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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G
Information Statement Pursuant to Rules 13d-1 and 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. ____)
IBW Financial Corporation
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(Name of Issuer)
Common Stock, $1.00 par value
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(Title of Class of Securities)
448939108
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(CUSIP Number)
Page 1 of 5 Pages
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CUSIP No. 448939108 Page 2 of 5 Pages
1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Benjamin L. King, S.S. No. ###-##-####
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
Not applicable.
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF 5. SOLE VOTING POWER 1,176
SHARES
6. SHARED VOTING POWER 54,720 (represents 54,720 shares held
BENEFICIALLY by Employee Stock Ownership Plan of Issuer's subsidiary
(the "ESOP") of which reporting person is co-trustee)
OWNED BY
EACH 7. SOLE DISPOSITIVE POWER 1,176
REPORTING
8. SHARED DISPOSITIVE POWER 54,720 (represents 54,720 shares
PERSON WITH held by the ESOP of which reporting person is co-trustee)
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 55,896
(includes 54,720 shares held by the ESOP of which reporting person is co-
trustee)
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 8.77% (including 8.59%
as co-trustee of the ESOP)
12. TYPE OF REPORTING PERSON* IN
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CUSIP No. 448939108 Page 3 of 5 Pages
Item 1(a). Name of Issuer:
The name of the Issuer is IBW Financial Corporation, a District of Columbia
corporation.
Item 1(b). Address of Issuer's Principal Executive Offices:
The principal executive offices of IBW are located at 4812 Georgia Avenue,
Washington, DC 20011.
Item 2(a). Name of Person Filing:
Benjamin L. King
Item 2(b). Address of Principal Business Office, or if None, Residence:
The reporting person's business address is: 4804 York Road, Baltimore,
Maryland 21212.
Item 2(c). Citizenship:
The reporting person is a citizen of the United States.
Item 2(d). Title of Class of Securities.
The class of securities to which this report relates is the Common Stock,
par value $1.00 per share, of IBW Financial Corporation.
Item 2(e). CUSIP Number.
448939108
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b),
check whether the filing person is a:
(a) [_] Broker or dealer registered under Section 15 of the Act,
(b) [_] Bank as defined in Section 3(a)(60) of the Act,
(c) [_] Insurance Company as defined in Section 3(a)(19) of the Act,
(d) [_] Investment Company registered under Section 8 of the Investment
Company Act,
(e) [_] Investment Adviser registered under Section 203 of the Investment
Advisers Act of 1940,
(f) [_] Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of 1974
or Endowment Fund; see 13d-1(b)(1)(ii)(F),
(g) [_] Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G);
see Item 7,
(h) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
Not applicable.
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CUSIP No. 448939108 Page 4 of 5 Pages
Item 4. Ownership
As of December 31, 1996, the reporting person owned shares of the Common
Stock as set forth below. The reporting person did not own any options,
warrants, or other rights to purchase or acquire any additional shares of
Common Stock, or any securities exchangeable for or convertible into shares
of Common Stock.
(a) Amount beneficially owned: 55,896 (includes 54,720 shares held buy the
ESOP of which reporting person is co-trustee)
(b) Percent of Class: 8.77% (includes 8.59% as trustee of ESOP)
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote: 1,176
(ii) Shared power to vote or direct the vote: 54,720 (represents shares
held by the ESOP of which reporting person is co-trustee)
(iii) Sole power to dispose or direct the disposition of: 1,176
(iv) Shares power to dispose or direct the disposition of: 54,720
(represents shares held by the ESOP of which reporting person is co-
trustee)
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Certain employees of the Issuer and its subsidiary bank are entitled to
receive dividends paid in respect of, or the proceeds of, the shares of
Common Stock beneficially owned by the ESOP. No such employee, however, is
entitled to receive dividends or proceeds with respect to shares
beneficially owned by the ESOP constituting more than five percent of the
total number of shares of Common Stock outstanding.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Not applicable.
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CUSIP No. 448939108 Page 5 of 5 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 12, 1997 /s/ Benjamin L. King
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Benjamin L. King
