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) December 6, 1997


                                             DEVELOPMENT BANCORP, LTD.
                         (Exact name of registrant as specified in its charter)

                                                    WASHINGTON
                                  (State or other jurisdiction of incorporation)


               0-22934                                               93-1192971
(Commission File Number)                      (IRS Employer Identification No.)


74900  Highway 111, Suite 121, Indian Wells, California                  92210
(Address of principal executive offices)                              (Zip Code)


Registrant's telephone number, including area code                760-836-3350


































                                                 


<PAGE>



Item 4.  Changes in Registrant's Certifying Accountant.

         1.       (i)      The Registrant's former independent accountant
Silverman, Olson,
Thorvilson & Kaufmann Ltd. ("Silverman") resigned from that capacity on December
 6, 1997.

                  (ii) The report by Silverman on the  financial  statements  of
the Registrant dated June 6, 1997,  including  balance sheets as of December 31,
1996 and 1995 and the  statements  of  operations,  cash flows and  statement of
stockholders'  equity for the years  ended  December  31,  1996 and 1995 did not
contain an adverse  opinion or a  disclaimer  of opinion,  or was  qualified  or
modified as to uncertainty, audit scope or accounting principles.

                  (iii) During the period  covered by the  financial  statements
through  the  date  of  resignation  of the  former  accountant,  there  were no
disagreements with the former accountant on any matter of accounting  principles
or practices, financial statement disclosure, or auditing scope or procedure.

                  A  letter  from  the  former  independent  accountant  for the
Registrant is attached as an Exhibit to this Form 8-K.

         2.       On December 12, 1997 the Registrant engaged Pritchett, Siler
 & Hardy, PC., as
its new independent accountant.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

                  16.1     Letter from Silverman,  Olson,  Thorvilson & Kaufmann
                           Ltd., former principal accountant for the Registrant.

                                                    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 thereunto duly authorized.

Dated:            December 12, 1997                    DEVELOPMENT BANCORP, LTD.


                                                   By:      /s/ Dempsey K. Mork
                                                                Dempsey K. Mork
                                                                       Secretary
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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) December 6, 1997

                                             DEVELOPMENT BANCORP, LTD.
                         (Exact name of registrant as specified in its charter)

                                                    WASHINGTON
                                  (State or other jurisdiction of incorporation)

               0-22934                                               93-1192971
(Commission File Number)                      (IRS Employer Identification No.)

74900  Highway 111, Suite 121, Indian Wells, California                  92210
(Address of principal executive offices)                              (Zip Code)

Registrant's telephone number, including area code                760-836-3350
Item 4.  Changes in Registrant's Certifying Accountant.

         1.       (i)      The Registrant's former independent accountant
Silverman, Olson,
Thorvilson & Kaufmann Ltd. ("Silverman") resigned from that capacity on December
 6, 1997.

                  (ii) The report by Silverman on the  financial  statements  of
the Registrant dated June 6, 1997,  including  balance sheets as of December 31,
1996 and 1995 and the  statements  of  operations,  cash flows and  statement of
stockholders'  equity for the years  ended  December  31,  1996 and 1995 did not
contain an adverse  opinion or a  disclaimer  of opinion,  or was  qualified  or
modified as to uncertainty, audit scope or accounting principles.

                  (iii) During the period  covered by the  financial  statements
through  the  date  of  resignation  of the  former  accountant,  there  were no
disagreements with the former accountant on any matter of accounting  principles
or practices, financial statement disclosure, or auditing scope or procedure.

                  A  letter  from  the  former  independent  accountant  for the
Registrant is attached as an Exhibit to this Form 8-K.

         2.       On December 12, 1997 the Registrant engaged Pritchett, Siler
 & Hardy, PC., as
its new independent accountant.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

                  16.1     Letter from Silverman,  Olson,  Thorvilson & Kaufmann
                           Ltd., former principal accountant for the Registrant.

                                                    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 thereunto duly authorized.

Dated:            December 12, 1997                    DEVELOPMENT BANCORP, LTD.

                                                   By:      /s/ Dempsey K. Mork
                                                                Dempsey K. Mork
                                                                       Secretary