<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12B-25
Commission File Number 33-84272
--------
NOTIFICATION OF LATE FILING
(Check One): [ ] Form 10-K [ X ] Form 11-K [ ] Form 20-F [ ] Form 10-Q
[ ] Form N-SAR
For Period Ended: December 31, 1995
--------------------------------------------------------------
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended: _______________________________________________
Read attached instruction before preparing form. Please print or type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:
Items 1-4 with respect to the Watsonville Federal Savings 401(k)Plan
---------------------------------------------------------------------------
for the fiscal year ending December 31, 1995.
---------------------------------------------------------------------------
PART I - REGISTRANT INFORMATION
Full name of registrant Watsonville Federal Savings 401(k) Plan
--------------------------------------------------------
Former name if applicable
Address of principal executive office (Street and number)
36 Brennan Street
- --------------------------------------------------------------------------------
City, State and Zip Code Watsonville, California 95076
-------------------------------------------------------
PART II - RULE 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 appropriate box).
[ ] (a) The reasons described in reasonable detail in Part
III of this form could not be eliminated without
unreasonable effort or expense;
[X] (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
15th calendar day following the prescribed due date; or
the subject quarterly report or 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 12b-25(c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why the Form
10-K, 11-K, 20-F, 10-Q, N-SAR, or the transition report or
portion thereof, could not be filed within the prescribed time
period. (Attach extra sheets if needed.) See Attachment.
<PAGE> 2
PART III - NARRATIVE
The Watsonville Federal Savings 401(k) Plan (the "Plan") is part of a
multi-employer plan administered by the Reber Group. The Reber Group prepares
the Form 5500, which includes the Plan financial statements and schedules,
required by the Employee Retirement Income Security Act of 1974 ("ERISA") on
behalf of the Plan. As disclosed in the Form 11-K, the Plan intends to file such
financial statements and schedules in lieu of the financial statements required
by Items 1-3 as permitted by Item 4.
As of the date hereof, such Form 5500 for the fiscal year ending December
31, 1995 is not available for submission. The Plan will file the Form for the
year ended December 31, 1995 as soon as it is available. The Plan has been
advised by the Reber Group that the Form 5500 should be available by July 15,
1996.
<PAGE> 3
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Marshall G. Delk (408) 722-3885
- --------------------------------------------------------------------------------
(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 Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If answer is no,
identify report(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?
[ ] Yes [ x ] 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.
Watsonville Federal Savings 401(k) Plan
- --------------------------------------------------------------------------------
(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date June 28, 1996 By /s/ Marshall G. Delk
--------------------- --------------------------------------------
Marshall G. Delk
President and Chief Operating Officer
Instruction: The form may be signed by an executive officer of the
registrant or by any other duly authorized representative. The name and title of
the person signing the form shall be typed or printed beneath the signature. If
the statement is signed on behalf of the registrant by an authorized
representative (other than an executive officer), evidence of the
representative's authority to sign on behalf of the registrant shall be filed
with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (see 18 U.S.C. 1001).
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 of the General Rules and
Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the General
Rules and Regulations under the Act. The information contained in or filed with
the form will be made a matter of public record in the Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of the
registrant is registered.
4. Amendments to the notifications must also be filed on Form 12b-25 but
need not restate information that has been correctly furnished. The form shall
be clearly identified as an amended notification.
5. Electronic Filers. This form shall not be used by electronic filers
unable to timely file a report solely due to electronic difficulties. Filers
unable to submit a report within the time period prescribed due to difficulties
in electronic filing should comply with either Rule 201 or Rule 202 of
Regulation S-T or apply for an adjustment in filing date pursuant to Rule 13(b)
of Regulation S-T.
