<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
NORTH COUNTY BANCORP
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK
- --------------------------------------------------------------------------------
(Title of Class of Securities)
65881000
-------------------------------------------------------
(CUSIP Number)
RICHARD J. PERRY JR., ESQUIRE
LEVI PERRY SIMMONS & LOOTS, P.C.
805 FIFTEENTH STREET, N.W., SUITE 1101
WASHINGTON, D.C. 20005
TEL: (202) 326-8602
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
JULY 22, 1996
-------------------------------------------------------
(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 which is the subject if this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box ___ .
Check the following box if a fee is being paid with this statement. ___ A fee
is not required only if the reporting person (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item (1); and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.
<PAGE> 2
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CUSIP NUMBER 65881000 PAGE 2 OF 18 PAGES
--------- --------- ------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1. NAME OF REPORTING PERSON/ S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON
Financial Institution Partners, L.P. / 52-1899611
- ------------------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ____
(b) ____
- ------------------------------------------------------------------------------------------------------------------------------------
3. SOURCE OF FUNDS
WC
- ------------------------------------------------------------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d) & 2(e)
NO
- ------------------------------------------------------------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY --------------------------------------------------------------------------------------------------------------------
EACH
REPORTING 7. SHARED VOTING POWER
PERSON WITH
244,145 SHARES
--------------------------------------------------------------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
--------------------------------------------------------------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
244,145 SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
244,145 SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
No
- ------------------------------------------------------------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
12.9%
- ------------------------------------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
PN
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CUSIP NUMBER 65881000 PAGE 3 OF 18 PAGES
--------- --------- ------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1. NAME OF REPORTING PERSON/ S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON
Hovde Capital, Inc./ 52-1891904
- ------------------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ____
(b) ____
- ------------------------------------------------------------------------------------------------------------------------------------
3. SOURCE OF FUNDS
AF
- ------------------------------------------------------------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d) & 2(e)
NO
- ------------------------------------------------------------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY --------------------------------------------------------------------------------------------------------------------
EACH 7. SHARED VOTING POWER
REPORTING
PERSON WITH 244,145 SHARES
--------------------------------------------------------------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
--------------------------------------------------------------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
244,145 SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
244,145 SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- ------------------------------------------------------------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
12.9%
- ------------------------------------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
CO
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CUSIP NUMBER 65881000 PAGE 4 OF 18 PAGES
--------- --------- ------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1. NAME OF REPORTING PERSON/ S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON
Eric D. Hovde\ S.S. # ###-##-####
- ------------------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ____
(b) ____
- ------------------------------------------------------------------------------------------------------------------------------------
3. SOURCE OF FUNDS
AF, PF
- ------------------------------------------------------------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d) & 2(e)
NO
- ------------------------------------------------------------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY 3,397 SHARES
EACH --------------------------------------------------------------------------------------------------------------------
REPORTING 7. SHARED VOTING POWER
PERSON WITH
244,145 SHARES
--------------------------------------------------------------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
3,397 SHARES
--------------------------------------------------------------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
244,145 SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
247,542 SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- ------------------------------------------------------------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
13.1%
- ------------------------------------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
IN
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CUSIP NUMBER 65881000 PAGE 5 OF 18 PAGES
--------- --------- ------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
1. NAME OF REPORTING PERSON/ S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON
Steven D. Hovde/ S.S. # ###-##-####
- ------------------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ____
(b) ____
- ------------------------------------------------------------------------------------------------------------------------------------
3. SOURCE OF FUNDS
AF, PF
- ------------------------------------------------------------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d) & 2(e)
NO
- ------------------------------------------------------------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF 6. SOLE VOTING POWER
SHARES
OWNED BY --------------------------------------------------------------------------------------------------------------------
EACH 7. SHARED VOTING POWER
REPORTING
PERSON WITH 244,212 SHARES
--------------------------------------------------------------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
--------------------------------------------------------------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
244,212 SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
244,212 SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- ------------------------------------------------------------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
13.0%
- ------------------------------------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
