<PAGE>
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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For Quarter Ended June 30, 1995 Commission File Number 1-9909
COMFED BANCORP, INC.
----------------------------------------------------
Exact name of registrant as specified in its charter
Delaware 04-2985738
------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
124 Mt. Auburn Street, Suite 200N, Cambridge, Massachusetts 02138
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (617) 576-5704
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
----- -----
The number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date is:
Class: Common stock, par value $.01 per share.
Outstanding at July 31, 1995: 8,358,024 shares.
Page 2 of 16
INDEX
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Statements of Financial Condition
at June 30, 1995 and March 31, 1995 3
Statements of Operations, Three Months
Ended June 30, 1995 and 1994 4
Statements of Cash Flow, Three Months
Ended June 30, 1995 and 1994 5
Notes to Financial Statements 6-7
Item 2. Management's Discussion and Analysis 7-9
Part II. OTHER INFORMATION
Item 1. Legal Proceedings 9-12
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 14
EXHIBITS Computation of Primary and Fully
Diluted Earnings Per Share 15
Financial Data Schedule (Article 9) 16
<PAGE>
Page 3 of 16
PART I.
ITEM 1.
COMFED BANCORP, INC.
Statements of Financial Condition
(Unaudited)
June 30, March 31,
(In Thousands) 1995 1995
____________________________________________________________________
ASSETS
Cash in bank, interest bearing $ 36 74
_______ _______
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 2 6
Accrued expenses 12 4
_______ _______
Total liabilities 14 10
_______ _______
Stockholders' equity:
Serial preferred stock; authorized
1,500,000 shares, none issued -- --
Common stock, par value $.01 per share;
authorized 20,000,000 shares; issued 84 84
8,397,258 shares
Treasury stock, at cost; 39,234 shares (216) (216)
Additional paid in capital 16,691 16,691
Accumulated deficit (16,537) (16,495)
_______ _______
Total stockholders' equity 22 64
_______ _______
Total liabilities and stockholders'
equity $ 36 74
_______ _______
See accompanying notes to financial statements. <PAGE>
Page 4 of 16
COMFED BANCORP, INC.
Statements of Operations
(Unaudited)
Three Months
(In Thousands, Except) Ended
Per Share Amounts) June 30,
1995 1994
______________________________________________________________________
Interest income $ -- $ 1
______ ______
Expenses:
Legal 19 13
Other professional services 18 18
Other 5 11
______ ______
Total expenses 42 42
______ ______
Loss before income taxes (42) (41)
Income taxes -- --
______ ______
Net loss $ (42) $ (41)
______ ______
Net loss per share: $ -- $ --
______ ______
See accompanying notes to financial statements.<PAGE>
Page 5 of 16
COMFED BANCORP, INC.
Statements of Cash Flow
(Unaudited)
Three Months Ended
June 30,
(In Thousands) 1995 1994
___________________________________________________________________
Cash flows from operating activities:
Net loss $ (42) (41)
Adjustments to reconcile net loss
to net cash used in
operating activities:
Increase in prepaid expenses -- (5)
Increase (decrease) in accounts
payable (4) (44)
Increase (decrease) in accrued
expenses 8 (7)
______ ______
Net cash used in operating (38) (97)
activities ______ ______
Cash flows from investing activities:
Purchase of investment securities -- --
Maturities of investment securities -- 100
______ ______
Net cash provided by investing -- 100
activities ______ ______
Net increase (decrease) in cash (38) 3
Cash at beginning of period 74 99
______ ______
Cash at end of period $ 36 102
______ ______
See accompanying notes to financial statements.<PAGE>
Page 6 of 16
COMFED BANCORP, INC.
NOTES TO FINANCIAL STATEMENTS
June 30, 1994 and 1993
(1) Corporate Status
(a) Continuing Operations
COMFED BANCORP, INC. ("COMFED" or the "Company") is a former savings
and loan holding company which until July 13, 1993 was registered with the
Office of Thrift Supervision ("OTS"). COMFED conducts no material operations
of its own. Up to December 14, 1990 it was the parent company of ComFed
Savings Bank (the "Bank") and its subsidiaries. At June 30, 1995, COMFED
had no operating subsidiaries.
