UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PALFED, INC.
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(Name of Issuer)
Common
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(Title of Class of Securities)
696370105
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(CUSIP Number)
H. Jerry Shearer P. O. Box 7574, Columbia, S.C. 29202 (803) 749-7888
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
October 19, 1995
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(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 of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) 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
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
CUSIP NO. 696370105 PAGE 2 OF 10
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jerry Zucker
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. COMMISSION USE ONLY
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4. SOURCE OF FUNDS*
PF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7. SOLE VOTING POWER
363,500
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8. SHARED VOTING POWER
137,500
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9. SOLE DISPOSITIVE POWER
363,500
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10. SHARED DISPOSITIVE POWER
137,500
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
501,000
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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14. TYPE OF REPORTING PERSON*
IN
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<PAGE>
SCHEDULE 13D
CUSIP NO. 696370105 PAGE 3 OF 10
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jerry Shearer
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. COMMISSION USE ONLY
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4. SOURCE OF FUNDS*
PF, 00
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7. SOLE VOTING POWER
-
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8. SHARED VOTING POWER
137,500
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9. SOLE DISPOSITIVE POWER
-
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10. SHARED DISPOSITIVE POWER
137,500
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
137,500
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.6%
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14. TYPE OF REPORTING PERSON*
IN
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<PAGE>
SCHEDULE 13D
CUSIP NO. 696370105 PAGE 4 OF 10
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mid-Atlantic Investors
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. COMMISSION USE ONLY
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4. SOURCE OF FUNDS*
WC, 00
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7. SOLE VOTING POWER
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8. SHARED VOTING POWER
137,500
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9. SOLE DISPOSITIVE POWER
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10. SHARED DISPOSITIVE POWER
137,500
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
137,500
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.6%
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14. TYPE OF REPORTING PERSON*
PN
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<PAGE>
Item 1. Security and Issuer
Common stock of Palfed, Inc., Post Office Box 1116, Aiken, South Carolina
29802 (the "Issuer").
Item 2. Identity and Background
Mid-Atlantic Investors ("Mid-Atlantic") is a general partnership organized
under the laws of the state of South Carolina for the purpose of investing in
financial institutions. Its address is Post Office Box 7574, Columbia, South
Carolina 29202. Messrs. Zucker and Shearer are the partners of Mid-Atlantic.
Mid-Atlantic has not, during the last five years, been convicted in a criminal
proceeding or been a party to a civil proceeding of a judicial or administrative
body of competent jurisdiction as a result of which it was or is subject to any
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, state or federal securities laws or finding
any violation with respect to such laws.
Jerry Zucker is a natural person who resides at 16 Buckingham Drive,
Charleston, South Carolina 29407. Mr. Zucker's principal occupation is as the
chief executive officer of The InterTech Group, Inc., and the Polymer Group,
Inc. 4838 Jenkins Avenue, North Charleston, South Carolina 29405. Mr. Zucker has
not, during the last five years, been convicted in a criminal proceeding or been
a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction as a result of which he was or is subject to any judgment, decree
or final order enjoining future violations of, or prohibiting or mandating
activities subject to, state or federal securities laws or finding any violation
with respect to such laws. Mr. Zucker is a citizen of the State of South
Carolina and the United States of America.
H. Jerry Shearer is a natural person residing at 289 Hunters Blind Drive,
Columbia, South Carolina 29212. His principal occupation is as managing partner
of Mid-Atlantic. Mr. Shearer has not, during the last five years, been convicted
in any criminal proceeding or been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction as a result of which he 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. Mr. Shearer is a
citizen of the State of South Carolina and the United States of America.
Item 3. Source and Amount of Funds or Other Consideration
501,000 shares of common stock as to which this filing relates were
purchased for $5,516,898 with personal funds, working capital of the
partnership, and on margin. Margin transactions were with Dean Witter Reynolds,
Inc., on such firm's usual terms and conditions.
Item 4. Purpose of Transaction
The purpose of the acquisition of the securities by Mid-Atlantic, Mr.
