UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
CBES BANCORP, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
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(Title of Class of Securities)
12479410
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(CUSIP Number)
Mr. Terry Maltese,
Sandler O'Neill Asset Management LLC,
712 Fifth Avenue - 22nd Floor,
New York, NY 10019
(212) 974-1700
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(Name, Address, Telephone Number of Person Authorized
to Receive Notices and Communications)
December 11, 1997
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(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 [ ].
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 10 Pages
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CUSIP No. 12479410 Page 2 of 10 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sandler O'Neill Asset Management LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
00
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE VOTING POWER
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8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
23,500
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9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
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10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
23,500
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
23,500
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.3%
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14. TYPE OF REPORTING PERSON
00
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CUSIP No. 12479410 Page 3 of 10 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SOAM Holdings, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
00
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE VOTING POWER
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8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
23,500
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9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
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10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
23,500
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
23,500
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.3%
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14. TYPE OF REPORTING PERSON
00
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CUSIP No. 12479410 Page 4 of 10 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Partners, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE VOTING POWER
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8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
15,300
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9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
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10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
15,300
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
15,300
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5%
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14. TYPE OF REPORTING PERSON
PN
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CUSIP No. 12479410 Page 5 of 10 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Hedge Fund, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE VOTING POWER
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8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
8,200
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9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
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10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
8,200
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
8,200
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.8%
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14. TYPE OF REPORTING PERSON
PN
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CUSIP No. 12479410 Page 6 of 10 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Terry Maltese
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
00
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE VOTING POWER
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8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
23,500
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9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
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10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
23,500
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
23,500
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.3%
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14. TYPE OF REPORTING PERSON
IN
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This Amendment No. 1 to Schedule 13D relating to CBES Bancorp, Inc. is
being filed on behalf of the undersigned to amend the Schedule 13D filed by the
undersigned dated November 17, 1997 (the "Schedule 13D"). Terms defined in the
Schedule 13D and not defined herein have the same meaning as in the Schedule
13D.
Item 3. Source and Amount of Funds.
Item 3 of the Schedule 13D is hereby amended in its entirety to read as
follows:
The net investment cost (including commissions, if any) of the shares
of Common Stock held by MP and MHF is $303,131 and $162,462, respectively. Such
shares were purchased with the investment capital of the respective entities.
Item 5. Interest in Securities of the Issuer.
Item 5(a) of the Schedule 13D is hereby amended in its entirety as
follows:
(a) Based upon an aggregate of 1,024,958 shares of Common Stock outstanding, as
set forth in the Issuer's Quarterly Report on Form 10-Q for the quarter ended
September 30, 1997, as of the close of business on December 11, 1997:
(i) MP beneficially owned 15,300 shares of Common Stock, constituting
approximately 1.5% of the shares outstanding.
(ii) MHF beneficially owned 8,200 shares of Common Stock, constituting
approximately 0.80% of the shares outstanding.
Page 7 of 10
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(iii) Holdings owned directly no shares of Common Stock. By reason of its
position as general partner of MP and MHF, under the provisions of
Rule 13d-3 of the Securities and Exchange Commission ("Rule 13d-3"),
Holdings may be deemed to beneficially own the 15,300 shares owned by
MP and the 8,200 shares owned by MHF, or an aggregate of 23,500
shares of Common Stock, constituting approximately 2.3% of the shares
outstanding.
(iv) SOAM owned directly no shares of Common Stock. By reason of its
position as management company for MP and MHC, under the provisions of
Rule 13d-3, SOAM may be deemed to beneficially own the 15,300 shares
owned by MP and the 8,200 shares owned by MHF, or an aggregate of
23,500 shares of Common Stock, constituting approximately 2.3% of the
shares outstanding.
(v) Mr. Maltese directly owned no shares of Common Stock. By reason of his
position as President of Holdings and SOAM, Mr. Maltese may be deemed
to beneficially own the 15,300 shares owned by MP and the 8,200
shares owned by MHF, or an aggregate of 23,500 shares of Common Stock,
constituting approximately 2.3% of the shares outstanding.
(vi) In the aggregate, the Reporting Persons beneficially own an aggregate
of 23,500 shares of Common Stock, constituting approximately 2.3% of
the shares outstanding.
(vii) 2WTC directly owned no shares of Common Stock.
(c) Since the date of the filing of the Schedule 13D, MP effected the following
transactions in the Common Stock in open market transactions with brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
12/11/97 Sold 18,900 $21.825
Page 8 of 10
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Since the date of the filing of the Schedule 13D, MHF effected the
following transactions in the Common Stock in open market transactions with
brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
12/11/97 Sold 11,100 $21,825
Page 9 of 10
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SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: December 21, 1997
MALTA PARTNERS, L.P.
By: SOAM Holdings, LLC,
the sole general partner
By: /s/ Terry Maltese
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Terry Maltese
President
MALTA HEDGE FUND, L.P.
By: SOAM Holdings, LLC,
the sole general partner
By: /s/ Terry Maltese
-------------------------
Terry Maltese
President
SOAM Holdings, LLC
By: /s/ Terry Maltese
-------------------------
Terry Maltese
President
Sandler O'Neill Asset Management LLC
By: /s/ Terry Maltese
-------------------------
Terry Maltese
President
By: /s/ Terry Maltese
-------------------------
Terry Maltese
Page 10 of 10
