<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
MITCHELL BANCORP, INC.
- --------------------------------------------------------------------------------
(NAME OF ISSUER)
Common Stock, $.01 par value per share
- --------------------------------------------------------------------------------
(TITLE OF CLASS OF SECURITIES)
606503100
- --------------------------------------------------------------------------------
(CUSIP NUMBER)
GREAT MEADOWS, INC.
C/O RUSSELL M. ROBINSON III, ESQ.
AMOS & JEFFRIES, LLP
PO BOX 787
GREENSBORO, NC 27402
(910) 273-5569
FAX (910) 273-2435
- --------------------------------------------------------------------------------
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
AUGUST 7, 1996
- --------------------------------------------------------------------------------
(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 [X].
(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).
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CUSIP No. 606503100
---------------------
(1) Names of Reporting Persons/S.S. or I.R.S. Identification Nos. of
Above Persons
Samuel L. Phillips / ###-##-####
---------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group*
(a)
(b) X (1) (2)
(3) SEC Use Only
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
PF
---------------------------------------------------------------------
(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
---------------------------------------------------------------------
(7) Sole Voting Power
Number of 18,716
Shares --------------------------------------------------------
Beneficially (8) Shared Voting Power
Owned by 0
Each --------------------------------------------------------
Reporting (9) Sole Dispositive Power
Person With 18716
--------------------------------------------------------
(10) Shared Dispositive Power
0
--------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
97,650 (2)
---------------------------------------------------------------------
(12) Check Box if Aggregate Amount in Row (11) Excludes Certain
Shares* [ ]
---------------------------------------------------------------------
(13) Percent
9.97 percent (2)
---------------------------------------------------------------------
(14) Type of Reporting
IN
----------------------------------------------------------------------
(1) This schedule is filed on behalf of Samuel Phillips, Van
Phillips, Byron Phillips, and Gina Phillips and Great
Meadows, Inc. All individuals are adult family members
who each maintain their own residence, make their own
investment decisions and will make their own voting decisions
with respect to the shares owned by them. All individuals
expressly disclaim the existence of a group with respect to the
shares.
(2) The Reporting Person disclaims beneficial ownership of shares
held by persons other than himself. This filing shall not be
construed as an admission that such person is the beneficial
owner of such shares.
2
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CUSIP No. SCHEDULE 13D Page 2 of 12 Pages
--------------------- -------- --------
(1) Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
Van F. Phillips / ###-##-####
---------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) X (1) (2)
(3) SEC Use Only
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
PF
---------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
---------------------------------------------------------------------
(6) Citizenship or Place of Organization
United States
---------------------------------------------------------------------
(7) Sole Voting Power
Number of 8,716
Shares --------------------------------------------------------
Beneficially (8) Shared Voting Power
Owned by 52,786
Each --------------------------------------------------------
Reporting (9) Sole Dispositive Power
Person With 8,716
--------------------------------------------------------
(10) Shared Dispositive Power
52,786
--------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
97,650 (2)
---------------------------------------------------------------------
(12) Check Box if Aggregate Amount in Row (11) Excludes Certain
Shares* [ ]
---------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
9.97 percent (2)
---------------------------------------------------------------------
(14) Type of Reporting Person*
IN
---------------------------------------------------------------------
(1) This schedule is filed on behalf of Samuel Phillips, Van
Phillips, Byron Phillips, and Gina Phillips and Great
Meadows, Inc. All individuals are adult family members
who each maintain their own residence, make their own
investment decisions and will make their own voting decisions
with respect to the shares owned by them. All individuals
expressly disclaim the existence of a group with respect to the
shares.
(2) The Reporting Person disclaims beneficial ownership of shares
held by persons other than himself and Great Meadows, Inc.
This filing shall not be construed as an admission that
such person is the beneficial owner of such shares.
