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CUSIP No. 814847-10-9 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
(Amendment No 1.)
SECURITY OF PENNSYLVANIA FINANCIAL CORP.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
814847-10-9
(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)
June 2, 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. 814847-10-9 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).
Stilwell Value Partners I, L.P.
______________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
______________________________________________________________________________
3. SEC USE ONLY
______________________________________________________________________________
4. SOURCE OF FUNDS*
WC, OO
______________________________________________________________________________
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
______________________________________________________________________________
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_______________________________________________________________________________
| |
NUMBER OF | 7. | SOLE VOTING POWER:
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8. | SHARED VOTING POWER:
REPORTING | | 62,870
PERSON WITH |_____|________________________________________________________
| |
| 9. | SOLE DISPOSITIVE POWER:
| | 0
|_____|________________________________________________________
| |
| 10. | SHARED DISPOSITIVE POWER:
| | 62,870
_______________|_____|_________________________________________________________
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
62,870
______________________________________________________________________________
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
4.6%
______________________________________________________________________________
14. TYPE OF REPORTING PERSON*
PN
______________________________________________________________________________
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CUSIP No. 814847-10-9 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 Partners, L.P.
______________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
______________________________________________________________________________
3. SEC USE ONLY
______________________________________________________________________________
4. SOURCE OF FUNDS*
WC, OO
______________________________________________________________________________
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
______________________________________________________________________________
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_______________________________________________________________________________
| |
NUMBER OF | 7. | SOLE VOTING POWER:
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8. | SHARED VOTING POWER:
REPORTING | | 62,870
PERSON WITH |_____|________________________________________________________
| |
| 9. | SOLE DISPOSITIVE POWER:
| | 0
|_____|________________________________________________________
| |
| 10. | SHARED DISPOSITIVE POWER:
| | 62,870
_______________|_____|_________________________________________________________
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
62,870
______________________________________________________________________________
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
4.6%
______________________________________________________________________________
14. TYPE OF REPORTING PERSON*
PN
______________________________________________________________________________
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CUSIP No. 814847-10-9 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 Associates, L.P.
______________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
______________________________________________________________________________
3. SEC USE ONLY
______________________________________________________________________________
4. SOURCE OF FUNDS*
WC, OO
______________________________________________________________________________
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
______________________________________________________________________________
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_______________________________________________________________________________
| |
NUMBER OF | 7. | SOLE VOTING POWER:
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8. | SHARED VOTING POWER:
REPORTING | | 62,870
PERSON WITH |_____|________________________________________________________
| |
| 9. | SOLE DISPOSITIVE POWER:
| | 0
|_____|________________________________________________________
| |
| 10. | SHARED DISPOSITIVE POWER:
| | 62,870
_______________|_____|_________________________________________________________
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
62,870
______________________________________________________________________________
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
4.6%
______________________________________________________________________________
14. TYPE OF REPORTING PERSON*
PN
______________________________________________________________________________
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CUSIP No. 814847-10-9 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).
Stilwell Value LLC
______________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
______________________________________________________________________________
3. SEC USE ONLY
______________________________________________________________________________
4. SOURCE OF FUNDS*
WC, OO
______________________________________________________________________________
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
______________________________________________________________________________
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_______________________________________________________________________________
| |
NUMBER OF | 7. | SOLE VOTING POWER:
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8. | SHARED VOTING POWER:
REPORTING | | 62,870
PERSON WITH |_____|________________________________________________________
| |
| 9. | SOLE DISPOSITIVE POWER:
| | 0
|_____|________________________________________________________
| |
| 10. | SHARED DISPOSITIVE POWER:
| | 62,870
_______________|_____|_________________________________________________________
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
62,870
______________________________________________________________________________
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
4.6%
______________________________________________________________________________
14. TYPE OF REPORTING PERSON*
OO
______________________________________________________________________________
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CUSIP No. 814847-10-9 SCHEDULE 13D Page 6 of 13
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1. NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Joseph Stilwell
______________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
______________________________________________________________________________
3. SEC USE ONLY
______________________________________________________________________________
4. SOURCE OF FUNDS*
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 | 7. | SOLE VOTING POWER:
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8. | SHARED VOTING POWER:
REPORTING | | 62,870
PERSON WITH |_____|________________________________________________________
| |
| 9. | SOLE DISPOSITIVE POWER:
| | 0
|_____|________________________________________________________
| |
| 10. | SHARED DISPOSITIVE POWER:
| | 62,870
_______________|_____|_________________________________________________________
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
62,870
______________________________________________________________________________
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
4.6%
______________________________________________________________________________
14. TYPE OF REPORTING PERSON*
IN
______________________________________________________________________________
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CUSIP No. 814847-10-9 SCHEDULE 13D Page 7 of 13
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Item 1. Security and Issuer
This is Amendment No. 1 to the Schedule 13D previously filed on May 9,
2000 by joint filers Stilwell Value Partners I, L.P., a Delaware limited
partnership ("Stilwell Value Partners I"), Stilwell Partners, L.P., a Delaware
limited partnership ("Stilwell Partners"), 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 I, and Joseph Stilwell, managing and sole member of
Stilwell Value LLC and general partner of Stilwell Partners and 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, par value $0.01 per
share ("Common Stock") of Security of Pennsylvania Financial Corp. (the
"Company" or the "Issuer"). The address of the principal executive offices of
the Company is 31 West Broad Street Hazleton, Pennsylvania 18201, phone: (570)
454-0824. 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 Mr. 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 I, in Mr.
