<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Nine Months Ended September 30, 2000. COMMISSION FILE NUMBER 0-8597
THE REPUBLIC CORPORATION
Texas 74-0911766
----- ----------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5340 Weslayan - P.O. Box 270462, Houston, TX 77277
-------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 713-993-9200
---------------
NONE
----
Former name, former address and former fiscal year, if changed since last
report.
Indicate by check mark whether the registrant (1) has filed all reports required
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such report(s), and (2) has been subject to such filing requirements for
the past 90 days.
YES X NO
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of September 30, 2000
Common Stock, $1.00 par Value Shares 356,844
----------------------------- --------
Outstanding at Sept. 30,
2000, (excluding 23,119
shares held as treasury
shares)
<PAGE>
THE REPUBLIC CORPORATION
Index to Quarterly Report on Form 10-Q
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Part I. Financial Information
Item 1. Financial Statements (unaudited)
Consolidated Balance Sheets
December 31, 1999, and September 30, 2000. 1
Consolidated Statements of Income for the three months
and nine months ended September 30, 1999 and 2000. 2
Consolidated Statements of Cash Flows for the nine months
ended September 30, 1999 and 2000. 3
Notes to Financial Statements 4
Item 2. Management's Discussion and Analysis 5-9
Part II. Other Information 10
Signatures 11
</TABLE>
<PAGE>
REPUBLIC CORPORATION AND SUBSIDIARY
Balance Sheet
<TABLE>
<CAPTION>
September 30 December 31
2000 1999
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Assets
Cash and due from banks (demand) . . . . . . . . . . . . . . . . . . . . . . . $ 4,242,832 $ 8,178,452
Investment securities:
Held-to-maturity
Market value at 9-30-00 25,909,332 . . . . . . . . . . . . . .
----------
Market value at 12-31-99 23,630,302 . . . . . . . . . . . . . . 25,843,159 23,639,383
----------
Available-for-sale
Market value at 9-30-00 24,000
----------
Market value at 12-31-99 24,000 . . . . . . . . . . . . . . 24,000 24,000
---------- ------------ ------------
$ 30,109,991 $ 31,841,835
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,708,360 98,532,057
Plus: Uncollected earned interest . . . . . . . . . . . . . . . . . . 1,192,732 747,419
Less: Allowance for losses . . . . . . . . . . . . . . . . . . . . . (1,450,000) (1,379,000)
------------ ------------
Net loans and other receivables . . . . . . . . . . . . . . . . . . . 112,451,092 97,900,476
------------ ------------
Federal funds sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,650,000 22,500,000
Property, equipment and vehicles (net). . . . . . . . . . . . . . . . . . . . 2,547,580 2,625,277
Other real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,716 43,343
Goodwill. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 436,079 436,079
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 610,273 259,166
------------ ------------
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $168,842,731 $155,606,176
------------ ------------
Liabilities and Stockholders' Equity
Deposits (Domestic):
Demand (non-interest bearing) . . . . . . . . . . . . . . . . . . . . $ 18,895,487 $ 15,582,942
Savings, time and demand (Interest-bearing) . . . . . . . . . . . . . 134,217,983 125,935,777
------------ ------------
$153,113,470 $141,518,719
Accounts payable and accrued interest payable . . . . . . . . . . . . . . . . 1,423,487 1,119,265
Accrued taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 530,675 57,935
------------ ------------
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . $155,067,632 $142,695,919
------------ ------------
Minority Interest in Consolidated Subsidiary. . . . . . . . . . . . . . . . . 298,215 277,970
------------ ------------
Stockholders'Equity
Common stock (par value $1; 750,000 shares authorized, 356,844 shares
issued including stock held in treasury). . . . . . . . . . . . . . . 356,844 356,844
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . 234,931 234,931
Less cost of treasury stock (23,119 shares at 9-30-00 and
23,119 at 12-31-99). . . . . . . . . . . . . . . . . . . . . . . . . . (91,303) (91,303)
------------ ------------
Total contributed capital . . . . . . . . . . . . . . . . . . . 500,472 500,472
------------ ------------
Retained earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,976,412 12,131,815
------------ ------------
Net Unrealized Gain (Loss) on Securities
Available-for-Sale (Net of Taxes). . . . . . . . . . . . . . . . . . . -0- -0-
Stockholders'equity . . . . . . . . . . . . . . . . . . . . . . 13,476,884 12,632,287
------------ ------------
Total liabilities and stockholders equity. . . . . . . . . . . . . . . $168,842,731 $155,606,176
------------ ------------
</TABLE>
The accompanying note is an integral part of these financial statements.
