<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13 D
Under the Securities Exchange Act of 1934
(Amendment No. )
FIRST COMMUNITY FINANCIAL CORPORATION
-------------------------------------
(Name of Issuer)
Common Stock, no par value
-----------------------------------
(Title of Class of Securities)
31984M 10 6
----------------------
(CUSIP Number)
June 21, 1999
----------------------
(Date of Event Which Requires Filing of this Statement)
William R. Gilliam, President
Community Savings Charitable Foundation, Inc.
708 South Church Street
Burlington, NC 27216-1837
(336) 227-3631
-------------------------------------------------------
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-1(f) or 240.13d-1(g), check the
following box. [_]
NOTE: Schedules filed in the paper format shall include a signed original and
five copies of the schedule, including all exhibits. See ss.240.13d-7(b) 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 the
disclosures provided in a prior cover page.
The information required in 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).
(Cover Page Continued)
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CUSIP NO. 31984M 10 6
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NAMES OF REPORTING PERSONS.
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Community Savings Charitable Foundation, Inc.
(I.R.S. Identification Number Applied For)
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
4 N/A SHARES OBTAINED BY GIFT.
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
5 2(d) or 2(e)
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
North Carolina
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SOLE VOTING POWER
7
NUMBER OF
100,000 Shares
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
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EACH SOLE DISPOSITIVE POWER
9
REPORTING
100,000 Shares
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
100,000 Shares
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
12 (SEE INSTRUCTIONS)
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
13
5.32%
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
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Item 1. Security and Issuer:
- ----------------------------
Common Stock
First Community Financial Corporation
708 South Church Street
Burlington, North Carolina 27216-1837
Item 2. Filer.
- --------------
Name: Community Savings Charitable Foundation, Inc.
State or Place of Organization: North Carolina
Principal Business: Charitable Organization
Address of its Principal Business: 708 South Church Street,
Burlington,
North Carolina 27216-1837
(d) No
(e) No
Other Persons Described in General Instruction C.
------------------------------------------------
(a) Jimmy L. Byrd, Director
(b) 3025 Truitt Drive
Burlington, North Carolina, 27215
(c) Grocery retailer, Byrd Limited Partnership
P. O. Box 2320
Burlington, North Carolina 27216
(d) No
(e) No
(f) United States
Page 3 of 19 Pages
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(a) William R. Gilliam, Executive Officer and Director
(b) 708 South Church Street, Burlington, North Carolina,
27216-1837
(c) President and Chief Executive Officer
First Community Financial Corporation,
a bank holding company,
708 South Church Street
Burlington, North Carolina 27216-1837
President and Chief Executive Officer
Community Savings Bank, Inc.,
a savings bank,
708 South Church Street
Burlington, North Carolina 27216-1837
(d) No
(e) No
(f) United States
(a) Julian P. Griffin, Executive Officer and Director
(b) 3929 South Church Street
Burlington, North Carolina 27216
(c) Retired
(d) No
(e) No
(f) United States
(a) Edgar L. Hartgrove, Director
(b) 2810 Bedford Street, Burlington, North Carolina 27215
(c) Retired
Pages 4 of 17 Pages
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(d) No
(e) No
(f) United States
(a) William C. Ingold, Director
(b) 308 Meadowood Drive, Burlington, North Carolina 27215
(c) Automobile Dealer
Burlington Motors, Inc.
P. O. Box 2056
Burlington, North Carolina 27216
(d) No
(e) No
(f) United States
(a) Charles A. LeGrand, Director
(b) 310 Engleman Avenue, Burlington, North Carolina 27215
(c) Retired
(d) No
(e) No
(f) United States
(a) James D. Moser, Jr., Executive Officer and Director
(b) 1772 Belmont - Alamance Road, Burlington, North Carolina
27215
(c) Certified Public Accountant, Gilliam Coble & Moser, LLP
P. O. Box 624, Burlington, North Carolina 27216
Page 5 of 17 Pages
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(d) No
(e) No
(f) United States
(a) W. Joseph Rich, Director
(b) 2251 West Front Street, Burlington, North Carolina 27215
(c) Funeral Director
Rich & Thompson Funeral Service, Inc.
