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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
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| SEC FILE NUMBER |
| 0-23854 |
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(Check One):
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| CUSIP NUMBER |
| 759448103 |
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[x] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q and
Form 10-QSB
[ ] Form N-SAR
For Period Ended: December 31, 1997
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended: ...........................................
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:.........................
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Part I--Registrant Information
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Full Name of Registrant Reliance Acceptance Group, Inc.
Former Name if Applicable
Cole Taylor Financial Group, Inc.
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Address of Principal Executive Office (Street and Number)
400 North Loop 1604 East, Suite 200
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City, State and Zip Code
San Antonio, TX 78232
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Part II--Rules 12b-25 (b) and (c)
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If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box, if appropriate)
[ ] (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense.
[ ] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof will be filed on or
before the fifteenth calendar day following the prescribed due date; or the
subject quarterly report or transition report on Form 10-Q, or portion thereof
will be filed on or before the fifth calendar day following the prescribed due
date; and
(c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
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Part III--Narrative
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State below in reasonable detail the reasons why Form 10-K and Form 10-KSB, 20F,
11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report or portion thereof
could not be filed within the prescribed period.
Reliance Acceptance Group, Inc. (Reliance) is unable to file the Form 10-K
report due to a financial downturn, which has resulted in severely curtailing
operations. Reliance and 22 of its direct and indirect subsidiaries have sought
protection from their creditors in the United States Bankruptcy Court for the
District of Delaware (Case No. 98-288 (PJW)). Reliance has reduced its work
force by over 70 percent within the past seven months. Additionally, Reliance no
longer has employed internal legal counsel, nor external independent auditors.
Reliance is presently unable to determine when replacements for these services
will be engaged. Shortly after filing its Chapter 11 petition, Reliance's
publicly-traded common stock was delisted from Nasdaq.
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Part IV--Other Information
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(1) Name and telephone number of person to contact in regard to this
notification
James D. Dolph (210) 496-5910
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under section 13 or 15(d) of
the Securities Exchange Act of 1934 or section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is no,
identify report(s).
[x] Yes [ ] No
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(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
[X] Yes [ ] No
If so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.
Reliance Acceptance Group, Inc.
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(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
April 1, 1998 /s/ James D. Dolph
Date ........................ By ..............................................
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
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Part (IV)(3) Explanation:
The Company's anticipated net loss of approximately $38 million for the year
ended December 31, 1997, represents a decrease of $56 million as compared to the
$18 million decrease of net income for the year ended December 31, 1996. The
decrease in net income was primarily attributable to (i) a $45 million gain from
the disposition of discontinued operations being more than offset by an
additional provision for credit losses of $93 million, (ii) an increase in the
interest rate on outstanding debt resulting in a decline in the net interest
margin of $9 million, and (iii) an increase in operating expenses of $13
million, primarily due to additional expenses for salaries, legal, consulting
and bank fees.
