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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
September 3, 1999
Date of report 0-21845
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 (I.R.S. Employer Identification
of incorporation Number)
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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Item 6 RESIGNATIONS OF REGISTRANT'S DIRECTORS
Wilshire Financial Services Group Inc. announced on September 7, 1999 the
termination of the employment of its Chief Executive Officer, Andrew A.
Wiederhorn, and its President, Lawrence A. Mendelsohn, and the appointment of
Steven Glennon as the company's new Chief Executive Officer. The termination of
Messrs. Wiederhorn and Mendelsohn follows a two-week suspension of the
executives. The Board had concluded that the interests of the company would be
best served by the appointment of new management.
Following their termination, Messrs. Wiederhorn and Mendelsohn resigned
from their positions as directors of the company and its subsidiaries.
Item 7 FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99.1 Letter of Resignation of Andrew A. Wiederhorn dated
September 7, 1999
99.2 Letter of Resignation of Lawrence A. Mendelsohn dated
September 7, 1999
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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.
WILSHIRE FINANCIAL SERVICES
GROUP INC.
Date: September 9, 1999 By: /s/ Chris Tassos
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Chris Tassos
Executive Vice President and
Chief Financial Officer
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EXHIBIT 99.1
Letter of Resignation of Andrew A. Wiederhorn
[Letterhead of Andrew Wiederhorn]
September 3, 1999
Board of Directors
Wilshire Financial Services Group
1776 SW Madison Street, Suite 300
Portland, OR 97205
Dear Directors:
I hereby resign as a Director of Wilshire Financial Services Group Inc. I
further resign as a Director of all subsidiaries of Wilshire Financial Services
Group Inc. This resignation includes without limitation my position as a
Director of First Bank of Beverly Hills. Please instruct legal counsel for First
Bank of Beverly Hills to inform all interested regulatory parties, as may be
required. Thank you.
Very truly yours,
/s/ Andrew Wiederhorn
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EXHIBIT 99.2
Letter of Resignation of Lawrence A. Mendelsohn
[Letterhead of Lawrence Mendelsohn]
September 3, 1999
Board of Directors
Wilshire Financial Services Group
1776 SW Madison Street, Suite 300
Portland, OR 97205
Dear Directors:
I hereby resign as a Director of Wilshire Financial Services Group Inc. I
further resign as a Director of all subsidiaries of Wilshire Financial Services
Group Inc. This resignation includes without limitation my position as a
Director of First Bank of Beverly Hills. Please instruct legal counsel for First
Bank of Beverly Hills to inform all interested regulatory parties, as may be
required. Thank you.
Very truly yours,
/s/ Lawrence Mendelsohn
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