P. O. Box 658
Burlington, North Carolina 27216
(d) No
(e) No
(f) United States
(a) Alfred J. Spitzner, Director
(b) 1250 Woodhaven Drive, Mebane, North Carolina 27302
(c) Self-employed metallurgical consultant,
1250 Woodhaven Drive
Mebane, North Carolina 27302
(d) No
(e) No
(f) United States
(a) Herbert N. Wellons, Director
(b) 720 Westbrook Drive, Burlington, North Carolina 27215
(c) Retired
Pages 6 of 17 Pages
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(d) No
(e) No
(f) United States
(a) Linda Byrd
(b) 3025 Truitt Drive
Burlington, North Carolina 27215
(c) Not applicable
(d) No
(e) No
(f) United States
(a) Polly M. Gilliam
(b) 3905 North NC Highway 87
Elon College, North Carolina 27244
(c) Not applicable
(d) No
(e) No
(f) United States
(a) Rebecca B. Griffin
(b) 3929 South Church Street
Burlington, North Carolina 27216
(c) Not applicable
(d) No
Page 7 of 17 Pages
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(e) No
(f) United States
(a) Doris T. Hartgrove
(b) 2810 Bedford Street
Burlington, North Carolina 27215
(c) Not applicable
(d) No
(e) No
(f) United States
(a) Mary L. Ingold
(b) 308 Meadowood Drive
Burlington, North Carolina 27215
(c) Not applicable
(d) No
(e) No
(f) United States
(a) Patricia B. LeGrand
(b) 310 Engleman Avenue
Burlington, North Carolina 27215
(c) Not applicable
(d) No
Page 8 of 17 Pages
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(e) No
(f) United States
(a) Brenda W. Moser
(b) 1772 Bellemont - Alamance Road
Burlington, North Carolina 27215
(c) Not applicable
(d) No
(e) No
(f) United States
(a) Sue McAteer Rich
(b) 2251 West Front Street
Burlington, North Carolina 27215
(c) Not applicable
(d) No
(e) No
(f) United States
(a) Eula J. Wellons
(b) 720 Westbrook Drive
Burlington, North Carolina 27215
(c) Not applicable
(d) No
Page 9 of 17 Pages
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(e) No
(f) United States
Item 3. Source and Amount of Funds or Other Consideration.
- ------ -------------------------------------------------
Not applicable. Securities were acquired by gift.
Item 4. Purpose of Transaction.
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The securities were acquired to be used to further the charitable
purposes of the filer, which is a private foundation. Gifts of assets
of the filer, including the securities described herein, will be made
from time to time to charitable organizations, and for other
charitable purposes, as determined by the filer. Except as set forth
herein, the filer is not a party to any plans or proposals which would
result in any of the transaction described in (a) through (j) of this
item.
Item 5. Interest in Securities of the Issuer.
- ------ ------------------------------------
Filer.
-----
(a) 100,000 shares (5.32% of outstanding)
(b) Sole voting power - 100,000 shares
Shared voting power - 0 shares
Sole dispositive power - 100,000 shares
Shared dispositive power - 0 shares
(c) None
(d) Not applicable
(e) Not applicable
Page 10 of 17 Pages
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Other Persons Described in General Instruction C.
-------------------------------------------------
Jimmy L. Byrd
(a) 20,000 shares (1.06% of outstanding)
(b) Sole voting power - 13,334 shares
Shared voting power - 6,666 shares (with Linda Byrd)
Sole dispositive power - 13,334 shares
Shared dispositive power - 6,666 shares (with Linda Byrd)
(c) None
(d) Not applicable
(e) Not applicable
William R. Gilliam
(a) 20,000 shares (1.06% of outstanding)
(b) Sole voting power - 13,333 shares
Shared voting power - 6,667 shares (with Polly M. Gilliam)
Sole dispositive power - 13,333 shares
Shared dispositive power - 6,667 shares (with Polly M.
