SECURITIES AND EXCHANGE COMMISSSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 33-83524
NOTICE OF LATE FILING
(Check One):
[ ] Form 10-K [ ] Form 11-K [ ] Form 20-F [X] Form 10-Q [ ] Form N-SAR
For the Period Ended: June 30, 2001
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended:
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Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates:
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PART I - REGISTRANT INFORMATION
MERIT SECURITIES CORPORATION
(Full name of registrant)
4551 Cox Road, 3rd Floor
Glen Allen, Virginia 23060
(Address of principal executive office)
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PART II - RULE 12b-25 (b) AND (c)
If subject report could not be filed without reasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate.)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense.
[ X ]Yes [ ] No
(b) The subject annual report, semi-annual report, transition report
on Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be
filed on or before the 15th calendar day following the prescribed
due date; or subject quarterly report or transition report on Form
10-Q, or portion thereof will be filed on or before the fifth
calendar day following the prescribed due date.
[ X ] Yes [ ] No
(c) The accountant's statement or other exhibit required by Rule 12b-25 (c)
has been attached if applicable.
[ ] Yes [ X ] No
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PART III - NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period.
Merit Securities Corporation ("Company") is unable to file timely its
quarterly report on Form 10-Q for the quarter ended June 30, 2001 in a timely
manner without unreasonable effort or expense. Due to significant turnover in
the Company's corporate finance department in the first and second quarters of
2001, the Company is unable to complete its quarterly report on Form 10-Q within
the prescribed time period.
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PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Stephen J. Benedetti 804 217-5837
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or section 30 of the
Investment Company Act of 1940 during the preceding 12 months or
for such shorter period that the registrant was required to file
such report(s) been filed? If the answer is no, identify
report(s).
[ X ] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operation from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in the
subject report or portion thereof?
[ X ] Yes [ ] No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate state the
reasons why a reasonable estimate of the results cannot be made.
Due to declines in borrowings costs resulting from lower
short-term interest rates, partially offset by declines in its
interest earning asset base, the Company expects to report net
income for the six month period ended June 30, 2001 of $6.5
million, compared to a net loss of $0.8 million for the same
period in 2000.
Merit Securities Corporation has caused this notification to be signed on its
behalf by the undersigned thereunto duly authorized.
MERIT SECURITIES CORPORATION
By: /s/ Thomas H. Potts
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Thomas H. Potts
President
Date: August 10, 2001