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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) November 5, 1999
IMPERIAL CREDIT INDUSTRIES, INC.
(Name of registrant as specified in its charter)
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<S> <C> <C>
California 0-19861 95-4054791
(State or other jurisdiction of (Commission File (I.R.S. employer
incorporation or organization) Number) identification number)
23550 Hawthorne Boulevard
Torrance, California 90505
(Address of principal executive offices) (Zip Code)
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Issuer's telephone number: (310) 791-8020
_________________________________________________________________
(Former name or former address, if changed since last report)
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Item 5. Other Events
On November 5, 1999, the Registrant announced the sale of 4.3 million
shares of Bay View Capital Corporation common stock. A copy of the press release
is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by
reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release dated November 5, 1999
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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: November 8, 1999
IMPERIAL CREDIT INDUSTRIES, INC.
By: /s/ Irwin L. Gubman
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Irwin L. Gubman
General Counsel
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Exhibit 99.1
Imperial Credit Industries, Inc. Reports the Sale of 4.3 Million Shares Of Bay
View Capital Common Stock
TORRANCE, Calif., November 5, 1999 - Imperial Credit Industries, Inc. ("ICII" or
the Company), (Nasdaq: ICII) announced the sale today of 4,342,451 shares of Bay
View Capital Corporation ("Bay View") (NYSE: BVC) common stock held by FMAX
Holdings LLC ("FMAX LLC"), a subsidiary of Imperial Credit Industries, Inc.
Based on the cash previously received from the exchange of Franchise Mortgage
Acceptance Company ("FMAC") common stock in the FMAC - Bay View merger, and
today's sale of Bay View common stock by FMAX LLC, ICII expects to receive
approximately $86.3 million in total cash proceeds. ICII expects to report a
total pre-tax gain from both transactions of $30.1 million, resulting in an
approximate net gain of $0.55 per diluted share in the quarter ending December
31, 1999.
H. Wayne Snavely, ICII's Chairman, President and Chief Executive Officer, said:
"The sale of our Bay View shares is consistent with our stated strategy to exit
non-core businesses and investments. The additional liquidity from the sale will
allow ICII to further reduce the level of debt at the holding company and to
support our core businesses." Imperial Credit Industries, Inc., a diversified
financial services holding company, was formed in 1991 and is headquartered in
Torrance, California. The Company's major business activities are conducted
through four wholly owned subsidiaries: Southern Pacific Bank, Imperial Business
Credit, Inc., Imperial Credit Asset Management, Inc., and Imperial Credit Lender
Services, Inc. The Company's majority owned subsidiary is Imperial Capital
Group, LLC (approximately 60% ownership). The Company has a 9.0% equity
ownership interest in a commercial REIT, Imperial Credit Commercial Mortgage
Investment Corp. (Nasdaq: ICMI). Imperial Credit Industries, Inc., its
subsidiaries and affiliates, offer a wide variety of financial services,
investment products, and asset management services.
Certain statements contained herein are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements may be
identified by reference to a future period(s) or by the use of forward- looking
terminology, such as "may", "will", "intend", "should", "expect", "anticipate",
"estimate" or "continue" or the negatives thereof or other comparable
terminology. The Company's actual results could differ materially from those
anticipated in such forward-looking statements due to a variety of factors in
the business in which we compete; adverse changes in the securities markets;
inflation and changes in the interest rate environment that reduce margins or
the fair value of financial instruments; changes in national, regional or local
business conditions or economic environments; government fiscal and monetary
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policies; legislative or regulatory changes that affect our business; factors
inherent to the valuation and pricing of commercial loans; other factors
generally understood to affect the value of commercial loans; and the other
risks detailed in the Company's 8-K dated May 17, 1999, as filed with the
Securities and Exchange Commission (the "SEC"); periodic reports on Forms 10-Q,
8-K and 10-K and any amendments with respect thereto filed with the SEC; and
other filings made by the Company with the SEC.
ICII's news releases are available at no charge through PR Newswire's Company
News on Call by dialing (800) 758-5804 Ext. 420763. Additional corporate
information relating to the Company's SEC filings and corporate news releases
are available on the internet. The web site address is http://www.icii.com.
