UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 11, 1996
London Financial Corporation
(Exact name of registrant as specified in its charter)
Ohio 0-26248 34-1800830
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(State of Incorporation) (Commission File No.) (IRS Employer Identification No.)
2 East High Street, London, Ohio 43140
(Address of principal executive offices)
Registrant's telephone number, including area code: 614-852-0787.
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FORM 8-K
Item 1. Changes in Control of Registrant.
Not applicable.
Item 2. Acquisition or Disposition of Assets.
Not applicable.
Item 3. Bankruptcy or Receivership.
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
On July 11, 1996, London Financial Corporation (the "Corporation"), with
the approval of the Board of Directors, decided to change the Corporation's
independent public auditors from KPMG Peat Marwick LLP to Grant Thornton LLP.
KPMG Peat Marwick LLP served as the Corporation's independent public auditors
from 1987 through the fiscal year ended September 30, 1995. The Board of
Directors' decision to engage Grant Thornton LLP is based on that firm's
commitment toward serving mid-sized community-based financial institutions.
The KPMG Peat Marwick LLP reports on the consolidated financial statements of
the Corporation for the past two years did not contain any adverse opinion or
disclaimer of opinion, nor were they qualified or modified as to uncertainty,
audit scope or accounting principles. During the last two fiscal years of the
Corporation and The Citizens Loan & Savings Company, the Corporation's
subisidiary ("Citizens"), and the interim period through July 11, 1996, there
have not been any disagreements between the Corporation or Citizens and KPMG
Peat Marwick LLP on any matter of accounting principles or practices,
consolidated financial statement disclosure or audit scope or procedure.
Grant Thornton LLP has been engaged as the Corporation's independent
public auditors effective July 11, 1996. The Corporation has not requested or
obtained any advice from Grant Thornton LLP concerning any material
accounting, auditing or financial reporting issue regarding the application of
accounting principles to a specified transaction or the type of audit opinion
that might be rendered on the Corporation's consolidated financial statements.
Item 5. Other Events.
Not applicable.
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Item 6. Resignations of Registrant's Directors.
Not applicable.
Item 7. Financial Statements and Exhibits.
Exhibit 16. Letter from KPMG Peat Marwick LLP.
Item 8. Change in Fiscal Year.
Not applicable.
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 hereto duly authorized.
Date: July 25, 1996 LONDON FINANCIAL CORPORATION
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By: John J. Bodle
__________________________________
President and Chief Executive
Officer
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EXHIBIT 16
July 25, 1996
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen
We were previously principal accountants for London Financial Corporation
(formerly, Citizens Loan and Savings Company) and, under the date of October
27, 1995, we reported on the financial statements of Citizens Loan and Savings
Company as of September 30, 1995 and 1994 and for each of the years in the
three-year period ended September 30, 1995. On July 11, 1996, our appointment
as principal accountants was terminated. We have read London Financial
Corporation's statements included under Item 4 of its Form 8-K dated July 11,
1996, and we agree with such statements except that:
1. Our report on the financial statements of Citizens Loan and Savings
Company as of September 30, 1995 and 1994 and for each of the years
in the three-year period ended September 30, 1995 contained a
separate paragraph stating that the Company changed its method of
accounting for investments in 1995 and the Company changed its
method of accounting for income taxes in 1994;
2. We are not in a position to agree or disagree with London Financial
Corporation's stated reason for changing principal accountants or
that the change was approved by the board of directors; and
3. We are not in a position to agree or disagree with London Financial
Corporation's statement that Grant Thornton LLP was not engaged
regarding the application of accounting principles to a specified
transaction or the type of audit opinion that might be rendered on
the Corporation's consolidated financial statements.
In connection with our audits of the two fiscal years ended September 30,
1995 and 1994, and the subsequent interim period through July 11, 1996, there
were no disagreements with us on any matter of accounting principles or
practices, financial statement disclosure or auditing scope or procedure,
which disagreements if not resolved to our satisfaction would have caused us
to make reference in connection with our opinion to the subject matter of the
disagreement.
Very truly yours,
KPMG Peat Marwick LLP
