UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 3)
CENTRAL FINANCIAL ACCEPTANCE CORPORATION.
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
153470 10 9
(CUSIP Number)
____________________December 31, 1999______________
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[ ] Rule 13d-(c)
[X] Rule 13d-1(d)
*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).
CUSIP NO. 153470 10 9 13G PAGE 2 OF 12
__________________________________________________________________________
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
CALIFORNIA
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
6 SHARED VOTING POWER
0
7 SOLE DISPOSITIVE POWER
8 SHARED DISPOSITIVE POWER
0
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES*
11 PERCENT OF CLASS REPRESENTED BY AMOUNT SHOWN
IN ROW (9)
0%
12 TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 153470 10 9 13G PAGE 3 OF 12
__________________________________________________________________________
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
EACH
REPORTING
PERSON
WITH
6 SHARED VOTING POWER
0
7 SOLE DISPOSITIVE POWER
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*
11 PERCENT OF CLASS REPRESENTED BY AMOUNT SHOWN IN
ROW (9)
71.76%
12 TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 153470 10 9 13G PAGE 4 OF 12
__________________________________________________________________________
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
EACH
REPORTING
PERSON
WITH
6 SHARED VOTING POWER
0
7 SOLE DISPOSITIVE POWER
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*
11 PERCENT OF CLASS REPRESENTED BY AMOUNT SHOWN IN ROW
(9)
71.76%
12 TYPE OF REPORTING PERSON*
PN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 153470 10 9 13G PAGE 5 OF 12
__________________________________________________________________________
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
EACH
REPORTING
PERSON
WITH
6 SHARED VOTING POWER
5,276,500
7 SOLE DISPOSITIVE POWER
0
8 SHARED DISPOSITIVE POWER
5,276,500
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
5,276,500
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES*
11 PERCENT OF CLASS REPRESENTED BY AMOUNT SHOWN
IN ROW (9)
73.27%
12 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 153470 10 9 13G PAGE 6 OF 12
__________________________________________________________________________
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 Schedule 13G 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 currently owns no
shares of common stock, par value $0.01 per share ("Common Stock") of
Central Financial Acceptance Corporation ("CFAC"). Holdings directly owns
5,150,000 shares, or 71.76%, of CFAC Common Stock. West Coast owns 71% of
the outstanding common stock of Holdings. Mr. Cypres is 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. He is also the
President and Chief Executive Officer of CFAC.
(b) Address of Principal Business Office or, if none, Residence.
The address of each of the Reporting Persons is 5480 East Ferguson Drive,
Commerce, California 90022
(c) Citizenship.
Banner's is a California corporation. Holdings is a Delaware
corporation. 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, par value $0.01 per share.
(e) CUSIP No.
153470 10 9
CUSIP NO. 153470 10 9 13G PAGE 7 OF 12
__________________________________________________________________________
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.
(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 Section 240.13d-1(b)(1)(ii)(F)
(Note: See Item 7).
(g) [ ] Parent Holding Company, in accordance with
Section 240.13d-1(b)(1)(ii)(G) (Note: See Item 7).
(h) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(H)
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 -- 0 shares.
HOLDINGS -- 5,150,000 shares.
WEST COAST --5,150,000 shares, through its 71% ownership of Holdings.
MR. CYPRES --5,276,5000 shares: 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.
77,500 shares are held directly by Mr. Cypres. 5,150,000 shares are
beneficially owned by Mr. Cypres in his capacity as Chairman of the
Board, President and Chief Executive Officer of Holdings and Managing
General Partner of West Coast. Mr. Cypres is deemed to own an additional
24,000 shares through options that became exercisable as of January 31,
2000. In calculating the percentage of shares owned by Mr. Cypres, these
24,000 shares have been added to the total number of shares outstanding as if
the options had been exercised.
<PAGE>
CUSIP NO. 153470 10 9 13G PAGE 8 OF 12
__________________________________________________________________________
(b) Percent of Class. [NEED TO KNOW CURRENT NUMBER OF CFAC SHARES
OUTSTANDING]
BANNER'S -- 0%
HOLDINGS -- 71.76%
WEST COAST -- 71.76%
MR. CYPRES --73.27%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
BANNER'S -- 0
HOLDINGS -- 5,150,000
WEST COAST -- 5,150,000
MR. CYPRES -- 0
(ii)shared power to vote or to direct the vote
BANNER'S -- 0
Holdings -- 0
WEST COAST -- 0
MR. CYPRES -- 5,276,5000
(iii) sole power to dispose or to direct the disposition of
BANNER'S -- 0
HOLDINGS -- 5,150,000
WEST COAST -- 5,150,000
MR. CYPRES -- 0
<PAGE>
CUSIP NO. 153470 10 9 13G PAGE 9 OF 12
__________________________________________________________________________
(iv)shared power to dispose or to direct the disposition of
BANNER'S -- 0
HOLDINGS -- 0
WEST COAST -- 0
MR. CYPRES -- 5,276,5000
INSTRUCTION: For computations regarding securities which represent a right
to acquire an underlying security, see Rule 13d-3(d)(1).
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: [ X ]
Banner's has ceased to be the owner of any shares.
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 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.
<PAGE>
CUSIP NO. 153470 10 9 13G PAGE 10 OF 12
__________________________________________________________________________
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.
CUSIP NO. 153470 10 9 13G PAGE 11 OF 12
___________________________________________________________________________
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.
February 7, 2000
BANNER'S CENTRAL ELECTRIC, INC.
/s/ Gary M. Cypres
________________________________________________
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 Partner
/s/ Gary M. Cypres
________________________________________________
Gary M. Cypres
CUSIP NO. 153470 10 9 13G PAGE 12 OF 12
___________________________________________________________________________
EXHIBIT A
AGREEMENT RE JOINT FILING OF SCHEDULE 13G
(Amendment No. 3)
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 7, 2000
BANNER'S CENTRAL ELECTRIC, INC.
/s/ Gary M. Cypres
______________________________________
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 Partner
/s/ Gary M. Cypres
______________________________________
Gary M. Cypres
