------------------------------
OMB APPROVAL
------------------------------
------------------------------
OMB NUMBER: 3235-0145
EXPIRES: OCTOBER 31, 1997
ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE.....14.90
------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 3 )*
Northeast Bancorp
--------------------------------------------------------------------------------
(NAME OF ISSUER)
Common Stock, par value $ 1.00 per share
--------------------------------------------------------------------------------
(TITLE OF CLASS OF SECURITIES)
--------------------------------------------------------------------------------
663904100
(CUSIP NUMBER)
Mr. Terry Maltese, Sandler O'Neill Asset Management LLC,
780 Third Avenue, 30th Floor, New York, NY 10017 (212) 486-7300
--------------------------------------------------------------------------------
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES
AND COMMUNICATIONS)
June 17, 2003
--------------------------------------------------------------------------------
(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 ("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).
PAGE 1 OF 15 PAGES.
EXHIBIT INDEX LOCATED ON PAGE ___ SEC 1746 (12-91)
SCHEDULE 13D
----------------------------------------------------------- -------------------------------------------------------
CUSIP NO. 663904100 PAGE 2 OF 15 PAGES
0 --------------- -------------
----------------------------------------------------------- -------------------------------------------------------
-------- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sandler O'Neill Asset Management, LLC
-------- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- -------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------- -------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
6 CITIZEN OR PLACE OF ORGANIZATION
New York
------------------------ ------ ------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
------ ------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES BENEFICIALLY 150,000
OWNED BY EACH
REPORTING PERSON ------ ------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
------ --------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
150,000
------------------------ ------ --------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
150,000
-------- -------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
-------- -------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%
-------- -------------------------------------------------------------------------------------------------------------------
-------- -------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
00
-------- -------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
2 OF 15
SCHEDULE 13D
----------------------------------------------------------- -------------------------------------------------------
CUSIP NO. 663904100 PAGE 3 OF 15 PAGES
0 --------------- -------------
----------------------------------------------------------- -------------------------------------------------------
-------- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SOAM Holdings, LLC
-------- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- -------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------- -------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
6 CITIZEN OR PLACE OF ORGANIZATION
Delaware
------------------------ ------ --------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
------ --------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES BENEFICIALLY 103,800
OWNED BY EACH
REPORTING PERSON ------ --------------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
------ --------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
103,800
-------- -------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
103,800
-------- -------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]<
-------- -------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.9%
-------- -------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
00
-------- -------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
3 OF 15
SCHEDULE 13D
----------------------------------------------------------- -------------------------------------------------------
CUSIP NO. 663904100 PAGE 4 OF 15 PAGES
0 --------------- -------------
----------------------------------------------------------- -------------------------------------------------------
-------- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Partners II, L.P.
-------- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- -------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-------- -------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
6 CITIZEN OR PLACE OF ORGANIZATION
Delaware
------------------------ ------ --------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
------ --------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES BENEFICIALLY 19,700
OWNED BY EACH
REPORTING PERSON ------ --------------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
------ --------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
19,700
-------- -------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,700
-------- -------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
-------- -------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7%
-------- -------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-------- -------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
4 OF 15
SCHEDULE 13D
----------------------------------------------------------- -------------------------------------------------------
CUSIP NO. 663904100 PAGE 5 OF 15 PAGES
0 --------------- -------------
----------------------------------------------------------- -------------------------------------------------------
-------- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Hedge Fund, L.P.
-------- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- -------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-------- -------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
6 CITIZEN OR PLACE OF ORGANIZATION
Delaware
------------------------ ------ --------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
------ --------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES BENEFICIALLY 11,800
OWNED BYEACH
REPORTING PERSON ------ --------------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
------ --------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,800
-------- -------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,800
-------- -------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
-------- -------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
-------- -------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-------- -------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
5 OF 15
SCHEDULE 13D
----------------------------------------------------------- -------------------------------------------------------
CUSIP NO. 663904100 PAGE 6 OF 15 PAGES
0 --------------- -------------
----------------------------------------------------------- -------------------------------------------------------
-------- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Hedge Fund II, L.P.
