<PAGE> 1
As filed with the Securities and Exchange Commission on January 15, 1998
Registration No. 333-_____
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
LIFE FINANCIAL CORPORATION
(exact name of registrant as specified in its certificate of incorporation)
DELAWARE 6035 33-0743196
(state or other jurisdiction of (Primary Standard (IRS Employer
incorporation or organization) Classification Code Number) Identification No.)
10540 MAGNOLIA AVENUE
UNIT B
RIVERSIDE, CALIFORNIA 92505
(909) 637-4000
(Address, including zip code, and telephone number,
including area code, of registrant's principal executive offices)
LIFE FINANCIAL CORPORATION
401(K) SAVINGS PLAN
(Full Title of the Plan)
--------------------------------------
DANIEL L. PERL COPIES TO:
PRESIDENT AND CHIEF EXECUTIVE OFFICER MARY M. SJOQUIST, ESQUIRE
LIFE FINANCIAL CORPORATION LESLIE MURPHY, ESQUIRE
10450 MAGNOLIA AVENUE, UNIT B MULDOON, MURPHY & FAUCETTE
RIVERSIDE, CALIFORNIA 92505 5101 WISCONSIN AVENUE, N.W.
(909) 637-4000 WASHINGTON, DC 20016
(202) 362-0840
(Name, address, including zip code,
and telephone number, including area
code, of agent for service)
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO PUBLIC: As soon as
practicable after this Registration Statement becomes effective.
If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, check the following box. / X /
----
<TABLE>
<CAPTION>
===================================================================================================
Title of each Class of Amount to be Proposed Purchase Estimated Aggregate Registration
Securities to be Registered Registered Price Per Share(1) Offering Price(2) Fee
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock
$.01 par Value 463,158 Shares $11 7/8 $5,500,001 $1,623
- ---------------------------------------------------------------------------------------------------
Participation
Interests (3) $5,500,001 (4)
===================================================================================================
</TABLE>
(1)The closing price of the common stock of LIFE Financial Corporation (the
"Common Stock") on the Nasdaq National Market on January 9, 1998 in
accordance with Rule 457(c) under the Securities Act of 1933, as amended (the
"Securities Act").
(2)Estimated solely for the purpose of calculating the registration fee.
(3)In addition, pursuant to Rule 416(c) under the Securities Act, this
registration statement also covers an indeterminate amount of interests to be
offered or sold pursuant to the employee benefit plan described herein.
(4)The securities of LIFE Financial Corporation (the "Company" or the
"Registrant") to be purchased by LIFE Financial Corporation 401(k) Savings
Plan are included in the amount shown for Common Stock. Accordingly, pursuant
to Rule 457(h)(2), no separate fee is required for the participation
interests. In accordance with Rule 457(h) under the Securities Act, the
registration fee has been calculated on the basis of the number of shares of
Common Stock that may be purchased with the current assets of such Plan.
THIS REGISTRATION STATEMENT SHALL BECOME EFFECTIVE IMMEDIATELY UPON FILING IN
ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES ACT OF 1933, AS AMENDED, (THE
"SECURITIES ACT") AND 17 C.F.R. SS.230.462.
Number of Pages 16
Exhibit Index begins on Page 10
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LIFE FINANCIAL CORPORATION
PART I INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
ITEMS 1 & 2. The documents containing the information for LIFE Financial
Corporation 401(k) Savings Plan ("401(k) Plan") required by Part I of the
Registration Statement will be sent or given to the participants in the 401(k)
Plan as specified by Rule 428(b)(1). Such documents are not filed with the
Securities and Exchange Commission (the "SEC") either as a part of this
Registration Statement or as a prospectus or prospectus supplement pursuant to
Rule 424 in reliance on Rule 428.
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents filed or to be filed with the SEC are incorporated by
reference in this Registration Statement:
(a) The Company's Prospectus initially filed in a Registration Statement
on Form S-4, which includes the statements of financial condition of the Bank as
of March 31, 1997 and December 31, 1996 and 1995, and the related statements of
operation, stockholders' equity and cash flows for the three months ended March
31, 1997 and 1996, and for each of the years in the three-year period ended
December 31, 1996, together with the related notes (File No. 333-20497), as
filed with the SEC on January 27, 1997, as amended, and as declared effective on
June 11, 1997.
(b) The Form 10-Q reports filed by the Company for the fiscal quarters
ended June 30, 1997 and September 30, 1997 (File No. 0-22193), filed with the
SEC on August 14, 1997 and November 14, 1997, respectively.
