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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
Date of Report (Date of earliest event reported): July 28, 1999
LIFE Financial Corporation
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(Exact name of registrant as specified in its charter)
Delaware 000-22193 330743195
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(State or other Jurisdiction (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
10540 N. Magnolia Ave., Suite B, 92505-1814
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Riverside, California (Zip Code)
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(Address of principal executive offices)
Registrant's telephone number, including area code: (909) 637-4000
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On July 28, 1999, the Registrant announced that pursuant to a board meeting
on July 27, 1999, Daniel L. Perl is no longer its President and Chief Executive
Officer nor President/Chief Executive Officer and Chairman of the Registrant's
wholly-owned subsidiary, Life Bank. A press release regarding the announcement
is attached as Exhibit 99.1.
On August 2, 1999, the Registrant announced that Robert K. Riley has been
named as President and Chief Executive Officer of the Registrant and its wholly
owned subsidiary, Life Bank. A press release regarding the announcement is
attached as Exhibit 99.2.
Item 7. Final Statements, Pro Forma Final Information and Exhibits.
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(c) Exhibits
Exhibit 99.1 Press Release dated July 28, 1999.
Exhibit 99.2 Press Release dated August 2, 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 hereunto duly authorized.
Date: August 10, 1999 LIFE Financial Corporation
By: /s/ Robert K. Riley
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Robert K. Riley,
President and Chief Executive Officer
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EXHIBIT 99.1
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RIVERSIDE, Calif. - (BUSINESS WIRE) -- July 28, 1999 -- LIFE Financial
Corporation, parent of Life Bank (Nasdaq; LFCO), has announced that pursuant to
the board meeting yesterday, July 27, 1999, Daniel L. Perl is no longer
President/Chief Executive Officer and Chairman of Life Bank nor President and
Chief Executive Officer of LIFE Financial Corporation.
Ronald G. Skipper, Chairman of the Board of LIFE Financial Corporation announced
today that "Business will be conducted as usual. A successor President/Chief
Executive Officer, who holds shareholder value as a primary objective, will be
named shortly."
LIFE is headquartered in Riverside, California and operates five (5) branch
banks in Southern California.
The statements contained in this release that are not of historical facts are
forward-looking statements based upon management's current expectations and
beliefs concerning future developments and their potential effects on the
Company. There can be no assurance that future developments affecting the
Company will be those anticipated by management. Actual results may differ from
those projected in the forward-looking statements. These forward-looking
statements involve risk and uncertainties.
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EXHIBIT 99.2
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LIFE FINANCIAL CORPORATION NAMES ROBERT K. RILEY AS PRESIDENT and CEO of Life
Financial Corporation and Life Bank
Business Editors
RIVERSIDE, Calif.--(BUSINESS WIRE)--Aug. 2, 1999--Life Financial Corporation
(Nasdaq:LFCO) today named Robert K. Riley, President and CEO of Life Financial
Corporation, and Life Bank.
Riley served as a Director on the Board of Life Financial Corporation, the
parent of Life Bank, from 1997 to 1999. He also held the position of Managing
Director of Life Capital Markets. He will resign his current position as
President and CEO of Rainier Capital Corporation, Bellevue, WA.
"Bob will bring nearly 20 years of experience and association with banking
and financial institutions," said Ron Skipper, Chairman of the Board of
Directors at Life Financial. "He is close to the current situation, which will
allow a seamless transition in management. He will bring a new energy, focus,
and creativity to the company."
"We will immediately begin a thorough assessment of all company business
lines and their relationship to the bottom line," said Riley. "My focus from the
outset will be building shareholder value."
Riley who currently resides in Bellevue, WA, was born in New York City, and
graduated in 1981 from Brown University, BA in Economics. His experience during
1981-1992 included positions at Bankers Trust Company, Paine Webber, Inc. and
Prudential Bache Securities, Inc. encompassing commercial lending, institutional
fixed income sales, portfolio/risk management strategies, and the development of
an asset/liability management model for thrift institutions.
More recently, during 1992-1997, Riley was President and CEO of The
Millenium Group, providing consulting services to European Banks. During his
tenure, Riley was able to leverage his years of experience in the United States
mortgage banking and thrift environment to provide solutions based on U.S.
standards. These services included the delivery of a mortgage banking/
securitization and technology platform to Artesia Banking Corporation, now an 80
billion-dollar banking institution headquartered in Brussels, Belgium. Riley
also advised numerous European Banks on asset/liability management, and U.S.
mortgage banking standards.
Riley will be relocating to Southern California with his wife Suzanne, and
son Holden.
The Company conducts its business from eleven locations: the corporate
headquarters and regional lending center located in Riverside, California, four
additional regional lending centers located in Jacksonsville, Florida, and the
metropolitan areas of Denver, Colorado; Boston, Massachusetts; and San Jose,
California. The company also conducts business from the Bank's home office in
San Bernardino, and additional bank branches in Riverside, Redlands, Huntington
Beach and the newly opened branch in Seal Beach, California. Additionally, a
consumer lending center began operations in Riverside, California in 1999.
The statements contained in this release that are not of historical facts
are forward-looking statements based upon management's current expectations and
beliefs concerning future developments and their potential effects on the
Company. There can be no assurance that future developments affecting the
Company will be those anticipated by management. Actual results may differ from
those projected in the forward-looking statements. These forward-looking
statements involve risk and uncertainties.
CONTACT: Life Financial Corporation, Riverside
Jeffrey L. Blake, 909/637-4096
909/637-4296 (fax)
