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): June 14, 1996
LAKEVIEW FINANCIAL CORP.
(Exact name of Registrant as specified in its Charter)
New Jersey 0-25106 22-3334052
(State or other jurisdiction (SEC File No.) (IRS Employer
of incorporation) Identification
Number)
989 McBride Avenue, West Paterson, New Jersey 07424
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(201) 890-1234
Not Applicable
Former name or former address, if changed since last Report)
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LAKEVIEW FINANCIAL CORP.
INFORMATION TO BE INCLUDED IN REPORT
Item 5. Other Events
On June 14, 1996, the Registrant issued the press release ("Press
Release") attached hereto as Exhibit 99 and incorporated herein by this
reference. For further details, reference is made to the Press Release.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
Exhibit 99 -- Press Release dated June 14, 1996.
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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.
LAKEVIEW FINANCIAL CORP.
Date: June 17, 1996 By: /s/ Kevin J. Coogan
Kevin J. Coogan
President and Chief
Executive Officer
Exhibit 99
Press Release Dated June 14, 1996
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[LAKEVIEW FINANCIAL CORP. LETTERHEAD]
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
June 14, 1996 Anthony G. Gallo
Vice President and CFO
(201) 890-1234
LAKEVIEW FINANCIAL CORP., PATERSON, NEW JERSEY
ANNOUNCES SUBSIDIARY INTEREST IN IMC
PUBLIC OFFERING
Lakeview Financial Corp. -- June 14, 1996 -- Kevin J. Coogan, President
and Chief Executive Officer of Lakeview Financial Corp., Paterson, New Jersey
(the "Company"), the parent holding company of Lakeview Savings Bank (the
"Savings Bank") and Branchview Inc. ("Branchview), announced today that Industry
Mortgage Company ("IMC") of which Branchview owns a limited partnership interest
of 8.81%, has filed a Prospectus with the Securities and Exchange Commission
(SEC) relating to the sale in an underwritten initial public offering of
3,100,000 shares of its common stock (the "Offering").
IMC is a specialized consumer finance company engaged in purchasing,
originating, servicing and selling home equity loans secured primarily by first
liens on one-to four-family residential properties. IMC purchases and originates
home equity loans through a diversified network of 248 correspondents, 1,348
mortgage loan brokers and, to a lesser extent, on a retail basis through its
recently initiated direct consumer lending effort.
Upon completion of the Offering, Branchview expects to own 825,000 shares
of restricted IMC common stock. The total amount of outstanding shares of common
stock is expected to be approximately 11,065,092 shares. Though the stock is
restricted from resale by Branchview for two years, if the Offering is
successful at the initial offering price of $18.00 per share, the market value
of the shares owned by Branchview would be approximately $14.8 million. The
original cost to Branchview for its investment in IMC was approximately $6.6
million.
Mr. Coogan stated that, "He believes this Offering will have a positive
impact on the Company's shareholder value."
Lakeview Savings Bank is a New Jersey chartered savings bank that conducts
its business from eight locations in Passaic and Bergen Counties, New Jersey.
Deposits at Lakeview are insured up to the maximum legal amount by the Federal
Deposit Insurance Corporation (FDIC). The Corporation's common stock is traded
in the over-the-counter market and reported on the NASDAQ National Market System
under the symbol "LVSB".
