UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
NewMil Bancorp, Inc.
(Name of Issuer)
Common Stock, par value $.50 per share
(Title of Class of Securities)
651633109
(CUSIP Number)
JAMES J. CRAMER
100 Wall Street
New York, NY 10005
Tel. No.: (212) 742-4480
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
October 23, 1997
(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 statement because of Rule 13d-1(b)(3) or (4), check the following box o.
PAGE 1 OF 13 PAGES
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SCHEDULE 13D
CUSIP NO. 651633109 PAGE 2 OF 13 PAGES
------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J.J. Cramer & Co.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
3 SEC USE ONLY
4 SOURCE OF FUNDS
N/A
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
7 SOLE VOTING POWER
NUMBER OF 210,000
SHARES
BENEFICIALLY OWNED
BY EACH REPORTING
PERSON
WITH
8 SHARED VOTING POWER
-0-
9 SOLE DISPOSITIVE POWER
210,000
10 SHARED DISPOSITIVE POWER
-0-
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
210,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
14 TYPE OF REPORTING PERSON
CO
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SCHEDULE 13D
CUSIP NO. 651633109 PAGE 3 OF 13 PAGES
------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James J. Cramer
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
3 SEC USE ONLY
4 SOURCE OF FUNDS
N/A
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES
BENEFICIALLY OWNED
BY EACH REPORTING
PERSON
WITH
8 SHARED VOTING POWER
210,000
9 SOLE DISPOSITIVE POWER
-0-
10 SHARED DISPOSITIVE POWER
210,000
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
210,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
14 TYPE OF REPORTING PERSON
IN
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SCHEDULE 13D
CUSIP NO. 651633109 PAGE 4 OF 13 PAGES
------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Karen L. Cramer
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
3 SEC USE ONLY
4 SOURCE OF FUNDS
N/A
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES
BENEFICIALLY OWNED
BY EACH REPORTING
PERSON
WITH
8 SHARED VOTING POWER
210,000
9 SOLE DISPOSITIVE POWER
-0-
10 SHARED DISPOSITIVE POWER
210,000
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
210,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
14 TYPE OF REPORTING PERSON
IN
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SCHEDULE 13D
CUSIP NO. 651633109 PAGE 5 OF 13 PAGES
------------------------
CUSIP NO. 651633109
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cramer Partners, L.P.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
3 SEC USE ONLY
4 SOURCE OF FUNDS
PF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
7 SOLE VOTING POWER
NUMBER OF 210,000
SHARES
BENEFICIALLY OWNED
BY EACH REPORTING
PERSON
WITH
8 SHARED VOTING POWER
-0-
9 SOLE DISPOSITIVE POWER
210,000
10 SHARED DISPOSITIVE POWER
-0-
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
210,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
14 TYPE OF REPORTING PERSON
PN
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SCHEDULE 13D
CUSIP NO. 651633109 PAGE 6 OF 13 PAGES
------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cramer Capital Corporation
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
3 SEC USE ONLY
4 SOURCE OF FUNDS
N/A
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
7 SOLE VOTING POWER
NUMBER OF 210,000
SHARES
BENEFICIALLY OWNED
BY EACH REPORTING
PERSON
WITH
8 SHARED VOTING POWER
-0-
9 SOLE DISPOSITIVE POWER
210,000
10 SHARED DISPOSITIVE POWER
-0-
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
210,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
14 TYPE OF REPORTING PERSON
CO
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CUSIP NO. 651633109
ITEM 1. SECURITY AND ISSUER.
This statement on Schedule 13D relates to the Common Stock (the
"Common Stock"), par value $.50 per share of NewMil Bancorp, Inc., a Delaware
corporation (the "Company"), whose principal executive office is located at 19
Main Street, P.O. Box 600, New Milford, Connecticut 06776. The 210,000 shares of
Common Stock to which this statement relates are referred to herein as the
"Shares."
ITEM 2. IDENTITY AND BACKGROUND.
This statement on Schedule 13D is being filed by Cramer Partners,
L.P., a Delaware limited partnership (the "Partnership"), J.J. Cramer & Co., a
Delaware corporation and the investment adviser to and manager of the
Partnership (the "Manager"), Cramer Capital Corporation, a Delaware corporation
and the general partner of the Partnership, James J. Cramer and Karen L. Cramer
(collectively, the "Reporting Persons"). A copy of the Joint Filing Agreement
among the Reporting Persons is annexed hereto as Exhibit A.
The address of the principal business and principal office of the
Manager, the Partnership and Cramer Capital Corporation is 100 Wall Street, New
York, New York 10005. The business address of James Cramer and Karen Cramer is
100 Wall Street, New York, New York 10005. The present principal occupation or
employment of James Cramer is President of J.J. Cramer & Co. and the present
principal occupation or employment of Karen Cramer is Vice President of J.J.
