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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
CENTRAL FINANCIAL ACCEPTANCE CORPORATION
_______________________________________________________________
(Name of Issuer)
Common Stock, $.01 par value
_______________________________________________________________
(Title of Class of Securities)
154370109
_____________________________________
(CUSIP Number)
________________
* 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 (the "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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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Banner's Central Electric, Inc.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /__/
(b) /__/
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF 5 SOLE VOTING POWER
SHARES 5,150,000
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
EACH 0
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH 5,150,000
8 SHARED DISPOSITIVE POWER
0
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,150,000
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT SHOWN IN ROW (9)
70.8%
12 TYPE OF REPORTING PERSON (See Instructions)
CO
13G/A PAGE 2 OF 11
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Banner Holdings, Inc.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /__/
(b) /__/
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF 5 SOLE VOTING POWER
SHARES 5,150,000
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
EACH 0
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH 5,150,000
8 SHARED DISPOSITIVE POWER
0
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,150,000 (through subsidiary)
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT SHOWN IN ROW (9)
70.8%
12 TYPE OF REPORTING PERSON (See Instructions)
CO
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
West Coast Private Equity Partners, L.P.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /__/
(b) /__/
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF 5 SOLE VOTING POWER
SHARES 5,150,000
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
EACH 0
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH 5,150,000
8 SHARED DISPOSITIVE POWER
0
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,150,000 (through subsidiary)
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT SHOWN IN ROW (9)
70.8%
12 TYPE OF REPORTING PERSON (See Instructions)
PN
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gary M. Cypres
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /__/
(b) /__/
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
EACH 5,175,000
REPORTING
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
8 SHARED DISPOSITIVE POWER
5,175,000
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,195,000 (includes 20,000 shares which Mr. Cypres has the right
to acquire beneficial ownership of within 60 days after 12/31/97).
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT SHOWN IN ROW (9)
71.2%
12 TYPE OF REPORTING PERSON (See Instructions)
IN
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ITEM 1.
(a) Name of Issuer:
Central Financial Acceptance Corporation
(b) Address of Issuer's Principal Executive Offices:
5480 East Ferguson Drive
Commerce, California 90022
ITEM 2.
(a) Name of Person Filing:
The persons filing this statement are Banner's Central Electric, Inc.
("Banner's"), Banner Holdings, Inc. ("Holdings"), West Coast Private Equity
Partners L.P. ("West Coast") and Gary M. Cypres, who are collectively referred
to herein as the "Reporting Persons." Banner's directly owns 5,150,000
shares of common stock, $.01 par value per share ("Common Stock") of Central
Financial Acceptance Corporation ("CFAC"). Holdings owns 100% of the
outstanding common stock of Banner's. West Coast owns 71% of the outstanding
common stock of Holdings. Mr. Cypres is the Chairman of the Board, President
and Chief Executive Officer of each of Banner's and Holdings and is the
Managing General Partner of West Coast.
(b) Address of Principal Business Office or, if none, Residence.
The address of each of the Reporting Persons is 5480 East Ferguson
Drive, Commerce, CA 90022.
(c) Citizenship or Place of Organization.
Banner's and Holdings are each corporations organized under the laws
of Delaware. West Coast is a Delaware limited partnership. Mr. Cypres is a
citizen of the United States of America.
(d) Title of Class of Securities.
Common Stock, $.01 par value
(e) CUSIP No.
154370109
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b)
OR 13d-2(b), CHECK WHETHER THE PERSON IS A:
(a) /__/ Broker or Dealer registered under Section 15 of
the Act.
(b) /__/ Bank as defined in section 3(a)(6) of the Act.
(c) /__/ Insurance Company as defined in section 3(a)(19)
of the Act.
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(d) /__/ Investment Company registered under section 8
of the Investment Company Act.
(e) /__/ Investment Adviser registered under section 203
of the Investment Adviser Act of 1940.
(f) /__/ Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see
Rule 13d-1(b)(1)(ii)(F) of the Act.
(g) /__/ Parent Holding Company, in accordance with
Rule 13d-1(b)(1)(ii)(G) of the Act. (Note: See Item 7).
(h) /__/ Group, in accordance with
Rule 13d-1(b)(1)(ii)(H) of the Act.
ITEM 4. OWNERSHIP.
If the percent of the class owned, as of December 31 of the
year covered by the statement, or as of the last day of any month
described in Rule 13d-1(b)(2), if applicable, exceeds five
percent, provide the following information as of that date and
identify those shares which there is a right to acquire.
(a) Amount Beneficially Owned:
Banner's--5,150,000 shares
Holdings--5,150,000 shares through its ownership of 100%
of the outstanding common stock of Banner's.
West Coast--5,150,000 shares through its ownership of 71%
of the outstanding common stock of Holdings.
