<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
_______________________________
Date of Report: March 29, 1999
IMPERIAL BANCORP
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
CALIFORNIA 0-7722 95-2575576
- ----------------------------- ----------------- ----------------------------
(State or other jurisdiction (Commission File (IRS Employer Identification
of incorporation) Number) Number)
9920 S. LaCienega Blvd. Inglwood, California 90301
- -------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 417-5600
--------------
</TABLE>
<PAGE>
Items 1-4. Not Applicable.
Item 5. Other Events. The attached press releases concern the Corporation's
fourth quarter 1998 financial results and the termination of the
agreement for the sale of Imperial Bank's stake in Imperial Credit
Industries, Inc. (NASDAQ - ICII)
Item 6. Not Applicable.
Item 7. Exhibits.
--------
(99) Press release, dated January 26, 1999, issued by the Corporation
Press release, dated March 29, 1999, issued by the Corporation.
SIGNATURE
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.
IMPERIAL BANCORP
By: /s/ Christine M. McCarthy
--------------------------
Name: Christine M. McCarthy
Title: Executive Vice President and Chief
Financial Officer
Date: March 29, 1999
-2-
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
(99) Press release, dated January 26, 1999, issued by the
Corporation.
Press release, dated March 29, 1999, issued by the Corporation.
-3-
<PAGE>
EXHIBIT 99
NEWS RELEASE
[LETTERHEAD OF IMPERIAL BANCORP]
FOR IMMEDIATE RELEASE
- ---------------------
CONTACTS: For Investor Inquiries: For Press Inquiries:
Christine M. McCarthy Ann Abajian
EVP/Chief Financial Officer Kaiser McEuen
(310) 417-5667 (310) 479-8999
Karen C. Peterson Bob Galea
First Vice President/Manager Senior Vice President
Financial Reporting Marketing/Public Relations
(310) 338-2606 (310) 338-6111
IMPERIAL BANCORP REPORTS RESULTS FOR 1998
FOURTH QUARTER AND TWELVE MONTHS
Normalized earnings increase 43 percent for the year
Nonaccrual and restructured loans decline 31 percent from third quarter 1998
LOS ANGELES, California (January 26, 1999) -- Imperial Bancorp (NYSE: IMP) (the
"Company"), parent company of Imperial Bank, today reported fourth quarter 1998
net income of $16.9 million, or $0.43 a diluted share. This is compared with
net income of $21.4 million, or $0.53 a diluted share, for the fourth quarter of
1997. The decline in net income for the current quarter compared with the year-
earlier quarter is largely due to lower earnings reported by Imperial Credit
Industries, Inc. ("ICII") (NASDAQ-ICII). At December 31, 1998, the Company held
8.9 million shares of ICII or approximately 24.3 percent of the total
outstanding shares. The Company's share of ICII's earnings, on an after-tax
basis, for the three months ended December 31, 1998, decreased to $936,000, or
$0.03 a diluted share, from $6.9 million, or $0.17 a diluted share, for the
comparable period of 1997.
Net income for the twelve months ended December 31, 1998, was $43.7 million, or
$1.08 a diluted share, compared with $55.2 million, or $1.36 a diluted share,
for 1997. The Company's share of ICII's losses, on an after-tax basis, was
approximately $10.6 million, or
-4-
<PAGE>
$0.27 a share, for the twelve months ended December 31, 1998. The Company's
share of ICII's earnings, on an after-tax basis, for the twelve months ended
December 31, 1997, was $11.7 million, or $0.29 a diluted share. 1998 earnings
were also impacted by a one-time restructuring charge, recorded in the third
quarter, totaling $2.8 million after-tax, or $0.06 a share, related to the
canceled spin-off of Imperial Financial Group, Inc. ("IFG"). In addition, 1997
earnings reflected a $2.1 million after-tax gain from the sale of a merchant
card transaction processing company during the fourth quarter.
Earnings per share calculations for the 1997 reporting periods have been
adjusted to reflect a three-for-two stock split effective February 6, 1998.
Normalized Net Income Increases 43 Percent for the Year
Normalized net income from continuing operations rose approximately 29 percent
for the fourth quarter of 1998, to $16.0 million, or $0.40 a diluted share, from
$12.3 million, or $0.30 a diluted share, for the year-earlier quarter. For the
twelve months ended December 31, 1998, normalized net income from continuing
operations increased 43 percent to $57.1 million, or $1.41 a diluted share, from
$40.1 million, or $0.98 a diluted share, for the prior year.