(1)
<PAGE>
REPUBLIC CORPORATION AND SUBSIDIARY
Statement of Income
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------ ------------------
Sept. 30 Sept. 30 Sept. 30 Sept. 30
2000 1999 2000 1999
<S> <C> <C> <C> <C>
Interest Income
Interest and fees on loans $2,446,777 $2,089,483 $6,926,208 $6,136,693
Interest on funds sold and securities
purchased under agreement to resell 362,359 156,546 1,107,995 353,178
Interest and dividends on investments
Securities of U.S. Government and
government agencies 271,151 419,930 854,920 1,050,792
Obligations of states, political
subdivisions and other obligations
secured by the government 189,952 -0- 369,889 -0-
---------- ---------- ---------- ----------
Total interest on investments 823,462 576,476 2,332,804 1,403,970
---------- ---------- ---------- ----------
Total interest income 3,270,239 2,665,959 9,259,012 7,540,663
---------- ---------- ---------- ----------
Interest expense:
Interest on deposits 1,689,579 1,358,252 4,863,735 3,670,117
---------- ---------- ---------- ----------
Total Interest expense 1,689,579 1,358,252 4,863,735 3,670,117
---------- ---------- ---------- ----------
Net interest income 1,580,660 1,307,707 4,395,277 3,870,546
Provision for loan losses (50,263) (46,658) (284,625) (154,392)
---------- ---------- ---------- ----------
Net interest income after provision for
loan losses 1,530,397 1,261,049 4,110,652 3,716,154
---------- ---------- ---------- ----------
Other income:
Service charges on deposit accounts 57,060 55,215 169,705 160,221
Other service charges, commission and fees 37,690 81,077 403,185 213,193
Gain on sale of securities -0- -0- -0- -0-
Net income- other real estate 2,622 -0- 2,622 15,939
Other income 124,106 18,397 161,502 52,308
---------- ---------- ---------- ----------
Total other income 221,478 154,689 737,014 441,661
---------- ---------- ---------- ----------
Other expenses:
Salaries and wages 456,476 479,080 1,399,957 1,395,165
Employee benefits 84,545 126,201 321,824 346,700
Net occupancy expenses 133,778 88,268 352,008 229,192
Furniture and equipment expenses 17,113 24,104 77,117 89,624
Depreciation other than rental property 66,278 67,218 192,477 185,522
Net cost-other real estate -0- -0- -0- -0-
Computer service center 52,579 46,502 190,984 160,145
FDIC-insurance 7,524 3,785 29,408 14,351
Professional services 46,806 41,756 159,293 119,863
Advertising 32,620 39,222 138,301 101,564
Other operating expenses 226,212 224,106 623,454 598,491
---------- ---------- ---------- ----------
Total other expenses 1,123,931 1,140.242 3,484,823 3,240,617
---------- ---------- ---------- ----------
Income before income taxes 627,944 275,496 1,362,843 917,198
Less applicable income taxes (Current) 265,000 113,000 498,000 354,000
---------- ---------- ---------- ----------
Income before reduction for minority interest 362,944 162,496 864,843 563,198
Less minority interest income (loss) 10,105 3,901 20,246 13,384
---------- ---------- ---------- ----------
Net income $ 352,839 $ 158,595 $ 844,597 $ 549,814
---------- ---------- ---------- ----------
Earnings per share $ 1.06 $ .48 $ 2.53 $ 1.65
---------- ---------- ---------- ----------
</TABLE>
The accompanying note is an integral part of these financial statements.
