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): April 30, 1999
AMERICAN BANCSHARES, INC.
(Exact Name of Registrant as Specified in its Charter)
Florida 0-27474 65-0624640
(State or Other Jurisdiction (Commission File Number) (IRS Employer
Incorporation) Identification
Number)
4502 Cortez Road West, Bradenton, Florida 34210-2801
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:(941) 795-3050
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Item 5. Other Events.
Effective April 30, 1999, Mr. Gerald L. Anthony resigned his position
as Chief Executive Officer and President of American Bancshares, Inc., a Florida
corporation (the "Company"), pursuant to the terms of a Severance Agreement
("Severance Agreement') approved by the Board of Directors of the Company, which
agreement modifies and clarifies the terms of Mr. Anthony's Employment Agreement
as it relates to his separation from the Company and its subsidiaries. Under the
terms of the Severance Agreement, the Company has agreed to a severance package
providing for the payment of $190,000 payable in a lump sum or in installments
over 12 months, at Mr. Anthony's election. The Severance Agreement also provides
a covenant not to compete or to solicit customers up to and through October 31,
1999. A copy of the Severance Agreement is attached as exhibit 10.15 to this
Current Report on Form 8-K and is incorporated herein by reference.
Mr. Anthony's resignation as President and CEO of the Company was
announced by a press release issued on April 30, 1999. A copy of the press
release is attached hereto as exhibit 99.1 to this Current Report on Form 8-K
and is incorporated herein by reference.
In addition, to his resignation as President and CEO of the Company,
Mr. Anthony tendered a letter of resignation effective April 30, 1999 pursuant
to which he resigned (i) as the President, Chief Executive Officer, and director
of American Bank, a Florida state-chartered bank (the "Bank"), and of Freedom
Finance Company, each a wholly-owned subsidiary of the Company, (ii) from the
Board of Directors of the Company, and (iii) as administrator of ABI Capital
Trust. A copy of the letter of resignation is attached as an exhibit to this
Current Report on Form 8-K.
Mr. Jerry L. Neff, interim President and CEO of the Bank also has been
appointed to serve as the interim President and Chief Executive Officer of the
Company.
Item 7. Financial Statements and Exhibits.
(a) Not Applicable
(b) Not Applicable
(c) Exhibits required by Item 601 of Regulation S-K
Exhibit No. Description
10.15 Severance Agreement by and between American Bank and Gerald L.
Anthony.
99.1 Press Release, issued April 30, 1999, regarding the resignation
of Mr. Anthony as President of American Bank.
99.2 Letter of Resignation of Gerald L. Anthony.
SIGNATURE
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.
AMERICAN BANCSHARES, INC.
Date: May 5, 1999 By: /s/ Brian M. Watterson
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Brian M. Watterson
Executive Vice President and Chief
Operating Officer
EXHIBIT INDEX
Exhibit No. Description
10.15 Severance Agreement by and between American Bank and Gerald L.
Anthony.
99.1 Press Release, issued April 30, 1999, regarding the resignation of
Mr. Anthony as President of American Bancshares.
99.2 Letter of Resignation of Gerald L. Anthony.