UNITED STATES
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549 OMB NUMBER: 3235-0058
EXPIRES: MAY 31, 1997
FORM 12b-25 ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE..2.50
NOTIFICATION OF LATE FILING
SEC FILE NUMBER
0-24686
CUSIP NUMBER
320816 10 1
(Check One): Form 10 K Form 20 F Form 11 K [X] Form 10 Q Form N SAR
For Period Ended: March 31, 1997
[ ] 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:
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
N/A
PART I REGISTRANT INFORMATION
First Merchants Acceptance Corporation
Full Name of Registrant
N/A
Former Name if Applicable
570 Lake Cook Road, Suite 126
Address of Principal Executive Office (Street and Number)
Deerfield, Illinois 60015
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)
[X] (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 or Form N SAR, or portion thereof, will be
filed on or before the fifteenth calendar day following the prescribed
due date; or the subject quarterly report of 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 the reasons why Forms 10 K, 20 F, 11 K, 10 Q,
N SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
The subject report on Form 10 Q could not be filed within the prescribed time
period because information required for its completion and filing is not yet
available due to an inability of management to determine the required
information as a result of discovered accounting irregularities and related
matters previously described in the Registrant's Current Report on Form 8 K
dated April 16, 1997. Although the Registrant will attempt to file the Form
10 Q on or before the fifth calendar day following the prescribed due date, it
is highly unlikely that the Form 10 Q will be filed by such date. The precise
filing date remains uncertain.
PART IV OTHER INFORMATION
(1)Name and telephone number of person to contact in regard to this notification
Norman Smagley (847) 948 9300
(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 Act of 1940
during the preceding 12 months or for such shorter period that the
registrant was required to file such reports(s) been filed? If answer is
no,identify reports(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? [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.
As previously described in the Registrant's Current Report on Form 8-K
dated April 16, 1997, the Registrant presently anticipates announcing
a loss for the quarter ended March 31, 1997 primarily because of a
significant increase in the provision for credit losses reflecting
changes in management's estimates of projected required reserves. As
further described in the Form 8-Ks dated April 16 and May 15, 1997,
management is conducting a review of financial results for the year ended
December 31, 1996. The financial results for the quarter ended
March 31, 1997 cannot be determined until such review is completed.
First Merchants Acceptance Corporation
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date May 15, 1997 By /s/ Norman Smagley
Senior Vice President and Chief Financial Officer
