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 23, 1999                                          0-21845
  Date of report (Date of earliest  event  reported)     Commission File Number


                     Wilshire Financial Services Group Inc.
             (Exact name of registrant as specified in its charter)


Delaware                                                  93-1223879
(State or other jurisdiction of incorporation)            (I.R.S. Employer
                                                          Identification Number)


                    776 SW Madison Street, Portland, OR 97205
               (Address of principal executive offices)(Zip Code)

                                 (503) 223-5600
               Registrant's telephone number, including area code

                                 Not Applicable
          (Former name or former address, if changed since last report)










Item 5.  OTHER EVENT.

     On June 23, 1999,  Wilshire  Financial  Services Group Inc.  ("WFSG" which,
along with its subsidiaries, is referred to herein as the "Company"), received a
letter  from NASDAQ  AMEX,  stating  that the  Company's  request for  continued
listing of its common stock on The Nasdaq National Stock Market had been denied.
Based on the change in the Company's financial structure and the nearly complete
changeover of the Company's shareholder base, the Nasdaq Listing  Qualifications
Panel (the  "Panel") was of the opinion  that the Company  should be viewed as a
new entity, which must satisfy the standards for initial inclusion on The Nasdaq
National Stock or SmallCap Market.  In that regard,  the Panel expressed concern
that the  Company  would  not be able to  comply  with  the  minimum  bid  price
requirement for initial inclusion.  Accordingly,  the Panel determined to delist
the Company's common stock from The Nasdaq National Stock Market, effective with
the close of business on June 23, 1999.

     The Company  intends to have its common  stock  quoted on the OTC  Bulletin
Board and has requested that certain market makers sponsor the Company's  common
stock for quotation on the OTC Bulletin  Board.  There can be no assurance as to
when or if the Company's common stock will be quoted on the OTC Bulletin Board.

     The Private Securities Litigation Reform Act of 1995 provides a safe harbor
for  forward-looking  statements so long as those  statements  are identified as
forward-looking  and  are  accompanied  by  meaningful   cautionary   statements
identifying  important  factors  that  could  cause  actual  results  to  differ
materially  from  those  projected  in such  statements.  All of the  statements
contained in this  release  which are not  identified  as  historical  should be
considered   forward-looking.   In  connection   with  certain   forward-looking
statements contained in this release and those that may be made in the future by
or on behalf of the Company which are identified as forward-looking, the Company
notes that there are various  factors that could cause actual  results to differ
materially from those set forth in any such forward-  looking  statements.  Such
factors  include,   but  are  not  limited  to,  the  real  estate  market,  the
availability  of pools  of loans at  acceptable  prices,  the  availability  and
conditions  of  financing  for  loan  pool   acquisitions  and   mortgage-backed
securities, interest rates and overseas expansion.  Accordingly, there can be no
assurance that the forward-looking  statements contained in this release will be
realized  or that  actual  results  will not be  significantly  higher or lower.
Readers  of  this  release  should   consider  these  facts  in  evaluating  the
information  contained herein. The inclusion of the  forward-looking  statements
contained  in this  release  should not be regarded as a  representation  by the
Company or any other  person that the  forward-looking  statements  contained in
this  release  will be  achieved.  In light of the  foregoing,  readers  of this
release  are  cautioned  not to  place  undue  reliance  on the  forward-looking
statements contained herein.








                                  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.


                                             WILSHIRE FINANCIAL SERVICES
                                              GROUP INC.



Date:  June 25, 1999                         By:  /s/  Lawrence A. Mendelsohn
                                                  Lawrence A. Mendelsohn
                                                  President

                                             By:  /s/  Chris Tassos
                                                  Chris Tassos
                                                  Executive Vice President and
                                                  Chief Financial Officer