-----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, CayzZPtf3kfrrfo1OdScyOz0EeepLdQcN61Ef6ILYFFv5hjZdcnpr6pSB1ZerMQZ fv41I4+SFkF1JuDxH0YidQ== /in/edgar/work/20000609/0001017062-00-001370/0001017062-00-001370.txt : 20000919 0001017062-00-001370.hdr.sgml : 20000919 ACCESSION NUMBER: 0001017062-00-001370 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000602 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000609 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIFE FINANCIAL CORP CENTRAL INDEX KEY: 0001028918 STANDARD INDUSTRIAL CLASSIFICATION: [6035 ] IRS NUMBER: 330743196 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-22193 FILM NUMBER: 652806 BUSINESS ADDRESS: STREET 1: 10540 N MAGNOLIA ACE STREET 2: UNIT B CITY: RIVERSIDE STATE: CA ZIP: 92503 BUSINESS PHONE: 9096374000 MAIL ADDRESS: STREET 1: 1598 EAST HIGHLAND AVENUE CITY: SAN BERNADINO STATE: CA ZIP: 92404 8-K 1 0001.txt FORM 8-K FOR 6/2/2000 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported) June 2, 2000 LIFE FINANCIAL CORPORATION (Exact Name of Registrant as Specified in Charter) DELAWARE 0-22193 33-0743195 (State or Other Jurisdiction (Commission File No.) (IRS Employer of Incorporation) Identification No.) 10540 Magnolia Avenue, Suite B, Riverside CA 92503-1814 (Address of Principal Executive Office) (Zip Code) (909) 637-4000 (Registrant's Telephone Number, Including Area Code) ITEM 5. OTHER EVENTS On June 2, 2000 Life Financial Corporation's principal subsidiary, Life Bank (the "Bank"), received an informal oral notice from the Office of Thrift Supervision (the "OTS") that the OTS considers the Bank to be "adequately capitalized." The change in the Bank's capital category from "well capitalized" to "adequately capitalized" resulted from a determination by the OTS that for purposes of the Bank's risk-based capital calculations, certain of the Bank's assets which the Bank had risk-weighted in the 100% risk-weight category must instead be treated as low-level recourse assets. This change in the risk- weighting of these assets for risk-based capital calculations resulted in a decrease in the Bank's risk-based capital ratios. The ratios are calculated by dividing the amount of the Bank's regulatory capital by its risk-weighted assets. In addition, the OTS informed the Bank that it should calculate and present its various capital ratios based on both the assets at the end of the relevant period and average assets during the relevant period. The Bank's risk- based capital ratios following the OTS' determination and the ratios required to be "adequately capitalized" are set forth below:
----------------------------------------------------------------- MARCH 31, 2000 ----------------------------------------------------------------- Actual Required --------------------- -------------------- End of Period Amount Ratio Amount Ratio Excess/(Deficit) - ------------------------------- -------- -------- -------- -------- --------------- Total Capital (to risk-weighted assets) $25,708 8.62% $23,848 8.00% $ 1,860 Core capital (to Adjusted tangible assets) 32,247 6.43% 20,075 4.00% 12,172 Tangible Capital (to tangible assets) 32,247 6.43% 7,528 1.50% 24,719 Tier 1 capital (to risk-weighted assets) 22,959 7.70% 11,924 4.00% 11,035 Average - ------------------------------- Total Capital (to risk-weighted assets) $25,708 7.87% $26,118 8.00% $ (410) Core capital (to Adjusted tangible assets) 32,247 6.17% 20,899 4.00% 11,348 Tangible Capital (to tangible assets) 32,247 6.17% 7,837 1.50% 24,410 Tier 1 capital (to risk-weighted assets) 22,959 7.03% 13,059 4.00% 9,900
-2-
DECEMBER 31, 1999 ---------------------------------------------------------------- Actual Required -------------------- -------------------- End of Period Amount Ratio Amount Ratio Excess/(Deficit) - ------------------------------- -------- -------- -------- -------- --------------- Total Capital (to risk-weighted assets) $24,573 7.45% $26,393 8.00% $(1,820) Core capital (to Adjusted tangible assets) 31,112 6.04% 20,617 4.00% 10,495 Tangible Capital (to tangible assets) 31,112 6.04% 7,731 1.50% 23,381 Tier 1 capital (to risk-weighted assets) 21,824 6.62% 13,197 4.00% 8,627 Average - ------------------------------- Total Capital (to risk-weighted assets) $24,573 6.81% $28,868 8.00% $(4,295) Core capital (to Adjusted tangible assets) 31,112 5.88% 21,167 4.00% 9,945 Tangible Capital (to tangible assets) 31,112 5.88% 7,938 1.50% 23,174 Tier 1 capital (to risk-weighted assets) 21,824 6.05% 14,434 4.00% 7,390
The percentages and ratios to be well-capitalized under prompt and corrective action provisions as issued by the OTS are 10.0% risk-based capital, 5.0% core capital, 2.0% tangible capital and 6.0% tier 1 risk-based capital. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Financial Statements of business acquired Not Applicable (b) Proforma Financial Information Not Applicable (c) Exhibits Not Applicable -3- SIGNATURE --------- 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. LIFE FINANCIAL CORPORATION By: /s/ Robert K. Riley ------------------------------------- Robert K. Riley President and Chief Executive Officer June 9, 2000 -4- -----END PRIVACY-ENHANCED MESSAGE-----