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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Amendment No. 3
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. Deloitte issued reports for the fiscal year ended September 30,
1996, the three months ended December 31, 1996 and the fiscal year ended
December 31, 1997 (the audit report for which was deemed released as of March
30, 1998 (the "Release Date")).
In connection with their audit for the fiscal year ended September 30,
1996, the three months ended December 31, 1996, the fiscal year ended December
31, 1997 and through the Release Date, 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 reports
on the financial statements for the fiscal year ended September 30, 1996,
the three months ended December 31, 1996 and the fiscal year ended December
31, 1997 did not contain an adverse opinion or disclaimer of opinion and were
not qualified or modified as to uncertainty, audit scope or accounting
principles.
During the fiscal year ended September 30, 1996, the three months ended
December 31, 1996, the fiscal year ended December 31, 1997 and through the
Release Date, 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: October 26, 1998 By: /s/James B. Pittard, Jr.
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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
October 26, 1998
Securities and Exchange Commission
Mail Stop 9-5
450 5th Street, N.W.
Washington, D.C. 20549
Dear Sirs/Madams:
We have read and agree with the comments in Item 4 of Form 8-K/A, amendment
No. 3 of Community Savings Bankshares, Inc. dated October 26, 1998.
Yours truly,
/s/Deloitte & Touche
DELOITTE & TOUCHE LLP
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