UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
PS Financial Corporation
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
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(CUSIP Number)
PJD Jackson Blvd Fund, Ltd, 53 W. Jackson, Chicago IL 60604
(312) 2946440
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
12/3/97
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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 [ ].
Check the following box if a fee is being paid with the statement [ ]. (A
fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five
percent of the class of securities described in Item 1; and (2) has
filed no amendment subsequent thereto reporting beneficial ownership of
five percent or less of such class.) (See Rule 13d-7.)
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).
SEC 1746 (12-91) Page 1 of 10
<PAGE>
SCHEDULE 13D
CUSIP NO. PAGE 2 OF 10 PAGES
---------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Paul J. Duggan
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Working Capital
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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
IL
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7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 123,700
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
123,700
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
123,700
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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%
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14 TYPE OF REPORTING PERSON*
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) Page 2 of 10
<PAGE>
SCHEDULE 13D
CUSIP NO. PAGE 3 OF 10 PAGES
---------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jackson Blvd Fund, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Working Capital
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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
IL
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7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 67,700
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
67,700
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
67,700
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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)
3.3%
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14 TYPE OF REPORTING PERSON*
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) Page 3 of 10
<PAGE>
SCHEDULE 13D
CUSIP NO. PAGE 4 OF 10 PAGES
---------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jackson Blvd Equities, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Working Capital
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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
IL
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7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 67,700
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
67,700
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
67,700
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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)
3.3%
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14 TYPE OF REPORTING PERSON*
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) Page 4 of 10
<PAGE>
SCHEDULE 13D
CUSIP NO. PAGE 5 OF 10 PAGES
---------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jackson Blvd Partners
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Working Capital
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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
IL
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7 SOLE VOTING POWER
NUMBER OF
56,000
SHARES -----------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
56,000
PERSON -----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
56,000
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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)
2.7%
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14 TYPE OF REPORTING PERSON*
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1746 (12-91) Page 5 of 10
<PAGE>
ITEM 1. SECURITY AND ISSUER
-------------------
This Schedule 13D relates to the shares of common stock, par value $.01
pr share (the "Common Stock" or the "Shares"), of PS Financial Corporation
(the "Company"), with its principal executive offices located at 4800 South
Pulaski Road, Chicago, IL 60632.
ITEM 2. IDENTITY AND BACKGROUND
-----------------------
This Schedule 13D is being filed by the following reporting
persons:
Paul J. Duggan ("Duggan")
Jackson Boulevard Fund, Ltd. (" Jackson Fund")
Jackson Boulevard Equities, L.P. ("Jackson Equity")
Jackson Boulevard Partners ("Jackson Partners")
Jackson Fund, a corporation incorporated under the laws of the State of
Illinois, is the sole general partner of Jackson Equity, a limited
partnership organized under the laws of the state of Illinois. Jackson Equity
is a private investment partnership engaged in the purchase and sale of
securities for investment for its own account. Jackson Fund is in the
business of serving as the general partner of Jackson Equity and other
investment partnerships. Duggan is the sole stockholder and an officer and
director of Jackson Fund. The business address of Jackson Fund, Jackson
Equity, Jackson Partners and Duggan is 53 West Jackson Boulevard, Suite 400,
Chicago, IL 60604.
Jackson Partners is an Illinois General Partnership. Duggan is the
managing general partner of Jackson Partners. Jackson Partners engages in the
purchase and sales of securities for it's own account.
Jackson Fund, Jackson Equity, and Jackson Partners have not, during the
last five years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors, if any), nor were either a party to a
civil proceeding of a judicial or administrative body of competent
jurisdiction as a result of which any of them were or are 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.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
-------------------------------------------------
As of December 3, 1997, Jackson Equity was the owner of record and the
beneficial owner of 67,700 shares. The source of funds used by Jackson
Equity to purchase the shares was Jackson Equity's working capital. Jackson
Equity, from time to time, borrows funds through customary margin accounts
with Bear Stearns Securities Corp., thus increasing its available working
capital. Jackson Equity's obligations under the margin accounts are secured
by the marginable equity securities owned by Jackson Equity.
<PAGE>
Jackson Fund has a 3.25% ownership interest in the funds or property of
Jackson Equity in addition to its interest as general partner of Jackson
Equity. Duggan and his wife, Deborah Duggan ("Deborah"), have invested as
limited partners in Jackson Equity.
As of December 3, 1997, Jackson Partners was the owner of record and the
beneficial owner of 56,000 shares. The source of funds used by Jackson
Partners to purchase the shares was Jackson Partner's working capital.
Jackson Partners, from time to time, borrows funds through customary margin
accounts with Bear Stearns Securities Corp., thus increasing its available
working capital. Jackson Partners obligations under the margin accounts are
secured by the marginable equity securities owned by Jackson Partners. Duggan
and Deborah are partners in Jackson Partners.
ITEM 4. PURPOSE OF TRANSACTION
----------------------
Jackson Equity and Jackson Partners acquired the shares for investment
purposes, and only in the ordinary course of its business or investment
activities. In the ordinary course of business, the reporting parties from
time to time evaluate holdings of securities and will continue to review the
prospects of the Company, and based upon such evaluation and on market
conditions, economic conditions and other relevant factors, may in the future
acquire additional shares or dispose of shares. Duggan, JBE, JBP, and JBF
would like Management to consider paying an immediate large one-time special
dividend. If the Company has not filed a consolidated tax return, such
dividend should be treated as a tax-free return of capital dividend pursuant
to current IRS regulations. Dividends of $5 to $10 have been paid by other
thrifts in recent years with no adverse tax implications (see Exhibit 1
attached).
The reporting persons under this Schedule 13D have no other present plans
or proposals (other than above) which would result in or relate to any of the
transactions described in paragraphs (a) through (j) of Item 4 of Schedule
13D. In the future, however, the reporting persons reserve the right to adopt
such plans or proposals subject to applicable regulatory requirements, if any.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
------------------------------------
(a) Number and Percentage
---------------------
Jackson Equity beneficially owns 67,700 shares representing 3.3% of
the outstanding shares. Jackson Fund beneficially owns 67,700 shares.
Jackson Partners beneficially owns 56,000 shares representing 2.7%
of the outstanding shares.
<PAGE>
(b) Power to Vote/Dispose of Shares
-------------------------------
Jackson Equity does not have the sole power to vote or the sole
power to dispose of any shares, rather Jackson Equity has the shared power to
vote and the shared power to dispose of 67,700 shares.
Duggan does not have the sole power to vote or the sole power to
dispose of any shares, rather Duggan has the shared power to vote and the
shared power to dispose of 123,700 shares.
Jackson Fund (as the general partner of Jackson Equity) does not
have the sole power to vote or the sole power to dispose of any shares, rather
Jackson Fund has the shared power to vote and the shared power to dispose of
67,700 shares.
Jackson Partners has the sole power to vote or to dispose of any of
its shares.
(c) Purchases in the Last 60 Days
-----------------------------
The following table details the transactions by Jackson Equity and
Jackson Partners within the 60 days period prior to the date of filing of this
Schedule 13D.
Date of Amount Average Type of
Buyer Transaction of Shares Price Per Share Transaction
- ----- ----------- --------- --------------- -----------
Jackson Equity 12/3/97 25,000 $17.50 Purchased over the
counter
Jackson Partners 12/3/97 0 $0
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
---------------------------------------------------------------------
TO SECURITIES OF THE ISSUER
---------------------------
Except as described above, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) among the persons named
in Item 2 hereof or between such persons and any other person with respect to
any securities of the Company, including but not limited to transfer or voting
of any other securities, finder's fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, divisions of profits or
loss, or the giving or withholding of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
--------------------------------
No Exhibits are required to be filed.
<PAGE>
OTHER. AGREEMENT REGARDING JOINT FILING
--------------------------------
The undersigned hereby agree that this statement on Schedule 13D relating
to shares of Common Stock, par value $.01 per share, of PS Financial
Corporation, be, and any amendments to this Statement will be, filed on behalf
of each of the undersigned.
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: December 4, 1997
JACKSON BOULEVARD EQUITIES, L.P.
By: JACKSON BOULEVARD FUND, LTD.,
General Partner
By: /s/ Paul J. Duggan
-------------------------
Paul J. Duggan, President
JACKSON BOULEVARD FUND, LTD.
By: /s/ Paul J. Duggan
--------------------------
Paul J. Duggan, President
JACKSON BOULEVARD PARTNERS
By: /s/ Paul J. Duggan
--------------------------
Paul J. Duggan, Partner
<PAGE>
December 5, 1997
The Board of Directors
PS Financial, Inc.
4800 South Pulaski Road
Chicago, IL 60632-4195
To the Board:
I am a shareholder of your company and currently vote 6% of the
outstanding stock. I am in receipt of your recently filed Form 10-Q SB as
filed with the Securities and Exchange Commission.
My analysis of your financial statement indicates a large amount of
excess capital. Total capital exceeds 35% of assets. A dividend of $7 to $10
per share would reduce your capital dramatically.
It is possible that such a dividend would be treated as tax-free under
current IRS regulations. Such tax-free treatment would be a plus, but taxable
transactions should still be considered.
A dividend declared in 1997 but paid in 1998 would give shareholders some
flexibility. It is possible that a portion of the dividend could be in excess
of earnings and profits and, therefore, be eligible for tax-free treatment.
If the final IRS resolution called for a taxable treatment, the ultimate tax
payment by shareholders could be delayed until April 15, 1999 if the dividend
were paid in early 1998.
I look forward to your comments.
Very truly yours,
Paul J. Duggan, President
Jackson Boulevard Fund, Ltd.
General Partner of Jackson Boulevard Equities, L.P.
cc: S.J. Ptak
Kimberly P. Rooney
L.G. Ptak
Jeanine M. McInerney
Rocco DiIorio
Edward Wolak
