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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) APRIL 11, 2000
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ADMIRALTY BANCORP, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-24891 65-0405207
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4400 PGA BOULEVARD
PALM BEACH GARDENS, FLORIDA 33410
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (516) 624-4701
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Item 5. OTHER EVENTS.
The Registrant issued a press release on April 11, 2000 announcing its
joint venture with USI Florida, Inc. through which it will offer insurance
products, and a press release on April 18, 2000 announcing its results for the
first quarter of 2000.
Item 7. EXHIBITS.
The following exhibits are filed with this Current Report on Form 8-K.
EXHIBIT NO. DESCRIPTION
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99(a) Press release announcing joint venture with USI
Florida.
99(b) Press release announcing the Registrant's results
for the first quarter of 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Admiralty Bancorp, Inc., has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
ADMIRALTY BANCORP, INC.
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(Registrant)
Dated: April 24, 2000 By: /S/ WARD KELLOGG
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WARD KELLOGG
President and
Chief Executive Officer
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EXHIBIT INDEX
CURRENT REPORT ON FORM 8-K
EXHIBIT NO. DESCRIPTION PAGE NO.
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99(a) Press release announcing joint
venture with USI Florida.
99(b) Press release announcing the
Registrant's results for the
first quarter of 2000.
EXHIBIT 99(a)
Admiralty Bank, USI Florida Form
Strategic Partnership to Provide
Insurance, Financial Services
PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--April 11, 2000-- Admiralty Bancorp,
Inc., (NASDAQ NM: AAABB - news) and USI Florida, leaders in the South Florida
financial services industry, have established an alliance to provide clients
with a broad range of insurance and financial programs.
The announcement was made jointly by Bruce Mahon, Chairman of Admiralty Bank,
and Michael Karp, President of USI Florida.
Upon passage of the Gramm-Leach Act on Nov. 12, 1999, banks are now allowed to
provide their customers with insurance products expanding the range of products
offered and proceeding further toward the "one stop" customer service concept.
Admiralty Bank is one of Florida's fastest growing banks with offices in Palm
Beach Gardens, Juno Beach, Jupiter, Boca Raton and Melbourne. The full- service
financial institution caters to the needs of businesses and individuals.
Admiralty capitalizes on a strong community orientation as it continues to
expand its customer base and portfolio of services.
Admiralty customers can now go to any branch and purchase a broad range of
insurance and other financial services through U.S.I.
"Our philosophy has been always to offer customers the finest financial services
and to respond quickly and efficiently to their needs," said Mahon. "This
strategic partnership with USI Florida enables us to broaden our services."
USI Florida is South Florida's largest insurance brokerage providing
insurance-related services to individuals and businesses, including the
customers of Chase Manhattan Bank in New York City. With offices in Boca Raton,
Plantation and Coral Gables, USI Florida is positioned to serve Admiralty Bank
customers throughout the tri-county area.
"This is the perfect alliance," said Karp. "Admiralty's clients can benefit from
the sophisticated financial and insurance services we provide. Likewise, many of
our clients will be introduced to the fine services offered by Admiralty Bank."
Founded in 1994, USI Insurance Services Corp. is one of the fastest growing
distributors of fully integrated financial services to the middle market and one
of the most active consolidators of insurance brokerages in the United States.
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With operations in 21 states and annualized revenues of approximately $350
million, USI is the sixth largest commercial and financial services broker in
the world.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Certain of these statements contained in this release which are not
historical facts are forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth in the forward-looking statements, including the uncertainties
inherent in the process of auditing and making end-of-year adjustments to a
corporation's financial statements.
By making these forward-looking statements, the Company undertakes no obligation
to update these statements for revisions or changes after the date of this
release.
L.G. Zangani, LLC provides financial public relations service to the Company. As
such, L.G. Zangani, LLC and/or its officers, agents and employees, receives
remuneration for public relations and/or other services performed for the
Company. This remuneration may take the form of cash, capital stock in the
Company, or warrants and/or options to purchase stock in the Company.
Contact:
Admiralty Bancorp, Inc., Palm Beach Gardens
Ward Kellogg, 561/624-4701
Melisa Kratz, 561/624-4701
Leonardo G. Zangani, Investor Relations, 908/788-9660
EXHIBIT 99(b)
Admiralty Bancorp. Inc., Announced
Results for First Quarter 2000
PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--April 18, 2000--Admiralty Bancorp,
Inc., (NASDAQ NM: AAABB - news) parent company of Admiralty Bank and Admiralty
Insurance Services, announced today its results for the first quarter of 2000.
