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
Date of Report (Date of Earliest Event Reported): October 29, 1996
STIFEL FINANCIAL CORP.
(Exact Name of Registrant as specified in its Charter)
Delaware 1-9305 43-1273600
(State of (Commission File (IRS Employer
Incorporation) Number) Identification No.)
500 North Broadway
St. Louis, Missouri 63102-2188
(Address of principal executive offices, including zip code)
(314) 342-2000
(Registrant's telephone number, including area code)
Item 4. Changes In Registrant's Certifying Accountants
The Board of Directors of Stifel Financial Corp. (the
"Registrant"), upon the recommendation of its Audit Committee,
determined to replace Coopers & Lybrand L.L.P. ("Coopers") as the
Registrant's independent auditors for the year ended December 31,
1996. Coopers confirmed that its client-auditor relationship
with Registrant ceased on October 29, 1996. The Coopers audit
reports on the consolidated financial statements of the
Registrant as of and for the two years ended December 31, 1995,
did not contain an adverse opinion or a disclaimer of opinion,
and were not qualified or modified as to uncertainty, audit scope
or accounting principles.
In connection with its audit of the Registrant's financial
statements as of December 31, 1995 and for the year then ended,
Coopers recommended that Registrant record certain adjustments
which had the effect of changing previously reported unaudited
results of operations for the year ending 1995. Registrant
engaged in numerous discussions with Coopers regarding the basis
of and rationale for the adjustments. Following these
discussions the Registrant agreed with the recommendations of
Coopers and recorded the recommended adjustments. These
adjustments included the write-down of fixed assets, employee
compensation and benefits and the valuation of investments. After
giving effect to all adjustments recommended by Coopers,
previously reported unaudited net income was reduced by $222,000
for the year ended December 31, 1995.
The details concerning these adjustments and their impact on
Registrant's financial statements were previously reported to the
Securities and Exchange Commission. The 1995 quarterly results,
as adjusted, are presented in Registrant's Annual Report to
Stockholders for the year ended December 31, 1995, ("Registrant's
1995 Annual Report") which was incorporated by reference in
Registrant's Form 10-K for the year ended December 31, 1995.
Registrant's 1995 Annual Report is attached as an exhibit to this
report and incorporated herein by reference. Coopers discussed
the subject matter of the adjustments with Registrant's Audit
Committee on April 22, 1996. In connection with that discussion,
Coopers reported to Registrant's Audit Committee in writing on
April 22, 1996, that in connection with the audit of the
financial statements for the year ended December 31, 1995, "there
were no disagreements with [Coopers] by management regarding
audited financial statements or other accounting matters."
Coopers has advised Registrant, in connection with this
filing, that the adjustments described above, which were made by
the Registrant at the recommendation of Coopers, constitute
disagreements between personnel of Registrant responsible for the
presentation of its financial statements and personnel of Coopers
responsible for rendering its report on any matter of accounting
principles or practices, financial statement disclosure or
auditing scope or procedure which, if not resolved to the
satisfaction of Coopers, would have caused it to make reference
to the subject matter thereof in connection with its report.
Registrant has authorized Coopers to respond fully to the
inquiries of the successor independent auditor concerning the
subject matter of each of the adjustments. During the two years
ended December 31, 1995, and through October 29, 1996, the
independent auditor expected to be retained to replace Coopers
has not been engaged by Registrant for any auditing work or
consulting on any matter.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Businesses Acquired.
None.
(b) Pro Forma Financial Information.
None.
(c) Exhibits.
Exhibit 13: Certain portions of the Annual Report to
Shareholders for the year ended December 31,
1995 incorporated herein by reference to
Exhibit 13 to the Registrant's Report on Form
10-K for the year ended December 31, 1995.
Exhibit 16.1: Letter from Coopers & Lybrand L.L.P. to the
Registrant to confirm that the client-auditor
relationship has ceased, filed herewith.
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 hereunto duly authorized.
STIFEL FINANCIAL CORP.
Date: November 1, 1996 By: /s/ Stephen J. Bushmann
Name: Stephen J. Bushmann
Title: Chief Financial Officer