<PAGE> 1
As filed with the Securities and Exchange Commission on December 30, 1999
Registration No. 333-______
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
AMERICAN FINANCIAL HOLDINGS , INC.
(exact name of registrant as specified in its certificate of incorporation)
DELAWARE 6035 APPLIED FOR
(state or other jurisdiction of (Primary Standard (IRS Employer
incorporation or organization) Classification Code Number) Identification No.)
102 WEST MAIN STREET
NEW BRITAIN, CONNECTICUT 06051
(860) 832-4000
(Address, including zip code, and telephone number,
including area code, of registrant's principal executive offices)
AMERICAN SAVINGS BANK STOCK-BASED
DEFERRED COMPENSATION PLAN
(Full Title of the Plan)
------------------------------------
ROBERT T. KENNEY COPIES TO:
PRESIDENT AND CHIEF EXECUTIVE OFFICER DOUGLAS P. FAUCETTE, ESQUIRE
AMERICAN FINANCIAL HOLDINGS, INC. ERIC S. KRACOV, ESQUIRE
102 WEST MAIN STREET MULDOON, MURPHY & FAUCETTE LLP
NEW BRITAIN, CONNECTICUT 06051 5101 WISCONSIN AVENUE, N.W.
(860) 832-4000 WASHINGTON, D.C. 20016
(202) 362-0840
(Name, address, including zip code, and telephone
number, including area code, of agent for service)
If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. / X /
----
<TABLE>
<CAPTION>
=====================================================================================================
Title of each Class of Amount to be Proposed Purchase Estimated Aggregate Registration
Securities to be Registered Registered (1) Price Per Share Offering Price(2) Fee
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock
$.01 par Value 200,000 Shares $12.75(3) $2,550,000 $674
- -----------------------------------------------------------------------------------------------------
Participation
Interests (4) (5)
=====================================================================================================
</TABLE>
(1) Together with an indeterminate number of additional shares which may be
necessary to adjust the number of shares reserved for issuance pursuant to
the American Savings Bank Stock-Based Deferred Compensation Plan (the
"Plan") as the result of a stock split, stock dividend or similar adjustment
of the outstanding Common Stock of American Financial Holdings, Inc.
pursuant to 17 C.F.R. Section 230.416(a).
(2) Estimated solely for the purpose of calculating the registration fee.
(3) The last sale price of the common stock of American Financial Holdings, Inc.
(the "Common Stock") as reported on the Nasdaq National Market ("Nasdaq") on
December 27, 1999 in accordance with 17 C.F.R. Section 230.457(c).
(4) In addition, pursuant to 17 C.F.R. Section 230.416(c), this registration
statement also covers an indeterminate amount of interests to be offered or
sold pursuant to the employee benefit plan described herein based upon the
maximum amount that could be issued under the plan pursuant to 17 C.F.R.
Section 230.457(h).
(5) In accordance with 17 C.F.R. Section 230.457(h), the registration fee has
been calculated on the basis of the number of shares of Common Stock that
may be purchased with the current assets of such Plan. Accordingly, no
separate fee is required for the participation interests.
THIS REGISTRATION STATEMENT SHALL BECOME EFFECTIVE IMMEDIATELY UPON FILING IN
ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES ACT OF 1933, AS AMENDED, (THE
"SECURITIES ACT") AND 17 C.F.R. SECTION 230.462.
Number of Pages 16
Exhibit Index begins on Page 10
<PAGE> 2
AMERICAN FINANCIAL HOLDINGS, INC.
PART I INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
ITEMS 1 & 2. The documents containing the information for American Savings Bank
Stock-Based Deferred Compensation Plan (the "Plan") required by Part I of the
Registration Statement will be sent or given to the participants in the Plan as
specified by Rule 428(b)(1). Such documents are not filed with the Securities
and Exchange Commission (the "SEC") either as a part of this Registration
Statement or as a prospectus or prospectus supplement pursuant to Rule 424 in
reliance on Rule 428.
