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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
APRIL 30, 1999
(Date of report)
WEST SUBURBAN BANCORP, INC.
(Exact name of registrant as specified in its charter)
ILLINOIS
(State or other jurisdiction
of incorporation)
0-17609 36-3452469
(Commission (IRS Employer
File Number) Identification No.)
711 SOUTH MEYERS ROAD
LOMBARD, ILLINOIS 60148
(Address of principal executive offices)(Zip Code)
(630) 629-4200
(Registrant's telephone number, including area code)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
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On Monday, April 5, 1999, West Suburban Bancorp, Inc., an Illinois
corporation (the "Company"), engaged Crowe, Chizek and Company LLP ("Crowe
Chizek") as its independent auditors for the fiscal year ending December 31,
1999. The Company dismissed Deloitte & Touche LLP ("Deloitte & Touche").
The decision to dismiss Deloitte & Touche and engage new auditors was
recommended by West Suburban Bank's Audit Committee and was approved by the
Company's Board of Directors based on a periodic review by the Company of its
accounting and tax service providers.
The reports of Deloitte & Touche on the Company's consolidated financial
statements for the years ended December 31, 1998 and December 31, 1997 did
not contain an adverse opinion or a disclaimer of opinion, and the reports
were not qualified or modified as to uncertainty, audit scope or accounting
principles.
During the two years ended December 31, 1998 and December 31, 1997 and the
interim period from January 1, 1999 through April 5, 1999 (the date of
dismissal of Deloitte & Touche), there were no disagreements with Deloitte &
Touche on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure which, if not resolved
to the satisfaction of Deloitte & Touche, would have caused Deloitte & Touche
to make reference to the matter in their report.
In connection with the audits of the Company's consolidated financial
statements for each of the two years ended December 31, 1998 and December 31,
1997:
(a) Deloitte & Touche did not advise the Company that the internal
controls necessary for the Company to develop reliable financial statements
do not exist;
(b) Deloitte & Touche did not advise the Company that information had
come to the attention of Deloitte & Touche that had led it to no longer be
able to rely on the Company's management representations, or that had made
Deloitte & Touche unwilling to be associated with the financial statements
prepared by the Company's management;
(c) Deloitte & Touche did not advise the Company that Deloitte &
Touche would need to expand significantly the scope of its audit, or that
information had come to the attention of Deloitte & Touche during such time
period that if further investigated may (i) materially impact the fairness or
reliability of either a previously issued audit report or the underlying
financial statements, or the financial statements issued or to be issued
covering the fiscal periods subsequent to the date of the most recent
financial statements covered by an audit report (including information that
may prevent it from rendering an unqualified audit report on those financial
statements) or (ii) cause Deloitte & Touche to be unwilling to rely on the
Company's management representations or be associated with the Company's
consolidated financial statements; and
(d) Deloitte & Touche did not advise the Company that information had
come to the attention of Deloitte & Touche of the type described in
Subparagraph (c) above, the issue not being resolved to the satisfaction of
Deloitte & Touche prior to its dismissal.
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The Company has provided Deloitte & Touche with a copy of this amended report
and has requested Deloitte & Touche to furnish the Company with a letter
addressed to the Securities and Exchange Commission stating whether it agrees
with the statements made herein. Attached as Exhibit 16 to this Form 8-K/A
is a copy of Deloitte & Touche's letter.
Upon completion of certain routine procedures by Crowe Chizek, the Company
will enter into an agreement with Crowe Chizek that will provide for, among
other things, the engagement of Crowe Chizek as the independent accounting
firm that will audit the financial statements of the Company for the fiscal
year ending December 31, 1999.
During the Company's fiscal years ended December 31, 1997 and December 31,
1998 and the subsequent period prior to engaging Crowe Chizek, the Company
(or anyone on the Company's behalf) did not consult Crowe Chizek regarding:
(i) either the application of accounting principles to a specified
transaction, either completed or proposed; or the type of audit opinion that
might be rendered on the Company's financial statements; and as such no
written report was provided to the Company and no oral advice was provided
that the new accountant concluded was an important factor considered by the
Company in reaching a decision as to any accounting, auditing or financial
reporting issue, or;
(ii) any matter that was either the subject of disagreement or a
reportable event.
The continued engagement of Crowe Chizek is subject to ratification by the
shareholders at the Company's 1999 Annual Meeting.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) EXHIBITS.
(16) Letter of Deloitte & Touche regarding change in certifying
accountant.
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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.
WEST SUBURBAN BANCORP, INC., an Illinois
corporation
By: /s/ Duane G. Debs
____________________
Date: April 30, 1999 Duane G. Debs
President and Chief Financial Officer
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Exhibit 16
April 30, 1999
Securities and Exchange Commission
Mail Stop 9-5
450 5th Street, N.W.
Washington, D.C. 20549
Dear Sirs/Madams:
We have read the comments in Item 4 of Form 8-K/A of West Suburban Bancorp,
Inc. dated April 30, 1999.
We agree with the comments included therein except for the following
comments, for which we have no basis to agree or disagree:
The first paragraph, first and last sentences: "On Monday, April 5,
1999, West Suburban Bancorp, Inc., an Illinois corporation (the
"Company"), engaged Crowe, Chizek and Company LLP ("Crowe Chizek") as
its independent auditors for the fiscal year ending December 31, 1999."
"The decision to dismiss Deloitte & Touche and engage new auditors was
recommended by West Suburban Bank's Audit Committee and was approved by
the Company's Board of Directors based on a periodic review by the
Company of its accounting and tax service providers."
The fifth paragraphs, last sentence: "Attached as Exhibit 16 to this
Form 8-K/A is a copy of Deloitte & Touche's letter."
The sixth, seventh and eighth paragraphs in their entirety.
Yours truly,
/s/ Deloitte & Touche LLP
