UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
SFB BANCORP, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $0.10 PER SHARE
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(Title of Class of Securities)
78412C10
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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 1, 1998
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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 12 Pages
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CUSIP No. 78412C10 Page 2 of 12 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
69,000
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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
69,000
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
69,000
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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)
9.5%
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14. TYPE OF REPORTING PERSON
00
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
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CUSIP No. 78412C10 Page 3 of 12 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
69,000
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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
69,000
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
69,000
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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)
9.5%
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14. TYPE OF REPORTING PERSON
00
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
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CUSIP No. 78412C10 Page 4 of 12 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
33,740
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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
33,740
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
33,740
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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)
4.6%
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14. TYPE OF REPORTING PERSON
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
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CUSIP No. 78412C10 Page 5 of 12 Pages
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================================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Partners II, 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
- --------------------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
9,760
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9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
9,760
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
9,760
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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)
1.3%
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14. TYPE OF REPORTING PERSON
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
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CUSIP No. 78412C10 Page 6 of 12 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
- --------------------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
19,380
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9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
19,380
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
19,380
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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)
2.7%
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14. TYPE OF REPORTING PERSON
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
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CUSIP No. 78412C10 Page 7 of 12 Pages
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================================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Hedge Fund II, 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
- --------------------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
6,120
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9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
6,120
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
6,120
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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)
0.9%
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14. TYPE OF REPORTING PERSON
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
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CUSIP No. 78412C10 Page 8 of 12 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
- --------------------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
69,000
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9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
69,000
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
69,000
- --------------------------------------------------------------------------------
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)
9.5%
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14. TYPE OF REPORTING PERSON
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
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CUSIP No. 78412C10 Page 9 of 12 Pages
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This Amendment No. 3 to Schedule 13D relating to SFB Bancorp, Inc. is
being filed on behalf of the undersigned to amend the Schedule 13D dated
December 23, 1997, as amended by Amendment No. 1 to the Schedule 13D dated June
22, 1998, and Amendment No. 2 to the Schedule 13D dated July 27, 1998 (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, MHF, MPII and MHFII is $533,187, $306,238, $155,100
and $97,436, respectively. Such shares were purchased with the investment
capital of the respective entities.
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is hereby amended in its entirety to read as
follows:
(a) Based upon an aggregate of 728,650 shares of Common Stock outstanding, as
set forth in the Issuer's Form 10-QSB for the quarter ended September 30, 1998,
as of the close of business on December 1, 1998:
(i) MP beneficially owned 33,740 shares of Common Stock, constituting
approximately 4.6% of the shares outstanding.
(ii) MHF beneficially owned 19,380 shares of Common Stock, constituting
approximately 2.7% of the shares outstanding.
(iii) MPII beneficially owned 9,760 shares of Common Stock, constituting
approximately 1.3% of the shares outstanding.
(iv) MHFII beneficially owned 6,120 shares of Common Stock, constituting
approximately 0.9% of the shares outstanding.
(v) Holdings owned directly no shares of Common Stock. By reason of its
position as general partner of MP, MHF, MPII and MHFII, under the
provisions of Rule 13d-3 of the Securities and Exchange Commission
("Rule 13d-3"), Holdings may be deemed to beneficially own the 33,740
shares owned by MP, the 19,380 shares owned by MHF, the 9,760 shares
owned by MPII and the 6,120 shares owned by MHFII, or an aggregate of
69,000 shares of Common Stock, constituting approximately 9.5% of the
shares outstanding.
<PAGE>
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CUSIP No. 78412C10 Page 10 of 12 Pages
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(vi) SOAM owned directly no shares of Common Stock. By reason of its
position as management company for MP, MHF, MPII and MHFII, under the
provisions of Rule 13d-3, SOAM may be deemed to beneficially own the
33,740 shares owned by MP, the 19,380 shares owned by MHF, the 9,760
shares owned by MPII and the 6,120 shares owned by MHFII, or an
aggregate of 69,000 shares of Common Stock, constituting approximately
9.5% of the shares outstanding.
(vii) 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 33,740 shares owned by MP, the 19,380 shares
owned by MHF, the 9,760 shares owned by MPII and the 6,120 shares
owned by MHFII, or an aggregate of 69,000 shares of Common Stock,
constituting approximately 9.5% of the shares outstanding.
(viii) In the aggregate, the Reporting Persons beneficially own an aggregate
of 69,000 shares of Common Stock, constituting approximately 9.5% of
the shares outstanding.
(ix) 2WTC directly owned no shares of Common Stock.
(b) The Partnerships each have the power to dispose of and to vote the shares of
Common Stock beneficially owned by it, which power may be exercised by its
general partner, Holdings. Holdings is a party to a management agreement with
SOAM pursuant to which SOAM shares the power to dispose of and to vote the
shares of Common Stock beneficially owned by Holdings. Mr. Maltese, as President
and managing member of Holdings and SOAM, shares the power to dispose of and to
vote the shares of Common Stock beneficially owned by the other Reporting
Persons.
(c) During the sixty days prior to and including December 1, 1998, MP effected
the following transactions in the Common Stock in open market transactions with
brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
09/21/98 Bought 800 $14.00
10/01/98 Bought 1,100 13.625
12/01/98 Sold 500 12.125
During the sixty days prior to and including December 1, 1998, MHF
effected the following transactions in the Common Stock in open market
transactions with brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
09/21/98 Bought 500 $14.00
10/01/98 Bought 700 13.625
12/01/98 Sold 300 12.125
<PAGE>
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CUSIP No. 78412C10 Page 11 of 12 Pages
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During the sixty days prior to and including December 1, 1998, MPII
effected the following transactions in the Common Stock in open market
transactions with brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
09/21/98 Bought 300 $14.00
10/01/98 Bought 400 13.625
12/01/98 Sold 100 12.125
During the sixty days prior to and including December 1, 1998, MHFII
effected the following transactions in the Common Stock in open market
transactions with brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
09/21/98 Bought 500 $14.00
10/01/98 Bought 500 13.625
12/01/98 Sold 100 12.125
(d) Not applicable.
(e) Not applicable.
<PAGE>
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CUSIP No. 78412C10 Page 12 of 12 Pages
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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: January 11, 1999
MALTA PARTNERS, L.P. MALTA HEDGE FUND, L.P.
By: SOAM Holdings, LLC, By: SOAM Holdings, LLC,
the sole general partner the sole general partner
By: /s/ Terry Maltese By: /s/ Terry Maltese
----------------- -----------------
Terry Maltese Terry Maltese
President President
MALTA PARTNERS II, L.P. MALTA HEDGE FUND II, L.P.
By: SOAM Holdings, LLC, By: SOAM Holdings, LLC,
the sole general partner the sole general partner
By: /s/ Terry Maltese By:/s/ Terry Maltese
----------------- -----------------
Terry Maltese Terry Maltese
President President
SOAM Holdings, LLC Sandler O'Neill Asset Management LLC
By: /s/ Terry Maltese By: /s/ Terry Maltese
----------------- -----------------
Terry Maltese Terry Maltese
President President
Terry Maltese
/s/ Terry Maltese
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