(c) The description of the Company's Common Stock contained in the
Registrant's Form 8-A (File No. 0-22193), as filed with the SEC pursuant to
Section 12(g) of the Securities Exchange Act of 1934 (the "Exchange Act") and
Rule 12b-15 promulgated thereunder on June 6, 1997 and declared effective on
June 11, 1997, as incorporated by reference from the Company's Prospectus in the
Registration Statement on Form S-4 (SEC File No. 333-20497) declared effective
on June 11, 1997.
(d) All documents filed by the Company and the 401(k) Plan, where
applicable, pursuant to Section 13(a) and (c), 14 or 15(d) of the Exchange Act
after the date hereof and prior to the filing of a post-effective amendment
which deregisters all securities then remaining unsold.
ANY STATEMENT CONTAINED IN THIS REGISTRATION STATEMENT, OR IN A DOCUMENT
INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE HEREIN, SHALL BE DEEMED
TO BE MODIFIED OR SUPERSEDED FOR PURPOSES OF THIS REGISTRATION STATEMENT TO THE
EXTENT THAT A STATEMENT CONTAINED HEREIN, OR IN ANY OTHER SUBSEQUENTLY FILED
DOCUMENT WHICH ALSO IS INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE
HEREIN, MODIFIES OR SUPERSEDES SUCH STATEMENT. ANY SUCH STATEMENT SO MODIFIED OR
SUPERSEDED SHALL NOT BE DEEMED, EXCEPT AS SO MODIFIED OR SUPERSEDED, TO
CONSTITUTE A PART OF THIS REGISTRATION STATEMENT.
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ITEM 4. DESCRIPTION OF SECURITIES
The Common Stock to be offered pursuant to the 401(k) Plan has been
registered pursuant to Section 12 of the Exchange Act. Accordingly, a
description of the Common Stock is not required herein.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
None.
The statements of financial condition of the Bank as of December 31, 1996
and the related statements of operation, stockholders' equity and cash flows for
the year ended December 31, 1996, together with the related notes and the report
of Deloitte & Touche LLP, independent certified public accountants, dated
February 7, 1997 incorporated by reference in this Registration Statement, have
been incorporated herein in reliance upon the authority of said firm as experts
in accounting and auditing.
The statements of financial condition of the Bank as of December 31, 1995
and the related statements of operation, stockholders' equity and cash flows for
the year ended December 31, 1995, together with the related notes and the report
of Grant Thornton LLP, independent certified public accountants, dated February
8, 1996 incorporated by reference in this Registration Statement, have been
incorporated herein in reliance upon the authority of said firm as experts in
accounting and auditing.
The statements of operation, stockholders' equity and cash flows for the
year ended December 31, 1994, together with the related notes and the report of
Price Waterhouse LLP, independent certified public accountants, dated January
31, 1995 incorporated by reference in this Registration Statement, have been
incorporated herein in reliance upon the authority of said firm as experts in
accounting and auditing.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Directors and officers of the Registrant are indemnified and held harmless
against liability to the fullest extent permissible by the general corporation
law of Delaware as it currently exists or as it may be amended provided any such
amendment provides broader indemnification provisions than currently exists.
This indemnification applies to the Board of Directors who administer the 401(k)
Plan.
In accordance with the General Corporation Law of the State of Delaware (being
Chapter 1 of Title 8 of the Delaware Code), Articles 10 and 11 of the
Registrant's Certificate of Incorporation provide as follows:
TENTH:
A. Each person who was or is made a party or is threatened to be made a party to
or is otherwise involved in any action, suit or proceeding, whether civil,
criminal, administrative or investigative (hereinafter a "proceeding"), by
reason of the fact that he or she is or was a Director or an Officer of the
Corporation or is or was serving at the request of the Corporation as a
Director, Officer, employee or agent of another corporation or of a partnership,
joint venture, trust or other enterprise, including service with respect to an
employee benefit plan (hereinafter an "indemnitee"), whether the basis of such
proceeding is alleged action in an official capacity as a Director, Officer,
employee or agent or in any other capacity while serving as a Director, Officer,
employee or agent, shall be indemnified and held harmless by the Corporation to
the fullest extent authorized by the Delaware General Corporation Law, as the
same exists or may hereafter be amended (but, in the case of any such amendment,
only to the extent that such amendment permits the Corporation to provide
broader indemnification rights than such law permitted the Corporation to
provide prior to such amendment), against all expense, liability and loss
(including attorneys' fees, judgments, fines, ERISA excise taxes or penalties
and amounts paid in settlement) reasonably incurred or suffered by such
indemnitee in connection therewith; provided, however, that, except as provided
in Section C hereof with respect to proceedings to enforce rights to
indemnification, the Corporation shall indemnify
3
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any such indemnitee in connection with a proceeding (or part thereof) initiated
by such indemnitee only if such proceeding (or part thereof) was authorized by
the Board of Directors of the Corporation.
