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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
May 21, 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) 863-2300
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(Registrant's Telephone Number, including Area Code)
NOT APPLICABLE
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(Former Name or Former Address, If Changed Since Last Report)
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Item 5. Other Events.
On May 21, 1998, Western Bancorp ("Western") announced the declaration of a
quarterly dividend of $0.15 per common share payable on June 26, 1998 to holders
of common stock, no par value, of Western of record on June 5, 1998. A copy of
the press release issued by Western in connection with the announcement is
attached hereto as Exhibit 99.1 and is incorporated by 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
99.1 Press Release of Western Bancorp, dated May 21, 1998.
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 hereunder duly authorized.
Dated: June 11, 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
Press Release of Western Bancorp, dated May 21, 1998.
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[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 714/863-2351
FAX: 310/231-0321 714/757-5845
FOR IMMEDIATE RELEASE...WESTERN BANCORP DECLARES REGULAR QUARTERLY DIVIDEND
May 21, 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 June 26, 1998 to shareholders of record on
June 5, 1998. Matthew P. Wagner, President and Chief Executive Officer,
stated: "The continuation of our dividend demonstrates our strong earnings so
far this year and our confidence in the future performance and earnings power
of the Company."
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 $275
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.
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FORWARD-LOOKING STATEMENTS
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.
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