<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE EXCHANGE ACT OF 1934
(Amendment No. 7)
-
BANK PLUS CORPORATION
---------------------
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
-----------------------------
(Title and Class of Securities)
064446107
------------
(CUSIP Number)
Richard J. Perry, Jr., Esquire
Perry & Associates, 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)
February 25, 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 47 Exhibit Index at page 25
<PAGE> 2
<TABLE>
<CAPTION>
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CUSIP NUMBER 064446107 PAGE 2 OF 47 PAGES
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<S> <C> <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)
(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 SOLE VOTING POWER
SHARES 6.
OWNED BY
EACH
REPORTING --------------------------------------------------------------------------------------------------------------
PERSON WITH SHARED VOTING POWER
7.
881,146 SHARES
--------------------------------------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
8.
--------------------------------------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
9.
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)
4.54%
- -----------------------------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
PN
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 47 Pages
<PAGE> 3
<TABLE>
<CAPTION>
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CUSIP NUMBER 064446107 PAGE 3 OF 47 PAGES
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<S> <C> <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)
(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 SOLE VOTING POWER
SHARES 6.
OWNED BY
EACH --------------------------------------------------------------------------------------------------------------
REPORTING SHARED VOTING POWER
PERSON WITH 7.
881,146 SHARES
--------------------------------------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
8.
--------------------------------------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
9.
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)
4.54%
- -----------------------------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
CO
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 47 Pages
<PAGE> 4
<TABLE>
<CAPTION>
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CUSIP NUMBER 064446107 PAGE 4 OF 47 PAGES
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<S> <C> <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)
(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 SOLE VOTING POWER
SHARES 6.
OWNED BY
EACH --------------------------------------------------------------------------------------------------------------
REPORTING SHARED VOTING POWER
PERSON WITH 7.
432,800 SHARES
--------------------------------------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
8.
--------------------------------------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
9.
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)
2.23%
- -----------------------------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
PN
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 47 Pages
<PAGE> 5
<TABLE>
<CAPTION>
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CUSIP NUMBER 064446107 PAGE 5 OF 47 PAGES
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<S> <C> <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)
(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 SOLE VOTING POWER
SHARES 6.
OWNED BY
EACH --------------------------------------------------------------------------------------------------------------
REPORTING SHARED VOTING POWER
PERSON WITH 7.
432,800 SHARES
--------------------------------------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
8.
--------------------------------------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
9.
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)
2.23%
- -----------------------------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
CO
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 5 of 47 Pages
<PAGE> 6
<TABLE>
<CAPTION>
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CUSIP NUMBER 064446107 PAGE 6 OF 47 PAGES
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<S> <C> <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)
(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 SOLE VOTING POWER
SHARES 6.
OWNED BY
EACH --------------------------------------------------------------------------------------------------------------
REPORTING SHARED VOTING POWER
PERSON WITH 7.
651,260 SHARES
--------------------------------------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
8.
--------------------------------------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
9.
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)
3.35%
- -----------------------------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
PN
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 6 of 47 Pages
<PAGE> 7
<TABLE>
<CAPTION>
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CUSIP NUMBER 064446107 PAGE 7 OF 47 PAGES
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<S> <C> <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)
(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 SOLE VOTING POWER
SHARES 6.
OWNED BY
EACH --------------------------------------------------------------------------------------------------------------
REPORTING SHARED VOTING POWER
PERSON WITH 7.
651,260 SHARES
--------------------------------------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
8.
--------------------------------------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
9.
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)
3.35%
- -----------------------------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
CO
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 7 of 47 Pages
<PAGE> 8
<TABLE>
<CAPTION>
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CUSIP NUMBER 064446107 PAGE 8 OF 47 PAGES
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<S> <C> <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)
(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 SOLE VOTING POWER
SHARES 6.
OWNED BY
EACH --------------------------------------------------------------------------------------------------------------
REPORTING SHARED VOTING POWER
PERSON WITH 7.
140,000 SHARES
--------------------------------------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
8.
--------------------------------------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
9.
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)
0.72%
- -----------------------------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
PN
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 8 of 47 Pages
<PAGE> 9
<TABLE>
<CAPTION>
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CUSIP NUMBER 064446107 PAGE 9 OF 47 PAGES
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<S> <C> <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)
(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 SOLE VOTING POWER
SHARES 6.
OWNED BY
EACH --------------------------------------------------------------------------------------------------------------
REPORTING SHARED VOTING POWER
PERSON WITH 7.
140,000 SHARES
--------------------------------------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
8.
--------------------------------------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
9.
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)
0.72%
- -----------------------------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
CO
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 9 of 47 Pages
<PAGE> 10
<TABLE>
<CAPTION>
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CUSIP NUMBER 064446107 PAGE 10 OF 47 PAGES
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<S> <C> <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)
(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 SOLE VOTING POWER
SHARES 6.
OWNED BY
EACH --------------------------------------------------------------------------------------------------------------
REPORTING SHARED VOTING POWER
PERSON WITH 7.
608,867 SHARES
--------------------------------------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
8.
--------------------------------------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
9.
608,867 SHARES
- -----------------------------------------------------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
608,867 SHARES
- -----------------------------------------------------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- -----------------------------------------------------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
3.14%
- -----------------------------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
CO
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 10 of 47 Pages
<PAGE> 11
ITEM 1. SECURITY AND COMPANY
The class of security to which this statement relates is the common
stock, par value $.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"), and Pacific Financial Investors,
Ltd., 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 shares of various financial institutions and to engage
in all other lawful purposes.
