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): January 25, 2000
GRAND PREMIER FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-20987 36-4077455
(State or other jurisdiction (Commission File No.) (I.R.S. employer
of incorporation) identification no.)
486 West Liberty Street, Wauconda, IL 60084-2489
(Address of principal executive office) (Zip code)
Registrant's telephone numbers, including area code: (847) 487-1818
Not Applicable
(Former name or former address, if changed since last year)
ITEM 5. OTHER EVENTS
On January 25, 2000, Grand Premier Financial, Inc. issued the press release
included as Exhibit 99 to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99 Press release dated January 25, 2000.
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 thereunto duly authorized.
Grand Premier Financial, Inc.
(Registrant)
Date: January 27, 2000 By: /s/ David L. Murray
David L. Murray
Senior Executive Vice President
and Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
99 Press release dated January 25, 2000.
EXHIBIT 99
Grand Premier Financial, Inc.
486 West Liberty Street
Wauconda, Illinois 60084-2489
Contact: David L. Murray, Sr. EVP/CFO (847) 487-1818 Ext. 2150
FOR IMMEDIATE RELEASE
January 25, 2000
Grand Premier 1999; a Year of Growth and Achievement
Wauconda, Illinois - Grand Premier released today a summary of its financial
performance for the year 1999.
"The past year has been a year of significant importance to our Company, both
financially and in what the future may hold" said Richard L. Geach, Grand
Premier's Chairman, President and Chief Executive Officer. "We experienced solid
growth in net income less non-recurring items and in loans, and signed an
agreement to be merged into Old Kent Financial Corporation with a target date of
early second quarter, 2000."
Net income less non-recurring items increased 8.7%, from $15,216,000 in 1998 to
$16,544,000 in 1999. The following table presents net income as reported and net
income less non-recurring items for 1998 and 1999:
1999 1998
Reported Net Income $ 20,009,000 $ 27,400,000
Non-recurring items, net of tax:
Less: Net gain on sale of
branches and deposits (4,747,000) ---
Net gain on sale of securities --- (12,184,000)
Plus: Merger related expenses 1,214,000 ---
Net loss on sale of securities 68,000 ---
Net Income less non-recurring items $ 16,544,000 $ 15,216,000
At December 31, 1999, Grand Premier had total assets of $1.663 billion, deposits
of $1.356 billion, loans of $1.137 billion and equity capital of $188 million.
"Our $181 million growth in net loans during 1999 is of particular note" stated
Geach, "since overall asset quality remained excellent ". At year-end 1999,
non-performing loans were .68% of total loans versus .78% at December 31, 1998.
A summary of Grand Premier's financial highlights for the years ended
December 31, 1999 and 1998 and the fourth quarter for each year is attached.
FINANCIAL HIGHLIGHTS
For the Year Ended For the Quarter Ended
12/31/99 12/31/98 12/31/99 12/31/98
Earnings (thousands)
Interest Income $113,780 $116,655 $30,235 $28,844
Interest Expense 50,744 54,295 14,053 13,498
Net Interest Income 63,036 62,360 16,182 15,346
Provision for Loan Losses 4,300 3,600 2,250 900
Securities gains (losses) (113) 20,196 (245) 64
Gains on sales of
branches & deposits 7,869 - - -
Non Interest Income 13,075 12,851 3,204 3,346
Merger related costs 1,214 - 456 -
Non Interest Expense 47,789 49,843 11,879 13,056
Income Taxes 10,555 14,564 2,335 1,335
Net Income 20,009 27,400 2,221 3,465
Financial Position (thousands)
Total Assets $1,662,639 $1,648,241
Investment Securities 411,010 516,083
Loans, gross 1,137,063 956,200
Allowance for Loan Losses 13,474 12,443
Deposits 1,356,326 1,361,020
Stockholder's Equity 188,004 183,389
Average Balances (thousands)
Total Assets $1,600,321 $1,624,509 $1,664,102 $1,653,124
Investment Securities 425,981 480,739 422,361 529,722
Loans, gross 1,036,284 980,196 1,104,510 953,878
Allowance for Loan Losses 13,124 13,660 13,608 12,865
Deposits 1,302,571 1,329,765 1,365,596 1,363,326
Stockholder's Equity 189,152 179,867 190,197 183,369
Asset Quality (thousands)
Total Non Performing Loans $ 7,707 $ 7,476
Non Accrual Loans 7,021 6,893
Loans Past Due 90 Days or More 686 170
Restructured Loans - 413
Share Information
Average Diluted Shares 23,175,605 23,202,847
Book Value Per Share $ 8.01 $ 7.92
Closing Market Price 14.813 12.25
Cash Dividend Per Share .36 .34 $ .09 $ .09
Earnings Per Share, Basic .87 1.21 .09 .15
Earnings Per Share, Diluted .86 1.17 .09 .15
