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): June 4, 2002



                         Banner Central Finance Company
             (Exact name of registrant as specified in its charter)


       Delaware                        000-31747                95-4821101
(State or other jurisdiction of  (Commission File Number)   (I.R.S. employer
 incorporation or organization)                          identification number)



                            5480 East Ferguson Drive
                           Commerce, California 90022
              (Address of principal executive offices and zip code)

       Registrant's telephone number, including area code: (323) 720-8600





                                 Not Applicable
          (Former name or former address, if changed since last report)


<PAGE>
                                       1






Item 4.  Changes in Registrant's Certifying Accountant

     The annual  proxy  statement of Banner  Central  Finance  Company  ("Banner
Central  Finance"),  dated  April 26,  2002,  includes a proposal  to elect four
directors to serve on our Board of Directors.  Mr. David Cohen,  one of the four
directors  that is  nominated  for  election,  is a  retired  partner  of Arthur
Andersen LLP ("Andersen"). It is our intention to have Mr. Cohen become a member
of the Audit  Committee of Banner Central Finance upon his election to our Board
of  Directors.  This  proposal is  scheduled  to be voted on June 4, 2002 at our
annual meeting of stockholders.  On May 31, 2002, Andersen notified us that this
action will cause an  independence  problem for  Andersen and  therefore,  their
resignation as our independent public accountants.

     Andersen's  reports  on Banner  Central  Finance's  consolidated  financial
statements  for the past two  fiscal  years  contained  no  adverse  opinion  or
disclaimer  of opinion and were not  qualified  or  modified as to  uncertainty,
audit  scope or  accounting  principles.  Andersen's  report on  Banner  Central
Finance's   consolidated   financial  statements  for  2001  was  issued  on  an
unqualified  basis  in  conjunction  with  the  publication  of  Banner  Central
Finance's  Annual  Report to  Stockholders  and the  filing  of  Banner  Central
Finance's Annual Report on Form 10-K.

     During  Banner  Central  Finance's two most recent fiscal years and through
the date of this Form 8-K,  there were no  disagreements  with  Andersen  on any
matter of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure  which, if not resolved to Andersen's  satisfaction,
would have caused them to make  reference  to the subject  matter in  connection
with their report on Banner Central Finance's  consolidated financial statements
for  such  years;  and  there  were no  reportable  events,  as  listed  in Item
304(a)(1)(v) of Regulation S-K.

     Banner Central  Finance  requested  that Andersen  furnish it with a letter
addressed to the  Securities  and  Exchange  Commission  stating  whether or not
Andersen  agrees with the foregoing  disclosures.  A copy of such letter,  dated
June 4, 2002, is filed as Exhibit 16 to this Form 8-K in which  Andersen  states
its agreement with the foregoing disclosures.

     Upon the  resignation  of Andersen,  the Audit  Committee of Banner Central
Finance is in the process of reviewing the selection of new  independent  public
accountants to audit the financial  statements of Banner Central Finance for the
year ended December 31, 2002.


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

     (c) Exhibits. The following exhibits are filed with this document.

          16 Letter from Arthur  Andersen  LLP to the  Securities  and  Exchange
          Commission dated June 4, 2002.



<PAGE>
                                       2




                                   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.


                                               Banner Central Finance Company
                                                        (Registrant)




    Date: June 4, 2002                         By:      /s/Gary M. Cypres
                                             ----------------------------------
                                                  Gary M. Cypres
                                                  Chairman of the Board,
                                                  Chief Financial Officer and
                                                  Chief Executive Officer





<PAGE>
                                       3




                                   EXHIBIT 16





Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, North West
Washington, D.C. 20549

June 4, 2002

Dear Sir or Madam:

     We have read the first,  second and third  paragraphs of Item 4 included in
Form 8K dated June 4, 2002 of Banner  Central  Finance  Company to be filed with
the Securities and Exchange  Commission and are in agreement with the statements
contained therein.