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.
The Reporting Persons do not believe that they constitute a "group"
within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934,
as amended. Nevertheless, the Reporting Persons are making this filing because
of the possibility that they may be deemed a group, although each of the
Reporting Persons disclaims any membership in, and the existence of, such a
group. Neither the making of this filing nor any statement contained herein
shall be deemed to be an admission by any of the Reporting Persons that a group
exists.
Page 11 of 47 Pages
<PAGE> 12
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 THE TRANSACTION.
On February 25, 1999, the Reporting Persons delivered advance
notice to the Secretary of the Company in accordance with Section 1.11 of the
Company's Amended and Restated By-Laws (the "By-Laws") with respect to (i) the
nomination by the Reporting Persons of Eric D. Hovde for election to the
Company's Board of Directors at the Company's upcoming 1999 Annual Meeting of
Stockholders (the "1999 Annual Meeting") and (ii) the intent of the Reporting
Persons to propose for stockholder approval at the 1999 Annual Meeting, subject
to receipt prior to the 1999 Annual Meeting of approval of the application
discussed below, of the two By-Law amendments (collectively, the "Proposals")
described below. On February 22, 1999, one of the Reporting Persons, Pacific
Financial Investors, Ltd. ("PFI Ltd."), on behalf of itself and the limited
partnership of which it is the general partner, Pacific Financial Investors,
L.P., a Delaware limited partnership ("PFI LP") (PFI Ltd. and PFI LP
collectively hereinafter referred to as the "Applicants"), filed an application
with the Office of Thrift Supervision (the "OTS") under the Savings and Loan
Holding Company Act (the "Act") seeking the approval of the OTS to permit the
Applicants to acquire up to 25% of the Shares of the Company. Approval of the
application would allow the Applicants to take certain action, including but
not limited to seeking stockholder approval of the Proposals at the 1999 Annual
Meeting.
The Proposals consist of (i) an amendment to Section 1.2 of the
Company's By-Laws to provide that special meetings of stockholders shall be
called by the Secretary of the Company at the request of holders of 10% or more
of the outstanding voting stock of the Company and that such meeting shall be
held not less than 60 nor more than 75 days following receipt of such
stockholder request and that Section 1.2 as so amended may not be modified,
amended or repealed by the Board of Directors except by a unanimous vote of the
members of the Board of Directors and (ii) an amendment to Section 1.11 of the
By-Laws to provide that any stockholder or stockholders seeking to call a
special meeting of stockholders for the purpose of nominating persons for
election to the Board of Directors and/or proposing the transaction of any
business need not comply with any advance notice provisions contained in the
By-Laws, including Section 1.11 and that Section 1.11 as so amended may not be
modified, amended or repealed by the Board of Directors except by a unanimous
vote of the members of the Board of Directors.
The Reporting Persons expect to evaluate on an ongoing basis their
investment in the Company, and may independently from time to time acquire
additional Shares, dispose of Shares or formulate other purposes, plans or
proposals regarding the Company or the Shares held by the Reporting Persons
in addition to those discussed above. Any such acquisitions or dispositions may
be made, subject to applicable law, in open market or privately negotiated
transactions or otherwise.
Except as described above, neither the Reporting Persons nor, to
the knowledge of the Reporting Persons, any of the persons named in Schedule I
hereto have any plans or proposals which relate to or would result in any of
the actions or transactions specified in clauses (a) through (j) of Item 4 of
Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE COMPANY
(a), (b) Schedule 3 hereto, which is incorporated by reference
herein, sets forth, as of February 26, 1999, information relating to the
aggregate number of Shares of the Company and
Page 12 of 47 Pages
<PAGE> 13
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 their control over each
respective Limited Partnership, all decisions regarding voting and disposition
of the Shares beneficially owned by each Limited Partnership are made by its
respective 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. None of the General
Partners, their executive officers, directors or controlling persons
beneficially owns any Shares personally or otherwise, except for the Shares
owned by the Partnerships.
(c) Schedule 4 hereto, which is incorporated by reference herein,
describes, as of February 26, 1999, transactions in the Shares effected during
the past sixty (60) days by the Reporting Persons.
(d) None.
(e) Not applicable.
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
<TABLE>
<S> <C>
Exhibit A - Consent Agreement pursuant to 17 C.F.R. Section 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)]
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)
</TABLE>
Page 13 of 47 Pages
<PAGE> 14
<TABLE>
<S> <C>
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)
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 - Record Holder Advance Notice Pursuant to Section 1.11 of the
Company's By-Laws
Exhibit S - Beneficial Holders Advance Notice Pursuant to Section 1.11
of the Company's By-Laws.
</TABLE>
Page 14 of 47 Pages
<PAGE> 15
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 15 of 47 Pages
<PAGE> 16
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
Dated: 2/26/99
-------
Page 16 of 47 Pages
<PAGE> 17
SCHEDULE 1
INFORMATION RELATING TO REPORTING PERSONS
-----------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL BUSINESS AND
ADDRESS OF PRINCIPAL BUSINESS
NAME OR PRINCIPAL OFFICE
---- -----------------------------
<S> <C>
Financial Institution 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
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 Partners II, L.P. Limited partnership formed to make 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
</TABLE>
Page 17 of 47 Pages
<PAGE> 18
<TABLE>
<S> <C>
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
Partners, 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. 20036
Organized: State of Nevada
</TABLE>
Page 18 of 47 Pages
<PAGE> 19
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, NW Hovde Financial, Inc.
