<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE EXCHANGE ACT OF 1934
(AMENDMENT NO.__)
FIRST FINANCIAL BANCORP, INC.
- -------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK
- -------------------------------------------------------------------------------
(Title of Class of Securities)
32020X106
--------------
(CUSIP Number)
RICHARD J. PERRY JR., ESQUIRE
LEVI PERRY SIMMONS & LOOTS, P.C.
805 FIFTEENTH STREET, N.W., SUITE 1101
WASHINGTON, D.C. 20005
TEL: (202) 326-8602
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
NOVEMBER 1, 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 if 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 this 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.
<PAGE> 2
<TABLE>
<CAPTION>
CUSIP NUMBER 32020X106 PAGE 2 OF 15 PAGES
---------- --------- ------
========================================================================================================
<S> <C> <C>
1. NAME OF REPORTING PERSON/ S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON
Financial Institution Partners, L.P. / 52-1899611
- --------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ____
(b) ____
- --------------------------------------------------------------------------------------------------------
3. SOURCE OF FUNDS
WC OO
- --------------------------------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d) AN 2(e)
NO
- --------------------------------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------------------------------
NUMBER OF SHARES 6. SOLE VOTING POWER
OWNED BY
EACH REPORTING ------------------------------------------------------------------------------
PERSON WITH 7. SHARED VOTING POWER
24,700 SHARES
------------------------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
------------------------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
24,700 SHARES
- --------------------------------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,700 SHARES
- --------------------------------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- --------------------------------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
5.46%
- --------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
PN
- --------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 15 Pages
<PAGE> 3
<TABLE>
<CAPTION>
CUSIP NUMBER 32020X106 PAGE 3 OF 15 PAGES
---------- --------- ------
========================================================================================================
<S> <C> <C>
1. NAME OF REPORTING PERSON/ S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON
Hovde Capital, Inc./ 52-1891904
- --------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ____
(b) ____
- --------------------------------------------------------------------------------------------------------
3. SOURCE OF FUNDS
AF
- --------------------------------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d) AN 2(e)
NO
- --------------------------------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------------------------------
NUMBER OF SHARES 6. SOLE VOTING POWER
OWNED BY
EACH REPORTING ------------------------------------------------------------------------------
PERSON WITH 7. SHARED VOTING POWER
24,700 SHARES
------------------------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
------------------------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
24,700 SHARES
- --------------------------------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,700 SHARES
- --------------------------------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- --------------------------------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
5.46%
- --------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 15 Pages
<PAGE> 4
<TABLE>
<CAPTION>
CUSIP NUMBER 32020X106 PAGE 4 OF 15 PAGES
---------- --------- ------
========================================================================================================
<S> <C>
1. NAME OF REPORTING PERSON/ S.S. OR I.R.S. IDENTIFICATION OF ABOVE PERSON
Steven D. Hovde/ S.S. # ###-##-####
- --------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ____
(b) ____
- --------------------------------------------------------------------------------------------------------
3. SOURCE OF FUNDS
PF AF
- --------------------------------------------------------------------------------------------------------
4. IS DISCLOSURE OF LEGAL PROCEEDING REQUIRED PURSUANT TO ITEMS 2(d) AN 2(e)
NO
- --------------------------------------------------------------------------------------------------------
5. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
- --------------------------------------------------------------------------------------------------------
NUMBER OF SHARES 6. SOLE VOTING POWER
OWNED BY 17,500
EACH REPORTING ------------------------------------------------------------------------------
PERSON WITH 7. SHARED VOTING POWER
24,700 SHARES
------------------------------------------------------------------------------
8. SOLE DISPOSITIVE POWER
17,500
------------------------------------------------------------------------------
9. SHARED DISPOSITIVE POWER
24,700 SHARES
- --------------------------------------------------------------------------------------------------------
10. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
42,200 SHARES
- --------------------------------------------------------------------------------------------------------
11. DOES THE AGGREGATE AMOUNT IN BOX 10 EXCLUDE CERTAIN SHARES?
NO
- --------------------------------------------------------------------------------------------------------
12. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (10)
9.33%
- --------------------------------------------------------------------------------------------------------
13. TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 15 Pages
<PAGE> 5
ITEM 1. SECURITY AND ISSUER
The class of security to which this statement relates is the common
stock, par value $.10 per share (the "Shares"), of First Financial Bancorp,
Inc. (the "Issuer"). The address of the principal executive offices of the
Issuer is 121 East Locust Street, Belvidere, Illinois 61008-3601.
