UNITED STATES
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) - AUGUST 12, 1999
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BYL BANCORP
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(Exact name of registrant as specified in its charter)
CALIFORNIA 000-23257 33-0755794
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(Name or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1875 NORTH TUSTIN AVENUE, ORANGE, CALIFORNIA 92865
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(Address of principal executive officer) (Zip Code)
(Registrant's telephone number, including area code) -- (714) 685-1317
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(Former name or former address, if changed since last report)
Item 5. OTHER EVENTS
On August 11, 1999, BYL Bank Group ("BYL"), a wholly-owned subsidiary of BYL
Bancorp (the "Company"), entered into a Pooling and Servicing Agreement dated
as of June 30, 1999 (the "Pooling Agreement") among BYL, as Seller and Master
Servicer, HSBC Bank USA, as Trustee (the "Trustee"), and Bankers Trust
(Delaware) as Delaware Trustee (the "Delaware Trustee") whereby BYL has
transferred a pool of business loans (the "Business Loans") to a
newly-created trust (the "Trust") for the benefit of the holders of
certificates representing interests in such Trust. The Trust consists of the
Business Loans that are subject to the Pooling Agreement, and the Trust has
issued three (3) classes of certificates representing certain fractional
undivided ownership interests in the Trust. The aggregate principal amount of
the Business Loans delivered to the Trust on August 11, 1999 equaled
approximately $47.1 million.
Pursuant to the Pooling Agreement, the Trust issued $16 million aggregate
principal amount of BYL Bank Group Business Loan Backed Pass-Through
Certificates, Series 1999-1, Class A-1 Certificates ("Class A-1
Certificates"); $12 million aggregate principal amount of BYL Bank Group
Business Loan Backed Pass-Through Certificates, Series 1999-1, Class A-2
Certificates ("Class A-2 Certificates"); $27.2 million aggregate principal
amount of BYL Bank Group Business Loan Backed Pass-Through Certificates,
Series 1999-1, Class A-3 Certificates ("Class A-3 Certificates"); $4.8
million aggregate principal amount of BYL Bank Group Business Loan Backed
Pass-Through Certificates, Series 1999-1, Class B Certificates ("Class B
Certificates"); and BYL Bank Group Business Loan-Backed Pass-Through
Certificates, Series 1999-1, Class R Certificates ("Class R Certificates").
The Class A Certificates were sold to a limited number of "Qualified
Institutional Buyers" as defined in Rule 144A under the Securities Act of
1933, and institutional "Accredited Investors" as defined in Rule 501 under
the Securities Act of 1933. The Class B Certificates and Class R Certificates
were retained by BYL and are subordinate to the Class A-1 Certificates, the
Class A-2 Certificates and the Class A-3 Certificates.
Item 7. FINANCIAL STATEMENT AND EXHIBITS
(c) Exhibits
99(1) Copy of Press Release.
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SIGNATURE
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
BYL BANCORP
Dated: August 12, 1999 By: /s/ Barry J. Moore
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Barry J. Moore
Senior Executive Vice President
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