(b) Discontinued Operations
On December 14, 1990, the Office of Thrift Supervision ("OTS") placed the
Bank into conservatorship and appointed the Resolution Trust Corporation
("RTC") as conservator of the Bank. On February 1, 1991, the OTS appointed the
RTC as receiver of ComFed Savings Bank. On September 13, 1991, the Bank ceased
functioning as a financial institution. The RTC has sold most major components
of the Bank to third parties.
Since December 14, 1990, the Company has not had control or authority
over the disposition of the Bank's remaining assets or the resolution of claims
against the Bank.
Accordingly, the financial statements of COMFED have reflected the Bank
as a discontinued operation since December 1990.
The Company will not realize any value from its investment in the Bank as
a result of the RTC's dispositions. It is not known whether the liquidation of
the Bank by the RTC will result in any claims by the RTC against COMFED.
(2) Accounting Principles
The financial statements included herein reflect the accounts of COMFED
BANCORP, INC. The financial statements are not presented on a consolidated
basis because of the discontinued operations of its former subsidiaries.
The unaudited interim financial statements of COMFED BANCORP, INC.
presented herein should be read in conjunction with the unaudited financial
statements of COMFED BANCORP, INC. for the fiscal year ended March 31, 1995.
The financial information at June 30, 1995 and the results of
operations and changes in cash flow for the periods presented herein are
unaudited, and in the opinion of management reflect all the adjustments (which
consist solely of normal recurring accruals) necessary for a fair
Page 7 of 16
representation of such information. Interim results are not necessarily
indicative of the results to be expected for the entire year.
The accompanying financial statements of the Company have been prepared
on the basis of accounting principles applicable to a going concern, which
contemplate continuity of operations and realization of assets and liquidation
of liabilities in the ordinary course of business. Accordingly, they do not
give effect to adjustments that would be necessary should the Company be unable
to continue as a going concern and thereby be required to realize its assets
and discharge its liabilities and commitments at amounts different from those
in the financial statements. As the Company does not expect to generate
profits from its current activities and has no plans to engage in any new
business activities, the ability of the Company to continue as a going concern
is subject to significant uncertainty and substantial doubt.
(3) Commitments and Contingencies
See Part II, Item 1, "Legal Proceedings", for a discussion of certain
claims that ComFed is or may be subject to.
PART I.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
Overview
In December 1990, the Company's only direct operating subsidiary, ComFed
Savings Bank, was placed in RTC conservatorship. The effect of this action was
to remove management control of the Bank and its operating activities from
the Company. Subsequently, in February 1991, the RTC was appointed as receiver
of the Bank. In September 1991 the Bank ceased functioning as a financial
institution. Most major components of the Bank were sold by the RTC to third
parties. The Company did not realize any value from these dispositions.
The financial statements of COMFED have reflected the Bank as a
discontinued operation since December 1990. COMFED stopped recording its share
of losses incurred by its bank subsidiary effective November 30, 1990, the last
fiscal month the Company exercised control over the Bank's operations.
The Company does not have sufficient capital to engage in significant
income producing activities nor does the Board of Directors believe that
additional capital could be raised to support such activities. An investment
in the Company at this time would be inhibited by the possibility that the RTC,
as receiver of the Bank, or some other person, might make a claim against the
Company. The receivers of other insolvent institutions have made claims
against the holding companies of such institutions on a variety of grounds.
While the Company is not aware of any material pending or threatened claims,
other than as described in Part II, Item 1, "Legal Proceedings", no assurance
can be given that such a claim will not be made.
Page 8 of 16
In view of the foregoing, and the general risks associated with generating
or acquiring an income-producing business, the Company's Board of Directors
does not believe that it would be possible to attract additional investment
capital for that purpose.
