UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No._)
First Keystone Financial, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
320655-10-3
(CUSIP Number)
Charles J. Moore
The Banc Funds Company, L.L.C.
208 South LaSalle Street
Chicago, Illinois 60604
(312) 855-6202
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 10, 1997
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
this 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 [ ].
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CUSIP No. 320655-10-3
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person (optional)
Banc Fund III L.P.
2 Check the Appropriate Box If A Member of a Group* (A) [ ]`
(B) [X]
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
Illinois
7 Sole Voting Power
Number of 9,532 shares
Shares
Beneficially 8 Shared Voting Power
Owned By 0
Each
Reporting 9 Sole Dispositive Power
Person 9,532 shares
With
10 Shared Dispositive Power
0
11 Aggregate Amount of Beneficially Owned by Each Reporting Person
9,532 shares
12 Check Box If The Aggregate Amount In Row (11) Excludes
Certain Shares* [ ]
13 Percent of Class Represented By Amount In Row (11)
0.78%
14 Type of Reporting Person*
PN
2
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CUSIP No. 320655-10-3
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person (optional)
Bank Fund III Trust
2 Check the Appropriate Box If A Member of a Group* (A) [ ]
(B) [X]
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
Illinois
7 Sole Voting Power
Number of 29,218 shares
Shares
Beneficially 8 Shared Voting Power
Owned By 0
Each
Reporting 9 Sole Dispositive Power
Person 29,218 shares
With
10 Shared Dispositive Power
0
11 Aggregate Amount of Beneficially Owned by Each Reporting Person
29,218 shares
12 Check Box If The Aggregate Amount In Row (11) Excludes
Certain Shares* [ ]
13 Percent of Class Represented By Amount In Row (11)
2.38%
14 Type of Reporting Person*
00
3
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CUSIP No. 320655-10-3
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person (optional)
Banc Fund IV L.P.
2 Check the Appropriate Box If A Member of a Group* (A) [ ]
(B) [X]
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
Illinois
7 Sole Voting Power
Number of 9,340 shares
Shares
Beneficially 8 Shared Voting Power
Owned By 0
Each
Reporting 9 Sole Dispositive Power
Person 9,340 shares
With
10 Shared Dispositive Power
0
11 Aggregate Amount of Beneficially Owned by Each Reporting Person
9,340 shares
12 Check Box If The Aggregate Amount In Row (11) Excludes
Certain Shares* [ ]
13 Percent of Class Represented By Amount In Row (11)
0.76%
14 Type of Reporting Person*
PN
4
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CUSIP No. 320655-10-3
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person (optional)
Banc Fund IV Trust
2 Check the Appropriate Box If A Member of a Group* (A) [ ]
(B) [X]
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
Illinois
7 Sole Voting Power
Number of 31,410 shares
Shares
Beneficially 8 Shared Voting Power
Owned By 0
Each
Reporting 9 Sole Dispositive Power
Person 31,410 shares
With
10 Shared Dispositive Power
0
11 Aggregate Amount of Beneficially Owned by Each Reporting Person
31,410 shares
12 Check Box If The Aggregate Amount In Row (11) Excludes
Certain Shares* [ ]
13 Percent of Class Represented By Amount In Row (11)
2.56%
14 Type of Reporting Person*
00
5
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This statement relates to the Common Stock, $0.01 par value ("Common
Stock"), of First Keystone Financial, Inc. ("FKFS"). The address of the
principal executive offices of FKFS is 22 West State Street, Media, PA 19063.
Item 2. Identity and Background
(a) This statement is filed by Banc Fund III L.P. ("BF III"), an Illinois
Limited Partnership, Bank Fund III Trust ("T III"), Banc Fund IV L.P. ("BF IV"),
an Illinois Limited Partnership, and Banc Fund IV Trust ("T IV"). The business
of the Funds is to provide financing to, and acquire equity interests in, banks
and other depository institutions and holding companies controlling such
entities.
(i) The general partner of BF III is MidBanc III L.P. ("MidBanc III"), whose
principal business is to be a general partner of BF III. The general partner of
BF IV is MidBanc IV L.P. ("MidBanc IV"), whose principal business is to be a
general partner of BF IV. MidBanc III and IV are Illinois limited partnerships.
(ii) The general partner of MidBanc III is ChiCorp Management III, Inc.
("Management III"), whose principal business is to be a general partner of
MidBanc III. The general partner of MidBanc IV is ChiCorp Management IV, Inc.
("Management IV"), whose principal business is to be a general partner of
MidBanc IV. Management III and IV are Illinois corporations.
(iii) The executive officers and directors of Management III and IV are the
same and are composed of:
Name and Offices in
Present Principal Management
Occupation III and IV
- ----------------- ---------------
Joan W. Moore Secretary
Member, The Banc Funds and Director
Company, L.L.C. ("TBFC")
Charles J. Moore President, Treasurer,
Manager, BF III, T III, and Director
BF IV, and T IV
(iv) The sole stockholder of Management III and IV is TBFC an Illinois limited
liability company which is controlled by Charles J. Moore. Mr. Moore has been
the manager of the investment decisions for each of BF III, BF IV, T III and T
IV since their respective inceptions. As manager, Mr. Moore has voting and
dispositive power over the securities of the issuer held by each of those
entities. As the controlling member of TBFC, Mr. Moore will control Management
III and IV, and therefore each of the Partnership entities directly and
indirectly controlled by each of Management III and IV.
