-----------------------------
OMB APPROVAL
-----------------------------
OMB Number: 3235-0058
Expires: June 30, 1991
Average estimated burden
hours per response ..... 2.50
-----------------------------
-----------------------------
SEC FILE NUMBER 0-20897
-----------------------------
CUSIP NUMBER 694935 10 7
-----------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K [_] Form 20-F [_] Form 11-K [X] Form 10-Q
[_] Form N-SAR
For Period Ended: December 31, 1998
[_] Transition Report on Form 10-K
[_] Transition Report on Form 20-F
[_] Transition Report on Form 11-K
[_] Transition Report on Form 10-Q
[_] Transition Report on Form N-SAR
For the Transition Period Ended:
Read Instructions (on back page) Before Preparing Form. Please Print ot Type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:
PART I--REGISTRANT INFORMATION
________________________________________________________________________________
Full Name of Registrant
PacificAmerica Money Center, Inc.
________________________________________________________________________________
________________________________________________________________________________
Former Name if Applicable
n/a
________________________________________________________________________________
Address of Principal Executive Office (Street and Number)
21031 Ventura Boulevard, Woodland Hills, California 91364
________________________________________________________________________________
City, State and Zip Code
PART II--RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
| (a) The reasons described in reasonable detail in Part III of this
| form could not be eliminated without unreasonable effort or
| expense;
|
| (b) The subject annual report, semi-annual report, transition report
| on Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion thereof,
[x] | will be filed on or before the fifteenth calendar day following
| the prescribed due date; or the subject quarterly report or
| transition report on Form 10-Q, or portion thereof will be filed
| on or before the fifth calendar day following the prescribed
| due date; and
|
| (c) The accountant's statement or other exhibit required by Rule
| 12b-25(c) has been attached if applicable.
PART III--NARRATIVE
State below in reasonable detail why the Form 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report portion thereof, could not be filed within the
prescribed time period. See Attached Narrative.
<PAGE>
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Richard B. Fremed (818) 598-8250
---------------------------------------------------------------------------
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) been filed? If the answer is
no, identify report(s).
[X] Yes [_] No
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof? (See Attached Narrative.)
[X] Yes [ ] No
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
PacificAmerica Money Center, Inc.
- --------------------------------------------------------------------------------
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date March 31, 1999 By /s/ JOEL R. SCHULTZ
------------------- ---------------------------------------------
Joel R. Schultz, Chairman, CEO and President
INSTRUCTION: The form may be signed by an executive officer of the
registrant or by any other duly authorized representative. The name and
title of the person signing the form shall be typed or printed beneath the
signature. If the statement is signed on behalf of the registrant by an
authorized representative (other than an executive officer), evidence of
the representative's authority to sign on behalf of the registrant shall be
filed with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (see 18 U.S.C. 1001).
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the General
Rules and Regulations under the Act. The information contained in or filed with
the form will be made a matter of public record in the Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of the
registrant is registered.
4. Amendments to the notifications must also be filed on Form 12b-25 but
need not restate information that has been correctly furnished. The form shall
be clearly identified as an amended notification.
<PAGE>
NOTIFICATION OF LATE FILING
on Form 12b-25
of
PACIFICAMERICA MONEY CENTER, INC.
Part III
The Registrant is unable to file its Annual Report on Form 10-K for the
year ended December 31, 1998, by March 31, 1999, because it has been unable to
complete its financial statements for the year ended December 31, 1998, and this
inability could not be eliminated by the Registrant without unreasonable effort
and expense. Contributing to the delay in completion of the financial statements
was a change in the accounting by Pacific Thrift and Loan for certain
interest-only strips receivable which was required by the Federal Deposit
Insurance Corporation, as to which notification was received on March 12, 1999.
Further contributing to the delay is the detailed review of auditing adjustments
related to the Registrant's closing of its wholesale loan division on October
28, 1998.
As a result of such delays, the Company's independent certified public
accountants, BDO Seidman, LLP, has not completed its audit procedures to enable
it to render its opinion within the prescribed period. (Exhibit I)
The Annual Report on Form 10-K for the year ended December 31, 1998 will be
filed no later than April 15, 1999.
Part IV (3)
The Registrant anticipates a significant change in results of operations
from the corresponding period for the last fiscal year, due to a decrease in
gain on sale income and an increase in noninterest expense. As a result of these
and other changes, the Registrant anticipates that it will report a net loss for
the year ended December 31, 1998, compared to net income for the year ended
December 31, 1997.
The Company cannot quantify the change in results of operations due to the
auditing adjustments being reviewed with our independent certified public
accountants.
<PAGE>
Exhibit I
March 31, 1999
Securities and Exchange Commission
450 Fifth Street N.W.
Washington, D.C. 20549
This letter is written in response to the requirement of Rule 12b-25(c) under
the Securities Exchange Act of 1934 and in satisfaction of item (c) of Part II
of Form 12b-25.
We are the independent certified public accountants of PacificAmerica Money
Center, Inc. (the "Registrant"). The Registrant has stated in Part III of its
filing on Form 12b-25 that it is unable to timely file, without unreasonable
effort or expense, its Annual Report on Form 10-K for the period ended December
31, 1998 because our Firm has not yet completed our audit of the financial
statements of the Registrant for the period ended December 31, 1998 and is
therefore unable to furnish the required opinion on such financial statements.
We hereby advise you that we have read the statement made by the Registrant in
Part III of its filing on Form 12b-25 for the period ended December 31, 1998 and
agree with the statements made therein as they relate to accounting and auditing
matters.
Very truly yours,
BDO Seidman, LLP
