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): July 24, 2001


                                 EMB CORPORATION
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)






           Hawaii                          1-11883               95-3811580
-------------------------------      -------------------     -------------------
(State or other jurisdiction of     (Commission File No.)     (I.R.S. Employer
incorporation or organization)                               Identification No.)




         5075 Warner Avenue. Suite B, Huntington Beach, California 92649
         ---------------------------------------------------------------
                    (Address of principal executive offices)




       Registrant's telephone number, including area code: (714) 377-2118



              715 West Main Street, Suite F, Jenks, Oklahoma 74037
           -----------------------------------------------------------
          (Former name or former address, if changed since last report)

<PAGE>



Item 2.  ACQUISITION OR DISPOSITION OF ASSETS.
         ------------------------------------

     Purchase of Saddleback Investment Services, Inc.
     ------------------------------------------------

     1. The Transaction.
        ---------------

          Pursuant to a Purchase Agreement dated July 23, 2001, the Company, on
          July 24, 2001, closed a transaction, whereby it acquired all of the
          issued and outstanding shares of capital stock of Saddleback
          Investment Services, Inc., a California corporation ("Saddleback")
          from William R. Parker ("Mr. Parker"), its sole shareholder. In
          exchange for the shares of Saddleback, the Company issued 500,000
          shares of its restricted common stock to Mr. Parker and delivered him
          its secured promissory payable to Mr. Parker in the initial principal
          amount of $100,000.00, bearing interest at the rate of six percent
          (6%) per annum. The Company has secured its promissory obligation with
          the shares of Saddleback acquired by the Company in this transaction.

     2. Description of Business of Saddleback Investment Services, Inc.
        --------------------------------------------------------------

          General. Saddleback, presently doing business as American National
          Mortgage ("American National") is a mortgage broker and banking entity
          with its principal office located in Santa Ana, California. American
          National was formed in November, 1992 and operated primarily as a
          wholesale mortgage banker until January, 2001. At that time, the
          management of American National determined that it should change its
          operational business plan to focus more on the retail mortgage
          business and to originating its own loans through a network of loan
          officers, rather than on the wholesale lending operations, where it
          would remain dependent independent, third party mortgage brokers for
          its business. American National expects that, under its new business
          plan, approximately 90% of its loans will be generated as retail
          mortgage business and 10% will be generated by wholesale lending
          operations. As a result of this change of operations strategy and
          pending the build up of its retail loan operations, American National
          terminated a number of its employees, reducing its staff from
          approximately 10 employees (nine of whom were in loan operations, and
          one of whom was in administration) to six as July 24, 2001 (two of
          whom were in loan operations, one in administration, and three of whom
          were loan sales representatives).

          American National generates its income primarily through fees and
          expenses charged to borrowers and from yield spread premiums and/or
          service release premiums paid to American National when the closed
          loans are sold by American National.

                                      -2-

<PAGE>


          American National is presently approved to do business in
          approximately 20 states, including the State of California, by means
          of qualifying with each state through individual licensing or
          registration processes.

          Loan Standards. Mortgage loans made by American National are loans
          with fixed or adjustable rates of interest, secured by first
          mortgages, deeds of trust or security deeds on residential properties
          with original principal balances that, generally, do not exceed 95% of
          the value of the mortgaged properties, unless such loans are
          FHA-insured or VA-guaranteed. Generally, each mortgage loan having a
          loan-to-value ratio, as of the date of the loan, in excess of 80%, or
          which is secured by a second or vacation home, will be covered by a
          Mortgage Insurance Policy, FHA Insurance Policy or VA Guaranty
          insuring against default of all or a specified portion of the
          principal amount thereof.

          The mortgage loans are "one to four-family" mortgage loans, which
          means permanent loans (as opposed to construction or land development
          loans) secured by mortgages on non-farm properties, including attached
          or detached single-family or second/vacation homes, one to four-family
          primary residences and condominiums or other attached dwelling units,
          including individual condominiums, row houses, townhouses and other
          separate dwelling units even when located in buildings containing five
          or more such units. Each mortgage loan must be secured by an owner
          occupied primary residence or second/vacation home, or by a non-owner
          occupied residence. The mortgaged property may not be a mobile home.

          In general, no mortgage loan is expected to have an original principal
          balance less than $30,000. While most loans will have an original
          princi-pal balance of less than $700,000, loans of up to $2,000,000
          may be funded by brokering such loans to unaffiliated third-party
          mortgage lenders. Fixed-rate mortgage loans must be repayable in equal
          monthly installments which reduce the principal balance of the loans
          to zero at the end of the term.