George L. Graziadio, chairman, president and CEO of Imperial Bancorp, stated,
"Our 1998 earnings demonstrate the continued strength of Imperial's core
commercial banking franchise. We are optimistic about the opportunities for
continued profitability in the coming year and remain committed to delivering
superior service to our clients."
For purposes of these comparisons, normalized net income from continuing
operations for the 1998 reporting periods excludes equity in the earnings/losses
of ICII and the IFG restructuring charge. The normalizing adjustments reduced
net income from continuing operations by $936,000 for the three months ended
December 31, 1998, and increased net income by $13.4 million for the year.
Normalized net income for the 1997 reporting periods excludes equity in the
earnings of ICII, gains on the sale of ICII stock, appreciation on donated ICII
stock, the gain on the sale of a merchant card processing company, expense
associated with the settlement of a consulting agreement and charitable
contribution expense associated with the donation of ICII shares to a nonprofit
institution. The normalizing adjustments reduced net income from continuing
operations by $8.9 million and $14.4 million for the three- and twelve-months
ended December 31, 1997, respectively.
The annualized return on average assets, based on normalized net income from
continuing operations, decreased to 1.16 percent for the fourth quarter of 1998
from 1.21 percent for the year-earlier quarter. A 35 percent increase in
average assets for the fourth quarter of 1998 compared with the fourth quarter
of 1997 contributed to the decrease. For the twelve months ended December 31,
1998, the return on average
-5-
<PAGE>
assets, based on normalized net income from continuing operations, increased to
1.16 percent from 1.12 percent for same period of 1997.
The annualized return on average equity, based on normalized net income from
continuing operations, rose to 16.79 percent for the fourth quarter of 1998,
from 14.45 percent for the year-earlier quarter, and increased to 15.12 percent
for the twelve months ended December 31, 1998, from 12.73 percent for the same
period of 1997.
Net interest income increased 12 percent for the three months ended December 31,
1998, to $66.6 million from $59.5 million for the year-earlier period. Net
interest income increased 28 percent to $256.8 million for 1998 from $201.3
million for 1997. The increase in net interest income for the quarter and year
is due to growth in the loan portfolio. Average loan balances increased
approximately $920.8 million, or 38 percent, for the twelve months ended
December 31, 1998, compared with the prior year.
Net interest margin decreased to 5.28 percent and 5.72 percent from 6.42 percent
and 6.20 percent for the three- and twelve-month periods ended December 31,
1998, respectively, from the year-earlier periods. Two factors contributed to
the decline in the net interest margin for the quarter and the year: a reduction
in the yield on commercial loans and an increase in lower-yielding Federal funds
sold tied to the growth in demand deposits. A majority of the Company's
commercial loans are tied to the prime rate. The yield on these loans has been
adversely impacted by a 75 basis point reduction in the national prime rate that
occurred during the fourth quarter of 1998.
Noninterest income for the quarter ended December 31, 1998, totaled $20.5
million, excluding equity in the earnings of ICII, compared with $12.5 million,
excluding equity in the earnings of ICII, a $3.5 million pretax gain on the sale
of a merchant card processing company and a $2.5 million gain on the sale of
ICII stock, for the comparable period of 1997. For the twelve months ended
December 31, 1998, noninterest income rose 68 percent to $83.9 million,
excluding equity in the losses of ICII, from $50.0 million, excluding equity in
the earnings of ICII, the gain on the sale of ICII stock, $2.8 million of
appreciation on donated ICII stock and the gain on the sale of the merchant card
company for the year earlier. Gains on the exercise and sale of equity warrants
made a significant contribution to noninterest income in 1998. On a year-to-
date basis, these gains totaled $21.7 million for 1998, compared with $4.3
million for 1997. The remaining increase in noninterest income is due to growth
in fee-based service income including: merchant card processing fees,
international fees, fees derived from the sale of nonproprietory mutual funds,
factoring fees, trust fees and service charges on deposits.
Noninterest expense for the fourth quarter of 1998 increased to $52.0 million
from $44.0 million for the year-earlier period, excluding $2.6 million of
consulting expense related to the settlement of a consulting agreement in 1997.