The remaining assets of the Company at June 30, 1995 consist primarily
of cash aggregating approximately $36,000. It is expected that this remaining
cash will be utilized to satisfy creditor claims, defend litigation and dissolve
the Company. Accordingly, the likelihood of any remaining assets or the
proceeds thereof being available for distribution to stockholders is highly
remote. The expected outcome is a complete loss of stockholders' equity in the
Company.
COMFED does not have any recoverable income taxes paid in prior years, to
which current losses may be carried back. As a result, COMFED will not
receive any tax benefit from its currently incurred losses unless it generates
taxable income in future periods.
It is not expected that COMFED will have taxable income in future periods,
since it does not have any significant income producing activities.
The operating losses of ComFed Savings Bank are not available to COMFED
for tax purposes due to restrictions outlined in the Internal Revenue Code
regarding a change in ownership control such as the receivership proceedings of
the Bank.
The Company does not expect to be profitable in the future due to its
limited financial resources, and does not plan to engage in any new business
activities.
In light of the Company's circumstances, Management has presented
a plan to the Board of Directors for the orderly winding up of the Company. At
this time the Board intends to continue to fund both (i) the legal defenses
described in Part II, Item 1, "Legal Proceedings", and (ii) the Company's
remaining regulatory, financial reporting, tax and other obligations, until such
time as the legal proceedings are resolved or the Company's assets are depleted.
The Company anticipates a high probability that its assets will be fully
depleted during 1995. The Board of Directors believes that the likelihood is
highly remote that the Company will continue as a going concern or that any
assets of the Company will be available for distribution to shareholders. If,
as the Board anticipates, there are no assets remaining for distribution to
shareholders, the Board does not anticipate seeking shareholder approval for
formal dissolution of the Company.
Results of Operations
The financial activity of the Company has been minimal since the date of
the Bank's conservatorship in December 1990.
Page 9 of 16
During the quarter ended June 30, 1995, the Company received approximately
$250 in interest income from an interest-bearing cash account. During the
corresponding quarter of the previous fiscal year, the company also received
interest from a short-term U.S. Treasury investment. Interest income
is expected to decline as invested assets are reduced to fund Company expenses
and other obligations.
During the quarters ended June 30, 1995, and June 30, 1994, all of the
Company's legal expenses related to the Wechsler claim against the Company and
certain of its former officers and directors were payable by the Company's
director and officer liability carrier. However, the Company intends to
continue to seek reimbursement from the carrier for certain legal expenses
incurred in connection with the Wechsler claim during the fiscal year ended
March 31, 1994.
Operating expenses for the quarter ended June 30, 1995 consisted
primarily of legal fees incurred in conjunction with litigation (including the
advancement of certain legal fees on behalf of certain current and former
directors and officers of the Company arising from the legal proceedings
discussed in Part II, Item 1), and consulting and other fees paid for the
management of the Company's affairs.
Historically, COMFED did not conduct substantial operations of its own and
relied on interest income to fund its limited operations. Additionally, prior
to December 14, 1990, the Bank funded most of the Company's operating expenses.
In light of the substantial uncertainties associated with the RTC taking
possession of the Bank, the Company cannot predict the amount of liabilities,
if any, which may have to be discharged by COMFED.
The Company does not expect to be profitable in the future due to its
limited financial resources, and does not plan to engage in any new business
activities. Accordingly, the ability of the Company to continue as a going
concern is subject to significant uncertainty and substantial doubt.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
As discussed in note 1 to the financial statements, on December 14, 1990,
the Company's wholly-owned subsidiary, ComFed Savings Bank, was placed into
conservatorship by the OTS, with the RTC appointed as conservator. On February
1, 1991, the OTS appointed the RTC as receiver for the Bank. On September 13,
1991, Bank ceased functioning as a financial institution. Accordingly, there
are uncertainties associated with matters involving the Company and the RTC.
The Company is unable to predict the ultimate outcome of these matters.
