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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): July 17, 1996
WESTSIDE FINANCIAL CORPORATION
Exact name of registrant as specified in its charter
GEORGIA
State or other jurisdiction of incorporation
Commission File Number I.R.S. - 33-78046
Employee Identification Number - 58-2104977
1200 BARRETT PARKWAY KENNESAW, GEORGIA 30144
Address of Principal Executive Offices
Registrant's telephone number, including area code: 770-499-2265
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ITEM 5. OTHER EVENTS
Eastside Holding Corporation shareholders, at a Special Shareholders
Meeting held on July 16, 1996, approved the merger of Eastside Holding
Corporation into Westside Financial Corporation in accordance with the Merger
Agreement dated December 21, 1995.
The Registrant issued the following press release on July 18, 1996:
PRESS RELEASE - JULY 18, 1996
Contact: Edward C. Milligan
770-499-2265
Reggie D. Cox
770-979-2265
MERGER ANNOUNCED
Edward C. Milligan, President and CEO of Westside Financial Corporation and
Reggie D. Cox, President and CEO of Eastside Holding Corporation, announce that
all conditions of the merger between the two holding companies have been
satisfied and that the merger will be effective as of July 31, 1996.
Westside Financial Corporation, the only shareholder of Westside Bank &
Trust Company, a state chartered bank with offices in Kennesaw and Marietta, is
a $65,000,000 bank holding company. Eastside Holding Corporation, the only
shareholder of Eastside Bank & Trust Company, a state chartered bank with
offices in Snellville is a $55,000,000 holding company. The combined companies
will have total assets of $120,000,000 and equity of $14,000,000.
Eastside Bank and Westside Bank will operate as separate subsidiaries of
First Sterling Banks, Inc., which will be the new name of the surviving bank
holding company effective July 31, 1996. Members of the Board of Directors of
the new holding company are P. Harris Hines, Justice of the Supreme Court of the
State of Georgia, Harry L. Hudson, Jr., State Farm Executive, John S. Thibadeau,
Jr., President of Deauton Corporation, Benjamin H. Wofford, M.D., Marietta
Plastic Surgeon, and Edward C. Milligan, who will serve as Chairman and CEO of
the company.
Each subsidiary bank will retain its Board of Directors, management, trade
name and other primary market strengths. Reggie Cox will continue as President
and CEO of Eastside Bank and Ed Milligan will continue as President and CEO of
Westside Bank.
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Eastside Holding Corporation shareholders will receive shares in First
Sterling Banks, Inc. on a 1 for 1 basis. Westside Financial Corporation
shareholders will receive shares on a 1.23 to 1 basis, which will be
accomplished through a stock split effected in the form of a stock dividend of
.23 to 1 on July 30, 1996.
SIGNATURE
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.
WESTSIDE FINANCIAL CORPORATION
By:/s/Edward C. Milligan
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Edward C. Milligan, President