-------- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- -------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-------- -------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
6 CITIZEN OR PLACE OF ORGANIZATION
Delaware
------------------------ ------ --------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
------ --------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES BENEFICIALLY 72,300
OWNED BY EACH
REPORTING PERSON ------ --------------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
------ --------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
72,300
-------- -------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
72,300
-------- -------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
-------- -------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
-------- -------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-------- -------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
6 OF 15
SCHEDULE 13D
----------------------------------------------------------- -------------------------------------------------------
CUSIP NO. 663904100 PAGE 7 OF 15 PAGES
0 --------------- -------------
----------------------------------------------------------- -------------------------------------------------------
-------- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Offshore, Ltd
-------- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- -------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-------- -------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
6 CITIZEN OR PLACE OF ORGANIZATION
Cayman Islands
------------------------ ------ --------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
------ --------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES BENEFICIALLY 46,200
OWNED BY EACH
REPORTING PERSON ------ --------------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
------ --------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
46,200
-------- -------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
46,200
-------- -------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
-------- -------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8%
-------- -------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-------- -------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
7 OF 15
SCHEDULE 13D
----------------------------------------------------------- -------------------------------------------------------
CUSIP NO. 663904100 PAGE 8 OF 15 PAGES
0 --------------- -------------
----------------------------------------------------------- -------------------------------------------------------
-------- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Terry Maltese
-------- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- -------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
-------- -------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
-------- -------------------------------------------------------------------------------------------------------------------
6 CITIZEN OR PLACE OF ORGANIZATION
USA
------------------------ ------ --------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
------ --------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER OF
SHARES BENEFICIALLY 150,000
OWNED BY EACH
REPORTING PERSON ------ --------------------------------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
------ --------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
150,000
-------- -------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
150,000
-------- -------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
-------- -------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%
-------- -------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-------- -------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
8 OF 15
This Amendment No. 3 to Schedule 13D relating to Northeast Bancorp (the
"Issuer") is being filed on behalf of the undersigned to amend Amendment No. 2
to the Schedule 13D dated September 24, 2002, Amendment No. 1 to the Schedule
13D dated March 7, 2002 and the Schedule 13D dated April 20, 2001 (the "Schedule
13D'). Terms defined in the Schedule 13D and not defined herein have the same
meaning as in the Schedule 13D.
ITEM 2. IDENTITY AND BACKGROUND.
Item 2 of the Schedule 13D is hereby amended in its entirety to read as
follows:
(a) This statement is being filed by (i) Sandler O'Neill Asset Management
LLC, a New York limited liability company ("SOAM"), with respect to shares of
Common Stock beneficially owned by Malta Hedge Fund, L.P., a Delaware limited
partnership ("MHF"), Malta Partners II, L.P., a Delaware limited partnership
("MPII"), Malta Hedge Fund II, L.P., a Delaware limited partnership ("MHFII"),
and Malta Offshore, Ltd., a Cayman Islands company ("MO") (ii) SOAM Holdings,
LLC, a Delaware limited liability company ("Holdings"), with respect to shares
of Common Stock beneficially owned by MHF, MPII and MHFII, (iii) MHF, with
respect to shares of Common Stock beneficially owned by it, (iv) MPII, with
respect to shares of Common Stock beneficially owned by it, (v) MHFII, with
respect to shares of Common Stock beneficially owned by it, (vi) MO, with
respect to shares of Common Stock beneficially owned by it, and (vii) Terry
Maltese, with respect to shares of Common Stock beneficially owned by MHF, MPII,
MHFII and MO. The foregoing persons are hereinafter sometimes referred to
collectively as the "Reporting Persons" and MHF, MPII and MHFII are sometimes
collectively referred to herein as the "Partnerships." Any disclosures herein
with respect to persons other than the Reporting Persons are made on information
and belief after making inquiry to the appropriate party.
The sole general partner of each of the Partnerships is Holdings, and
administrative and management services for the Partnerships are provided by
SOAM. SOAM also provides management services to MO. The managing member and
President of Holdings and SOAM is Mr. Maltese. In his capacity as managing
member and President of Holdings and SOAM, Mr. Maltese exercises voting and
dispositive power over all shares of Common Stock beneficially owned by MHF,
MPII, MHFII, MO, SOAM and Holdings. The non-managing member of Holdings and SOAM
is 2 WTC LLC, a New York limited liability company ("2WTC").
(b) The address of the principal offices of each of MHF, MPII, MHFII,
Holdings and SOAM and the business address of Mr. Maltese is Sandler O'Neill
Asset Management LLC, 780 Third Avenue, 30th Floor, New York, New York 10017.
The address of the principal offices of MO is c/o Hemisphere Fund Managers
Limited, Harbour Centre, Third Floor, George Town, Grand Cayman, Cayman Islands,
British West Indies. The address of the principal offices of 2WTC is c/o Sandler
O'Neill & Partners, L.P., 919 Third Avenue -- 6th Floor, New York, New York
10022.