The Company and certain current or former officers and directors of the
Company and its subsidiaries are defendants in an action captioned "S.D.
Wechsler, et al v. COMFED Bancorp, Inc., et al" that was commenced on October
4, 1989, in the United States District Court for the District of Massachusetts.
Page 10 of 16
The plaintiffs' complaint alleges that the Company made certain false and
misleading statements and omitted to disclose certain material information that
allegedly had the effect of artificially inflating the market price of the
Company's common stock. The action, as amended, purports to be brought on
behalf of a class of purchasers of common stock during the period July 30, 1986
through June 29, 1989. Damages in an unspecified amount are sought for the
class of purchasers of common stock during the class period.
After commencement of the Wechsler action, the parties engaged in
preliminary motion practice, none of which was ruled on prior to the
conservatorship of the Bank. Subsequently, after a conference held on April
25, 1991, the Court ordered that the parties submit a joint statement of the
insurance coverage issues material to a resolution of the suit and that there
be a further conference at which the directors and officers liability insurance
policy carrier and the RTC would be invited to participate. The Court further
ordered that the plaintiffs could proceed with discovery by way of certain
document production from the Company's independent accountants, but that no
discovery shall be noticed or taken from the defendants prior to further order
of the Court or agreement of the parties. The RTC thereafter indicated in a
submission that it intended to make a claim against the directors and officers
liability insurance policy for the period December 20, 1989 through December
20, 1990. The directors and officers liability insurance carrier has taken the
position in its written submissions that the RTC has no claim to any insurance
proceeds under the policy due to various exclusions stated in the policy.
At a conference held on September 26, 1991, the Court requested that the
parties in the Wechsler action, the RTC and the insurance carrier engage in
discussions to explore a global settlement of the Wechsler claims and
prospective RTC claims. The insurance carrier elected not to participate in
such discussions based on various coverage issues it raised. As a result, the
requested settlement discussions did not occur and the plaintiffs moved to
terminate the existing stay of discovery. By order dated April 21, 1993, the
Court granted the Wechsler plaintiffs' motion to terminate the stay.
On June 4, 1993, plaintiffs filed their newly amended complaint. Among
other things, the new complaint adds certain plaintiffs and defendants, drops
certain other defendants and adds certain claims relating to alleged false and
misleading statements concerning the Bank's construction lending practices and
the alleged failure of the Company to disclose alleged misconduct on the part
of certain officers and loan originators of ComFed Mortgage Co., Inc. The
Company and the individual defendants filed motions to dismiss the amended
complaint on July 16, 1993. The Magistrate to whom the motions were delegated
by the Court issued a recommended decision on February 28, 1994, concluding
that the Amended Complaint should be dismissed in its entirety with prejudice.
The Magistrate held that the Amended Complaint failed to plead fraud with
particularity as to any defendant. On March 11, 1994, the plaintiffs filed
objections to the recommended decision, and the Company and the individual
defendants filed a response to those objections. The objections are still
pending before the District Court.
Page 11 of 16
In November 1993, the plaintiffs filed a motion to certify the action as a
class action. Defendants have filed a partial opposition to the motion. The
Company does not anticipate a ruling on that motion or further significant
activity in the case until the Court has ruled on plaintiff's objections to the
recommended decision. However, since the issuance of the recommended decision,
plaintiffs have given notice as to certain proposed depositions and have
indicated their intention to seek leave to file a further amended complaint,
notwithstanding the Magistrate's recommendation that plaintiffs be denied leave
to amend their complaint again. Defendants have opposed plaintiffs' efforts to
take any discovery or to take any steps toward amending their complaint until
the Court rules on plaintiffs' objections to the recommended decision.
