SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. )(1)
Algiers Bancorp, Inc.
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(Name of Issuer)
Common Stock, $0.01 par value
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(Title of Class of Securities)
015600109
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(CUSIP Number)
Elliot Press, Esq., c/o Rosenman & Colin 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)
January 9, 2001
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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 that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box |_| .
Note. Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See Rule
13d-7(b) for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 9 Pages)
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(1) 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>
CUSIP No. 015600109 SCHEDULE 13D
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Riggs Parnters 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 ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
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7 SOLE VOTING POWER
42,000 shares
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 42,000 shares
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
42,000 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)
8.29%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 9
<PAGE>
CUSIP No. 015600109 SCHEDULE 13D
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1 NAMES 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*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 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
42,000 shares (comprised of shares owned by Riggs
Partners LLC)
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 42,000 shares (comprised of shares owned by Riggs
WITH Partners LLC)
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
42,000 shares (comprised of shares owned by Riggs Partners LLC)
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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)
8.29%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 9
<PAGE>
Item 1. Security and Issuer
This Statement relates to the shares of Common Stock, par value $0.01
per share ("Common Stock") of Algiers Bancorp, Inc. (the "Company"), a
corporation organized under the laws of the State of Louisiana. The
principal executive offices of the Company are located at 1 Westbank
Expressway, New Orleans, Louisiana 70114.
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 Riggs Partners LLC, a Illinois limited liability
company ("RP LLC"), with respect to the shares of Common Stock
beneficially owned by it and Philip J. Timyan, as managing member of RP
LLC. 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. The Reporting Persons disclaim the existence of a group
with any other investors in the Company and do not affirm the existence
of a group among the Reporting Persons.
(b)-(c)
Riggs 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 3945 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 3945 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 has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
(e) To the best knowledge of the Reporting Persons, during the last five
years, none of the Reporting Persons 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
Page 4 of 9
<PAGE>
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 used to purchase the shares of Common
Stock held by RP LLC is $342,975.20. The source of funds used by RP LLC
to purchase such shares was working capital.
Item 4. The Reporting Persons have acquired the shares of the Company reported
herein for investment purposes. On January 19, 2001, Mr. Timyan sent a
letter to the Company's Board of Directors, a copy of which is attached
hereto as Exhibit 2, in which Mr. Timyan noted his dissatisfaction with
the Company's performance and regulatory difficulties. Mr. Timyan also
stated his belief that management must consider all available means of
increasing shareholder value, including through the retention of an
investment banking firm to solicit and consider offers from third
parties with respect to the sale of the Company or its assets.
In that regard, the Reporting Persons intend to closely scrutinize and
monitor developments at the Company and, in particular, to attempt to
evaluate the Company's efforts with respect to a sale of the Company or
its assets. If necessary, the Reporting Persons may seek to actively
influence the Company's policies in this regard. The Reporting Persons
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
determine to be in their 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 506,348
shares of Common Stock outstanding as of November 6, 2000, as reported
in the Company's quarterly report on Form 10-Q for the fiscal quarter
ended September 30, 2000.
As of the close of business on January 8, 2001:
(i) RP LLC owns 42,000 shares of Common Stock which represent
approximately 8.29% of the outstanding Common Stock; and
(ii) Philip J. Timyan owns no shares of Common Stock. As the
Page 5 of 9
<PAGE>
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
42,000 shares of Common Stock owned by RP LLC. Such shares constitute
approximately 8.29% 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.
(c) Set forth immediately below is a description of each transaction in
the Company's Common Stock that were effected by RP LLC within the last
60 days. All such transactions were purchases effected on the open
market.
Number of Price per
Shares Share Date
------ ----- ----
24,000 $7.94 1/9/01
10,000 $8.06 1/9/01
6,000 $9.04 1/12/01
(d) Not applicable.
(e) Not applicable.
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).
Exhibit 2: Letter dated January 19, 2001 from Philip J. Timyan to Board
of Directors of the Company.
Page 6 of 9
<PAGE>
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: January 19, 2001
RIGGS PARTNERS, LLC
By:/s/ Philip J. Timyan
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Name: Philip J. Timyan
Title: Managing Member
/s/ Philip J. Timyan
Philip J. Timyan
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