B. The right to indemnification conferred in Section A of this Article TENTH
shall include the right to be paid by the Corporation the expenses incurred in
defending any such proceeding in advance of its final disposition (hereinafter
an "advancement of expenses"); provided, however, that, if the Delaware General
Corporation Law requires, an advancement of expenses incurred by an indemnitee
in his or her capacity as a Director or Officer (and not in any other capacity
in which service was or is rendered by such indemnitee, including, without
limitation, services to an employee benefit plan) shall be made only upon
delivery to the Corporation of an undertaking (hereinafter an "undertaking"), by
or on behalf of such indemnitee, to repay all amounts so advanced if it shall
ultimately be determined by final judicial decision from which there is no
further right to appeal (hereinafter a "final adjudication") that such
indemnitee is not entitled to be indemnified for such expenses under this
Section or otherwise. The rights to indemnification and to the advancement of
expenses conferred in Sections A and B of this Article TENTH shall be contract
rights and such rights shall continue as to an indemnitee who has ceased to be a
Director, Officer, employee or agent and shall inure to the benefit of the
indemnitee's heirs, executors and administrators.
C. If a claim under Section A or B of this Article TENTH is not paid in full by
the Corporation within sixty days after a written claim has been received by the
Corporation, except in the case of a claim for an advancement of expenses, in
which case the applicable period shall be twenty days, the indemnitee may at any
time thereafter bring suit against the Corporation to recover the unpaid amount
of the claim. If successful in whole or in part in any such suit, or in a suit
brought by the Corporation to recover an advancement of expenses pursuant to the
terms of an undertaking, the indemnitee shall be entitled to be paid also the
expenses of prosecuting or defending such suit. In (i) any suit brought by the
indemnitee to enforce a right to indemnification hereunder (but not in a suit
brought by the indemnitee to enforce a right to an advancement of expenses) it
shall be a defense that, and (ii) in any suit by the Corporation to recover an
advancement of expenses pursuant to the terms of an undertaking the Corporation
shall be entitled to recover such expenses upon a final adjudication that, the
indemnitee has not met any applicable standard for indemnification set forth in
the Delaware General Corporation Law. Neither the failure of the Corporation
(including its Board of Directors, independent legal counsel, or its
stockholders) to have made a determination prior to the commencement of such
suit that indemnification of the indemnitee is proper in the circumstances
because the indemnitee has met the applicable standard of conduct set forth in
the Delaware General Corporation Law, nor an actual determination by the
Corporation (including its Board of Directors, independent legal counsel, or its
stockholders) that the indemnitee has not met such applicable standard of
conduct, shall create a presumption that the indemnitee has not met the
applicable standard of conduct or, in the case of such a suit brought by the
indemnitee, be a defense to such suit. In any suit brought by the indemnitee to
enforce a right to indemnification or to an advancement of expenses hereunder,
or by the Corporation to recover an advancement of expenses pursuant to the
terms of an undertaking, the burden of proving that the indemnitee is not
entitled to be indemnified, or to such advancement of expenses, under this
Article TENTH or otherwise shall be on the Corporation.
D. The rights to indemnification and to the advancement of expenses conferred in
this Article TENTH shall not be exclusive of any other right which any person
may have or hereafter acquire under any statute, the Corporation's Certificate
of Incorporation, Bylaws, agreement, vote of stockholders or Disinterested
Directors or otherwise.
E. The Corporation may maintain insurance, at its expense, to protect itself and
any Director, Officer, employee or agent of the Corporation or subsidiary or
Affiliate or another corporation, partnership, joint venture, trust or other
enterprise against any expense, liability or loss, whether or not the
Corporation would have the power to indemnify such person against such expense,
liability or loss under the Delaware General Corporation Law.
F. The Corporation may, to the extent authorized from time to time by the Board
of Directors, grant rights to indemnification and to the advancement of expenses
to any employee or agent of the Corporation to the fullest extent
4
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of the provisions of this Article TENTH with respect to the indemnification and
advancement of expenses of Directors and Officers of the Corporation.