Stilwell's capacity as the managing and sole member of Stilwell Value LLC which
is the general partner of Stilwell Value Partners I; (ii) shares of Common Stock
held in the name of Stilwell Partners, in Mr. Stilwell's capacity as the general
partner of Stilwell Partners; and (iii) 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 Mr. Stilwell and of all 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 I, Stilwell Partners, 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 I.
(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. 814847-10-9 SCHEDULE 13D Page 8 of 13
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Item 3. Source and Amount of Funds or Other Consideration
The source and amount of funds expended by members of the Group to
acquire the Common Stock held was previously reported in a Schedule 13D filed on
May 9, 2000. Since that date, no members of the Group have made any additional
purchases of Common Stock of the Issuer. As set forth below in Items 4 and 5,
this Schedule 13D, Amendment No. 1., is being filed to report sales of such
Common Stock by members of the Group.
Item 4. Purpose of Transaction
Members of the Group acquired the Common Stock of the Issuer in order
to profit from the appreciation in the market price of the Common Stock through
the assertion of shareholder rights. On May 9, 2000, the Group filed a Schedule
13D disclosing their position in the Issuer and their intentions. Thereafter,
members of the Group communicated with management of the Issuer and scheduled a
meeting with senior management of the Issuer in order to discuss maximizing
short and long-term value of the Issuer's assets. On June 2, 2000, the Issuer
and Northeast Pennsylvania Financial Corp. announced the signing of a definitive
agreement under which Northeast Pennsylvania Financial Corp. will acquire the
Issuer. As a result of the announcement, members of the Group have decided to
dispose of shares of Common Stock held by them. Such dispositions will take
place from time to time in market or other transactions at prices determined to
be appropriate by the selling members of the Group.
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, which is 1,356,885 shares.
This information was reported as of May 9, 2000, on a Form 10-QSB, filed by the
Company on May 15, 2000. Except as otherwise specifically noted below, all
transactions of Common Stock reported herein were made in open market
transactions on the American Stock Exchange.
(A) Stilwell Value Partners I
(a) Aggregate number of shares beneficially owned: 62,870
Percentage: 4.6%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 62,870
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 62,870
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CUSIP No. 814847-10-9 SCHEDULE 13D Page 9 of 13
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(c) The chart below sets forth all transactions of Common Stock that
Stilwell Value Partners I has made since the most recent filing of a Schedule
13D on May 9, 2000. The transaction listed below was a sale of Common Stock.
--------------------------------------------------------------------------------
Date Number of Shares Price Per Share($) Total Price ($)
--------------------------------------------------------------------------------
6/2/2000 60,000 16.625 997,500.00
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(d) Because he is the managing and sole member of Stilwell Value LLC, which
is the general partner of Stilwell Value Partners I, Mr. Stilwell has the power
to direct the affairs of Stilwell Value Partners I, including the voting and
disposition of shares of Common Stock held in the name of Stilwell Value
Partners I. Therefore, Mr. Stilwell is deemed to share voting and disposition
power with Stilwell Value Partners I with regard to those shares of Common
Stock.
(B) Stilwell Partners
(a) Aggregate number of shares beneficially owned: 62,870
Percentage: 4.6%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 62,870
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 62,870
(c) Stilwell Partners has engaged in no transactions of Common Stock since
the most recent filing of a Schedule 13D on May 9, 2000.
(d) Because he is the general partner of Stilwell Partners, Mr. Stilwell
has the power to direct the affairs of Stilwell Partners, including the voting
and disposition of shares of Common Stock held in the name of Stilwell Partners.
Therefore, Mr. Stilwell is deemed to share voting and disposition power with
Stilwell Partners with regard to those shares of Common Stock.
(C) Stilwell Associates
(a) Aggregate number of shares beneficially owned: 62,870
Percentage: 4.6%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 62,870
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 62,870
(c) The chart below sets forth all transactions of Common Stock that
Stilwell Associates has made since the most recent filing of a Schedule 13D on
May 9, 2000. The transaction listed below was a sale of Common Stock.
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CUSIP No. 814847-10-9 SCHEDULE 13D Page 10 of 13
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Date Number of Shares Price Per Share($) Total Price ($)
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6/2/2000 60,000 16.625 997,500.00
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(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.
(D) Stilwell Value LLC
(a) Aggregate number of shares beneficially owned: 62,870
Percentage: 4.6%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 62,870
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 62,870
(c) Stilwell Value LLC has engaged in no transactions of Common Stock since
the most recent filing of a Schedule 13D on May 9, 2000.
(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 I. 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 I.
(E) Mr. Joseph Stilwell
(a) Aggregate number of shares beneficially owned: 62,870
Percentage: 4.6%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 62,870
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 62,870
(c) Mr. Stilwell has engaged in no transactions of Common Stock since the
most recent filing of a Schedule 13D on May 9, 2000
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CUSIP No. 814847-10-9 SCHEDULE 13D Page 11 of 13
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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 Item 2 regarding disclosure of the arrangements among 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. 814847-10-9 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: June 5, 2000
STILWELL VALUE PARTNERS I, L.P.
/s/ Joseph Stilwell
-----------------------------------------
By: STILWELL VALUE LLC
General Partner
/s/ Joseph Stilwell
-----------------------------------------
By: Joseph Stilwell
Managing and Sole Member
STILWELL PARTNERS, L.P.
/s/ Joseph Stilwell
-----------------------------------------
By: Joseph Stilwell
General Partner
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