Admiralty Bancorp reported a first quarter net profit of $213,000, or $0.07 per
share compared to $30,000, or $0.01 per share for the same period one year ago.
For the first quarter of 2000, the Company's total interest income increased
114% over the first quarter of 1999, to $3,012,000 from $1,407,000.
This growth in earnings reflects the dramatic increase in the Company's assets
as the management team continued their focus on high quality internal growth.
The Company's interest expense on deposits increased as a result of the
substantial increase in deposits as indicated in the chart below.
The Company's cost of funds for the three months ended March 31, 2000 was 3.57%
as compared to a cost of funds of 2.19% for the comparable period of 1999,
reflecting the rise in interest rates between these periods and the initiative
of the Company to raise additional deposits to fund the dramatic loan growth.
The additional deposits were raised primarily in money market accounts and time
deposits on which the average balances increased $27 million and $18 million
respectively, in the first quarter of 2000 compared to the same period in 1999.
The internal growth in assets and deposits over the past twelve months is
demonstrated as follows:
3/31/99 3/31/00 % Increase
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Total Loans $ 55.5 million $ 115.4 million + 107.9%
Total Deposits $ 72.1 million $ 131.0 million + 81.7%
Total Assets $ 92.1 million $ 169.9 million + 84.5%
The Company has demonstrated the ability to continue with rapid growth and
simultaneously produce a profit. The Company generated pre-tax income of
$369,000 in the three months ended March 31, 2000 which was net of $124,000 in
depreciation and amortization expenses and a $199,000 provision to the allowance
for loan losses.
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In the same period in 1999 the Company generated pre-tax income of $66,000 which
was net of $131,000 in depreciation and amortization expenses and a $15,000
provision to the allowance for loan losses.
Mr. Ward Kellogg, President and CEO of Admiralty Bancorp, Inc. stated, "It is
with great pride that we announce our first quarter results which show a
continued growth in assets and earnings. The commitment of our staff to serve
the needs of our customers has resulted in rapid growth while our focus on
quality earnings will enhance the value to our shareholders. The atmosphere in
our organization is dynamic and very exciting. In March we opened a new full
service office in Melbourne, Florida which is growing rapidly. Additionally, a
new full service office in Ft. Lauderdale is being planned for the Bank. Also,
Admiralty Bancorp, Inc. recently announced the completion of a joint venture
with USI Florida to form Admiralty Insurance Services, LLC to offer all types of
insurance services to customers of the Bank. We are also in the process of
converting all the Bank's data processing systems to an in-house system operated
and controlled by the Bank. This new system will allow much greater speed,
efficiency, flexibility and quality in providing account information to
relationship managers and customers. Additional electronic products and
services, including internet banking and on-line bill paying, are being created
and will be offered through this state of the art system."
Admiralty Bancorp, Inc. is the parent company for Admiralty Bank and Admiralty
Insurance Services. Admiralty Bank is a Florida chartered commercial bank
operating through its main office in Palm Beach Gardens, Florida and four branch
offices located in Boca Raton, Juno Beach, Jupiter and Melbourne, Florida.
The Bank is a full service financial institution, catering to the needs of
businesses, professionals, and private banking clients. Admiralty Insurance
Services is a limited liability corporation providing a full range of insurance
services to Admiralty Bank customers and the public.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Certain of these statements contained in this release which are not
historical facts are forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth in the forward-looking statements, including the uncertainties
inherent in the process of auditing and making end-of-year adjustments to a
corporation's financial statements.
By making these forward-looking statements, the Company undertakes no obligation
to update these statements for revisions or changes after the date of this
release.
L.G. Zangani, LLC provides financial public relations service to the Company. As
such, L.G. Zangani, LLC and/or its officers, agents and employees, receives
remuneration for public relations and/or other services performed for the
Company. This remuneration may take the form of cash, capital stock in the
Company, or warrants and/or options to purchase stock in the Company.
<PAGE>
Contact:
Admiralty Bancorp, Inc., Palm Beach Gardens
Ward Kellogg, 561/624-4701
Melisa Kratz, 561/624-4701
Leonardo G. Zangani, Investor Relations, 908/788-9660
