<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
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): December 17, 1998
-----------------
Commission File Number 1-13578
DOWNEY FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
Delaware 95-1953342
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
3501 Jamboree Road Newport Beach, California 92660
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (949) 854-0300
Not applicable
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. OTHER EVENTS
On December 17, 1998, Downey Financial Corp. (the "Company") issued a
news release reporting the election of Daniel D. Rosenthal to director
of the boards of both the Company and Downey Savings and Loan
Association, F. A., its principal subsidiary. The news release of the
Company reporting this appointment is attached hereto as Exhibit 99.1
and incorporated herein by this reference.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits.
99.1 News release dated December 17, 1998 announcing new director.
<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.
DOWNEY FINANCIAL CORP.
By: /s/Donald E. Royer
---------------------------------------
Donald E. Royer
Executive Vice President and General Counsel
DATED: December 17, 1998
<PAGE>
NEWS RELEASE
For further information, contact:
Thomas E. Prince
Chief Financial Officer
(949)509-4440
DOWNEY FINANCIAL CORP. ANNOUNCES NEW DIRECTOR
Newport Beach, California - December 17, 1998 - Maurice L. McAlister,
Chairman of the Board of Downey Financial Corp. (NYSE/PCX: DSL), announced today
that Daniel D. Rosenthal has been elected a director of the boards of both
Downey Financial Corp. and Downey Savings and Loan Association, F. A. This
follows the appointment of Mr. Rosenthal as President and Chief Executive
Officer of both companies a month ago.
Downey Financial Corp., with assets of $6 billion has 91 branches located
throughout California.
