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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 0-15777
NOTIFICATION OF LATE FILING
(Check One): [ X ] Form 10-K [ ] Form 11-K [ ] Form 20-F [ ] Form 10-Q
[ ] Form N-SAR
For Period Ended: December 31, 1995
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[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended:
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Read attached instruction sheet before preparing form. Please print or type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:
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PART I. REGISTRANT INFORMATION
Full name of registrant First Independence Corporation
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Former name if applicable
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Address of principal executive office (Street and number)
44 Michigan Avenue
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City, State and Zip Code Detroit, Michigan 48226
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PART II. RULE 12b-25 (b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check appropriate box.)
[X] (a) The reason described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense.
[X] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, 20-F, 11-K or Norm N-SAR, or portion thereof will be filed on
or before the 15th calendar day following the prescribed due date; or the
subject quarterly report or transition report on Form 10-Q, or portion
thereof will be filed on or before the fifth calendar day following the
prescribed due date; and
[X] (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III. NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period. (Attach extra sheets if needed.)
The annual audit and opinion by independent accountants, Coopers &
Lybrand, L.L.P., cannot be completed by April 1, 1996, but is in
process. Lacking audited numbers impairs management's ability to
prepare accurate discussion and analysis of the Company's performance
and condition.
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PART IV. OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Rose Ann Lacy, CFO (313) 256-8464
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(Name) (Area code) (Telephone number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is
no, identify report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject report or
portion thereof?
[X] Yes [ ] No
If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
EXPLANATION: Consolidated results of operations of the Corporation for 1995
are expected to be approximately $311,000 of net income compared to a loss of
($102,000) in 1994 before preferred stock dividend requirements. This is due
principally to the fact that the corporation made a charge in 1994 for a
$320,000 judgment against the Corporation. (The judgment has been appealed.)
In addition, in 1994, the Corporation incurred a $94,000 expense for certain
costs which had been advanced by First Independence National Bank, its
wholly-owned banking subsidiary; such costs were not incurred by the
Corporation in 1995.
Results of operations of the Bank for 1995 are expected to be
approximately $350,000 of net income compared to $393,000 of net income by the
Bank in 1994. The lower net income in 1994 was due primarily to a higher
provision for loan and lease losses ($471,000 in 1995 compared to $270,000 in
1994).
First Independence Corporation
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(Name of registrant as specified in charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date March 28, 1996 By /s/ ROSE ANN LACY
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Rose Ann Lacy, Chief Financial Officer
Instruction. The form may be signed by an executive officer of the
registrant or by any other duly authorized representative. The name and
title of the person signing the form shall be typed or printed beneath
the signature. If the statement is signed on behalf of the registrant
by an authorized representative (other than an executive officer),
evidence of the representative's authority to sign on behalf of the
registrant shall be filed with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal criminal
violations (see 18 U.S.C. 1001).
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[COOPERS & LYBRAND LETTERHEAD]
March 26, 1996
Ms. Rose Lacy
Chief Financial Officer
First Independence National Bank
44 Michigan Avenue
Detroit, Michigan 48226
Dear Ms. Lacy:
The purpose of this letter is to inform you that Coopers & Lybrand will be
unable to complete our audit of the bank's financial statements by March 31,
1996. We anticipate that we will be able to complete the audit by April 12,
1996.
Please call me at 446-7271 if you have any questions or concerns.
Very truly yours,
Darrell Burks for Coopers & Lybrand
Darrell Burks
Partner