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents filed or to be filed with the SEC are incorporated by
reference in this Registration Statement:
(a) The Prospectus filed with the SEC by American Financial Holdings, Inc.
(the "Registrant") (File No. 333-84463) pursuant to Rule 424(b)(3) on October
22, 1999, which includes: (1) the consolidated balance sheets of American
Savings Bank and Subsidiary (the "Bank") as of December 31, 1997 and 1998, and
the related consolidated statements of income, equity, and cash flows for each
of the years in the three-year period ended December 31, 1998, together with the
related notes and the report of KPMG LLP, independent auditors, and (2) the
unaudited consolidated balance sheet of the Bank as of May 31, 1999, the
unaudited consolidated statements of income and cash flows for the five months
ended May 31, 1999 and 1998, and the unaudited consolidated statement of equity
for the five months ended May 31, 1999.
(b) The Form 10-Q report filed by the Registrant for the fiscal quarter
ended September 30, 1999 (File No. 000-27399), filed with the SEC on November
26, 1999.
(c) The description of the Registrant's Common Stock contained in
Registrant's Form 8-A (File No. 000-27399), as filed with the SEC pursuant to
Section 12(g) of the Securities Exchange Act of 1934 (the "Exchange Act"), and
rule 12b-15 promulgated thereunder, on September 21, 1999, and declared
effective October 12, 1999 as incorporated by reference from the Company's Form
S-1 (File No. 333- 84463) declared effective on October 12, 1999.
(d) All documents filed by the Registrant and the Plan, where applicable,
pursuant to Section 13(a) and (c), 14 or 15(d) of the Exchange Act after the
date hereof and prior to the filing of a post-effective amendment which
deregisters all securities then remaining unsold.
ANY STATEMENT CONTAINED IN THIS REGISTRATION STATEMENT, OR IN A DOCUMENT
INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE HEREIN, SHALL BE DEEMED
TO BE MODIFIED OR SUPERSEDED FOR PURPOSES OF THIS REGISTRATION STATEMENT TO THE
EXTENT THAT A STATEMENT CONTAINED HEREIN, OR IN ANY OTHER SUBSEQUENTLY FILED
DOCUMENT WHICH ALSO IS INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE
HEREIN, MODIFIES OR SUPERSEDES SUCH STATEMENT. ANY SUCH STATEMENT SO MODIFIED OR
SUPERSEDED SHALL NOT BE DEEMED, EXCEPT AS SO MODIFIED OR SUPERSEDED, TO
CONSTITUTE A PART OF THIS REGISTRATION STATEMENT.
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ITEM 4. DESCRIPTION OF SECURITIES
The Common Stock to be offered pursuant to the Plan has been registered
pursuant to Section 12(g) of the Exchange Act. Accordingly, a description of the
Common Stock is not required herein.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
None.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS AND PLAN ADMINISTRATOR.
Article X and XI of the Registrant's Certificate of Incorporation provides
as follows:
TENTH:
-----
A. Each person who was or is made a party or is threatened to be
made a party to or is otherwise involved in any action, suit or
proceeding, whether civil, criminal, administrative or investigative
(hereinafter a "proceeding"), by reason of the fact that he or she is or
was a Director or an Officer of the Corporation or is or was serving at
the request of the Corporation as a Director, Officer, employee or agent
of another corporation or of a partnership, joint venture, trust or other
enterprise, including service with respect to an employee benefit plan
(hereinafter an "indemnitee"), whether the basis of such proceeding is
alleged action in an official capacity as a Director, Officer, employee or
agent or in any other capacity while serving as a Director, Officer,
employee or agent, shall be indemnified and held harmless by the
Corporation to the fullest extent authorized by the Delaware General
Corporation Law, as the same exists or may hereafter be amended (but, in
the case of any such amendment, only to the extent that such amendment
permits the Corporation to provide broader indemnification rights than
such law permitted the Corporation to provide prior to such amendment),
against all expense, liability and loss (including attorneys' fees,
judgments, fines, ERISA excise taxes or penalties and amounts paid in
settlement) reasonably incurred or suffered by such indemnitee in
connection therewith; provided, however, that, except as provided in
Section C hereof with respect to proceedings to enforce rights to
indemnification, the Corporation shall indemnify any such indemnitee in
connection with a proceeding (or part thereof) initiated by such
indemnitee only if such proceeding (or part thereof) was authorized by the
Board of Directors of the Corporation.