Gary M. Cypres--5,195,000 shares (includes 20,000 shares which
Mr. Cypres has the right to acquire beneficial ownership of within 60 days
after 12/31/97). 12,500 shares are owned of record by Mr. Cypres' wife and
12,500 shares are owned by two trusts for the minor children of Mr. Cypres
of which Mr. Cypres and his wife are co-trustees. 5,150,000 shares are
beneficially owned by Mr. Cypres in his capacity as Chairman of the Board,
Chief Executive Officer and President of Banner's and Holdings and Managing
General Partner of West Coast.
(b) Percent of Class:
Banner's--70.8%
Holdings--70.8%
West Coast--70.8%
Gary M. Cypres--71.2%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
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Banner's--5,150,000
Holdings--5,150,000
West Coast--5,150,000
Gary M. Cypres--0
(ii) shared power to vote or to direct the vote
Banner's--0
Holdings--0
West Coast--0
Gary M. Cypres-5,175,000
(iii) sole power to dispose or to direct the disposition of
Banner's--5,150,000
Holdings--5,150,000
West Coast--5,150,000
Gary M. Cypres--0
(iv) shared power to dispose or to direct the disposition of
Banner's--0
Holdings--0
West Coast--0
Gary M. Cypres-5,175,000
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, please check the following [ ].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF
OF ANOTHER PERSON.
If any other 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, a statement to that
effect should be included in response to this item and, if such
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interest relates to more than five percent of the class, such
person should be identified. A listing of the shareholders of an
investment company registered under the Investment Company Act of
1940 or the beneficiaries of an employee benefit plan, pension
fund or endowment fund is not required.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY
WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY
THE PARENT HOLDING COMPANY.
If a parent holding company has filed this schedule,
pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and
attach an exhibit stating the identity and the Item 3
classification of the relevant subsidiary. If a parent holding
company has filed this schedule pursuant to Rule 13d-1(c), attach
an exhibit stating the identification of the relevant subsidiary.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF
THE GROUP.
If a group has filed this schedule pursuant to Rule 13d-
1(b)(ii)(H), so indicate under Item 3(h) and attach an exhibit
stating the identity and Item 3 classification of each member of
the group. If a group has filed this schedule pursuant to Rule
13d-1(c), attach an exhibit stating the identity of each member
of the group.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Notice of dissolution of a group may be furnished as an
exhibit stating the date of the dissolution and that all further
filings with respect to transactions in the security reported on
will be filed, if required, by members of the group, in their
individual capacity. See Item 5.
Not applicable.
ITEM 10. CERTIFICATION.
Not applicable.
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SIGNATURE
After reasonable inquiry and to the best of its/his knowledge and
belief, each of the undersigned Reporting Persons certify that the information
set forth in this statement is true, complete and correct.
February 12, 1998
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Date
BANNER'S CENTRAL ELECTRIC, INC.
/s/ Gary M. Cypres
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By: Gary M. Cypres, President and
Chief Executive Officer
BANNER HOLDINGS, INC.
/s/ Gary M. Cypres
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By: Gary M. Cypres, President and
Chief Executive Officer
WEST COAST PRIVATE EQUITY PARTNERS, L.P.
/s/ Gary M. Cypres
-----------------------------------
By: Gary M. Cypres
Its: Managing General Partner
/s/ Gary M. Cypres
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Gary M. Cypres
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EXHIBIT A
AGREEMENT RE JOINT FILING OF SCHEDULE 13G (Amendment No. 1)
Each of the undersigned Reporting Persons hereby agree as follows:
(i) Each of them is eligible to use the Schedule 13G and such Schedule
13G is filed on behalf of each of them;
(ii) Each of them is responsible for the timely filing of such Schedule
13G and any amendments thereto, and for the completeness and
accuracy of the information concerning such person contained
therein; but none of them is responsible for the completeness or
accuracy of the information concerning the other persons making
the filing, unless such person knows or has reason to believe that
such information is inaccurate; and
(iii) Each of them hereby consents and agrees to the filing on behalf of
each of them of the foregoing Joint Statement on Schedule 13G.
February 12, 1998
-----------------------------------
Date
BANNER'S CENTRAL ELECTRIC, INC.
/s/ Gary M. Cypres
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By: Gary M. Cypres, President and
Chief Executive Officer
BANNER HOLDINGS, INC.
/s/ Gary M. Cypres
-----------------------------------
By: Gary M. Cypres, President and
Chief Executive Officer
WEST COAST PRIVATE EQUITY PARTNERS, L.P.
/s/ Gary M. Cypres
-----------------------------------
By: Gary M. Cypres
Its: Managing General Partner
/s/ Gary M. Cypres
-----------------------------------
Gary M. Cypres
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