================================================================================
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 14, 2004
--------------
AMB Financial Corporation
(Exact name of registrant as specified in its charter)
United States 0-23182 35-1905382
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) Identification No.)
8230 Hohman Avenue
Munster, Indiana 46321
- --------------------------------------------------------------------------------
(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code: (219) 836-5870
--------------
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
================================================================================
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
As a part of its normal business operations, the Company purchases accounts
receivable from various commercial firms. Under the terms of the applicable
purchase agreement, the payments from the obligor are required to be submitted
directly to an account for the benefit of the Company's subsidiary, American
Savings, FSB. However, the Company recently discovered that some of the payments
from certain accounts receivable that were sold to it by an Indiana based
architectural firm may have been diverted back to such firm. In addition, the
Company has also discovered that some of the accounts receivable it purchased
from such architectural firm may represent, in violation of the purchase
agreement, invoices for services that have not yet been performed.
As of March 31, 2004, the aggregate amount of accounts receivable purchased from
the subject architectural firm that had not been repaid was $553,000.00. On the
same day, the Company had a reserve of $147,000.00 against such accounts
receivable (the Company routinely holds back a portion of the purchase price of
such accounts receivable until they are repaid.) As a result, the Company's net
exposure on such accounts receivable as of March 31, 2004 was $406,000.00.
The Company believes it may be covered by fraud insurance up to $125,000 for any
losses it incurs as a result of these accounts receivable. In addition, the
seller of the accounts receivable has agreed to a plan to provide the Company
with additional collateral and/or cash payments to cover the shortfalls in the
receivables. There can be no assurance whether the above workout plan will be
successful, or when the Company will receive any additional payments on the
above receivables.
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.
AMB FINANCIAL CORPORATION
DATE: 04-14-2004 By: /s/ Daniel T. Poludniak
------------------------------------------
Daniel T. Poludniak
VICE PRESIDENT AND CHIEF FINANCIAL OFFICER