IN
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 6
ITEM 1. SECURITY AND ISSUER
The class of security to which this statement relates is the common
stock, no par value (the "Shares"), of North County Bancorp, Inc. (the
"Issuer"). The address of the principal executive offices of the Issuer is 444
S. Escondido Boulevard, Escondido, California, 92025.
ITEM 2. IDENTITY AND BACKGROUND
The persons filing this statement are Financial Institution Partners,
L.P. (the "Limited Partnership") Hovde Capital, Inc., Eric D. Hovde and Steven
D. Hovde, who are collectively referred to herein as the "Reporting Persons."
The Limited Partnership is a Delaware limited partnership formed for the
purpose of investing in, among other things, the equity securities of various
financial institutions. Hovde Capital, Inc., a Delaware general business
corporation, is the general partner (the "General Partner") of the Limited
Partnership. Eric D. Hovde and Steven D. Hovde are controlling shareholders of
Hovde Capital, Inc.
Attached as Schedule 1 hereto and incorporated by reference herein is
a list containing the principal business and the address of its principal
business and office for the Limited Partnership and the General Partner as well
as information required by (a) through (f) of this Item as to each executive
officer, director and/or controlling person of the General Partner. The
General Partner controls the Limited Partnership.
None of the Reporting Persons or executive officers, directors or
controlling persons of the General Partner has, during the last five years,
been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or 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.
The Reporting Persons do not believe that they constitute a "group"
within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934.
Nevertheless, the Reporting Persons are making this filing because of the
possibility that they may be deemed a group, although each of the Reporting
Persons disclaims any membership in, and the existence of, such a group.
Neither the making of this filing nor any statement contained herein shall be
deemed to be an admission by any of the Reporting Persons that a group exists.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Information regarding the source and amount of funds used by the
Reporting Persons in acquiring beneficial ownership of their Shares is set
forth in Schedule 2 attached hereto and incorporated herein by reference.
<PAGE> 7
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Persons have acquired the Shares for investment purposes
and as set forth below:
(a) Each of the Reporting Persons may independently acquire additional
Shares or dispose of some or all of its Shares. In connection with the
negotiated private placement of the initial 177,188 shares of the Common Stock
to the Limited Partnership and the General Partner by the Issuer as herein
reported, the Issuer granted the Limited Partnership and the General Partner a
right of first refusal, in the event shares of the Common Stock or other voting
securities (including securities convertible into voting securities) are
offered by the Issuer other than in the initial private placement to the
Limited Partnership and the General Partner, to purchase at least a sufficient
number of such securities in any such offering as may be necessary to maintain
the Limited Partnership's and the General Partner's then beneficial ownership
interest in the Common Stock immediately prior to such offering. See paragraph
8(b) at pages 9 and 10 of Exhibit B at Item 7 incorporated herein by reference.
In light of the rights of first refusal granted to the Limited
Partnership and the General Partner by the Issuers as described above and to
insure that the Reporting Persons will remain in compliance with applicable
bank regulatory requirements in the event any additional Shares are acquired by
the Reporting Persons:
(i) the Reporting Persons and the Federal Reserve Bank of
San Francisco (the "Reserve Bank") agreed to certain
non-control commitments (see Exhibit C at Item 7
hereof incorporated herein by reference) with
respect to the Issuer customarily agreed
to in order to insure that the Reporting Persons
would not be deemed to control the Issuer for
purposes of the Bank Holding Company Act in the event
the Reporting Persons acquired ownership of ten
percent (10%) but less than twenty-five percent (25%)
of the Common Stock; and
(ii) inasmuch as the Reporting Persons remain subject to
the requirements of the Change in Bank Control Act
(12 U.S.C. Section 1817(j)) (the "Control Act") and
section 225.41(b)(2) of Regulation Y of the Board of
Governors of the Federal Reserve System (12 C.F.R.
Section 225.41(b)(2), the Limited Partnership and
the General Partner filed with the Reserve Bank and
the Superintendent of Banks of the California Banking
Department, a Notice of Change in Bank Control with
respect to the Issuer as required by Regulation Y;
approvals were granted on December 14, 1995 and
February 22, 1996, respectively.