ELEVENTH:
- --------
A Director of this Corporation shall not be personally liable to the Corporation
or its stockholders for monetary damages for breach of fiduciary duty as a
Director, except for liability (i) for any breach of the Director's duty of
loyalty to the Corporation or its stockholders, (ii) for acts or omissions not
in good faith or which involve intentional misconduct or a knowing violation of
law, (iii) under Section 174 of the Delaware General Corporation Law, or (iv)
for any transaction from which the Director derived an improper personal
benefit. If the Delaware General Corporation Law is amended to authorize
corporate action further eliminating or limiting the personal liability of
Directors, then the liability of a Director of the Corporation shall be
eliminated or limited to the fullest extent permitted by the Delaware General
Corporation Law, as so amended.
Any repeal or modification of the foregoing paragraph by the stockholders of the
Corporation shall not adversely affect any right or protection of a Director of
the Corporation existing at the time of such repeal or modification.
The Registrant is also permitted to maintain directors' and officers'
liability insurance covering its directors and officers and has obtained a
directors' and officers' liability and corporation reimbursement policy which
(subject to certain limits and deductibles) (i) insures officers and directors
of the Registrant against loss arising from certain claims made against them by
reason of their being such directors or officers, and (ii) insures the
Registrant against loss which it may be required or permitted to pay as
indemnification due its directors or officers for certain claims.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 (the "Securities Act") may be permitted to directors, officers or
persons controlling the Registrant, the Registrant has been informed that in the
opinion of the Commission such indemnification is against public policy as
expressed in the Securities Act and is therefore unenforceable.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
ITEM 8. LIST OF EXHIBITS.
The following exhibits are filed with or incorporated by reference into
this Registration Statement on Form S-8 (numbering corresponds generally to
Exhibit Table in Item 601 of Regulation S-K):
4 Stock Certificate of LIFE Financial Corporation1
8 Tax Opinion not required. The Registrant has submitted or hereby
undertakes to submit the 401(k) Plan and any amendment thereto to
the Internal Revenue Service ("IRS") in a timely manner and has
made or will make all changes required by the IRS in order to
qualify the plan.
23.1 Consent of Grant Thornton LLP
23.2 Consent of Price Waterhouse LLP
23.3 Consent of Deloitte & Touche LLP
5
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24 Power of Attorney is located on the signature pages.
- --------------------------
1 Incorporated herein by reference from the Exhibit of the same number contained
in the Registration Statement on Form S-4 (SEC No. 333-20497), as amended,
filed with the SEC on January 27, 1997 and declared effective on June 11,
1997.
ITEM 9. UNDERTAKINGS
The undersigned Registrant hereby undertakes:
(1) To file, during any period in which it offers or sells securities, a
post-effective amendment to this Registration Statement to:
(i) Include any Prospectus required by Section 10(a)(3) of the
Securities Act;
(ii) Reflect in the Prospectus any facts or events which,
individually or together, represent a fundamental change in
the information in the Registration Statement. Notwithstanding
the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus
filed with the SEC pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more
than a 20 percent change in the maximum aggregate offering
price set forth in the "Calculation of Registration Fee" table
in the effective registration statement; and
(iii) Include any additional or changed material information on the
plan of distribution not previously disclosed in the
Registration Statement or any material change to such
information in the Registration Statement unless the
information required by (i) and (ii) is contained in periodic
reports filed by the Registrant pursuant to Section 13 or
15(d) of the Exchange Act that are incorporated by reference
into this Registration Statement;
(2) For determining liability under the Securities Act, to treat each
post-effective amendment as a new Registration Statement of the
securities offered, and the offering of the securities at that time
to be the initial bona fide offering thereof.
(3) To file a post-effective amendment to remove from registration any
of the securities that remain unsold at the end of the Offering.
(4) That, for purposes of determining any liability under the Securities
Act, each filing of the Registrant's or the Plan's annual report
pursuant to Section 13(a) or 15(d) of the Exchange Act that is
incorporated by reference in the Registration Statement shall be
deemed to be a new Registration Statement relating to the securities
offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to trustees, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or
paid by a trustee, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
trustee, officer or
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controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.
7
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CONFORMED
SIGNATURES
Pursuant to the requirements of the Securities Act, LIFE Financial
Corporation certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Riverside, State of California, on January 15,
1998.
