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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
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FORM 8-K
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CURRENT REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
NOVEMBER 18, 1999
(Date of earliest event reported)
HAWTHORNE FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
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Delaware 95-2085671
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
2381 Rosecrans Avenue, El Segundo, CA 90245
(Address of Principal Executive Offices) (Zip Code)
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Registrant's telephone number, including area code (310) 725-5000
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ITEM 5. OTHER EVENTS.
Hawthorne Financial Corporation (the "Company"), parent
company of Hawthorne Savings, F.S.B. (the "Bank"), announced that
Scott Braly has resigned from his positions of President, Chief
Executive Officer and Director of the Company and the Bank. Gary
Brummett will be acting President and Chief Executive Officer of the
Company and the Bank during the interim while the Board undergoes a
search for a new President and Chief Executive Officer.
The Company will continue to specialize in originating real
estate secured loans throughout Southern California; however, it is
the intention of the Company to lower the risk profile of the loan
portfolio, and to enhance franchise value through expanding the
products and services offered to retail customers.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
1. Press Release dated November 18, 1999.
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.
HAWTHORNE FINANCIAL CORPORATION
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Dated November 18, 1999 /s/ GARY BRUMMETT
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Gary Brummett
Acting President and
Chief Executive Officer
Dated November 18, 1999 /s/ SIMONE LAGOMARSINO
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Simone Lagomarsino
Executive Vice President and
Chief Financial Officer
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HAWTHORNE FINANCIAL CORPORATION
PRESS RELEASE
NOVEMBER 18, 1999 EXHIBIT 1
[HAWTHORNE LOGO]
HAWTHORNE FINANCIAL CORPORATION
PRESS RELEASE
NOVEMBER 18, 1999
IMMEDIATE RELEASE
Contact: Mr. Gary W. Brummett, Acting President and Chief Executive Officer
(310) 725-5600
Ms. Simone Lagomarsino, EVP and Chief Financial Officer (310) 725-5631
Mr. Timothy R. Chrisman, Chairman of the Board (213) 620-1192
(NASDAQ:HTHR) (El Segundo, CA) Timothy R. Chrisman, Chairman of the Board of
Hawthorne Financial Corporation (the "Company"), parent company of Hawthorne
Savings, F.S.B. (the "Bank"), today announced that Scott Braly has resigned
from his positions of President, Chief Executive Officer and Director of the
Company and the Bank. Mr. Chrisman indicated that Gary W. Brummett will be
acting President and Chief Executive Officer of the Company and the Bank during
the interim while the Board undergoes a search for a new President and Chief
Executive Officer. Mr. Brummett has been a director of the Company and Bank
since October, 1999. Formerly, Mr. Brummett was the Chief Operating Officer of
Cal Fed Bancorp, Inc., a $14 billion financial services company.
Mr. Chrisman noted that the Company will continue to specialize in real estate
secured loans throughout Southern California in the niche markets that it
serves, including: 1) Permanent loans collateralized by single family
residential property, 2) permanent and construction loans secured by
multi-family residential and commercial real estate, 3) loans for the
construction of individual and tracts of single family residential homes and
the acquisition and development of land for the construction of such homes. The
Company funds its loans predominantly with retail deposits generated through
its six full-service retail offices.
