SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
April 14, 1997 0-21845
Date of Report Commission File Number
Date of earliest event reported)
Wilshire Financial Services Group Inc.
(Exact name of registrant as specified in its charter)
Delaware 93-1223879
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation) Number)
1776 SW Madison Street
Portland, Oregon 97205
(Address of principle executive offices)(Zip Code)
(503) 223-5600
Registrant's telephone number, including area code
<PAGE>
Item 4. Changes in Registrant's Certifying Accountant.
On April 3, 1997, Wilshire Financial Services Group Inc. (the
"Company") replaced Deloitte & Touche LLP as its independent
auditors with Arthur Andersen LLP. The decision to change
auditors was recommended by the Audit Committee of the Board of
Directors and approved by the Board of Directors. The decision
was based on Arthur Andersen's work with the Company over the
past year, which included loan sale and securitization
structuring, domestic and international tax consulting,
international expansion planning and assisting the Company's
savings and loan subsidiaries with their regulatory improvement
activities. These services resulted in a significant portion of
the fees paid to all public accounting firms during the past
year. It was the Board's view that their appointment to the role
of independent accountants will enhance the cohesiveness and
service provided by one firm as the Company pursues its long-term
goals and objectives. The firm's election as the Company's
independent accountants is expected to be ratified at the annual
meeting on May 12, 1997.
During the past two years and the interim period from December
31, 1996 until April 3, 1997, there have been no disagreements
with Deloitte & Touche LLP regarding any matter of accounting
principles or practices, financial statement disclosure, or
auditing scope or procedure. The Auditors' Report for the years
ended December 31, 1996 and 1995 was unqualified with an emphasis
paragraph highlighting the Company's savings and loan
subsidiaries' regulatory agreements. A letter from Deloitte &
Touche LLP is attached hereto as Exhibit 1.
Item 7 Financial Statements and Exhibits.
(c) Exhibits:
Exhibit 1 - Letter to the Securities and Exchange
Commission from Deloitte & Touche LLP.
<PAGE>
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.
WILSHIRE FINANCIAL SERVICES GROUP INC.
By: /s/ Chris Tassos
Chris Tassos
Chief Financial Officer
Date: April 14, 1997
<PAGE>
Exhibit 1
[Letterhead of Deloitte & Touche LLP]
April 14, 1997
Securities and Exchange Commission
Mail Stop 9-5
450 5th Street, N.W.
Washington, D.C. 20549
Dear Sirs/Madams:
We have read and agree with the comments in Sentence 1 of
Paragraph 1 and in Sentences 1 and 2 of Paragraph 2 of Item 4 of
Form 8-K of Wilshire Financial Services Group Inc. dated April
14, 1997. We have read Sentences 2 through 6 of Paragraph 1 of
Item 4 and we do not know what recommendations were made by the
Audit Committee of the Board of Directors or the substance of
their discussions.
Yours truly,
Deloitte & Touche LLP
