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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
Date of Report (Date of earliest event reported): December 2, 1998
Argo Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-19829 36-3620612
(State or other Jurisdiction of (Commission File No.) (I.R.S. Employer
incorporation) Identification No.)
7600 West 63rd Street, Summit, Illinois 60501
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(Address of Principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (708) 496-6010
Not Applicable
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(Former name or former address, if changed since last report)
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Item 4. Changes in Control of Registrant's Certifying Accountant.
(a) Previous independent accountants.
(i) On December 2, 1998, Argo Bancorp, Inc. (the "Registrant")
dismissed KPMG Peat Marwick LLP ("KPMG") as the Registrant's independent
accountants and engaged Crowe Chizek & Co. LLP as its independent accountants.
(ii) KPMG's reports on the financial statements of the Registrant for
the past two fiscal years did not contain an adverse opinion or a disclaimer of
opinion and were not qualified or modified as to uncertainty, audit scope, or
accounting principles.
(iii) The decision to change independent accountants was approved by
the Registrant's Board of Directors and its Audit Committee.
(iv) During the Registrant's fiscal years ending December 31, 1996 and
December 31, 1997 and the subsequent interim period preceding the dismissal,
there were no disagreements with KPMG on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure which,
if not resolved to the satisfaction of KPMG, would have caused KPMG to make
reference to the subject matter of the disagreement(s) in connection with their
report.
(v) During the periods listed in item (iv) above, there have been no
"reportable events" (as defined in paragraph (a)(1)(v) of Item 304 of Regulation
S-K).
(vi) The Registrant has provided KPMG with a copy of this disclosure
and requested that KPMG furnish it with a letter addressed to the Securities and
Exchange Commission (the "Commission") stating whether it agrees with the above
statements. A letter from KPMG regarding its concurrence with the statements
made by the Registrant in this current report on Form 8-K/A is attached as
Exhibit (16) hereto and incorporated herein by reference.
(b) New independent accountants.
(i) On December 2, 1998, the Registrant engaged Crowe Chizek & Co. LLP
as independent accountants for the fiscal year ending December 31, 1998.
(ii) Prior to the appointment of Crowe Chizek & Co. LLP, the Registrant
did not engage or consult with Crowe Chizek & Co. LLP regarding any of the
matters described in Item 304(a)(2) of Regulation S-K.
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Item 7. Final Statements, Pro Forma Final Information and Exhibits.
(c) Exhibits
Exhibit 16. Letter regarding change in independent
accountant.
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.
Date: December 17, 1998 Argo Bancorp, Inc.
By: /s/ Frances M. Pitts
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Frances M. Pitts
Executive Vice President and
Corporate Counsel
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Exhibit Index
Exhibit No. Description Sequential Page No.
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(16) Letter regarding change in 5
independent accountant
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KPMG Peat Marwick LLP
December 4, 1998
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for Argo Bancorp, Inc. and, under the
date of March 24, 1998, we reported on the consolidated financial statements
of Argo Bancorp, Inc. and subsidiaries as of and for the years ended December
31, 1997 and 1996. On December 2, 1998, our appointment as principal
accountants was terminated. We have read Argo Bancorp, Inc.'s statements
included under Item 4 of its Form 8-K dated December 3, 1998, and we agree
with such statements, except that we are not in a position to agree or
disagree with Argo Bancorp, Inc.'s statements that on December 3, 1998, Argo
Bancorp, Inc. engaged Crowe Chizek & Co. LLP as its independent accountants,
that the change was approved by the Board of Directors and its Audit
Committee, and we are not in a position to agree or disagree with Argo
Bancorp, Inc.'s statements under Item 4(b) of its Form 8-K.
Very truly yours,
/s/ KPMG Peat Marwick LLP
