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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 1O-QSB/A
(Mark One)
[x] Quarterly report under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 1996
[ ] Transition report under Section 13 or 15 (d) of the
Exchange Act
For the transition period from to
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- --------------------------------
Commission file number: 0-15777
FIRST INDEPENDENCE CORPORATION
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(Exact Name of Small Business Issuer in Its Charter)
Michigan 38-2583843
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
44 Michigan, Detroit, Michigan 48226
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(Address of Principal Executive Offices) (Zip Code)
(313) 256-8200
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(Issuer's Telephone Number, Including Area Code)
Securities registered under Section 12 (b) of the Exchange Act:
NONE
Securities registered under Section 12 (g) of the Exchange Act:
Common stock, par value $1.00 per share
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes [ ] No [x]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date:
Common Stock, $1 Par Value - 336,760 shares as of June 21, 1996.
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This amendment is filed to correct the last seven items on the
Financial Data Schedule.
2
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FIRST INDEPENDENCE CORPORATION AND SUBSIDIARY
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to report on Form 10-QSB to be
signed on behalf of the undersigned thereunto duly authorized.
FIRST INDEPENDENCE CORPORATION AND SUBSIDIARY
Registrant
July 1, 1996 /s/ Don Davis
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Don Davis
Chief Executive Officer
July 1, 1996 /s/ Rose Ann Lacy
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Rose Ann Lacy
Chief Financial Officer and
Chief Accounting Officer
3
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EXHIBIT INDEX
Exhibit
No. Description Page
- ------- ----------- ----
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<RESTATED>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1996
<CASH> 2,873,292
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 12,650,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 15,693,136
<INVESTMENTS-CARRYING> 16,389,573
<INVESTMENTS-MARKET> 16,089,156
<LOANS> 44,971,823
<ALLOWANCE> 1,281,611
<TOTAL-ASSETS> 96,249,655
<DEPOSITS> 85,236,611
<SHORT-TERM> 5,075,571
<LIABILITIES-OTHER> 906,735
<LONG-TERM> 900,000
0
2,658,908
<COMMON> 336,760
<OTHER-SE> 1,135,072
<TOTAL-LIABILITIES-AND-EQUITY> 96,249,655
<INTEREST-LOAN> 1,118,507
<INTEREST-INVEST> 451,887
<INTEREST-OTHER> 141,599
<INTEREST-TOTAL> 1,711,993
<INTEREST-DEPOSIT> 414,333
<INTEREST-EXPENSE> 511,796
<INTEREST-INCOME-NET> 1,200,197
<LOAN-LOSSES> 317,750
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 1,290,389
<INCOME-PRETAX> (7,731)
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (7,731)
<EPS-PRIMARY> (.05)
<EPS-DILUTED> (.05)
<YIELD-ACTUAL> 4.76
<LOANS-NON> 1,822
<LOANS-PAST> 1,207
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 168
<ALLOWANCE-OPEN> 1,163,943
<CHARGE-OFFS> 214,698
<RECOVERIES> 14,726
<ALLOWANCE-CLOSE> 1,281,721
<ALLOWANCE-DOMESTIC> 1,281,721
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
