<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D
UNDER THE EXCHANGE ACT OF 1934
(Amendment No. 9)
BANK PLUS CORPORATION
- -------------------------------------------------------------------------------
(Name of Company)
COMMON STOCK, PAR VALUE $.01
- -------------------------------------------------------------------------------
(Title and Class of Securities)
064446017
-------------------------------------------------------------------------------
(CUSIP Number)
Richard J. Perry, Jr., Esquire
Perry & Bagheri, P.C.
1826 Jefferson Place, N.W.
Washington, D. C. 20036
(202) 775-8109
-------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
March 26, 1999
-------------------------------------------------------------------------------
(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 [ ]. (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.)
Page 1 of 34 Pages Exhibit Index at page 25
<PAGE> 2
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
CUSIP NUMBER 064446017 Page 2 of 34 Pages
--- ----
- -------------------------------------------------------------------------------
<S> <C>
1. NAME OF REPORTING PERSON / S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Financial Institution Partners, L.P. / 52-1899611
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)X
(b)
- -------------------------------------------------------------------------------
3. SOURCE OF FUNDS
WC OO
- -------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d)
AND 2(e)
NO
- -------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORIGIN
Organized: State of Delaware
- -------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 7. SHARED VOTING POWER
PERSON WITH
881,146 SHARES
----------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
----------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
881,146 SHARES
- -------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
881,146 SHARES
- -------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- -------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
4.5%
- -------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
PN
- -------------------------------------------------------------------------------
</TABLE>
Page 2 of 34 Pages
<PAGE> 3
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
CUSIP NUMBER 064446017 Page 3 of 34 Pages
--- ----
- -------------------------------------------------------------------------------
<S> <C>
1. NAME OF REPORTING PERSON / S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Hovde Capital, Inc. / 52-1891904
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)X
(b)
- -------------------------------------------------------------------------------
3. SOURCE OF FUNDS
AF
- -------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d)
AND 2(e)
NO
- -------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORIGIN
Incorporated: State of Delaware
- -------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 7. SHARED VOTING POWER
PERSON WITH
881,146 SHARES
----------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
----------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
881,146 SHARES
- -------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
881,146 SHARES
- -------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- -------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
4.5%
- -------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
</TABLE>
Page 3 of 34 Pages
<PAGE> 4
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
CUSIP NUMBER 064446017 Page 4 of 34 Pages
--- ----
- -------------------------------------------------------------------------------
<S> <C>
1. NAME OF REPORTING PERSON / S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Financial Institution Partners II, L.P. / 36-4131559
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)X
(b)
- -------------------------------------------------------------------------------
3. SOURCE OF FUNDS
WC OO
- -------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d)
AND 2(e)
NO
- -------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORIGIN
Organized: State of Delaware
- -------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 7. SHARED VOTING POWER
PERSON WITH
432,800 SHARES
----------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
----------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
432,800 SHARES
- -------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
432,800 SHARES
- -------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- -------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
2.2%
- -------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
PN
- -------------------------------------------------------------------------------
</TABLE>
Page 4 of 34 Pages
<PAGE> 5
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
CUSIP NUMBER 064446017 Page 5 of 34 Pages
--- ----
- -------------------------------------------------------------------------------
<S> <C>
1. NAME OF REPORTING PERSON / S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Hovde Capital, L.L.C. / 91-1825712
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)X
(b)
- -------------------------------------------------------------------------------
3. SOURCE OF FUNDS
AF
- -------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d)
AND 2(e)
NO
- -------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORIGIN
Organized: State of Nevada
- -------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 7. SHARED VOTING POWER
PERSON WITH
432,800 SHARES
----------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
----------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
432,800 SHARES
- -------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
432,800 SHARES
- -------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- -------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
2.2%
- -------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
</TABLE>
Page 5 of 34 Pages
<PAGE> 6
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
CUSIP NUMBER 064446017 Page 6 of 34 Pages
--- ----
- -------------------------------------------------------------------------------
<S> <C>
1. NAME OF REPORTING PERSON / S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Hancock Park Acquisition, L.P. / 36-4081806
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)X
(b)
- -------------------------------------------------------------------------------
3. SOURCE OF FUNDS
WC OO
- -------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d)
AND 2(e)
NO
- -------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORIGIN
Organized: State of Delaware
- -------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 7. SHARED VOTING POWER
PERSON WITH
651,260 SHARES
----------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
----------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
651,260 SHARES
- -------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
651,260 SHARES
- -------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- -------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
3.4%
- -------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
PN
- -------------------------------------------------------------------------------
</TABLE>
Page 6 of 34 Pages
<PAGE> 7
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
CUSIP NUMBER 064446017 Page 7 of 34 Pages
--- ----
- -------------------------------------------------------------------------------
<S> <C>
1. NAME OF REPORTING PERSON / S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Hancock Park Acquisition, L.L.C. / 36-4068512
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)X
(b)
- -------------------------------------------------------------------------------
3. SOURCE OF FUNDS
AF
- -------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d)
AND 2(e)
NO
- -------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORIGIN
Organized: State of Illinois
- -------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 7. SHARED VOTING POWER
PERSON WITH
651,260 SHARES
----------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
----------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
651,260 SHARES
- -------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
651,260 SHARES
- -------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- -------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
3.4%
- -------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
</TABLE>
Page 7 of 34 Pages
<PAGE> 8
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
CUSIP NUMBER 064446017 Page 8 of 34 Pages
--- ----
- -------------------------------------------------------------------------------
<S> <C>
1. NAME OF REPORTING PERSON / S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Western Acquisition Partners, L.P. / 36-4081807
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)X
(b)
- -------------------------------------------------------------------------------
3. SOURCE OF FUNDS
WC OO
- -------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d)
AND 2(e)
NO