(c) The principal business of MHF, MPII and MHFII is that of private
partnerships engaged in investment in securities for its own account. The
principal business of MO is that of investment in securities for its own
account. The principal business of Holdings is that of acting as general partner
for the Partnerships. The principal business of SOAM is that of providing
administrative and management services to the Partnerships and management
services to MO. The present principal occupation or employment of Mr. Maltese is
President of SOAM and Holdings. The principal business of 2WTC is investing in
Holdings and SOAM.
Page 9 of 15
(d) During the last five years, none of MHF, MPII, MHFII, MO, Holdings,
SOAM, 2WTC or Mr. Maltese has been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
(e) During the last five years, none of MHF, MPII, MHFII, MO, Holdings,
SOAM, 2WTC or Mr. Maltese has been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction as a result of which such
person was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
(f) Mr. Maltese is a U.S. citizen.
ITEM 3. SOURCE AND AMOUNT OF FUNDS.
The net investment cost (including commissions, if any) of the shares
of Common Stock held by MHF, MPII, MHFII and MO is $111,558, $183,407, $703,543,
and $578,079, respectively. Such shares were purchased with the investment
capital of the respective entities.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Schedule 13D is hereby amended in its entirety to read as
follows:
The purpose for which the Common Stock was acquired by the Reporting
Persons is for investment. As such, in the ordinary course of their business,
the Reporting Persons will continuously evaluate the financial condition,
results of operations, business and prospects of the Issuer, the securities
markets in general and the market for the Common Stock in particular, conditions
in the economy and the financial institutions industry generally and other
investment opportunities, all with a view to determining whether to hold,
decrease or increase its investment in the Common Stock, through open market,
privately negotiated or any other transactions. In the ordinary course of
evaluating its investment, representatives of the Reporting Persons may from
time to time seek to (or be invited to) discuss the business and policies of the
Issuer with the management of the Issuer. However, none of the Reporting Persons
has any plan or proposal as of the date hereof which would relate to or result
in any transaction, change or event specified in clauses (a) through (j) of Item
4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Based upon an aggregate of 2,646,827 shares of Common Stock
outstanding, as set forth in the Issuer's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2003, as of the close of business on June 17, 2003:
Page 10 of 15
(i) MHF beneficially owned 11,800 shares of Common Stock, constituting
approximately 0.5% of the shares outstanding.
(ii) MPII beneficially owned 19,700 shares of Common Stock, constituting
approximately 0.7% of the shares outstanding.
(iii) MHFII beneficially owned 72,300 shares of Common Stock,
constituting approximately 2.7% of the shares outstanding.
(iv) MO beneficially owned 46,200 shares of Common Stock, constituting
approximately 1.8% of the shares outstanding.
(v) SOAM owned directly no shares of Common Stock. By reason of its
position as management company for MHF, MPII, MHFII and MO, under
the provisions of Rule 13d-3, SOAM may be deemed to beneficially
own the 11,800 shares owned by MHF, the 19,700 shares owned by
MPII, the 72,300 shares owned by MHFII and the 46,200 shares owned
by MO, or an aggregate of 150,000 shares of Common Stock,
constituting approximately 5.7% of the shares outstanding.
(vi) Holdings owned directly no shares of Common Stock. By reason of its
position as general partner of MHF, MPII and MHFII, under the
provisions of Rule 13d-3 of the Securities and Exchange Commission
("Rule 13d-3"), Holdings may be deemed to beneficially own the
11,800 shares owned by MHF, the 19,700 shares owned by MPII, and
the 72,300 shares owned by MHFII, or an aggregate of 103,800 shares
of Common Stock, constituting approximately 3.9% of the shares
outstanding.
(vii) Mr. Maltese directly owned no shares of Common Stock. By reason of
his position as President of Holdings and SOAM, Mr. Maltese may be
deemed to beneficially own the 11,800 shares owned by MHF, the
19,700 shares owned by MPII, the 72,300 shares owned by MHFII and
the 46,200 shares owned by MO, or an aggregate of 150,000 shares of
Common Stock, constituting approximately 5.7% of the shares
outstanding.
(viii) In the aggregate, the Reporting Persons beneficially own an
aggregate of 150,000 shares of Common Stock, constituting
approximately 5.7% of the shares outstanding.
(ix) 2WTC directly owned no shares of Common Stock.