Washington, D.C. 20036 1826 Jefferson Place, NW
Washington, D.C. 20036
Investment banking firm
Braddock J. LaGrua(3) Investment banker U.S.
1826 Jefferson Place, NW Hovde Financial, Inc.
Washington, D.C. 20036 1826 Jefferson Place, NW
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
</TABLE>
- --------
(1) Steven D. Hovde is affiliated with the following Reporting Persons:
Chairman, CEO 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.
(2) Eric D. Hovde is affiliated with the following Reporting Persons: President
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.
(3) Braddock J. LaGrua is affiliated with the following Reporting Persons:
Executive VP, Treasurer 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.
Page 19 of 47 Pages
<PAGE> 20
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 CONSIDERATION CURRENT BALANCE FUNDS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Financial $4,380,490.59 $2,643,626,.07/ Working Capital/
Institution $1,736,864.52 Line of Credit*
Partners, L.P.
Hovde Capital, $4,380,490.59 $2,643,626,.07/ Working Capital/
Inc. $1,736,864.52 Line of Credit of
Affiliate*
Financial $2,317,340.75 $1,302,808.97/ Working Capital/
Institution $1,014,531.78 Line of Credit**
Partners II, L.P.
Hovde Capital, $2,317,340.75 $1,302,808.97/ Working Capital/
L.L.C. $1,014,531.78 Line of Credit of
Affiliate**
Hancock Park $3,514,566.31 $1,953,747.41/ Working Capital/
Acquisition, L.P. $1,560,818.90 Line of Credit***
Hancock Park $3,514,566.31 $1,953,747.41/ Working Capital/
Acquisition, L.L.C. $1,560,818.90 Line of Credit of
Affiliate***
Western $1,551,875.00 $775,937.50/ Working Capital/
Acquisition $775,937.50 Line of Credit****
Partners, L.P.
Western $1,551,875.00 $775,937.50/ Working Capital/
Acquisitions, L.L.C. $775,937.50 Line of Credit of
Affiliate****
Pacific Financial $2,537,956.65 $1,826,567.40/ Working Capital/
Investors, Ltd. $711,389.25 Line of Credit*****
</TABLE>
- --------------------------------------------------------------------------------
*$1,736,864.52 was financed through a line of credit with NationsBanc
Montgomery Securities at Federal Funds rate +5/8.
**$1,014,531.78 was financed through a line of credit with NationsBanc
Montgomery Securities at Federal Funds rate +5/8.
***$1,560,818.90 was financed through a line of credit with NationsBanc
Montgomery Securities at Federal Funds rate +5/8.
****$775,937.50 was financed through a line of credit with NationsBanc
Montgomery Securities at Federal Funds rate +5/8.
*****$711,389.25 was financed through a line of credit with NationsBanc
Montgomery Securities at Federal Funds rate +5/8.
Page 20 of 47 Pages
<PAGE> 21
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 4.54%
Partners, L.P.
Hovde Capital, Inc. 881,146 4.54%
Financial Institution 432,800 2.23%
Partners II, L.P.
Hovde Capital, L.L.C. 432,800 2.23%
Hancock Park 651,260 3.35%
Acquisition, L.P.
Hancock Park 651,260 3.35%
Acquisition, L.L.C.
Western Acquisition 140,000 0.72%
Partners, L.P.
Western Acquisitions, 140,000 0.72%
L.L.C.
Pacific Financial 608,867 3.14%
Investors, Ltd.
- ------------------------------------------------------------------------------------------------------
Aggregate Shares Held by 2,714,073 13.98%
Reporting Persons
</TABLE>
Page 21 of 47 Pages
<PAGE> 22
SCHEDULE 4
Description of Transactions in Shares Effected within 60 Days
The Reporting Persons effected the following transactions in the Shares within
sixty (60) days of February 26, 1999:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Transaction Number of Transaction Transaction Broker
Date Shares Price Type
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Financial Institution
Partners, L.P. 12/31/98 190,000 $3.974 Sell N/A*
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 22 of 47 Pages
<PAGE> 23
<TABLE>
<S> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Transaction Number of Transaction Transaction Broker
Date Shares Price Type
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Financial Institution
Partners II, L.P. 12/31/98 2,000 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 2,000 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 4,500 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 5,000 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 5,000 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 5,000 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 5,000 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 5,000 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 10,000 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 10,000 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 15,000 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 25,000 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 30,000 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 50,000 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
12/31/98 202,667 4.25 Sell N/A**
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Transaction Number of Transaction Transaction Broker
Date Shares Price Type
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Pacific Financial
Investors, Ltd. 1/20/99 8,000 $4.3125 Buy Jeffries & Co.
-------------------------------------------------------------------------------------------------------
1/19/99 19,000 $4.3125 Buy Jeffries & Co.
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 23 of 47 Pages
<PAGE> 24
<TABLE>
<S> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
1/15/99 15,700 $4.3125 Buy Jeffries & Co.
-------------------------------------------------------------------------------------------------------
12/31/98 190,000 $3.974 Buy N/A*
-------------------------------------------------------------------------------------------------------
12/31/98 376,167 $4.25 Buy N/A**
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
* The December 31, 1998 transaction constituted a transfer of the Shares from
Financial Institution Partners, L.P. to Pacific Financial Investors, Ltd.
