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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) - AUGUST 12, 1999
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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 other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1875 NORTH TUSTIN AVENUE, ORANGE, CALIFORNIA 92865
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(Address of principal executive officer) (Zip Code)
(Registrant's telephone number, including area code) -- (714) 685-1317
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(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS
On August 11, 1999, BYL Bank Group ("BYL"), a wholly-owned subsidiary of BYL
Bancorp (the "Company"), entered into a Pooling and Servicing Agreement dated
as of June 30, 1999 (the "Pooling Agreement") among BYL, as Seller and Master
Servicer, HSBC Bank USA, as Trustee (the "Trustee"), and Bankers Trust
(Delaware) as Delaware Trustee (the "Delaware Trustee") whereby BYL has
transferred a pool of business loans (the "Business Loans") to a
newly-created trust (the "Trust") for the benefit of the holders of
certificates representing interests in such Trust. The Trust consists of the
Business Loans that are subject to the Pooling Agreement, and the Trust has
issued three (3) classes of certificates representing certain fractional
undivided ownership interests in the Trust. The aggregate principal amount of
the Business Loans delivered to the Trust on August 11, 1999 equaled
approximately $47.1 million.
Pursuant to the Pooling Agreement, the Trust issued $16 million aggregate
principal amount of BYL Bank Group Business Loan Backed Pass-Through
Certificates, Series 1999-1, Class A-1 Certificates ("Class A-1
Certificates"); $12 million aggregate principal amount of BYL Bank Group
Business Loan Backed Pass-Through Certificates, Series 1999-1, Class A-2
Certificates ("Class A-2 Certificates"); $27.2 million aggregate principal
amount of BYL Bank Group Business Loan Backed Pass-Through Certificates,
Series 1999-1, Class A-3 Certificates ("Class A-3 Certificates"); $4.8
million aggregate principal amount of BYL Bank Group Business Loan Backed
Pass-Through Certificates, Series 1999-1, Class B Certificates ("Class B
Certificates"); and BYL Bank Group Business Loan-Backed Pass-Through
Certificates, Series 1999-1, Class R Certificates ("Class R Certificates").
The Class A Certificates were sold to a limited number of "Qualified
Institutional Buyers" as defined in Rule 144A under the Securities Act of
1933, and institutional "Accredited Investors" as defined in Rule 501 under
the Securities Act of 1933. The Class B Certificates and Class R Certificates
were retained by BYL and are subordinate to the Class A-1 Certificates, the
Class A-2 Certificates and the Class A-3 Certificates.
Item 7. FINANCIAL STATEMENT AND EXHIBITS
(c) Exhibits
99(1) Copy of Press Release.
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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: August 12, 1999 By: /s/ Barry J. Moore
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Barry J. Moore
Senior Executive Vice President
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FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION
PLEASE CONTACT:
August 12, 1999 ROBERT UCCIFERRI, PRESIDENT
AND CHIEF EXECUTIVE OFFICER, OR
BARRY MOORE, SENIOR EVP
AND CHIEF FINANCIAL OFFICER
(714) 685-1317
PRESS RELEASE
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BYL BANCORP ANNOUNCES SALE OF BUSINESS LOANS
Orange, CA - BYL Bank Group ("BYL"), a wholly-owned subsidiary of BYL Bancorp
(the "Company") (NASDAQ National Market "BOYL"), announced that BYL has sold
approximately $47.1 million of aggregate principal amount of a pool of
business loans (the "Business Loans") to a newly-created trust (the "Trust")
for the benefit of the holders of certificates representing interests in such
Trust. The Trust consists of the Business Loans, and the Trust has issued
three (3) classes of certificates representing certain fractional undivided
ownership interests in the Trust (the "Certificates").
The Class A and Class B Certificates bear fixed interest rates subject to a
cap with the Class A-1, Class A-2 and Class A-3 Certificates constituting
$55.2 million aggregate principal amount, and the Class B Certificates
constituting $4.8 million aggregate principal amount. The Class R Certificate
is a residual certificate that has no principal balance. The Class B and R
Certificates were retained by BYL and are subordinate to the Class A-1, A-2
and A-3 Certificates. The Class A-1, A-2 and A-3 Certificates were sold to a
limited number of "Qualified Institutional Buyers" as defined in Rule 144A
under the Securities Act of 1933 and institutional "Accredited Investors" as
defined in Rule 501 under the Securities Act of 1933.
Robert Ucciferri, President and CEO of the Company, stated "We are very
pleased with the results of this sale of business loans. As has been the case
in similar past sales of business loans, this latest sale is part of our plan
to periodically sell the business loans which are created through our
substantial business loan origination activities."
BYL Bancorp is a California corporation headquartered in Orange, California
whose principal operating subsidiary is BYL Bank Group ("BYL"). BYL's primary
market area is Orange and Riverside Counties, California in which it operates
nine full-service banking centers and two divisional loan origination
offices. Additionally, BYL has mortgage loan origination offices in Arizona,
Colorado, Kansas, Oregon, Utah and Washington state. BYL's specialized loan
origination divisions, Mortgage
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and SBA, operate under the name of Bank of Yorba Linda, a division of BYL
Bank Group. BYL specializes in originating and selling non-conforming and
conforming residential real estate loans and SBA guaranteed loans. The shares
of common stock of BYL Bancorp trade on the NASDAQ National Market System
under the symbol "BOYL".
