UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

Washington, D.C. 20549

FORM 8-K

~~Current~~CURRENT ~~Report~~REPORT PURSUANT ~~Pursuant~~TO ~~to Section~~ SECTION 13 orOR 15(d) ofOF ~~the~~THE ~~Securities~~SECURITIES ~~Exchange~~EXCHANGE ~~Act~~ACT ofOF 1934

Date of ~~Report:~~report ~~July~~(Date of earliest event reported): August 2528, 2002

Hemet Bancorp

(Exact Name of Registrant as Specified in ~~Its~~ Charter)

000-33361


California	000-333615	91-2155043

(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

~~SEC~~3715 ~~File~~Sunnyside ~~Number~~Drive Riverside, California 92506

California		91-2155043
(State of Incorporation or Organization)		(I.R.S. Employer Identification No.)
3715 Sunnyside Drive, Riverside, California		92506
(Address of Principal Executive Offices)		(Zip Code)

(Address of Principal Executive Offices, including Zip Code)

Registrant’s telephone number, including area code: (909) 784-~~5771~~7771

~~(Registrant’s Telephone Number, Including Area Code)~~N/A

(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS

	ITEM 4. CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT
	Item 5. Other Events.
	ITEM 5. OTHER EVENTS
	Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
	ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1

~~ITEM 4~~Item 5. ~~CHANGES~~Other ~~IN REGISTRANT’S CERTIFYING ACCOUNTANT~~Events.

As On ~~previously~~May 22, ~~reported~~2002, in Hemet Bancorp’s (~~the~~“HBC”) ~~Registrant’s~~and Hemet Financial Group, Inc., a newly formed Nevada corporation (“HFG”), ~~Current~~entered into a plan and agreement of ~~Report~~merger on(the ~~Form~~“Merger ~~8-K~~Agreement”) ~~dated~~pursuant ~~July 1~~to which, ~~2002~~subject to the terms and conditions of the Merger Agreement, the ~~Registrant~~parties ~~terminated~~agreed ~~Arthur~~that ~~Andersen~~HFG ~~LLP~~would merge with and into HBC, with HBC as the surviving corporation (the “Merger”). As a ~~its~~result ~~independent~~of ~~auditors~~the ~~and~~Merger, ~~was~~HBC’s ~~evaluating~~shareholder ~~alternatives~~base ~~for~~would ~~its~~be reduced to a level ~~independent~~sufficient ~~auditors~~to ~~for~~permit ~~the~~HBC ~~fiscal~~to ~~year~~cease ~~ended~~reporting ~~December 31,~~as ~~2002~~a public company with the Securities and Exchange Commission.

On As described in HBC’s definitive proxy statement dated July 2431, 2002 (the “Proxy Statement”) and mailed to HBC’s shareholders on or about that date, the Merger ~~Registrant~~Agreement ~~engaged~~contains ~~Ernst~~a &condition ~~Young~~to ~~LLP~~the completion of the Merger that the holders of at least 90% of the shares of HBC common stock issued and outstanding immediately prior to the completion of the Merger must participate in the HFG financing as ~~its~~described in the Proxy Statement. This condition is ~~independent~~for ~~auditors~~the sole benefit of HFG. ~~The~~Currently, ~~decision~~HFG estimates that the holders of approximately 84% of the shares of HBC common stock issued and outstanding immediately prior to ~~engage~~the ~~Ernst~~completion &of ~~Young~~the ~~LLP~~Merger ~~was~~will participate in the HFG ~~approved~~financing. On August 28, 2002, as permitted by the ~~Registrant’s~~terms ~~Board~~of the Merger Agreement, HFG executed a waiver of ~~Directors~~this condition. As a result, HBC anticipates that the aggregate amount payable to non-Continuing Shareholders (as defined in the Proxy Statement) in the merger will be between $6.8 and $7.1 million. Of this amount, approximately $3.3 million is expected to be raised in the HFG financing, and the remaining approximately $3.5 to $3.8 million is expected to be paid with both cash held by HBC and a special dividend of up to $1.5 million from The Bank of Hemet, a wholly owned bank subsidiary of HBC. HBC anticipates that the aggregate amount payable to Continuing Shareholders (as defined in the Proxy Statement) in the merger will be between $36.4 and $36.7 million, which amount is subject to a mandatory right of offset against the promissory notes executed by the Continuing Shareholders in the HFG financing.

~~During~~ A ~~the~~copy ~~previous~~of ~~two~~the ~~fiscal~~Merger ~~years~~Agreement ~~ended 2001~~ and the ~~interim~~press ~~period through~~release ~~July 24,~~announcing ~~2002, neither~~ the ~~Registrant nor anyone acting on its~~ ~~behalf~~execution ~~consulted~~of ~~with~~the ~~Ernst~~HFG &waiver ~~Young~~are ~~LLP~~attached ~~regarding~~as ~~the~~exhibits ~~application of accounting principles~~ to athis ~~specific~~Current ~~transaction,~~Report ~~either completed or~~on ~~proposed,~~Form 8-K. orThe ~~the~~foregoing ~~type~~information ofis ~~audit~~qualified ~~opinion~~in ~~that~~its ~~might~~entirety beby ~~rendered on the~~reference ~~Registrant’s~~to ~~financial~~these ~~statements.~~exhibits, ~~There~~which ~~were~~are noincorporated ~~“reportable~~herein ~~events”~~by ~~as that~~reference ~~term is described~~ in ~~Item 304(a)(1)(v) of Regulation S-K~~their entirety.

~~ITEM~~ This 5.Current ~~OTHER~~Report ~~EVENTS~~on Form 8-K is incorporated by reference into the Proxy Statement and updates the information contained in the Proxy Statement.

a)Item 7. OnFinancial ~~July 25~~Statements, ~~2002~~Pro ~~the~~Forma ~~Registrant~~Financial ~~issued~~Information ~~a press release reporting its financial results for the quarter ended June 30, 2002~~ and ~~announced the declaration of a cash dividend~~Exhibits. ~~The press release is included as Exhibit 99.1 to this filing.~~

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

(c)

Exhibits

~~99.1~~The ~~Press~~following ~~Release~~exhibits are filed herewith:

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Hemet Bancorp has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	HEMET BANCORP
July 25, 2002	By:	/s/ James B. Jaqua
		Chief Executive Officer


Exhibit No.		Description

2.1		Plan and Agreement of Merger, dated as of May 22, 2002, by and between Hemet Bancorp and Hemet Financial Group (incorporated by reference to Exhibit 2.1 to Hemet Bancorp’s Form 8-K, filed on May 23, 2002)

99.1		Press Release of Hemet Bancorp, dated August 28, 2002.

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.

Date: August 28, 2002

Hemet Bancorp

/s/ James B. Jaqua

James B. Jaqua
President and
Chief Executive Officer

EXHIBIT INDEX


Exhibit No.		Description

2.1		Plan and Agreement of Merger, dated as of May 22, 2002, by and between Hemet Bancorp and Hemet Financial Group (incorporated by reference to Exhibit 2.1 to Hemet Bancorp’s Form 8-K, filed on May 23, 2002)

99.1		Press Release of Hemet Bancorp, dated August 28, 2002.

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