** The December 31, 1998 transaction constituted a transfer of the Shares from
Financial Institution Partners II, L.P. to Pacific Financial Investors, Ltd.
Page 24 of 47 Pages
<PAGE> 25
EXHIBIT INDEX
<TABLE>
<CAPTION>
Page
<S> <C> <C>
Exhibit A Consent Agreement to 17 C.F.R. Section 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)](5)
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)
</TABLE>
- -------------
(5) 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 25 of 47 Pages
<PAGE> 26
<TABLE>
<S> <C> <C>
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)
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 - Record Holder Advance Notice Pursuant to Section 1.11 29
of the Company's By-Laws
Exhibit S - Beneficial Holder Advance Notice Pursuant to Section 45
1.11 of the Company's By-Laws
</TABLE>
Page 26 of 47 Pages
<PAGE> 27
EXHIBIT A
Consent Agreement Pursuant to 17 C.F.R. Section 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 Issuer.
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
Page 27 of 47 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
Dated: 2/26/99
Page 28 of 47 Pages
<PAGE> 29
EXHIBIT R
Cede & Co.
c/o The Depository Trust Company
55 Water Street, 50th Floor
New York, New York 10041
February 25, 1999
Bank Plus Corporation
4565 Colorado Boulevard
Los Angeles, California 90039
Attention: Corporate Secretary
Re: Notice of Director Nomination and Proposed Business for the
1999 Annual Meeting of Stockholders of Bank Plus Corporation
Dear Sir or Madam:
Cede & Co., the nominee of The Depository Trust Company ("DTC"),
is a holder of record of shares of common stock, par value $0.01 per share (the
"Common Stock"), of Bank Plus Corporation, a Delaware corporation (the
"Company"). DTC has been informed by its Participant, NationsBanc Montgomery
Securities ("Participant"), that on the date hereof 2,690,073 of such shares
(the "Shares") credited to Participant's DTC account are beneficially owned by
Financial Institution Partners, L.P., Financial Institution Partners II, L.P.,
Hancock Park Acquisition, L.P., Western Acquisition Partners, L.P., Hovde
Capital, Inc., Hovde Capital, L.L.C., Hancock Park Acquisition, L.L.C., Western
Acquisitions, L.L.C. and Pacific Financial Investors, Ltd. (collectively,
"PFI"), customers of Participant.
At the request of Participant, on behalf of PFI and in accordance
with the provisions of Article I, Section 1.11 of the Amended and Restated
By-Laws of the Company (the "By-Laws"), Cede & Co., as holder of record of the
above-referenced Shares, and PFI, as beneficial owner of the above-referenced
Shares, do hereby provide notice to the Company that PFI nominates Eric D. Hovde
(sometimes referred to herein as the "Nominee") for election to the Company's
Board of Directors at the 1999 Annual Meeting of Stockholders of the Company
(including any adjournment, postponement or rescheduling thereof, the "Annual
Meeting"). PFI intends to solicit proxies with respect to the election of Mr.
Hovde.
Page 29 of 47
<PAGE> 30
It is our understanding that the stockholders of the Company will
be asked to elect two directors at the Annual Meeting, each to serve for a
three-year term ending on the date of the annual meeting of stockholders of the
Company to be held in 2002 (the "2002 Annual Meeting"). Accordingly, Mr. Hovde
is being nominated for election to a three-year term ending on the date of the
2002 Annual Meeting. PFI reserves the right to nominate a substitute person for
election as a director in the event that the Nominee is unable or unwilling to
serve as a director or the Company makes or announces any change to the By-Laws
or takes or announces any other actions that are designed to, or have the effect
of, disqualifying the Nominee.
The companies constituting PFI intend to contribute the shares of
Common Stock beneficially owned by them (other than a limited number of shares
to be retained by Pacific Financial Investors, Ltd. ("PFI Ltd.")) to Pacific
Financial Investors, L.P. ("PFI LP"), a Delaware limited partnership of which
PFI Ltd. is the general partner. Accordingly, on February 22, 1999, PFI
submitted an application to the Office of Thrift Supervision (the "OTS") under
the Savings and Loan Holding Company Act, as amended (the "Act"), seeking the
requisite approval under the Act for PFI LP and PFI Ltd. to become savings and
loan holding companies by virtue of their proposed ownership interest in the
Company. PFI reserves the right, subject to receipt of the requisite approval of
the OTS under the Act, (1) subject to any limitation resulting from an equitable
and proper application of the By-Laws, to nominate additional nominees to fill a
director's position, (2) to nominate additional nominees to fill any director
positions created by the Board of Directors of the Company prior to or at the
Annual Meeting, or (3) to designate any such nominees as nominees with respect
to any class or classes of directors to be elected at the Annual Meeting.
