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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
Date of Report (Date of earliest event reported) January 20, 1998
FIRST CENTRAL FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Charter)
New York 1-9138 11-2648222
(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction of Identification Number)
Incorporation)
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
Company hereby incorporates by reference herein the press release issued by the
Company on January 20, 1998, 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 January 20, 1998
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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
January 20, 1998 By: /s/ Andrew W. Attivissimo
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Andrew W. Attivissimo
President
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INDEX TO EXHIBITS
Exhibit Description
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99 Press release, dated January 20, 1998
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EXHIBIT 99
FOR RELEASE: January 20, 1998
CONTACT: Andrew W. Attivissimo, President
First Central Financial Corporation
266 Merrick Road
Lynbrook, NY 11563
Lynbrook, New York, January 20, 1998 - First Central Financial
Corporation announced today that the proposed purchaser of First Central's two
operating subsidiaries has indicated that it is not prepared to proceed with the
transaction on the terms previously reported. Discussions with the proposed
purchaser are proceeding but it does not appear that such purchaser will make
any significant funds available to First Central. In addition, First Central
continues to seek investors or other purchasers of First Central's primary
subsidiary, First Central Insurance Company, but such efforts have
been unproductive.
In its Quarterly Statement filed with the New York Insurance Department
on November 14, 1997, First Central Insurance Company reported a deficit in
statutory surplus of $2,164,786 at September 30, 1997. As a result of such
deficit, rehabilitation and/or liquidation proceedings may shortly be
commenced with respect to First Central Insurance Company. In such event, it
is unlikely that First Central would realize any significant value for
First Central Insurance Company and accordingly, no significant sums would be
available to holders of First Central's 9% Convertible Subordinated Debentures
due 2000 or to First Central's shareholders.
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.
