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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): November 15, 1999
IBW Financial Corporation
(Exact name of registrant as specified in its charter)
Maryland 0-28360 52-1943477
(State or other jurisdiction (Commission file number) (IRS Employer
of incorporation) Number)
4812 Georgia Avenue, NW, Washington, DC 20011
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 202-722-2000
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Item 4. Changes in Registrant's Certifying Accountant
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On November 15, 1999, IBW Financial Corporation (the "Company") dismissed
Deloitte & Touche LLP ("D&T") as its certifying accountant. D&T performed the
audit of the Company's financial statements for the years ended December 31,
1997 and 1998. During these periods and for the period from January 1, 1999 to
November 15, 1999, there were no disagreements between the Company and D&T on
any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which would have caused D&T to make
reference to such matter in connection with its audit reports on the Company's
financial statements. For each of the years ended December 31, 1997 and 1998,
D&T issued unqualified audit reports on the Company's financial statements.
Neither audit report contained an adverse opinion or disclaimer of opinion, or
was modified as to uncertainty, audit scope or accounting practice. However, at
the completion of the audit for the year ended December 31, 1998, D&T advised
the Company in its judgement that a material weakness existed in the systems of
internal controls related to credit card receivables.
On November 15, 1999, the Company engaged the firm of Stegman and Company
("Stegman") to audit the Company's financial statements for fiscal year 1999 as
its certifying accountant. The Company solicited bids for audit services from a
number of firms. The appointment of Stegman was recommended by the Audit
Committee of the Board of Directors and approved by the Oversight Committee of
the Board of Directors on November 15, 1999.
There were no consultations between the Company and Stegman regarding the
application of accounting principles to any matter, or as to any type of opinion
that might be issued on the Company's financial statements.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a) Financial Statements of Business Acquired. Not applicable.
(b) Pro Forma Financial Information. Not Applicable.
(c) Exhibits. (16) Letter of Deloitte & Touche, LLP pursuant to Item 304(a)(3)
of Regulation SB - Filed herewith.
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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 hereunto duly authorized.
IBW FINANCIAL CORPORATION
By: /s/ Thomas A. Wilson, Jr.
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Thomas A. Wilson, Jr.,
Senior Vice President,
Chief Financial Officer
Dated: November 23, 1999
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[Letterhead of Deloitte & Touche LLP]
November 22, 1999
Securities and Exchange Commission
Mail Stop 11-3
450 5th Street, N.W.
Washington, D.C. 20549
Dear Sirs/Madams:
We have read and agree with the comments in the first paragraph as presented in
Item 4 of Form 8-KSB of the IBW Financial Corporation dated November 15, 1999
("Form 8-KSB"). We have no basis to agree or disagree with the comments in the
second and third paragraphs in Item 4 of the Form 8-KSB.
Yours truly,
/s/ Deloitte & Touche LLP
