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UNITED STATES
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) -- JANUARY 16, 1998
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BYL BANCORP
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(Exact name of registrant as specified in its charter)
CALIFORNIA 000-23257 33-0755794
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(Name or jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.
18206 IMPERIAL HIGHWAY, YORBA LINDA, CA 92886
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(Address of principal executive officer) (Zip Code)
(Registrants' telephone number, including area code) -- (714) 996-1800
NA
--
(Former name or former address, if changed since last report.)
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Item 5. OTHER EVENTS
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Attached hereto as Exhibit 99 is a Press Release announcing BYL
Bancorp's financial results for the year ended December 31, 1997.
Final audited financial statements with additional analysis will be
filed as part of Company's Form 10-K in March, 1998.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) Exhibits.
99(1) Copy of the aforementioned Press Release.
SIGNATURE
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
BYL BANCORP
Dated: January 16, 1998 By: /s/ BARRY J. MOORE
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Barry J. Moore
Senior Executive Vice President
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EXHIBIT 99.1
For immediate release For Further Information
please contact:
January 15, 1998 Robert Ucciferri, President
And Chief Executive Officer
(714) 996-1800
PRESS RELEASE
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BYL BANCORP ANNOUNCES
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EARNINGS FOR THE FOURTH QUARTER OF 1997
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Yorba Linda, CA.--BYL Bancorp announced fourth quarter net income of
$680,000, 76% higher than the $386,000 posted for the comparable 1996
quarter. This represents diluted per share earnings of $0.40 for the fourth
quarter 1997, versus $0.24 per share in 1996. These earnings were also 26%
higher than the $536,000, or $0.32 diluted per share earnings, reported in
the third quarter of 1997. Year-to-date net income increased 75% to
$2,109,000 from $1,202,000 reported in 1996. This represents diluted per
share earnings of $1.28 for 1997, as compared to $1.04 per share in 1996.
Additionally, total assets rose 41% to $164.6 million at December 31, 1997
from $116.5 million at the beginning of the year. A more detailed report of
financial performance will be issued in early February 1998.
The BYL Bancorp is a California corporation headquartered in Yorba Linda,
California with total assets of $164.6 million as of December 31, 1997. The
Bank's primary market area is Orange County, California in which it operates
five full-service banking centers and two divisional loan origination
offices. Additionally, the Bank has mortgage loan origination offices in Utah
and Washington state. The Bank specializes in originating and selling
non-conforming and conforming residential real estate loans and Small
Business Administration ("SBA") guaranteed loans. The Bank is the recipient
of the prestigious Bauer Financial Reports five star rating for 1996, the
highest financial performance ranking given to banking institutions by this
nationally recognized financial institution rating service.