- -------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORIGIN
Organized: State of Delaware
- -------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 7. SHARED VOTING POWER
PERSON WITH
140,000 SHARES
----------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
----------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
140,000 SHARES
- -------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
140,000 SHARES
- -------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- -------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
0.7%
- -------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
PN
- -------------------------------------------------------------------------------
</TABLE>
Page 8 of 34 Pages
<PAGE> 9
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
CUSIP NUMBER 064446017 Page 9 of 34 Pages
--- ----
- -------------------------------------------------------------------------------
<S> <C>
1. NAME OF REPORTING PERSON / S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Western Acquisitions, L.L.C. / 36-4068258
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)X
(b)
- -------------------------------------------------------------------------------
3. SOURCE OF FUNDS
AF
- -------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d)
AND 2(e)
NO
- -------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORIGIN
Organized: State of Illinois
- -------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 7. SHARED VOTING POWER
PERSON WITH
140,000 SHARES
----------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
----------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
140,000 SHARES
- -------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
140,000 SHARES
- -------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- -------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
0.7%
- -------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
</TABLE>
Page 9 of 34 Pages
<PAGE> 10
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
CUSIP NUMBER 064446017 Page 10 of 34 Pages
--- ----
- -------------------------------------------------------------------------------
<S> <C>
1. NAME OF REPORTING PERSON / S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Pacific Financial Investors, Ltd. / 91-1885722
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)X
(b)
- -------------------------------------------------------------------------------
3. SOURCE OF FUNDS
WC OO
- -------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d)
AND 2(e)
NO
- -------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORIGIN
Organized: State of Nevada
- -------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 7. SHARED VOTING POWER
PERSON WITH
608,967 SHARES
----------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
----------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
608,967 SHARES
- -------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
608,967 SHARES
- -------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- -------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
3.1%
- -------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
</TABLE>
Page 10 of 34 Pages
<PAGE> 11
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
CUSIP NUMBER 064446017 Page 11 of 34 Pages
--- ----
- -------------------------------------------------------------------------------
<S> <C>
1. NAME OF REPORTING PERSON / S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Eric D. Hovde / ###-##-####
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)X
(b)
- -------------------------------------------------------------------------------
3. SOURCE OF FUNDS
AF
- -------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d)
AND 2(e)
NO
- -------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORIGIN
USA
- -------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 7. SHARED VOTING POWER
PERSON WITH
2,714,173 SHARES
----------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
----------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
2,714,173 SHARES
- -------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,714,173 SHARES
- -------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- -------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
13.98%
- -------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
</TABLE>
Page 11 of 34 Pages
<PAGE> 12
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
CUSIP NUMBER 064446017 Page 12 of 34 Pages
--- ----
- -------------------------------------------------------------------------------
<S> <C>
1. NAME OF REPORTING PERSON / S.S. OR I.R.S. IDENTIFICATION OF ABOVE
PERSON
Steven D. Hovde / ###-##-####
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)X
(b)
- -------------------------------------------------------------------------------
3. SOURCE OF FUNDS
AF
- -------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d)
AND 2(e)
NO
- -------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORIGIN
USA
- -------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 7. SHARED VOTING POWER
PERSON WITH
2,714,173 SHARES
----------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
----------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
2,714,173 SHARES
- -------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,714,173 SHARES
- -------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- -------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
13.98%
- ------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
</TABLE>
Page 12 of 34 Pages
<PAGE> 13
Item 1. Security and Company
The class of security to which this statement relates is the common stock,
par value $0.01 per share (the "Shares"), of Bank Plus Corporation (the
"Company"). The address of the principal executive offices of the Company is
4565 Colorado Boulevard, Los Angeles, CA 90039.
Item 2. Identity and Background
The persons filing this statement are Financial Institution Partners, L.P.,
Financial Institution Partners II, L.P., Hancock Park Acquisition, L.P., Western
Acquisition Partners, L.P. (the "Limited Partnerships"), Hovde Capital, Inc.,
Hovde Capital, L.L.C., Hancock Park Acquisition, L.L.C., Western Acquisitions,
L.L.C. (the "General Partners"), Eric D. Hovde, Steven D. Hovde and Pacific
Financial Investors, Ltd. ("Pacific"), who are collectively referred to herein
as the "Reporting Persons." The Limited Partnerships are Delaware limited
partnerships formed for the purpose of investing in, among other things, the
equity securities of various financial institutions. Hovde Capital, Inc., a
Delaware corporation, is the general partner of Financial Institution Partners,
L.P. Hovde Capital, L.L.C., a Nevada limited liability company, is the general
partner of Financial Institution Partners II, L.P. Hancock Park Acquisition,
L.L.C., an Illinois limited liability company, is the general partner of Hancock
Park Acquisition, L.P. Western Acquisitions, L.L.C., an Illinois limited
liability company, is the general partner of Western Acquisition Partners, L.P.
Pacific Financial Investors, Ltd. is a Nevada limited liability company formed
for the purpose of investing in the equity securities of various financial
institutions and to engage in all other lawful purposes.
Eric D. Hovde and Steven D. Hovde each hold beneficial interests in the
Shares solely through ownership of an interest in, and positions as directors
and officers of, the other Reporting Persons listed above. Eric D. Hovde and
Steven D. Hovde are also director and executive officers of Hovde Financial,
Inc. ("Hovde Financial"). Hovde Financial does not beneficially own any of the
Shares.
Attached as Schedule 1 hereto and incorporated by reference herein is a
list containing the principal business and the address of its principal business
and office for the Limited Partnerships and the General Partners as well as
information required by (a) through (f) of this Item as to each executive
officer, director and/or controlling person of the General Partners who are
Reporting Persons. The General Partners control the Limited Partnerships.
None of the Reporting Persons or executive officers, directors or
controlling persons of the General Partners have, during the last five years,
been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or 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 of any violation with respect to such laws.
Page 13 of 34
<PAGE> 14
Item 3. Source and Amount of Funds or Other Consideration
Information regarding the source and amount of funds used by the Reporting
Persons in acquiring beneficial ownership of their Shares is set forth in
Schedule 2 attached hereto and incorporated herein by reference.
Item 4. Purpose of Transaction
The Shares held by the Reporting Persons were originally acquired for
investment purposes. As previously disclosed, certain of the Reporting Persons
provided notice pursuant to the Company's By-Laws of their intention to nominate
Eric D. Hovde as a candidate for election to the Board of Directors of the
Company at the 1999 Annual Meeting of Stockholders (the "1999 Annual Meeting").