ITEM 2. IDENTITY AND BACKGROUND
The persons filing this statement are Financial Institution Partners,
L.P. (the "Limited Partnership") Hovde Capital, Inc. and Steven D. Hovde, who
are collectively referred to herein as the "Reporting Persons." The Limited
Partnership is a Delaware limited partnership formed for the purpose of
investing in, among other things, the equity securities of various financial
institutions. Hovde Capital, Inc., a Delaware general business corporation, is
the general partner (the "General Partner") of the Limited Partnership. Steven
D. Hovde is a controlling shareholder of the General Partner.
Attached as Schedule 1 hereto and incorporated by reference herein is
a list containing the principal business and the address of its principal
business and office for the Limited Partnership and the General Partner as well
as information required by (a) through (f) of this Item as to each executive
officer, director and/or controlling person of the General Partner. The
General Partner controls the Limited Partnership.
None of the Reporting Persons or executive officers, directors or
controlling persons of the General Partner has, during the last five years,
been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or 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 judgment, 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.
The Reporting Persons do not believe that they constitute a "group"
within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934.
Nevertheless, the Reporting Persons are making this filing because of the
possibility that they may be deemed a group, although each of the Reporting
Persons disclaims any membership in, and the existence of, such a group.
Neither the making of this filing nor any statement contained herein shall be
deemed to be an admission by any of the Reporting Persons that a group exists.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Information regarding the source and amount of funds used by the
Reporting Persons in acquiring beneficial ownership of their Shares is set
forth in Schedule 2 attached hereto and incorporated herein by reference.
Page 5 of 15 Pages
<PAGE> 6
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Persons have acquired the Shares for investment purposes
and as set forth below:
(a) Each of the Reporting Persons may independently
acquire additional Shares or dispose of some or all of its/his
Shares.
(b) None.
(c) None.
(d) None.
(e) None.
(f) None.
(g) None.
(h) None.
(i) None.
(j) None.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) (b) Schedule 3 hereto, which is incorporated by reference herein,
sets forth, as of November 12, 1996 information relating to the aggregate number
of Shares of the Issuer and the percentage of the outstanding Shares of the
Issuer as of such date (based upon information provided by the Issuer, there
are 452,309 Shares outstanding as of that date) as to each of the Reporting
Persons.
(c) None.
(d) None.
(e) Not applicable.
Each of the Reporting Persons disclaims beneficial ownership of Shares
beneficially owned by any of the other Reporting Persons.
Page 6 of 15 Pages
<PAGE> 7
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
None.
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS
Exhibit A- Consent Agreement pursuant to 17 C.F.R. Section 13d-1(f)(1)
Page 7 of 15 Pages
<PAGE> 8
Signatures
After reasonable inquiry and to the best of his/its knowledge and
belief, each of the undersigned Reporting Persons certifies that the
information set forth in this statement with respect to him/it is true,
complete and correct.
FINANCIAL INSTITUTION PARTNERS,
L.P., by its General Partner,
HOVDE CAPITAL, INC.
/s/ Steven D. Hovde
----------------------------------------
By: Steven D. Hovde
Its: Chairman and Chief Executive Officer
HOVDE CAPITAL, INC.
/s/ Steven D. Hovde
----------------------------------------
By: Steven D. Hovde
Its: Chairman and Chief Executive Officer
STEVEN D. HOVDE
/s/ Steven D. Hovde
----------------------------------------
Dated: 11/12/96
Page 8 of 15 Pages
<PAGE> 9
SCHEDULE 1
INFORMATION RELATING TO REPORTING PERSONS
PRINCIPAL BUSINESS AND
ADDRESS OF PRINCIPAL BUSINESS
NAME OR PRINCIPAL OFFICE
---- -----------------------------
Financial Institution Partners, L.P. Limited partnership formed to make
investments primarily in equity
securities of financial institutions
1629 Colonial Parkway
Inverness, Illinois 60067
Organized: State of Delaware
Hovde Capital, Inc. General business corporation formed
to serve as the general partner of
the Limited Partnership
1629 Colonial Parkway
Inverness, Illinois 60067
Incorporated: State of Delaware
Steven D. Hovde Investment banker
Hovde Financial, Inc.
1629 Colonial Parkway
Inverness, Illinois 60067
Investment banking firm
Page 9 of 15 Pages
<PAGE> 10
INFORMATION RELATING TO EXECUTIVE OFFICERS, DIRECTORS AND/OR CONTROLLING
PERSONS
NAME PRINCIPAL OCCUPATION
ADDRESS BUSINESS ADDRESS CITIZENSHIP
- ------------ ----------------------- --------------------
Steven D. Hovde Investment banker U.S.