B. The right to indemnification conferred in Section A of this
Article TENTH shall include the right to be paid by the Corporation the
expenses incurred in defending any such proceeding in advance of its final
disposition (hereinafter an "advancement of expenses"); provided, however,
that, if the Delaware General Corporation Law requires, an advancement of
expenses incurred by an indemnitee in his or her capacity as a Director or
Officer (and not in any other capacity in which service was or is rendered
by such indemnitee, including, without limitation, services to an employee
benefit plan) shall be made only upon delivery to the Corporation of an
undertaking (hereinafter an "undertaking"), by or on behalf of such
indemnitee, to repay all amounts so advanced if it shall ultimately be
determined by final judicial decision from which there is no further right
to appeal (hereinafter a "final adjudication") that such indemnitee is not
entitled to be indemnified for such expenses under this Section or
otherwise. The rights to indemnification and to the advancement of
expenses conferred in Sections A and B of this Article TENTH shall be
contract rights and such rights shall continue as to an indemnitee who has
ceased to be a Director,
3
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Officer, employee or agent and shall inure to the benefit of the
indemnitee's heirs, executors and administrators.
C. If a claim under Section A or B of this Article TENTH is not paid
in full by the Corporation within sixty days after a written claim has
been received by the Corporation, except in the case of a claim for an
advancement of expenses, in which case the applicable period shall be
twenty days, the indemnitee may at any time thereafter bring suit against
the Corporation to recover the unpaid amount of the claim. If successful
in whole or in part in any such suit, or in a suit brought by the
Corporation to recover an advancement of expenses pursuant to the terms of
an undertaking, the indemnitee shall be entitled to be paid also the
expenses of prosecuting or defending such suit. In (i) any suit brought by
the indemnitee to enforce a right to indemnification hereunder (but not in
a suit brought by the indemnitee to enforce a right to an advancement of
expenses) it shall be a defense that, and (ii) in any suit by the
Corporation to recover an advancement of expenses pursuant to the terms of
an undertaking the Corporation shall be entitled to recover such expenses
upon a final adjudication that, the indemnitee has not met any applicable
standard for indemnification set forth in the Delaware General Corporation
Law. Neither the failure of the Corporation (including its Board of
Directors, independent legal counsel, or its stockholders) to have made a
determination prior to the commencement of such suit that indemnification
of the indemnitee is proper in the circumstances because the indemnitee
has met the applicable standard of conduct set forth in the Delaware
General Corporation Law, nor an actual determination by the Corporation
(including its Board of Directors, independent legal counsel, or its
stockholders) that the indemnitee has not met such applicable standard of
conduct, shall create a presumption that the indemnitee has not met the
applicable standard of conduct or, in the case of such a suit brought by
the indemnitee, be a defense to such suit. In any suit brought by the
indemnitee to enforce a right to indemnification or to an advancement of
expenses hereunder, or by the Corporation to recover an advancement of
expenses pursuant to the terms of an undertaking, the burden of proving
that the indemnitee is not entitled to be indemnified, or to such
advancement of expenses, under this Article TENTH or otherwise shall be on
the Corporation.
D. The rights to indemnification and to the advancement of expenses
conferred in this Article TENTH shall not be exclusive of any other right
which any person may have or hereafter acquire under any statute, the
Corporation's Certificate of Incorporation, Bylaws, agreement, vote of
stockholders or Disinterested Directors or otherwise.
