire to minimize costs during the liquidation and
dissolution period in which the Registrant is now involved.
None of AA s reports on the Registrant s financial statements for the past
two years contained an adverse opinion or disclaimer of opinion, nor was any
such report qualified or modified as to uncertainty, audit scope or accounting
principles. Further, during the two most recent fiscal years and the subsequent
interim periods of 1999, there have been no disagreements between the
Registrant and AA on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure, and no
reportable events have occurred.
The Registrant has requested that AA furnish it with a letter addressed to
the Securities and Exchange Commission stating whether it agrees with the
statements contained herein. A copy of AA s letter to the Securities and
Exchange Commission dated December 2, 1999 is filed as Exhibit 16.1 to this
Form 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements of Business Acquired
Not Applicable
(b) Pro Forma Financial Information
Not Applicable
(c) Exhibits
16.1 Letter from Arthur Andersen LLP
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.
CONSUMERS FINANCIAL CORPORATION
Registrant
Date: December 2, 1999 By /S/ James C. Robertson
James C. Robertson,
President and
Chief Executive Officer
Date December 2, 1999 By /S/ R. Fredric Zullinger
R. Fredric Zullinger
Senior Vice President,
Chief Financial Officer
and Treasurer
EXHIBIT 16.1
December 2, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sir/Madam:
We have read Item 4 included in the Form 8-K dated December 2, 1999 of
Consumers Financial Corporation to be filed with the Securities and Exchange
Commission and are in agreement with the statements contained in the first
and third sentences of the first paragraph, the second paragraph and the
first sentence of the third paragraph. We have no basis to agree or disagree
with other statements of the registrant contained therein.
Very truly yours,
/S/ Arthur Andersen LLP
