0000898430-95-001568.txt : 19950815 0000898430-95-001568.hdr.sgml : 19950815 ACCESSION NUMBER: 0000898430-95-001568 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FINANCIAL CENTER BANCORP CENTRAL INDEX KEY: 0000724769 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 942878349 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13464 FILM NUMBER: 95562628 BUSINESS ADDRESS: STREET 1: PO BOX 2621 CITY: SAN FRANCISCO STATE: CA ZIP: 94126 BUSINESS PHONE: 4157882265 10-Q 1 FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended June 30, 1995 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ___________ COMMISSION FILE NUMBER 0-13464 FINANCIAL CENTER BANCORP ------------------------------------------------------ (exact name of registrant as specified in its charter) CALIFORNIA 94-2878349 ------------------------------------------------------------------------ (State or other jurisdiction of (I. R. S. Employer incorporation or organization) Identification No.) P.O. BOX 2621, SAN FRANCISCO, CA 94126-2621 ---------------------------------------------------- (address of principal executive office) (NONE) ------------------------------------------------------- (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 [_] As of June 30, 1995, 1,270,306 Shares of Common Stock, no par value, were outstanding. Page 1 PART 1 - FINANCIAL INFORMATION FINANCIAL CENTER BANCORP AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Jun 30, Dec 31, 1995 1994 ----------- ----------- (000's omitted) ASSETS Cash and Due From Banks $ 30 $ 34 Other Assets 37 37 ----------- ----------- Total Assets $ 67 $ 71 =========== =========== LIABILITIES AND SHAREHOLDER'S EQUITY Accrued Liabilities $ 5 $ 5 Shareholder's Equity Common Stock 12,613 12,613 Accumulated Deficit (12,551) (12,547) ----------- ----------- Total Shareholder's Equity 62 66 Total Liabilities and Shareholder's Equity $ 67 $ 71 =========== ===========
(see notes to consolidated financial statements) Page 2 PART 1 - FINANCIAL INFORMATION FINANCIAL CENTER BANCORP AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
3 Months Ended 6 Months Ended Jun 30 Jun 30 Jun 30 Jun 30 1995 1994 1995 1994 ----------- ---------- ----------- ----------- (000's omitted) (000's omitted) Interest Income $ $ $ $ Interest Expense ----------- ---------- ----------- ----------- Net Interest Income Other Income Other Expense 2 3 4 5 ----------- ---------- ----------- ----------- Net Income (Loss) $ (2) $ (3) $ (4) $ (5) =========== ========== =========== =========== Income (Loss) Per Common and Equivalent Share ----------- ---------- ----------- ----------- Net $ --- $ --- $ --- $ --- =========== ========== =========== ===========
(see notes to consolidated financial statements) Page 3 PART 1 - FINANCIAL INFORMATION FINANCIAL CENTER BANCORP AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended Jun 30, Jun 30, 1995 1994 ------------- ------------- (000's omitted) Operating Activities: Net Income (Loss) $ (4) $ (5) Reconciliation to Cash Provided (Used) by Operating Activities Equity in Undistributed Net Income (Loss) of Bank Net Change in Other Assets ------------- ------------- Net Cash Provided (Used) by Operating Activities $ (4) $ (5) Cash and Equivalents: Beginning of Period $ 34 $ 41 ------------- ------------ End of Period $ 30 $ 36 ============= ============
(see notes to consolidated financial statements) Page 4 FINANCIAL CENTER BANCORP AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. CONSOLIDATED FINANCIAL STATEMENTS --------------------------------- In the opinion of management, the unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position at June 30, 1995 and December 31, 1994 and the results of operations and cash flows for the quarters ended June 30, 1995 and 1994. 2. SIGNIFICANT ACCOUNTING POLICIES ------------------------------- Net income (loss) per common share - Computed using the weighted average number ---------------------------------- of shares outstanding during the period, and the dilutive effect of stock options and warrants. For the six months ended June 30, 1995 the stock options were antidilutive and were not used in the calculation. Shares used in the calculation were 1,270,306 for the quarters ended June 30, 1995 and 1994. Page 5 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 OVERVIEW On May 4, 1992, the Company's only operating subsidiary, The Financial Center Bank, n. a., (the "Bank") was declared insolvent by the OCC. The OCC appointed the FDIC as receiver of the Bank (the "Receivership"). The Bank's insolvency was precipitated by the FDIC's late April notification that the Bank would no longer be permitted to renew maturing brokered deposits for funding purposes. Since May 4, 1992, the Company conducted no business operations and has lacked access to most of the records of the Bank and its own records. As a result of the OCC's actions, by letter dated May 7, 1992, the Federal Reserve Bank of San Francisco stated that the Company ceased to be a bank holding company at the time the Bank was declared insolvent. Since that time, the Company has conducted no business operations and has held no shareholders' meetings and has no plans to conduct any business. The Company is not able to estimate at this time the future surplus or loss that the FDIC may realize from the liquidation of the Bank's assets. However, the Company does not currently expect to receive any payment for its shares of the Bank and does not currently expect that the Company's shareholders will receive any distribution on their shares when the Company is dissolved after payment of obligations to creditors. The remaining liquid assets of the Company ($30,000 at June 30, 1995) will likely be used for outstanding obligations and winding down expenses. The Company can no longer use the premises formerly leased by the Bank and is without any offices or telephone. Correspondence may be directed to Corporate Secretary, Financial Center Bancorp, Post Office Box 2621, San Francisco, CA 94126-2621. RESULTS OF OPERATIONS AND FINANCIAL CONDITION Given the impact of the OCC's actions on the results of operations and the resulting financial condition for the period ended June 30, 1995, management believes that a comparison to any prior periods is not meaningful and, therefore, is not presented. As of June 30, 1995, the Company had cash balances of $30,000 and taxes receivable (under a tax sharing agreement with the Bank) of $37,000. Liabilities totaled $5,000 resulting in shareholder's equity of $62,000. As stated previously, management does not believe that the Company's shareholders will receive any distribution on their shares after winding down expenses and creditor obligations are paid. Page 6 PART II - OTHER INFORMATION ITEM 2 Changes in securities None ITEM 6 Exhibits and Reports on Form 8-K None Page 7 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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, in the City and County of San Francisco, State of California, On August 10, 1995 FINANCIAL CENTER BANCORP By /s/ Anthony P. Rebele ------------------------------ Anthony P. Rebele Director Page 8 EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 6-MOS DEC-31-1995 JAN-01-1995 JUN-30-1995 30 0 37 0 0 0 0 0 67 5 0 62 0 0 0 67 0 0 0 0 4 0 0 (4) 0 0 0 0 0 (4) 0 0