1629 Colonial Parkway Hovde Financial, Inc.
Inverness, Illinois 60067 1629 Colonial Parkway
Inverness, Illinois 60067
Investment banking firm
Eric D. Hovde Investment banker
1826 Jefferson Place, N.W. Hovde Financial, Inc. U.S.
Washington, D. C. 20036 1826 Jefferson Place, N.W.
Washington, D. C. 20036
Investment banking firm
Braddock J. LaGrua Investment banker
1826 Jefferson Place, N.W. Hovde Financial, Inc. U.S.
Washington, D. C. 20036 1826 Jefferson Place, N.W.
Washington, D. C. 20036
Investment banking firm
Page 10 of 15 Pages
<PAGE> 11
SCHEDULE 2
The following table sets forth the amount and source of funds used by
each Reporting Person in acquiring the Shares beneficially owned by it.
<TABLE>
<CAPTION>
AMOUNT
ORIGINALLY
TOTAL FINANCED/ SOURCE OF
NAME CONSIDERATION CURRENT BALANCE FUNDS*
- ---- ------------- --------------- ------------
<S> <C> <C> <C>
Financial $389,025.00 194,512.50/ Working Capital/
Institution 194,512.50 Line of Credit
Partners, L.P.
Hovde Capital, Inc. $389,025.00 194,512.50 Working Capital/
194,512.50 Line of Credit of
Affiliate
Steven D. Hovde $192,500 N/A Personal Funds
</TABLE>
- ----------------------
* $ 194,512.50 was financed through a line of credit with Harris Trust of
Chicago at Federal Funds rate +5/8.
Page 11 of 15 Pages
<PAGE> 12
SCHEDULE 3
The following table sets forth the number and approximate percentage
of Shares beneficially owned by each of the Reporting Persons. Each of the
Reporting Persons has shared power to vote or to direct the vote and to dispose
or to direct the disposition of the Shares of which each of them, respectively,
possesses beneficial ownership; Steven D. Houde has sole power to vote or to
direct the vote and to dispose or to direct the disposition of 17,500 Shares
(or 3.87% benificially owned by him.
<TABLE>
<CAPTION>
APPROXIMATE
NAME NUMBER OF SHARES PERCENTAGE
- ---- ---------------- --------------
<S> <C> <C>
Financial Institution 24,700 5.46%
Partners, L.P.
Hovde Capital, Inc. 24,700 5.46%
Steven D. Hovde 42,200 9.33%
</TABLE>
Page 12 of 15 Pages
<PAGE> 13
SCHEDULE 4
DESCRIPTION OF TRANSACTIONS IN SHARES EFFECTED WITHIN 60 DAYS
The Reporting Persons effected the following transactions in the Shares within
sixty (60) days of November 12, 1996.
<TABLE>
<CAPTION>
TRANSACTION AMOUNT OF TRANSACTION TRANSACTION
DATE SHARES PRICE BROKER TYPE
- ----------- --------- ----------- ------ -----------
<S> <C> <C> <C> <C>
09/17/96 2,200 $15.75 Howe* Buy
09/17/96 2,800 $15.75 Howe Buy
09/26/96 10,000 $15.875 Private Sell
Sale
10/01/96 3,500 $15.75 Howe* Buy
11/01/96 19,000 $15.75 Howe* Buy
</TABLE>
- ---------------------------------------
* Howe Barnes Investments, Inc.
Page 13 of 15 Pages
<PAGE> 14
EXHIBIT INDEX
Page
Exhibit A Consent Agreement pursuant to 17 C.F.R. Section 13d-1(f)(1) 15
Page 14 of 15 Pages
<PAGE> 15
EXHIBIT A
Consent Agreement Pursuant to 17 C.F.R. Section 13d-1(f)(1)
Each of the undersigned hereby consents and agrees to the filing on
behalf of each of them of the foregoing joint statement on Schedule 13D
pursuant to 17 C.F.R. 13d-1(f)(1) with respect to his/its beneficial ownership
of the Shares of the Issuer.
FINANCIAL INSTITUTION PARTNERS, L.P.,
by its General Partner, HOVDE CAPITAL, INC.
By: /s/ Steven D. Hovde
---------------------------------------
Its: Chairman and Chief Executive Officer
HOVDE CAPITAL, INC.
By: /s/ Steven D. Hovde
--------------------
Its: Chairman and Chief Executive Officer
STEVEN D. HOVDE
/s/ Steven D. Hovde
----------------------------------------
Page 15 of 15 Pages