(2)
<PAGE>
REPUBLIC CORPORATION AND SUBSIDIARY
Statement of Cash Flows
<TABLE>
<CAPTION>
Nine Months Ended
Sept. 30 Sept. 30
2000 1999
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Cash flows and operating activities:
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 844,597 $ 549,814
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . 256,636 247,363
Provision for loan losses . . . . . . . . . . . . . . . . . . . . . 284,625 154,392
Amortization (accretion) of discounts and
Premium. . . . . . . . . . . . . . . . . . . . . . . . . . . . (853,651) (1,050,072)
Other real estate gains/net . . . . . . . . . . . . . . . . . . . . (2,622) (15,839)
Investment securities gains/net . . . . . . . . . . . . . . . . . . -0- (100)
Re-appraisal - other real estate . . . . . . . . . . . . . . . . . . . . . -0- -0-
(Decrease) increase in interest payable . . . . . . . . . . . . . . 304,222 (123,111)
(Increase) decrease in interest receivable. . . . . . . . . . . . . (445,313) (8,219)
(Increase) decrease in other assets . . . . . . . . . . . . . . . . (351,107) (219,409)
Increase (decrease) in other liabilities. . . . . . . . . . . . . . 492,985 230,430
------------ ------------
Total adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (314,225) (784,565)
------------ ------------
Net cash provided by (used in) operating activities . . . . . . . . . . . . . . . . . . . . 530,372 (234,751)
------------ ------------
Cash flows from investing activities
Proceeds from maturities of investment securities . . . . . . . . . . . . . . . . 24,050,000 80,000,000
Purchase of investment securities . . . . . . . . . . . . . . . . . . . . . . . . (25,400,125) (92,870,073)
Loans made to customers net cash activity . . . . . . . . . . . . . . . . . . . . (14,397,257) (1,407,708)
Capital expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (178,939) (239,575)
Proceeds from sale of other real estate . . . . . . . . . . . . . . . . . . . . . 15,578 11,759
------------ ------------
Net cash provided by (used in) investing activities . . . . . . . . . . . . . . . . . . . . (15,910,743) (14,505,597)
------------ -------------
Cash flows from financing activities
Net increase (decrease) in demand deposits, NOW
account, savings accounts and certificates of deposit . . . . . . . . . . . . 11,594,751 21,713,010
Purchase of treasury stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- -0-
------------ ------------
Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . . . . . . 11,594,751 21,713,010
------------ ------------
Net increase (decrease) in cash and cash equivalents. . . . . . . . . . . . . . . . . . . . (3,785,620) 6,972,662
------------ ------------
Cash and cash equivalents at beginning of year:
Cash and due from banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,178,452 3,682,131
Federal funds sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,500,000 5,650,000
------------ ------------
Cash and cash equivalents at beginning of year. . . . . . . . . . . . . . . . . . . . . . . 30,678,452 9,332,131
============ ============
Cash and cash equivalents at Sept. 30, 2000
Cash and due from banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,242,832 6,004,793
Federal funds sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,650,000 10,300,000
------------ ------------
Cash and cash equivalents at Sept. 30, 2000 . . . . . . . . . . . . . . . . . . . . . . . . $ 26,892,832 $ 16,304,793
============ ============
Supplemental disclosures of cash flow information:
Cash paid for interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,559,513 3,068,297
Cash paid for income tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 443,952 515,414
</TABLE>
The accompanying note is an integral part of these financial statements.
(3)
<PAGE>
REPUBLIC CORPORATION AND SUBSIDIARY
Notes to Consolidated Financial Statements
September 30, 2000
Note 1 -- BASIS OF PREPARATION AND PRESENTATION
The consolidated financial statements included herein have been prepared
by The Republic Corporation, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission and include all
adjustments which are, in the opinion of management, necessary for a fair
presentation. The condensed consolidated financial statements include the
accounts of the company and its subsidiaries. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations. The Republic Corporation believes that
the disclosures are adequate to make the information presented not misleading;
however, it is suggested that these financial statements be read in conjunction
with the financial statements and the notes thereto which are on Form 10-K for
the fiscal year ended December 31, 1999. The financial data for the interim
periods may not necessarily be indicative of results to be expected for the
year.
Securities that will be held for indefinite periods of time, including
securities that will be used as part of the Company's asset/liability management
strategy and that may be sold in response to changes in interest rates,
prepayments, and similar factors, are classified as Available-for-Sale and
accounted for at fair value.
(4)
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
FINANCIAL CONDITION
ASSET QUALITY
Non-accrual loans remain at a level comparable to the year-end, 1999
figure and continue to reflect chronically past-due credits that are presently
or recently fell 30 days past due. Those accounts that fail to affect a cure are
typically placed in collection.
The restructured loan total consists of one commercial real estate
loan that is being charged a below-market rate of interest due to financial
difficulties.
