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UNITED STATES
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, 1998
/ / 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: ____________________________
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READ INSTRUCTION (ON BACK PAGE) BEFORE PREPARING FORM, PLEASE PRINT OR TYPE.
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.
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If the notification relates to a portion of the filing checked
above, identify The Items to which the notification relates:
ITEMS 1, 6, 7, 7A, 8 AND 14.
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PART I -- REGISTRANT INFORMATION
AMERICORP
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Full name of registrant
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Former Name if Applicable
304 EAST MAIN STREET,
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Address of Principal Executive Office (Street and Number)
VENTURA, CALIFORNIA 93001
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City State and Zip Code
PART II -- RULES 12b-25 (b) AND (c)
If the subject report could not be filed without unreasonable
effort or expenses and the registrant seeks relief pursuant to
rule 12b-25(b), the following should be completed. (Check box if
appropriate)
(a) The reasons described in reasonable detail in Part III
of this form could not be eliminated without
unreasonable effort or expense;
(b) The subject annual report, semi-annual report,
transition report on Form 10-K, Form 20-F, 11-K or
Form N-SAR, or portion thereof, will be filed on or
/X/ 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 or on 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 -
ATTACHED AS EXHIBIT A
PART III -- NARRATIVE
State below in reasonable detail the reasons why Forms 10-K,
20-F, 11-K, 10-Q, N-SAR, or the transition report or portion
thereof, could not be filed within the prescribed time period.
The Company will not be able to timely file portions of Form 10-K
because it has not been able to finalize its financial reporting for 1998 and
receive an opinion from its independent accountants. The Company without
unreasonable effort or expense could not eliminate this delay.
The Company's principal subsidiary consummated on December 31, 1998, a
merger with Channel Islands Bank NA, ("CIB") in a transaction accounted for
as a pooling of interest. Soon after the merger was announced, several key
accounting personnel resigned from CIB and they were forced to close out the
year end using temporary personnel. In early 1999, the Company began a
computer conversion of the financial records of CIB onto the Company's data
processing system. The combination of these factors have delayed the closing
of the books and records of the Company and CIB as well as significantly
delayed the process of combining and restating results of operations and
financial condition of both companies for the required periods.
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PART IV -- OTHER INFORMATION
(1) Name and telephone number of persons to contact in regard to this
notification
ALLEN R. PARTRIDGE 805 658-6633
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of 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 report(s) been filed? If answer is no,
identifying report(s) /x/ Yes / / No
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(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 appropriately, state the reasons why a
reasonable estimate of the results cannot be made.
The Company's 1998 earnings will reflect the combination with CIB as
well as the negative impact of significant merger related expenses.
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AMERICORP
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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 29, 1999 By /s/ Allen R. Partridge
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EXHIBIT A
To the Board of Diorectors of Americorp:
Due to the delays experienced by Americorp and Subsidiary (the "Company") in
closing its books and records for the year ended December 31, 1998, the
delays experienced by Channel Islands Bank ("CIB") in closing its books and
records for the same period and the additional time necessary to combine and
restate the Company's financial condition and results of operations with
those of CIB, we will not be able to render our opinion on those financial
statements on or before the date for filing Form 10-K.
VAVRINEK, TRINE, DAY & CO., LLP
Laguna Hills, California
March 29, 1999
