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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
December 15, 1998
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Date of Report (Date of earliest event reported)
REPUBLIC SECURITY FINANCIAL CORPORATION
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(Exact Name of Registrant as Specified in Its Charter)
Florida
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(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)
(407) 840-1200
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Registrant's Telephone Number, Including Area Code
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Item 5. Other Events.
On October 29, 1998, Republic security Financial Corporation (the
"Company") acquired First Bank of Florida ("First Bank"), a wholly owned
subsidiary of First Palm Beach Bancorp, the headquarter in West Palm Beach,
Florida, in a stock-for-stock transaction. First Bank merged into the Company's
wholly owned subsidiary, Republic Security Bank.
Shareholders of First Bank received 4.194 shares of the Company's
common stock for each share of First Bank common stock. As a result, the Company
issued approximately 21.5 million shares of its common stock for all the shares
of First Bank common stock. The acquisition was accounted for as a tax-free
pooling of interests.
The following is a summary o f certain interim financial results of the
Company reflecting the combined operations.
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(Amounts in thousands except per share data) One Month Ended
November 30, 1998
(Unaudited)
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INTEREST INCOME:
Interest and fees on loans $12,661
Interest and dividends on Investments 4,063
16,724
INTEREST EXPENSE:
Interest on deposits 7,551
Interest on borrowings 1,831
5,302
Net interest income 7,342
Provision for loan losses 50
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Net interest income after
provision for loan losses 7,292
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NON-INTEREST INCOME: 2,421
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OPERATING EXPENSES:
Employee compensation and benefits 2,772
Occupancy and equipment 1,295
Data processing 138
Other 1,817
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6,022
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Income before taxes 3,691
Provision for income taxes 1,366
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Net Income $2,325
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The above results are not indicative or predicative of results for the
year ended December 31, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
REPUBLIC SECURITY FINANCIAL CORPORATION
(Registrant)
Date: December 15, 1998 /s/Carla H. Pollard
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Carla H. Pollard
Controller/Vice President
F:\DOCS\8K\1998\FBANK-8K.D15
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