FORM 8-K
CURRENT REPORT
(As last amended in Real. N. 34-25113, eff. 1/30/95.)
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
Date of Report (Date of earliest event reported): January 15, 1999
Lake Ariel Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania 2-85306 23-2244948
(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) Id. No.)
Post Office Box 67, Lake Ariel, Pennsylvania 18436
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (717) 698-5695
Former name or former address, if changed from last report: Not Applicable.
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Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
By the affirmative approval of the Registrant's audit committee and Board
of Directors, the Registrant has changed independent accountants for the year
ending December 31, 1999. Parente, Randolph, Orlando, Carey and Associates
(Parente, Randolph), Wilkes-Barre PA, Certified Public Accountants, were the
independent accountants for the Registrant for the year ended December 31, 1998.
On November 10, 1998, the Registrant and Parente, Randolph entered into a
contract to perform internal audit services. Such contract is conditioned upon
the approval and appointment of a new independent accounting firm, at which time
Parente, Randolph's resignation will be effective. On January 12, 1999, the
Board of Directors, upon approval on recommendation from the Registrant's audit
committee, engaged PricewaterhouseCoopers LLP, Harrisburg, PA, as independent
auditors for the Registrant beginning with the calendar year ending December 31,
1999.
Parente, Randolph's reports on the financial statements for the past two years
(ended December 31, 1997 and 1996) contained neither an adverse opinion nor a
disclaimer of opinion. (Parente, Randolph is currently conducting their audit of
the financial statements of the Registrant as of and for the year ended December
31, 1998).
During the Registrant's two most recent fiscal years and any subsequent interim
periods, there were no disagreements with Parente, Randolph on any matter of
accounting principals or practices, financial statement disclosure, or auditing
scope or procedure.
As an exhibit to this Form 8-K, Parente, Randolph has reviewed the disclosures
contained herein and finds no exception with the disclosures. Also the newly
engaged accountants, PricewaterhouseCoopers LLP, as of and for the year ending
December 31, 1999, have also documented their review of the disclosures
contained herein and have concurred with the information provided herein.
<PAGE>
Item 5. Other Events.
The Company announced that, effective January 12, 1999,
Kenneth M. Pollock has joined the Board of Directors as a
Class 3 Director.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements and Exhibits.
(a) Financial Statement of Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
(i) Press Release.
Item 8. Change in Fiscal Year.
Not Applicable.
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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 hereunto duly authorized.
LAKE ARIEL BANCORP, INC.
(Registrant)
Date: January 15, 1999 /S/ Joseph J. Earyes
------------------------
Joseph J. Earyes, Vice President
and Treasurer
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Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read and agree with the comments in Item 4 of Form 8-K of Lake
Ariel Bancorp, Inc. dated January 15, 1999.
/S/ PARENTE, RANDOLPH, ORLANDO, CAREY
& ASSOCIATES
Wilkes-Barre, Pennsylvania
January 15, 1999
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January 15, 1999
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Commissioners:
We have read the statements made by Lake Ariel Bancorp, Inc. (copy attached),
which we understand will be filed with the Commission, pursuant to Item 4 of
Form 8-K, as part of the Company's Form 8-K report filed January 15, 1999. We
agree with the statements concerning our Firm in such Form 8-K.
Very truly yours,
PricewaterhouseCoopers LLP
