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 ACT OF 1934
Date of Report January 19, 1996
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REPUBLIC SECURITY FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
FLORIDA 0-14671 59-2335075
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4400 Congress Avenue, West Palm Beach 33407
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(Address of principal executive offices) (Zip Code)
(407) 840-1200
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(Registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On January 19, 1996, the Company acquired Banyan Bank ("Banyan")
for $9,701,320, plus $60,000 in merger related costs. The
purchase price was determined based upon a multiple of Banyan's equity
balance, limited to a specified amount, as of the last day of the month
prior to closing. The Company used proceeds from the November 1995
public offering to purchase Banyan Bank. The purpose of the November
1995 offering was to increase regulatory capital and to allow for growth
through acquistions, increased lending activities, opening of new
branches and expansion of existing branches.
Banyan was a state chartered commercial bank headquartered in
Boca Raton, Florida. Banyan had total assets at December 31, 1995
of approximately $54 million, total deposits of $49 million
and two full service branches located in Boca Raton, and Boynton
Beach, Florida.
The acquisition was accounted for as a purchase and approximately
$5 million in goodwill was recognized representing the purchase price
in excess of the fair value of the net assets acquired.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
The following Financial Statements and Exhibits were previously filed
on November 6, 1995 in Form S-1:
(a) Pro forma Combined Condensed Statement of Financial Condition
as of June 30, 1995 (unaudited)
Pro forma Combined Condensed Statement of Operations
for the year ended March 31, 1995 and
the three months ended June 30, 1995
(b) Financial Statements of Business Acquired
Balance Sheet as of June 30, 1995 (unaudited)
Statements of Income for the six months
ended June 30, 1995 and 1994 (unaudited)
Statements of Stockholders' Equity for the six months
ended June 30, 1995 (unaudited)
Statements of Cash Flows for the six months
ended June 30, 1995 and 1994 (unaudited)
Independent Auditors Report
Balance Sheets as of December 31, 1994 and 1993
Statements of Income for the years ended December 31, 1994 and 1993
Statements of Stockholders' Equity for the years ended
December 31, 1994 and 1993
Statements of Cash Flows for the years ended
December 31, 1994 and 1993
Notes to Financial Statements
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REPUBLIC SECURITY FINANCIAL CORPORATION
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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 thereunto duly authorized.
Republic Security Financial Corporation
(Registrant)
Date: January 26, 1996 /s/ Carla H. Pollard
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Carla H. Pollard
Vice President
Controller
