-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QMVp/MSA6YuMXJt5Tqr3sBfxUdGLm7uHYK5bPl/8As7USYWvSnWcscOJFLTtSScX ZFXijsJT+itGWBxP4h2z8w== 0000771667-96-000003.txt : 19960329 0000771667-96-000003.hdr.sgml : 19960329 ACCESSION NUMBER: 0000771667-96-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960328 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960328 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AHMANSON H F & CO /DE/ CENTRAL INDEX KEY: 0000771667 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 950479700 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08930 FILM NUMBER: 96540132 BUSINESS ADDRESS: STREET 1: 4900 RIVERGRADE RD CITY: IRWINDALE STATE: CA ZIP: 91706 BUSINESS PHONE: 8189606311 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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): March 28, 1996 H. F. Ahmanson & Company ------------------------------ (Exact name of registrant as specified in charter) Delaware 1-8930 95-0479700 -------------- ------------ ---------------- (State or other jurisdiction of (Commission File (IRS Employer incorporation) Number) Identification No.) 4900 Rivergrade Road, Irwindale, California 91706 ------------------------------------------------- ----------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (818) 960-6311 Not applicable (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS. On March 28, 1996, Home Savings of America, FSB, ("Home Savings"), a wholly-owned subsidiary of H. F. Ahmanson & Company, announced that it had signed a definitive agreement to purchase the 61 divested branches of First Interstate Bancorp from Wells Fargo & Company. As part of this transaction, Home Savings will acquire $2.5 billion of deposits and $1.3 billion in loans. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial Statements of Business Acquired. Not applicable. (b) Pro Forma Financial Information. Not Applicable. (c) Exhibits. 99.1 Press release dated March 28, 1996. 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 hereunto duly authorized. Date: March 28, 1996 H. F. AHMANSON & COMPANY /s/ Tim S. Glassett ------------------------------ By: Tim S. Glassett First Vice President and Assistant General Counsel EXHIBIT INDEX SEQUENTIALLY EXHIBIT NO. DESCRIPTION NUMBERED PAGE 99.1 Press release dated March 28, 1996. EX-99.1 2 H. F. AHMANSON & COMPANY HOME SAVINGS OF AMERICA NEWS SAVINGS OF AMERICA 4900 Rivergrade Road Irwindale, California 91706 (818) 814-7922 FOR IMMEDIATE RELEASE Contacts: Media: Mary Trigg 818-814-7922 Investor: Steve Swartz 818-814-7986 HOME SAVINGS OF AMERICA WINS BIDDING FOR FIRST INTERSTATE BRANCHES Acquisition Immediately Accretive To Earnings; Accelerates Home Savings' Transformation To a Full-Service Consumer Bank Irwindale, CA, March 28, 1996 -- Home Savings of America, principal subsidiary of H. F. Ahmanson & Company (NYSE:AHM), announced today it has signed a definitive agreement to purchase the 61 divested branches of First Interstate Bancorp (NYSE:I) from Wells Fargo & Company (NYSE:WFC). As part of this transaction, Home Savings will acquire $1.3 billion in loans. The First Interstate branches being sold comprise 61 retail branches in 21 California counties with approximately $2.5 billion in deposits. Approximately 70% of the deposits are concentrated in San Diego, Sacramento, Kern, Riverside and Ventura Counties. "This is an unmatched opportunity for Home Savings of America," said Charles R. Rinehart, Chairman and Chief Executive Officer of Ahmanson and Home Savings. "It is an opportunistic acquisition that is immediately accretive to earnings and accelerates our transformation to a leading full- service consumer bank. We want to reach beyond the traditional services offered by a thrift and expand our product offerings to individuals and small businesses. These branches are a major step in that direction; they provide us with an important critical mass of consumer and small business customers and people with great expertise in these businesses. "This transaction is also good for California," Mr. Rinehart continued. "Home Savings is the state's third-largest financial institution and has been a major employer and investor in the growth and success of California for over a century. The addition of these branches, combined with our strong presence in over 100 markets throughout California, will significantly add to our ability to provide the financial products and services needed by consumers and small businesses." During the past few years, Home Savings has significantly increased its investment in California. Since 1993, Home Savings has sold major banking franchises in New York, Illinois, Ohio, and Missouri, while adding approximately $4.4 billion of deposits through acquisitions in California. "We welcome the customers and employees of the First Interstate branches, which are critical components of a successful banking combination," Mr. Rinehart said. "Our experience, gathered over many past acquisitions, is that the best way to keep customers is by keeping the employees who customers know and trust. We are eager to demonstrate to these customers our desire to serve their financial needs." The transaction is subject to regulatory approval and is expected to close during the third quarter of 1996. The purchase price for the $1.3 billion of loans and the $2.5 billion of deposits represents a premium of 8.11% of the deposits alone. The Company expects to consolidate up to 27 branches. A restructuring charge of $0.06 to $0.09 per fully diluted common share will be recorded for the consolidation of these branches. "We have carefully evaluated this transaction. It is an excellent strategic fit for us and it is more accretive than a stock buyback," said Kevin M. Twomey, Senior Executive Vice President and Chief Financial Officer. Smith Barney Inc. acted as financial advisor to H. F. Ahmanson & Company and Home Savings in the transaction. H. F. Ahmanson & Company is the parent company of Home Savings of America, one of the nation's leading residential mortgage lenders, and of Griffin Financial Services, which provides securities brokerage services and investment and insurance products. H. F. Ahmanson, which has assets of $50.5 billion and deposits of $34.2 billion as of December 31, 1995, currently operates 343 financial service centers in four states and 121 mortgage lending offices in ten states. ********** Additional information, including monthly financial data, about H. F. Ahmanson & Company and Home Savings of America can be retrieved free of charge using the following services: Internet: http://www.investquest.com Fax-on-Demand: (614) 844-3860 On-line BBS: (614) 844-3868 -----END PRIVACY-ENHANCED MESSAGE-----