At the request of Participant, on behalf of PFI and in accordance
with the provisions of Article I, Section 1.11 of the By-Laws, Cede & Co., as
holder of record of the above-referenced Shares, and PFI, as beneficial owner of
the above-referenced Shares, do hereby provide notice to the Company that PFI
also intends to propose for stockholder approval at the Annual Meeting,
contingent upon receipt of the requisite approval of the OTS under the Act prior
to the date of the Annual Meeting, resolutions effecting the following actions
(collectively, the "Proposals"):
1. An amendment to Section 1.2 of the By-Laws to provide that
special meetings of stockholders shall be called by the
Secretary of the Company at the request of holders of 10%
or more of the outstanding voting stock of the Company,
that such meeting shall be held not less than 60 nor more
than 75 days following receipt of such stockholder request,
and that Section
Page 30 of 47
<PAGE> 31
1.2 as so amended may not be modified, amended or repealed
by the Board of Directors except by a unanimous vote of the
members of the Board of Directors; and
2. An amendment to Section 1.11 of the By-Laws to provide that
any stockholder or stockholders seeking to call a special
meeting of stockholders for the purpose of nominating
persons for election to the Board of Directors and/or
proposing the transaction of any business need not comply
with any advance notice provisions contained in the
By-Laws, including Section 1.11, and that Section 1.11 as
so amended may not be modified, amended or repealed by the
Board of Directors except by a unanimous vote of the
members of the Board of Directors.
The full text of the Proposals is set forth on Exhibit B to this letter.
PFI intends to seek stockholder approval of the Proposals because
it believes that the members of the current Board of Directors of the Company
have continually failed to be responsive to concerns raised by the Company's
stockholders. The Company has posted poor financial results in recent fiscal
periods, and its stock price performance has been extremely poor. PFI believes
the current Board of Directors has not adequately addressed the severe decline
in stockholder value. The Proposals are intended to enhance the ability of
stockholders of the Company to secure representation on the Board of Directors
by removing impediments to the ability of stockholders to elect directors.
More specifically, the purposes of the proposed amendment to
Section 1.2 of the By-Laws are to restore the right of the stockholders to call
a special meeting of stockholders and to assure stockholders that such meeting
is promptly held. The 10% ownership threshold necessary to call a special
meeting is identical to the threshold contained in a similar provision removed
from the By-Laws by the Board of Directors in January, and ensures that
stockholders holding a substantial stake in the Company will have the ability to
call a stockholders meeting. This By-Law promotes the ability of stockholders to
call special meetings, while not subjecting the Company to unreasonable demands.
The purpose of the proposed amendment to Section 1.11 of the By-Laws is to
remove any procedural impediments to the stockholders' ability to elect
directors and propose business at special meetings initiated by stockholder
request.
Page 31 of 47
<PAGE> 32
PFI's interest in the election of the Nominee and the approval by
stockholders of the Proposals is derived from its ownership of the Shares. As an
executive officer and principal of each of the entities comprising PFI and the
entities controlling those entities, Mr. Hovde may be deemed to control PFI; if
elected, Mr. Hovde can be expected to be paid directors' fees and to receive
other compensation from the Company.
The address of each of Financial Institution Partners, L.P.,
Financial Institution Partners II, L.P., Hancock Park Acquisition, L.P., and
Western Acquisition Partners, L.P. is 1629 Colonial Parkway, Inverness, Illinois
60067. The address of Pacific Financial Investors, Ltd. is 1824 Jefferson Place,
NW, Washington, D.C. 20036. As of the date of this letter, Financial Institution
Partners, L.P., Financial Institution Partners II, L.P., Hancock Park
Acquisition, L.P., Western Acquisition Partners, L.P., and Pacific Financial
Investors, Ltd. beneficially own 881,146; 432,800; 651,260; 140,000; and 608,867
shares of Common Stock, respectively. At least 2,690,073 of such shares are held
of record by Cede & Co.
In connection with its solicitation of proxies from the Company's
stockholders for the election of the Nominee and the approval of the Proposals,
PFI intends to prepare and deliver its own proxy materials, in accordance with
applicable law, to all holders of record of Common Stock entitled to vote at the
Annual Meeting. Accordingly, this letter constitutes a "Solicitation Notice" as
contemplated by Section 1.11 of the By-Laws.
This letter also constitutes notice under Rule 14a-4(c)(2)(i) that
PFI intends to deliver a proxy statement and form of proxy to holders of at
least the percentage of the Company's voting shares required under applicable
law to carry the Proposals.
Set forth on Exhibit A to this letter in accordance with Section
1.11 of the By-Laws is all information relating to the Nominee as would be
required to be disclosed in a solicitation of proxies for the election of such
person as a director pursuant to Regulation 14A under the Securities Exchange
Act of 1934, as amended. The Nominee has consented to serve as a director of the
Company if so elected, and enclosed with this letter is an executed letter from
the Nominee consenting to be named in the proxy materials and to serve as a
director of the Company if so elected at the Annual Meeting.
While Cede & Co. has provided this notice pursuant to Section 1.11
of the By-Laws in its capacity as stockholder of record of the Shares, it does
so only at the request of the Participant, and only as a nominal party for the
true party in interest, PFI. Cede & Co. has no interest in this matter other
than to take those steps which are neces-
Page 32 of 47
<PAGE> 33
sary to ensure that PFI is afforded its rights as the beneficial owner of the
Shares, and Cede & Co. assumes no further responsibility in this matter.
This notice fully complies with the applicable provisions of the
By-Laws. Any claim that this notice is in any way defective or deficient, and
all further correspondence on this matter, should be addressed to PFI, c/o Eric
D. Hovde, 1824 Jefferson Place, NW, Washington, D.C. 20036, with a copy to Fred
B. White, III, at Skadden, Arps, Slate, Meagher & Flom LLP, 919 Third Avenue,
New York, NY 10022, so that there is adequate opportunity to address such claim
in a timely fashion. The giving of this notice is not an admission that the
procedures set forth in the By-Laws are legal, valid or binding, and at the
request of the Participant and on behalf of PFI, the undersigned reserves all
rights to challenge their validity and to assert a claim for any damages or
costs the Participant or PFI may sustain or incur, including attorneys' fees, in
the event of any dispute concerning the validity of this notice or the By-Laws.