On March 26, 1999, the Reporting Persons entered into a Settlement Agreement
(the "Settlement Agreement") with the Company pursuant to which the Company
agreed, among other things, to increase the size of its Board of Directors by
one and to appoint one person designated by the Reporting Persons, Mr. Irving
Beimler, subject to the non-objection of the OTS, to fill such newly created
vacancy, and the Reporting Persons agreed, among other things, to refrain from
(i) taking certain actions with respect to the control of the Company, including
making any such regulatory filing, after October 31, 1999 and (ii) certain other
actions, including calling a special meeting of stockholders, until the
termination of the Settlement Agreement. The Settlement Agreement is attached
hereto as Exhibit R and incorporated herein by reference. Even though the
Reporting Persons have agreed not to pursue certain control actions with respect
to the Company, including conducting an election contest at the 1999 Annual
Meeting, the Reporting Persons will continue, through their director nominee, to
favor enhancement of stockholder value. The sole interest that the Reporting
Persons have in any transaction to enhance stockholder value, including a
possible merger or sale of the Company, is their interests as stockholders of
the Company generally. None of the Reporting Persons has any interest in
acquiring the Company, and none of the Reporting Persons is acting on behalf of
any potential acquiror of the Company.
Item 5. Interest in Securities of the Company
(a), (b) Schedule 3 hereto, which is incorporated by reference herein,
sets forth, as of March 29, 1999, information relating to the aggregate number
of Shares of the Company and the percentage of the outstanding Shares of the
Company as of such date (based upon information provided by the Company, there
are 19,419,778 Shares outstanding as of that date) as to each of the Reporting
Persons. With respect to the Shares set forth on Schedule 3, by virtue of its
control over the Limited Partnership, all decisions regarding voting and
disposition of the Shares beneficially owned by the Limited Partnership are made
by the General Partner acting through its chief executive officer or president.
As such, the Limited Partnerships and the General Partners share voting and
investment power with respect to those Shares. Therefore, as a result of their
ownership interest in, and positions as directors and officers of the other
Reporting Persons, Eric D. Hovde and Steven D. Hovde may be deemed to have
beneficial ownership of the Shares. None of the General Partners, their
executive officers, directors or controlling persons beneficially owns any
Shares personally or otherwise, except for the Shares beneficially owned by the
Partnerships and Pacific.
(c) Schedule 4 hereto, which is incorporated by reference herein,
describes, as of March 29, 1999, transactions in the Shares effected during the
past sixty (60) days by the Reporting Persons.
(d) None.
(e) None.
Each of the Reporting Persons disclaims beneficial ownership of Shares
beneficially owned by any of the other Reporting Persons.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Company
None.
Item 7. Materials to be filed as Exhibits
Exhibit A - Consent Agreement pursuant to 17 C.F.R. 13d-1(f)(1)
Exhibit B - [OMITTED - - FILED PURSUANT TO REQUEST FOR CONFIDENTIAL
TREATMENT] (Incorporated by reference to Amendment No. 3, filed
with the Securities and Exchange Commission (the "Commission") on
December 4, 1998)
Page 14 of 34 Pages
<PAGE> 15
Exhibit C - Customer Agreement between NationsBanc Montgomery Securities and
Financial Institution Partners II, L.P. (Incorporated by
reference to Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit D - Prime Broker Agreement between NationsBanc Montgomery Securities
and Financial Institution Partners II, L.P. (Incorporated by
reference to Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit E - Partnership Agreement between NationsBanc Montgomery Securities
and Financial Institution Partners II, L.P. (Incorporated by
reference to Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit F - Customer Agreement between NationsBanc Montgomery Securities and
Financial Institution Partners, L.P. (Incorporated by reference
to Amendment No. 3, filed with the Commission on December 4,
1998)
Exhibit G - Prime Broker Agreement between NationsBanc Montgomery Securities
and Financial Institution Partners, L.P. (Incorporated by
reference to Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit H - Partnership Agreement between NationsBanc Montgomery Securities
and Financial Institution Partners, L.P. (Incorporated by
reference to Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit I - Customer Agreement between NationsBanc Montgomery Securities and
Hancock Park Acquisition, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on December 4, 1998)
Exhibit J - Prime Broker Agreement between NationsBanc Montgomery Securities
and Hancock Park Acquisition, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on December 4, 1998)
Exhibit K - Partnership Agreement between NationsBanc Montgomery Securities
and Hancock Park Acquisition, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on December 4, 1998)
Exhibit L - Customer Agreement between NationsBanc Montgomery Securities and
Western Acquisition Partners, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on December 4, 1998)
Exhibit M - Prime Broker Agreement between NationsBanc Montgomery Securities
and Western Acquisition Partners, L.P. (Incorporated by reference
to Amendment No. 3, filed with the Commission on December 4,
1998)
Exhibit N - Partnership Agreement between NationsBanc Montgomery Securities
and Western Acquisition Partners, L.P. (Incorporated by reference
to Amendment No. 3, filed with the Commission on December 4,
1998)
Exhibit O - Customer Agreement between NationsBanc Montgomery Securities and
Pacific Financial Investors, Ltd. (Incorporated by reference to
Amendment No. 5, filed with the Commission on January 25, 1999)
Page 15 of 34 Pages
<PAGE> 16
Exhibit P - Prime Broker Agreement between NationsBanc Montgomery Securities
and Pacific Financial Investors, Ltd. (Incorporated by reference
to Amendment No. 5, filed with the Commission on January 25,
1999)
Exhibit Q - Limited Liability Company Agreement between NationsBanc
Montgomery Securities and Pacific Financial Investors, Ltd.
(Incorporated by reference to Amendment No. 5, filed with the
Commission on January 25, 1999)
Exhibit R - Settlement Agreement between Reporting Persons and Bank Plus
Corporation, dated as of March 26, 1999
Page 16 of 34 Pages
<PAGE> 17
Signatures
After reasonable inquiry and to the best of his/its knowledge and belief,
each of the undersigned Reporting Persons certifies that the information set
forth in this statement with respect to him/it is true, complete and correct.
