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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
August 25, 1998
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Date of Report (Date of Earliest Event Reported)
WESTERN BANCORP
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(Exact Name of Registrant As Specified In Its Charter)
CALIFORNIA
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(State or Other Jurisdiction of Incorporation)
0-13551 95-3863296
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(Commission File Number) (IRS Employer Identification No.)
4100 NEWPORT PLACE, SUITE 900
NEWPORT BEACH, CALIFORNIA 92660
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(Address of Principal Executive Offices)(Zip Code)
(949) 863-2444
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(Registrant's Telephone Number, including Area Code)
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Item 5. Other Events.
On August 25, 1998, Western Bancorp ("Western") announced that the Board
of Directors had approved the declaration of a quarterly dividend of $0.15
per share of common stock payable on September 25, 1998 to shareholders of
record on August 28, 1998. A copy of a Press Release issued by Western in
connection with the announcement is attached hereto as Exhibit 99.1 and is
incorporated herein by this reference in its entirety.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
The following exhibit is filed with this Current Report on Form 8-K:
Exhibit
Number Description
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99.1 Press Release of Western dated August 25, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: September 8, 1998
WESTERN BANCORP
By: /s/ Arnold C. Hahn
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Name: Arnold C. Hahn
Title: Executive Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press Release of Western Bancorp dated August 25, 1998
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EXHIBIT 99.1
[LOGO]
WESTERN BANCORP
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PRESS RELEASE
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Western Bancorp (NASDAQ: WEBC)
4100 Newport Place, Suite 900
Newport Beach, California 92660
Contacts: Matthew P. Wagner Arnold C. Hahn
President and Chief Financial Officer
Chief Executive Officer
Phone: 310/477-2401 949/863-2351
FAX: 310/231-0321 949/757-5844
FOR IMMEDIATE RELEASE . . . WESTERN BANCORP DECLARES
REGULAR QUARTERLY DIVIDEND
August 25, 1998
Newport Beach, California . . . Western Bancorp today announced that the
Board of Directors has approved the declaration of a quarterly dividend of
$0.15 per common share payable on September 25, 1998 to shareholders of
record on August 28, 1998. This is the fourth quarterly dividend for Western.
Western serves its clients in Southern California through its two banking
subsidiaries: Southern California Bank and Santa Monica Bank. Southern
California Bank serves southern Los Angeles, Orange and San Diego Counties
with sixteen branches and with its specialized escrow services and asset
based lending. Santa Monica Bank serves its clients in Santa Monica, Malibu,
Marina del Rey, Beverly Hills, Century City, Westwood and Encino with
thirteen branches and its specialized trust and investment management
services.
On April 17, 1998 Western announced the signing of a definitive agreement to
acquire the Bank of Los Angeles. Bank of Los Angeles has approximately $290
million in assets with branches in West Hollywood, Beverly Hills, Culver
City, Encino and Glendale. Bank of Los Angeles will be merged into Santa
Monica Bank. This transaction is expected to close late in the third quarter
or early in the fourth quarter of 1998.
On July 24, 1998 Western announced the signing of a definitive agreement to
merge with Peninsula Bank of San Diego. Peninsula Bank has $428 million in
assets and has ten branches serving San Diego County. Peninsula Bank will
retain its name and form the third banking hub for Western. John G. Rebelo,
Jr. will remain Chairman and Chief Executive Officer of Peninsula Bank and
will join the Western Board. Mr. Larry L. Willette will remain as President
and Chief Administrative Officer of Peninsula Bank. This transaction is
expected to close late in the fourth quarter of 1998 or early 1999.
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FORWARD-LOOKING STATEMENTS
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This press release includes forward-looking statements that involve inherent
risks and uncertainties. Western Bancorp cautions readers that a number of
important factors could cause actual results to differ materially from those
in the forward-looking statements. These factors include economic conditions
and competition in the geographic and business areas in which Western Bancorp
and its subsidiaries operate, inflation, fluctuations in interest rates,
legislation and governmental regulation and the progress of integrating Santa
Monica Bank, Western Bank, Southern California Bank and the Bank of Los
Angeles.
