Old Kent Financial 8-K Current report

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: March 31, 2000


Old Kent Financial Corporation
(Exact name of registrant as
specified in its charter)

Michigan
(State or other
jurisdiction of
incorporation) 0-14591
(Commission
File Number) 38-1986608
(IRS Employer
Identification no.)

111 Lyon Street, N.W.
Grand Rapids, Michigan
(Address of principal executive offices)  
49503
(Zip Code)

Registrant's telephone number,
including area code: (616) 771-5000

Item 5. Other Events.

                    Old Kent Financial Corporation ("Old Kent") acquired Merchants Bancorp, Inc. ("Merchants"), a holding company with headquarters in Aurora, Illinois, in a transaction that was effective as of February 11, 2000. All outstanding shares of Merchants were converted into Old Kent common stock, except for insignificant cash payments for fractional shares. Old Kent accounted for the acquisition as a pooling-of-interests.

                    ASR 135, as interpreted by SAB 65, indicates that no affiliate of either combining company may reduce its risk relating to its common shareholder position during a period ending when financial results including at least 30 days of post-merger combined operations have been published. This Form 8-K is filed for the purpose of publishing combined operating results to satisfy this provision. The following is condensed, consolidated unaudited statement of the results of operations of Old Kent Financial Corporation and its subsidiaries for the month ended March 31, 2000.

                    Pre-tax income for February 2000 includes $26.1 million of one-time merger related charges. These charges result in a $17.5 million negative impact to net income. Operating results for the one month period ended March 31, 2000, are not necessarily indicative of the results that may be expected for the three-month period ending March 31, 2000 or the year ending December 31, 2000.

                    The following statement does not include all of the information and the footnotes required by generally accepted accounting principles for complete financial statements. For further information, reference should be made to the consolidated financial statements and footnotes included in Old Kent Financial Corporation's annual report on Form 10-K for the year ended December 31, 1999.

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OLD KENT FINANCIAL CORPORATION
Condensed Consolidated Results of Operatoins (Unaudited)
(In thousands of Dollars)

For the
Month Ended
March 31, 2000

Interest Income		$    120,825
Interest Expense		61,727
Net Interest Income		59,098
Provision for Loan Losses		2,300
Net Interest Income After Provision		56,798
Other Income:
	Mortgage Banking Revenues	15,808
	Investment Management & Trust Revenues	7,026
	Deposit Account Revenues	6,434
	Other Income	11,239
Total Other Income		40,507
Other Expenses:
	Salary and Benefits Expense	28,724
	Occupancy & Equipment	8,508
	Other Expenses	18,327
Total Other Expenses		55,559
	Income before Taxes	41,746
	Income Taxes	12,806
	Net income	$      28,940

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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.

Dated: April 27, 2000 OLD KENT FINANCIAL CORPORATION
       (Registrant)

By: /s/ Janet S. Nisbett       Janet S. Nisbett
      Senior Vice President and Controller