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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
June 30, 1997
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)
0-14671 59-2335075
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(Commission File Number) (IRS Employer Identification No.)
4400 Congress Avenue
West Palm Beach, Florida 33407
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(Address of principal executive offices) (Zip Code)
(561) 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 June 30, 1997, 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.
At June 30, 1997, Family Bank had assets of $256 million, loans of $173
million, deposits of $219 million and shareholder's equity of $22 million, with
7 full service branches in Broward County, Florida.
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. Nonrecurring costs in connection with the merger are
estimated to be approximately $2.2 million, net of taxes.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
The following Financial Statements and Exhibits were previously filed on May 23,
1997 in Form S-4 (Amendment No.3):
(a) Family Bank Financial Statements
Condensed Statements of Financial Condition at March 31, 1997 (unaudited)
and December 31, 1996
Condensed Statements of Income for the three months ended March 31, 1997
and 1996 (unaudited)
Condensed Statements of Shareholders' Equity for the three months ended
March 31, 1997 (unaudited) and the year ended December 31, 1996
(b) Pro Forma Financial Information
Unaudited Pro Forma Combined Condensed Statement of Financial Condition at
March 31, 1997
Unaudited Pro Forma Combined Condensed Statement of Income for the three
months ended March 31, 1997, the year ended December 31, 1996, the nine months
ended December 31, 1995 and the year ended March 31, 1995
Notes to Unaudited Pro Forma Combined Condensed Financial Statements
(c) Exhibits
Agreement and Plan of Merger, as of January 7, 1997, by and among Republic
Security Financial Corporation, Republic Security Bank and Family Bank
incorporated by reference - 8-K filed January 7, 1997
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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
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(Registrant)
Date: July 9, 1997 /s/ Carla H. Pollard
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Carla H. Pollard
Vice President/Controller
