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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
November 16, 1999 0-21845
Date of Report (Date of earliest event reported) Commission file number
Wilshire Financial Services Group Inc.
(Exact name of registrant as specified in its charter)
Delaware 93-1223879
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1776 SW Madison Street, Portland, OR 97205
(Address of principal executive offices)(Zip Code)
(503) 223-5600
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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WILSHIRE FINANCIAL SERVICES GROUP INC. AND SUBSIDIARIES
ITEM 5. OTHER EVENT.
On November 16, 1999, Wilshire Financial Services Group Inc.
("WFSG") announced that, subject to regulatory approval, Richard S.
Cupp has been appointed Chief Executive Officer and President of First
Bank of Beverly Hills, F.S.B., a subsidiary of WFSG.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99.1 Press release dated November 16, 1999
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, thereunto duly authorized.
WILSHIRE FINANCIAL SERVICES GROUP INC.
Date: November 16, 1999
By: /S/ STEPHEN P. GLENNON
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STEPHEN P. GLENNON
CHIEF EXECUTIVE OFFICER
By: /S/ GLENN J. OHL
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GLENN J. OHL
CHIEF FINANCIAL OFFICER
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EXHIBIT 99.1
Company Press Release Statement from the Board of Directors of Wilshire
Financial Services Group Inc.
PORTLAND, ORE. (November 16, 1999) - Wilshire Financial Services Group
Inc. (OTC: WFSG) today announced the appointment of Richard S. Cupp to the
position of Chief Executive Officer at the company's bank subsidiary, First Bank
of Beverly Hills, subject to regulatory approval. Cupp has over 35 years of
experience in the financial services industry, principally in commercial banking
and the savings and loan industry.
"We are very pleased to announce the appointment of Dick to the
position of CEO of First Bank Beverly Hills F.S.B.," said Rob Deutschman,
Chairman of the Board of First Bank of Beverly Hills F.S.B.. "He brings with him
a wealth of knowledge and experience in the strategic direction of banking
operations and we look forward to working closely with him as we continue to
grow as a company."
Most Recently, Cupp served as president and Chief Executive Officer
of HF Bancorp, parent of Hemet Federal Bank. Prior to that, he was President
and Chief Executive Officer of Ventura County National Bancorp from 1994 to
1997. From 1983 to 1993 Cupp was Executive Vice President of CalFed, Inc.
where he was responsible for CalFed's entry into commercial banking. From
1963 to 1983 he was with First Interstate Bancorp in a number of senior and
executive positions. He was head of Corporate Banking, ran the European
Region, was responsible for the Bank's banking subsidiary in Brussels,
Belgium and held a number of other line and staff positions.
He was Director of Guaranty Federal Bank, the $12 billion banking
subsidiary of Temple-Inland, Inc.
First Bank of Beverly Hills, FSB, a Federal Bank, is engaged in the
acquisition of mortgage loans, origination of mortgage loans, and merchant
bankcard processing. The primary source of financing for First Bank's
acquisitions and originations is wholesale and brokered certificates of deposit,
and to a lesser extent, committed short-term line of credit facilities and FHLB
advances. First Bank is a federally chartered savings bank and is regulated by
the Office of Thrift Supervision ("OTS").
