<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 5)
UNITED TRUST GROUP, INC. (FORMERLY, UNITED TRUST, INC.)
(Name of Issuer)
COMMON STOCK, NO PAR VALUE
(Title of Class of Securities)
913111209
(CUSIP Number)
Jill Martin
First Southern Bancorp, Inc.
P.O. Box 328, Stanford, KY. 40484 (606 365-3555)
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
October 14, 1999
(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 that is the subject of this Schedule 13D, and is filing this
Schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g) check
the following box [ ]
Page 1 of 13
<PAGE> 2
CUSIP No. 913111209 13D Page 2 of 13 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
First Southern Funding, LLC *
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC, BK
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Kentucky
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 794,923*
SHARES --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0*
EACH --------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 794,923*
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER
0*
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
794,923*
- -------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
[X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
24.2%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
* See response to Item 5
Page 2 of 13
<PAGE> 3
CUSIP No. 913111209 13D Page 3 of 13 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
First Southern Bancorp, Inc.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC, BK
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Kentucky
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 125,825*
SHARES --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0*
EACH --------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 125,825*
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER
0*
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
125,825*
- -------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
[X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
3.8%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC
- -------------------------------------------------------------------------------
* See response to Item 5
Page 3 of 13
<PAGE> 4
CUSIP No. 913111209 13D Page 4 of 13 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jesse T. Correll
- -------------------------------------------------------------------------------
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 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 8 SHARED VOTING POWER
OWNED BY See response to Item 5
EACH --------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER
See response to Item 5
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
See response to Item 5
- -------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
See response to Item 5
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
Page 4 of 13
<PAGE> 5
CUSIP No. 913111209 13D Page 5 of 13 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
First Southern Capital Corp., LLC
- -------------------------------------------------------------------------------
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 PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Kentucky
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 183,033*
SHARES --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0*
EACH --------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 183,033*
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER
0*
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
183,033*
- -------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
5.6%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
* See response to Item 5
Page 5 of 13
<PAGE> 6
CUSIP No. 913111209 13D Page 6 of 13 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
First Southern Investments, LLC
- -------------------------------------------------------------------------------
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 PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Kentucky
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 23,135*
SHARES --------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0*
EACH --------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 23,135*
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER
0*
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
23,135*
- -------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
[X]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.7%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
* See response to Item 5
Page 6 of 13
<PAGE> 7
Explanatory Note
With this amendment, the reporting persons are updating information in
Items 3 and 5 to reflect recent transactions in shares of common stock of United
Trust Group, Inc.
ITEM 1. SECURITY AND ISSUER
Not amended.
ITEM 2. IDENTITY AND BACKGROUND
Not amended.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The amount of funds used in making the purchases of the Common Stock by
each Reporting Person is as follows:
First Southern Bancorp, Inc. $ 1,377,922
First Southern Funding, LLC $ 9,715,163
First Southern Capital Corp., LLC $ 2,339,995
First Southern Investments, LLC $ 291,000
Total $ 13,724,080
Funds used by First Southern Bancorp, Inc.
to purchase Convertible Notes (including
accrued interest) $ 3,108,050
Funds used by First Southern Bancorp, Inc.
to purchase shares of United Income, Inc.,
("UII") which were converted into shares of
Common Stock in the merger of UII into UTI $ 38,760
Aggregate amount* $ 16,870,890
*Excludes acquisition related expenses.
The total amount used by First Southern Bancorp, Inc. to purchase shares of
Common Stock, Convertible Notes and shares of common stock of UII which were
converted into Common Stock was $4,524,732.70.
Page 7 of 13
<PAGE> 8
The Reporting Persons employed working capital to make these purchases
of the Common Stock, including funds on hand and amounts drawn under existing
lines of credit with Star Bank, NA. FSF borrowed $7,622,513 and FSB borrowed
$1,820,775 in making the purchases.
