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UNITED STATES
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 (Date of earliest event reported): January 7, 2002
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Commission File number: 0-19861
IMPERIAL CREDIT INDUSTRIES, INC.
CALIFORNIA 95-4054791
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
23550 Hawthorne Boulevard, Building 1, Suite 110
Torrance, California 90505
(310) 373-1704
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Item 5. Other Events.
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Imperial Credit Industries, Inc. and Southern Pacific Bank Announce Management
Appointments
Imperial Credit Industries, Inc. ("ICII'' or the "Company") (Nasdaq: ICII -
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news) announced January 7, 2002, key management changes at the Company and its
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principal subsidiary, Southern Pacific Bank.
Effective immediately, Richard S. Cupp has become Vice Chairman of the Board and
Chief Executive Officer of ICII. As previously announced, Cupp had been
appointed Chairman, President and Chief Executive Officer of Southern Pacific
Bank, subject to non-objection by the Bank's principal regulatory authorities.
Non-objection notices have now been received and the Bank appointments are also
effective January 7, 2002.
Brad Plantiko, Executive Vice President and Chief Financial Officer of ICII, was
appointed to the position of President, Chief Financial Officer and Chief
Operating Officer, also effective January 7, 2002. Plantiko retains his position
as EVP, Chief Financial Officer and Chief Operating Officer of Southern Pacific
Bank.
Michael Riley, Chairman of ICII, remarked, "These changes reflect the ongoing
restructuring of the Company and the Bank. Critical to the success of ICII and
Southern Pacific Bank is a committed, experienced and high performing team. We
are building the base for that success through these appointments."
General Description of the Company
Imperial Credit Industries, Inc., is the parent company of Southern Pacific
Bank, a FDIC insured industrial bank headquartered in Torrance, California.
Southern Pacific Bank offers a wide variety of commercial loan and lease
products to its borrowers and high yielding certificates of deposit, money
market, passbook, and IRA accounts to its depositors. Southern Pacific Bank
offers loans through its core lending divisions, including: Coast Business
Credit -- specializing in asset-based commercial lending; Imperial Warehouse
Finance -- offering residential mortgage repurchase facilities; the Lewis
Horwitz Organization -- the premier lender to independent film and television
production companies; the Income Property Lending Division -- lending to
multifamily and commercial property owners; and Southern Pacific BanCapital --
offering equipment leasing to middle market businesses.
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.
Date: January 9, 2002
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IMPERIAL CREDIT INDUSTRIES, INC.
By: /s/ Paul B. Lasiter
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Senior Vice President and Controller