          Credit, Appraisal and Underwriting Standards. Each mortgage loan must
          (i) be an FHA-insured or VA-guaranteed loan meeting the credit and
          underwriting requirements of such agency, or (ii) meet the credit,
          appraisal and underwriting standards established by American National.
          For certain mortgage loans that may be subject to a mortgage pool
          insurance policy, American National may delegate to the issuer of the
          mortgage pool insurance policy the responsibility of underwriting such
          mortgage loans, in accordance with American National's credit
          appraisal and underwriting standards. In addition, the American
          National may delegate to one or more lenders the responsibility of
          underwriting mortgage loans offered to American National by such
          lenders, in accordance with American National's credit, appraisal and
          underwriting loans.

                                      -3-

<PAGE>


          American National's underwriting standards are intended to evaluate
          the prospective mortgagor's credit standing and repayment ability, and
          the value and adequacy of the proposed mortgaged property as
          collateral. In the loan application process, prospective mortgagors
          will be required to provide information regarding such factors as
          their assets, liabilities, income, credit history, employment history
          and other related items. Each prospective mortgagor will also provide
          an authorization to apply for a credit report, which summarizes the
          mortgagor's credit history. With respect to establishing the
          prospective mortgagor's ability to make timely payments, American
          National will require evidence regarding the mortgagor's employment
          and income, and of the amount of deposits made to financial
          institutions where the mortgagor maintains demand or savings accounts.

          American National's underwriting standards generally follow guidelines
          acceptable to FNMA and FHLMC. American National's underwriting
          policies may be varied in appropriate cases. In determining the
          adequacy of the property as collateral, an independent appraisal is
          made of each property considered for financing. The appraiser is
          required to inspect the property and verify that it is in good
          condition and that construction, if new, has been completed. The
          appraisal is based on the appraiser's judgment of values, giving
          appropriate weight to both the market value of comparable homes and
          the cost of replacing the property.

          Certain states where the mortgaged properties may be located are
          "anti-deficiency" states, where, in general, lenders providing credit
          on one to four-family properties must look solely to the property for
          repayment in the event of foreclosure. See "Certain Legal Aspects of
          the Mortgage Loans -- Anti-Deficiency Legislation and Other
          Limitations on Lenders". American National's underwriting standards in
          all states (including anti-deficiency states) require that the
          underwriting officers be satisfied that the value of the property
          being financed, as indicated by the independent appraisal, currently
          supports and is anticipated to support in the future the outstanding
          loan balance, and provides sufficient value to mitigate the effects of
          adverse shifts in real estate values.

          Title Insurance Policies. American National will require that, at the
          time of the origination of the mortgage loans and continuously
          thereafter, a title insurance policy be in effect on each of the
          mortgaged properties and that such title insurance policy contain no
          coverage exceptions, except those permitted pursuant to the guidelines
          established by FNMA.

          Certain Legal Aspects of Mortgage Loans.
          ---------------------------------------

          General. The mortgages originated by American National are either
          mortgages or deeds of trust, depending upon the prevailing practice in
          the state in which the property subject to a mortgage loan is located.
          A mortgage creates a lien upon the real property encumbered by the

                                      -4-

<PAGE>

          mortgage. It does not, generally, have priority over liens for real
          estate taxes and assessments. Priority between mortgages depends on
          their terms and generally on the order of filing with a state or
          county office. There are two parties to a mortgage, the mortgagor, who
          is the borrower and homeowner (the "Mortgagor"), and the mortgagee,
          who is the lender. Under the mortgage instrument, the Mortgagor
          delivers to the mortgagee a note or bond and the mortgage. Although a
          deed of trust is similar to a mortgage, a deed of trust formally has
          three parties, the borrower-homeowner called the trustor (similar to a
          Mortgagor), a lender (similar to a mortgagee) called the beneficiary,
          and a third-party grantee called the Trustee. Under a deed of trust,
          the borrower grants the property, irrevocably until the debt is paid,
          in trust, generally with a power of sale, to the Trustee to secure
          payment of the obligation. The Trustee's authority under a deed of
          trust and the mortgagee's authority under a mortgage are governed by
          law, the express provisions of the deed of trust or mortgage, and, in
          some cases, the directions of the beneficiary.

          Foreclosure. Foreclosure of a deed of trust is generally accomplished
          by a non-judicial Trustee's sale under a specific provision in the
          deed of trust which authorizes the Trustee to sell the property to a
          third party upon any default by the borrower under the terms of the
          note or deed of trust. In some states, the Trustee must record a
          notice of default and send a copy to the borrower-trustor and to any
          person who has recorded a requests for a copy of a notice of default
          and notice of sale. In addition, the Trustee must provide notice in
          some states to any other individual having an interest in the real
          property, including any "junior lienholders". The borrower, or any
          other person having a junior encumbrance on the real estate, may,
          during a reinstatement period, cure the default by paying the entire
          amount in arrears, plus the costs and expenses incurred in enforcing
          the obligation. Generally, state laws require that a copy of the
          notice of sale be posted on the property and sent to all parties
          having an interest in the real property.