Noninterest expense for the twelve
-6-
<PAGE>
months ended December 31, 1998, increased 32 percent to $212.0 million,
excluding $4.9 million for the IFG restructuring charge, from $160.4 million,
excluding $5.0 million for the consulting settlement and $3.6 million of
charitable contribution expense, for the comparable period of 1997. The increase
in noninterest expense for the three and twelve month periods ended December 31,
1998, compared with 1997 occurred primarily in salaries and benefits expense,
occupancy and equipment expense and customer services expense. The increase in
salaries and benefits expense and occupancy and equipment expense is the result
of growth in the Company's lending and deposit businesses, support operations
and to the addition of new offices. The average number of full-time equivalent
staff for the year increased 24 percent to 1,136 for 1998 from 917 for 1997.
Benefits expense for the twelve months ended December 31, 1998, includes
commissions totaling $4.0 million associated with the exercise and sale of
equity warrants compared with $1.3 million for the prior year. The increase in
customer services expense is directly related to the growth in deposit balances
generated by the Financial Services Group.
Loan loss provisions for the quarter and twelve months ended December 31, 1998,
totaled $7.8 million and $33.4 million, compared with $8.1 million and $22.9
million for the comparable periods of 1997, respectively. The increase in the
loan loss provision for 1998 compared with 1997 reflects loan growth and an
increase in net charge-offs.
Nonaccrual loans totaled $30.6 million, or 0.89 percent of total loans, at
December 31, 1998, a decrease of $3.9 million from $34.5 million reported at
September 30, 1998. Restructured loans decreased $15.3 million to $12.3 million
at December 31, 1998, from $27.6 million at September 30, 1998. The percentage
of nonaccrual and restructured loans to total loans declined to 1.24 percent at
December 31, 1998, from 1.82 percent at September 30, 1998. Nonaccrual loans
totaled $10.6 million, or 0.38 percent of total loans, at December 31, 1997.
The increase in nonaccrual loans at December 31, 1998, compared with the prior
year occurred in commercial loans. All restructured loans were performing in
accordance with their modified terms at December 31, 1998.
Norman P. Creighton, vice chairman and chief executive officer of Imperial Bank,
stated, "Our commercial banking operation turned in a strong performance for the
year. Average loan and deposit balances grew approximately 38 percent over the
prior year and the Company's capital ratios remain well above regulatory
requirements. I am pleased with the progress made during the fourth quarter in
reducing nonaccrual and restructured loan balances by $19.2 million, or 31
percent, from their September 30, 1998 levels."
Net charge-offs were $6.6 million, or 0.72 percent of average loans on an
annualized basis, for the fourth quarter of 1998 compared with $3.8 million, or
0.55 percent of average loans on an annualized basis, for the year-earlier
quarter. Net charge-offs for the twelve months ended December 31, 1998, were
$21.9 million, or 0.66 percent of average loans, compared with $7.8 million, or
0.33 percent of average loans for the same period of 1997. Net charge-offs for
the
-7-
<PAGE>
twelve months ended December 31, 1998, include charge-offs totaling $10.5
million on a commercial loan to a company in the healthcare industry. Excluding
this loan, net charge-offs for 1998 were $11.4 million, or 0.34 percent of
average loans.
The allowance for loan losses represented 1.81 percent of gross loans
outstanding and 205 percent of nonaccrual loans at December 31, 1998. These
ratios were 1.83 percent and 483 percent, respectively, at December 31, 1997.
Total assets at December 31, 1998, were $6.2 billion, a 31 percent increase from
$4.7 billion reported at December 31, 1997. Total loans rose to $3.5 billion at
December 31, 1998, a 24 percent increase from $2.8 billion at December 31, 1997.
Reflecting strong deposit growth, the balance of overnight investments increased
to $1.4 billion at December 31, 1998, from $765.0 million at December 31, 1997.
Excluding overnight investments, total assets increased approximately 20 percent
to $4.7 billion at December 31, 1998, from $4.0 billion at December 31, 1997.
Total deposits increased to $5.6 billion at December 31, 1998, a 33 percent
increase over total deposits of $4.2 billion at December 31, 1997.
Shareholders' equity increased 8 percent to $381.7 million at December 31, 1998,
from $352.0 million at December 31, 1997.
As defined by Bank Regulatory Agencies, institutions whose leverage, Tier I, and
total capital ratios meet or exceed 5 percent, 6 percent, and 10 percent,
respectively, are considered to be well capitalized. The Company is categorized
as well capitalized with preliminary leverage, Tier 1 and total capital ratios
of 8.07 percent, 9.62 percent and 10.92 percent, respectively, at December 31,
1998.
