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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) January 9, 1998
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EVEREN CAPITAL CORPORATION
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(Exact name of Registrant as specified in its charter)
DELAWARE 1-13940 36-4019175
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(State or other (Commission File Number) (IRS Employer
jurisdiction of incorporation) Identification No.)
77 West Wacker Drive Chicago, IL 60601
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(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code (312) 574-6000
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On January 9, 1998 EVEREN Capital Corporation (the "Company") completed the
acquisition of Principal Securities Holding Corporation and its wholly-owned
subsidiary, Principal Financial Securities, Inc., from Principal Mutual Life
Insurance Company for $75 million in cash.
Principal Financial Securities, Inc. ("PFSI") is a registered securities broker-
dealer and will operate as a separate subsidiary of the Company until PFSI's
back office and other operating activities can be combined with those of EVEREN
Securities, Inc., one of the Company's existing subsidiaries.
Item 7. Financial Statements and Exhibits
(a) Financial Statements--Not applicable.
(b) Pro forma financial information--Not applicable.
(c) Exhibits
99 Press release dated January 9, 1998
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SIGNATURE
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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.
EVEREN CAPITAL CORPORATION
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(Registrant)
Dated: January 21, 1998 By: /s/ Daniel D. Williams
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Chief Financial Officer
(Principal Financial and Accounting
Officer of the Registrant)
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FOR MORE INFORMATION:
Edgar P. McDougal
(312) 574-5791
Caron L. Schreiber
(312) 574-5724
EVEREN CAPITAL CORPORATION COMPLETES
ACQUISTION OF PRINCIPAL FINANCIAL SECURITIES
CHICAGO, Jan. 9, 1998 - EVEREN Capital Corporation (NYSE: EVR) today
announced the completion of its acquisition of Principal Financial Securities,
Inc. from The Principal Financial Group for $75 million in cash. The
acquisition was originally announced on Dec. 15, 1997.
Together, the two firms hold approximately $55 billion of client assets in
more than 600,000 active accounts nationwide and employ more than 1,700
investment consultants operating out of approximately 185 branch offices. They
also provide comprehensive corporate finance and equity research capabilities to
emerging growth companies in select industries as well as complementary
investment banking activities in fixed income capital markets, institutional
sales and trading. Based on historical results for the nine months ended Sept.
30, 1997, the combined companies produced pro forma annualized net revenues,
which include net interest, of $699 million.
EVEREN Capital Corporation is the parent company of EVEREN Securities,
Inc., which ranks among the 10 largest national full-service brokerage firms in
the U.S. Principal Financial Securities and EVEREN Securities will operate as
separate broker-dealers until Principal Financial's back office and other
operating activities can be combined with those of EVEREN. This process will
begin immediately and should be completed during the 1998 second quarter.
-more-
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EVEREN COMPLETES ACQUISITION
ADD ONE
EVEREN Chairman and Chief Executive Officer James R. Boris said, "Over the
past two years, EVEREN has capitalized on the changes under way in the financial
services business by transforming a collection of previously disparate regional
firms into a unified securities brokerage with a national scope. Our new
associates from Principal Financial Securities will help us gain momentum in a
number of key markets critical to continuing our growth."
EVEREN Capital Corporation is a financial services holding company with
operating subsidiaries in the securities brokerage and clearing businesses, as
well as an equity interest in Mentor Investment Group, an asset management firm.
One of the largest majority employee-owned companies in the U.S., EVEREN is
dedicated to expanding its retail franchise while increasing the proportion of
revenues contributed by its capital markets and asset management businesses.
In addition to EVEREN Securities, EVEREN Capital Corporation also is the
parent company of EVEREN Clearing Corp., which provides securities execution and
clearing services and commodities clearing services for EVEREN Securities and
other broker-dealers. EVEREN Securities, Inc., Principal Financial Securities,
Inc. and EVEREN Clearing Corp. are members of the Securities Investor Protection
Corporation, the New York Stock Exchange and other principal exchanges.
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