Shearer and Mr. Zucker is for investment and to take actions which may enhance
the value of the securities as an investment. In conjunction therewith, Mid-
Atlantic, Mr. Shearer and/or Mr. Zucker may seek to obtain the requisite
approval, or lack of objection, from the Office of Thrift Supervision ("OTS") to
increase its ownership beyond 10% if such a transaction is permissible under the
Articles of Incorporation of the Issuer and would not constitute an acquisition
of control of the Issuer. Mid-Atlantic, Mr. Shearer and/or Mr. Zucker may
acquire and/or sell additional securities of the Issuer through open market
purchases or privately negotiated transactions. Mid-Atlantic, Mr. Shearer and/or
Mr. Zucker may propose, sponsor or support candidates for election to the board
of directors by proxy solicitation or otherwise; provided, however, neither Mid-
Atlantic, Mr. Shearer nor Mr. Zucker will engage in a contested solicitation for
the election of directors. Mid-Atlantic, Mr. Shearer and/or Mr. Zucker may also
seek to encourage a business combination between the Issuer and some third
<PAGE>
person, if such transaction would be profitable to Mid-Atlantic, Mr. Shearer
and/or Mr. Zucker. Mid-Atlantic, Mr. Shearer and/or Mr. Zucker may communicate
with other shareholders to the extent permitted under the proxy rules. Amendment
No. 1 to this Item 4 is for the purpose of clarifying, rather than changing, the
purpose and intentions of the Reporting Persons.
Item 5. Interest in Securities of the Issuer
Mid-Atlantic, Mr. Zucker and Mr. Shearer together beneficially own 137,500
shares, or 2.6% of the Issuer's common stock, over which they share voting,
investment and dispositive power. Mr. Zucker beneficially owns an additional
363,500 shares of the Issuer's common stock, thus having beneficial ownership of
an aggregate of 9.5%. Mr. Zucker has sole voting, investment and dispositive
power over such 363,500 shares. As a group, Mid-Atlantic Investors, Mr. Shearer
and Mr. Zucker beneficially own 501,000 shares of the Issuer's common stock or
9.5%.
The following shares were acquired in over-the-counter transactions in the
60 days preceding October 27, 1995:
<TABLE>
<CAPTION>
Per Share Total
Date Shares Price Purchase
Jerry Zucker
<S> <C> <C> <C> <C>
10/17/95 40,000 11.3750 455,000.00
10/18/95 66,000 11.3750 750,750.00
10/19/95 26,500 11.3750 301,437.50
10/20/95 5,000 11.3750 56,875.00
10/23/95 10,000 11.3750 113,750.00
10/23/95 7,500 11.5000 86,250.00
10/24/95 3,500 11.5000 40,250.00
10/24/95 1,000 11.6250 11,625.00
10/24/95 11,500 11.6875 134,406.25
10/25/95 5,000 11.7500 58,750.00
10/25/95 8,000 11.8750 95,000.00
10/25/95 13,000 11.9375 155,187.50
10/25/95 91,000 12.0000 1,092,000.00
10/26/95 5,000 11.7500 58,750.00
10/27/95 10,000 11.8250 118,250.00
Mid-Atlantic
Investors
10/19/95 38,500 11.3750 437,937.50
10/20/95 5,000 11.3750 56,875.00
10/23/95 10,000 11.3750 113,750.00
10/23/95 7,500 11.5000 86,250.00
10/24/95 3,500 11.5000 40,250.00
10/24/95 1,000 11.6250 11,625.00
10/24/95 500 11.6875 5,843.75
Jerry Shearer
10/18/95 2,500 11.3750 28,437.50
10/18/95 6,500 11.3750 73,937.50
</TABLE>
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
<PAGE>
137,500 of the shares of common stock of the Issuer as to which this filing
relates are partnership property. As such, they will be voted and/or disposed of
by the partnership pursuant to the vote of the partners. Any income or loss
recognized by the partnership in connection with the ownership or disposition of
such securities will be divided between the partners in accordance with the
partnership agreement.
Item 7. Material to be Filed as Exhibits
(a) Copy of the written agreement relating to the filing of joint
acquisition statements.*
(b) Power of Attorney.*
*Previously filed.
<PAGE>
Signatures
After reasonable inquiry and to the best of my knowledge and belief, I
certify the information set forth in this amended statement is true, complete
and correct.
MID ATLANTIC INVESTORS
/s/Jerry Zucker*
By:_______________________________
Date: March 27, 1997 Jerry Zucker, Partner
/s/H. Jerry Shearer
By:_______________________________
Date: March 27, 1997 H. Jerry Shearer, Partner
/s/Jerry Zucker*
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Date: March 27, 1997 Jerry Zucker
/s/H. Jerry Shearer
----------------------------------
Date: March 27, 1997 H. Jerry Shearer
*by H. Jerry Shearer
Attorney-in-fact