E. The Corporation may maintain insurance, at its expense, to
protect itself and any Director, Officer, employee or agent of the
Corporation or subsidiary or Affiliate or another corporation,
partnership, joint venture, trust or other enterprise against any expense,
liability or loss, whether or not the Corporation would have the power to
indemnify such person against such expense, liability or loss under the
Delaware General Corporation Law.
F. The Corporation may, to the extent authorized from time to time
by the Board of Directors, grant rights to indemnification and to the
advancement of expenses to any employee or agent of the Corporation to the
fullest extent of the provisions of this Article TENTH with respect to the
indemnification and advancement of expenses of Directors and Officers of
the Corporation.
4
<PAGE> 5
ELEVENTH: A Director of this Corporation shall not be personally liable to
--------
the Corporation or its stockholders for monetary damages for breach of fiduciary
duty as a Director, except for liability: (i) for any breach of the Director's
duty of loyalty to the Corporation or its stockholders; (ii) for acts or
omissions not in good faith or which involve intentional misconduct or a knowing
violation of law; (iii) under Section 174 of the Delaware General Corporation
Law; or (iv) for any transaction from which the Director derived an improper
personal benefit. If the Delaware General Corporation Law is amended to
authorize corporate action further eliminating or limiting the personal
liability of Directors, then the liability of a Director of the Corporation
shall be eliminated or limited to the fullest extent permitted by the Delaware
General Corporation Law, as so amended.
Any repeal or modification of the foregoing paragraph by the stockholders
of the Corporation shall not adversely affect any right or protection of a
Director of the Corporation existing at the time of such repeal or modification.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
ITEM 8. LIST OF EXHIBITS.
The following exhibits are filed with or incorporated by reference into
this Registration Statement on Form S-8 (numbering corresponds generally to
Exhibit Table in Item 601 of Regulation S-K):
4.1 Certificate of Incorporation of the Registrant1
4.2 Bylaws of the Registrant1
4.3 Stock Certificate of American Financial Holdings, Inc.1
4.4 American Savings Bank Stock-Based Deferred Compensation Plan1
5.0 Opinion of Muldoon, Murphy & Faucette LLP re: legality of the
securities
23 Consent of KPMG LLP.
24 Power of Attorney is located on the signature pages.
- --------------------------
1 Incorporated herein by reference from the Exhibits contained in the
Registration Statement on Form S-1 (SEC No. 333-84463), as amended, and declared
effective on October 12, 1999.
5
<PAGE> 6
ITEM 9. UNDERTAKINGS
The undersigned Registrant hereby undertakes:
(1) To file, during any period in which it offers or sells securities, a
post-effective amendment to this Registration Statement to:
(i) Include any Prospectus required by Section 10(a)(3) of the
Securities Act;
(ii) Reflect in the Prospectus any facts or events which,
individually or together, represent a fundamental change in
the information in the Registration Statement. Notwithstanding
the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus
filed with the SEC pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more
than a 20 percent change in the maximum aggregate offering
price set forth in the "Calculation of Registration Fee" table
in the effective registration statement; and
(iii) Include any additional or changed material information on the
plan of distribution not previously disclosed in the
Registration Statement or any material change to such
information in the Registration Statement unless the
information required by (i) and (ii) is contained in periodic
reports filed by the Registrant pursuant to Section 13 or
15(d) of the Exchange Act that are incorporated by reference
into this Registration Statement;
(2) For determining liability under the Securities Act, to treat each
post-effective amendment as a new Registration Statement of the
securities offered, and the offering of the securities at that time
to be the initial bona fide offering thereof.
(3) To file a post-effective amendment to remove from registration any
of the securities that remain unsold at the end of the Offering.
(4) That, for purposes of determining any liability under the Securities
Act, each filing of the Registrant's or the Plan's annual report
pursuant to Section 13(a) or 15(d) of the Exchange Act that is
incorporated by reference in the Registration Statement shall be
deemed to be a new Registration Statement relating to the securities
offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to trustees, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or
paid by a trustee, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
trustee, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been
6
<PAGE> 7
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.
7
<PAGE> 8
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, American
Financial Holdings, Inc. certifies that is has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-8 and has duly caused
this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in New Britain, Connecticut on November 22, 1999.
AMERICAN FINANCIAL HOLDINGS, INC.
By: /s/ Robert T. Kenney
--------------------------------------
Robert T. Kenney
President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
KNOW ALL MEN BY THESE PRESENT, that each person whose signature appears
below constitutes and appoints Robert T. Kenney and Charles J. Boulier III, as
his true and lawful attorney-in-fact and agent with full power of substitution
and resubstitution, for him and in his name, place and stead, in any and all
capacities to sign any or all amendments to the Form S-8 Registration Statement,
and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the U.S. Securities and Exchange Commission,
respectively, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and things requisite and
necessary to be done as fully to all intents and purposes as he might or could
do in person, hereby ratifying and confirming all that said attorney-in-fact and
agent or his substitute or substitutes, may lawfully do or cause to be done by
virtue hereof.
Name Title Date
---- ----- ----
/s/ Robert T. Kenney Director, President and Chief November 22, 1999
- ---------------------------- Executive Officer
Robert T. Kenney (principal executive officer)
/s/ Charles J. Boulier III Executive Vice President, November 22, 1999
- --------------------------- Treasurer, and Chief Financial Officer
Charles J. Boulier III (principal accounting and
financial officer)
/s/ Adolf G. Carlson Director November 22, 1999
- ---------------------------
Adolf G. Carlson
/s/ Marie S. Gustin Director November 22, 1999
- ---------------------------
Marie S. Gustin
8
<PAGE> 9
/s/ Fred M. Hollfelder Director November 22, 1999
- --------------------------
Fred M. Hollfelder
/s/ Mark E. Karp Director November 22, 1999
- ---------------------
Mark E. Karp
/s/ Steven T. Martin Director November 22, 1999
- ----------------------
Steven T. Martin
/s/ Harry N. Mazadoorian Director November 22, 1999
- ----------------------------
Harry N. Mazadoorian
/s/ Jeffrey T. Witherwax Director November 22, 1999
- ----------------------------
Jeffrey T. Witherwax
9
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<TABLE>
<CAPTION>
EXHIBIT INDEX
-------------
Sequentially
Numbered
Page
Exhibit No. Description Method of Filing Location
- ------------ ---------------------- ------------------------------------------------------ ----------
<S> <C> <C> <C>
4.1 Certificate of Incorporated herein by reference from the Exhibits --
Incorporation of the of the Registrant's Registration Statement on Form
Registrant S-1 filed with the SEC and declared effective on
October 12, 1999.
4.2 Bylaws of the Incorporated herein by reference from the Exhibits --
Registrant of the Registrant's Registration Statement on Form
S-1 filed with the SEC and declared effective on
October 12, 1999.
4.3 Stock Certificate of Incorporated herein by reference from the Exhibits --
American Financial of the Registrant's Registration Statement on Form
Holdings, Inc. S-1 filed with the SEC and declared effective on
October 12, 1999.
4.4 American Savings Incorporated herein by reference from the Exhibits --
Bank Stock-Based of the Registrant's Registration Statement on Form
Deferred S-1 filed with the SEC and declared effective on
Compensation Plan October 12, 1999.
5.0 Opinion of Muldoon, Filed herewith. 11
Murphy & Faucette
LLP re: legality of
the securities
23 Consents of KMPG Filed herewith. 15
LLP
24 Power of Attorney Located on the signature page. --
</TABLE>
10
<PAGE> 1
EXHIBIT 5.0 OPINION OF MULDOON, MURPHY & FAUCETTE LLP
<PAGE> 2
[MULDOON, MURPHY & FAUCETTE LLP LETTERHEAD APPEARS HERE]
December 30, 1999
Board of Directors
American Financial Holdings, Inc.
