SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): October 11, 2000
WILSHIRE FINANCIAL SERVICES GROUP INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-21845 93-1223879
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1776 SW Madison Street, Portland, OR 97205
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (503) 223-5600
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Item 4. Changes in Registrant's Certifying Accountant.
On October 11, 2000, Wilshire Financial Services Group Inc. (the
"Company") elected not to renew the engagement of the Company's independent
accountants, Arthur Andersen LLP. The decision was recommended by the Audit
Committees of the Boards of Directors of the Company and its wholly-owned
subsidiary, First Bank of Beverly Hills, FSB ("First Bank") and approved by the
Board of Directors of the Company.
Arthur Andersen LLP's report on the Company's financial statements for
the year ended December 31, 1999 did not contain any adverse opinion or a
disclaimer of opinion, and was not qualified as to uncertainty, audit scope, or
accounting principles. However, the report made reference to the adoption of a
new basis of accounting resulting from the Company's emergence from bankruptcy.
In its report on the financial statements of the Company for the year ended
December 31, 1998, Arthur Andersen LLP modified its opinion on the financial
statements to indicate uncertainties about the Company's ability to continue as
a going concern. As such, Arthur Andersen cited certain factors disclosed by the
Company in its financial statements that raised a substantial doubt about the
ability of the Company to continue as a going concern.
During the Company's two most recent fiscal years and during the
current year through October 11, 2000, there were no disagreements with Arthur
Andersen LLP on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which disagreements, if
not resolved to their satisfaction, would have caused them to make a reference
to the subject matter of the disagreement in connection with their reports.
The Company has requested that Arthur Andersen LLP furnish it with a
letter addressed to the Securities and Exchange Commission stating whether it
agrees with the above statements. A copy of such letter will be filed with the
Commission within ten business days after the filing of this report.
The Company engaged Deloitte & Touche LLP as the Company's new
independent accountants and tax advisors as of October 11, 2000. During the two
most recent years and through October 11, 2000, the Company has not consulted
with Deloitte & Touche LLP on any items which concern the subject matter of a
disagreement or reportable event with the former auditor as described in
Regulation S-K, Item 304(a)(2).
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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 hereunto duly authorized.
Date: October 11, 2000 WILSHIRE FINANCIAL SERVICES GROUP INC.
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Registrant
/s/ Bruce A. Weinstein
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Bruce A. Weinstein
CHIEF FINANCIAL OFFICER
