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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 21, 1996
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FIRST INDEPENDENCE CORPORATION
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(Exact Name of Registrant as Specified in Charter)
MICHIGAN 0-15777 38-2583843
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(State of Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
44 MICHIGAN AVENUE, DETROIT, MICHIGAN 48226
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (313) 256-8400
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(Former Name or Former Address, if Changed Since Last Report)
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This amendment is filed to expand the disclosures in Item 4 and to add Item 7.
ITEM 4. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT.
During September and October, 1996, the Corporation's Audit
Committee recommended solicitation of proposals from several independent
accountants for the 1996 audit in an effort to reduce costs. The Audit
Committee recommended that Crowe, Chizek and Company, LLP, serve as the
Corporation's independent accountants for 1996 after reviewing competitive
proposals from certain firms. The selection of Crowe, Chizek and Company, LLP,
was approved by the Board of Directors on October 21, 1996.
The Corporation has never previously consulted Crowe, Chizek
and Company with respect to the application of any accounting principle to any
specific transaction, nor with respect to any other matter.
Coopers and Lybrand, LLP was the Corporation's independent
accountant from 1986 through 1995. There has not been, during the most
recent two fiscal years nor during any subsequent interim period through
October 21, 1996, when Crowe, Chizek and Company was selected by the Board of
Directors, nor during any prior period, any disagreement between Coopers and
Lybrand and the Corporation or other matters or events required to be reported
pursuant to Item 304(a)(1)(iv) and (v) of Regulation S-K between such parties
on any matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedure. Furthermore, the reports by Coopers
and Lybrand on the Corporation's financial statements for each of the last two
fiscal years did not contain an adverse opinion or a disclaimer of opinion, nor
were they qualified nor modified as to uncertainty, audit scope, or accounting
principles. The report for fiscal year 1995 contained a paragraph which
emphasized certain disclosures in the footnotes to the financial statements. A
copy of that report is set forth at page 41 of the 10-KSB filed June 28, 1996
for fiscal year 1995 (which is incorporated herein by reference). There were
no disagreements between the Corporation and Coopers and Lybrand regarding that
paragraph. Coopers and Lybrand did not resign or decline to stand for
re-election. It was not selected as independent accountant for 1996 based on
the Audit Committee's evaluation of the competing proposals.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(c) List of Exhibits:
Exhibit No. Description
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(13) 10-KSB for year ended December 31, 1995,
page 41, Report of Independent Accountants,
dated March 22, 1996, except for Note 2, as to
which the date is June 25, 1996.
(16) Letter from Coopers and Lybrand, L.L.P., dated
November 5, 1996.
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SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this amended report to be signed on its behalf by
the undersigned hereunto duly authorized.
FIRST INDEPENDENCE CORPORATION
(Registrant)
Date November 5, 1996 By: \s\ Don Davis
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Don Davis
Its: Chairman and Interim CEO
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EXHIBIT INDEX
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SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER DESCRIPTION PAGE
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16 Letter from Coopers and Lybrand, L.L.P. dated
November 5, 1996
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[COOPERS & LYBRAND LETTERHEAD]
November 5, 1996
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the revised statements made by First Independent Corporation which
we understand will be filed with the Commission, pursuant to Item 4 of Form 8-K,
as part of the Company's Form 8-K/A report for the month of October 1996. We
agree with the statements concerning our Firm in such Form 8-K/A.
Very truly yours,
/s/ Coopers & Lybrand L.L.P.
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Coopers & Lybrand L.L.P.
DB
Attachment
