<PAGE>
CUSIP NO. 86428L-106
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
SUBURBFED FINANCIAL CORP.
- ---------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
- ---------------------------------------------------------------------
(Title of Class of Securities)
86428L-106
- ---------------------------------------------------------------------
(CUSIP Number)
Mr. John Palmer or Mr. Richard Lashley
One Financial Place, Suite 1021, 440 South LaSalle
Chicago, IL 60605
(312) 663-3458
- ---------------------------------------------------------------------
(Name, Address, Telephone Number of Person Authorized
to Receive Notices and Communications)
December 30, 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 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 [ ].
(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.)
Page 1 of 9 Pages
<PAGE>
CUSIP NO. 86428L-106 PAGE 2 OF 9
- ---------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Financial Edge Fund, L.P.
- --------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP A [X]
B [ ]
- --------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------
4. SOURCE OF FUNDS
WC, OO
- --------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- ---------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---------------------------------------------------------------------
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SOLE VOTING POWER
81,454
- ---------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SHARED VOTING POWER
81,454
- ---------------------------------------------------------------------
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SOLE DISPOSITIVE POWER
81,454
- ---------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SHARED DISPOSITIVE POWER
81,454
- ---------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
81,454
- ---------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- ---------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
- ---------------------------------------------------------------------
6.4%
- ---------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
<PAGE>
CUSIP NO. 86428L-106 PAGE 3 0F 9
- ----------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Richard J. Lashley
- ----------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP A [X]
B [ ]
- ----------------------------------------------------------------------
3. SEC USE ONLY
- ----------------------------------------------------------------------
4. SOURCE OF FUNDS
PF, OO, WC
- -----------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- -----------------------------------------------------------------------
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SOLE VOTING POWER
4,500
- ----------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SHARED VOTING POWER
4,500
- ----------------------------------------------------------------------
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SOLE DISPOSITIVE POWER
4,500
- ---------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SHARED DISPOSITIVE POWER
4,500
- ---------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,500
- ----------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- ----------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
- ----------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
- -----------------------------------------------------------------------
<PAGE>
CUSIP NO. 86428L-106 PAGE 4 OF 9
- -----------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
John Palmer
- -----------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP A [X]
B [ ]
- -----------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------
4. SOURCE OF FUNDS
PF, OO, WC
- -----------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- -----------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- -----------------------------------------------------------------------
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SOLE VOTING POWER
2,500
- -----------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SHARED VOTING POWER
2,500
- -----------------------------------------------------------------------
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SOLE DISPOSITIVE POWER
2,500
- -----------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SHARED DISPOSITIVE POWER
2,500
- -----------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,500
- -------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- -------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
- ------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------
<PAGE>
CUSIP NO. 86428L-106 PAGE 5 OF 9
Item 1. Security and Issuer
- ----------------------------
This Statement relates to the common stock, par value $.01 per
share (the "Common Stock"), of SuburbFed Financial Corp., the Delaware
chartered holding company (the "Company") for Suburban Federal Savings
bank, a federally chartered savings bank. The Company's principal
executive offices are located at 3301 West Vollmer Road, Flossmoor, Illinois
60422.
Item 2. Identity and Background
- --------------------------------
(a) This statement is filed by: the Financial Edge Fund, L.P., a Delaware
limited partnership ("Financial Edge"),the general partner of which is
PL Capital, L.L.C., a Delaware limited liability corporation
("PL Capital"), with respect to the shares of Common Stock directly
owned by it.
Additionally, this statement is filed by: Mr. John Palmer an individual,
with respect to the shares of Common Stock beneficially owned by Mr.
Palmer.
Additionally, this statement is filed by: Mr. Richard Lashley an
individual, with respect to the shares of Common Stock beneficially
owned by Mr. Lashley.
(b) The business address of Mr. Palmer and Mr. Lashley is One Financial
Place, Suite 1021, 440 South LaSalle, Chicago, Illinois 60605.
The address of the principal business and principal office of PL
Capital and Financial Edge is One Financial Place, Suite 1021,
440 South LaSalle, Chicago, Illinois 60605.
(c) Mr. Palmer and Mr. Lashley serve as the Managing Members of PL Capital,
which is the General Partner of Financial Edge. The principal business
of Financial Edge is serving as a private investment limited partnership
investing in financial institutions.
(d) None of the persons or partnerships referred to in paragraph (a) has,
during the last five years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
(e) None of the persons or partnerships referred to in Paragraph (a) has,
during the last five years, been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and, as a
result of such proceeding, 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) Mr. Palmer, and Mr. Lashley are United States citizens. Financial Edge
is a limited partnership organized under the laws of the State of
Delaware. PL Capital is a limited liability corporation organized
under the laws of the State of Delaware.
<PAGE>
CUSIP NO. 86428L-106 PAGE 6 0F 9
Item 3. Source and Amount of Funds or Other Consideration
- ----------------------------------------------------------
The net investment cost (including commissions, if any) of the shares
of Common Stock owned directly by Financial Edge is approximately $2.0
million.