FINANCIAL INSTITUTION PARTNERS, L.P., by its General
Partner, HOVDE CAPITAL, INC.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: President
HOVDE CAPITAL, INC.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: President
FINANCIAL INSTITUTION PARTNERS II, L.P., by its General
Partner, HOVDE CAPITAL, L.L.C.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Managing Member
HOVDE CAPITAL, L.L.C.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Managing Member
HANCOCK PARK ACQUISITION, L.P., by its General Partner,
HANCOCK PARK ACQUISITION, L.L.C.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Member
Page 17 of 34 Pages
<PAGE> 18
HANCOCK PARK ACQUISITION, L.L.C.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Member
WESTERN ACQUISITION PARTNERS, L.P., by its General
Partner, WESTERN ACQUISITIONS, L.L.C.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Managing Member
WESTERN ACQUISITIONS, L.L.C.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Managing Member
PACIFIC FINANCIAL INVESTORS, LTD.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Managing Member
ERIC D. HOVDE
/s/ Eric D. Hovde
-------------------------------------------------
STEVEN D. HOVDE
/s/ Steven D. Hovde
-------------------------------------------------
Dated: 3/29/99
----------
Page 18 of 34
<PAGE> 19
Schedule 1
INFORMATION RELATING TO REPORTING PERSONS
<TABLE>
<CAPTION>
Principal Business and
Address of Principal Business
Name or Principal Office
---- ------------------------------
<S> <C>
Financial Institution Limited partnership formed to make
Partners, L.P. investments primarily in equity
securities of financial institutions..
1629 Colonial Parkway
Inverness, Illinois 60067
Organized: State of Delaware
Hovde Capital, Inc. Corporation formed to serve as the
general partner of Financial Institution
Partners, L.P.
1629 Colonial Parkway
Inverness, Illinois 60067
Incorporated: State of Delaware
Financial Institution Limited partnership formed to make
Partners II, L.P. investments primarily in equity
securities of financial institutions and
financial services companies.
1629 Colonial Parkway
Inverness, Illinois 60067
Organized: State of Delaware
Hovde Capital, L.L.C. Limited liability company formed to
serve as the general partner of
Financial Institution Partners II, L.P.
1629 Colonial Parkway
Inverness, Illinois 60067
Organized: State of Nevada
Hancock Park Acquisition, L.P. Limited partnership formed to make
investments primarily in equity
securities of financial institutions.
1629 Colonial Parkway
Inverness, Illinois 60067
Organized: State of Delaware
Page 19 of 34 Pages
<PAGE> 20
Hancock Park Acquisition, L.L.C. Limited liability company formed to
serve as the general partner of Hancock
Park Acquisition, L.P.
1629 Colonial Parkway
Inverness, Illinois 60067
Organized: State of Illinois
Western Acquisition Partners, L.P. Limited partnership formed to make
investments primarily in equity
securities of financial institutions.
1629 Colonial Parkway
Inverness, Illinois 60067
Organized: State of Delaware
Western Acquisitions, L.L.C. Limited liability company formed to
serve as the general partner of Western
Acquisition Partneres, L.P.
1629 Colonial Parkway
Inverness, Illinois 60067
Organized: State of Illinois
Pacific Financial Investors, Ltd. Limited liability company formed to make
investments primarily in equity
securities of financial institutions and
to engage in all other lawful purposes.
1824 Jefferson Place, N.W.
Washington, D.C.
Organized: State of Nevada
</TABLE>
Page 20 of 34 Pages
<PAGE> 21
INFORMATION RELATING TO EXECUTIVE OFFICERS, DIRECTORS AND/OR CONTROLLING
PERSONS
<TABLE>
<CAPTION>
NAME PRINCIPAL OCCUPATION
ADDRESS BUSINESS ADDRESS CITIZENSHIP
- ------- -------------------- -----------
<S> <C> <C>
Steven D. Hovde(1) Investment banker U.S.
1629 Colonial Parkway Hovde Financial, Inc.
Inverness, Illinois 60067 1629 Colonial Parkway
Inverness, Illinois 60067
Investment banking firm
Eric D. Hovde (2) Investment banker U.S.
1826 Jefferson Place, N.W. Hovde Financial, Inc.
Washington, D.C. 20036 1826 Jefferson Place, N.W.
Washington, D.C. 20036
Investment banking firm
Braddock J. LaGrua(3) Investment banker U.S.
1826 Jefferson Place, N.W. Hovde Financial, Inc.
Washington, D.C. 20036 1826 Jefferson Place, N.W.
Washington, D.C. 20036
Investment banking firm
Gregory A. Mitchell(4) Investment Banker U.S.
1801 Oakland Blvd., Suite 259 Hovde Financial, Inc.
Walnut, CA 94596 1801 Oakland Blvd.
Suite 250
Walnut, CA 94596
Richard J. Perry, Jr.(5) Attorney U.S.
1826 Jefferson Place, N.W. Hovde Financial, Inc.
Washington, D.C. 20036 1826 Jefferson Place, N.W.
Washington, D.C. 20036
Investment banking firm
</TABLE>
- -------------------------------------------------------------------------------
(1) Steven D. Hovde is affiliated with the following Reporting Persons:
Chairman, CEO and a director of Hovde Capital, Inc.; President, Treasurer of
Hovde Capital, L.L.C., Executive VP, Treasurer of Hancock Park Acquisition,
L.L.C.; Executive VP, Treasurer of Western Acquisitions, L.L.C.; President,
Treasurer of Pacific.
(2) Eric D. Hovde is affiliated with the following Reporting Persons: President
and a director of Hovde Capital, Inc.; Chairman and CEO of Hovde Capital,
L.L.C.; President and Assistant Treasurer of Hancock Park Acquisition, L.L.C.;
President and Assistant Treasurer of Western Acquisitions, L.L.C.; Chairman and
CEO of Pacific.
(3) Braddock J. LaGrua is affiliated with the following Reporting Persons:
Executive VP, Treasurer and a director of Hovde Capital, Inc.
(4) Gregory A. Mitchell is affiliated with the following Reporting Persons: VP
of Hovde Capital, L.L.C.; Senior VP of Hancock Park Acquisition, L.L.C.; VP of
Pacific.
(5) Richard J. Perry, Jr. is affiliated with the following Reporting Persons:
Secretary, Assistant Treasurer of Hovde Capital, Inc.; Vice-President, Secretary
of Hancock Park Acquisition, L.L.C.; Vice-President, Secretary of Hovde Capital,
L.L.C.; Senior Vice President, Secretary of Western Acquisitions, L.L.C.; Vice-
President, Secretary of Pacific.
Page 21 of 34 Pages
<PAGE> 22
SCHEDULE 2
The following table sets forth the amount and source of funds used by each
Reporting Person in acquiring the Shares beneficially owned by it.