(v) The investment manager of T III and T IV is TBFC under an Investment
Management Agreement with each Trust. Charles J. Moore, as portfolio manager for
T III and T IV, has voting and dispositive power over the issuer's securities
held by such trusts.
(b) and (c) The address of the principal business and principal office of BF
III, T III, BF IV, T IV, MidBanc III, MidBanc IV, Management III, Management IV,
and TBFC and the business address of each of the persons named in paragraph
(a)(iii) is 208 S. LaSalle Street, Chicago, IL 60604.
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(d) and (e) During the last five years, none of the persons named herein has
been convicted in any criminal proceeding (excluding traffic violations or
similar misdemeanors), or been a party to any civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which such person
was or is subject to a judgement, 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.
(f) Each of the persons named in paragraphs (a)(iv) is a citizen of the
United States of America.
Item 3. Source and Amount of Funds or other Consideration.
An aggregate of $1,667,906 from the capital of the Funds has been used in
making purchases of 79,500 shares of Common Stock of FKFS.
Item 4. Purpose of Transaction.
The Funds acquired the Common Stock of FKFS reported herein for purposes of
investment. The Funds may, in the future, purchase additional shares of Common
Stock of FKFS or sell such securities.
The Funds do not have any present plan or proposal which would relate to or
result in transactions of the kind described in paragraphs (a) through (j) of
Item 4 of Schedule 13d-101 of the Securities and Exchange Commission. The Funds
reserve the right, in the future, to adopt such plans or proposals.
Item 5. Interest in Securities of the Issuer.
(a) An aggregate of 79,500 shares of Common Stock are beneficially owned by
the Funds. Such shares of Common Stock represent approximately 6.47% of the
Common Stock of FKFS outstanding as of April 10, 1997. Of said shares, 9,532
shares of Common Stock are beneficially owned by BF III (0.78% of the
outstanding shares), while 29,218 shares of Common Stock are beneficially owned
by T III (2.38% of the outstanding shares), while 9,340 shares of Common Stock
are beneficially owned by BF IV (0.76% of the outstanding shares), and 31,410
shares of Common Stock are beneficially owned by T IV (2.56% of the outstanding
shares). To the best knowledge and belief of the Funds, no securities of FKFS
are owned by any of the other persons named in Item 2 or by any persons who
together with any of the persons named in Item 2 comprise a group within the
meaning of Section 13(d) (3) of the Securities Exchange Act of 1934, as amended.
Anything to the contrary in this Schedule 13D notwithstanding, each Fund
disclaims beneficial ownership of the shares of Common Stock beneficially owned
by the other Fund.
(b) The Funds have the sole power to vote or to direct the vote, and the sole
power to dispose or to direct the disposition of, all of the shares beneficially
owned by them as set forth in paragraph (a) above. As set forth in Item
2(a)(iv), Charles J. Moore as portfolio manager has the power to vote and to
dispose of the issuer's securities.
(c) On April 10, 1997, the Funds' ownership of shares of Common Stock of FKFS
increased to more than 5% of the adjusted outstanding shares of said class. The
Funds have purchased and sold Common Shares on the open market as described in
the table below:
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BF III Purchases:
Dollar Number Cost per
Date Amount of Shares Share
- ------------ ----------- ------------ ----------
03/12/97 21,648.00 984 22.00
03/17/97 13,453.13 615 21.875
03/18/97 13,453.13 615 21.875
04/02/97 26,752.50 1,230 21.75
04/24/97 7,933.50 369 21.50
06/12/97 56,580.00 2,460 23.00
T III Purchases:
Dollar Number Cost per
Date Amount of Shares Share
- ------------ ------------ ------------ ----------
03/12/97 66,352.00 3,016 22.00
03/17/97 41,234.38 1,885 21.875
03/18/97 41,234.38 1,885 21.875
04/02/97 81,997.50 3,770 21.75
04/24/97 24,316.50 1,131 21.50
06/12/97 173,420.00 7,540 23.00
BF IV Purchases:
Dollar Number Cost per
Date Amount of Shares Share
- ------------ ------------ ------------ ----------
03/12/97 20,174.00 917 22.00
04/01/97 24,925.50 1,146 21.75
04/10/97 17,493.63 802 21.8125
06/12/97 26,358.00 1,146 23.00
T IV Purchases:
Dollar Number Cost per
Dat Amount of Shares Share
- ------------ ----------- ------------ ----------
03/12/97 67,826.00 3,083 22.00
04/01/97 83,824.50 3,854 21.75
04/10/97 58,850.12 2,698 21.8125
06/12/97 88,642.00 3,854 23.00
Item 6. Contracts, Arrangements, Understanding or Relationships
with Respect to Securities of the Issuer.
None
Item 7. Material to be filed as exhibits.
None
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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 20, 1997
BANC FUND III L.P.
By MIDBANC III L.P.,
general partner
By CHICORP MANAGEMENT III, INC.,
general partner
By /s/ Charles J. Moore
--------------------------
Charles J. Moore, President
BANK FUND III TRUST
By THE BANC FUNDS COMPANY, L.L.C.,
Investment Manager
By /s/ Charles J. Moore
--------------------------
Charles J. Moore, President
BANC FUND IV L.P.
By MIDBANC IV L.P.,
general partner
By CHICORP MANAGEMENT IV, INC.,
general partner
By /s/ Charles J. Moore
--------------------------
Charles J. Moore, President
BANC FUND IV TRUST
By THE BANC FUNDS COMPANY, L.L.C.,
Investment Manager
By /s/ Charles J. Moore
--------------------------
Charles J. Moore, President
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