On or about March 5, 1992, the insurance carrier commenced a declaratory
judgment action in the United States District Court for the District of
Massachusetts entitled "American Casualty Company of Reading, PA. v. Resolution
Trust Corporation, et al" (the "Insurance Coverage Litigation"). The complaint
names as defendants the RTC and all of those individuals who had been named in
November 1990 as defendants in a proposed amended complaint in the Wechsler
action. The carrier alleges that various policy exclusions and conditions bar
policy coverage (i) for any claim that may be asserted by the RTC against
ComFed's officers or directors and (ii) for the claims asserted in the Wechsler
action. The complaint seeks a declaratory judgment to that effect.
On June 16, 1992, the Company, with the assent of the carrier, moved to
intervene as a defendant in the Insurance Coverage Litigation. The Court
allowed the Company's Motion to Intervene. The Company filed an answer denying
the material allegations of the complaint and requesting a judicial declaration
that the Company is entitled to reimbursement under the pertinent insurance
policy for losses incurred in connection with the claims that have been or may
be asserted by the RTC or the Wechsler plaintiffs. The individual defendants
have filed similar answers. The Wechsler plaintiffs also filed a motion to
intervene as defendants, which motion has been allowed. The RTC has also filed
an answer and counterclaims seeking to establish coverage for any claims that
it may assert against ComFed officers or directors of the Company.
On January 22, 1993, the Wechsler plaintiffs moved for judgment on the
pleadings determining that the claims asserted in the Wechsler action are
covered by the pertinent policy. The Company filed a memorandum in support of
the Wechsler plaintiffs' motion. On February 19, 1993, the RTC filed a motion
for partial summary judgment seeking similar relief. The Company joined in
that motion. Both motions have been opposed by the carrier. In addition, on
March 19, 1993, the carrier filed a cross-motion seeking summary judgment
declaring that there is no coverage with respect to either the Wechsler claims
or any claims that may be brought by the RTC. The Company and the RTC have
opposed the carrier's cross-motion.
On October 19, 1993, the Magistrate to whom the motions were delegated by
the Court issued a recommended decision (i) granting the carrier's cross-motion
only to the extent that it seeks a declaration that there is no coverage with
respect to claims that may be brought by the RTC; (ii) granting the RTC's
Page 12 of 16
motion for partial summary judgment and the motion for judgment on the
pleadings, joined in by the Company, to the extent that he held that none of
the arguments advanced by the carrier to date forms a basis for denying
coverage with respect to the Wechsler claims; and (iii) denying the carrier's
motion for summary judgment to the extent that it sought a declaration that the
carrier has no obligations to provide coverage with respect to the Wechsler
claims. On November 3, 1993, the carrier filed objections to the recommended
decision, and the Company filed a response to those objections. The objections
are still pending before the District Court.
The Company and the insurance carrier executed an agreement in April 1993
whereby, pending resolution of the Insurance Coverage Litigation, the carrier
began to advance a substantial percentage of the defense costs of the
individual defendants in the Wechsler action that were previously being
advanced by the Company. Subsequently, in July 1994, the carrier began to
advance 100% of the allowable defense costs in the Wechsler action.
Unless a settlement of the Wechsler action is successfully negotiated, the
Company intends to vigorously defend the case.
The RTC, receiver of the Bank, provided written notification in 1991 to
certain current and former directors and officers of the Company, the Bank and
the Bank's subsidiaries that it may initiate a claim against them for financial
losses incurred by the Bank as a result of their alleged actions. In 1992 the
RTC issued administrative subpoenas seeking personal financial information from
certain of these directors and officers. During March 1993 the RTC made a
formal, written demand on certain of these directors and officers. In December
1993, the RTC and these certain former directors and officers entered into a
tolling agreement extending the period during which the RTC may file any
claims. The tolling agreement has since been extended and currently expires on
September 13, 1995. In May and June 1995, the RTC and these former officers
and directors reached a settlement in principle, subject to documentation and
formal RTC approval. The RTC has stated that if a settlement is not achieved,
it intends to commence an action without any further extensions of the tolling
agreement. The Company is not aware of any claims asserted against it by the
RTC.