3
<PAGE> 4
CUSIP No. 606503100
---------------------
(1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of
Above Persons
G. Byron Phillips / ###-##-####
---------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ] (1)(2)
(3) SEC Use Only
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
PF
---------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
---------------------------------------------------------------------
(6) Citizenship or Place of Organization
United States
---------------------------------------------------------------------
(7) Sole Voting Power
Number of 8,716
Shares --------------------------------------------------------
Beneficially (8) Shared Voting Power
Owned by 53,786
Each --------------------------------------------------------
Reporting (9) Sole Dispositive Power
Person With 8,716
--------------------------------------------------------
(10) Shared Dispositive Power
52,786
--------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
97,650(2)
---------------------------------------------------------------------
(12) Check Box if Aggregate Amount in Row (11) Excludes Certain
Shares* [ ]
---------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
9.97 percent(2)
---------------------------------------------------------------------
(14) Type of Reporting Person*
IN
---------------------------------------------------------------------
(1) This schedule is filed on behalf of Samuel Phillips, Van
Phillips, Byron Phillips, and Gina Phillips and Great
Meadows, Inc. All individuals are adult family members
who each maintain their own residence, make their own
investment decisions and will make their own voting decisions
with respect to the shares owned by them. All individuals
expressly disclaim the existence of a group with respect to the
shares.
(2) The Reporting Person disclaims beneficial ownership of shares
held by persons other than himself and Great Meadows, Inc.
This filing shall not be construed as an admission that
such person is the beneficial owner of such shares.
4
<PAGE> 5
CUSIP No. 606503100
---------------------
(1) Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
Gina A Phillips / ###-##-####
---------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ] (1) (2)
(3) SEC Use Only
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
PF
---------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
---------------------------------------------------------------------
(6) Citizenship or Place of Organization
United States
---------------------------------------------------------------------
(7) Sole Voting Power
Number of Sole Voting Power 8,716
Shares --------------------------------------------------------
Beneficially (8) Shared Voting Power
Owned by Shared Voting Power 0
Each --------------------------------------------------------
Reporting (9) Sole Dispositive Power
Person With Sole Dispositive Power 8,716
--------------------------------------------------------
(10) Shared Dispositive Power
Shared Dispositive Power 0
--------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
97,650 (2)
---------------------------------------------------------------------
(12) Check Box if Aggregate Amount in Row (11) Excludes Certain
Shares* [ ]
---------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
9.97 percent (2)
---------------------------------------------------------------------
(14) Type of Reporting Person*
IN
---------------------------------------------------------------------
(1) This schedule is filed on behalf of Samuel Phillips, Van
Phillips, Byron Phillips, and Gina Phillips and Great
Meadows, Inc. All individuals are adult family members
who each maintain their own residence, make their own
investment decisions and will make their own voting decisions
with respect to the shares owned by them. All individuals
expressly disclaim the existence of a group with respect to the
shares.
(2) The Reporting Person disclaims beneficial ownership of shares
held by persons other than herself. This filing shall not be
construed as an admission that such person is the beneficial
owner of such shares.
5
<PAGE> 6
(1) Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
Great Meadows, Inc. / 56-0847654
---------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group*
(a) [ ]
(b) [ X ] (1) (2)
(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) Citizenship or Place of Organization
North Carolina corporation
---------------------------------------------------------------------
(7) Sole Voting Power
Number of Sole Voting Power 52,786
Shares --------------------------------------------------------
Beneficially (8) Shared Voting Power
Owned by Shared Voting Power 0
Each --------------------------------------------------------
Reporting (9) Sole Dispositive Power
Person With Sole Dispositive Power 52,786
--------------------------------------------------------
(10) Shared Dispositive Power
Shared Dispositive Power 0
--------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
97,650 (2)
---------------------------------------------------------------------
(12) Check Box if Aggregate Amount in Row (11) Excludes Certain
Shares* [ ]
---------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
9.97 percent (2)
---------------------------------------------------------------------
(14) Type of Reporting Person*
CO
---------------------------------------------------------------------
(1) This schedule is filed on behalf of Samuel Phillips, Van
Phillips, Byron Phillips, and Gina Phillips and Great
Meadows, Inc. All individuals are adult family members
who each maintain their own residence, make their own
investment decisions and will make their own voting decisions
with respect to the shares owned by them. All individuals
expressly disclaim the existence of a group with respect to the
shares.
(2) The Reporting Person disclaims beneficial ownership of shares
held by persons other than it. This filing shall not be
construed as an admission that such person is the beneficial
owner of such shares.
6
<PAGE> 7
ITEM 1. SECURITY AND ISSUER
Title of Class of Equity Securities:
Common Stock, $.01 par value per share ("Common Stock")
Name and address of principal executive offices of the issuer:
Mitchell Bancorp, Inc.