ITEM 4. PURPOSE OF TRANSACTION
Not amended.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a-b) The beneficial ownership of the Common Stock by each Reporting Person
is as follows. Each Reporting Person has sole voting and dispositive
power over the shares listed opposite the Reporting Person's name,
except as noted:
REPORTING PERSON NUMBER OF SHARES PERCENT<F1>
First Southern Bancorp, Inc 125,825 shares 3.83%
First Southern Funding, LLC 794,923 shares 24.17%
First Southern Capital Corp., LLC 183,033 shares 5.57%
First Southern Investments, LLC 23,135 SHARES 0.70%
Total<F2> 1,126,916 shares 34.27%
<F1> The percentage of outstanding shares is based on 3,288,448 shares
of Common Stock outstanding.
<F2>The Reporting Persons have agreed in principle to act together for
the purpose of acquiring or holding equity securities of UTI.
Therefore, for purposes of this Schedule 13D, each may be deemed to
have acquired beneficial ownership of the equity securities of UTI
beneficially owned by each of the other Reporting Persons. In addition,
by virtue of his ownership of voting securities of FSF and FSBI, Mr.
Correll may be deemed to beneficially own the total number of shares of
Common Stock owned by them, and may be deemed to share with them the
right to vote and to dispose of such shares. Mr. Correll owns
approximately 82% of the outstanding membership interests of FSF; he
owns directly approximately 23% and companies he controls own
approximately 36% of the outstanding voting stock of FSB. In addition,
he is a manager of First Southern Capital Corp., LLC and First Southern
Funding, LLC.
The above amounts do not include additional shares of Common
Stock that may be acquired upon exercise of Convertible Notes of UTI
currently held by FSBI and under the Option Agreement described in Item
4 and incorporated herein by reference:
Convertible Notes 204,800 shares
Option Agreement 1,450,000 shares (subject to adjustment)
Page 8 of 13
<PAGE> 9
Beneficial ownership of up to 51% of the outstanding Common Stock can
be acquired under the Option Agreement. Beneficial ownership of these
shares is disclaimed at this time.
(c) The following transactions of the Common Stock of the Issuer were
effected since the most recent filing of Schedule 13D by the Reporting
Persons:
Transaction 1:
(1) Identity of the person who effected the transaction: First Southern
Funding, LLC
(2) The date of the transaction: August 11, 1999
(3) The amount of securities involved: 4,000 shares
(4) The price per share or unit: $8.31 per share (excluding brokerage
commissions)
(5) Where and how the transaction was effected: By the Reporting
Person's broker, J.J.B. Hilliard, W.L. Lyons, Inc.
Transaction 2:
(1) Identity of the person who effected the transaction: First Southern
Funding, LLC
(2) The date of the transaction: August 12, 1999
(3) The amount of securities involved: 2,000 shares
(4) The price per share or unit: $8.31 per share (excluding brokerage
commissions)
(5) Where and how the transaction was effected: By the Reporting
Person's broker, J.J.B. Hilliard, W.L. Lyons, Inc.
Transaction 3:
(1) Identity of the person who effected the transaction: First Southern
Funding, LLC
(2) The date of the transaction: August 13, 1999
(3) The amount of securities involved: 3,200 shares
(4) The price per share or unit: $8.31 per share (excluding brokerage
commissions)
(5) Where and how the transaction was effected: By the Reporting
Person's broker, J.J.B. Hilliard, W.L. Lyons, Inc.
Transaction 4:
(1) Identity of the person who effected the transaction: First Southern
Funding, LLC
(2) The date of the transaction: August 25, 1999
(3) The amount of securities involved: 1,900 shares
(4) The price per share or unit: $8.13 per share (excluding brokerage
commissions)
(5) Where and how the transaction was effected: By the Reporting
Person's broker, J.J.B. Hilliard, W.L. Lyons, Inc.