Stock Repurchase Plan
On September 24, 1998, the Company announced that the Board of Directors had
authorized the Company to repurchase 1,000,000 shares of its common stock in
addition to the existing repurchase plan announced in January 1997 under which
1,650,000 shares, as adjusted for stock dividends and splits, were authorized to
be purchased. At December 31, 1998, the Company had repurchased 1,749,400
shares of the total 2,650,000 shares authorized for repurchase.
Stock Divestiture Plan
On December 17, 1998, the Company announced plans to sell its 8.9 million shares
of ICII common stock. The Company intends to discuss the sale with other
significant
-8-
<PAGE>
shareholders, ICII management and potential third parties that might be
interested in buying all of the Company's shares or all of ICII.
Imperial Bancorp, a diversified financial services organization, was founded in
1968. Imperial Bank, the Company's principal subsidiary organized in 1963,
offers a wide range of financial services tailored to corporate customers,
entrepreneurs, and professionals. Imperial Bank operates 11 regional banking
offices throughout California, as well as in Phoenix, Arizona and Denver,
Colorado, and loan production offices in City of Industry, Menlo Park and San
Diego, California; Boston, Massachusetts; Austin, Texas; Reston, Virginia; and
Bellevue, Washington. The Bank's business strategy is to provide specialty
financial services for industries such as healthcare, emerging growth
technology, entertainment, manufacturing and distribution, garment and title and
escrow, in addition to merchant card transaction processing, trust and custodial
services, international trade finance, foreign exchange services, and investment
planning. Other Imperial Bancorp and Bank enterprises include: Imperial Trust
Company, Imperial Securities Corp., The Lewis Horwitz Organization, Crown
American Bank, Imperial Creditcorp, Pacific Bancard Association, Inc., Imperial
Ventures, Inc., Altair Corporation, US Audiotex, LLC, Imperial Bank Realty
Company, Inc. and Imperial International Bank. Imperial Bank also owns nearly
nine million common shares (approximately 24 percent of the total common shares
outstanding) of Imperial Credit Industries, Inc.
[Financial Tables Follow]
This Press Release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, which can be identified by the
use of forward-looking terminology including "may", "will", "intend",
"should","expect", "anticipate", "estimate" or "continue" or the negatives
thereof or other comparable terminology. The Company's actual results could
differ materially from those anticipated in such forward-looking statements as a
result of various factors, including those set forth in documents filed with the
Securities and Exchange Commission.
-9-
<PAGE>
<TABLE>
<CAPTION>
IMPERIAL BANCORP AND SUBSIDIARIES
Financial Summary
(Dollars in thousands)
December 31, December 31,
1998 1997
------------------ ---------------
<S> <C> <C>
END OF PERIOD BALANCE SHEET
Assets
Cash and due from banks $ 355,317 $ 316,600
Securities 751,697 709,074
Loans, net of unearned discount
and deferred fees 3,452,115 2,788,608
Allowance for loan losses (62,649) (51,143)
------------------ ---------------
Net loans 3,389,466 2,737,465
------------------ ---------------
Other earning assets 1,464,287 768,763
Real estate and other assets
owned, net 2,309 3,284
Other assets 224,600 191,093
------------------ ---------------
Total assets $ 6,187,676 $ 4,726,279
================== ===============
Liabilities
Demand deposits $ 3,298,070 $ 2,378,830
Interest-bearing deposits 2,271,577 1,795,768
------------------ ---------------
Total deposits 5,569,647 4,174,598
Other liabilities 100,129 67,171
Other borrowings 62,706 59,172
Capital securities 73,372 73,314
Shareholders' equity 381,822 352,024
------------------ ---------------
Total liabilities &
shareholders' equity $ 6,187,676 $ 4,726,279
================== ===============
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
Three months ended Year ended
December 31, December 31,
1998 1997 1998 1997
------------------ --------------- --------------- --------------
<S> <C> <C> <C> <C>
AVERAGE BALANCE SHEET
Assets
Cash and due from banks $ 370,034 $ 284,678 $ 341,385 $ 269,772
Securities 670,926 716,642 702,884 606,297