210 Oak Avenue
Spruce Pine, North Carolina 28777
ITEM 2. IDENTITY AND BACKGROUND
<TABLE>
<S> <C>
(a), (b), (c)
NAME, ADDRESS, OCCUPATION: Samuel L. Phillips
PO Box 400
Spruce Pine, NC 28777
Retired; formerly President of Great Meadows, Inc.
Father of Van, Byron and Gina Phillips
Van F. Phillips
PO Box 400
Spruce Pine, NC 28777
Vice President - Great Meadows, Inc.
G. Byron Phillips
PO Box 400
Spruce Pine, NC 28777
President - Great Meadows, Inc.
Gina A. Phillips
PO Box 400
Spruce Pine, NC 28777
Actress
Great Meadows, Inc.
(a North Carolina corporation)
Real Estate Development
PO Box 400
Spruce Pine, NC 28777
Officers: Van F. Phillips
G. Byron Phillips
Directors: Van F. Phillips
G. Byron Phillips
Gina A. Phillips
Jewel M. Phillips*
</TABLE>
* (Jewel M. Phillips is the former wife of Samuel L. Phillips. Her
address is 9650 Shore Drive, Maison Sur Mer, Myrtle Beach, SC 29572.
Mrs. Phillips is a minority shareholder of Great Meadows, Inc. She is
not a control person of Great Meadows, Inc. The Reporting Persons
have reason to believe she owns 8,716 shares of the Issuer).
7
<PAGE> 8
(d) None of the persons listed above have, during the last five
years, been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
(e) None of the persons listed above have, during the past five
years, been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result
of such proceeding 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) All of the persons listed above are citizens of the United
States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The source of funds is personal funds, including commercial loans in
the ordinary course of business from First Union National Bank of North
Carolina, for the reporting persons who are natural persons and working capital
for the corporation. The shares have not been pledged or used as collateral
for any loans.
ITEM 4. PURPOSE OF TRANSACTION
The purpose of the acquisition of securities is for investment
purposes. There is no present intent to change or influence control of the
Issuer. The reporting persons may acquire additional securities of the
issuer, or depose of securities of the issuer from time to time. The reporting
persons have no plans or proposals relating to any of the other items set forth
in the instructions to Item 4.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The aggregate number and percentage of the class of securities
identified pursuant to Item 1 beneficially owned by each
person named in Item 2 is as follows:'
<TABLE>
<CAPTION>
NUMBER PERCENTAGE
------ ----------
<S> <C> <C>
Samuel L. Phillips 18,716 1.91
Van F. Phillips 8,716 0.89
G. Byron Phillips 8,716 0.89
Gina A. Phillips 8,716 0.89
Great Meadows, Inc. 52,786 5.59
------ ----
TOTAL 97,650 9.97
</TABLE>
The percentage of share ownership is calculated based on
information from the Issuer that a total of 979,897 shares of
common stock are outstanding as of the date hereof.
(b) Each reporting person has the sole power to vote and to direct
the vote and sole power to dispose or to direct the
disposition of all of the shares listed beside his or her name
in Item 5(a) above. Van F. Phillips and G. Byron Phillips
are executive officers of Great Meadows, Inc., and, thus, may
be deemed to exercise shared power to vote and direct the vote
of and shared power dispose or to direct the disposition of
the shares held by Great Meadows, Inc.
8
<PAGE> 9
(c) Transactions in the class of securities reported on that were
effected during the past 60 days are as follows:
<TABLE>
<CAPTION>
PRICE WHERE AND HOW
NAME DATE AMOUNT PER SHARE EFFECTED
---- ---- ------ --------- --------
<S> <C> <C> <C> <C>
Samuel L. Phillips 6/12/96 8,716 $10.00 (1)
Samuel L. Phillips 7/24/96 2,000 $10.35 (2)
Samuel L. Phillips 7/24/96 3,000 $10.30 (2)
Samuel L. Phillips 8/07/96 5,000 $10.86 (3)
Van F. Phillips 6/12/96 8,716 $10.00 (1)
G. Byron Phillips 6/12/96 8,716 $10.00 (1)
Gina A. Phillips 6/12/96 8,716 $10.00 (1)
Great Meadows, Inc. 8/06/96 7,726 $10.66 (4)
Great Meadows, Inc. 8/14/96 7,190 $10.50 (5)
Great Meadows, Inc. 8/15/96 12,190 $10.30 (6)
Great Meadows, Inc. 8/15/96 12,190 $10.30 (7)
Great Meadows, Inc. 8/15/96 8,990 $10.32 (8)
Great Meadows, Inc. 8/15/96 4,500 $10.47 (9)
</TABLE>
(1) Purchased from the Issuer in initial public offering.