<TABLE>
<CAPTION>
TABLE 1 PROBLEM ASSETS
(dollars in thousands) September 30 December 31
------------ ------------------------------
2000 1999 1998 1997
<S> <C> <C> <C> <C>
Nonaccrual loans $ 807 $ 837 $ 351 $ 809
Past-due loans (over 90 days) -0- -0- -0- -0-
Restructured loans 428 1,022 714 2,465
-------- -------- -------- --------
Total problem loans $ 1,235 $ 1,859 $ 1,065 $ 3,274
Foreclosed assets
Real estate 38 43 48 9
In-substance foreclosures -0- -0- -0- -0-
Other 22 23 28 5
-------- -------- -------- --------
Total Problem Assets $ 1,295 $ 1,925 $ 1,141 $ 3,288
Total problem loans as
a percentage of total loans 1.1% 1.9% 1.1% 4.1%
Total problem assets as a
percentage of total loans
and foreclosed assets 1.1% 2.0% 1.2% 4.1%
</TABLE>
<TABLE>
<CAPTION>
TABLE 2 LOAN CONCENTRATIONS
(dollars in thousands) September 30 December 31
------------ -----------
2000 1999 1998
<S> <C> <C> <C>
Commercial $ 7,403 $ 7,189 $ 7,371
Agricultural 3,402 3,464 4,156
Real Estate-Construction 7,751 6,112 6,423
Real Estate-Mortgage 82,982 71,257 66,652
Installment loans to Individuals 11,170 10,510 9,967
-------- ------- -------
Totals $112,708 $98,532 $94,569
</TABLE>
(5)
<PAGE>
SOURCES AND USES OF FUNDS
Growth in loans and investments outstripped deposit growth during the
first 9 months of 2000. Total growth in loans and investments in the current
period came to $15,747m, compared with $11,595m in deposit growth. This
contrasts with $14,278m in loan and investment growth and $21,713m in deposit
growth in the prior-year period. Not surprisingly, cash and cash equivalents
fell $3,786m in the current period, compared with $6,973m in growth in the same
category in the prior-year period. (Please see Statement of Cash Flows, P-3)
LIQUIDITY
Period-end holdings of cash and due from banks, readily marketable
securities and federal funds sold came to approximately 34% of period-end
liabilities. This contrasts with the 38% which prevailed at year-end, 1999.
(Please see Balance Sheet, P-1)
INTEREST RATE SENSITIVITY MANAGEMENT
The bank continues to adhere to a practice of extending maturities in
anticipation of a cessation and perhaps a reversal of the current phase of
monetary tightening. Beginning at approximately 18 months, the bank is still
adequately protected from the ill effects of any further increase in market
interest rates. (Please see Repricing Schedule, P-7)
(6)
<PAGE>
INTEREST RATE SENSITIVITY MANAGEMENT
Table 3 - REPRICING SCHEDULE
9-30-00
<TABLE>
<CAPTION>
3 MO 3-12 1-5 OVER
(dollars in thousands) OR LESS MONTHS YEAR 5 YEARS
------- ------- ---- -------
<S> <C> <C> <C> <C>
RATE SENSITIVE ASSETS
(Assets that can be
repriced within X days)
Loans * 13,394 46,870 32,440 19,181
Federal Funds Sold 22,650 -0- -0- -0-
Taxable Securities ** 16,000 -0- 10,000 -0-
Municipal Bonds -0- -0- -0- -0-
TOTAL 52,044 46,870 42,440 19,181
RATE SENSITIVE LIABILITIES
(Liabilities that can be
repriced within X days)
Time Certificates of Deposit 32,521 41,269 2,672 -0-
NOW Accounts 1,821 -0- -0- -0-
Super NOW Accounts 30,551 -0- -0- -0-
Savings Accounts 9,246 -0- -0- -0-
MMDA Accounts 13,470 -0- -0- -0-
TOTAL 87,609 41,269 2,672 -0-
Interest Rate Sensitivity Gap (35,565) 5,601 39,768 19,181
Cumulative Interest Rate
Sensitivity Gap (35,565) (29,964) 9,804 28,985
</TABLE>
* Does not include $807m in nonaccruing loans or overdrawn demand
deposits of $11m
** Does not include $24m in Federal Reserve Bank stock
(7)
<PAGE>
INVESTMENT SECURITIES
<TABLE>
<CAPTION>
TABLE 4
CARRYING UNREALIZED UNREALIZED MARKET
VALUE GAINS LOSSES VALUE
-------- ---------- ---------- ------
<S> <C> <C> <C> <C>
SEPTEMBER 30, 2000
(1) Held-to-Maturity:
U.S. Treasury Securities -- -- -- --
Other 25,843,159 66,182 -- 25,909,332
(2) Available-for-Sale Securities
Carried at Fair Value:
U.S. Treasury Securities -- -- -- --
Other 24,000 -- -- 24,000
---------- ---------- ---------- ----------
25,867,159 66,182 -- 25,933,332
---------- ---------- ---------- ----------
DECEMBER 31, 1999
(1) Held-to-Maturity:
U.S. Treasury Securities -- -- -- --
Other 23,639,383 -- 9,081 23,630,302
(2) Available-for-Sale Securities
Carried at Fair Value:
U.S. Treasury Securities -- -- -- --
Other 24,000 -- -- 24,000
---------- ---------- ---------- ----------
23,663,383 -- 9,081 23,654,302
---------- ---------- ---------- ----------
DECEMBER 31, 1998
(1) Held-to-Maturity:
U.S. Treasury Securities -- -- -- --
Other 23,864,557 4,493 -- 23,869,050
(2) Available-for-Sale Securities
Carried at Fair Value:
U.S. Treasury Securities -- -- -- --
Other 24,000 -- -- 24,000
---------- ---------- ---------- ----------
23,888,557 4,493 -- 23,893,050
---------- ---------- ---------- ----------
</TABLE>
(1) Securities which the Bank has the ability and intent to hold to maturity.
