UNITED STATES
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 31, 1996
FIRST CHESAPEAKE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
VIRGINIA 0-21912 54-1624428
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
9100 ARBORETUM PARKWAY, SUITE 160, RICHMOND, VIRGINIA 23236
(Address of principal executive offices)
Registrant's telephone number, including area code (804) 320-0160
(Former name or former address, if changed since last report.) Not applicable
ITEM 1. CHANGES IN CONTROL OF REGISTRANT
Not applicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Not applicable.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
Not applicable.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not applicable.
ITEM 5. OTHER EVENTS
At a meeting of the Board of Directors on February 10, 1997, the
directors of First Chesapeake Financial Corporation (the "Company")
determined to cease current operations of the Company's wholly owned
subsidiary, American Mortgage Express, Inc. ("AME"), effective as of
January 30, 1997. The Company is in the process of winding down AME's
operations which should be completed in the near future. AME
originated nonconforming residential mortgage loans in the northern
Virginia and Maryland area. The directors believe it necessary to
terminate the operations of AME due to its continued operating losses
and inability to attain profitability. The Company is in the process
of terminating AME's contractual obligations, including its
relationships with landlords, employees, and service providers. The
Company has recorded a $25,000 charge against assets in connection with
the closing of AME.
ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS
John D. Mazzuto resigned as a director of First Chesapeake Financial
Corporation (the "Company"). His resignation was accepted by the
Company's Board of Directors effective as of December 31, 1996. In his
letter of resignation, Mr. Mazzuto explained that he resigned due to
the demands of his other business interests.
Robert L. Suthard also resigned as a director of the Company and his
resignation was accepted by the Board of Directors effective as of
December 31, 1996. In his letter of resignation, Mr. Suthard explained
that he resigned due to the demands of the time and travel requirements
of his consulting business.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
None.
ITEM 8. CHANGES IN FISCAL YEAR
Not applicable.
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 hereto duly authorized.
FIRST CHESAPEAKE FINANCIAL CORPORATION
February 13, 1997 C. Harril Whitehurst, Jr.
Date
C. Harril Whitehurst, Jr., Chief
Financial Officer and Executive Vice
President