Very truly yours,
CEDE & CO.
By: /s/ John Scheurman
--------------------------------------
Name: John Scheurman
Title: Partner
Page 33 of 47
<PAGE> 34
EXHIBIT A
NOMINEE INFORMATION
NOMINEE INFORMATION: ERIC D. HOVDE
(A) Name: Eric D. Hovde
----
Age: 34 (born 4/27/64)
- ----------
Business Address: 1824 Jefferson Place, NW
- ----------------------- Washington, D.C. 20036
Residence Address: 2000 North Adams Street
- ------------------------ Arlington, VA 22201
Business Telephone: (202) 775-8109
- -------------------------
(B) Eric D. Hovde has been President and Director of Hovde Financial, Inc.,
since May, 1987. Hovde Financial, Inc. is a nationally recognized
investment banking firm, specializing in mergers and acquisitions of
banks, thrifts and their holding companies. Hovde Financial, Inc.,
headquartered in Washington, D.C., has offices in Inverness, Illinois,
Walnut Creek, California and Las Vegas, Nevada.
(C) Class, Series and Number of Shares of Capital Stock of Bank Plus
Corporation (the "Company") beneficially owned: 2,714,073 shares of
common stock, par value $0.01, of the Company. The shares are held
through various entities as described in the Amendment No. 6 to the
Schedule 13D dated February 22, 1999 as filed by PFI ("Schedule 13D").
(D) Certain other information relating to Mr. Hovde that is required to be
disclosed in solicitations of proxies for election of directors pursuant
to the Rules and Regulations of the Securities and Exchange Commission
under Section 14 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"):
Page 34 of 47
<PAGE> 35
<TABLE>
<CAPTION>
Present Principal Occupation or Employment and Five-Year Employment History:
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
Occupation, Pos- Names & Addresses Principal Busi- Ending Dates of
ition, Office or of Corporation or ness of Corpora- Employment, Of-
Employment Organization tion or fice or
Organization Position Held
President and Hovde Financial, Inc. Investment Bank 1987 - present
Director of Hovde 1824 Jefferson Place,
Financial, Inc. NW
Washington, D.C.
20036
</TABLE>
All positions and offices with the Company held by the Nominee: None
Directorships held in companies with a class of securities registered pursuant
to the requirements of Section 15(d) of that Act or companies registered as
investment companies under the Investment Company Act of 1940 and years of
service:
Hancock Savings Bank, F.S.B. (acquired by the Company 7/97) - 8/96 - 7/97 West
Coast Bancorp - 1997 - Present
(E) During the past five years (except with respect to item (b) below for
which the time period is during the past ten years), Mr. Hovde has not:
a. had a petition under the Federal bankruptcy laws or any state
insolvency law filed by or against him, or a receiver, fiscal
agent or similar officer appointed by a court for the business or
property of Mr. Hovde, or any partnership in which he was a
general partner at or within two years before the time of such
filing, or any corporation or business association of which he was
an executive officer at or within two years before the time of
such filing;
b. been convicted in a criminal proceeding or named a subject of a
pending criminal proceeding (excluding traffic violations and
other minor offenses);
c. been the subject of any order, judgment or decree, not
subsequently reversed, suspended or vacated, of any court of
competent jurisdiction, permanently or temporarily enjoining him
from or otherwise limiting, the following activities:
(i) acting as a futures commission merchant, introducing
broker, commodity trading advisor, commodity pool operator,
floor broker, leverage transaction merchant, any other
person regulated by the Commodity Futures Trading
Commission, or an associated person of any
Page 35 of 47
<PAGE> 36
of the foregoing, or as an investment adviser, underwriter,
broker or dealer in securities, or as an affiliated person,
director or employee of any investment company, bank,
saving and loan association or insurance company, or
engaging in or continuing any conduct or practice in
connection with any activity;
(ii) engaging in any type of business practice;
(iii) engaging in any activity in connection with the purchase or
sale of any security or commodity or in connection with any
violation of Federal or state securities laws or Federal
commodities laws;
d. been the subject of any order, judgment or decree not subsequently
reversed, suspended or vacated, of any Federal or state authority
barring, suspending or otherwise limiting for more than 60 days
the right of Mr. Hovde to engage in any activity described in
paragraph c above, or to be associated with persons engaged in any
such activity;
e. been found by a court of competent jurisdiction in a civil action
or by the Securities and Exchange Commission to have violated any
Federal or state securities law, and the judgment in such civil
action or finding by the Securities and Exchange Commission has
not been subsequently reversed, suspended or vacated; or
f. been found by a court of competent jurisdiction in a civil action
or by the Commodity Futures Trading Commission to have violated
any Federal commodities law, and the judgment in such civil action
or finding by the Commodity Futures Trading Commission has not
been subsequently reversed, suspended or vacated.
(F) With respect to the shares of Common Stock beneficially owned through
PFI, no part of the purchase price or market value of any such shares is
represented by funds borrowed or otherwise obtained for the purpose of
acquiring or holding such securities, except as set forth in the Schedule
13D.
(G) Mr. Hovde is not and has not been within the past year a party to any
contract, arrangement or understanding with any person with respect to
any securities of the Company other than as set forth in the Schedule
13D.
