UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
Community Capital Bancshares, Inc.
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(Name of Issuer)
Common Stock, $.10 par value
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(Title of Class of Securities)
203634100
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(CUSIP Number)
Elliot Press, Esq.,
c/o Katten Muchin Rosenman LLP,
575 Madison Avenue,
New York, NY 10022
(212) 940-8800
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
June 12, 2006
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1 (b)(3) or (4), check the following box |_|
Note: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 (the "Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
CUSIP No. 203634100 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Riggs Qualified Partners, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
136,279 shares
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 136,279 shares
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
136,279 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.67%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 9
CUSIP No. 203634100 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Philip J. Timyan
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
142,462 shares
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 142,462 shares
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
35,000 shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
177,462 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.09%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 9
Item 1. Security and Issuer
This Statement relates to the shares of Common Stock, $1.00 par value
("Common Stock") of Community Capital Bancshares, Inc. (the "Company"), a
corporation organized under the laws of the State of Georgia. The
principal executive offices of the Company are located at P.O. Drawer
71269, Albany, Georgia 31708.
Item 2. Identity and Background
(a) Pursuant to Rule 13-d-1(f)(1) promulgated under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), this Schedule 13D
is being filed by (i) Riggs Qualified Partners, LLC, a Delaware limited
liability company ("RP LLC"), with respect to the shares of Common Stock
beneficially owned by it and (ii) Philip J. Timyan, as managing member of
RP LLC and with respect to shares owned by RAM T, L.P. ("RAM") an entity
not controlled by Mr. Timyan over which shares Mr. Timyan possesses
dispositive power. The general partner of RAM is RTL Partners Ltd. RP LLC
and Mr. Timyan (together, the "Reporting Persons") are making this single,
joint filing because they may be deemed to constitute a "group" within the
meaning of Section 13(d)(3) of the Exchange Act.
(b)-(c)
Riggs Qualified Partners LLC
RP LLC is a limited liability company the principal business of which is
investing for profit in securities and other assets. The managing member
of RP LLC is Philip J. Timyan. The principal business address of RP LLC is
4324 Central Avenue, Western Springs, Illinois 60558.
Philip J. Timyan
Mr. Timyan is principally employed as the Managing Member of RP LLC. The
principal business address of Mr. Timyan is 4324 Central Avenue, Western
Springs, Illinois 60558.
(d) To the best knowledge of the Reporting Persons, during the last five
years, none of the Reporting Persons, nor any other entity set forth in
this Item 2, has been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
Page 4 of 9
(e) To the best knowledge of the Reporting Persons, during the last five
years, none of the Reporting Persons nor any other entity set forth in
this Item 2, has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction or is subject to any
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or a finding of any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The aggregate amount of funds (inclusive of commissions) used to purchase
the shares of Common Stock held by RP LLC is $1,460,236. The source of
funds used by RP LLC to purchase such shares was working capital.
The aggregate amount of funds (inclusive of commissions) used to purchase
the shares of Common Stock held by RAM is $374,650. The source of funds
used to purchase such shares was working capital.
The aggregate amount of funds (inclusive of commissions) used to purchase
the shares of Common Stock held by Mr. Timyandirectly is $68,862. The
source of such funds was personal funds of Mr. Timyan.
Item 4. Purpose of Transaction.
The Reporting Persons have acquired the shares of the Company reported
herein for investment purposes. The Reporting Persons intend to profit
from the appreciation of the Common Stock, which the Reporting Persons
believe is undervalued in light of the Company's franchise value.
In light of the foregoing, the Reporting Persons reserve the right to
adopt a more active role in asserting their rights as shareholders,
including, without limitation, seeking to influence management to take
steps that are in the interest of stockholders.
