<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
(Amendment No. 5)
Under the Securities Exchange Act of 1934
People's Bancshares, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.10 per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
709795108
- --------------------------------------------------------------------------------
(CUSIP Number of Class of Securities)
Thomas F. Gillen
c/o RCG Kingston, L.L.C.
757 Third Avenue, 27th Floor
New York, New York 10017
(212) 845-7990
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 17, 2000
- --------------------------------------------------------------------------------
(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following:
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 1 of 15 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
RCG Kingston Fund, Ltd.
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 2 of 15 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
RCG Kingston, L.L.C.
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, OO
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 3 of 15 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Kingston Fund, LP
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 4 of 15 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ramius Capital Group, LLC
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 5 of 15 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
C4S & Co., LLC
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 6 of 15 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jennings & Gillen
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 7 of 15 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
D.B. Jennings, Inc.
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 161,802
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
161,802
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
161,802
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.86%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 8 of 15 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Donald B. Jennings
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 161,802
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
161,802
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
161,802
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.86%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 9 of 15 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Thomas F. Gillen
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- -------------------
CUSIP No. 709795108 Page 10 of 15 Pages
- ------------------- -------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Partnership For Bank Capital, 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
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 32,002
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
32,002
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
32,002
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.96%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- -------------------
CUSIP No. 709795108 Page 11 of 15 Pages
- ------------------- -------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Vincent A. Smyth and Mary E. Smyth
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 131,500
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
131,500
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
131,500
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.95%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
This Amendment No. 5 to Schedule 13D relates to the shares of common stock,
$.10 par value, of People's Bancshares, Inc. This Amendment No. 5 amends
Amendment No. 4 to Schedule 13D, dated January 27, 2000 ("Amendment No. 4"), of
the Reporting Persons (as defined in Amendment No. 4). Capitalized terms used in
this Amendment No. 4 but not otherwise defined have the meaning ascribed to them
in Amendment No. 4.
Item 4. Purpose of the Transaction.
Item 4 is amended by inserting the following paragraph immediately
following the paragraph inserted by Amendment No. 4:
The Reporting Persons have sent notice of their intent to nominate three
individuals for election to the Board of Directors at the next annual meeting of
the shareholders of the Issuer. The notice is attached hereto as Exhibit F.
Item 7. Material to be Filed as Exhibits.
F. Letter from Cede & Co. to People's Bancshares, Inc., dated March 16,
2000
12 of 15 Pages
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: March 17, 2000
RCG KINGSTON FUND, LTD.
By: RCG Kingston, L.L.C., its investment advisor
By: Jennings & Gillen, its co-managing member
By: /s/ Thomas F. Gillen
--------------------------------
Name: Thomas F. Gillen
Title: General Partner
RCG KINGSTON, L.L.C.
By: Jennings & Gillen, its co-managing member
By: /s/ Thomas F. Gillen
-----------------------------------
Name: Thomas F. Gillen
Title: General Partner
KINGSTON FUND, LP
By: RCG Kingston, L.L.C., its general partner
By: Jennings & Gillen, its co-managing member
By: /s/ Thomas F. Gillen
--------------------------------
Name: Thomas F. Gillen
Title: General Partner
Page 13 of 15
<PAGE>
RAMIUS CAPITAL GROUP, LLC
By: C4S & Co., LLC
By: /s/ Peter A. Cohen
-----------------------------------
Name: Peter A. Cohen
Title: Co-Managing Member
C4S & CO., LLC
By: /s/ Peter A. Cohen
--------------------------------------
Name: Peter A. Cohen
Title: Co-Managing Member
JENNINGS & GILLEN
By: /s/ Thomas F. Gillen
--------------------------------------
Name: Thomas F. Gillen
Title: Co-General Partner
D.B. JENNINGS, INC.
By: /s/ Donald B. Jennings
--------------------------------------
Name: Donald B. Jennings
Title: President
/s/ Donald B. Jennings
------------------------------------------
Donald B. Jennings
/s/ Thomas F. Gillen
------------------------------------------
Thomas F. Gillen
Page 14 of 15
<PAGE>
THE PARTNERSHIP FOR BANK CAPITAL, L.P.
By: D.B. Jennings, Inc., a general partner
By: /s/ Donald B. Jennings
-----------------------------------
Name: Donald B. Jennings
Title: President
/s/ Vincent A. Smyth
------------------------------------------
Vincent A. Smyth
/s/ Mary E. Smyth
------------------------------------------
Mary E. Smyth
Page 15 of 15
<PAGE>
INDEX OF EXHIBITS
Exhibit Description
- ------- -----------
F Letter from Cede & Co. to People's Bancshares, Inc., dated
March 16, 2000
<PAGE>
EXHIBIT F
March 16, 2000
Cede & Co.
c/o The Depository Trust Company
55 Water Street
New York, New York 10041
People's Bancshares, Inc.