Transaction 5:
(1) Identity of the person who effected the transaction: First Southern
Funding, LLC
(2) The date of the transaction: August 31, 1999
(3) The amount of securities involved: 6,000 shares
(4) The price per share or unit: $8.19 per share (excluding brokerage
commissions)
Page 9 of 13
<PAGE> 10
(5) Where and how the transaction was effected: By the Reporting
Person's broker, J.J.B. Hilliard, W.L. Lyons, Inc.
Transaction 6:
(1) Identity of the person who effected the transaction: First Southern
Funding, LLC
(2) The date of the transaction: October 8, 1999
(3) The amount of securities involved: 2,053 shares
(4) The price per share or unit: $8.25 per share
(5) Where and how the transaction was effected: In private transactions
with 17 United Trust Group, Inc. shareholders
Transaction 7:
(1) Identity of the person who effected the transaction: First Southern
Funding, LLC
(2) The date of the transaction: October 8, 1999
(3) The amount of securities involved: 4,000 shares
(4) The price per share or unit: $8.25 per share
(5) Where and how the transaction was effected: By the Reporting
Person's broker, Herzog Heine Geduld
Transaction 8:
(1) Identity of the person who effected the transaction: First Southern
Funding, LLC
(2) The date of the transaction: October 14, 1999
(3) The amount of securities involved: 1,113 shares
(4) The price per share or unit: $8.25 per share
(5) Where and how the transaction was effected: In private transactions
with 10 United Trust Group, Inc. shareholders.
Transaction 9:
(1) Identity of the person who effected the transaction: First Southern
Funding, LLC
(2) The date of the transaction: October 18, 1999
(3) The amount of securities involved: 3,500 shares
(4) The price per share or unit: $8.19 per share (excluding brokerage
commissions)
(5) Where and how the transaction was effected: By the Reporting
Person's broker, J.J.B. Hilliard, W.L. Lyons, Inc.
Transaction 10:
(1) Identity of the person who effected the transaction: First Southern
Funding, LLC
(2) The date of the transaction: October 19, 1999
(3) The amount of securities involved: 1,827 shares
(4) The price per share or unit: $8.25 per share
(5) Where and how the transaction was effected: In private transactions
with 13 United Trust Group, Inc. shareholders.
Page 10 of 13
<PAGE> 11
ITEM 7: MATERIAL TO BE FILED AS EXHIBITS
Not amended.
Page 11 of 13
<PAGE> 12
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.
October 19, 1999 By: /S/ JESSE T. CORRELL
Jesse T. Correll
Attorney-in-Fact on behalf of each of the
Reporting Persons*
* Pursuant to the Agreement among Reporting Persons dated January 5, 1999, for
the filing of a single Schedule 13D pursuant to Rule 13d-1-(f)(1), each
Reporting Person has authorized Jesse T. Correll to sign on behalf of such
Reporting Person any Schedule 13D or amendments thereto that are required to be
filed on behalf of the Reporting Persons to this Schedule 13D.
Page 12 of 13
<PAGE> 13
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
A* Acquisition Agreement between FSF and UTI dated April 30,
1998, as amended May 29, 1998, including the following
exhibits thereto: Stock Purchase Agreement between FSF and
Larry E. Ryherd dated April 30, 1998; Convertible Note
Purchase Agreement between FSF and James E. Melville, George
E. Francis, Brad M. Wilson, Joseph H. Metzger, Theodore C.
Miller, Michael K. Borden and Patricia G. Fowler dated April
30, 1998; and Option Agreement between FSF and UTI dated April
30, 1998
B* Agreement among Reporting Persons dated January 5, 1999 for
the filing of a single Schedule 13D pursuant to Rule
13d-l(f)(l).
C* Letter agreements and promissory note relating to the
borrowing of funds by FSF.
D* Letter agreements and promissory note relating to the
borrowing of funds by FSB.
E* Agreement of Assignment among the Reporting Persons dated
November 20, 1998
F* Members of First Southern Investments, LLC
* Previously filed
Page 13 of 13