(H) There has been no transaction, or series of similar transactions, since
the beginning of the Company's last fiscal year, or any currently
proposed transaction, or series of similar transaction to which the
Company or any of its subsidiaries was or is to be a
Page 36 of 47
<PAGE> 37
party, in which the amount involved exceeds $60,000 and to which Mr.
Hovde had, or will have, a direct or indirect material interest.
(I) Mr. Hovde has no arrangement or understanding with any person (1) with
respect to any future employment by the Company or its affiliates or (2)
with respect to any future transactions to which the Company or any of
its affiliates will or may be a party.
(J) Mr. Hovde has not been indebted to the Company or any of its subsidiaries
at any time since the beginning of the Company's last fiscal year.
(K) No relationship of the type set forth in Item 404(b) of Regulation S-K
between Mr. Hovde and the Company or between any entity with which Mr.
Hovde is affiliated and the Company exists or has existed during the
Company's last fiscal year, or exists or is proposed to exist during the
Company's current fiscal year.
(L) Mr. Hovde has not received compensation, in any form, through the date
hereof for services rendered to the Company or its subsidiaries during
the Company's last fiscal year, and no compensation is currently expected
to be paid to any of them by the Company in the future.
(M) No corporation or organization by which Mr. Hovde is or was employed
during the past five years is a parent, subsidiary or other affiliate of
the Company.
(N) Attached hereto is a schedule setting forth all securities of the Company
which Mr. Hovde (through PFI) purchased or sold within the past two
years, the dates on which such securities were purchased or sold and the
amount purchased or sold on each such date.
(O) Other than as set forth above, no other information relating to Mr. Hovde
would be required to be disclosed in a solicitation of proxies for his
election as a director pursuant to Regulation 14A under the Exchange Act.
Page 37 of 47
<PAGE> 38
<TABLE>
<CAPTION>
TRANSACTION DATE NUMBER OF SHARES PURCHASED
(OR SOLD)
<S> <C>
1/20/99 8,000
1/19/99 19,000
1/15/99 15,700
12/31/98 (190,000)
12/31/98 (202,667)
12/31/98 (30,000)
12/31/98 (5,000)
12/31/98 (10,000)
12/31/98 (2,000)
12/31/98 (4,500)
12/31/98 (5,000)
12/31/98 (5,000)
12/31/98 (15,000)
12/31/98 (10,000)
12/31/98 (2,000)
12/31/98 (25,000)
12/31/98 (5,000)
12/31/98 (5,000)
12/31/98 (50,000)
12/31/98 190,000
12/31/98 376,167
12/18/98 (700)
12/18/98 29,500
12/18/98 1,000
12/17/98 100
</TABLE>
Page 38 of 47
<PAGE> 39
<TABLE>
<S> <C>
12/16/98 28,000
12/16/98 10,000
12/16/98 82,700
12/14/98 946
12/14/98 2,500
12/11/98 1,200
12/11/98 25,000
12/10/98 100,000
12/10/98 6,100
12/09/98 55,600
12/09/98 54,600
12/08/98 93,600
12/07/98 95,900
12/04/98 100,000
12/03/98 21,800
12/02/98 33,300
11/24/98 110,000
11/24/98 186,000
11/24/98 (3,194)
11/24/98 (178,000)
11/24/98 (3,110)
11/24/98 (1,696)
11/19/98 40,000
11/17/98 15,000
11/12/98 15,300
10/14/98 402,400
8/11/98 130,000
</TABLE>
Page 39 of 47
<PAGE> 40
<TABLE>
<S> <C>
8/10/98 50,000
8/07/98 5,000
8/07/98 5,000
8/06/98 45,000
8/05/98 95,000
8/04/98 2,500
8/03/98 15,000
8/03/98 4,000
7/31/98 20,000
7/31/98 10,000
7/31/98 25,000
7/31/98 27,500
7/24/98 50,000
7/23/98 5,000
7/22/98 5,000
7/15/98 25,000
6/30/98 2,000
6/17/98 15,000
6/04/98 10,000
6/03/98 15,000
6/03/98 10,000
6/01/98 5,000
5/26/98 5,000
5/22/98 2,000
5/22/98 4,500
5/21/98 5,000
5/21/98 5,000
</TABLE>
Page 40 of 47
<PAGE> 41
<TABLE>
<S> <C>
5/07/98 5,000
4/20/98 (10,000)
4/09/98 (10,000)
4/08/98 (30,000)
3/24/98 (17,500)
3/24/98 (30,000)
3/20/98 (5,000)
3/20/98 (5,000)
3/19/98 (20,000)
3/19/98 (25,000)
11/28/97 5,000
11/19/97 40,000
11/19/97 10,000
11/19/97 10,000
11/18/97 10,000
11/13/97 25,000
11/13/97 15,000
11/01/97 41,667
10/31/97 20,000
10/28/97 7,500
9/26/97 53,500
9/11/97 60,000
9/10/97 25,000
9/08/97 15,000
8/29/97 367
8/29/97 3,675
8/22/97 2,827
</TABLE>
Page 41 of 47
<PAGE> 42
<TABLE>
<S> <C>
8/22/97 28,269
8/18/97 1,696
8/18/97 16,961
8/08/97 3,110
8/08/97 31,095
</TABLE>
Page 42 of 47
<PAGE> 43
NOMINEE CONSENT
February 26, 1999
Bank Plus Corporation
4565 Colorado Boulevard
Los Angeles, CA 90039
Attention: Corporate Secretary
Gentlemen:
You are hereby notified that the undersigned consents to (i) being named
as a nominee in a proxy statement soliciting proxies for his election as a
director of Bank Plus Corporation at its 1999 Annual Meeting of Stockholders and
(ii) serving as a director of Bank Plus Corporation if elected.
