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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):
February 24, 2000 (February 17, 2000)
ILLINI CORPORATION
(Exact name of registrant as specified in its charter)
Illinois 0-13343 37-1135429
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
3200 West Iles Avenue, Springfield, Illinois 62707
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including areacode: 217-787-5111
Not Applicable
(Former name or former address, if changed since last report.)
Page 1 of 5
Exhibit Index appears on Page 4
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
On February 17, 2000, Illini Corporation approved the dismissal of its
prior certifying accountants, KPMG LLP effective upon KPMGs completion of the
audit of Illini's consolidated financial statements as of and for the year ended
December 31, 1999 and the issuance of their report thereon. KPMG's report on
Illini's consolidated financial statements for the two fiscal years ended
December 31, 1998 contained no adverse opinion or a disclaimer of opinion, and
was not qualified or modified as to uncertainty, audit scope or accounting
principles. The decision to change accountants was recommended by the Audit
Committee and approved by the Executive Committee of the Board of Directors.
In connection with the audits of the two fiscal years ended December 31,
1998 and the subsequent interim period to the date hereof, there were no
disagreements between Illini and KPMG on any matters of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of KPMG, would have caused
them to make a reference to the subject matter of the disagreements in
connection with their reports.
Effective February 17, 2000, Illini engaged Olive LLP as its principal
accountants. During the last two fiscal years and the subsequent interim period
to the date hereof, Illini did not consult with Olive regarding any of the
matters or events set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
16.1 Letter from KPMG LLP regarding its concurrence with the
Registrant's statement regarding change of accountants.
Page 2
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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.
ILLINI CORPORATION
Dated: February 21, 2000 By:/s/Burnard K. McHone
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Burnard K. McHone
President
Page 3
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EXHIBIT INDEX
Exhibit Sequential
Number Description Page Number
------- ----------- -----------
16.1 Letter from KPMG LLP regarding its 5
concurrence with the Registrant's
statement regarding change of accountants.
Page 4
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EXHIBIT 16.1
February 24, 2000
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for Illini Corporation and, under the
date of February 26, 1999, except for Note 13 for which the date is March 2,
1999, we reported on the consolidated financial statements of Illini Corporation
and subsidiaries as of and for the years ended December 31, 1998 and 1997. On
February 21, 2000, we were notified that Illini Corporation engaged Olive LLP as
its principal accountant for the year ending December 31, 2000 and that the
auditor-client relationship with KPMG LLP will cease upon completion of the
audit of Illini Corporation's consolidated financial statements as of and for
the year ended December 31, 1999 and the issuance of our report thereon.
We have read Illini Corporation's statements included under Item 4 of its Form
8-K dated February 24, 2000 and we agree with such statements, except that we
are not in a position to agree or disagree with Illini Corporation's statement
that Olive LLP was not engaged regarding the application of accounting
principles to a specified transaction or the type of audit opinion that might be
rendered on Illini Corporation's financial statements.
Very truly yours,
/s/KPMG LLP
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