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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): February 24, 1998
CITIZENS BANCORP
(Exact name of registrant as specified in its charter)
Oregon
(State or other jurisdiction of incorporation)
0-23277 91-1841688
(Commission File Number) (IRS Employer Identification NO.)
275 SW Third Street, Corvallis, OR 97339
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code): (541) 752-5161
N/A
(Former name of former address, if changed since last report)
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Item 4 Changes in Registrant's Certifying Accountant
In December of 1997 the Company's management recommended to the Audit
Committee of the Board of Directors that the Company solicit bids from
independent certified public accountants to perform the Company's
accounting and auditing work beginning in the 1998 fiscal year. The
Audit Committee approved the recommendation, and directed management to
schedule interviews to evaluate qualified candidates to serve as the
Company's independent accountant.
The recommendation did not arise from any disagreements, within the
meaning of Item 304 of Regulation S-K, between the Company and the
Company's present independent accountant, David O. Christensen,
Certified Public Accountant and Consultants ("Christensen"), and there
have been no such disagreements, or any matters reportable under
paragraph (a)(1)(ii) of Item 304, with respect to any Company financial
statement, audit, report or tax return or any matters relating thereto
for the Company's two most recent fiscal years or any subsequent interim
period.
The Board's Audit Committee scheduled interviews with three accounting
firms as part of its review and evaluation process. Christensen was
invited to be considered as a candidate for the Company's accounting and
auditing work and to be included among firms interviewed. Christensen
notified the Company on January 9, 1998, to decline to stand for
consideration or for re-election as the Company's independent
accountant. The Audit Committee held its interviews on February 11,
1998, and thereafter recommended that the accounting firm of Knight,
Vale and Gregory, Inc., P.S. ("KVG") be retained as the Company's
independent accountant. The recommendation was approved by the Board of
Directors on February 17, 1998.
Christensen continues to be retained by the Company to complete the
Company's Fiscal 1997 financial statements, audit, and tax return.
Beginning on February 18, 1998, KVG commenced providing accounting and
audit services to the Company for matters arising in fiscal 1998.
Item 7 Financial Statements and Exhibits
(a) Financial statements - not applicable
(b) Pro Forma financial information - not applicable
(c) Exhibit
(16) Letter of David O. Christensen CPA and Consultants to the
Securities and Exchange Commission included herein
pursuant to the requirement of Item 304(a) of Regulation
S-K.
Signatures
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.
Citizens Bancorp/OR
Date: February 24, 1998 By: /s/ Lark E. Wysham
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Name: Lark E. Wysham
Title: Senior Vice President
and Chief Financial Officer
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EXHIBIT 16
[David O. Christensen CPA & Consultants LOGO]
February 23, 1998
Securities and Exchange Commission
450-5th St., NW
Washington, DC 20549
Regarding: Citizens Bancorp 8-K
Dear Sirs:
We have been furnished with a copy of the response to Item 4 of Form 8-K for the
event that occurred on February 17, 1998, to be filed by our former client,
Citizens Bancorp. We agree with the statements made in response to that item
insofar as they relate to our firm.
This letter is attached to the 8-K of Citizens Bancorp.
Sincerely,
/s/ David O. Christensen
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David O. Christensen
Certified Public Accountants & Consultants