Very truly yours,
/s/ Eric D. Hovde
Eric D. Hovde
Page 43 of 47
<PAGE> 44
EXHIBIT B
PROPOSALS FOR CONSIDERATION AT 1999 ANNUAL MEETING
1. PROPOSED AMENDMENT TO SECTION 1.2 OF ARTICLE I
RESOLVED, that Section 1.2 of Article I of the Company's By-Laws
be amended by adding the following after the last sentence thereof:
"A special meeting of stockholders shall be called by the
Secretary upon the written request of stockholders who together
own of record ten percent (10%) or more of the outstanding capital
stock of the Corporation entitled to vote at such meeting. Such
request shall state the purpose or purposes of the proposed
meeting. Upon receipt of such stockholder request, the Board of
Directors shall determine a date, place and time for such meeting,
which date shall be not less than sixty (60) nor more than seventy
five (75) days following receipt of such request. Following such
receipt and determination, notice of such meeting shall be
delivered to the stockholders entitled to vote at such meeting in
accordance with Section 1.3 of this Article I. This Section 1.2
may not be modified, amended or repealed by the Board of Directors
except by a unanimous vote of the members of the Board of
Directors."
2. PROPOSED AMENDMENT TO SECTION 1.11 OF ARTICLE I
RESOLVED, that Section 1.11 of Article I of the Company's By-Laws
be amended by adding the following paragraph after the last sentence thereof:
"Notwithstanding anything contained in these by-laws, any
stockholder or stockholders seeking to call a special meeting of
stockholders for the purpose of nominating persons for election to
the Board of Directors and/or proposing the transaction of any
business need not comply with any advance notice provisions
contained in these by-laws, including any provisions contained in
this Section 1.11. This Section 1.11 may not be modified, amended
or repealed by the Board of Directors except by a unanimous vote
of the members of the Board of Directors."
Page 44 of 47
<PAGE> 45
EXHIBIT S
1824 Jefferson Place, N.W.
Washington, DC 20036
February 26, 1999
VIA FACSIMILE AND MESSENGER
Bank Plus Corporation
4565 Colorado Boulevard
Los Angeles, California 90039
Attention: Corporate Secretary
Re: Notice of Director Nomination and Proposed Business for the
1999 Annual Meeting of Stockholders of Bank Plus Corporation
Dear Sir or Madam:
Attached hereto is a letter dated of even date herewith addressed to you
and delivered on behalf of the undersigned from Cede & Co. as the record holders
of 2,714,073 shares of the common stock, par value $0.01 per share, of Bank Plus
Corporation (the "Company") beneficially owned by the undersigned. Such letter
constitutes an advance notice (including a "Solicitation Notice" as that term is
defined in Section 1.11 of the Company's By-Laws (the "By-Laws")) as
contemplated by Section 1.11 of the By-Laws. Because the provisions of Section
1.11 of the By-Laws are extraordinarily vague and ambiguous, and in the event
that you interpret such provisions to require that a beneficial owner must
provide the advance notice contemplated thereby, we hereby notify and advise you
of all of the matters set forth in the attached letter, which hereby is
incorporated by reference herein.
Very truly yours,
FINANCIAL INSTITUTION PARTNERS, L.P., by
its General Partner, HOVDE CAPITAL, INC.
By: /s/ Eric D. Hovde
------------------------------------------
Name: Eric D. Hovde
Title: President
Page 45 of 47
<PAGE> 46
Bank Plus Corporation
February 26, 1998
Page 2
HOVDE CAPITAL, INC.
By: /s/ Eric D. Hovde
------------------------------------------
Name: Eric D. Hovde
Title: President
FINANCIAL INSTITUTION PARTNERS II, L.P.,
by its General Partner, HOVDE CAPITAL, L.L.C.
By: /s/ Eric D. Hovde
------------------------------------------
Name: Eric D. Hovde
Title: Managing Member
HOVDE CAPITAL, L.L.C.
By: /s/ Eric D. Hovde
------------------------------------------
Name: Eric D. Hovde
Title: Managing Member
HANCOCK PARK ACQUISITION, L.P.,
by its General Partner, HANCOCK PARK
ACQUISITION, L.L.C.
By: /s/ Eric D. Hovde
------------------------------------------
Name: Eric D. Hovde
Title: Member
HANCOCK PARK ACQUISITION, L.L.C.
By: /s/ Eric D. Hovde
------------------------------------------
Name: Eric D. Hovde
Title: Member
Page 46 of 47
<PAGE> 47
Bank Plus Corporation
February 26, 1998
Page 3
WESTERN ACQUISITION PARTNERS, L.P., by its
General Partner, WESTERN ACQUISITIONS, L.L.C.
By: /s/ Eric D. Hovde
------------------------------------------
Name: Eric D. Hovde
Title: Managing Member
WESTERN ACQUISITIONS, L.L.C.
By: /s/ Eric D. Hovde
------------------------------------------
Name: Eric D. Hovde
Title: Managing Member
PACIFIC FINANCIAL INVESTORS, LTD.
By: /s/ Eric D. Hovde
------------------------------------------
Name: Eric D. Hovde
Title: Managing Member
Page 47 of 47