Loans, net of unearned discount
and deferred fees 3,627,041 2,716,174 3,318,453 2,397,626
Allowance for loan losses (63,816) (48,732) (58,124) (42,108)
------------------ --------------- --------------- --------------
Net loans 3,563,225 2,667,442 3,260,329 2,355,518
------------------ --------------- --------------- --------------
Other earning assets 705,769 243,572 466,381 243,525
Real estate and other assets
owned, net 2,750 2,579 3,151 2,599
Other assets 225,921 186,877 209,755 175,556
------------------ --------------- --------------- --------------
Total assets $ 5,538,625 $ 4,101,790 $ 4,983,885 $ 3,653,267
================== =============== =============== ==============
Liabilities
Demand deposits $ 2,645,843 $ 1,797,746 $ 2,294,270 $ 1,490,681
Interest-bearing deposits 2,272,862 1,754,999 2,056,955 1,645,508
------------------ --------------- --------------- --------------
# #
Total deposits 4,918,705 3,552,745 4,351,225 3,136,189
Other liabilities 97,473 71,972 81,343 71,265
Other borrowings 71,806 64,810 100,121 80,245
Capital securities 73,364 73,305 73,342 50,803
Shareholders' equity 377,277 338,958 377,854 314,765
------------------ --------------- --------------- --------------
# #
Total liabilities &
shareholders' equity $ 5,538,625 $ 4,101,790 $ 4,983,885 $ 3,653,267
================== =============== =============== ==============
</TABLE>
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<PAGE>
IMPERIAL BANCORP AND SUBSIDIARIES
Financial Summary
(Dollars in thousands, except
per share data)
<TABLE>
<CAPTION>
Three months ended Year ended
December 31, December 31,
1998 1997 1998 1997
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
EARNINGS AND PER SHARE DATA
Interest income $ 93,616 $ 81,372 $ 359,459 $ 282,972
Interest expense 26,971 21,881 102,648 81,637
----------- ----------- ----------- -----------
Net interest income 66,645 59,491 256,811 201,335
----------- ----------- ----------- -----------
#
Net interest margin 5.28% 6.42% 5.72% 6.20%
Loan loss provision 7,799 8,107 33,375 22,892
Service charges on deposits 1,974 1,443 6,705 5,473
Other service charges and fees 5,304 2,983 16,537 10,622
Trust fees 2,285 1,998 8,608 7,840
Merchant card processing fees 2,014 1,117 7,242 3,570
Gain on sale of Imperial Credit
Industries, Inc, common stock - 2,548 - 4,977
Equity in net income (loss) of
Imperial Credit Industries, Inc. 1,616 11,898 (18,205) 20,260
International fees 2,983 2,149 11,751 7,857
Gain on exercise and sale of
equity warrants 2,882 690 21,672 4,317
Trading activities 261 1,095 1,152 4,482
Other noninterest income 2,830 4,583 10,225 12,240
----------- ----------- ----------- -----------
Total noninterest income 22,149 30,504 65,687 81,638
----------- ----------- ----------- -----------
Salary and benefits 26,165 23,537 114,599 85,065
Occupancy and equipment 5,313 4,329 20,218 15,779
Customer services 6,926 5,478 27,212 18,663
Professional and legal fees 3,076 4,953 10,777 11,892
Restructuring expense - - 4,880 -
Other noninterest expense 10,514 8,341 39,240 37,632
----------- ----------- ----------- -----------
Total noninterest expense 51,994 46,638 216,926 169,031
----------- ----------- ----------- -----------
Income tax provision 12,097 14,008 28,449 36,502
#
Income from continuing operations 16,904 21,242 43,748 54,548
Income from discontinued
operation, net of tax - 150 - 629
----------- ----------- ----------- -----------
#
Net income $ 16,904 $ 21,392 $ 43,748 $ 55,177
=========== =========== =========== ===========
Basic earnings per common share
Income from continuing
operations $ 0.44 $ 0.54 $ 1.12 $ 1.41
Income from discontinued
operations $ - $ 0.01 $ - $ 0.02
Net income $ 0.44 $ 0.55 $ 1.12 $ 1.43
Diluted earnings per share
Income from continuing
operations $ 0.43 $ 0.52 $ 1.08 $ 1.34
Income from discontinued
operations $ - $ 0.01 $ - $ 0.02
Net income $0.43 $ 0.53 $ 1.08 $ 1.36
Weighted average number of
shares outstanding*
Basic 38,775,023 39,151,839 39,181,644 38,797,085
Diluted 39,609,410 41,260,796 40,652,131 40,715,220 Shares o/s at Shares o/s
12/31/98 at 12/31/97
38,762,903 39,236,034
Book value per share* $ 9.85 $ 8.97
</TABLE>
*Earnings per share calculations for the 1997 reporting periods reflect a three-
for-two stock split effective February 6, 1998.