(b) None.
(c) None.
(d) None.
(e) None.
<PAGE> 8
(f) None.
(g) None.
(h) None.
(i) None.
(j) None.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a), (b) Schedule 3 hereto, which is incorporated by reference
herein, sets forth, as of July 29, 1996 information relating to the aggregate
number of Shares of the Issuer and the percentage of the outstanding Shares of
the Issuer as of such date (based upon information provided by the Issuer,
there are 1,885,545 Shares outstanding as of that date) as to each of the
Reporting Persons.
(c) None.
(d) None.
(e) Not applicable.
Each of the Reporting Persons disclaims beneficial ownership of Shares
beneficially owned by any of the other Reporting Persons.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
See response to Item 4 hereof.
Item 7. MATERIALS TO BE FILED AS EXHIBITS
Exhibit A - Consent Agreement pursuant to 17 C.F.R.Section
13d-1(f)(1).
Exhibit B - Letter Agreement dated August 8, 1995 between Issuer
and the Limited Partnership incorporated herein by
reference from Schedule 13D dated September 5, 1995
filed by the Limited Partnership and the General
Partner.
Exhibit C - Non-Control Commitments Agreed to by the Reporting
Persons and the Federal Reserve Bank of San Francisco
incorporated herein by reference from Schedule 13D
dated September 5, 1995 filed by the Limited
Partnership and the General Partner.
<PAGE> 9
SCHEDULE 1
INFORMATION RELATING TO REPORTING PERSONS
<TABLE>
<CAPTION>
PRINCIPAL BUSINESS AND
ADDRESS OF PRINCIPAL BUSINESS
NAME OR PRINCIPAL OFFICE
---- ----------------------------
<S> <C>
Financial Institution Partners, L.P. Limited partnership formed to make
investments primarily in equity
securities of financial institutions
1110 Lake Cook Road, Suite 165
Buffalo Grove, IL 60089
Organized: State of Delaware
Hovde Capital, Inc. General business corporation formed
to serve as the general partner of
the Limited Partnership
1110 Lake Cook Road, Suite 165
Buffalo Grove, IL 60089
Incorporated: State of Delaware
Eric D. Hovde Investment Banker
1826 Jefferson Place, NW
Washington, DC 20036
Steven D. Hovde Investment Banker
1110 Lake Cook Road, Suite 165
Buffalo Grove, IL 60089
</TABLE>
<PAGE> 10
INFORMATION RELATING TO EXECUTIVE OFFICERS, DIRECTORS AND/OR CONTROLLING PERSONS
<TABLE>
<CAPTION>
NAME PRINCIPAL OCCUPATION
ADDRESS BUSINESS ADDRESS CITIZENSHIP
----------- ----------------------- ---------------------
<S> <C> <C>
Steven D. Hovde Investment banker U.S.
1110 Lake Cook Road Hovde Financial, Inc.
Suite 165 1110 Lake Cook Road
Buffalo Grove, IL 60089 Suite 165
Buffalo Grove, IL 60089
Investment banking firm
Eric D. Hovde Investment banker U.S.
1826 Jefferson Place, N.W. Hovde Financial, Inc.
Washington, D. C. 20036 1826 Jefferson Place, N.W.
Washington, D. C. 20036
Investment banking firm
Braddock J. LaGrua Investment banker U.S.
1826 Jefferson Place, N.W. Hovde Financial, Inc.
Washington, D. C. 20036 1826 Jefferson Place, N.W.
Washington, D. C. 20036
Investment banking firm
</TABLE>
<PAGE> 11
SCHEDULE 2
The following table sets forth the amount and source of funds used by
each Reporting Person in acquiring the Shares beneficially owned by it.