          Foreclosure of a mortgage is generally accomplished by judicial
          action. The action is initiated by the service of legal pleadings upon
          all parties having an interest in the real property. Delays in
          completion of the foreclosure may occasionally result from
          difficulties in locating necessary parties. Judicial foreclosure
          proceedings are often not contested by any of the parties. However,
          even when the mortgagee's right to foreclose is contested, the court
          generally issues a judgment of foreclosure and appoints a referee or
          other court officer to conduct the sale of the property.

          In the case of foreclosure under either a mortgage or a deed of trust,
          the sale by the referee or other designated officer or by the Trustee
          is a public sale. However, because of the difficulty a potential buyer
          at the sale would have in determining the exact status of title and

                                      -5-

<PAGE>


          because the physical condition of the property may have deteriorated
          during the foreclosure proceedings, it is uncommon for a third party
          to purchase the property at the foreclosure sale. Rather, it is common
          for the lender to purchase the property from the Trustee or referee
          for an amount equal to the principal amount of the mortgage or deed of
          trust, accrued and unpaid interest and the expense of foreclosure.
          Thereafter, the lender will assume the burdens of ownership, including
          obtaining casualty insurance and making such repairs at its own
          expense as are necessary to render the property suitable for sale. The
          lender will commonly obtain the services of a real estate broker and
          pay the broker's commission in connection with the sale of the
          property. Depending upon market conditions, the ultimate proceeds of
          the property may not equal the lender's investment in the property.
          Any loss may be reduced by the receipt of any mortgage insurance
          proceeds.

          Rights of Redemption. In some states, after sale pursuant to a deed of
          trust or foreclosure of a mortgage, the borrower and foreclosed junior
          lienors are given a statutory period in which to "redeem" the property
          from the foreclosure sale. In some states, redemption may occur only
          upon a payment of the entire principal balance of the loan, accrued
          interest and expenses of foreclosure. In other states, redemption may
          be authorized if the former borrower pays only a portion of the sums
          due. The effect of a statutory right of redemption is to diminish the
          ability of the lender to sell the foreclosed property. The rights of
          redemption would defeat the title of any purchaser from the lender
          subsequent to foreclosure or sale under a deed of trust. Consequently,
          the practical effort of the redemption right is to force the lender to
          retain the property and pay the expenses of ownership until the
          redemption period has expired.

          Anti-Deficiency Legislation and Other Limitations on Lenders. Certain
          states have imposed statutory prohibitions which limit the remedies of
          a beneficiary under a deed of trust or a mortgage. In some states,
          statutes limit the right of the beneficiary or mortgagee to obtain a
          deficiency judgment against the borrower following foreclosure or sale
          under a deed of trust. A deficiency judgment would be a personal
          judgment against the former borrower equal in most cases to the
          difference between the net amount realized upon the public sale of the
          real property and the amount due to the lender. Other statutes require
          the beneficiary or mortgagee to exhaust the security afforded under a
          deed of trust or mortgage by foreclosure in an attempt to satisfy the
          full debt before bringing a personal action against the borrower.
          Finally, other statutory provisions limit any deficiency judgment
          against the former borrower following a judicial sale to the excess of
          the outstanding debt over the fair market value of the property at the
          time of the public sale. The purpose of these statutes is generally to
          prevent a beneficiary or a mortgagee from obtaining a large deficiency
          judgment against the former borrower as a result of low or no bids at
          the judicial sale.

                                      -6-

<PAGE>


          In addition to laws limiting or prohibiting deficiency judgments,
          numerous other statutory provisions, including the federal bankruptcy
          laws and state laws affording relief to debtors, may interfere with or
          affect the ability of a secured mortgage lender to realize upon
          collateral and/or enforce a deficiency judgment. For example, with
          respect to federal bankruptcy law, a court with federal bankruptcy
          jurisdiction may permit a debtor through his or her Chapter 11 or
          Chapter 13 rehabilitative plan to cure a monetary default in respect
          of a mortgage loan on a debtor's residence by paying arrears within a
          reasonable time period and reinstating the original Mortgage Loan
          payment schedule even though the lender accelerated the mortgage loan
          and final judgment of foreclosure had been entered in state court
          (provided no sale of the residence had yet occurred) prior to the
          filing of a debtor's petition. Some courts with federal bankruptcy
          jurisdiction have approved plans based on the particular facts of the
          reorganization case, that effected the curing of a mortgage loan
          default by paying arrearages over a number of years.

          Courts with federal bankruptcy jurisdiction have also indicated that
          the terms of a mortgage loan secured by property of the debtor may be
          modified. These courts have suggested that such modification may
          include reducing the amount of each monthly payment, changing the rate
          of interest, altering the repayment schedule, and reducing the
          lender's security interest to the value of the residence, thus leaving
          the lender a general unsecured creditor for the difference between the
          value of the residence and the outstanding balance of the loan.

