ALGIERS BANCORP INC
SC 13D, 2001-01-19
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED
Previous: ROBERTS REALTY INVESTORS INC, 8-K, EX-99.1, 2001-01-19
Next: ALGIERS BANCORP INC, SC 13D, EX-99.1, 2001-01-19



                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                ----------------

                                  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.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                          Common Stock, $0.01 par value
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    015600109
--------------------------------------------------------------------------------
                                 (CUSIP Number)

       Elliot Press, Esq., c/o Rosenman & Colin LLP, 575 Madison Avenue,
                       New York, NY 10022 (212) 940-8800
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
                                Communications)

                                 January 9, 2001
--------------------------------------------------------------------------------
             (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)

-----------------

   (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
--------------------------------------------------------------------------------
1     NAMES OF REPORTING PERSONS
      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

      Riggs Parnters LLC
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                        (a)  |_|
                                                                        (b)  |X|
--------------------------------------------------------------------------------
3     SEC USE ONLY


--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*

      WC
--------------------------------------------------------------------------------
5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEM 2(d) or 2(e)                                                   |_|

--------------------------------------------------------------------------------
6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Illinois
--------------------------------------------------------------------------------
                  7     SOLE VOTING POWER

                        42,000 shares
                        --------------------------------------------------------
  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


--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      42,000 shares
--------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
      CERTAIN SHARES*                                                        |_|


--------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      8.29%
--------------------------------------------------------------------------------
14    TYPE OF REPORTING PERSON*

      OO
--------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                                   Page 2 of 9

<PAGE>

CUSIP No. 015600109               SCHEDULE 13D
--------------------------------------------------------------------------------
1     NAMES OF REPORTING PERSONS
      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

      Philip J. Timyan
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                        (a)  |_|
                                                                        (b)  |X|
--------------------------------------------------------------------------------
3     SEC USE ONLY


--------------------------------------------------------------------------------
4     SOURCE OF FUNDS*

      N/A
--------------------------------------------------------------------------------
5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEM 2(d) or 2(e)                                                   |_|

--------------------------------------------------------------------------------
6     CITIZENSHIP OR PLACE OF ORGANIZATION

      United States
--------------------------------------------------------------------------------
                  7     SOLE VOTING POWER

                        42,000 shares (comprised of shares owned by Riggs
                        Partners LLC)
                        --------------------------------------------------------
  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)
                        --------------------------------------------------------
                  10    SHARED DISPOSITIVE POWER


--------------------------------------------------------------------------------
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      42,000 shares (comprised of shares owned by Riggs Partners LLC)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|


--------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      8.29%
--------------------------------------------------------------------------------
14    TYPE OF REPORTING PERSON*

      IN
--------------------------------------------------------------------------------

                      *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
                                        ----------------------------------------
                                        Name:  Philip J. Timyan
                                        Title: Managing Member


                                        /s/ Philip J. Timyan
                                        Philip J. Timyan


                                   Page 7 of 9



Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | Oct | Nov | Dec

© 2019 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission