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CUSIP No. 685932105 SCHEDULE 13D Page 1 of 13
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
NEW FILING
OREGON TRAIL FINANCIAL CORP.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
685932105
(CUSIP Number)
Mr. Joseph Stilwell
26 Broadway, 23rd Floor
New York, New York 10004
(212) 269-5800
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 7, 2000
(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 that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-(f) or 240.13d-1(g), check the
following box. [ ]
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).
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CUSIP No. 685932105 SCHEDULE 13D Page 2 of 13
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-------------------------------------------------------------------------------
1. Names of Reporting Persons. I.R.S. Identification Nos. of
above persons (entities only).
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Stilwell Value Partners II, L.P.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [X]
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(b)
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3. SEC Use Only
..............................................................
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4. Source of Funds (See Instructions) WC, OO
-------------------------------------------------------------------------------
5. Check 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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Number of
Shares -----------------------------------------------------------------
Beneficially 7. Sole Voting Power: 0
Owned by -----------------------------------------------------------------
Each 8. Shared Voting Power: 250,000
Reporting -----------------------------------------------------------------
Person 9. Sole Dispositive Power: 0
With
-------------------------------------------------------------------------------
10. Shared Dispositive Power: 250,000
-------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting
Person: 250,000
-------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) [ ]
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13. Percent of Class Represented by Amount in Row (11): 7.5%
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14. Type of Reporting Person (See Instructions)
PN
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CUSIP No. 685932105 SCHEDULE 13D Page 3 of 13
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-------------------------------------------------------------------------------
1. Names of Reporting Persons. I.R.S. Identification Nos. of
above persons (entities only).
-------------------------------------------------------------------------------
Stilwell Associates, L.P.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [X]
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(b)
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3. SEC Use Only
..............................................................
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4. Source of Funds (See Instructions) WC, OO
-------------------------------------------------------------------------------
5. Check 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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Number of
Shares -----------------------------------------------------------------
Beneficially 7. Sole Voting Power: 0
Owned by -----------------------------------------------------------------
Each 8. Shared Voting Power: 250,000
Reporting -----------------------------------------------------------------
Person 9. Sole Dispositive Power: 0
With
-------------------------------------------------------------------------------
10. Shared Dispositive Power: 250,000
-------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting
Person: 250,000
-------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) [ ]
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13. Percent of Class Represented by Amount in Row (11): 7.5%
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14. Type of Reporting Person (See Instructions)
PN
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CUSIP No. 685932105 SCHEDULE 13D Page 4 of 13
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-------------------------------------------------------------------------------
1. Names of Reporting Persons. I.R.S. Identification Nos. of
above persons (entities only).
-------------------------------------------------------------------------------
Stilwell Value LLC
-------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [X]
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(b)
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3. SEC Use Only
..............................................................
-------------------------------------------------------------------------------
4. Source of Funds (See Instructions) WC, OO
-------------------------------------------------------------------------------
5. Check 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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Number of
Shares -----------------------------------------------------------------
Beneficially 7. Sole Voting Power: 0
Owned by -----------------------------------------------------------------
Each 8. Shared Voting Power: 250,000
Reporting -----------------------------------------------------------------
Person 9. Sole Dispositive Power: 0
With
-------------------------------------------------------------------------------
10. Shared Dispositive Power: 250,000
-------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting
Person: 250,000
-------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) [ ]
-------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11): 7.5%
-------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
OO
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CUSIP No. 685932105 SCHEDULE 13D Page 5 of 13
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-------------------------------------------------------------------------------
1. Names of Reporting Persons. I.R.S. Identification Nos. of
above persons (entities only).
-------------------------------------------------------------------------------
Joseph Stilwell
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [X]
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(b)
-------------------------------------------------------------------------------
3. SEC Use Only
..............................................................
-------------------------------------------------------------------------------
4. Source of Funds (See Instructions) PF, OO
-------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant
to Items 2(d) or 2(e) [ ]
-------------------------------------------------------------------------------
6. Citizenship or Place of Organization:
United States
-------------------------------------------------------------------------------
Number of
Shares -----------------------------------------------------------------
Beneficially 7. Sole Voting Power: 0
Owned by -----------------------------------------------------------------
Each 8. Shared Voting Power: 250,000
Reporting -----------------------------------------------------------------
Person 9. Sole Dispositive Power: 0
With
-------------------------------------------------------------------------------
10. Shared Dispositive Power: 250,000
-------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting
Person: 250,000
-------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) [ ]
-------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11): 7.5%
-------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
IN
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CUSIP No. 685932105 SCHEDULE 13D Page 6 of 13
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Item 1. Security and Issuer
This Schedule 13D is being filed jointly by Stilwell Value Partners
II, L.P., a Delaware limited partnership ("Stilwell Value Partners II"),
Stilwell Associates, L.P., a Delaware limited partnership ("Stilwell
Associates"), Stilwell Value LLC, a Delaware limited liability company
("Stilwell Value LLC") and the general partner of Stilwell Value Partners II,
and Joseph Stilwell, managing and sole member of Stilwell Value LLC, and general
partner of Stilwell Associates. All of the filers of this Schedule 13D are
collectively the "Group" or "Reporting Persons".
This Schedule 13D relates to the common stock ("Common Stock") of
Oregon Trail Financial Corp. (the "Company" or the "Issuer"). The address of the
principal executive offices of the Company is 2055 First Street, Baker City,
Oregon 97814. The joint filing agreement of the members of the Group is attached
as Exhibit 1.
Item 2. Identity and Background
(a)-(c) This statement is filed by Joseph Stilwell, with respect to
the shares of Common Stock beneficially owned by Mr. Stilwell, including: (i)
shares of Common Stock held in the name of Stilwell Value Partners II, in Mr.
Stilwell's capacity as the managing and sole member of Stilwell Value LLC which
is the general partner of Stilwell Value Partners II; and (ii) shares of Common
Stock held in the name of Stilwell Associates, in Mr. Stilwell's capacity as the
general partner of Stilwell Associates.
The business address of the Reporting Persons is 26 Broadway, 23rd
Floor, New York, New York 10004.
The principal employment of Mr. Stilwell is investment management.
Stilwell Value Partners II and Stilwell Associates are private investment
partnerships engaged in the purchase and sale of securities for their own
accounts. Stilwell Value LLC is in the business of serving as the general
partner of Stilwell Value Partners II.
(d) During the past five years, no member of the Group has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the past five years, no member of the Group has been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and, as a result of such proceeding, was, or is subject to, a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, Federal or State securities laws or finding
any violation with respect to such laws.
(f) Mr. Stilwell is a citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration
The amount of funds expended to date by Stilwell Value Partners II to
acquire the 180,000 shares of Common Stock it holds in its name is
$2,115,625.10. Such funds were provided in part
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CUSIP No. 685932105 SCHEDULE 13D Page 7 of 13
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from Stilwell Value Partners II's available capital and, from time to time, in
part by margin account loans from subsidiaries of The Bear Stearns Companies,
Inc. ("Bear Stearns"), extended in the ordinary course of business.
The amount of funds expended to date by Stilwell Associates to acquire
the 50,000 shares of Common Stock it holds in its name is $599,150.25. Such
funds were provided in part from Stilwell Associate's available capital and,
from time to time, in part by margin account loans from subsidiaries of Bear
Stearns extended in the ordinary course of business.
The amount of funds expended to date by Joseph Stilwell to acquire the
20,000 shares of Common Stock he holds in his name is $265,000. Such funds were
provided in part from Mr. Stilwell's personal funds and, from time to time, in
part by margin account loans from subsidiaries of Bear Stearns extended in the
ordinary course of business.
All purchases of Common Stock made by the Reporting Persons using funds
borrowed from Bear Stearns, if any, were made in margin transactions on Bear
Stearns' usual terms and conditions. All or part of the shares of Common Stock
owned by members of the Reporting Persons may from time to time be pledged with
one or more banking institutions or brokerage firms as collateral for loans made
by such entities to members of the Reporting Persons. Such loans generally bear
interest at a rate based upon the broker's call rate from time to time in
effect. Such indebtedness, if any, may be refinanced with other banks or
broker-dealers.
Item 4. Purpose of Transaction
The purpose of the acquisition of Common Stock of the Issuer by members
of the Group is to profit from the appreciation in the market price of the
Common Stock through the assertion of shareholder rights. The Group expects to
actively assert shareholder rights, in the manner described below, with the
intent to influence the policies of the Issuer. The members of the Group plan to
request to meet with representatives of the Issuer's management and Board of
Directors to hear and assess their plans and goals to increase the Issuer's
return on equity and to otherwise increase shareholder value. The members of the
Group do not believe the value of the Issuer's assets are adequately reflected
in the current market price of the Issuer's Common Stock
Members of the Group believe that the Issuer can increase shareholder
value, within a reasonable period of time, by, among other things: (a)
repurchasing its shares; (b) issuing special dividends; (c) liquidating various
assets; and/or (d) selling the Issuer. Members of the Group also believe that
the Issuer can better evaluate all options to increase shareholder value by
retaining an investment banking firm to advise it. Further, members of the Group
believe that institutions such as the Issuer should have major shareholders
sitting on their Board of Directors. Finally, members of the Group are strongly
opposed to the Issuer expanding in new market areas until the Issuer firmly
addresses its poor return on equity.
In the future members of the Group may, without limitation: (a)
communicate and discuss their views with other shareholders, including
discussions concerning the election of directors to the Board; (b) make
proposals to the Issuer's Board and management (including with regard to a
possible sale of the Issuer); (c) seek representation on the Issuer's Board;
and/or (d) solicit proxies
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CUSIP No. 685932105 SCHEDULE 13D Page 8 of 13
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or written consents from other shareholders of the Issuer with respect to Board
representation or other proposals for shareholder action.
On May 1, 2000, certain members of the Group filed a Schedule 13D in
connection with the common stock of Security of Pennsylvania Financial Corp.
("SPN"). Thereafter, members of the Group communicated with management of SPN
and scheduled a meeting with senior management in order to discuss maximizing
short and long-term value of SPN's assets. On June 2, 2000, prior to the
scheduled meeting, SPN and Northeast Pennsylvania Financial Corp. announced the
signing of a definitive agreement under which Northeast Pennsylvania Financial
Corp. agreed to acquire SPN.
On July 7, 2000, certain members of the Group filed a Schedule 13D in
connection with the common stock of Cameron Financial Corporation ("Cameron").
Thereafter such members of the Group exercised their shareholder rights by,
among other things, requesting that Cameron management hire an investment
banker, demanding Cameron's list of shareholders, meeting with Cameron's
management, demanding that the Board invite the Group's representatives to join
the Board, writing to other Cameron shareholders to express their dismay with
management's inability to achieve shareholder value and publishing that letter
in the local press. On October 6, 2000, Cameron announced that it had entered
into an agreement to be acquired by Dickinson Financial Corp. and the Group
disposed of its shares of Cameron on the open market.
Members of the Group may make further purchases of shares of Common
Stock. Members of the Group may dispose of any or all the shares of Common Stock
held by them, although they have no current intention to do so. Except as noted
in this Schedule 13D, no member of the Group has any plans or proposals which
relate to, or could result in, any of the matters referred to in paragraph (a)
through (j), inclusive, of Item (4) of Schedule 13D. Members of the Group may,
at any time and from time to time, review or reconsider their positions and
formulate plans or proposals with respect thereto.
Item 5. Interest in Securities of the Issuer
The percentages used in this Schedule 13D are calculated based upon the
number of outstanding shares of Common Stock, 3,330,647, reported as the number
of outstanding shares as of October 31, 2000, on a Form 10-Q dated November 14,
2000. All purchases and sales of Common Stock reported herein were made in open
market transactions on the Nasdaq National Market System.
(A) Stilwell Value Partners II
(a) Aggregate number of shares beneficially owned: 250,000
Percentage: 7.5%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 250,000
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 250,000
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CUSIP No. 685932105 SCHEDULE 13D Page 9 of 13
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(c) The chart below sets forth all purchases of Common Stock which Stilwell
Value Partners II has made in the last 60 days. Said purchases total 116,400
shares of Common Stock for a total purchase price of $1,414,156.40. Prior to the
last 60 days Stilwell Value Partners II purchased, and continues to hold, 63,600
shares of Common Stock.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
Date Number of Shares Price Per Share ($) Total Cost ($)
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
9/19/00 1,300 11.625 15,112.50
----------------------------------------------------------------------------------------------------
9/20/00 4,000 12.0625 48,250.00
----------------------------------------------------------------------------------------------------
9/22/00 2,300 12 27,600.00
----------------------------------------------------------------------------------------------------
9/25/00 6,000 11.9479 71,687.40
----------------------------------------------------------------------------------------------------
9/26/00 4,500 11.8819 53,468.55
----------------------------------------------------------------------------------------------------
9/28/00 6,500 11.75 76,375.00
----------------------------------------------------------------------------------------------------
10/2/00 3,000 11.75 35,250.00
----------------------------------------------------------------------------------------------------
10/4/00 3,800 11.6875 44,412.50
----------------------------------------------------------------------------------------------------
10/16/00 4,000 11.5000 46,000.00
----------------------------------------------------------------------------------------------------
10/19/00 2,500 11.3750 28,437.50
----------------------------------------------------------------------------------------------------
10/27/00 3,000 11.6875 35,062.50
----------------------------------------------------------------------------------------------------
10/31/00 13,000 12.2067 158,687.10
----------------------------------------------------------------------------------------------------
11/3/00 4,500 12.1875 54,843.75
----------------------------------------------------------------------------------------------------
11/7/00 20,000 12.0000 240,000.00
----------------------------------------------------------------------------------------------------
11/10/00 5,000 12.4375 62,187.50
----------------------------------------------------------------------------------------------------
11/13/00 1,900 12.0000 22,800.00
----------------------------------------------------------------------------------------------------
11/14/00 6,000 12.3688 74,212.80
----------------------------------------------------------------------------------------------------
11/15/00 13,800 12.5747 173,530.86
----------------------------------------------------------------------------------------------------
11/16/00 8,800 12.8538 113,113.44
----------------------------------------------------------------------------------------------------
11/16/00 2,500 13.2500 33,125.00
----------------------------------------------------------------------------------------------------
</TABLE>
(d) Because he is the managing and sole member of Stilwell Value LLC, which
is the general partner of Stilwell Value Partners II, Mr. Stilwell has the power
to direct the affairs of Stilwell Value Partners II, including the voting and
disposition of shares of Common Stock held in the name of Stilwell Value
Partners II. Therefore, Mr. Stilwell is deemed to share voting and disposition
power with Stilwell Value Partners II with regard to those shares of Common
Stock.