Very truly yours,



/s/ ARTHUR ANDERSEN LLP
--------------------------------------------


Copy to: Gary M. Cypres, Banner Central Finance Company
         Chairman of the Board, President, Chief Executive
         Officer and Chief Financial Officer
[{"type": "8-K", "sequence": "1", "filename": "bcfn8k6402.txt", "secsgml_size_bytes": 5763}]
{"company-data": {"conformed-name": "BANNER CENTRAL FINANCE CO", "cik": "0001125633", "assigned-sic": "6199", "irs-number": "954821101", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-31747", "film-number": "02669816"}, "business-address": {"street1": "5480 E FERGUSON DRIVE", "city": "COMMERCE", "state": "CA", "zip": "90022", "phone": "3237208600"}}
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): June 4, 2002

                         Banner Central Finance Company
             (Exact name of registrant as specified in its charter)

       Delaware                        000-31747                95-4821101
(State or other jurisdiction of  (Commission File Number)   (I.R.S. employer
 incorporation or organization)                          identification number)

                            5480 East Ferguson Drive
                           Commerce, California 90022
              (Address of principal executive offices and zip code)

       Registrant's telephone number, including area code: (323) 720-8600

                                 Not Applicable
          (Former name or former address, if changed since last report)
1

Item 4.  Changes in Registrant's Certifying Accountant

     The annual  proxy  statement of Banner  Central  Finance  Company  ("Banner
Central  Finance"),  dated  April 26,  2002,  includes a proposal  to elect four
directors to serve on our Board of Directors.  Mr. David Cohen,  one of the four
directors  that is  nominated  for  election,  is a  retired  partner  of Arthur
Andersen LLP ("Andersen"). It is our intention to have Mr. Cohen become a member
of the Audit  Committee of Banner Central Finance upon his election to our Board
of  Directors.  This  proposal is  scheduled  to be voted on June 4, 2002 at our
annual meeting of stockholders.  On May 31, 2002, Andersen notified us that this
action will cause an  independence  problem for  Andersen and  therefore,  their
resignation as our independent public accountants.

     Andersen's  reports  on Banner  Central  Finance's  consolidated  financial
statements  for the past two  fiscal  years  contained  no  adverse  opinion  or
disclaimer  of opinion and were not  qualified  or  modified as to  uncertainty,
audit  scope or  accounting  principles.  Andersen's  report on  Banner  Central
Finance's   consolidated   financial  statements  for  2001  was  issued  on  an
unqualified  basis  in  conjunction  with  the  publication  of  Banner  Central
Finance's  Annual  Report to  Stockholders  and the  filing  of  Banner  Central
Finance's Annual Report on Form 10-K.

     During  Banner  Central  Finance's two most recent fiscal years and through
the date of this Form 8-K,  there were no  disagreements  with  Andersen  on any
matter of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure  which, if not resolved to Andersen's  satisfaction,
would have caused them to make  reference  to the subject  matter in  connection
with their report on Banner Central Finance's  consolidated financial statements
for  such  years;  and  there  were no  reportable  events,  as  listed  in Item
304(a)(1)(v) of Regulation S-K.

     Banner Central  Finance  requested  that Andersen  furnish it with a letter
addressed to the  Securities  and  Exchange  Commission  stating  whether or not
Andersen  agrees with the foregoing  disclosures.  A copy of such letter,  dated
June 4, 2002, is filed as Exhibit 16 to this Form 8-K in which  Andersen  states
its agreement with the foregoing disclosures.

     Upon the  resignation  of Andersen,  the Audit  Committee of Banner Central
Finance is in the process of reviewing the selection of new  independent  public
accountants to audit the financial  statements of Banner Central Finance for the
year ended December 31, 2002.

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

     (c) Exhibits. The following exhibits are filed with this document.

          16 Letter from Arthur  Andersen  LLP to the  Securities  and  Exchange
          Commission dated June 4, 2002.
2

                                   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.

                                               Banner Central Finance Company
                                                        (Registrant)

    Date: June 4, 2002                         By:      /s/Gary M. Cypres
                                             ----------------------------------
                                                  Gary M. Cypres
                                                  Chairman of the Board,
                                                  Chief Financial Officer and
                                                  Chief Executive Officer
3

                                   EXHIBIT 16

Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, North West
Washington, D.C. 20549

June 4, 2002

Dear Sir or Madam:

     We have read the first,  second and third  paragraphs of Item 4 included in
Form 8K dated June 4, 2002 of Banner  Central  Finance  Company to be filed with
the Securities and Exchange  Commission and are in agreement with the statements
contained therein.

Very truly yours,

/s/ ARTHUR ANDERSEN LLP
--------------------------------------------

Copy to: Gary M. Cypres, Banner Central Finance Company
         Chairman of the Board, President, Chief Executive
         Officer and Chief Financial Officer