545 Pleasant Street
New Bedford, Massachusetts 02740
Attention: Clerk
Ladies and Gentlemen:
Cede & Co., the nominee of The Depository Trust Company ("DTC"), is a
holder of record of outstanding shares of common stock, par value $0.10 per
share ("Common Stock"), of People's Bancshares, Inc., a Massachusetts
corporation (the "Company"). DTC is informed by its Participant, Spear, Leeds &
Kellogg ("Participant"), that on the date hereof an aggregate of 161,802 shares
of Common Stock (the "Shares") credited to Participant's DTC account are
beneficially owned by RCG Kingston Fund, Ltd. and The Partnership For Bank
Capital, L.P., each customers of Participant (collectively, the "Customers").
Cede & Co. has been advised by Participant that the purpose of this notice
is to enable the Customers to nominate three individuals to stand for election
as directors of the Company at the Annual Meeting of Stockholders of the Company
to be held in 2000 or any adjournment or postponement thereof (collectively, the
"Meeting"). Participant's Customers have informed Participant that the Customers
intend to continue to beneficially own Shares as of the record date for the
Meeting and as of the date of the Meeting.
At the request of Participant, on behalf of the Customers and pursuant to
Article II, Section 3 of the Company's Amended and Restated Bylaws (the
"Bylaws"), Cede & Co., as the holder of record of the Shares, hereby gives
notice of its nomination of each of Vincent A. Smyth, William G. Foster, and
John R. Kennedy (the "Nominees") to stand for election as a director of the
Company at the Company's next annual meeting of stockholders (the "Annual
Meeting").
A.1. Set forth below is information relating to each Nominee that is
required to be disclosed pursuant to Article II, Section 3 of the Bylaws:
Vincent A. Smyth is an attorney. He is 62 years old. His business
address is 143 Main Street, Huntington, NY 11743. His residence
address is [redacted]. He beneficially owns 131,500 shares of Common
Stock.
William G. Foster, Jr. is a consultant and private investor. He is 56
years old. His business and residence address is [redacted]. He
beneficially owns 500 shares of Common Stock.
<PAGE>
John R. Kennedy is a financial and management consultant. He is 54
years old. His business and residence address is [redacted]. He does
not beneficially own any shares of Common Stock.
A.2. Written consents of each Nominee to being named in a proxy statement
as nominees and to serving as a director if elected are attached hereto as Annex
I.
B.1. The name and address of Cede & Co. as they appear on the Company's
books are as follows:
Cede & Co.
c/o The Depository Trust Company
55 Water Street
New York, New York 10041
B.2. RCG Kingston Fund, Ltd.'s business address is c/o Citco Fund Services
(Cayman Islands) Ltd., Corporate Centre, West Bay Road, Grand Cayman, Cayman
Islands, British West Indies. RCG Kingston Fund, Ltd. beneficially owns an
aggregate of 129,800 shares of Common Stock, which are held in the Participant's
DTC Participant Account.
The Partnership For Bank Capital, L.P.'s business address is currently 757
Third Avenue, 27th Floor, New York, New York 10017. As of March 20, 2000, its
business address will be 666 Third Avenue, 26th Floor, New York, New York 10017.
The Partnership For Bank Capital, L.P. beneficially owns an aggregate of 32,002
shares of Common Stock, which are held in the Participant's DTC Participant
Account.
The Customers are part of a group with RCG Kingston, L.L.C., Kingston Fund,
LP, Ramius Capital Group, LLC, C4S & Co., LLC, Jennings & Gillen, D.B. Jennings,
Inc., Donald B. Jennings, Thomas F. Gillen and Vincent A. Smyth and Mary E.
Smyth (collectively, the "RCG Kingston/Smyth Group"). The members of the RCG
Kingston/Smyth Group support the nomination and election of the Nominees.
The business address for Vincent A. Smyth is as set forth above, and the
business address for Mary E. Smyth is care of Vincent A. Smyth's business
address. The business address of the remaining members of the RCG Kingston/Smyth
Group is currently c/o RCG Kingston, L.L.C., 757 Third Avenue, 27th Floor, New
York, New York 10017. As of March 20, 2000, their business address will be c/o
RCG Kingston, L.L.C., 666 Third Avenue, 26th Floor, New York, New York 10017.
