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 6, 1997
DEVELOPMENT BANCORP, LTD.
(Exact name of registrant as specified in its charter)
WASHINGTON
(State or other jurisdiction of incorporation)
0-22934 93-1192971
(Commission File Number) (IRS Employer Identification No.)
74900 Highway 111, Suite 121, Indian Wells, California 92210
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 760-836-3350
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Item 4. Changes in Registrant's Certifying Accountant.
1. (i) The Registrant's former independent accountant
Silverman, Olson,
Thorvilson & Kaufmann Ltd. ("Silverman") resigned from that capacity on December
6, 1997.
(ii) The report by Silverman on the financial statements of
the Registrant dated June 6, 1997, including balance sheets as of December 31,
1996 and 1995 and the statements of operations, cash flows and statement of
stockholders' equity for the years ended December 31, 1996 and 1995 did not
contain an adverse opinion or a disclaimer of opinion, or was qualified or
modified as to uncertainty, audit scope or accounting principles.
(iii) During the period covered by the financial statements
through the date of resignation of the former accountant, there were no
disagreements with the former accountant on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or procedure.
A letter from the former independent accountant for the
Registrant is attached as an Exhibit to this Form 8-K.
2. On December 12, 1997 the Registrant engaged Pritchett, Siler
& Hardy, PC., as
its new independent accountant.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
16.1 Letter from Silverman, Olson, Thorvilson & Kaufmann
Ltd., former principal accountant for the Registrant.
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 thereunto duly authorized.
Dated: December 12, 1997 DEVELOPMENT BANCORP, LTD.
By: /s/ Dempsey K. Mork
Dempsey K. Mork
Secretary
December 17, 1997
December 15, 1997
Mr. Dempsey K. Mork
Chief Financial Officer
Development Bancorp, Ltd.
45110 Club Drive, Suite B
Indian Wells, California 92210
Dear Mr. Mork:
This letter is to confirm our notification from you that the client-auditor
relationship between Development Bancorp, Ltd. (Commission File Number 0-29934)
and Silverman Olson Thorvilson & Kaufmann LTD has ceased as of December 6, 1997.
Sincerely,
SILVERMAN OLSON THORVILSON & KAUFMANN LTD.
Perry P. Silverman CPA
PPS/me
cc: Office of the Chief Accountant
SECPS Letter File
Securities and Exchange Commission
Mail Stop 9-5
450 Fifth Street, N.W.
Washington, D.C. 20549
Fax: 202-942-9656
3
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