LIFE FINANCIAL CORPORATION
By: /s/ Daniel L. Perl
----------------------------------
Daniel L. Perl
President, Chief Executive Officer
and Director
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
KNOW ALL MEN BY THESE PRESENT, that each person whose signature appears
below constitutes and appoints Daniel L. Perl and L. Bruce Mills, Jr. and each
of them as the true and lawful attorney-in-fact and agent with full power of
substitution and resubstitution, for him and in his name, place and stead, in
any and all capacities to sign any or all amendments to the Form S-8
Registration Statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the U.S. Securities and Exchange
Commission, respectively, granting unto said attorney-in-fact and agent full
power and authority to do and perform each and every act and things requisite
and necessary to be done as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent or his substitute or substitutes, may lawfully do or
cause to be done by virtue hereof.
Name Title Date
---- ----- ----
/s/ Daniel L. Perl President, Chief January 15, 1998
- --------------------- Executive Officer and Director
Daniel L. Perl (principal executive officer)
/s/ L. Bruce Mills, Jr. Executive Vice President, January 15, 1998
- ----------------------- Chief Financial Officer,
L. Bruce Mills, Jr. Treasurer and Secretary
(principal financial and
accounting officer)
/s/ Ronald G. Skipper Chairman of the Board January 15, 1998
- ------------------------
Ronald G. Skipper
/s/ John D. Goddard Director January 15, 1998
- ------------------------
John D. Goddard
8
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/s/ Milton E. Johnson Director January 15, 1998
- -----------------------
Milton E. Johnson
- ----------------------- __________, 1998
Robert K. Riley
THE PLAN.
Pursuant to the requirements of the Securities Act of 1933, the trustees (or
other persons who administer the 401(k) Plan) have duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Riverside, State of California, on January 15, 1998.
LIFE Financial Corporation 401(k) Plan
By: /s/ L. Bruce Mills
---------------------------------------------
L. Bruce Mills
Trustee
9
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Sequentially
Numbered
Page
Exhibit No. Description Method of Filing Location
- ------------ ------------------ -------------------------------------------------- ----------
<S> <C> <C> <C>
4 Stock Certificate of Incorporated herein by reference from the Exhibits --
LIFE Financial of the Registrant's Registration Statement on Form
Corporation S-4 filed with the SEC on January 27, 1997 and
declared effective on June 11, 1997.
23.1 Consent of Grant Filed herewith. 12
Thornton LLP
23.2 Consent of Price Filed herewith. 14
Waterhouse LLP
23.3 Consent of Deloitte Filed herewith. 16
& Touche LLP
24 Power of Attorney Located on the signature page. --
</TABLE>
<PAGE> 1
EXHIBIT 23.1 CONSENT OF GRANT THORNTON LLP
<PAGE> 2
EXHIBIT 23.1
INDEPENDENT AUDITORS' CONSENT
We have issued our report dated February 8, 1996 (except for the "Earnings per
share" paragraph of Note 1, as to which the date is June 30, 1997) accompanying
the financial statements of LIFE Financial Corporation (formerly Life Savings
Bank, Federal Savings Bank) appearing in Life Financial Corporation's
Registration Statement on Form S-4 (File No. 333-20497), which is incorporated
by reference in this Registration Statement on Form S-8 (Life Financial
Corporation 401(k) Savings Plan). We consent to the incorporation by reference
in the Registration Statement on Form S-8 of the aforementioned report.
/s/ Grant Thornton LLP
Irvine, California
January 8, 1998
<PAGE> 1
EXHIBIT 23.2 CONSENT OF PRICE WATERHOUSE LLP
<PAGE> 2
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 of Life Financial Corporation of our report dated January
31, 1995, appearing on page F-1 of the Registration Statement on Form S-4 (File
No. 333-20497) relating to the financial statements Life Savings Bank, Federal
Savings Bank for the year ended December 31, 1994. We also consent to the
reference to us under the heading "Experts" in the Registration Statement.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
Los Angeles, California
January 7, 1998
<PAGE> 1
EXHIBIT 23.3 CONSENT OF DELOITTE & TOUCHE LLP
<PAGE> 2
EXHIBIT 23.3
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this Registration Statement of
LIFE Financial Corporation on Form S-8 of our report dated February 7, 1997
(March 14, 1997 as to Note 16) on the financial statements of Life Savings Bank,
Federal Savings Bank, appearing in Form S-4 of LIFE Financial Corporation dated
June 11, 1997.
/s/ Deloitte & Touche LLP
Costa Mesa, California
January 6, 1998