(2) Purchased in a privately-negotiated transaction from William Absher,
213 Ninth Street, North Wilkesboro, N.C. 28659.
(3) Purchased through a broker, Interstate/Johnson Lane, in an
over-the-counter transaction.
(4) Purchased in a privately-negotiated transaction from Jeffrey B.
Harding, Sr., Rt. 2 Box 312, Burnsville, N.C. 28714.
(5) Purchased in a privately-negotiated transaction from Kurt Bomar, 325
Rockledge Road, Spruce Pine, N.C. 28777.
(6) Purchased in a privately-negotiated transaction from Janie Bryan of
Damascus, GA.
(7) Purchased in a privately-negotiated transaction from Judy Willis of
Damascus, GA.
(8) Purchased in a privately-negotiated transaction from Margaret Jo Bush
of Damascus, GA.
(9) Purchased in a privately-negotiated transaction from Hazel Phillips,
135 Wing Road, Bakersville, N.C.
9
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(d) No person is known to have the right to receive or the power
to direct the receipt of dividends from, or the proceeds from
the sale of, such securities.
(e) N/A
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
There are no contracts, arrangements, understandings or relationships
(legal or otherwise) among the persons named in Item 2 and between such persons
and any person with respect to any securities of the issuer, including, but not
limited to, transfer or voting of any of the securities, finder's fees, joint
ventures, loan or option arrangements, puts or calls, guarantees of profits,
division of profit or loss, or the giving or withholding of proxies, naming the
persons with whom such contracts, arrangements, understandings or relationships
have been entered into. None of the securities are pledged or otherwise
subject to a contingency, the occurrence of which would give another person
voting power or investment power over such securities.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Written agreements relating to the filing of joint Schedule 13D as
required by Rule 13d-1(f) are attached. However, each Reporting Person
expressly disclaims the existence of a group with respect to the securities and
disclaims beneficial ownership of shares held by persons other than themselves.
There are no written agreements, contracts, arrangements,
understandings, plan or proposals relating to: (1) the borrowing of funds to
finance the acquisition as disclosed in Item 3; (2) the acquisition of issuer
control, liquidation, sale of assets, merger, or change in business or
corporate structure or any other matter as disclosed in Item 4; and (3) the
transfer of voting of the securities, finder's fees, joint ventures, options,
puts, calls, guarantees of loans, guarantees against loss or of profit, or the
giving or withholding of any proxy as disclosed in Item 6.
10
<PAGE> 11
SIGNATURE
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.
August 16, 1996
----------------------
(Date)
/s/ Samuel L. Phillips
----------------------
Samuel L. Phillips
/s/ Van F. Phillips
----------------------
Van F. Phillips
/s/ G. Byron Phillips
---------------------
G. Byron Phillips
/s/ Gina A. Phillips
--------------------
Gina A. Phillips
GREAT MEADOWS, INC.
By: G. Byron Phillips
-----------------
Title: President
-------------
The original statement shall be signed by each person on whose behalf
the statement is filed or his authorized representative. If the statement is
signed on behalf of a person by his authorized representative (other than an
executive officer or general partner of this filing person), evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement; provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and title of each person who signs the statement shall be typed or
printed beneath his signature.
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT
CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
11
<PAGE> 12
JOINT FILING AGREEMENT
Each of the undersigned agrees that the Statement, including
amendments on Schedule 13D relating to shares of Common Stock of Mitchell
Bancorp, Inc. to which this Agreement is attached is being filed on behalf of
each of the undersigned.
Each of the undersigned disclaims the existence of a group with
respect to this stock.
The joint filing of this Schedule 13D does not affirm the existence of
a group.
Dated: August 16, 1996
/s/ Samuel L. Phillips
----------------------
Samuel L. Phillips
/s/ Van F. Phillips
-------------------
Van F. Phillips
/s/ G. Byron Phillips
---------------------
G. Byron Phillips
/s/ Gina A. Phillips
--------------------
Gina A. Phillips
GREAT MEADOWS, INC.
By: G. Byron Phillips
-----------------
Title: President
---------
12