102 West Main Street
New Britain, Connecticut 06051
Re: American Savings Bank Stock-Based Deferred Compensation Plan
Ladies and Gentlemen:
We have acted as counsel for American Financial Holdings, Inc. (the
"Company") in connection with the registration under the Securities Act of 1933,
as amended, on Form S-8 of 200,000 shares of the Company's Common Stock, $.01
par value (the "Shares"), to be issued under the American Savings Bank
Stock-Based Deferred Compensation Plan (the "Plan").
As such counsel, we have made such legal and factual examinations and
inquires as we deemed advisable for the purpose of rendering this opinion. In
our examination, we have assumed and have not verified (i) the genuineness of
all signatures, (ii) the authenticity of all documents submitted to us as
originals, (iii) the conformity with the originals of all documents supplied to
us as copies, and (iv) the accuracy and completeness of all corporate records
and documents and of all certificates and statements of fact, in each case given
or made available to us by the Company or its subsidiary.
<PAGE> 3
Board of Directors
American Financial Holdings, Inc.
December 30, 1999
Page 2
Based on the foregoing and limited in all respects to Delaware law and the
facts as they exist on the date hereof, it is our opinion that the Shares
reserved under the Plan have been duly authorized and, upon the issuance of the
Shares in the manner described in the Plan, will be validly issued, fully paid
and nonassessable.
The following provisions of the Certificate of Incorporation may not be
given effect by a court applying Delaware law, but in our opinion the failure to
give effect to such provisions will not affect the duly authorized, validly
issued, fully paid and nonassessable status of the Common Stock:
(a) Subsections C.3 and C.6 of Article FOURTH which grant the
Board the authority to construe and apply the provisions of
that Article and subsection C.4 or Article FOURTH, to the
extent that subsection obligates any person to provide the
Board the information such subsection authorizes the Board to
demand, in each case to the extent, if any, that a court
applying Delaware law were to impose equitable limitations
upon such authority; and
(b) Article NINTH which authorizes the Board to consider the
effect of any offer to acquire the Company on constituencies
other than stockholders in evaluating any such offer.
We note that, although certain portions of the registration statement on
Form S-8 (the financial statements and schedule) have been included therein
(through incorporation by reference) on the authority of "experts" within the
meaning of the Securities Act, we are not experts with respect to any portion of
the Registration Statement, including without limitation to the financial
statements or schedules or the other financial information or data included
therein.
This opinion is rendered to you solely for your benefit in connection with
the issuance of the Shares as described above. This opinion may not be relied
upon by any other person or for any other purpose, and it should not be quoted
in whole or in part or otherwise referred to or be filed with or furnished to
any governmental agency (other than the Securities and Exchange
<PAGE> 4
Board of Directors
American Financial Holdings, Inc.
December 30, 1999
Page 3
Commission in connection with the aforementioned Registration Statement on Form
S-8 in which this opinion is contained) or any other person or entity without
the prior written consent of this firm.
We hereby consent to the filing of this opinion as an exhibit to, and the
reference to this firm in, the Company's Registration Statement on Form S-8.
Very truly yours,
/s/ MULDOON, MURPHY & FAUCETTE LLP
------------------------------------
MULDOON, MURPHY & FAUCETTE LLP
<PAGE> 1
EXHIBIT 23 CONSENT OF KPMG LLP
<PAGE> 2
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
American Financial Holdings, Inc.:
We consent to the incorporation by reference, in the registration statement (No.
333-______) on Form S-8 of American Financial Holdings, Inc. of our report dated
February 17, 1999, except for Note 17 which is as of June 28, 1999, relating to
the consolidated balance sheets of American Savings Bank and Subsidiaries as of
December 31, 1998 and 1997, and the related consolidated statements of income,
equity and cash flows for each of the years in the three-year period ended
December 31, 1998, which report appears in registration statement (No.
333-84463) on Form S-1 of American Financial Holdings, Inc.
/s/ KPMG LLP
Hartford, Connecticut
December 30, 1999
