UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q/A
(X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended September 30, 1996
or
( ) Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the transition period from ________ to _______.
Commission File No. 0-24686
FIRST MERCHANTS ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
36-3759045
(I.R.S. Employer Identification Number)
570 Lake Cook Road, Suite 126, Deerfield, Illinois 60015
(Address of principal executive offices)
(847) 948-9300
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes (X) No ( )
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock $.01 par value, 6,525,519 shares outstanding as of November 1,
1996.
<PAGE>
PART II - OTHER INFORMATION
Item 6. (a) Exhibits - See exhibit index following the signature page.
(b) Reports on Form 8-K - On September 26, 1996 the Company
filed an 8-K regarding an $117.5 million securitization.
The following items were reported:
Item 2. Acquisition or Disposition of
Assets
Item 7. Financial Statements and
Exhibits
<PAGE>
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.
FIRST MERCHANTS ACCEPTANCE CORPORATION
By: /s/ Mitchell C. Kahn
Its: President and Chief Executive
Officer
By: /s/ Thomas R. Ehmann
Its: Vice President and Chief Financial
Officer
Date: November 14, 1996
<PAGE>
INDEX OF EXHIBITS
Exhibit No. Description
10.1 Amended and Restated Trust Agreement, dated as of September 1, 1996,
between First Merchants Automobile Receivables Corporation II, as
Depositor and Chase Manhattan Bank Delaware as Owner Trustee, filed
with the Commission as Exhibit 1 to the Company's 8-K dated September
26, 1996, is incorporated herein by reference.
10.2 Sales and Servicing Agreement dated as of September 1, 1996 among First
Merchants Auto Trust 1996-B, as Issuer, First Merchants Auto Receivable
Corporation II, as Seller, and First Merchants Acceptance Corporation,
as Servicer, and Harris Trust and Savings Bank, as Indenture Trustee,
Collateral Agent and Backup Servicer, filed with the Commission as
Exhibit 2 to the Company's 8-K dated September 26, 1996, is
incorporated herein by reference.
10.3 Receivables Purchase Agreement, dated as of September 1, 1996, between
First Merchants Acceptance Corporation, and First Merchants Auto
Receivables Crporation II filed with the Commission as Exhibit 3 to
the Company's 8-K dated September 26, 1996, is incorporated
herein by reference.
10.4 Indenture dated as of September 1,1996 between First Merchants Acceptance
Auto Trust 1996-B and Harris Trust and Savings Bank, as Indenture Trustee
filed with the Commission as Exhibit 4 to the Company's 8-K dated
September 26, 1996, is incorporated herein by reference.
11.* Statement Regarding Computation of Per Share Earnings filed
herewith.
27. Financial Data Schedule filed herewith.
_______________________
* Filed as an Exhibit to the Company's original Quarterly Report on
Form 10-Q for the quarter ended September 30, 1996.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The information included in this Financial Data Schedule shall not be deemed
to be filed with the Securities and Exchange Commission and is qualified in
its entirety by reference to the finacial and other information included
elsewhere in this Quarterly Report on Form 10-Q.
</LEGEND>
<CIK> 0000926296
<NAME> FIRST MERCHANTS ACCEPTANCE CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 808
<SECURITIES> 0
<RECEIVABLES> 284,571
<ALLOWANCES> (17,096)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 5,014
<DEPRECIATION> (1,171)
<TOTAL-ASSETS> 349,383
<CURRENT-LIABILITIES> 0
<BONDS> 13,982
0
0
<COMMON> 65
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 349,383
<SALES> 0
<TOTAL-REVENUES> 71,587
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 28,973
<LOSS-PROVISION> 12,000
<INTEREST-EXPENSE> 15,024
<INCOME-PRETAX> 15,590
<INCOME-TAX> 6,080
<INCOME-CONTINUING> 9,510
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,510
<EPS-PRIMARY> 1.41
<EPS-DILUTED> 1.41
</TABLE>
