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: October 31, 1999

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 Pinnacle Banc Group, Inc. ("Pinnacle"), a holding company with headquarters in Oakbrook, Illinois, in a transaction that was effective as of September 3, 1999. All outstanding shares of Pinnacle were converted into Old Kent common stock, except for insignificant cash payments for fractional shares. Old Kent will account 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 a combined, condensed unaudited statement of the results of operations of Old Kent Financial Corporation and its subsidiaries for the month ended October 31, 1999.

               Pre-tax income for September includes $16 million of one-time merger related charges. These charges result in a $10.8 million negative impact to net income. Operating results for the one month period ended October 31, 1999 are not necessarily indicative of the results that may be expected for the three-month period or the year ending December 31, 1999.

               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, 1998, and its quarterly report on Form 10-Q for the quarter ended June 30, 1999.
 
 

-2-

OLD KENT FINANCIAL CORPORATION
Condensed Combined Income Statement (Unaudited)
(In thousands of Dollars)

		For the Month Ended October 31, 1999
Interest Income			$    108,885
Interest Expense			50,967
Net Interest Income			57,918
Provision for Loan Losses			2,550
Net Interest Income After Provision			55,368
Other Income:
	Mortgage Banking Revenues		15,869
	Investment Management & Trust Revenues		6,021
	Deposit Account Revenues		6,062
	Other Income		6,491
Total Other Income			34,443
Other Expenses:
	Salary and Benefits Expense		28,380
	Occupancy & Equipment		8,199
	Other Expenses		17,621
Total Other Expenses			54,200
	Income before Taxes		35,611
	Income Taxes		12,399
	Net income		$     23,212

 
 
 


-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.
 

Dated: November 9, 1999 OLD KENT FINANCIAL CORPORATION
(Registrant)
  By: /s/ Janet S. Nisbett      Janet S. Nisbett
     Senior Vice President and Controller

-4-