UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
Commission File No. 0-51385
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NOTIFICATION OF LATE FILING
(Check One): |X| Form 10-K [ ] Form 11-K [ ] Form 20-F [ ] Form 10-Q
[ ] Form 10-D [ ] Form N-SAR
[ ] Form N-CSR
For Period Ended: September 30, 2005
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[ ] 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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Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
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If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates: ________________________
PART I -- REGISTRANT INFORMATION
Full name of registrant: First Federal Banc of the Southwest, Inc.
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Former name if applicable:
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Address of principal executive office (Street and Number): 300 North
Pennsylvania Avenue
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City, state and zip code: Roswell, New Mexico 88201
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PART II -- RULE 12b-25 (b) AND (c)
If the subject report could not be filed without unreasonable 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| (b) The subject annual report, semi-annual report, transition report
on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or
portion thereof, will be filed on or before the fifteenth
calendar day following the prescribed due date; or the subject
quarterly report or transition report on Form 10-Q or subject
distribution report on Form 10-D, or portion thereof, will be
filed on or before the fifth calendar day following the
prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
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PART III -- NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q,10-D, N-SAR,
N-CSR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
As previously reported in prior filings with the Securities and Exchange
Commission, the registrant completed an acquisition of GFSB Bancorp, Inc., on
May 31, 2005. Due to numerous delays in completion of the final tax return for
GFSB Bancorp, Inc. and the need to adjust the consolidated statements of the
registrant for certain purchase accounting entries relating to the acquisition,
more time is required to prepare the audited financial statements for inclusion
in the Form 10-KSB.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
George A. Rosenbaum, Jr. (505) 622-6201
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(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
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(3) It is anticipated that any significant change in results of operations 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.
SEE ATTACHMENT.
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First Federal Banc of the Southwest, Inc.
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(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: December 29, 2005 By: /s/ Aubrey L. Dunn, Jr.
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Aubrey L. Dunn, Jr.
President and Chief Executive Officer
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ATTACHMENT
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As described in previous filings with the Securities and Exchange
Commission by First Federal Banc of the Southwest, Inc. (the "Registrant"), on
May 31, 2005, the Registrant completed its acquisition of GFSB Bancorp, Inc.
("GFSB"). At May 31, 2005, GFSB had loans of approximately $139.6 million,
deposits of $129.5 million and shareholders' equity of $19.6 million. As a
result of operating as a combined entity for four months of the fiscal year
ended September 30, 2005, the Registrant's financial results are expected to
change from net income of $3,057,000 (audited) for the fiscal year ended
September 30, 2004 to approximately $3,655,000 (unaudited) for the fiscal year
ended September 30, 2005, although results for the fiscal year ended September
30, 2005 remain subject to revision pending the completion of the audit of these
results.