<TABLE>
<CAPTION>
Amount
Originally
Total Financed/ Source of
Name(6) Consideration Current Balance Funds
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Financial $4,380,490.59 $2,643,626.07/ Working Capital/
Institution $1,736,864.52 Margin Account(7)
Partners, L.P.
Hovde Capital, $4,380,490.59 $2,643,626.07/ Working Capital/
Inc. $1,736,864.52 Margin Account of
Affiliate(7)
Financial $2,317,340.75 $1,302,808.97/ Working Capital/
Institution $1,014,531.78 Margin Account(8)
Partners II, L.P.
Hovde Capital, $2,317,340.75 $1,302,808.97/ Working Capital/
L.L.C. $1,014,531.78 Margin Account of
Affiliate(8)
Hancock Park $3,514,566.31 $1,953,747.41/ Working Capital/
Acquisition, L.P. $1,560,818.90 Margin Account(9)
Hancock Park $3,514,566.31 $1,953,747.41/ Working Capital/
Acquisition, L.L.C. $1,560,818.90 Margin Account of
Affiliate(9)
Western Acquisition $1,551,875.00 $543,156.25/ Working Capital/
Partners, L.P. $1,008,718.75 Margin Account(10)
Western $1,551,875.00 $543,156.25/ Working Capital/
Acquisitions, L.L.C. $1,008,718.75 Margin Account of
Affiliate(10)
Pacific Financial $2,537,956.65 $1,826,567.40/ Working Capital/
Investors, Ltd. $711,389.25 Margin Account(11)
</TABLE>
- -----------------------------------------------------
(6) As indicated above, Eric D. Hovde and Steven D. Hovde may be deemed to be
beneficial owners of the Shares held by the entities in this table.
(7) $1,736,864.52 was financed through a margin account with NationsBanc
Montgomery Securities at Federal Funds rate +5/8.
(8) $1,014,531.78 was financed through a margin account with NationsBanc
Montgomery Securities at Federal Funds rate +5/8.
(9) $1,560,818.90 was financed through a margin account with NationsBanc
Montgomery Securities at Federal Funds rate +5/8.
(10) $1,008,718.75 was financed through a margin account with NationsBanc
Montgomery Securities at Federal Funds rate +5/8.
(11) $711,389.25 was financed through a margin account with NationsBanc
Montgomery Securities at Federal Funds rate +5/8.
Page 22 of 34 Pages
<PAGE> 23
SCHEDULE 3
The following table sets forth the number and approximate percentage of
Shares beneficially owned by each of the Reporting Persons. Each of the
Reporting Persons has shared power to vote or to direct the vote and to dispose
or to direct the disposition of the Shares of which each of them, respectively,
possesses beneficial ownership.
<TABLE>
<CAPTION>
Approximate
Name Number of Shares Percentage
- ---- ---------------- -----------
<S> <C> <C>
Financial Institution 881,146 4.5%
Partners, L.P.
Hovde Capital, Inc. 881,146 4.5%
Financial Institution 432,800 2.2%%
Partners II, L.P.
Hovde Capital, L.L.C. 432,800 2.2%%
Hancock Park 651,260 3.4%
Acquisition, L.P.
Hancock Park 651,260 3.4%
Acquisition, L.L.C.
Western Acquisition 140,000 0.7%
Partners, L.P.
Western Acquisitions, 140,000 0.7%
L.L.C.
Pacific Financial 608,967 3.1%
Investors, Ltd.
Eric D. Hovde 2,714,173 13.98%
Steven D. Hovde 2,714,173 13.98%
- -------------------------------------------------------------------------------
Aggregate Shares Held by 2,714,173 13.98%
Reporting Persons
</TABLE>
Page 23 of 34 Pages
<PAGE> 24
SCHEDULE 4
Description of Transactions in Shares Effected Within 60 Days.
The Reporting Persons had effected the following transactions in the Shares
within sixty (60) days of March 29, 1999:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Transaction Number of Transaction Transaction Broker
Date Shares Price Type
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Pacific 3/10/99 100 $4.688 Buy Montgomery
Financial Securities
Investors,
Ltd.
Page 24 of 34 Pages
<PAGE> 25
EXHIBIT INDEX
</TABLE>
<TABLE>
<CAPTION>
Page
<S> <C> <C>
Exhibit A- Consent Agreement to 17 C.F.R. 13d-1(f)(1) 27
Exhibit B - [OMITTED - - FILED PURSUANT TO REQUEST
FOR CONFIDENTIAL TREATMENT] (Incorporated by
reference to Amendment No. 3, filed with the
Commission on December 4, 1998) (12)
Exhibit C - Customer Agreement between NationsBanc
Montgomery Securities and Financial Institution
Partners II, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit D - Prime Broker Agreement between NationsBanc
Montgomery Securities and Financial Institution
Partners II, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit E - Partnership Agreement between NationsBanc
Montgomery Securities and Financial Institution
Partners II, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit F - Customer Agreement between NationsBanc
Montgomery Securities and Financial Institution
Partners, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit G - Prime Broker Agreement between NationsBanc
Montgomery Securities and Financial Institution
Partners, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit H - Partnership Agreement between NationsBanc
Montgomery Securities and Financial Institution
Partners, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit I - Customer Agreement between NationsBanc
Montgomery Securities and Hancock Park
Acquisition L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on
December 4, 1998)
Page 25 of 34 Pages
<PAGE> 26
Exhibit J - Prime Broker Agreement between NationsBanc
Montgomery Securities and Hancock Park
Acquisition, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit K - Partnership Agreement between NationsBanc
Montgomery Securities and Hancock Park
Acquisition, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit L - Customer Agreement between NationsBanc
Montgomery Securities and Western Acquisition
Partners, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit M - Prime Broker Agreement between NationsBanc
Montgomery Securities and Western Acquisition
Partners, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit N - Partnership Agreement between NationsBanc
Montgomery Securities and Western Acquisition
Partners, L.P. (Incorporated by reference to
Amendment No. 3, filed with the Commission on
December 4, 1998)
Exhibit O - Customer Agreement between NationsBanc
Montgomery Securities and Pacific Financial
Investors, Ltd. (Incorporated by reference to
Amendment No. 5, filed with the Commission on
January 25, 1999)
Exhibit P - Prime Broker Agreement between NationsBanc
Montgomery Securities and Pacific Financial
Investors, Ltd. (Incorporated by reference to
Amendment No. 5, filed with the Commission on
January 25, 1999)
Exhibit Q - Partnership Agreement between NationsBanc
Montgomery Securities and Pacific Financial
Investors, Ltd. (Incorporated by reference to
Amendment No. 5, filed with the Commission on
January 25, 1999)
Exhibit R - Settlement Agreement between the Reporting 29
Persons and Bank Plus Corporation, dated as of
March 26, 1999
</TABLE>
- ------------------------------------------
(12) Portions of Exhibit 5 have been omitted pursuant to a request for
confidential treatment of information in accordance with Rule 24b-2 of the
Securities and Exchange Act of 1934.
