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CUSIP No. 685932105 SCHEDULE 13D Page 1 of 11
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
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)
December 13, 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 11
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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)
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(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
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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 7. Sole Voting Power: 0
Beneficially -------------------------------------------------------------------
Owned by 8. Shared Voting Power: 284,000
Each -------------------------------------------------------------------
Reporting 9. Sole Dispositive Power: 0
Person -------------------------------------------------------------------
With 10. Shared Dispositive Power: 284,000
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11. Aggregate Amount Beneficially Owned by Each Reporting Person:
284,000
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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): 8.5%
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14. Type of Reporting Person (See Instructions)
PN
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CUSIP No. 685932105 SCHEDULE 13D Page 3 of 11
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1. Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
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Stilwell Associates, L.P.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
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(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
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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 7. Sole Voting Power: 0
Beneficially -------------------------------------------------------------------
Owned by 8. Shared Voting Power: 284,000
Each -------------------------------------------------------------------
Reporting 9. Sole Dispositive Power: 0
Person -------------------------------------------------------------------
With 10. Shared Dispositive Power: 284,000
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11. Aggregate Amount Beneficially Owned by Each Reporting Person:
284,000
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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): 8.5%
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14. Type of Reporting Person (See Instructions)
PN
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CUSIP No. 685932105 SCHEDULE 13D Page 4 of 11
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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 LLC
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
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(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
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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 7. Sole Voting Power: 0
Beneficially -------------------------------------------------------------------
Owned by 8. Shared Voting Power: 284,000
Each -------------------------------------------------------------------
Reporting 9. Sole Dispositive Power: 0
Person -------------------------------------------------------------------
With 10. Shared Dispositive Power: 284,000
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11. Aggregate Amount Beneficially Owned by Each Reporting Person:
284,000
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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): 8.5%
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14. Type of Reporting Person (See Instructions)
OO
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CUSIP No. 685932105 SCHEDULE 13D Page 5 of 11
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1. Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
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Joseph Stilwell
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
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(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) PF, OO
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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:
United States
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Number of -------------------------------------------------------------------
Shares 7. Sole Voting Power: 0
Beneficially -------------------------------------------------------------------
Owned by 8. Shared Voting Power: 284,000
Each -------------------------------------------------------------------
Reporting 9. Sole Dispositive Power: 0
Person -------------------------------------------------------------------
With 10. Shared Dispositive Power: 284,000
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11. Aggregate Amount Beneficially Owned by Each Reporting Person:
284,000
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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): 8.5%
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14. Type of Reporting Person (See Instructions)
IN
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CUSIP No. 685932105 SCHEDULE 13D Page 6 of 11
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Item 1. Security and Issuer
This is Amendment No. 1 to the Schedule 13D previously filed on
November 17, 2000 ("Original 13D"), by joint filers 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.
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CUSIP No. 685932105 SCHEDULE 13D Page 7 of 11
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Item 3. Source and Amount of Funds or Other Consideration
The source and amount of funds initially expended by members of the
Group to acquire the Common Stock held was previously reported in the Original
13D filed on November 17, 2000. Since November 17, 2000, the total additional
funds expended by the members of the Group has been the sum of $453,875 to
purchase a total of 34,000 shares of Common Stock held by: (a) Stilwell Value
Partners II (9,000 additional shares costing $122,625); and (b) Mr. Stilwell
(25,000 additional shares costing $331,250). Such funds were provided,
respectively, in part from Stilwell Value Partners II's available capital and
Mr. Stilwell's personal funds, and, from time to time, in part, by margin
account loans from subsidiaries of The Bear Stearns Companies, Inc. extended in
the ordinary course of business to Stilwell Value Partners II and Mr. Stilwell.
Item 4. Purpose of Transaction
As reported in the Original 13D filed on November 17, 2000, 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 do not believe the value of
the Issuer's assets are adequately reflected in the current market price of the
Issuer's Common Stock
As reported in the Original 13D filed on November 17, 2000, 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.
The Issuer has agreed to meet with members of the Group at the Issuer's
headquarters to discuss the Issuer's business plans and goals for return on
equity. The meeting is scheduled for late January, 2001.
The Group has retained Miller Nash LLP of Portland, Oregon as local
counsel.
As reported in the Original 13D filed on November 17, 2000, 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 or written
consents from other shareholders of the Issuer with respect to Board
representation or other proposals for shareholder action
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CUSIP No. 685932105 SCHEDULE 13D Page 8 of 11
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As reported in the Original 13D filed on November 17, 2000, 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.
As reported in the Original 13D filed on November 17, 2000, 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: 284,000
Percentage: 8.5%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 284,000
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 284,000
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CUSIP No. 685932105 SCHEDULE 13D Page 9 of 11
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(c) Since the filing of the Original 13D on November 17, 2000, Stilwell Value
Partners II purchased 9,000 shares of Common Stock. It purchased all such shares
on December 13, 2000, and paid $13.6250 per share, for a total purchase price of
$122,625.
(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: 284,000
Percentage: 8.5%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 284,000
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 284,000
(c) Since the filing of the Original 13D on November 17, 2000, Stilwell
Associates has not purchased any shares of Common Stock.
(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: 284,000
Percentage: 8.5%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 284,000
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 284,000
(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.
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CUSIP No. 685932105 SCHEDULE 13D Page 10 of 11
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(D) Mr. Joseph Stilwell
(a) Aggregate number of shares beneficially owned: 284,000
Percentage: 8.5%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 284,000
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 284,000
(c) Since the filing of the Original 13D on November 17, 2000, Mr. Stilwell
purchased 25,000 shares of Common Stock. He purchased all such shares on
November 22, 2000, and paid $13.25 per share, for a total purchase price of
$331,250.
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
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1 Joint Filing Agreement*
* Previously filed on November 17, 2000.
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CUSIP No. 685932105 SCHEDULE 13D Page 11 of 11
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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: December 15, 2000
STILWELL VALUE PARTNERS II, L.P.
/s/ Joseph Stilwell
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By: STILWELL VALUE LLC
General Partner
/s/ Joseph Stilwell
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By: Joseph Stilwell
Managing and Sole Member
STILWELL ASSOCIATES, L.P.
/s/ Joseph Stilwell
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By: Joseph Stilwell
General Partner
STILWELL VALUE LLC
/s/ Joseph Stilwell
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By: Joseph Stilwell
Managing and Sole Member
JOSEPH STILWELL
/s/ Joseph Stilwell
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Joseph Stilwell