          The Internal Revenue Code of 1986, as amended, provides priority to
          certain tax liens over the lien of a mortgage. In addition,
          substantive requirements are imposed upon mortgage lenders in
          connection with the origination and the servicing of mortgage loans by
          numerous Federal and some state consumer protection laws. These laws
          include the federal Truth-In-Lending Act, Real Estate Settlement
          Procedures Act, Equal Credit Opportunity Act, Fair Credit Billing Act,
          Fair Credit Reporting Act, and related statutes. These federal laws
          impose specific statutory liabilities upon lenders who originate
          mortgage loans and who fail to comply with the provisions of the law.
          In some cases, this liability may affect assignees of the mortgage
          loans.

          Enforceability of Certain Provisions. Certain of the mortgage loans
          contain due-on-sale clauses. These clauses permit the lender to
          accelerate the maturity of the loan if the borrower sells, transfer or
          conveys the property. The enforceability of these clauses has been the
          subject of legislation and litigation in many states, and in some
          cases the clauses have been upheld, while in other cases their
          enforceability has been limited or denied.

                                      -7-

<PAGE>


          Upon foreclosure, courts have imposed general equitable principles.
          These equitable principles are generally designed to relieve the
          borrower from the legal effect of a default under the loan documents.
          Examples of judicial remedies that have been fashioned include
          judicial requirements that the lender undertake affirmative and
          expensive actions to determine the causes for the borrower's default
          and the likelihood that the borrower will be able to reinstate the
          loan. In some cases, courts have substituted their judgment for the
          lender's judgment and have required that lenders reinstate loans or
          recast payment schedules in order to accommodate borrowers who are
          suffering from temporary financial disability. In other cases, courts
          have limited the right of the lender to foreclose if the default under
          the mortgage instrument is not monetary, such as the borrower failing
          to maintain the property adequately or the borrower executing a second
          mortgage or deed of trust affecting the property. Finally, some courts
          have been faced with the issue of whether federal or state
          constitutional provisions reflecting due process concerns for adequate
          notice require that borrowers under deeds of trust or mortgages
          receive notices in addition to the statutorily-prescribed minimum. For
          the most part, these cases have upheld the notice provision as being
          reasonable or have found that the sale by a trustee under a deed of
          trust, or under a mortgage having a power of sale, does not involve
          sufficient state action to afford constitutional protections to the
          borrowers.

          Applicability of Usury Laws. Title V of the Depository Institutions
          Deregulation and Monetary Control Act of 1980 ("Title V"), provides
          that state usury limitations do not apply to certain types of
          residential first mortgage loans originated by certain lenders after
          March 31, 1980. The Federal Home Loan Bank Board is authorized to
          issue rules and regulations and to publish interpretations governing
          implementation of Title V, the statute authorizes any state to
          reimpose interest rate limits by adopting a law or constitutional
          provision which expressly rejects application of the federal law. In
          addition, even where Title V is not so rejected, any state is
          authorized by the law to adopt a provision limiting discount points or
          other charges on mortgage loans covered by Title V. As of the date
          hereof, certain states have taken action to reimpose interest rate
          limits and/or to limit discount points or other charges.


Item 5. OTHER EVENTS.
        ------------

     On July 31, 2001, William R. Parker, the President of Saddleback Investment
Services, Inc., the newly-acquired subsidiary of the Company, was appointed to
the Company's Board of Directors. Mr. Parker has been employed in the mortgage
industry from 1982 to present. From 1989 to present, he has served as Chief
Executive Officer of several mortgage banking enterprises. He presently acts as
President and Chief Executive Officer of Saddleback Investment Services, Inc.,
dba American National Mortgage, having served in such capacity since that firm's
formation in 1992.

                                      -8-

<PAGE>





Item 7.  FINANCIAL STATEMENTS OR EXHIBITS.
         ---------------------------------

     a. Financial Statements.
        --------------------

     1. Financial Statement of Business Acquired

          The required financial statements are not currently available.
          Pursuant to paragraph (a) (4) of Item 7, the required statements will
          be filed as soon as practicable, but no later than 60 days after the
          date this Form 8-K is required to be filed.

     2. Pro forma Financial Information

          The required pro forma financial information is not currently
          available. Pursuant to paragraph (b) (2) of Item 7, the required pro
          forma financial information will be filed as soon as practicable, but
          not later than 60 days after the date this Form 8-K is required to be
          filed.

     b. Exhibits.
        --------

          10.10 Purchase Agreement by and between EMB Corporation and William R.
                Parker dated July 23, 2001.

          10.11 Secured Promissory Note of EMB Corporation dated July 24, 2001.

          10.12 Security Agreement by and between EMB Corporation and William R.
                Parker, dated July 24, 2001.

          10.13 Collateral Agreement by and among EMB Corporation, William R.
                Parker and the Collateral Agent, dated July 24, 2001.

                                      -9-



<PAGE>




                                   SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant had duly caused this report to be signed by the undersigned hereunto
duly authorized.

