<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1996
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission File Number 1-12305
FIRSTFED AMERICA BANCORP, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 04-3331237
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(State or other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.)
ONE NORTH MAIN STREET, FALL RIVER, MASSACHUSETTS 02720
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(Address of principal executive offices) (Zip Code)
(508) 679-8181
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name, former address and former fiscal year,
if changes since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
---- ----
Yes X No
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APPLICABLE ONLY TO CORPORATE ISSUERS.
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date: 8,712,630 shares
were outstanding as of February 13, 1997.
<PAGE> 2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
--------------------
FIRSTFED AMERICA BANCORP, INC. (the "Company") is a newly formed
savings and loan holding company, formed for the purpose of acquiring all of the
common stock of First Federal Savings Bank of America (the "Bank") concurrent
with the Bank's conversion from mutual to stock form of organization. The
conversion of the Bank, acquisition of the Bank by the Company and issuance of
8,712,630 shares of the Company's common stock, including shares sold in the
conversion and shares contributed to the FIRSTFED AMERICA CHARITABLE FOUNDATION,
were consummated on January 15, 1997. Accordingly, as of December 31, 1996,
FIRSTFED AMERICAN BANCORP, INC. was a noncapitalized shell corporation with no
business activities or operations and no assets. In connection with the
conversion of the Bank and issuance of common stock by the Company, the Company
raised $77,645,972 of net proceeds of which $43,408,898 was utilized by the
Company to acquire all of the outstanding stock of the Bank.
For a further discussion of FIRSTFED AMERICA BANCORP, INC.'s formation
and intended operations see the Company's Form S-1 Registration Statement, as
amended, initially filed on September 27, 1996 and declared effective on
November 12, 1996. The description of FIRSTFED AMERICA BANCORP, INC. in these
filings is herein incorporated by reference.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
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of Operations.
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See Item 1.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
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None.
Item 2. Changes in Securities.
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None.
Item 3. Defaults Upon Senior Securities.
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None.
Item 4. Submission of Matters to a Vote of Security Holders.
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None.
Item 5. Other Information.
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None.
Item 6. Exhibits and Reports on Form 8-K (ss.249.308 of this Chapter).
-------------------------------------------------------------
None.
<PAGE> 3
<TABLE>
<CAPTION>
FIRSTFED AMERICA BANCORP, INC.
STATEMENTS OF CONDITION
December 31, March 31,
1996 1996
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<S> <C> <C>
Assets................................................ $ -- NA
Expenses.............................................. $ -- NA
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
Three Months and Nine Months
Ended December 31,
--------------------------------------------
1996 1996
---------------------- -----------------
<S> <C> <C>
Income................................................ $ -- NA
Expenses.............................................. $ -- NA
Net income................................... $ -- NA
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Nine Months Ended December 31, 1996
--------------------------------------------
Additional
Common Paid-in Retained
Stock Capital Earnings Total
---------- ---------- ---------- -------
<S> <C> <C> <C> <C>
Balance March 31, 1996............... $ -- $ -- $ -- $ --
Balance December 31, 1996............ $ -- $ -- $ -- $ --
See accompanying notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGE IN CASH FLOW
Nine Months Ended December 31,
-------------------------------------------
1996 1995
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<S> <C> <C>
Funds provided................................................ $ -- NA
Funds used.................................................... $ -- NA
See accompanying notes to financial statements.
</TABLE>
<PAGE> 4
FIRSTFED AMERICA BANCORP, INC.
NOTES TO FINANCIAL STATEMENTS
1. General
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FIRSTFED AMERICA BANCORP, INC. is a newly formed savings and loan
holding company formed for the purpose of acquiring all of the common stock of
First Federal Savings Bank of America, Fall River, Massachusetts, concurrent
with the Bank's conversion from mutual to stock form of organization. At
December 31, 1996, FIRSTFED AMERICA BANCORP, INC. was a shell corporation with
no business activities or operations and no assets.
<PAGE> 5
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRSTFED AMERICA BANCORP, INC.
Dated: February 13, 1996 By: /s/ Robert F. Stoico
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Robert F. Stoico
Chairman of the Board, Chief
Executive Officer and President
Dated: February 13, 1996 By: /s/ Terrence M. Tyrell
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Terrence M. Tyrell
Chief Financial Officer
and Treasurer
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the Form
10-Q and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> DEC-31-1996
<CASH> 0<F1>
<INT-BEARING-DEPOSITS> 0<F1>
<FED-FUNDS-SOLD> 0<F1>
<TRADING-ASSETS> 0<F1>
<INVESTMENTS-HELD-FOR-SALE> 0<F1>
<INVESTMENTS-CARRYING> 0<F1>
<INVESTMENTS-MARKET> 0<F1>
<LOANS> 0<F1>
<ALLOWANCE> 0<F1>
<TOTAL-ASSETS> 0<F1>
<DEPOSITS> 0<F1>
<SHORT-TERM> 0<F1>
<LIABILITIES-OTHER> 0<F1>
<LONG-TERM> 0<F1>
0<F1>
0<F1>
<COMMON> 0<F1>
<OTHER-SE> 0<F1>
<TOTAL-LIABILITIES-AND-EQUITY> 0<F1>
<INTEREST-LOAN> 0<F1>
<INTEREST-INVEST> 0<F1>
<INTEREST-OTHER> 0<F1>
<INTEREST-TOTAL> 0<F1>
<INTEREST-DEPOSIT> 0<F1>
<INTEREST-EXPENSE> 0<F1>
<INTEREST-INCOME-NET> 0<F1>
<LOAN-LOSSES> 0<F1>
<SECURITIES-GAINS> 0<F1>
<EXPENSE-OTHER> 0<F1>
<INCOME-PRETAX> 0<F1>
<INCOME-PRE-EXTRAORDINARY> 0<F1>
<EXTRAORDINARY> 0<F1>
<CHANGES> 0<F1>
<NET-INCOME> 0<F1>
<EPS-PRIMARY> 0<F1>
<EPS-DILUTED> 0<F1>
<YIELD-ACTUAL> 0<F1>
<LOANS-NON> 0<F1>
<LOANS-PAST> 0<F1>
<LOANS-TROUBLED> 0<F1>
<LOANS-PROBLEM> 0<F1>
<ALLOWANCE-OPEN> 0<F1>
<CHARGE-OFFS> 0<F1>
<RECOVERIES> 0<F1>
<ALLOWANCE-CLOSE> 0<F1>
<ALLOWANCE-DOMESTIC> 0<F1>
<ALLOWANCE-FOREIGN> 0<F1>
<ALLOWANCE-UNALLOCATED> 0<F1>
<FN>
<F1>FirstFed America Bancorp, Inc. is a newly formed savings and loan holding
company formed for the purpose of acquiring all of the common stock of First
Federal Savings Bank of America, Fall River, Massachusetts, concurrent with the
Bank's conversion from mutual to stock form of organization. At December 31,
1996, FIRSTFED AMERICA BANCORP, INC. was a shell corporation with no business
activities or operations and no assets.
</FN>
</TABLE>