Gilliam)
(c) None
(d) Not applicable
(e) Not applicable
Julian P. Griffin
(a) 18,488 shares (0.98% of outstanding)
Page 11 of 17 Pages
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(b) Sole voting power - 10,848 shares
Shared voting power - 7,640 shares (with Rebecca B. Griffin)
Sole dispositive power - 10,848 shares
Shared dispositive power - 7,640 shares (with Rebecca B.
Griffin)
(c) None
(d) Not applicable
(e) Not applicable
Edgar L. Hartgrove
(a) 20,000 shares (1.06% of outstanding)
(b) Sole voting power - 13,000 shares
Shared voting power - 7,000 shares (with Doris T. Hartgrove)
Sole dispositive power - 13,000 shares
Shared dispositive power - 7,000 shares (with Doris T.
Hartgrove)
(c) None
(d) Not applicable
(e) Not applicable
William C. Ingold
(a) 20,000 shares *(1.06% of outstanding)
(b) Sole voting power - 19,000 shares
Shared voting power - 1,000 shares (with Mary L. Ingold)
Page 12 of 17 Pages
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Sole dispositive power - 19,000 shares
Shared dispositive power - 1,000 shares (with Mary L. Ingold)
(c) None
(d) Not applicable
(e) Not applicable
* In addition, Mr. Ingold is a Trustee of the Employee Stock Ownership Plan
and Trust for Community Savings Bank, Inc. (ESOP). The ESOP owns 150,464
shares (8% of outstanding), and Mr. Ingold has shared voting and
dispositive control over such shares.
Charles A. LeGrand
(a) 20,000 shares (1.06% of outstanding)
(b) Sole voting power - 14,649 shares
Shared voting power - 5,351 shares (with Patricia B. LeGrand)
Sole dispositive power - 14,649 shares
Shared dispositive power - 5,351 shares (with Patricia B.
LeGrand)
(c) None
(d) Not applicable
(e) Not applicable
James D. Moser, Jr.
(a) 20,000 shares (1.06% of outstanding)
(b) Sole voting power - 14,000 shares
Shared voting power - 6,000 shares (with Brenda W. Moser)
Page 13 of 17 Pages
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Sole dispositive power - 14,000 shares
Shared dispositive power - 6,000 shares (with Brenda W.
Moser)
(c) None
(d) Not applicable
(e) Not applicable
W. Joseph Rich
(a) 11,667 shares (0.620% of outstanding)
(b) Sole voting power - 8,969 shares
Shared voting power - 2,698 shares (with Sue McAteer Rich)
Sole dispositive power - 8,969 shares
Shared dispositive power - 2,698 shares (with Sue McAteer
Rich)
Alfred J. Spitzner
(a) 13,415 shares *(0.71% of outstanding)
(b) Sole voting power - 13,415 shares
Shared voting power - 0
Sole dispositive power - 13,415 shares
Shared dispositive power - 0
(c) None
(d) Not applicable
(e) Not applicable
Page 14 of 17 Pages
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* In addition, Mr. Spitzner is a Trustee of the Employee Stock Ownership
Plan and Trust for Community Savings Bank, Inc. (ESOP). The ESOP owns
150,464 shares (8% of outstanding), and Mr. Spitzner has shared voting and
dispositive control over such shares.
Herbert N. Wellons
(a) 13,362 shares *(0.71% of outstanding)
(b) Sole voting power - 12,281 shares
Shared voting power - 1,081 shares (with Eula J. Wellons)
Sole dispositive power - 12,281 shares
Shared dispositive power - 1,081 shares (with Eula J.
Wellons)
(c) None
(d) Not applicable
(e) Not applicable
* In addition, Mr. Wellons is a Trustee of the Employee Stock Ownership
Plan and Trust for Community Savings Bank, Inc. (ESOP). The ESOP owns
150,464 shares (8% of outstanding), and Mr. Wellons has shared voting and
dispositive control over such shares.
Item 6. Contracts, Assignments, Understandings or Relationships With Respect to
- ------ -----------------------------------------------------------------------
Securities of the Issuer.