Date:   August 8, 2001                   EMB CORPORATION



                                         /s/  James E. Shipley
                                              ----------------------------------
                                              James E. Shipley, President



                                      -10-
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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): July 24, 2001

                                 EMB CORPORATION
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Hawaii                          1-11883               95-3811580
-------------------------------      -------------------     -------------------
(State or other jurisdiction of     (Commission File No.)     (I.R.S. Employer
incorporation or organization)                               Identification No.)

         5075 Warner Avenue. Suite B, Huntington Beach, California 92649
         ---------------------------------------------------------------
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (714) 377-2118

              715 West Main Street, Suite F, Jenks, Oklahoma 74037
           -----------------------------------------------------------
          (Former name or former address, if changed since last report)
Item 2.  ACQUISITION OR DISPOSITION OF ASSETS.
         ------------------------------------

     Purchase of Saddleback Investment Services, Inc.
     ------------------------------------------------

     1. The Transaction.
        ---------------

          Pursuant to a Purchase Agreement dated July 23, 2001, the Company, on
          July 24, 2001, closed a transaction, whereby it acquired all of the
          issued and outstanding shares of capital stock of Saddleback
          Investment Services, Inc., a California corporation ("Saddleback")
          from William R. Parker ("Mr. Parker"), its sole shareholder. In
          exchange for the shares of Saddleback, the Company issued 500,000
          shares of its restricted common stock to Mr. Parker and delivered him
          its secured promissory payable to Mr. Parker in the initial principal
          amount of $100,000.00, bearing interest at the rate of six percent
          (6%) per annum. The Company has secured its promissory obligation with
          the shares of Saddleback acquired by the Company in this transaction.

     2. Description of Business of Saddleback Investment Services, Inc.
        --------------------------------------------------------------

          General. Saddleback, presently doing business as American National
          Mortgage ("American National") is a mortgage broker and banking entity
          with its principal office located in Santa Ana, California. American
          National was formed in November, 1992 and operated primarily as a
          wholesale mortgage banker until January, 2001. At that time, the
          management of American National determined that it should change its
          operational business plan to focus more on the retail mortgage
          business and to originating its own loans through a network of loan
          officers, rather than on the wholesale lending operations, where it
          would remain dependent independent, third party mortgage brokers for
          its business. American National expects that, under its new business
          plan, approximately 90% of its loans will be generated as retail
          mortgage business and 10% will be generated by wholesale lending
          operations. As a result of this change of operations strategy and
          pending the build up of its retail loan operations, American National
          terminated a number of its employees, reducing its staff from
          approximately 10 employees (nine of whom were in loan operations, and
          one of whom was in administration) to six as July 24, 2001 (two of
          whom were in loan operations, one in administration, and three of whom
          were loan sales representatives).

          American National generates its income primarily through fees and
          expenses charged to borrowers and from yield spread premiums and/or
          service release premiums paid to American National when the closed
          loans are sold by American National.

                                      -2-
American National is presently approved to do business in
          approximately 20 states, including the State of California, by means
          of qualifying with each state through individual licensing or
          registration processes.

          Loan Standards. Mortgage loans made by American National are loans
          with fixed or adjustable rates of interest, secured by first
          mortgages, deeds of trust or security deeds on residential properties
          with original principal balances that, generally, do not exceed 95% of
          the value of the mortgaged properties, unless such loans are
          FHA-insured or VA-guaranteed. Generally, each mortgage loan having a
          loan-to-value ratio, as of the date of the loan, in excess of 80%, or
          which is secured by a second or vacation home, will be covered by a
          Mortgage Insurance Policy, FHA Insurance Policy or VA Guaranty
          insuring against default of all or a specified portion of the
          principal amount thereof.

          The mortgage loans are "one to four-family" mortgage loans, which
          means permanent loans (as opposed to construction or land development
          loans) secured by mortgages on non-farm properties, including attached
          or detached single-family or second/vacation homes, one to four-family
          primary residences and condominiums or other attached dwelling units,
          including individual condominiums, row houses, townhouses and other
          separate dwelling units even when located in buildings containing five
          or more such units. Each mortgage loan must be secured by an owner
          occupied primary residence or second/vacation home, or by a non-owner
          occupied residence. The mortgaged property may not be a mobile home.

          In general, no mortgage loan is expected to have an original principal
          balance less than $30,000. While most loans will have an original
          princi-pal balance of less than $700,000, loans of up to $2,000,000
          may be funded by brokering such loans to unaffiliated third-party
          mortgage lenders. Fixed-rate mortgage loans must be repayable in equal
          monthly installments which reduce the principal balance of the loans
          to zero at the end of the term.

