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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 1, 1997
FIRST CENTRAL FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Charter)
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<S> <C> <C>
New York 1-9138 11-2648222
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer Identification Number)
Incorporation)
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266 Merrick Road
Lynbrook, New York 11563
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (516) 593-7070
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Item 5. Other Events
Pursuant to Paragraph F of the General Instructions to Form 8-K, the
Registrant hereby incorporates by reference herein the press release issued by
the Registrant on August 1, 1997, which is attached hereto as Exhibit 99.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit Description
99 Press release, dated August 1, 1997
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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 hereunto duly authorized.
FIRST CENTRAL FINANCIAL CORPORATION
August 1, 1997 By: /s/ ANDREW W. ATTIVISSIMO
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Andrew W. Attivissimo
Chairman, Chief Executive Officer,
President and Chief Operating Officer
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Exhibit Index
Exhibit Description
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99 Press release, dated August 1, 1997
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EXHIBIT 99
PRESS RELEASE
FIRST CENTRAL FINANCIAL CORPORATION
For Release August 1, 1997
Contact: Vincent Esposito, Controller
First Central Financial Corp.
266 Merrick Road
Lynbrook, NY 11563
LYNBROOK, NY - August 1, 1997 - First Central Financial Corporation (ASE-FCC)
announced today that it will not meet the August 1, 1997 interest and sinking
fund obligations under its 9% Convertible Subordinated Debentures due 2000.
First Central is in discussions with the largest holders of the Debentures
seeking their support of First Central's turnaround plans.
As previously reported, First Central is endeavoring to develop a plan intended
to restructure and strengthen its operations and attract substantial capital
investors. First Central's primary subsidiary, First Central Insurance Company,
ceased writing new insurance business on March 10, 1997 but continues to process
renewals and service its existing business. A capital investment is needed to
enable First Central Insurance Company to resume normal operations. There is no
assurance that First Central will successfully develop a restructuring plan or
that it will be able to attract the necessary additional capital.
Except for historical information, this news release contains forward-looking
statements which involve unknown risks and uncertainties that may cause First
Central's actual results or outcomes to be materially different from those
anticipated and discussed herein. Important factors that might cause such
differences are discussed in First Central's filings with the Securities and
Exchange Commission.
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