These securities are stated at cost, adjusted for amortization of premiums and
accretion of discounts, computed by the interest method. Because securities are
purchased for investment purposes and quoted market values fluctuate during the
investment period, gains and losses are recognized upon disposition or at such
time as management determines that a permanent impairment of value has occurred.
Cost of securities sold is determined on the specific identification method.
(2) Securities that the bank may sell in response to changes in market
conditions or in the balance sheet objectives of the bank. Securities in this
category will be reported at fair market value. Unrealized gains or losses (net
of tax) will be reported as a separate item in the shareholder's equity section
of the balance sheet. Adjustments will be recorded at lease quarterly.
(8)
<PAGE>
CAPITALIZATION:
Since retained earnings growth in the current period is more in line
with asset growth, the decline in leverage capital has slowed markedly. The more
steep decline in both of the risk-based capital ratios is primarily a result of
loan growth which caused a shift from low-risk, money market equivalents into
higher risk loan categories.
<TABLE>
<CAPTION>
TABLE 5 - CAPITAL
*September 30 December 31
------------- -----------
2000 1999
<S> <C> <C>
Tier 1 risk-based capital
(minimum is 4%) 13.46% 14.07%
Tier 1 + Tier 2 risk based capital
(minimum is 8%) 14.72% 15.33%
Tier 1 leverage (minimum is 3%) 7.87% 7.96%
</TABLE>
*Estimate
RESULTS OF OPERATIONS
NET INTEREST INCOME
Annualized net interest income, taken as a percentage of period-end
interest- bearing assets, came to 3.92% for the third quarter of 2000. This is a
continuation of the uptrend experienced thus far in 2000. The figures for the
first and second quarters were 3.40% and 3.73%, respectively. (Please see
Balance Sheet, P-1 and Statement of Income, P-2)
OTHER INCOME AND EXPENSE
The provision for loan losses for the third quarter of 2000 was
comparable to the year-ago period, however, the year-to-date provision continues
to show the effect of a first quarter, 2000 charge-off of $111m.
Increases in fee income, tied to both volume and rate effects, caused
significant gains in this category over the prior year figure. Other income for
the current periods includes a non-recurring recovery of $80m, representing
final payment for municipal securities charged off over two decades ago.
Growth factors aside, the predominant year-to-date aberrations in the
non-interest expense categories include occupancy expense, showing the effect of
$100m plus spent on stone repairs to the main bank building, computer expense,
showing the effect of $43m in internet banking start-up expense, and
advertising, showing the effect of the costs associated with the bank's 125th
anniversary celebration. (Please see Statement of Income, P-2)
(9)
<PAGE>
PART II
OTHER INFORMATION
<TABLE>
<S> <C>
Item 1. LEGAL PROCEEDINGS
not applicable
Item 2. CHANGES IN SECURITIES
not applicable
Item 3. DEFAULTS UPON SENIOR SECURITIES
not applicable
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
not applicable
Item 5. OTHER INFORMATION
not applicable
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
a). Exhibits
none
b). No reports on Form 8-K have been filed during the quarter for which this report was filed.
</TABLE>
(10)
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE REPUBLIC CORPORATION
Date: October 13, 2000 /S/ J. ED EISEMANN, IV
--------------------------
Chairman of the Board
Date: October 13, 2000 /S/ CATHERINE G. EISEMANN
--------------------------
Director
(11)