Page 26 of 34 Pages
<PAGE> 27
EXHIBIT A
Consent Agreement Pursuant to 17 C.F.R. 13d-1(f)(1)
Each of the undersigned hereby consents and agrees to the filing on behalf
of each of them of the foregoing joint statement on Schedule 13D pursuant to 17
C.F.R. 13d-1(f)(1) with respect to his/its beneficial ownership of the shares of
the Company.
FINANCIAL INSTITUTION PARTNERS, L.P., by its General
Partner, HOVDE CAPITAL, INC.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: President
HOVDE CAPITAL, INC.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: President
FINANCIAL INSTITUTION PARTNERS II, L.P., by its General
Partner, HOVDE CAPITAL, L.L.C.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Managing Member
HOVDE CAPITAL, L.L.C.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Managing Member
HANCOCK PARK ACQUISITION, L.P., by its General Partner,
HANCOCK PARK ACQUISITION, L.L.C.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Member
HANCOCK PARK ACQUISITION, L.L.C.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Member
Pages 27 of 34 Pages
<PAGE> 28
WESTERN ACQUISITION PARTNERS, L.P., by its General
Partner, WESTERN ACQUISITIONS, L.L.C.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Managing Member
WESTERN ACQUISITIONS, L.L.C.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Managing Member
PACIFIC FINANCIAL INVESTORS, LTD.
By: /s/ Eric D. Hovde
-------------------------------------------------
Eric D. Hovde
Its: Managing Member
ERIC D. HOVDE
/s/ Eric D. Hovde
-------------------------------------------------
Steven D. HOVDE
/s/ Steven D. Hovde
-------------------------------------------------
Dated: 3/29/99
----------
Page 28 of 34 Pages
<PAGE> 29
Bank Plus Corporation
A Holding Company for FIDELITY FEDERAL BANK
4565 COLORADO BOULEVARD
LOS ANGELES,CA 90039
P.O.BOX 1631
GLENDALE, CA 91209-1631
March 26, 1999
Hovde Financial, Inc.
Hovde Capital, Inc.
Hovde Capital, L.L.C.
Financial Institution Partners, L.P. ("FIP")
Financial Institution Partners II, L.P. ("FIP II")
Hancock Park Acquisition, L.P. ("Hancock LP")
Hancock Park Acquisition, L.L.C.
Western Acquisition Partners, L.P. ("Western LP")
Western Acquisitions, L.L.C.
Pacific Financial Investors, Ltd. ("Pacific Ltd.")
Pacific Financial Investors, L.P. ("Pacific LP")
Eric D. Hovde
Steven D. Hovde
Re: Settlement Agreement
--------------------
Gentlemen:
Each of you is either a stockholder (collectively, the "Hovde Stockholders")
of Bank Plus Corporation (together with its affiliates, directors or officers,
the "Company") or an affiliate or officer thereof (the Hovde Stockholders, their
affiliates and their respective directors, officers, members and general
partners are referred to herein as the "Hovde Persons"). On February 25, 1999,
certain of the Hovde Persons notified the Company of their intention to (a)
nominate, and solicit proxies in support of, one candidate to stand for election
to the Company's Board of Directors (the "Board") at the Company's 1999 annual
meeting of stockholders (the "1999 Annual Meeting") and (b) propose, and solicit
proxies in support of, certain amendments to the Company's Bylaws at the 1999
Annual Meeting. All of the parties hereto agree and acknowledge that each is
placing material reliance on the terms of this Agreement as a basis of, and
condition to, their respective agreements and undertakings contained herein.
1. Subject to the non-objection of the Office of Thrift Supervision (the
"OTS") pursuant to 12 C.F.R. s563.585 (the "OTS Non-Objection"), the Board
has appointed Irving Beimler ("Mr. Beimler") as a director of the Company
for a term expiring at the Company's annual meeting of stockholders in the
year 2000 (the "2000 Annual Meeting"), and the Board has increased the
authorized number of directors to seat Mr. Beimler. The Company hereby
represents that the appointment of Mr. Beimler to the class of directors
with a term expiring at the 2000 Annual Meeting is not in violation of the
Company's Certificate of Incorporation. The Company shall forthwith upon
execution of this Agreement notify the OTS in accordance with 12 C.F.R.
s563.560 et seq. of the appointment of Mr. Beimler to the Board, and shall
promptly take any and all other actions necessary or appropriate,
Page 29 of 34 Pages
<PAGE> 30
including the filing of any required notices, forms or other instruments
with the OTS and any other regulatory authority having jurisdiction thereof,
the approval or non-objection of which is required for Mr. Beimler to serve
on the Board. The Hovde Persons shall cause Mr. Beimler to provide such
information as may reasonably be requested by the Company in order for the
Company to fulfill its obligations under with 12 C.F.R. s563.560 et seq.
If the OTS objects to Mr. Beimler's appointment to the Board or if Mr.
Beimler does not otherwise join the Board, the Board will give first
consideration to the nomination of Peter T. Kross ("Mr. Kross") as a substitute
nominee, and, if the Board approves Mr. Kross as the substitute nominee, the
Company shall promptly submit his nomination for OTS Non-Objection. If the Board
does not approve Mr. Kross as the substitute nominee, the Board and the Hovde
Persons shall work in good faith to designate another nominee (Mr. Kross and any
such other nominee are referred to herein as the "Substitute Nominee")
acceptable to both the Hovde Persons and the Company's other stockholder that
advocated the appointment of Mr. Kross to serve as a director of the Company.