In that regard, the Reporting Person intends to closely scrutinize and
monitor developments at the Company. The Reporting Person may at any time
and from time-to-time (i) acquire additional shares of the Company's
Common Stock (subject to availability at prices deemed favorable) in the
open market, in privately negotiated transactions or otherwise, (ii)
dispose of shares of the Company's Common Stock at prices deemed favorable
in the open market, in privately negotiated transactions or otherwise or
(iii) take such other actions, including actions which could result in the
changes or events specified in clauses (a)-(j) of Item 4 of the Form of
Schedule 13D, as the Reporting Persons determines to be in its best
interest.
Item 5. Interest in Securities of the Issuer.
(a) The aggregate percentage of the outstanding Common Stock of the
Company reported owned by each Reporting Person is based upon 2,915,505
shares of Common Stock reported outstanding as of May 8, 2006 as reported
on the Company's quarterly report on Form 10-Q for the period ended March
31, 2006.
Page 5 of 9
As of the close of business on June 16, 2006.
(i) RP LLC owns 136,279 shares of Common Stock which represent
approximately 4.67% of the outstanding Common Stock; and
(ii) Philip J. Timyan owns 6,183 shares of Common Stock directly. In
addition, as the managing member of RP LLC, Mr. Timyan may be deemed, by
the provisions of Rule 13d-3 of the Exchange Act Rules, to be the
beneficial owner of the 136,279 shares of Common Stock owned by RP LLC. In
addition, Mr. Timyan may be deemed to beneficially own an additional
35,000 shares of Common Stock held by RAM over which shares Mr. Timyan
possesses dispositive power. The foregoing shares, in the aggregate,
constitute 177,462 shares or approximately 6.09% of the outstanding Common
Stock
(b) RP LLC has the sole power to vote and dispose of the shares of Common
Stock it holds, which power is exercisable by Mr. Timyan as managing
member of RP LLC.
Mr. Timyan shares the power to dispose of the shares held by RAM with RAM
and its general partner, RTL Partners Ltd. RAM is a Cayman Islands company
the principal business of which, to the knowledge of the Reporting
Persons, is investing for profit in securities and other assets. The
general partner of RAM is RTL Partners Ltd., a Cayman Islands company the
principal business of which, to the knowledge of the Reporting Persons, is
serving as the general partner of RAM. The principal business address of
RAM and RTL Partners Ltd. is c/o Caldonian Bank & Trust Limited,
Caledonian House, P.O. Box 1043GT, 69 Dr. Roy's Drive, George Town, Grand
Cayman Islands, British West Indies. Mr. Timyan has no voting power over
the shares held by RAM.
(c) On June 12, 2006, RP LLC purchased 56,279 shares and RAM purchased
35,000 shares, in each case, on the open market for $10.25 per share.
(d) RAM has the right to receive or the power to direct the receipt of
dividends from, or the proceeds of the sale of, the 35,000 shares held by
Ram.
(e) Not applicable.
Page 6 of 9
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to
Securities of the Issuers
None.
Item 7. Material to be Filed as Exhibits
Exhibit 1: Agreement pursuant to Rule 13d-1(k).
Page 7 of 9
SIGNATURE
After reasonable inquiry, and to the best of our knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: June 19, 2006
RIGGS QUALIFIED PARTNERS, LLC
By: /s/ Philip J. Timyan
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Name: Philip J. Timyan
Title: Managing Member
/s/ Philip J. Timyan
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Philip J. Timyan
Page 8 of 9
EXHIBIT 1
AGREEMENT REGARDING JOINT FILING UNDER
UNDER RULE 13D-1(K) OF THE EXCHANGE ACT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as
amended, each of the undersigned agrees to the filing on behalf of each of a
Statement on Schedule 13D, and all amendments thereto, with respect to the
shares of common stock, no par value, of Community Capital Bancshares, Inc.
Dated: June 19, 2006
/s/ Philip J. Timyan
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Philip J. Timyan
Riggs Qualified Partners, LLC
By: /s/ Philip J. Timyan
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Philip J. Timyan, Managing Member
Page 9 of 9