(B) Stilwell Associates
(a) Aggregate number of shares beneficially owned: 250,000
Percentage: 7.5%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 250,000
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 250,000
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CUSIP No. 685932105 SCHEDULE 13D Page 10 of 13
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(c) The chart below sets forth all purchases of Common Stock which Stilwell
Associates has made in the last 60 days. Said purchases total 38,700 shares of
Common Stock for a total purchase price of $475,375.25. Prior to the last 60
days Stilwell Associates purchased, and continues to hold, 11,300 shares of
Common Stock.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
Date Number of Shares Price Per Share ($) Total Cost ($)
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/3/00 1,500 11.75 17,625.00
----------------------------------------------------------------------------------------------------
10/10/00 2,000 11.6875 23,375.00
----------------------------------------------------------------------------------------------------
10/13/00 3,500 11.625 40,687.50
----------------------------------------------------------------------------------------------------
10/18/00 2,000 11.4375 22,875.00
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10/23/00 1,000 11.3125 11,312.50
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10/23/00 2,500 11.375 28,437.50
----------------------------------------------------------------------------------------------------
10/31/00 10,000 12.2319 122,319.00
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11/8/00 6,300 12.3125 77,568.75
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11/16/00 9,900 13.25 131,175.00
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</TABLE>
(d) Because he is the general partner of Stilwell Associates, Mr. Stilwell
has the power to direct the affairs of Stilwell Associates, including the voting
and disposition of shares of Common Stock held in the name of Stilwell
Associates. Therefore, Mr. Stilwell is deemed to share voting and disposition
power with Stilwell Associates with regard to those shares of Common Stock.
(C) Stilwell Value LLC
(a) Aggregate number of shares beneficially owned: 250,000
Percentage: 7.5%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 250,000
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 250,000
(c) Stilwell Value LLC has made no purchases of Common Stock.
(d) Because he is the managing and sole member of Stilwell Value LLC, Mr.
Stilwell has the power to direct the affairs of Stilwell Value LLC. Stilwell
Value LLC is the general partner of Stilwell Value Partners II. Therefore,
Stilwell Value LLC may be deemed to share with Mr. Stilwell voting and
disposition power with regard to the shares of Common Stock held by Stilwell
Value Partners II.
(D) Mr. Joseph Stilwell
(a) Aggregate number of shares beneficially owned: 250,000
Percentage: 7.5%
(b) 1. Sole power to vote or to direct vote: 0
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CUSIP No. 685932105 SCHEDULE 13D Page 11 of 13
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2. Shared power to vote or to direct vote: 250,000
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 250,000
(c) Within the last 60 days, Mr. Stilwell purchased 20,000 shares of Common
Stock. He purchased all such shares on November 16, 2000 and paid $13.25 per
share, for a total purchase price of $265,000.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
Other than the Joint Filing Agreement filed as Exhibit 1 to this
filing, and as otherwise described below, there are no contracts, arrangements,
understandings or relationships among the persons named in Item 2 hereof and
between such persons and any person with respect to any securities of the
Company, including but not limited to transfer or voting of any of the
securities, finders' fees, joint ventures, loan or option arrangements, puts or
calls, guarantees of profits, divisions of profits or losses, or the giving or
withholding of proxies, except for sharing of profits. Stilwell Value LLC and
Mr. Joseph Stilwell, in their capacities as general partners as described in
this Schedule 13D, are entitled to an allocation of a portion of profits.
See Items 1 and 2 above regarding disclosure of the relationships
between members of the Group, which disclosure is incorporated herein by
reference.
Item 7. Material to be Filed as Exhibits
Exhibit No. Description
----------- -----------
1 Joint Filing Agreement.
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CUSIP No. 685932105 SCHEDULE 13D Page 12 of 13
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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.
Date: November 17, 2000
STILWELL VALUE PARTNERS II, L.P.
/s/ Joseph Stilwell
-------------------------------------------
By: STILWELL VALUE LLC
General Partner
/s/ Joseph Stilwell
-------------------------------------------
By: Joseph Stilwell
Managing and Sole Member
STILWELL ASSOCIATES, L.P.
/s/ Joseph Stilwell
-----------------------------------
By: Joseph Stilwell
General Partner
STILWELL VALUE LLC
/s/ Joseph Stilwell
-----------------------------------
By: Joseph Stilwell
Managing and Sole Member
JOSEPH STILWELL
/s/ Joseph Stilwell
------------------------------------
Joseph Stilwell