As a condition to his appointment, Mr. Beimler shall execute and deliver to
the Company his written resignation from the Board, effective upon a breach by
any of the Hovde Persons of any provision of this Agreement and upon the
termination of this Agreement. The appointment of the Substitute Nominee to the
Board shall be subject to OTS Non-Objection and to the execution and delivery to
the Company by the Substitute Nominee of his or her written resignation from the
Board, effective upon a breach by any of the Hovde Persons of any provision of
this Agreement and upon the termination of this Agreement. The Company agrees to
give the Hovde Persons 10 days written notice prior to giving effect to any
written resignation described in this paragraph. Nothing in this Agreement is
intended to prohibit or limit Mr. Beimler or the Substitute Nominee from
engaging in lawful activities in his or her capacity as a member of the Board.
Upon execution of this agreement, the Hovde Persons shall immediately
withdraw their February 25, 1999 notice of intent to nominate a director for
stockholder approval at the Company's 1999 annual meeting of stockholders (the
"1999 Annual Meeting") and will not otherwise propose any matters at the 1999
Annual Meeting.
2. Concurrently with the execution of this Agreement, the Board has amended
Section 1.2 of the Company's Bylaws to provide that three or more unaffiliated
stockholders of 22.5% of the Company's outstanding capital stock (the "Capital
Stock") may call a special meeting of stockholders (the "Bylaws Amendment"). The
Board shall not increase (but may decrease) such number of stockholders, or
their percentage ownership of shares, required to call a special meeting of
stockholders so long as this Agreement is in effect. The Company acknowledges,
and the Board shall amend the terms of the Company's Rights Plan to provide,
that the Company's Rights Plan will not be triggered solely by the act of
calling a special meeting of stockholders by holders of 22.5% or more of the
Capital Stock.
3. Each member of the Hovde Persons executing this Agreement below hereby agrees
that, from the date hereof through the date of termination of this Agreement,
each member of the Hovde Persons shall not, individually or collectively, (a)
acquire, offer to acquire, or agree to acquire, directly or indirectly, by
purchase or otherwise, any voting securities, direct or indirect rights or
options to acquire any voting securities, or securities or instruments
convertible into voting securities, of the Company, such that the acquisition(s)
would result in the beneficial ownership by the Hovde Persons of more than 15%
of the outstanding common stock, par value $0.01 per share, of the Company (if
shares or options to acquire shares of such common stock acquired by Mr. Beimler
or the Substitute
Page 30 of 34 Pages
<PAGE> 31
Nominee as a director would result in the aggregate holdings of the Hovde
Persons exceeding the limitation set forth in this paragraph 3(a) or would
otherwise trigger the Rights Plan, each of Mr. Beimler and the Substitute
Nominee shall have the option to elect not to receive such shares or options
which would cause such a result); (b) make, or in any way participate, directly
or indirectly, in any "solicitation" of "proxies" to vote (as such terms are
used in the proxy rules of the Securities and Exchange Commission) securities
of the Company, or seek to advise or influence any person or entity with
respect to any voting of any securities of the Company on any matter submitted,
or to be submitted to, the stockholders of the Company, provided, however,
that, subject to paragraph 4 below, the members of the Hovde Persons may vote
their securities of the Company in their sole discretion in any manner with
respect to any matter submitted to the stockholders and may, but only to the
extent required by applicable law, disclose their intent with respect thereto;
(c) call, or participate in calling, any special meeting of the stockholders of
the Company; (d) form, join or in any way participate in a "group" within the
meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended,
with respect to any voting securities of the Company; (e) make any public
announcement with respect to or make or submit a proposal or offer (with or
without conditions) for the securities or assets of the Company or any
extraordinary transaction involving the Company or any of its subsidiaries; (f)
otherwise act alone or in concert with others to seek to control the
management, board of directors or policies of the Company (other than by virtue
of Mr. Beimler's or the Substitute Nominee's participation on the Board); (g)
take any action prohibited by Amendment #1 to Rebuttal of Rebuttable
Determination of Control under Part 574 dated December 4, 1998 filed by FIP,
FIP II, Hancock LP, Western LP, and Pacific Ltd. with the OTS relating to the
Company (the "Rebuttal Agreement"); or (h) propose any of the foregoing unless
and until such proposal is specifically invited or approved by the Company.
While this Agreement is in effect, the possibility that the addressees might be
deemed a "group" within in the meaning of Section 13(d) of the Securities
Exchange Act of 1934, as amended, shall not be deemed a breach of paragraph
3(d) of this Agreement; provided, however, the Company reserves the right to
assert the existence of such a "group" for all purposes other than a breach of
paragraph 3(d) of this Agreement.
4. Notwithstanding anything to the contrary in paragraph 3 hereof, each
member of the Hovde Persons executing this Agreement below shall vote all of
their securities of the Company for the director nominees proposed by the Board
at the 1999 Annual Meeting.
5. Each member of the Hovde Persons executing this Agreement below hereby
agrees that, from the date hereof through October 31, 1999, each member of the
Hovde Persons shall not, individually or collectively, seek any amendment of
the Rebuttal Agreement or submit or effect any filing or application, or seek
to obtain any permit, consent or agreement, approval or other action, required
by or from any regulatory agency with respect to an acquisition of the Company
or any of its securities or assets or control thereof. If any member of the
Hovde Persons takes any action described in this paragraph (a "Control Action")
after October 31, 1999, then (i) this Agreement shall immediately and
automatically terminate, and (ii)Mr. Beimler's and, if applicable, the
Substitute Nominee's conditional resignation from the Board of the Company
shall immediately and automatically become effective.
6. Each member of the Hovde Persons executing this Agreement below hereby
agrees to cause the Hovde Persons to withdraw the H-(e)1 application for
Approval to Acquire Up to 25% of the Shares of Bank Plus Corporation filed with
the OTS by Pacific Ltd. and Pacific LP on February 22, 1999, as amended on
March 9, 1999. Bank Plus will promptly reimburse Pacific Ltd. and
Page 31 of 34 Pages
<PAGE> 32
Pacific LP for up to $15,000 of expenses representing the filing fee for such
application upon presentation of proof of such withdrawal.
