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) March 11, 1997
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
As previously reported, on December 11, 1995 the Company executed a
Letter of Intent to acquire all of the outstanding stock of a federal
savings bank ( the "Bank") for a purchase price of $5,500,000.
Consummation of this transaction was subject to the completion of due
diligence procedures, execution of a definitive acquisition agreement
between parties, approval by both boards of directors and regulatory
approval. A Stock Purchase Agreement (the "Agreement") was executed
between the parties which expired on September 30, 1996 before the
Company could obtain regulatory approval of the transaction from the
Office of Thrift Supervision. The parties negotiated an extension of
the Agreement to December 31, 1996 to provide the Company with
additional time to obtain regulatory approval. The Company was unable
to obtain regulatory approval by December 31, 1996 and was unable to
negotiate an extension of the Agreement with the Bank's stockholders
past December 31, 1996. As a result, on March 5, 1997 the Company
withdrew its Application for Change of Control with the Office of
Thrift Supervision. At December 31, 1996, the Company wrote off
approximately $219,000 in capitalized expenses related to this failed
transaction.
ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS
Not applicable.
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
March 11, 1997 C. Harril Whitehurst, Jr.
Date
C. Harril Whitehurst, Jr., Chief
Financial Officer and Executive Vice
President