          Credit, Appraisal and Underwriting Standards. Each mortgage loan must
          (i) be an FHA-insured or VA-guaranteed loan meeting the credit and
          underwriting requirements of such agency, or (ii) meet the credit,
          appraisal and underwriting standards established by American National.
          For certain mortgage loans that may be subject to a mortgage pool
          insurance policy, American National may delegate to the issuer of the
          mortgage pool insurance policy the responsibility of underwriting such
          mortgage loans, in accordance with American National's credit
          appraisal and underwriting standards. In addition, the American
          National may delegate to one or more lenders the responsibility of
          underwriting mortgage loans offered to American National by such
          lenders, in accordance with American National's credit, appraisal and
          underwriting loans.

                                      -3-
American National's underwriting standards are intended to evaluate
          the prospective mortgagor's credit standing and repayment ability, and
          the value and adequacy of the proposed mortgaged property as
          collateral. In the loan application process, prospective mortgagors
          will be required to provide information regarding such factors as
          their assets, liabilities, income, credit history, employment history
          and other related items. Each prospective mortgagor will also provide
          an authorization to apply for a credit report, which summarizes the
          mortgagor's credit history. With respect to establishing the
          prospective mortgagor's ability to make timely payments, American
          National will require evidence regarding the mortgagor's employment
          and income, and of the amount of deposits made to financial
          institutions where the mortgagor maintains demand or savings accounts.

          American National's underwriting standards generally follow guidelines
          acceptable to FNMA and FHLMC. American National's underwriting
          policies may be varied in appropriate cases. In determining the
          adequacy of the property as collateral, an independent appraisal is
          made of each property considered for financing. The appraiser is
          required to inspect the property and verify that it is in good
          condition and that construction, if new, has been completed. The
          appraisal is based on the appraiser's judgment of values, giving
          appropriate weight to both the market value of comparable homes and
          the cost of replacing the property.

          Certain states where the mortgaged properties may be located are
          "anti-deficiency" states, where, in general, lenders providing credit
          on one to four-family properties must look solely to the property for
          repayment in the event of foreclosure. See "Certain Legal Aspects of
          the Mortgage Loans -- Anti-Deficiency Legislation and Other
          Limitations on Lenders". American National's underwriting standards in
          all states (including anti-deficiency states) require that the
          underwriting officers be satisfied that the value of the property
          being financed, as indicated by the independent appraisal, currently
          supports and is anticipated to support in the future the outstanding
          loan balance, and provides sufficient value to mitigate the effects of
          adverse shifts in real estate values.

          Title Insurance Policies. American National will require that, at the
          time of the origination of the mortgage loans and continuously
          thereafter, a title insurance policy be in effect on each of the
          mortgaged properties and that such title insurance policy contain no
          coverage exceptions, except those permitted pursuant to the guidelines
          established by FNMA.

          Certain Legal Aspects of Mortgage Loans.
          ---------------------------------------

          General. The mortgages originated by American National are either
          mortgages or deeds of trust, depending upon the prevailing practice in
          the state in which the property subject to a mortgage loan is located.
          A mortgage creates a lien upon the real property encumbered by the

                                      -4-
mortgage. It does not, generally, have priority over liens for real
          estate taxes and assessments. Priority between mortgages depends on
          their terms and generally on the order of filing with a state or
          county office. There are two parties to a mortgage, the mortgagor, who
          is the borrower and homeowner (the "Mortgagor"), and the mortgagee,
          who is the lender. Under the mortgage instrument, the Mortgagor
          delivers to the mortgagee a note or bond and the mortgage. Although a
          deed of trust is similar to a mortgage, a deed of trust formally has
          three parties, the borrower-homeowner called the trustor (similar to a
          Mortgagor), a lender (similar to a mortgagee) called the beneficiary,
          and a third-party grantee called the Trustee. Under a deed of trust,
          the borrower grants the property, irrevocably until the debt is paid,
          in trust, generally with a power of sale, to the Trustee to secure
          payment of the obligation. The Trustee's authority under a deed of
          trust and the mortgagee's authority under a mortgage are governed by
          law, the express provisions of the deed of trust or mortgage, and, in
          some cases, the directions of the beneficiary.

          Foreclosure. Foreclosure of a deed of trust is generally accomplished
          by a non-judicial Trustee's sale under a specific provision in the
          deed of trust which authorizes the Trustee to sell the property to a
          third party upon any default by the borrower under the terms of the
          note or deed of trust. In some states, the Trustee must record a
          notice of default and send a copy to the borrower-trustor and to any
          person who has recorded a requests for a copy of a notice of default
          and notice of sale. In addition, the Trustee must provide notice in
          some states to any other individual having an interest in the real
          property, including any "junior lienholders". The borrower, or any
          other person having a junior encumbrance on the real estate, may,
          during a reinstatement period, cure the default by paying the entire
          amount in arrears, plus the costs and expenses incurred in enforcing
          the obligation. Generally, state laws require that a copy of the
          notice of sale be posted on the property and sent to all parties
          having an interest in the real property.

