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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): April 13, 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, 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 5. Other Events
On April 10, 2000, the Registrant announced that Glenn J. Ohl has resigned
from his position as Chief Financial Officer and Executive Vice President of the
Registrant. Bruce A. Weinstein, a Senior Vice President of the Registrant, will
assume Mr. Ohl's responsibilities.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits.
99. Press release dated April 10, 2000.
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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: April 13, 2000 WILSHIRE SERVICES GROUP INC.
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Registrant
/s/ Stephen P. Glennon
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Stephen P. Glennon
CHIEF EXECUTIVE OFFICER
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INDEX TO SCHEDULES AND EXHIBITS
Exhibit Number Description
99 Press Release dated April 10, 2000.
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04/10/2000
WILSHIRE FINANCIAL SERVICES GROUP INC. ANNOUNCES
APPOINTMENT OF NEW CFO
PORTLAND, Ore., April 10, 2000--Wilshire Financial Services Group Inc. [OTC
BB:WFSG] announced the appointment of Bruce A. Weinstein to the position of
Chief Financial Officer, subject to regulatory approval, to replace Glenn J.
Ohl, who has resigned from the Company to pursue other opportunities.
"Glenn will be leaving Wilshire today after a long and successful career with
the Company since 1996. Glenn contributed much to our rebirth and played an
instrumental role in returning Wilshire to financial stability. We wish him the
best," said CEO Stephen P. Glennon.
Most recently, Weinstein served as Senior Vice President of WFSG and Chief
Financial Officer of Wilshire Credit Corporation, its servicing subsidiary
("WCC"). "Since 1997, Bruce has played many critical roles in our organization
and I am extremely confident he will continue to contribute to our success,"
said Glennon.
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.
FORWARD LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements so long as those statements are identified as
forward-looking and are accompanied by meaningful cautionary statements
identifying important factors that could cause results to differ materially from
those projected in such statements. All of the statements contained in this
release which are not identified as historical should be considered
forward-looking. In connection with certain forward-looking statements contained
in this release and those that may be made in the future by or on behalf of the
company which are identified as forward-looking, the company notes that there
are various factors that could cause actual results to differ materially from
those set forth in any such forward-looking statements. Such factors include but
are not limited to, real estate market, the availability of pools of loans at
acceptable prices, the availability and conditions of financing for loan pool
acquisitions and mortgage-backed securities, interest rates and overseas
expansion. Accordingly, there can be no assurance that the forward-looking
statements contained in this release will be realized or that actual results
will not be significantly higher or lower. Readers of this release should
consider these facts in evaluating the information contained herein. The
inclusion of the forward-looking statements contained in this release should not
be regarded as a representation by the company or any other person that the
forward-looking statements contained in this release will be achieved. In light
of the foregoing, readers of this release are cautioned not to place undue
reliance on the forward-looking statements contained herein.
Contact:
Wilshire Financial Services Group Inc.
Stephen Glennon
(503) 223-5600
John Pihas & Partners, Inc.
John Pihas
(503) 222-3100