In 1988, in order for the Company to obtain approval from the Federal
Savings and Loan Insurance Corporation ("FSLIC") to function as the holding
company of the Bank, the Company was required to enter into a Regulatory
Capital Maintenance/Dividend Agreement (the "Agreement") with the FSLIC dated
April 1, 1988. The Agreement provided, among other things, that the Company
would be required to advance sufficient additional capital into the Bank to
effect compliance with regulatory capital requirements, if necessary. When the
Bank was placed into conservatorship by the OTS in December, 1990, the Bank did
not meet regulatory capital requirements and the Company did not have
sufficient financial resources to advance additional capital into the Bank and
thereby meet those capital requirements. As a result, either federal
regulators or the Bank's receiver could seek to initiate administrative or
judicial proceedings against the Company for non-compliance with the Agreement.
Page 13 of 16
If taken, such action could possibly include specific performance. To date,
the Company is not aware that any such action is contemplated. In December
1992, the Company requested that it be de-registered as a thrift holding
company subject to regulation by the OTS. The OTS approved the Company's
de-registration request, effective July 13, 1993.
In February 1992, the Company received preliminary notice from the
regional staff of the Securities and Exchange Commission (the "SEC") that a
formal investigation was being undertaken. Subsequently, the Company learned
that the SEC has entered a formal order of investigation of potential
securities law violations relating to the Company. Pursuant to that order, the
SEC initiated depositions of the former chief executive and chief financial
officers of the Company. The Company does not know whether this investigation
may result in any claims against the Company or any of its current or former
officers or directors.
The Company's Board of Directors has established an Indemnification
Committee of disinterested directors, chaired by Mr. Hartnett and also
consisting of Messrs. Maher and Schwarz, to consider requests for
indemnification and advancement of legal expenses on behalf of current and
former directors and officers of the Company arising from various legal
proceedings which they or the Company may be subject to. The Company is
presently advancing certain legal expenses on behalf of certain current and
former directors and officers arising from the legal proceedings discussed in
this Item.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) (1) Exhibit 11.1 - Computation of Primary and Fully
Diluted Earnings Per Share (page 14).
(b) No reports on Form 8-K were filed during the three
month period ended June 30, 1995.
<PAGE>
Page 14 of 16
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized and this report has been signed by the
undersigned on behalf of the registrant and in the capacity indicated.
COMFED BANCORP, INC.
August 14, 1995 /s/Jack C. Zoeller
____________________________________
Jack C. Zoeller, President and Chief
Executive Officer (Principal Financial
and Accounting Officer)
<PAGE>
Page 15 of 16
Exhibit 11.1
COMFED BANCORP, INC.
Computation of Primary and Fully Diluted Earnings Per Share (1)
Three Months
(In Thousands, Except) Ended
Per Share Amounts) June 30,
1995 1994
_________________________________________________________________________
Net loss $ (42) (41)
_________ _________
Primary:
Shares:
Weighted-average
number of common
shares
outstanding 8,358,024 8,358,024
Dilutive effect of
outstanding stock
options -- --
_________ _________
Weighted-average
number of common
and common
equivalent shares
outstanding 8,358,024 8,358,024
_________ _________
Net income (loss)
per share $ -- --
_________ _________
(1) This calculation is submitted in accordance with Item 601(b)(11) of
Regulation S-K<PAGE>
Page 16 of 16
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the
Financial Statement of ComFed Bancorp, Inc. for the quarter ended June 30, 1994
(unaudited) and is qualified in its entirety by reference to such
financial statement.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> JUN-30-1995
<CASH> 36
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 0
<ALLOWANCE> 0
<TOTAL-ASSETS> 36
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 14
<LONG-TERM> 0
<COMMON> 84
0
0
<OTHER-SE> 8
<TOTAL-LIABILITIES-AND-EQUITY> 36
<INTEREST-LOAN> 0
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 0
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 0
<INTEREST-INCOME-NET> 0
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 42
<INCOME-PRETAX> (42)
<INCOME-PRE-EXTRAORDINARY> (42)
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (42)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
