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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) October 28, 1998
PACIFICAMERICA MONEY CENTER, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
CALIFORNIA 0-20897 95-4465729
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Ventura Boulevard, Suite 102
Woodland Hills, California 91364
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (818) 992-8999
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ITEM 5. OTHER EVENTS
On October 28, 1998, PacificAmerica Money Center, Inc. (the
"Company") discontinued the operation of its wholesale loan division. The
Company determined that this action was necessary due to the continuing
uncertainty in the subprime lending industry and the secondary market for loan
sales. Since the cost of loan production is significantly lower in the retail
division, management has determined to focus all of its human and economic
resources on the operation of the retail division. The retail loan division
currently operates through 46 offices located in 23 states and Washington D.C.
Over the past several months, the wholesale loan division has
produced approximately 75% of the Company's lending volume, and the retail loan
division has produced approximately 25% of the lending volume. For the quarter
ended September 30, 1998, the wholesale loan division originated $235 million of
loans and the retail loan division originated $86 million of loans. Because of
the discontinuation of the wholesale loan division, the Company now expects that
its fourth quarter loan production will be substantially lower than prior
quarters.
Except for historical information contained herein, statements
in this report are forward-looking statements that involve certain risks and
uncertainties. Such risks include, in addition to those described above,
inability to sell new loan production at a price which allows the Company to
operate profitably or at all, inability to obtain sufficient funding for new
loans, possible litigation risks due to the closure of the wholesale loan
division and possible regulatory enforcement action.
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.
Dated: November 3, 1998 PACIFICAMERICA MONEY CENTER, INC.
By:/s/JOEL R. SCHULTZ
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Joel R. Schultz
President and Chief Executive Officer
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