          Foreclosure of a mortgage is generally accomplished by judicial
          action. The action is initiated by the service of legal pleadings upon
          all parties having an interest in the real property. Delays in
          completion of the foreclosure may occasionally result from
          difficulties in locating necessary parties. Judicial foreclosure
          proceedings are often not contested by any of the parties. However,
          even when the mortgagee's right to foreclose is contested, the court
          generally issues a judgment of foreclosure and appoints a referee or
          other court officer to conduct the sale of the property.

          In the case of foreclosure under either a mortgage or a deed of trust,
          the sale by the referee or other designated officer or by the Trustee
          is a public sale. However, because of the difficulty a potential buyer
          at the sale would have in determining the exact status of title and

                                      -5-
because the physical condition of the property may have deteriorated
          during the foreclosure proceedings, it is uncommon for a third party
          to purchase the property at the foreclosure sale. Rather, it is common
          for the lender to purchase the property from the Trustee or referee
          for an amount equal to the principal amount of the mortgage or deed of
          trust, accrued and unpaid interest and the expense of foreclosure.
          Thereafter, the lender will assume the burdens of ownership, including
          obtaining casualty insurance and making such repairs at its own
          expense as are necessary to render the property suitable for sale. The
          lender will commonly obtain the services of a real estate broker and
          pay the broker's commission in connection with the sale of the
          property. Depending upon market conditions, the ultimate proceeds of
          the property may not equal the lender's investment in the property.
          Any loss may be reduced by the receipt of any mortgage insurance
          proceeds.

          Rights of Redemption. In some states, after sale pursuant to a deed of
          trust or foreclosure of a mortgage, the borrower and foreclosed junior
          lienors are given a statutory period in which to "redeem" the property
          from the foreclosure sale. In some states, redemption may occur only
          upon a payment of the entire principal balance of the loan, accrued
          interest and expenses of foreclosure. In other states, redemption may
          be authorized if the former borrower pays only a portion of the sums
          due. The effect of a statutory right of redemption is to diminish the
          ability of the lender to sell the foreclosed property. The rights of
          redemption would defeat the title of any purchaser from the lender
          subsequent to foreclosure or sale under a deed of trust. Consequently,
          the practical effort of the redemption right is to force the lender to
          retain the property and pay the expenses of ownership until the
          redemption period has expired.

          Anti-Deficiency Legislation and Other Limitations on Lenders. Certain
          states have imposed statutory prohibitions which limit the remedies of
          a beneficiary under a deed of trust or a mortgage. In some states,
          statutes limit the right of the beneficiary or mortgagee to obtain a
          deficiency judgment against the borrower following foreclosure or sale
          under a deed of trust. A deficiency judgment would be a personal
          judgment against the former borrower equal in most cases to the
          difference between the net amount realized upon the public sale of the
          real property and the amount due to the lender. Other statutes require
          the beneficiary or mortgagee to exhaust the security afforded under a
          deed of trust or mortgage by foreclosure in an attempt to satisfy the
          full debt before bringing a personal action against the borrower.
          Finally, other statutory provisions limit any deficiency judgment
          against the former borrower following a judicial sale to the excess of
          the outstanding debt over the fair market value of the property at the
          time of the public sale. The purpose of these statutes is generally to
          prevent a beneficiary or a mortgagee from obtaining a large deficiency
          judgment against the former borrower as a result of low or no bids at
          the judicial sale.

                                      -6-
In addition to laws limiting or prohibiting deficiency judgments,
          numerous other statutory provisions, including the federal bankruptcy
          laws and state laws affording relief to debtors, may interfere with or
          affect the ability of a secured mortgage lender to realize upon
          collateral and/or enforce a deficiency judgment. For example, with
          respect to federal bankruptcy law, a court with federal bankruptcy
          jurisdiction may permit a debtor through his or her Chapter 11 or
          Chapter 13 rehabilitative plan to cure a monetary default in respect
          of a mortgage loan on a debtor's residence by paying arrears within a
          reasonable time period and reinstating the original Mortgage Loan
          payment schedule even though the lender accelerated the mortgage loan
          and final judgment of foreclosure had been entered in state court
          (provided no sale of the residence had yet occurred) prior to the
          filing of a debtor's petition. Some courts with federal bankruptcy
          jurisdiction have approved plans based on the particular facts of the
          reorganization case, that effected the curing of a mortgage loan
          default by paying arrearages over a number of years.

          Courts with federal bankruptcy jurisdiction have also indicated that
          the terms of a mortgage loan secured by property of the debtor may be
          modified. These courts have suggested that such modification may
          include reducing the amount of each monthly payment, changing the rate
          of interest, altering the repayment schedule, and reducing the
          lender's security interest to the value of the residence, thus leaving
          the lender a general unsecured creditor for the difference between the
          value of the residence and the outstanding balance of the loan.

