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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): January 7, 1997
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SUMMIT BANCSHARES, INC.
(Exact Name of Registrant as Specified in Its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
0-11108 94-2767067
(Commission File Number) (I.R.S. Employer Identification Number)
2969 Broadway, Oakland, California 94611
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(Address of Principal Executive Offices) (Zip Code)
(510) 839-8800
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(Registrant's Telephone Number, Including Area Code)
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ITEM 4. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Pursuant to Item 304 (a) (1) and Item 304 (a) (3) the following information is
provided regarding the dismissal of Arthur Andersen LLP as the principal
accountant to audit the registrant's financial statements.
Arthur Andersen LLP was informed on January 7, 1997 that its services for the
years ending December 31, 1997 and beyond are no longer needed. Arthur Andersen
LLP's last two years reports did not contain an adverse opinion or disclaimer of
opinion nor were they qualified or modified as to uncertainty, audit scope, or
accounting principles. This decision to change accountants was recommended by
the Company's Audit Committee. During the registrant's two most recent fiscal
years there were no disagreements with the former accountant on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure which disagreement (s), if not resolved to the satisfaction
of Arthur Andersen LLP, would have caused it to make reference to the subject
matter of the disagreement.
On the recommendation of the Company's Audit Committee, Coopers & Lybrand will
be recommended to the Company's shareholders at its April 24, 1997 annual
meeting to be its new principal accountant to audit its financial statements. At
no time during the registrant's two most recent years did the registrant consult
with Coopers & Lybrand regarding the application of accounting principles to a
specific transaction, either completed or proposed; or the type of audit opinion
that might be rendered on the registrant's financial statements, and either a
written report was provided to the registrant or oral advice was provided that
the new accountant concluded was an important factor considered by the
registrant in reaching a decision as to the accounting, auditing or financial
reporting issue. In addition, there were no reportable events as defined in
Regulation S-K, Item 304 (a) (1) (v) (A-D).
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, in the City of Oakland, State of
California on January 14, 1997.
Summit Bancshares, Inc.
/s/ Kikuo Nakahara
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Kikuo Nakahara
Chief Financial Officer
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[ARTHUR ANDERSEN LETTERHEAD]
January 14, 1997
Office of the Chief Accountant
SECPS Letter File
Securities and Exchange Commission
Mail Stop 9-5
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sir:
We have read Item 4 included in the attached Form 8-K dated January 14, 1997, of
Summit Bancshares, Inc. filed with the Securities and Exchange Commission and
are in agreement with the statements contained therein.
Very truly yours,
ARTHUR ANDERSEN LLP
/s/ Arthur Andersen LLP
