SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 earliest event reported): August 8, 1995
HOMETOWN BANCORPORATION, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-16272 06-1199559
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File No.) Identification Number)
20 West Avenue, Darien, Connecticut 06820
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (203) 656-2265
N/A
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On July 10, 1995 and August 8, 1995, Hometown Bancorporation, Inc.
(the "COMPANY") issued press releases concerning accounting errors and
irregularities at its wholly owned subsidiary, The Bank of Darien (the
"BANK"). The Company is conducting an internal investigation which has
not yet been completed. The complexity of the issues raised and the
discovery of certain accounting irregularities has delayed completion of
the necessary work beyond the date originally expected. The Company
continues to anticipate that the effect of correcting the accounting
errors and irregularities will have a material adverse effect on the
results of operations originally reported for 1994 and the first quarter
of 1995. The Company is also evaluating whether the errors and
irregularities affected any other periods.
In the release dated August 8, 1995, the Company and the Bank also
announced that Robert A. Foote, Jr., Senior Vice President and Chief
Financial Officer of the Company and the Bank, resigned effective August
4, 1995.
The Company also announced that its report of the results of
operations for the period ended June 30, 1995 will be delayed pending
conclusion of the internal investigation.
In accordance with General Instruction F to Form 8-K, copies of the
press releases dated July 10, 1995 and August 8, 1995 are attached hereto
as Exhibits 20(1) and 20(2), respectively, and are incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
20(1). Press Release, dated July 10, 1995, issued by the
Company.
20(2). Press Release, dated August 8, 1995, issued by the
Company.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HOMETOWN BANCORPORATION, INC.
Date: August 9, 1995 By: /S/ KEVIN E. GAGE
Kevin E. Gage
President and Chief Executive Officer
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EXHIBIT INDEX
EXHIBIT NO. DOCUMENT
20(1) Press Release of the Company Dated July 10, 1995
20(2) Press Release of the Company dated August 8, 1995
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HOMETOWN BANCORPORATION, INC.
News Release
CONTACT: KEVIN E. GAGE, PRESIDENT & CEO
HOMETOWN BANCORPORATION, INC./
THE BANK OF DARIEN
(203) 662 2544
FOR IMMEDIATE RELEASE
DARIEN, CT - JULY 10, 1995 - HOMETOWN BANCORPORATION, INC., THE HOLDING
COMPANY FOR THE BANK OF DARIEN ANNOUNCED TODAY THAT IT HAS DISCOVERED
ACCOUNTING ERRORS WHICH IT BELIEVES WILL REQUIRE A RESTATEMENT OF ITS
1994 AND FIRST QUARTER 1995 FINANCIAL STATEMENTS. WHILE THE COMPANY,
WITH THE ASSISTANCE OF ITS INDEPENDENT ACCOUNTANT, IS CONDUCTING A FULL
REVIEW, IT BELIEVES THAT THE IMPACT OF THESE ERRORS WILL RESULT IN A
MATERIAL REDUCTION IN INCOME FROM THAT PREVIOUSLY REPORTED. THE COMPANY
ANTICIPATES THAT ITS INTERNAL INVESTIGATION WILL TAKE APPROXIMATELY TWO
WEEKS.
THE STOCK OF THE COMPANY IS TRADED ON THE NASDAQ NATIONAL MARKET UNDER
THE SYMBOL "HTWN."
20 West Avenue, P. O. Box 1265, Darien, CT 06820-0513 Tel. (203) 656-2265
HOMETOWN BANCORPORATION, INC.
NEWS RELEASE
CONTACT: KEVIN E. GAGE, PRESIDENT & CEO
HOMETOWN BANCORPORATION, INC./
THE BANK OF DARIEN
(203) 662-2544
FOR IMMEDIATE RELEASE
PRESS RELEASE
DARIEN, CONNECTICUT, AUGUST 8, 1995: Hometown Bancorporation, Inc., the
holding company for The Bank of Darien, announced that the internal
investigation by the Audit Committee of its Board of Directors concerning
previously announced accounting errors is continuing. While the Company
originally estimated that the investigation would be concluded in
approximately two weeks, the complexity of the issues raised and the
discovery of certain accounting irregularities has delayed completion of
the necessary work. The Company continues to anticipate that the effect
of correcting the accounting errors and irregularities will have a
material adverse effect on the results of operations originally reported
for 1994 and the first quarter of 1995. The Company is also evaluating
whether the errors and irregularities affected any other periods.
The Company also announced that Robert A. Foote, Jr., Senior Vice
President and Chief Financial Officer of Hometown and The Bank of
Darien, resigned effective August 4, 1995.
Kevin E. Gage, President and Chief Executive Officer of Hometown and The
Bank of Darien, stated, "Based on the results of the investigation to
date, both Hometown and The Bank of Darien will continue to exceed all
regulatory capital requirements even after the effect of any restatement
of prior financial periods is taken into account. Any restatement of
prior financial statements on this basis will have no effect on
individual customer deposit accounts, loan accounts or the overall asset
quality of the Bank."
The Company indicated that its announcement of results for the quarter
ended June 30, 1995 will be delayed pending resolution of the issues
concerning its results of operations for 1994.
The Common Stock of Hometown Bancorporation, Inc. is quoted on the NASDAQ
National Market under the symbol "HTWN."
20 West Avenue, P.O. Box 1265, Darien, CT 06820-0513 Tel. (203) 656-2265