Cramer & Co.
PAGE 7 OF 13 PAGES
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CUSIP NO. 651633109
During the last five years, none of the Reporting Persons has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors), or was a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction resulting in 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. James Cramer and Karen Cramer are citizens of the
United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The Shares were purchased with the personal funds of the Partnership
in the amount of $1,732,970.50.
ITEM 4. PURPOSE OF TRANSACTION.
The Shares were acquired for investment purposes. The Reporting
Persons may consider making additional purchases of equity securities of the
Company in open-market or private transactions, the extent of which purchases
would depend upon prevailing market and other conditions. Alternatively, the
Reporting Persons may sell all or a portion of their Shares in open-market or
private transactions, depending upon prevailing market conditions and other
factors.
PAGE 8 OF 13 PAGES
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CUSIP NO. 651633109
Except as indicated above, the Reporting Persons have no plans or
proposals which relate to or would result in any of the events, actions or
conditions specified in paragraphs (a) through (j) of Item 4 of this Form.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) This statement on Schedule 13D relates to the Shares beneficially
owned by the Reporting Persons, which constitute approximately 5.5%
of the issued and outstanding shares of the Company.
(b) The Partnership, Cramer Capital Corporation and the Manager have
sole voting and dispositive power with respect to the Shares. James
Cramer and Karen Cramer have shared voting and dispositive power
with respect to the Shares.
(c) Within the past sixty days, the Reporting Persons purchased or
otherwise acquired Shares on the dates, in the amounts and at the
prices set forth on Exhibit B attached hereto and incorporated by
reference herein. Except where as noted, all of such purchases were
made on the open market.
(d) Not applicable.
(e) Not applicable.
PAGE 9 OF 13 PAGES
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CUSIP NO. 651633109
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE
ISSUER.
As discussed in Item 2 above, the Manager acts as investment adviser
to the Partnership. James Cramer is the president of the Manager and Karen
Cramer is the vice president. Except as set forth above, there exist no
contracts, arrangements, understandings or relationships legal or otherwise
among the persons named in Item 2 and between such persons and any persons with
respect to any securities of the Company, including, but not limited to
transfer or voting of any securities, finders' fees, joint ventures, loan or
option agreements, put or calls, guarantees of profits, division of profits or
loss, or the giving or withholding of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A Joint Filing Agreement
Exhibit B Transactions in Common Stock Within Past
60 Days
PAGE 10 OF 13 PAGES
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CUSIP NO. 651633109
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.
Dated: November 5, 1997
J.J. CRAMER & CO.
By: /s/ James J. Cramer
--------------------------
Name: James J. Cramer
Title: President
/s/ James J. Cramer
-------------------------------
James J. Cramer
/s/ Karen L. Cramer
-------------------------------
Karen L. Cramer
CRAMER PARTNERS, L.P.
By: CRAMER CAPITAL CORPORATION
its general partner
By: /s/ James J. Cramer
--------------------------
Name: James J. Cramer
Title: President
CRAMER CAPITAL CORPORATION
By: /s/ James J. Cramer
--------------------------
Name: James J. Cramer
Title: President
PAGE 11 OF 13 PAGES
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CUSIP NO. 651633109
EXHIBIT A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act
of 1934, as amended, the persons named below each hereby agrees that the
Schedule 13D filed herewith and any amendments thereto relating to the
acquisition of shares of the Common Stock of the Company is filed jointly on
behalf of each such person.
Dated: November 5, 1997
J.J. CRAMER & CO.
By: /s/ James J. Cramer
--------------------------
Name: James J. Cramer
Title: President
/s/ James J. Cramer
-------------------------------
James J. Cramer
/s/ Karen L. Cramer
-------------------------------
Karen L. Cramer
CRAMER PARTNERS, L.P.
By: CRAMER CAPITAL CORPORATION
its general partner
By: /s/ James J. Cramer
--------------------------
Name: James J. Cramer
Title: President
CRAMER CAPITAL CORPORATION
By: /s/ James J. Cramer
--------------------------
Name: James J. Cramer
Title: President
PAGE 12 OF 13 PAGES
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CUSIP NO. 651633109
EXHIBIT B
Transactions in Common Stock of The Company
No. of Shares
Trade Dates Purchased/Sold Cost Per Share Type
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9/15/97 10,000 13.1875 P
10/3/97 9,500 14.0590 P
10/10/97 5,000 12.8750 P
10/13/97 5,000 13.0 P
10/22/97 5,000 12.7500 P
10/23/97 7,500 12.7500 P
10/24/97 5,000 12.6250 P
10/27/97 5,000 12.3750 P
10/28/97 2,500 12.2500 P
PAGE 13 OF 13 PAGES
