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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
January 11, 2000 0-21845
Date of Report (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 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 January 11, 2000, Wilshire Financial Services Group Inc. ("WFSG")
announced that Phillip D. Vincent has resigned from his positions as
President and Chief Operating Officer of WFSG and Chief Executive Officer of
Wilshire Credit Corporation ("WCC"). Stephen P. Glennon, Chief Executive
Officer of WFSG, will assume Mr. Vincent's responsibilities at WFSG, and Jay
Memmott, President of WCC, will assume Mr. Vincent's responsibilities at WCC.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
(c) Exhibits
99.1 Press release dated January 11, 2000
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: January 12, 2000
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
2
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EXHIBIT 99.1
PORTLAND, Ore., January 11, 2000--Wilshire Financial Services Group
Inc. [OTC BB:WFSG] today announced that Phil Vincent, President and Chief
Operating Officer of WFSG and Chief Executive Officer of Wilshire Credit
Corporation, its servicing subsidiary ("WCC"), has resigned from the Company to
pursue personal interests.
"Phil had committed to stay with the Company to help see it through its
restructuring, and now that the Company has largely completed this restructuring
and is on its way to growing its operations, Mr. Vincent has decided to pursue
those interests. We wish Phil all success," said CEO Stephen Glennon. Mr.
Vincent said, "The Company has built an excellent servicing operation and has a
strong management team in place".
Stephen Glennon, Chief Executive Officer of WFSG, will assume Mr.
Vincent's responsibilities at WFSG and Jay Memmott, President of WCC, will
assume Mr. Vincent's responsibilities at WCC.
Wilshire Financial Services Group Inc., headquartered in Portland, is a
diversified financial services company specializing in loan portfolio
acquisition and servicing throughout the United States and Europe. Wholesale
banking is offered through a subsidiary, First Bank of Beverly Hills, F.S.B.
Commercial loan origination and servicing is also offered through George Elkins
Mortgage Banking L.P., a subsidiary of First Bank of Beverly Hills, F.S.B.
