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 7, 1998.
NEW SOUTH BANCSHARES, INC.
(Exact Name of Registrant as Specified in Its Charter)
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DELAWARE
(State or other jurisdiction of incorporation or organization)
1-14235 63-1132716
(Commission File Number) (I.R.S. Employer
Identification No.)
1900 Crestwood Boulevard
Birmingham, Alabama 35120 35120
(Address of Principal Executive Offices) (ZIP Code)
(205) 951-4000
(Telephone number including area code)
FORM 8-K
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
(a) On October 8, 1998, the Board of Directors of New South Bancshares,
Inc. (the "Company") approved the appointment of Arthur Andersen, LLP as its
independent auditors for the fiscal year ending December 31, 1998. The
Company's independent accountant in prior years was Ernst & Young, LLP.
(b) The decision to change independent accountants was recommended by the
Company's management, and approved by the Company's Board of Directors.
(c) The reports of Ernst & Young, LLP on the Company's financial statements
for the past two fiscal years 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 the audits of the Company's financial
statements for each of the two fiscal years ended December 31, 1997 and 1996,
and in the subsequent interim period, there were no disagreements with Ernst &
Young, LLP on any matters of accounting principles or practices, financial
statement disclosure, or auditing scope and procedures which, if not resolved to
the satisfaction of Ernst & Young, LLP, would have caused Ernst & Young, LLP to
make reference to the matter in their report.
(d) During the two most recent fiscal years and through October 8, 1998,
there have been no reportable events as defined in Regulation S-K Item 304 (a)
(1) (v).
(e) During the fiscal years ended December 31, 1997 and 1996 and the
subsequent interim periods preceding the decision to change independent
accountants, neither the Company nor anyone on its behalf consulted Arthur
Andersen, LLP regarding either the application of accounting principles to a
specified transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Company's financial statements, and
neither a written report nor oral advice was provided to the Company by Arthur
Andersen, LLP.
(f) The Company has requested Ernst & Young, LLP to furnish a letter
addressed to the Securities and Exchange Commission stating whether it agrees
with the above statements. A copy of the letter dated October 9, 1998 is filed
as Exhibit (c)(i) to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit 16. Letter from Ernst & Young, LLP pursuant to Item 304 (a)
(3) of Regulation S-K.
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.
NEW SOUTH BANCSHARES, INC.
(Registrant)
Date: October 8, 1998 By: /s/ Robert M. Couch
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Robert M. Couch
Executive Vice President