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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Amendment No. 1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934.
Date of Report (Date of earliest event reported): March 30, 1998
COMMUNITY SAVINGS BANKSHARES, INC.
(Exact name of Registrant as specified in Charter)
United States 000-29460 65-0780334
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Indentification No.)
Incorporation)
660 U.S. Highway One, North Palm Beach, Florida 33408
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (561) 881-2212
Not Applicable
(Former name or former address, if changed since last report)
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Item 4. Changes in Registrant's Certifying Accountant
On November 6, 1997, the Board of Directors of Community Savings
Bankshares, Inc. (the "Registrant") terminated the services of
Deloitte & Touche LLP ("Deloitte") as the Registrant's independent
auditors subject to the completion of Deloitte's audit of the
Registrant's financial statements for the year ended December 31,
1997. Such termination was recommended to the Board by the
Company's Audit Committee. In connection with the termination of
Deloitte's services as independent auditors, the Board of Directors
of the Registrant selected the accounting firm of Crowe, Chizek and
Company LLP ("Crowe Chizek") to serve as independent auditors for the
Registrant for the fiscal year ending December 31, 1998. Deloitte has
completed its audit of the Registrant's financial statements for the
year ended December 31, 1997 and issued their report thereon.
In connection with their audit for the two most recent fiscal years
(including the year ended December 31, 1997) preceding the replacement
of Deloitte, there have been no disagreements with Deloitte on any matter
of accounting principles or practices, financial statement disclosures, or
auditing scope or procedure. Deloitte's report on the financial statements
for the two immediately preceding fiscal years (including the year ended
December 31, 1997) did not contain an adverse opinion or disclaimer of
opinion and was not qualified or modified as to uncertainty, audit scope
or accounting principles.
During the Registrant's two most recent fiscal years (including the year
ended December 31, 1997) preceding Deloitte's replacement, Deloitte did not
advise, and has not indicated to the Registrant that it had any reason to
advise, the Registrant of any of the following:
(a) that the internal controls necessary for the Registrant to
develop reliable financial statements did not exist;
(b) that information had come to Deloitte's attention that had
led it to no longer be able to rely on management's
representations, or that made it unwilling to be associated with
the financial statements prepared by management;
(c) (1) of the need to expand significantly the scope of the
Registrant's audit, or that information had come to Deloitte's
attention during such time period that if further investigated
might (i) materially impact the fairness or reliability of either:
a previously issued audit report or the underlying financial
statements, or the financial statements issued or to be issued
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covering the fiscal periods subsequent to the date of the most
recent financial statements covered by an audit report (including
information that may prevent it from rendering an unqualified audit
report on those financial statements), or (ii) cause it to be
unwilling to rely on management's representation or to be
associated with the Registrant's financial statements, and (2) that
due to Deloitte's replacement or for another reason, the issue has
not been resolved to Deloitte's satisfaction prior to its
replacement.
(d) (1) that information had come to Deloitte's attention that
it had concluded materially impacted the fairness or reliability of
either (i) a previously issued audit report or the underlying
financial statements, or (ii) the financial statements issued or to
be issued covering the fiscal periods subsequent to the date of the
then most recent financial statements covered by an audit report
(including information that, unless resolved to Deloitte's
satisfaction, would prevent if from rendering an unqualified audit
report on those financial statements, and (2) due to Deloitte's
replacement, or for any other reason, the issue was not resolved to
Deloitte's satisfaction prior to its replacement.
The Registrant has requested Deloitte to furnish it with a letter
addressed to the Securities and Exchange Commission stating whether
or not they agree with the statements made by the Registrant in
response to this Item 4 and, if not, stating the respects in which
they do not agree. A copy of such letter is attached hereto as
Exhibit 16.
During the Registrant's two most recent fiscal years and the
subsequent interim periods preceding the selection of Crowe Chizek,
the Registrant has not consulted Crowe Chizek regarding the
application of accounting principles, either contemplated or
proposed, the type of audit opinion that might be rendered on the
Registrant's financial statements or any other matters that would
be required to be reported herein.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(a) Financial Statements of Business Acquired
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
(16) Letter of Deloitte
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this amended report to be
signed on its behalf by the undersigned, thereunto duly authorized.
COMMUNITY SAVINGS BANKSHARES, INC.
(Registrant)
Date: April 3, 1998 By: /s/James B. Pittard, Jr.
James B. Pittard, Jr.
President and Chief Executive Officer
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DELOITTE & TOUCHE LLP
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Certified Public Accountants Suite 2500
100 Southeast Second Street
Miami, Florida 33131-2135
Telephone: (305) 358-4141
Facsimile: (305) 372-3160
April 3, 1998
Securities and Exchange Commission
Mail Stop 9-5
450 5th Street, N.W.
Washington, D.C. 20549
Dear Sirs/Madames:
We have read and agree with the comments in Item 4 of Form 8-K of
Community Savings Bankshares, Inc. dated April 3, 1998.
Yours truly,
/s/Deloitte & Touche
DELOITTE & TOUCHE LLP
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