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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
AUGUST 20, 1997
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Date of Report (Date of earliest event reported)
REPUBLIC SECURITY FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
FLORIDA
(State or Other Jurisdiction of Incorporation)
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0-14671 59-2335075
(Commission File Number) (IRS Employer Identification No.)
4400 CONGRESS AVENUE
WEST PALM BEACH, FLORIDA 33407
(Address of principal executive offices) (Zip Code)
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(561) 840-1200
Registrant's Telephone Number, Including Area Code
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ITEM 5. OTHER INFORMATION
On June 30, 1997, Republic Security Financial Corporation (the
"Company") acquired Family Bank, a Florida commercial bank headquartered in
Hallandale, Florida, in a stock-for-stock transaction. Family Bank merged into
the Company's wholly owned subsidiary, Republic Security Bank.
Shareholders of Family Bank received 13 shares of the Company's common
stock for each share of Family Bank common stock. As a result, the Company
issued approximately 8.3 million shares of its common stock for all the shares
of Family Bank common stock. The acquisition was accounted for as a tax-free
pooling of interests.
The following is a summary of certain interim financial results of the
Company reflecting the combined operations.
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ONE MONTH ENDED JULY 31,
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE DATA 1997
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INTEREST INCOME: (Unaudited)
Interest and fees on loans $3,564
Interest and dividends on investments 607
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4,171
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INTEREST EXPENSE:
Interest on deposits 1,470
Interest on borrowings 178
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1,648
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Net interest income 2,523
Provision for loan losses 25
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Net interest income after provision for loan losses 2,498
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NON-INTEREST INCOME: 403
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OPERATING EXPENSES:
Employee compensation and benefits 1,011
Occupancy and equipment 345
Data processing 65
Other 515
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1,936
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Income before taxes 965
Provision for income taxes 353
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Net income $ 612
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The above results are not indicative or predicative of results for the year
ended December 31, 1997. The results above do not include a one-time restructure
charge of approximately $2.5 million, net of taxes, recorded upon consummation
of the Family Bank merger on June 30, 1997.
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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: August 20, 1997 /S/ CARLA H. POLLARD
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Carla H. Pollard
Vice President/Controller
