UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
Amendment No. 1
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: August 26, 1996
EMERGENT GROUP, INC.
(Exact name of registrant as specified in its charter)
South Carolina 0-8909 57-0513287
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification
incorporation) Number)
Suite 750, 15 South Main Street, Greenville, South Carolina 29601
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code (803) 235-8056
The Exhibit Index appears on page 4 hereof.
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Item 4. Changes in Registrant's Certifying Accountant
On August 26, 1996, Emergent Group, Inc. (the "Company") determined to
dismiss Elliott Davis & Company, LLP ("ED&C") and to engage KPMG Peat Marwick
LLP ("KPMG") as the Company's independent auditors for the 1996 fiscal year.
ED&C has served as the Company's principal accountants since 1993. The change in
auditors resulted from the Company's decision that it was in the Company's best
interest to utilize a national accounting firm, with its attendant size,
experience and expertise.
In connection with its audits for the past two fiscal years and for
the interim period through August 26, 1996, there have been no disagreements
between the Company and ED&C on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which disagreements, if not resolved to the satisfaction of the auditors,
would have caused it to make reference to the subject matter of the disagreement
in connection with its report. Moreover, ED&C reports as principal auditor of
the financial statements of the Company for the past two fiscal years did not
contain an adverse opinion or a disclaimer of opinion, nor were they
qualified or modified as to uncertainty, audit scope or accounting principles.
The Audit Committee of the Board of Directors and the Board of
Directors of the Company have approved this change of accounting firms.
ED&C has furnished to the Company a letter addressed to the Commission
stating that it agrees with the above statements. A copy of that letter, dated
September 5, 1996, is filed as Exhibit 16.1 to this Amendment No. 1 of Form 8-K.
Item 7. Financial Statements and Exhibits
(c) Exhibits
16.1 Letter from Elliott, Davis & Company, LLP dated September 5, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed and on its behalf by the
undersigned hereto duly authorized.
EMERGENT GROUP, INC.
Date: September 6, 1996 BY: /s/ Kevin J. Mast
Kevin J. Mast
Vice President, Treasurer &
Chief Financial Officer
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Exhibit Index
16.1 Letter of Elliott, Davis & Company, LLP
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Exhibit 16.1
Securities and Exchange Commission
Washington, DC 20549
Gentlemen:
We were previously principal accountants for Emergent Group, Inc. and
Subsidiaries and on January 31, 1996, we reported on the consolidated financial
statements of Emergent Group, Inc. and Subsidiaries as of December 31, 1994 and
1995, for each of the two years in the period ended December 31, 1995. On
August 26, 1996, we were dismissed as principal accountants of Emergent Group,
Inc. We have read Emergent Group, Inc.'s statements included under Item 4 of its
Amendment No. 1 to Form 8-K dated August 26, 1996, and we agree with such
statements.
/s/ ELLIOTT, DAVIS & COMPANY, L.L.P.
ELLIOTT, DAVIS & COMPANY, L.L.P.
Greenville, SC
September 5, 1996