          The Internal Revenue Code of 1986, as amended, provides priority to
          certain tax liens over the lien of a mortgage. In addition,
          substantive requirements are imposed upon mortgage lenders in
          connection with the origination and the servicing of mortgage loans by
          numerous Federal and some state consumer protection laws. These laws
          include the federal Truth-In-Lending Act, Real Estate Settlement
          Procedures Act, Equal Credit Opportunity Act, Fair Credit Billing Act,
          Fair Credit Reporting Act, and related statutes. These federal laws
          impose specific statutory liabilities upon lenders who originate
          mortgage loans and who fail to comply with the provisions of the law.
          In some cases, this liability may affect assignees of the mortgage
          loans.

          Enforceability of Certain Provisions. Certain of the mortgage loans
          contain due-on-sale clauses. These clauses permit the lender to
          accelerate the maturity of the loan if the borrower sells, transfer or
          conveys the property. The enforceability of these clauses has been the
          subject of legislation and litigation in many states, and in some
          cases the clauses have been upheld, while in other cases their
          enforceability has been limited or denied.

                                      -7-
Upon foreclosure, courts have imposed general equitable principles.
          These equitable principles are generally designed to relieve the
          borrower from the legal effect of a default under the loan documents.
          Examples of judicial remedies that have been fashioned include
          judicial requirements that the lender undertake affirmative and
          expensive actions to determine the causes for the borrower's default
          and the likelihood that the borrower will be able to reinstate the
          loan. In some cases, courts have substituted their judgment for the
          lender's judgment and have required that lenders reinstate loans or
          recast payment schedules in order to accommodate borrowers who are
          suffering from temporary financial disability. In other cases, courts
          have limited the right of the lender to foreclose if the default under
          the mortgage instrument is not monetary, such as the borrower failing
          to maintain the property adequately or the borrower executing a second
          mortgage or deed of trust affecting the property. Finally, some courts
          have been faced with the issue of whether federal or state
          constitutional provisions reflecting due process concerns for adequate
          notice require that borrowers under deeds of trust or mortgages
          receive notices in addition to the statutorily-prescribed minimum. For
          the most part, these cases have upheld the notice provision as being
          reasonable or have found that the sale by a trustee under a deed of
          trust, or under a mortgage having a power of sale, does not involve
          sufficient state action to afford constitutional protections to the
          borrowers.

          Applicability of Usury Laws. Title V of the Depository Institutions
          Deregulation and Monetary Control Act of 1980 ("Title V"), provides
          that state usury limitations do not apply to certain types of
          residential first mortgage loans originated by certain lenders after
          March 31, 1980. The Federal Home Loan Bank Board is authorized to
          issue rules and regulations and to publish interpretations governing
          implementation of Title V, the statute authorizes any state to
          reimpose interest rate limits by adopting a law or constitutional
          provision which expressly rejects application of the federal law. In
          addition, even where Title V is not so rejected, any state is
          authorized by the law to adopt a provision limiting discount points or
          other charges on mortgage loans covered by Title V. As of the date
          hereof, certain states have taken action to reimpose interest rate
          limits and/or to limit discount points or other charges.

Item 5. OTHER EVENTS.
        ------------

     On July 31, 2001, William R. Parker, the President of Saddleback Investment
Services, Inc., the newly-acquired subsidiary of the Company, was appointed to
the Company's Board of Directors. Mr. Parker has been employed in the mortgage
industry from 1982 to present. From 1989 to present, he has served as Chief
Executive Officer of several mortgage banking enterprises. He presently acts as
President and Chief Executive Officer of Saddleback Investment Services, Inc.,
dba American National Mortgage, having served in such capacity since that firm's
formation in 1992.

                                      -8-
Item 7.  FINANCIAL STATEMENTS OR EXHIBITS.
         ---------------------------------

     a. Financial Statements.
        --------------------

     1. Financial Statement of Business Acquired

          The required financial statements are not currently available.
          Pursuant to paragraph (a) (4) of Item 7, the required statements will
          be filed as soon as practicable, but no later than 60 days after the
          date this Form 8-K is required to be filed.

     2. Pro forma Financial Information

          The required pro forma financial information is not currently
          available. Pursuant to paragraph (b) (2) of Item 7, the required pro
          forma financial information will be filed as soon as practicable, but
          not later than 60 days after the date this Form 8-K is required to be
          filed.

     b. Exhibits.
        --------

          10.10 Purchase Agreement by and between EMB Corporation and William R.
                Parker dated July 23, 2001.

          10.11 Secured Promissory Note of EMB Corporation dated July 24, 2001.

          10.12 Security Agreement by and between EMB Corporation and William R.
                Parker, dated July 24, 2001.

          10.13 Collateral Agreement by and among EMB Corporation, William R.
                Parker and the Collateral Agent, dated July 24, 2001.

                                      -9-
SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant had duly caused this report to be signed by the undersigned hereunto
duly authorized.

Date:   August 8, 2001                   EMB CORPORATION

                                         /s/  James E. Shipley
                                              ----------------------------------
                                              James E. Shipley, President

                                      -10-