SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of the earliest event reported): January 15, 1997
Ryan, Beck & Co., Inc.
(Exact name of registrant as specified in its charter)
New Jersey
(State or other jurisdiction of incorporation)
0-14684
(Commission File Number)
22-1773796
(IRS Employer Identification No.)
80 Main Street, West Orange, New Jersey 07052
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (201) 325-3000
This document consists of ___2____pages
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Item 5. Other Events
On January 15, 1997, Ryan, Beck & Co. Inc. (the "Company") announced that
Allen S. Greene resigned as president, chief executive officer and a director
of the Company effective immediately. Ben A. Plotkin, senior executive vice
president and a director of the Company, has been named president of the
company and Chairman of the Company's newly formed Senior Management Committee
comprised of key personnel. Leonard J. Stanley, senior vice president
and chief financial officer, has been named chief administrative officer.
A copy of the press release relating to such management changes and additional
information is
attached hereto and incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
( c ) Exhibits
1. Press release dated January 15, 1997
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Form 8-K to be signed on its behalf
by the undersigned, thereunto duly authorized.
Ryan, Beck & Co., Inc.
Registrant
/s/ Leonard J. Stanley
Leonard J. Stanley
Senior Vice President, Chief Financial and Administrative Officer
Date: January 20, 1997
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Press Contact: Leonard J. Stanley
Senior Vice President and Chief Financial and Administrative Officer
FOR IMMEDIATE RELEASE
RYAN, BECK & CO. REPORTS MANAGEMENT CHANGES
West Orange, NJ -- January 15, 1997 -- Ryan, Beck & Co., Inc.
(NASDAQ - RBCO), an investment banking firm specializing in the
financial services industries and tax-exempt securities, today
announced the resignation of Allen S. Greene as President, Chief Executive
Officer and Director.
According to Fenwick H. Garvey, Chairman of the Board and former Chief
Executive Officer, Greene resigned to pursue certain personal interests.
Garvey indicated a Senior Management Committee had been formed of key
personnel, and that Ben A. Plotkin, previously Senior Executive Vice President
and Director, was appointed President of the Company and Chairman of the
Committee. In addition, Leonard J. Stanley, Senior Vice President and Chief
Financial Officer, was promoted to the additional post of Chief Administrative
Officer.
In commenting on these changes, Garvey indicated the new management structure
provided for greater flexibility necessary to meet what are expected to be
historic industry changes in 1997, particularly in the NASDAQ principal market
making activities where the Company is one of the nation's largest participants
in stocks of financial institutions.
Garvey highlighted Greene's contributions over the past two years, citing
numerous improvements accomplished under his tenure. "Allen S. Greene brought
Ryan, Beck to a new level of professional management which is required to
compete successfully in today's business environment," Garvey stated.
The Company will record a one-time, after-tax charge in the fourth quarter of
1996 as a result of the related employment and severance obligations of
approximately $420,000, or $.13 per share, but expects to be profitable for
the fiscal year.
Ryan, Beck is headquartered in West Orange, New Jersey and has branch offices
in Bala Cynwyd, Pennsylvania and West Palm Beach, Florida. The firm engages
in underwriting, market making, distribution, and trading of financial
institution equity and debt securities and tax-exempt bonds; consulting,
research, and financial services to the financial services industries;
insurance products, estate planning and general securities brokerage.
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