------------------------
The filer has agreed with the Federal Deposit Insurance Corporation that any
shares of First Community Financial Corporation common stock held by it must be
voted in the same ratio as all other shares of First Community Financial
Corporation common stock voted on all proposals considered by stockholders of
First Community Financial Corporation. In addition, the filer has agreed with
Community Savings Bank, Inc. that the amount of common stock that may be sold by
the filer in any one year shall not exceed 5% of the average market value of the
filer's assets, except where the board of directors of the filer determines that
the failure to sell an amount of stock greater than such amount would result in
a long-term reduction of the value of the filer's assets or would otherwise
jeopardize the filer's capacity to carry out its charitable purposes.
Page 15 of 17 Pages
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Item 7. Material Filed as Exhibits.
- ------ --------------------------
(1) Letter from Community Savings Charitable Foundation, Inc. to
Federal Deposit Insurance Corporation dated June _____, 1999.
(2) Agreement between Community Savings Charitable Foundation, Inc.
and Community Savings Bank, Inc dated June 21, 1999.
Page 16 of 17 Pages
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SIGNATURE
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: July 1, 1999 COMMUNITY SAVINGS CHARITABLE FOUNDATION, INC.
By: /s/ William R. Gilliam
---------------------------------------
William R. Gilliam, President
Page 17 of 17 Pages
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Exhibit 1
---------
June 15, 1999
Federal Deposit Insurance Corporation
550 17th Street, N.W.
Washington, D.C. 20429
Attention: Mr. Brent J. Klanderud
Re: Community Savings Bank, SSB,
Burlington, North Carolina - Notice of Intent to Convert from
Mutual to Stock Form
Ladies and Gentlemen:
Pursuant to your letter to the Board of Directors of Community Savings
Bank, SSB, dated May 10, 1999 the Community Savings Charitable Foundation, Inc.
commits and agrees to the following oversight provisions:
1. The common stock of First Community Financial Corporation held by
the Foundation shall be voted by the Foundation in the same ratio
as the shares voted on each and every proposal considered by the
stockholders of First Community.
2. The Foundation shall be subject to examination by the FDIC.
3. The Foundation shall comply with all supervisory directives
imposed by the FDIC.
4. The Foundation shall operate in accordance with written policies
adopted by the Foundation's Board of Directors.
5. The Foundation shall provide annual reports to the FDIC
describing the grants made and grant recipients.
The Foundation has adopted an operating policy which includes
provisions set forth above.
Community Savings Charitable Foundation,
Inc.
By: /s/ William R. Gilliam
-----------------------------------
William R. Gilliam, Incorporator
and President
<PAGE>
Exhibit 2
---------
AGREEMENT
---------
THIS AGREEMENT by and between Community Savings Bank, Inc., a North
Carolina - chartered savings bank ("Community Savings") and Community Savings
Charitable Foundation, Inc., a North Carolina non-profit corporation (the
"Foundation"), this the 21st day of June, 1999.
W I T N E S S E T H:
-------------------
WHEREAS, Community Savings has today given to the Foundation 100,000
shares of common stock, no par value, of First Community Financial Corporation
(the "Common Stock"); and
WHEREAS, one of the conditions of the gift is that the Foundation will
agree to certain restrictions on the sale of the Common Stock.
NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Foundation agrees that the amount of Common Stock that may be
sold by the Foundation in any 12 month period shall not exceed 5% of the average
market value of the assets held by the Foundation, except where the Board of
Directors of the Foundation determines that the failure to sell an amount of
Common Stock greater than such amount would result in a long - term reduction in
the value of the Foundation's assets or would otherwise jeopardize the
Foundation's status as a tax exempt organization or its capacity to carry out
its charitable purposes.
WITNESS the signatures of the undersigned, this the day and year first
above written.
COMMUNITY SAVINGS BANK, INC.
By: /s/ W. R. Gilliam
-----------------------------
President
COMMUNITY SAVINGS CHARITABLE
FOUNDATION, INC.
By: /s/ W. R. Gilliam
-----------------------------
President
