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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): January 30, 2002
LIFE FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
0-22193
(Commission File No.)
DELAWARE 33-0743195
(State or Other Jurisdiction (IRS Employer
of Incorporation) Identification No.)
10540 Magnolia Avenue, Suite B, Riverside, CA 92505-1814
(Address of Principal Executive Offices) (Zip Code)
(909) 637-4000
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, If Changed Since Last Report)
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ITEM 4. Changes in Registrant's Certifying Accountant
(a) (i) On January 30, 2002 the Registrant notified its principal
independent accountant Grant Thornton LLP ("GT") that the Board of
Directors had decided to terminate Registrant's relationship with
GT.
(ii) GT issued a report on the Company's financial statements for
the fiscal year ended December 31, 2000 that contained a
qualification as to the Company's ability to continue as a going
concern. The going concern qualification was not a consideration
in the decision to change accountants. GT's report on the
Company's financial statements for the fiscal year ended December
31, 1999 did not contain an adverse opinion or a disclaimer of
opinion, and was not qualified or modified as to uncertainty,
audit scope or accounting principles.
(iii) The decision to change accountants was approved by the
Registrant's Board of Directors.
(iv) In the two most recent fiscal years and subsequent interim
periods, there were no disagreement with the former accountant on
any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which
disagreement if not resolved to the satisfaction of the former
accountant, would have caused it to make reference to the subject
matter of the disagreement in connection with its report.
(v) During the Registrant's two most recent fiscal years and
through January 30, 2002, GT did not advise the Registrant of any
`reportable events" as defined in Item 304(a)(i)(v) of Regulation
S-K.
(vi) The Registrant has requested GT to furnish it with a letter
addressed to the Securities and Exchange Commission stating
whether or not it agrees with the foregoing statements. A copy of
such letter is set forth below as Exhibit 16 to this Form 8-K.
(b) (i) On January 30, 2002, the Registrant retained the accounting
firm of Vavrinek, Tine, Day & Co., LLP ("VTD") to perform its
year-end audit and to provide other services.
(ii) The Registrant has not consulted with VTD on any matter
during its two most recent fiscal years and subsequent interim
periods prior to engagement regarding the application of
accounting principles to a specific transaction, either completed
or proposed, or the type of audit opinion that might be rendered
on the Registrant's financial statements, or regarding the going
concern qualification set forth in subsection (a) (ii) above.
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ITEM 7. Exhibits
Exhibit No. Description
16 Letter Re Change in Certifying Accountant
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 thereunto duly authorized.
LIFE FINANCIAL CORPORATION
Dated: February 5, 2002 By: /s/ STEVEN R. GARDNER
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Steven R. Gardner
President and Chief Executive Officer