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FORM 8-K. -- CURRENT REPORT
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) October 22, 1998
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GBC Bancorp
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(Exact name of registrant as specified in its charter)
California 0-16213 95-3586596
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(State or other (Commission (IRS Employer of
jurisdition incorporation File Number) Identification No.)
800 West Sixth Street, Los Angeles, California 90017
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (213) 972-4174
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
KPMG Peat Marwick, LLP ("KPMG") was previously the principal accountants
for GBC Bancorp ("the Company"). On October 22, 1998, KPMG's appointment as
principal accountants was terminated. The Company has decided to appoint, and
the Board of Directors approved the appointment of Deloitte & Touche to act as
the Company's independent auditors for the fiscal year ending December 31,
1998.
The reports of KPMG on the Company's consolidated financial statements for
the years ended December 31, 1996 and 1997 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.
For each of the years in the two year period ended December 31, 1997, and
during the subsequent period from January 1, 1998 through October 22, 1998,
there were no "Disagreements" (as such term is defined under the Federal
Securities laws) with KPMG, or any matters of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which Disagreements, if not resolved to the satisfaction of KPMG, would have
caused that firm to make reference to the subject matter of the Disagreement
in connection with their reports.
For each of the years in the two year period ended December 31, 1997, and
during the period from January 1, 1998 through October 22, 1998, the Company
was not (i) advised by KPMG that the Company did not have internal controls
necessary to develop reliable financial statements; (ii) advised by KPMG that
it was no longer able to rely on management's representations or that it was
unwilling to be associated with financial statements prepared by management;
(iii) advised by KPMG of a need to expand the scope of its audit; or (iv)
advised by KPMG that information had come to its attention that materially
impacted the fairness or reliability of any audit report or financial
statement issued or to be issued, or caused them to be unwilling to rely on
management's representations or be associated with the Company's consolidated
financial statements (collectively, "Reportable Events"). The Company has
requested KPMG to furnish a letter addressed to the Securities and Exchange
Commission stating whether it agrees with the above statements. A copy of
that letter dated October 27, 1998 is filed as Exhibit A to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Letter from KPMG as of October 27, 1998.
(b) Financial Statements. None
(c) Pro Forma Financial Statements. None
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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 hereunto duly authorized.
GBC Bancorp
/s/ Peter E. Lowe
Executive Vice President
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October 27, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for GBC Bancorp, Inc. and, under the
date of January 30, 1998, we reported on the consolidated financial statements
of GBC Bancorp, Inc. and subsidiaries as of and for the years ended December
31, 1997 and 1996. On October 22, 1998, our appointment as principal
accountants was terminated. We have read GBC Bancorp, Inc.'s statements
included under Item 4 of its Form 8-K dated October 22, 1998, and we agree
with such statements, except that we are not in a position to agree or
disagree with GBC Bancorp, Inc.'s statements in paragraph 1 concerning the
appointment of and Board of Directors' approval of replacement independent
auditors.
Very truly yours,
KPMG PEAT MARWICK LLP