The net investment cost (including commissions, if any) of the shares of
Common Stock directly owned by Mr. Palmer is approximately $70,000.
The net investment cost (including commissions, if any) of the shares
of Common Stock directly owned by Mr. Lashley is approximately $105,000.
The shares of Common Stock purchased by Financial Edge were purchased
with working capital and on margin. The shares of Common Stock purchased
by Mr. Palmer and Mr. Lashley were purchased with working capital and on
margin.
Financial Edge's margin transactions are with Bear Stearns Securities
Corp., on such firm's usual terms and conditions. Mr. Palmer and Mr.
Lashley's margin transactions are with Fidelity Investments and Charles
Schwab & Co., Inc., on such firms' usual terms and conditions. All or
part of the shares of Common Stock directly owned by Mr. Palmer and Mr.
Lashley may from time to time be pledged with one or more banking
institutions or brokerage firms as collateral for loans made by such
bank(s) or brokerage firm(s) to Mr. Palmer and Mr. Lashley. All or part
of the shares of Common Stock directly owned by Financial Edge may from
time to time be pledged with one or more banking institutions or
brokerage firms as collateral for loans made by such bank(s) or brokerage
firm(s) to Financial Edge. Such loans bear interest at a rate based upon
the broker's call rate from time to time in effect. Such indebtedness may
be refinanced with other banks or broker-dealers.
<PAGE>
CUSIP NO. 86428L-106 PAGE 7 OF 9
Item 5. Interest in Securities of the Issuer
- ---------------------------------------------
The following information is as of January 7, 1998. The percentage
used in Item 5 are calculated based upon the 1,262,749 shares stated by
the Company to be issued and outstanding currently pursuant to its Form
10-QSB for the quarter ended September 30, 1997.
(A) PL Capital
(a) Aggregate number of shares beneficially owned: 81,454
Percentage: 6.5%
(b) 1. Sole power to vote or to direct vote: 81,454
2. Shared power to vote or to direct vote: 81,454
3. Sole power to dispose or to direct the disposition: 81,454
4. Shared power to dispose or to direct disposition: 81,454
(c) The following transactions have been effect by or on behalf of
Financial Edge over the past sixty days:
Date Purchased No. of Shares Price Transaction
- -------------- ------------- ----- -----------
12/30/97 1,000 $48.50 Open Market
12/30/97 1,500 48.63 Open Market
1/6/98 5,000 48.00 Open Market
1/7/98 3,500 47.50 Open Market
(d) PL Capital, the General Partner of Financial Edge, has the power
to direct the affairs of Financial Edge, including decisions
respecting the disposition of the proceeds from the sale of the
shares. Mr. Palmer and Mr. Lashley are the Managing Members of PL
Capital, and, in that capacity, direct its operations.
(e) Not applicable.
B. Mr. John Palmer
(a) Aggregate number of shares beneficially owned: 2,500
Percentage: 0.2%
(b) 1. Sole power to vote or to direct vote: 2,500
2. Shared power to vote or to direct vote: 83,954
3. Sole power to dispose or to direct the disposition: 2,500
<PAGE>
CUSIP NO. 86428L-106 PAGE 8 OF 9
4. Shared power to dispose or to direct the disposition: 83,954
(c) The following transaction has been effected by or on behalf of Mr.
Palmer over the past sixty days.
Date Purchased No. of Shares Price Transaction
- -------------- ------------- ----- -----------
12/30/97 500 $46.50 Open Market
(d) Mr. Palmer, a General Partner of PL Capital, has the power to
direct the affairs of PL Capital, the General Partner of Financial
Edge, which has the power to direct the affairs of Financial Edge,
including decisions respecting the disposition of the proceeds from
the sale of the shares.
(e) Not applicable.
C. Mr. Richard Lashley
(a) Aggregate number of shares beneficially owned: 4,500
Percentage: 0.3%
(b) 1. Sole power to vote or to direct vote: 4,500
2. Shared power to vote or to direct vote: 85,954
3. Sole power to vote or to direct the disposition: 4,500
4. Shared power to dispose or to direct the disposition: 85,954
(c) The following transaction has been affected by or on behalf of
Mr. Lashley over the past sixty days.
Date Purchased No. of Shares Price Transaction
- -------------- ------------- ----- -----------
12/30/97 500 $46.50 Open Market
(d) Mr. Lashley, a General Partner of PL Capital, has the power to direct
the affairs of PL Capital, the General Partner of Financial Edge,
which has the power to direct the affairs of Financial Edge,
including decisions respecting the disposition of the proceeds from
the sale of the shares.
(e) Not applicable.
<PAGE>
CUSIP NO. 86428L-106 PAGE 9 OF 9
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief of
the undersigned certifies that the information set forth in this Statement
is true, complete and correct.
Dated: January 8, 1998
FINANCIAL EDGE FUND, L.P.
By: PL CAPITAL, LLC
---------------
General Partner
By: /s/ John Palmer
---------------
John Palmer
Managing Member and as an individual
By: /s/ Richard Lashley
-------------------
Richard Lashley
Managing Member and as an individual
<PAGE>