RCG Kingston, L.L.C. may be deemed to be the beneficial owner of 129,800
shares as a result of its acting as investment advisor to RCG Kingston Fund,
Ltd. Kingston Fund, LP may be deemed to be the beneficial owner of 129,800
shares as a result of its being a holder of a majority of the outstanding shares
of RCG Kingston Fund, Ltd. Ramius Capital Group, LLC and Jennings & Gillen may
be deemed to be the beneficial owner of 129,800 shares as a result of their
being co-managing members of RCG Kingston, L.L.C. C4S & Co., LLC may be deemed
to be the beneficial owner of 129,800 shares as a result of its being the
managing member of Ramius Capital Group, LLC. Thomas F. Gillen may be deemed to
be the beneficial owner of 129,800 shares as a result of his being a co-general
partner of Jennings & Gillen.
-2-
<PAGE>
D.B. Jennings, Inc. may be deemed to be the beneficial owner of 161,802
shares as a result of its being a co-general partner of Jennings & Gillen and a
co-general partner of The Partnership For Bank Capital, L.P. Donald B. Jennings
may be deemed to be the beneficial owner of 161,802 shares as a result of his
being the president of D.B. Jennings, Inc. and a co-general partner of The
Partnership For Bank Capital, L.P.
DTC has been informed by Participant that Vincent A. Smyth and Mary E.
Smyth are the beneficial owners of 131,500 shares of Common Stock.
B.3. Each of the Nominees has agreed that he will serve as a director if
elected at the Annual Meeting.
B.4. Each of RCG Kingston Fund, Ltd. and Vincent A. Smyth has agreed to
bear one-half of the expenses incurred on behalf of the RCG Kingston/Smyth
Group, including expenses incurred in connection with soliciting proxies for the
election of the Nominees.
B.5. RCG Kingston, L.L.C. has retained Beacon Hill Partners, Inc. ("BHP")
to assist in exploring various means of communicating with the Company's
shareholders, including, but not limited to, the nomination of candidates to
stand for election to the Company's Board of Directors. Services to be provided
by BHP include soliciting proxies and providing other services. RCG Kingston,
L.L.C. has agreed to indemnify BHP and hold it harmless from liability and
expenses arising out of its engagement. Under its engagement, BHP is entitled to
a fee of up to $30,000 and to be reimbursed for its expenses.
While Cede & Co. is furnishing this demand as the stockholder of record of
the Shares, it does so at the request of Participant and only as a nominal party
for the true party in interest, the Customer. Cede & Co. has no interest in this
matter other than to take those steps which are necessary to ensure that the
Customer is not denied its rights as the beneficial owner of the Shares, and
Cede & Co. assumes no further responsibility in this matter.
Please acknowledge receipt of this letter by signing the enclosed copy of
this letter in the place indicated below and returning it with our messenger who
has been instructed to wait.
Very truly yours,
CEDE & CO.
By: _________________________
Receipt of a signed copy of this letter on March ___, 2000 is hereby
acknowledged on behalf of People's Bancshares, Inc.
Name: ___________________________
Title: __________________________
-3-
<PAGE>
Annex I
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March 14, 2000
People's Bancshares, Inc.
545 Pleasant Street
New Bedford, Massachusetts 02740
Attention: Clerk
Ladies and Gentlemen:
The undersigned hereby consents to being named as a nominee for election as
a director of People's Bancshares, Inc. (the "Company") in a proxy statement
relating to a solicitation of proxies for the election of directors of the
Company at the Annual Meeting of Stockholders of the Company to be held in 2000
or any adjournment or postponement thereof (collectively, the "Meeting"). The
undersigned also hereby consents to serving as a director of the Company if
elected at the Meeting.
/s/ Vincent A. Smyth
------------------------------
Vincent A. Smyth
<PAGE>
March 14, 2000
People's Bancshares, Inc.
545 Pleasant Street
New Bedford, Massachusetts 02740
Attention: Clerk
Ladies and Gentlemen:
The undersigned hereby consents to being named as a nominee for election as
a director of People's Bancshares, Inc. (the "Company") in a proxy statement
relating to a solicitation of proxies for the election of directors of the
Company at the Annual Meeting of Stockholders of the Company to be held in 2000
or any adjournment or postponement thereof (collectively, the "Meeting"). The
undersigned also hereby consents to serving as a director of the Company if
elected at the Meeting.
/s/ William G. Foster, Jr.
------------------------------
William G. Foster, Jr.
<PAGE>
March 15, 2000
People's Bancshares, Inc.
545 Pleasant Street
New Bedford, Massachusetts 02740
Attention: Clerk
Ladies and Gentlemen:
The undersigned hereby consents to being named as a nominee for election as
a director of People's Bancshares, Inc. (the "Company") in a proxy statement
relating to a solicitation of proxies for the election of directors of the
Company at the Annual Meeting of Stockholders of the Company to be held in 2000
or any adjournment or postponement thereof (collectively, the "Meeting"). The
undersigned also hereby consents to serving as a director of the Company if
elected at the Meeting.
/s/ John R. Kennedy
------------------------------
John R. Kennedy