7. It is understood and agreed that monetary damages would not be a
sufficient remedy for any breach or threatened breach of this Agreement. Each
party hereto shall be entitled to equitable relief by way of injunction or
specific performance if any other party or any of their respective officers,
directors, investment bankers, attorneys, accountants or other representatives
breach, or threaten to breach, any of the provisions of this Agreement, such
remedy by way of equitable relief being cumulative, and not exclusive, of any
other remedies and/or rights that the complaining party shall be entitled to
exercise. It is further understood and agreed that no failure or delay by any
party in exercising any right, power or privilege hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any right, power or
privilege hereunder.
8. In the event of any dispute between the parties hereto regarding the
performance or interpretation of this Agreement, the prevailing party shall be
entitled to its reasonable attorneys' fees, costs and other expenses, in
addition to any other relief to which such party may be entitled.
9. This Agreement shall be governed in all respects, including validity,
interpretation and effect, by the internal laws of the State of Delaware,
without regard to the principles of conflict of laws.
10. This Agreement shall terminate upon the earliest to occur of the
following: (i) the taking of a Control Action by any member of the Hovde
Persons after October 31, 1999, (ii) the failure of Mr. Beimler to be approved
by the OTS as a director of the Company on or before June 24, 1999, (iii) the
failure of the Substitute Nominee to be approved by the OTS as a director of
the Company on or before August 24, 1999, or (iv) April 28, 2000, provided that
if the Agreement is not otherwise breached or terminated by the action of the
Hovde Persons, the term of Mr. Beimler or the Substitute Nominee, as
applicable, shall continue until the 2000 Annual Meeting or until a successor
is duly elected or appointed. No rights or obligations shall survive the
termination of this Agreement except for claims arising from, or in connection
with, the breach of this Agreement.
11. During the term of this Agreement, neither the Company nor any of the
Hovde Persons shall institute any litigation against the other, except as
follows: (a) any party hereto may institute litigation against the other party
(or parties) hereto in the event of, and alleging, a breach of or default under
this Agreement by such other party (or parties); (b) any party may institute
litigation against the other party or parties hereto in the event of, and
alleging, the dissemination directly or indirectly by or on behalf of such
other party (or parties) hereto, of slander, defamation, libel or other
business disparagement; and (c) the Company may institute litigation against
some or all of the Hovde Persons in the event that one or more of the Hovde
Persons form, join or in any way participate in a "group" (a "13(d) Group")
within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934,
as amended, with respect to any voting securities of the Company and one or
more members of such 13(d) Group take any action that the Hovde Persons are
prohibited from taking under paragraphs 3 or 5 of this Agreement.
12. All the terms and provisions of this Agreement shall inure to the benefit
of, shall be enforceable by, and shall be binding upon, the successors and
assigns of the parties hereto.
13. This Agreement contains the entire understanding of the parties with
respect to its subject matter. There are no restrictions, agreements, promises,
representations, warranties, covenants or understandings other than those
expressly set forth herein. This Agreement may be amended only by a written
instrument duly executed by the parties or their respective successors or
assigns.
Page 32 of 34 Pages
<PAGE> 33
14. All notices, requests, claims, demands and other communications hereunder
shall be in writing and shall be given (and shall be deemed to have been duly
given if so given) by hand delivery, cable, telecopy (confirmed in writing) or
telex, or by mail (registered or certified, postage prepaid, return receipt
requested) to the respective parties as follows:
If to the Company:
with a copy to:
Bank Plus Corporation Gibson, Dunn & Crutcher LLP
4565 Colorado Boulevard 333 South Grand Avenue
Los Angeles, CA 91209-1631 Los Angeles, CA 90071
Attention: General Counsel Attention: Dhiya El-Saden, Esq.
If to the Hovde Persons:
with a copy to:
c/o Hovde Capital, Inc. Perry & Bagheri, P.C.
1826 Jefferson Place, N.W. 1826 Jefferson Place, N.W.
Washington, DC 20036 Washington, DC 20036
Attention: Eric D. Hovde, President Attention: Richard J. Perry, Jr., Esq.
or to such other address as the person to whom notice is given may have
previously furnished to the others in writing in the manner set forth above.
15. This Agreement may be executed in counterparts, each of which
shall be an original, but each of which together shall constitute one and the
same Agreement.
Kindly confirm that the foregoing represents our understanding and
agreement in respect of this matter by signing below where indicated and
returning the signed copy.
Sincerely,
BANK PLUS CORPORATION
By: /s/ Mark K. Mason
__________________________________
Mark K. Mason
President and Chief Executive Officer
Page 33 of 34 Pages
<PAGE> 34
The undersigned members of the Hovde Persons hereby agree to the foregoing
this ___ day of March, 1999.
HOVDE FINANCIAL, INC. FINANCIAL INSTITUTION PARTNERS, L.P.
By Hovde Capital, Inc., general partner
By: /s/ Eric D. Hovde By: /s/ Eric D. Hovde
------------------------ -------------------------
HOVDE CAPITAL, INC. FINANCIAL INSTITUTION PARTNERS II, L.P.
By Hovde Capital, L.L.C., general partner
By: /s/ Eric D. Hovde By: /s/ Eric D. Hovde
------------------------ -------------------------
HOVDE CAPITAL, L.L.C. HANCOCK PARK ACQUISITION, L.P.
By Hancock Park Acquisition, L.L.C.,
general partner
By: /s/ Eric D. Hovde By: /s/ Eric D. Hovde
------------------------ -------------------------
HANCOCK PARK ACQUISITION, L.L.C. WESTERN ACQUISITION PARTNERS, L.P.
By Western Acquisitions, L.L.C., general
partner
By: /s/ Eric D. Hovde By: /s/ Eric D. Hovde
------------------------ -------------------------
WESTERN ACQUISITIONS, L.L.C. PACIFIC FINANCIAL INVESTORS, LTD.
By: /s/ Eric D. Hovde By: /s/ Eric D. Hovde
------------------------ -------------------------
PACIFIC FINANCIAL INVESTORS, LTD.
By Pacific Financial Investors, Ltd.,
general partner
By: /s/ Eric D. Hovde
-------------------------
/s/ Eric D. Hovde /s/ Steven D. Hovde
- ------------------------ -------------------------
ERIC D. HOVDE STEVEN D. HOVDE
Page 34 of 34 Pages
