UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
MARCH 13, 1996
Date of Report (Date of earliest reported event)
FIRST COMMERCIAL CORPORATION
(Exact name of registrant as specified in its charter)
ARKANSAS 0 - 9676 71-0540166
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) file number) Identification Number)
400 WEST CAPITOL AVENUE, LITTLE ROCK, ARKANSAS 72201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (501)371-7000
Item 5. OTHER EVENTS
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As has been disclosed in Registrant's Annual Report on Form 10-K for the
year ended December 31, 1994, and the Report on Form 10-Q for the quarterly
period ended September 30, 1995, First Commercial Bank, N.A., a wholly owned
subsidiary of Registrant, has been the defendant in litigation initiated in
1989 seeking approximately $200,000,000 in compensatory damages plus punitive
damages. Plaintiffs in the litigation alleged fraudulent conspiracy,
fraudulent misrepresentation, tortious interference with a business expectancy,
breach of contract, willful breach of fiduciary duty, interference with
performance of contract, securities law violations, conversion, prima facie
tort and violations of the Federal Racketeer Influenced and Corrupt
Organizations Act as a basis for trebled damages. In June of 1991, the matter
was tried before a chancery judge in Chancery Court in Pulaski County,
Arkansas, and on June 5, 1992, the complaint was dismissed and no damages were
assessed against First Commercial Bank, N.A. Plaintiffs appealed this decision
to the Supreme Court of Arkansas in July of 1992 alleging error for failure to
try the case before a jury in Circuit Court. On July 18, 1994, the Supreme
Court of Arkansas remanded the case to Circuit Court in Pulaski County,
Arkansas, for jury trial. A six-week jury trial was held, which concluded
March 13, 1996, with the jury finding against First Commercial Bank, N.A., in
the amount of $22.5 million. First Commercial Bank, N.A., intends to appeal.
Registrant issued a press release on March 14, 1996, in response to the
verdict, and such press release is attached hereto as Exhibit 99 and is
incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) Exhibits
99 Press Release
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Pursuant to the requirements of the Securities Exchange Act of 1934,
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRST COMMERCIAL CORPORATION
/s/ J. Lynn Wright
By: -------------------------------
J. Lynn Wright
Chief Financial Officer
Date: March 14, 1996
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Index to Exhibits
Exhibit Number Exhibit
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99 Press Release
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