UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.__)*
WEST JERSEY BANCSHARES, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
953504107
(CUSIP Number)
Mr. Gideon J. King, Loeb Partners Corporation, 61 Broadway, New York, NY
10006 (212)483-7023 (Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications
May 31, 1996
(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 | |
Check the following box if a fee is being paid with the statement |X|. (A
fee is not required only if the reporting person:(1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
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.
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*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 953504107
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Loeb Partners Corporation - I.D. #13-3114801
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) XX
(b)
3 SEC USE ONLY
4 SOURCE OF FUNDS*
WC, O
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
NUMBER OF 7 SOLE VOTING POWER
SHARES 24,136 Shares
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 6,863 Shares
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 24,136 Shares
PERSON 10 SHARED DISPOSITIVE POWER
WITH 6,863 Shares
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
30,999 Shares
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.68%
14 TYPE OF REPORTING PERSON*
CO BD IA
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No 953504107
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Loeb Arbitrage Fund - I.D. #13-3269989
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) XX
(b)
3 SEC USE ONLY
4 SOURCE OF FUNDS*
WC, O
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
NUMBER OF 7 SOLE VOTING POWER
SHARES 32,164 Shares
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY ---
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 32,164 Shares
PERSON 10 SHARED DISPOSITIVE POWER
WITH ---
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
32,164 Shares
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.78%
14 TYPE OF REPORTING PERSON*
PN BD
*SEE INSTRUCTIONS BEFORE FILLING OUT!
ITEM 1. SECURITY AND ISSUER.
This statement refers to the Common Stock ("Common Stock") of West Jersey
Bancshares, Inc., 165 Passaic Avenue, Fairfield, New Jersey, 07004. Peter G.
Stewart is the Chairman.
ITEM 2. IDENTITY AND BACKGROUND.
Loeb Arbitrage Fund ("LAF"), 61 Broadway, New York, New York, 10006, is a
New York limited partnership. It is a registered broker/dealer. Its general
partner is Loeb Arbitrage Management, Inc., ("LAM"), a Delaware corporation,
with the same address. Its President is Arthur E. Lee, who is also an Executive
Vice President of Loeb Partners Corporation. The other officers of LAM are
Thomas L. Kempner, Chairman of the Board, Irwin D. Rowe, Vice President and
Secretary and Peter A. Tcherepnine, Vice President.
Loeb Partners Corporation ("LPC"), 61 Broadway, New York, New York, 10006,
is a Delaware corporation. It is a registered broker/dealer and a registered
investment adviser. Thomas L. Kempner is its President and a director and its
Chief Executive Officer. John L. Loeb and Henry A. Loeb are Vice Chairmen and
directors of LPC. Irwin D. Rowe is an Executive Vice President and also a
director of LPC. John L. Loeb and Henry A. Loeb are uncles of Thomas L. Kempner.
Loeb Holding Corporation ("LHC"), a Maryland corporation, 61 Broadway, New
York, New York, 10006 is the sole stockholder of Loeb Arbitrage Management,
Inc., and LPC. Thomas L. Kempner is its President and a director as well as its
Chief Executive Officer and majority stockholder. Messrs. John L. Loeb, Henry A.
Loeb and Irwin D. Rowe are also directors of LHC, as are Robert Krones, Andrew
J. McLaughlin, Jr. and Edward E. Matthews. Mr. Matthews' address is 70 Pine
Street, New York, New York 10270. The business address of the other individuals
is 61 Broadway, New York, New York, 10006.
All of the individuals named are United States Citizens. None have within
the last five years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or have been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result
of such proceeding have been or are 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 violations with respect to
such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER COMPENSATION.
Shares of Common Stock were acquired by LAF and LPC in margin accounts
maintained with Bear Stearns Securities Corp.
ITEM 4. PURPOSE OF TRANSACTION.
LAF and LPC have acquired shares of Common Stock for investment purposes.
LAF and LPC reserve the right to sell shares of Common stock or to acquire
additional shares in open market transactions or otherwise.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The persons reporting hereby own the following
shares of Common Stock as of May 31, 1996:
SHARES OF COMMON STOCK
Loeb Arbitrage Fund 74,076
Loeb Partners Corporation* 30,999
------
105,075
This constitutes 5.46% of the 1,958,196 outstanding shares as reported by
the issuer.
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*Including 4,263 and 2,600 shares respectively, held for the accounts of
two customer of Loeb Partners Corporation ,as to which it has investment
discretion.
<PAGE>
(b) See paragraph (a) above.
(c) The following purchases of Common Stock have been made since
March 31, 1996 by the persons named below:
PURCHASES OF COMMON STOCK
HOLDER DATE SHARES AVERAGE PRICE
Loeb Arbitrage Fund 04-18-96 5,616 $8.22
04-19-96 4,704 8.03
04-26-96 4,704 8.28
05-06-96 4,704 8.03
05-07-96 936 8.03
05-09-96 1,872 7.78
05-24-96 700 8.03
05-28-96 2,808 7.91
05-30-96 1,416 7.79
05-31-96 4,704 7.77
Loeb Partners Corporation* DATE SHARES AVERAGE PRICE
04-18-96 384 $8.22
04-19-96 296 8.03
04-26-96 296 8.28
05-06-96 296 8.03
05-07-96 64 8.03
05-09-96 128 7.78
05-24-96 100 8.03
05-28-96 192 7.91
05-30-96 184 7.79
05-31-96 196 7.77
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*Includes transactions for the accounts of two customers of Loeb Partners
Corporation as to which it has investment discretion.
All reported transactions were effected on NASDAQ.
(d) and (e). Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDING OR RELATIONSHIPS WITH
RESPECT TO THE ISSUER.
None.
ITEM 7. MATERIALS TO BE FILES AS EXHIBITS.
None.
<PAGE>
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.
June 10, 1996 Loeb Arbitrage Fund
By:Loeb Arbitrage Management, Inc.
By:/s/Arthur E. Lee
-------------------------
Arthur E. Lee, President
June 10, 1996 Loeb Partners Corporation
By:/s/Arthur E. Lee
--------------------------
Arthur E. Lee
Executive Vice President
