-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, YQmnzPenTOaHCtBiPAmU2RkAgXETWNzIWOcznhGJIKapyqhpw0QZlBgLLW9YfjWW ujOqaUOZzUeWI3kWrMicPQ== 0000009672-94-000016.txt : 19940707 0000009672-94-000016.hdr.sgml : 19940707 ACCESSION NUMBER: 0000009672-94-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940630 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANKAMERICA CORP CENTRAL INDEX KEY: 0000009672 STANDARD INDUSTRIAL CLASSIFICATION: 6021 IRS NUMBER: 941681731 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07377 FILM NUMBER: 94537600 BUSINESS ADDRESS: STREET 1: BANK OF AMERICA CTR STREET 2: 555 CALIFORNIA ST CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: 4156223530 MAIL ADDRESS: STREET 1: 555 CALIFORNIA STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94104 8-K 1 FORM 8-K DATED JUNE 30, 1994 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 June 30, 1994 (Date of earliest event reported) BankAmerica Corporation (Exact name of registrant as specified in its charter) Delaware 1-7377 94-1681731 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification Number) Bank of America Center 555 California Street San Francisco, California 94104 (Address of principal executive offices) (Zip Code) 415-622-3530 (Registrant's telephone number, including area code) Item 5. Other Events. Attached hereto as Exhibit 99 is a copy of BankAmerica Corporation's press release dated June 30, 1994 titled "BankAmerica Announces Sale of U.S. Government Agency Structured Securities." Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (a) Financial Statements of Businesses Acquired Not applicable. (b) Pro Forma Financial Information Not applicable. (c) Exhibits Exhibit Number Description 99 BankAmerica Corporation press release dated June 30, 1994 titled "BankAmerica Announces Sale of U.S. Government Agency Structured Securities." 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. BANKAMERICA CORPORATION (Registrant) Date: June 30, 1994 By /s/ PAUL R. OGORZELEC Paul R. Ogorzelec Executive Vice President EX-99 2 BANKAMERICA ANNOUNCES SALE OF U.S. GOVERNMENT AGENCY STRUCTURED SECURITIES EXHIBIT INDEX Exhibit Number Description 99 BankAmerica Corporation press release dated June 30, 1994 titled "BankAmerica Announces Sale of U.S. Government Agency Structured Securities." Exhibit 99 BankAmerica Corporation News For release: Contact: Greg Berardi Peter Magnani (415) 622-2645 (415) 953-2418 BANKAMERICA ANNOUNCES SALE OF U.S. GOVERNMENT AGENCY STRUCTURED SECURITIES SAN FRANCISCO, June 30, 1994 -- BankAmerica Corporation said today that the Pacific Horizon Prime Fund and Government Fund have completed the sale of all U.S. government agency structured securities held by those funds. None of the other Pacific Horizon money market mutual funds have government agency structured securities in their portfolios. Bank of America NT&SA, BankAmerica Corporation's principal subsidiary, serves as investment advisor for all the Pacific Horizon funds. "Given the volatility in U.S. government-issued money market securities and the concern expressed in recent weeks over these instruments, we elected to remove them from the Pacific Horizon funds," Vice Chairman Michael Rossi said. "We concluded that this was the best course for the fund's shareholders and our customers." Rossi said that the sales of the securities were initiated recently and completed this week. The U.S. government agency securities are permissible investments for the funds and the instruments themselves had the highest credit ratings. However, due to price pressures on such instruments, the funds incurred a loss on the sale. As a result, BankAmerica made capital additions of $50.5 million to the funds, which represents an after-tax expense to the corporation of approximately $30 million. "It should be clearly understood that we made the capital additions from the company's corporate funds, not from depositors' funds," Rossi said. Several weeks ago, BankAmerica Corporation confirmed that it had made a capital addition of about $17.4 million (after-tax expense: approximately $10 million) to the Pacific Horizon Prime Fund. The addition was made after the fund was forced to sell other permissible investments at a loss to meet heavy fund redemptions brought on by rapidly increasing interest rates. The BankAmerica Vice Chairman said that three factors led to the decision to sell the securities. They were: quickly rising interest rates; a significant level of redemptions during this period of rising interest rates; and -- more recently -- general indications by regulators that government-issued structured securities may be considered inappropriate for money-market mutual funds in the future. BankAmerica said that it continues to expect that its second- quarter earnings, which will be reported on July 20, will exceed first- quarter earnings of $1.27 per share. ##### -----END PRIVACY-ENHANCED MESSAGE-----