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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 earliest event reported): December 8, 2000
FIDELITY NATIONAL CORPORATION
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(Exact name of Registrant as Specified in Charter)
Georgia 0-22374 58-1416811
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
3490 Piedmont Road, Suite 1550, Atlanta, Georgia 30305
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(Address of Principal Executive Offices)
Registrant's Telephone Number, including area code: (404) 240-1504
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Item 5. Other Events
On December 8, 2000 Fidelity National Corporation issued the following
press release:
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FIDELITY NATIONAL CORPORATION
FOURTH QUARTER EARNINGS WILL NOT MEET MARKET EXPECTATIONS
ATLANTA, GA (December 8, 2000) - Fidelity National Corporation (NASDAQ:LION)
reported today that earnings for the fourth quarter will be substantially below
market expectations. Howard Griffith, Chief Financial officer of Fidelity, said
that several factors have had a negative impact on earnings, including:
1. The softening in the economy has impacted auto loan production. The
Company was not willing to relax underwriting standards, so loan volume
in the fourth quarter will not meet expectations.
2. The market, as evidenced by the actions of numerous other financial
institutions, has also exhibited some deterioration in credit quality,
resulting in increases in nonperforming assets. The Company intends to
increase its originally planned level of provision for loan losses.
3. The Company's net interest margin continues to narrow more than
anticipated, as a result of market interest rate increases and the
decision to reduce exposure to higher yielding credit card loans.
4. The Company has incurred unexpected charge-offs related to errors in
the processing of customer transactions. This is a nonrecurring matter.
5. The Company elected to dedicate additional internal and external
resources to the Trust and Investments area in an effort to assess
those lines of business and to improve efficiency. This also is a
nonrecurring matter.
Several of the above items relate to one-time occurrences. However, a decline in
overall business activity in Fidelity's markets, if it continues into 2001,
could also have an impact on Fidelity's growth and earnings in 2001.
This release contains certain forward-looking statements including statements
relating to financial conditions and results of operation, present or future
trends or factors generally affecting the banking industry and specifically
affecting Fidelity's operations, markets and products. Without limiting the
foregoing, the words "believes," "anticipates," "intends," "expects," or similar
expressions are intended to identify forward-looking statements. These
forward-looking statements involve certain risks and uncertainties. Actual
results could differ materially from those projected for many reasons,
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including, without limitations, changing events and trends that have influenced
Fidelity's assumptions, but that are beyond Fidelity's control. These trends and
events include: (i) changes in the interest rate environment which may reduce
margins, (ii) non-achievement of expected growth, (iii) less favorable than
anticipated changes in the national and local business environment and
securities markets, (iv) adverse changes in the regulatory requirements
affecting Fidelity, (v) greater competitive pressures among financial
institutions in Fidelity's market, and (vi) greater loan losses than historic
levels. Additional information and other factors that could affect future
financial results are included in Fidelity's filings with the Securities and
Exchange Commission.
Fidelity National Corporation, through its operating companies Fidelity
National Bank and Fidelity National Capital Investors, Inc., provides a wide
range of banking, trust, mortgage and investment brokerage services through 19
full service branches in Atlanta, Georgia. Mortgage, construction and automobile
loans are also provided through a loan production office in Jacksonville,
Florida.
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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 thereunto duly authorized.
FIDELITY NATIONAL CORPORATION
BY: /S/ M. Howard Griffith, Jr.
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M. HOWARD GRIFFITH, JR.
CHIEF FINANCIAL OFFICER
Date: December 8, 2000