(b) The Partnerships each have the power to dispose of and to vote the
shares of Common Stock beneficially owned by it, which power may be exercised by
its general partner, Holdings. Holdings is a party to a management agreement
with SOAM pursuant to which SOAM shares the power to dispose of and to vote the
shares of Common Stock beneficially owned by Holdings. MO has the power to
dispose of and to vote the shares of Common Stock beneficially owned by it. MO
is a party to a management agreement with SOAM pursuant to which SOAM shares the
power to dispose of and to vote the shares of Common Stock beneficially owned by
MO. Mr. Maltese, as President and managing member of Holdings and SOAM, shares
the power to dispose of and to vote the shares of Common Stock beneficially
owned by the other Reporting Persons.
Page 11 of 15
(c) During the sixty days prior to June 17, 2003, MHF effected the
following transactions in the Common Stock in open market transactions with
brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- --------
06/17/03 Sold 3,100 $16.24
06/16/03 Sold 2,000 $16.14
06/12/03 Sold 200 $16.09
During the sixty days prior to June 17, 2003, MPII effected the
following transactions in the Common Stock in open market transactions with
brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- --------
06/17/03 Sold 5,200 $16.24
06/16/03 Sold 3,300 $16.14
06/12/03 Sold 400 $16.09
During the sixty days prior to June 17, 2003, MHFII effected the
following transactions in the Common Stock in open market transactions with
brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
06/17/03 Sold 19,400 $16.24
06/16/03 Sold 12,000 $16.14
06/12/03 Sold 1,300 $16.09
During the sixty days prior to June 17, 2003, MO effected the following
transactions in the Common Stock in open market transactions with brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
06/17/03 Sold 12,300 $16.24
06/16/03 Sold 7,700 $16.14
06/12/03 Sold 800 $16.09
(d) Not applicable.
(e) Not applicable.
Page 12 of 15
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Item 7 of the Schedule 13D is hereby amended in its entirety to read as
follows:
Exhibit 1 Written Agreement relating to the filing of joint acquisition
statements as required by Rule 13d-1(f)(1) of the Securities and
Exchange Commission
Page 13 of 15
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: June 25, 2003
MALTA PARTNERS II, L.P. MALTA HEDGE FUND, L.P.
By: SOAM Holdings, LLC, By: SOAM Holdings, LLC,
the sole general partner the sole general partner
By: /s/ Terry Maltese By: /s/ Terry Maltese
------------------------------------ -----------------
Terry Maltese Terry Maltese
President President
MALTA OFFSHORE, LTD. MALTA HEDGE FUND II, L.P.
By: Sandler O'Neill By: SOAM Holdings, LLC,
Asset Management LLC the sole general partner
By: /s Terry Maltese By: /s/ Terry Maltese
----------------------------------- -----------------
Terry Maltese Terry Maltese
President President
MALTA HOLDINGS, LLC SANDLER O'NEILL ASSET
MANAGEMENT LLC
By: /s/ Terry Maltese By: /s/ Terry Maltese
---------------------------------- ------------------
Terry Maltese Terry Maltese
President President
Terry Maltese
By: /s/ Terry Maltese
---------------------------------
Terry Maltese
Page 14 of 15
EXHIBIT 1
JOINT ACQUISITION STATEMENT PURSUANT TO RULE 13d-1(f)(1)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13D shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning it contained herein, but shall not be
responsible for the completeness and accuracy of the information concerning the
other, except to the extent that it knows or has reason to believe that such
information is inaccurate.
Dated: June 25, 2003
MALTA PARTNERS II, L.P. MALTA HEDGE FUND II, L.P.
By: SOAM Holdings, LLC, By: SOAM Holdings, LLC,
the sole general partner the sole general partner
By: /s/ Terry Maltese By: /s/ Terry Maltese
----------------------------------- -------------------
Terry Maltese Terry Maltese
President President
MALTA OFFSHORE, LTD. SANDLER O'NEILL ASSET
By: Sandler O'Neill Asset MANAGEMENT LLC
Management LLC
By: /s/ Terry Maltese By: /s/ Terry Maltese
---------------------------------- -------------------
Terry Maltese Terry Maltese
President President
SOAM HOLDINGS, LLC TERRY MALTESE
By: /s/ Terry Maltese /s/ Terry Maltese
---------------------------------- -----------------
Terry Maltese Terry Maltese
President
MALTA HEDGE FUND, L.P.
By: SOAM Holdings, LLC,
the sole general partner
By: /s/ Terry Maltese
----------------------------------
Terry Maltese
President
Page 15 of 15