<TABLE>
<CAPTION>
AMOUNT
TOTAL ORIGINALLY FINANCED/ SOURCE OF
NAME CONSIDERATION CURRENT BALANCE FUNDS *
---- ------------- --------------- ---------
<S> <C> <C> <C>
Financial Institution $1,898,959.81 $207,492.72/ Working Capital/
Partners, L.P. $207,492.72 Margin Account
Hovde Capital, Inc. $1,898,959.81 $207,492.72/ Working Capital
$207,492.72 of Affiliate
including Margin
Eric D. Hovde $ 32,070.80 $10,376.90/ Account
Steven D. Hovde $ 605.53 $10,376.90 Personal Funds
Margin Account
Personal Funds
</TABLE>
- -----------------------------------------
* $194,520.97 was financed by a line of credit at Harris Trust at
federal funds +5/8; $12,971.75 was financed utilizing existing margin
equity at Alex Brown bearing an interest rate of 8 1/8%.
** 10,376.90 was financed utilizing existing margin Equity and Ryan Lee
bearing an interest rate of 8%.
<PAGE> 12
SCHEDULE 3
The following table sets forth the number and approximate percentage
of Shares beneficially owned by each of the Reporting Persons. Each of the
Reporting Persons has shared power to vote or to direct the vote and to dispose
or to direct the disposition of the Shares of which each of them, respectively,
possesses beneficial ownership.
<TABLE>
<CAPTION>
APPROXIMATE
NAME NUMBER OF SHARES PERCENTAGE
---- ---------------- -----------
<S> <C> <C>
Financial Institution 244,145 12.9%
Partners, L.P.
Hovde Capital, Inc. 244,145 12.9%
Eric D. Hovde 247,542 13.1%
Steven D. Hovde 244,212 13.0%
</TABLE>
<PAGE> 13
SCHEDULE 4
DESCRIPTION OF TRANSACTIONS IN SHARES EFFECTED WITHIN 60 DAYS
The Reporting Persons effected the following transactions in the Shares within
sixty (60) days of July 29, 1996:
<TABLE>
<CAPTION>
TRANSACTION AMOUNT OF TRANSACTION TRANSACTION
DATE SHARES PRICE BROKER TYPE
--------------- --------------- ---------------- --------------- -------------
<S> <C> <C> <C> <C>
07/02/96 1,655 $10.5 Western* Buy
07/11/96 1000 $10.375 Western* Buy
07/15/96 2500 $10.375 Torrey** Buy
07/16/96 2,000 $10.375 Hoefer & Arnett Buy
07/22/96 35,252 $10.750 Private/ None Buy
07/23/96 1000 $10.625 Western* Buy
</TABLE>
- -------------------------
* Western Financial Corporation
** Torrey Pines Securities
<PAGE> 14
EXHIBIT INDEX
Exhibit A - Consent Agreement pursuant to 17 C.F.R.Section 13d-1(f)(1).
Exhibit B - Letter Agreement dated August 8, 1995 between Issuer and the
Limited Partnership incorporated herein by reference from
Schedule 13D dated September 5, 1995 filed by the Limited
Partnership and the General Partner.
Exhibit C - Non-Control Commitments Agreed to by the reporting Persons and
the Federal Reserve Bank of San Francisco incorporated herein
by reference from Schedule 13D dated September 5, 1995 filed
by the Limited Partnership and the General Partner.
<PAGE> 15
EXHIBIT A
Consent Agreement Pursuant to 17 C.F.R. Section 13d-1(f)(1)
Each of the undersigned hereby consents and agrees to the filing on
behalf of each of them of the foregoing joint statement on Schedule 13D
pursuant to 17 C.F.R. 13d-1(f)(1) with respect to his/its beneficial ownership
of the shares of the Issuer.
FINANCIAL INSTITUTION PARTNERS, L.P.,
by its General Partner, HOVDE CAPITAL, INC.
By: /s/ Steven D. Hovde
Its: Chairman and Chief Executive Officer
HOVDE CAPITAL, INC.
By: /s/ Steven D. Hovde
Its: Chairman and Chief Executive Officer
STEVEN D. HOVDE
/s/ Steven D. Hovde
ERIC D. HOVDE
/s/ Eric D. Hovde