-12-
<PAGE>
IMPERIAL BANCORP AND SUBSIDIARIES
Financial Summary
(Dollars in thousands, except
per share data)
<TABLE>
<CAPTION>
Three months ended Year ended
December 31, December 31,
1998 1997 1998 1997
------------------ --------------- ---------------- -------------
<S> <C> <C> <C> <C>
ASSET QUALITY
Nonaccrual loans - - $ 30,615 $ 10,578
Restructured loans - - $ 12,317 $ 23,970
(Nonaccrual + Restructured
loans)/Gross loans - - 1.24% 1.24%
(Nonaccrual+Restructured loans
+REO) / Total assets - - 0.73% 0.80%
Allowance for Loan Losses /
Nonaccrual loans - - 204.63% 483.48%
Allowance for Loan Losses
/(Nonaccrual + Restructured loans) - - 145.93% 148.03%
Allowance for Loan Losses /
Gross loans - - 1.81% 1.83%
Nonaccrual loans/Total loans - - 0.89% 0.38%
Net Charge-offs $ (6,565) $ (3,775) $ (21,869) $ (7,797)
Net Charge-offs / Average loans 0.72% 0.55% 0.66% 0.33%
* *
OTHER FINANCIAL INFORMATION
Return on Average Assets 1.21% * 2.07% * 0.88% 1.51%
Normalized Return on Average
Assets 1.16 * 1.21 * 1.16 1.12
Return on Average Equity 17.78 * 25.04 * 11.58 17.53
Normalized Return on Average
Equity 16.79 * 14.45 * 15.12 12.73
Average Equity to Average Assets 6.81 8.26 7.58 8.62
PRELIMINARY CAPITAL RATIOS
Tier I Leverage ratio - - 8.07% 10.28%
Tier I Capital ratio - - 9.62 11.14
Total Capital ratio - - 10.92 12.48
</TABLE>
* Annualized
-13-
<PAGE>
FOR IMMEDIATE RELEASE
- ---------------------
March 29, 1999
CONTACTS: For Investor Inquiries: For Press Inquiries:
Christine M. McCarthy Ann Abajian
EVP/Chief Financial Officer Kaiser McEuen
(310) 417-5667 (310) 479-8999
Karen Peterson Bob Galea
First Vice President/Manager Senior Vice President
Financial Reporting Marketing/Public Relations
(310) 338-2606 (310) 338-6111
AGREEMENT TO SELL IMPERIAL BANCORP
----------------------------------
STAKE IN IMPERIAL CREDIT INDUSTRIES TERMINATED
----------------------------------------------
Los Angeles, California, March 29, 1999. Imperial Bancorp (NYSE -
IMP) today announced that its letter agreement with Leucadia National
Corporation (NYSE - LUK) for the proposed sale of Imperial Bank's 24.3 percent
stake in Imperial Credit Industries, Inc. ("ICII") (NASDAQ - ICII) terminated
pursuant to its terms.
Imperial Bancorp intends to engage an investment banker for the
disposition of Imperial Bank's stake in ICII with the intent to review all
available means to maximize shareholder value.
Imperial Bancorp, a diversified financial organization, was founded in
1968. Imperial Bank, the Company's principal subsidiary organized in 1963,
offers a wide range of financial services tailored to corporate customers,
entrepreneurs, and professionals. Imperial Bank operates 12 regional banking
offices throughout California as well as banking offices in Phoenix, Arizona,
and Denver, Colorado, and loan production offices in Menlo Park and San Diego,
California; Boston, Massachusetts; Austin, Texas; Reston, Virginia; and
Bellevue, Washington. The Bank's business strategy has been the development of
specialty financial services for industries such as healthcare, emerging growth
technology, entertainment, manufacturing and distribution, garment and title and
escrow, in addition to merchant card transaction processing, trust and custodial
services, international trade finance, foreign exchange services, and investment
planning. Other Imperial Bancorp and Bank enterprises include: Imperial Trust
Company, Imperial Securities Corp., The Lewis Horwitz Organization, Crown
American Bank, Imperial Creditcorp, Pacific Bancard Association, Inc., Imperial
Ventures, Inc., Imperial Trade Services, Ltd., Imperial Bank Realty Company,
Inc., and Imperial International Bank.
This Press Release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, which can be identified by the
use of forward-looking terminology including "may", "will", "intend", "should",
"expect", "anticipate", "estimate" or "continue" or the negatives thereof or
other comparable terminology. The Company's actual results could differ
materially from those anticipated in such forward-looking statements as a result
of various factors, including those set forth in documents filed with the
Securities and Exchange Commission.
###
-14-
