SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25, 1999
UNION ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)
INDIANA
(State or other jurisdiction of incorporation)
0-26412 35-1908796
(Commission File Number) (IRS Employer
Identification No.)
250 N. Shadeland Avenue, Indianapolis, IN 46219
(Address of principal executive offices) (Zip Code)
(317) 231-6400
(Registrant's telephone number, including area code)
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Item 4. Changes in Registrant's Certifying Accountants
On February 25, 1999, Union Acceptance Corporation (the "Company") notified KPMG
LLP that such firm was dismissed as its independent auditors as of
such date.
The audit reports of KPMG LLP on the Company's financial statements for the
fiscal years ended June 30, 1998 and 1997 did not contain an adverse opinion or
a disclaimer of opinion and were not qualified or modified as to uncertainty,
audit scope, or accounting principles.
The decision to change accountants was approved by the audit committee of the
Company's Board of Directors.
In connection with the audits of the Company's financial statements for the
fiscal years ended June 30, 1998 and 1997, and in the subsequent interim period
through December 31, 1998 there were no disagreements with KPMG LLP on any
matters of accounting principles or practices, financial statement disclosure,
or auditing scope or procedures which, if not resolved to the satisfaction of
KPMG LLP, would have caused KPMG LLP to make reference to the matter in its
report.
The Company requested that KPMG LLP furnish it a letter addressed to the
Commission stating whether it agrees with the above statements. A copy of that
letter, dated March 3, 1999 is filed as Exhibit 16 to this Form 8-K.
The Company expects to appoint successor auditors before the end of March, 1999.
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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.
UNION ACCEPTANCE CORPORATION
March 3, 1999 By: /s/ Rick A. Brown
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Rick A. Brown, Vice President
Treasurer and Chief Financial Officer
March 3, 1999
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for Union Acceptance Corporation and,
under the date of August 27, 1998, we reported on the consolidated balance
sheets of Union Acceptance Corporation and Subsidiaries as of June 30, 1998 and
1997, and the related consolidated statements of earnings (loss) and
comprehensive earnings (loss), shareholders equity, and cash flows for each of
the years in the three-year period ended June 30, 1998. On February 25, 1999 our
appointment as principal accountants was terminated. We have read Union
Acceptance Corporation's statements included under Item 4 of its Form 8-K dated
March 3, 1999, and we agree with such statements, except that we are not in a
position to agree or disagree with Union Acceptance Corporation's statement that
the change in auditors was approved by the Audit Committee of the Company's
Board of Directors or that the Company expects to appoint successor auditors
before the end of March 1999.
Very truly yours,
KPMG LLP
Indianapolis, Indiana
