PACIFIC CREST CAPITAL INC
8-K, 1999-10-07
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED
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                         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): SEPTEMBER 30, 1999



                           PACIFIC CREST CAPITAL, INC.
           (Exact name of registrant as specified in its charter)


          DELAWARE                                            95-4437818
   (State or other jurisdiction of                        (I.R.S. employer
    incorporation or organization)                     identification number)



                          COMMISSION FILE NUMBER:  0-22732


                                30343 CANWOOD STREET
                          AGOURA HILLS, CALIFORNIA 91301
                 (Address of principal executive offices and zip code)

          REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (818) 865-3300





                                   NOT APPLICABLE
             (Former name or former address, if changed since last report)



<PAGE>
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.

     Attached hereto as Exhibit 99.1 is a Press Release dated September 30, 1999
with  respect  to  an  application  filed  by  the  Registrant's   wholly  owned
subsidiary,  Pacific Crest Bank (the "Bank"),  with the California Department of
Financial  Institutions  by which the Bank requested  approval to convert from a
California-chartered  industrial bank to a California-chartered  commercial bank
(the  "Conversion  Application").  The  press  release  also  indicated  that in
connection with the Conversion Application,  the Registrant filed an application
with the Federal Reserve Board to become a registered bank holding company.

ITEM 6.  RESIGNATIONS OF REGISTRANT'S DIRECTORS

                  Not Applicable

ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

                  (a)      Financial Statements - Not Applicable

                  (b)      Pro Forma Financial Information - Not Applicable

                  (c)      Exhibits

                           99.1    Press Release dated September 30, 1999.

ITEM 8.  CHANGE IN FISCAL YEAR

                  Not Applicable

ITEM 9.  SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S

                  Not Applicable.



                                                    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.


                                           PACIFIC CREST CAPITAL, INC.
                                           (Registrant)




    Date:  October 7, 1999                 By:
                                                      Lyle C. Lodwick
                                                 Executive Vice President


<PAGE>
                                                   EXHIBIT INDEX

    99.1        Press Release dated September 30, 1999.


<PAGE>
                                                   EXHIBIT 99.1

                                      Press Release dated September 30, 1999



<PAGE>
CONTACT: LYLE LODWICK                       PACIFIC CREST CAPITAL, INC.
         EXECUTIVE VICE PRESIDENT           30343 CANWOOD STREET
         818-865-3300                       AGOURA HILLS, CA  91301

                                   PACIFIC CREST
                                    CAPITAL, INC.

         =====================================================================
                                        NEWS
         =====================================================================

     PACIFIC CREST CAPITAL, INC. ANNOUNCES FILING OF APPLICATION TO CONVERT
               SUBSIDIARY, PACIFIC CREST BANK, TO COMMERCIAL BANK

     Agoura Hills, California,  September  30,1999...Pacific Crest Capital, Inc.
(NASDAQ  NMS-PCCI) today reported that its  subsidiary,  Pacific Crest Bank, has
filed an application  with the California  Department of Financial  Institutions
("DFI") to convert its charter from a California state chartered industrial bank
to a California state chartered commercial bank.

     Lyle Lodwick, Executive Vice President, stated that "The primary motivation
for seeking the charter  change is because the commercial  bank charter  permits
full-service checking accounts, whereas the industrial bank charter does not. We
believe  full-service  checking  account options are desirable for our customers
and will enable the company to progress to a full-service on-line banking system
in the future."

     The company  also  reported  that in order to  effectuate  the bank charter
change,  Pacific Crest Capital,  Inc., the parent company of Pacific Crest Bank,
must register as a bank holding company.  Pacific Crest Capital,  Inc. has filed
an application with the Federal Reserve Board to become a bank holding company.

     Subject to approval of the charter change,  the DFI and the Federal Deposit
Insurance Corporation ("FDIC") will continue to regulate Pacific Crest Bank, and
Pacific Crest Capital, Inc. will be regulated by the Federal Reserve Board.

     Conditional  upon regulatory  approvals,  the company  anticipates that the
charter conversion will occur in the fourth quarter of 1999.

     The comments in this press release  regarding the  regulatory  applications
may constitute  forward-looking  statements  under Section 27A of the Securities
Act and Section 21E of the  Securities  and Exchange  Act. The company  cautions
that  forward-looking  statements include certain risks and uncertainties.  Such
risks include the possibility that appropriate  regulatory approvals will not be
obtained, or if regulatory approvals are obtained, that Pacific Crest Bank would
have difficulty or lack of success in implementing  on-line banking and checking
account products in the future.

     Pacific Crest Capital, Inc. is a financial institution holding company that
offers  specialized  lending  and  deposit  programs  through  its  FDIC-insured
California  state  chartered  industrial  bank,  Pacific Crest Bank. For over 25
years,  Pacific  Crest  Bank has  specialized  in  providing  fast and  flexible
financing  to  California's  small  businesses,   entrepreneurs  and  investors.
Products  offered include  customized  commercial real estate loans,  commercial
real  estate   construction  loans,  loans  guaranteed  by  the  Small  Business
Administration,  and specialized  FDIC-insured  savings programs.  Pacific Crest
Bank is headquartered in Agoura Hills,  California and operates three California
deposit  gathering  branches located in Beverly Hills,  Encino and San Diego and
has loan  production  offices in Northern  and  Southern  California;  Portland,
Oregon; Seattle, Washington, and Phoenix, Arizona.

     Previously   released  company  press  releases,   SEC  reports  and  other
information  are  available  on  the  Company's  Web  page  on the  Internet  at
http://www.paccrest.com.

                                                      # # # #




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