SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): September 16, 1996
Peoples Financial Corporation
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(Exact name of registrant as specified in its charter)
Ohio 1-12103 34-1822228
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(State of Incorporation) (Commission File No.) (IRS Employer Identification No.)
211 Lincoln Way East, Massillon Ohio 44646
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(Address of principal executive offices)
Registrant's telephone number, including area code: 330-832-7441.
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FORM 8-K
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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 September 16, 1996, Peoples Financial Corporation (the "Corporation"),
with the approval of the Board of Directors, decided to change the
Corporation's independent public auditors from Hall, Kistler & Company P.L.L.
to Grant Thornton LLP. Hall, Kistler & Company P.L.L. served as the
Corporation's independent certified public accountants from 1968 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. Hall, Kistler & Company
P.L.L.'s 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
Peoples Federal Savings and Loan Association of Massillon, the Corporation's
subsidiary ("Peoples"), and the interim period through September 16, 1996,
there have not been any disagreements between the Corporation or Peoples and
Hall, Kistler & Company P.L.L. 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
certified public accountants effective September 16, 1996. While Grant
Thornton has been previously engaged with respect to certain tax matters, 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 Hall, Kistler & Company P.L.L.
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: September 20, 1996 PEOPLES FINANCIAL CORPORATION
By: /s/ Paul von Gunten
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Paul von Gunten
President and Chief Executive Officer
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EXHIBIT 16
September 20, 1996
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen
We were previously principal accountants for Peoples Financial
Corporation (formerly, Peoples Federal Savings and Loan Association of
Massillon and, under the date of October 30, 1995, we reported on the
financial statements of Peoples Federal Savings and Loan Association of
Massillon as of September 30, 1995 and 1994 and for each of the years in the
three-year period ended September 30, 1995. On September 16, 1996, our
appointment as principal accountants was terminated. We have read Peoples
Financial Corporation's statements included under Item 4 of its Form 8-K dated
September 16, 1996, and we agree with such statements except that:
1. Our report on the financial statements of Peoples Federal Savings and
Loan Association of Massillon 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 as of October 1, 1994; and
2. We are not in a position to agree or disagree with Peoples 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 People 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 September 16, 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,
Hall, Kistler & Company P.L.L.
