U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 12b-25
NOTIFICATION OF LATE FILING
Check one:
[X ] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ] Form N-SAR
For Period Ended : December 31, 1996
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
Not Applicable
Part I - Registration Information
COMMERCE SECURITY BANCORP, INC.
(Full name of registrant)
7777 Center Avenue, Huntington Beach, California 92647-3067
(Address of principal executive offices)
Part II - Rules 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following
should be completed. (Check box if appropriate)
[X] (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
[X] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, Form 11-K, Form N-SAR, or portion thereof, will
be filed on or before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report of transition
report on Form 10-Q, or portion thereof will be filed on or before
the fifth calendar day following the prescribed due date; and
[ ] (c) The accountant's statement or other exhibit required by rule 12b-25(c)
has been attached if applicable.
Part III - Narrative
State below in reasonable detail why the Form 10-K, 11-K, 10-Q, N-SAR, or the
transition report or portion thereof , could not be filed within the prescribed
time period.
Two accounting issues were being resolved to finalize the financial
statements of the registrant in order for management of Commerce Security
Bancorp, Inc. (the "Company") to provide its representation letter to the
accounting firm that is preparing the audited financial statements. These
issues were not fully resolved in sufficient time in order that the report
could be filed within the prescribed time period. The issues being resolved
are related to i) contingent liabilities related to the mortgage banking
activities of one of the Company's subsidiary banks and ii) computation of
the tax provisions and deferred tax assets on a consolidated basis.
Part IV - Other Information
(1) Name and telephone number of person to contact in regard to this
notification
Curt A. Christianssen (714) 895-2929
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports under Section 13 or 15(d) or the Securities
Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940
during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) been filed? If answer is
no, identify report(s) [X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or portion
thereof? [X ] Yes [ ] No
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
Since December 31, 1995, the Registrant completed the acquisitions of
Liberty National Bank on March 31, 1995 and Commerce Security Bank on
September 1, 1996. Total assets at December 31, 1995 were $55.9 million
compared to $437.1 million at December 31, 1996. Net loss for the year
ended December 31, 1995 was $5,000 compared to net income of $2.3 million
for the same period in 1996.
COMMERCE SECURITY BANCORP, INC.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: March 31, 1997 By: /s/ Curt A. Christianssen
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Curt A. Christianssen
Senior Vice President
Chief Financial Officer
