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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Security Bancorp
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(Name of Issuer)
Common Stock, par value $1.00 per share
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(Title of Class of Securities)
81-4239109
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(CUSIP Number)
Peter M. Kennedy
Eighteen Seventy Corporation
2 Manhattanville Road
Purchase, New York 10577
(914) 694-3999
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(Name, Address, and Telephone Number of Person
Authorized To Receive Notices and Communications)
October 18, 1996
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(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 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 beneficial ownership of less than
five percent of such class. See Rule 13d-7)
Note: Six copies of this statement, including all exhibits, should be filed
with the Securities and Exchange Commission. See Rule 13d-1(a) of the
Securities and Exchange Commission for other parties to whom copies are to be
sent.
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CUSIP No. 81-4239109 Page 2 of 7
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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).
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CUSIP No. 81-4239109 Page 3 of 7
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1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Eighteen Seventy Financial Inc.
13-3438193
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2) Check the Appropriate Box if a Member of a Group:
(a)
(b) . . . x
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3) SEC Use Only
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4) Source of Funds . . . [WC]
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5) Check If Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or 2(e): [ ]
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6) Citizenship or Place of Organization:
The Reporting Person is a corporation organized
under the laws of the State of Delaware.
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Number of Shares Beneficially Owned by Each Reporting
Person with:
7) Sole Voting Power 74,000 shares
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8) Shared Voting Power N/A
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9) Sole Dispositive Power 74,000 shares
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10) Shared Dispositive Power N/A
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11) Aggregate Amount Beneficially Owned by Each
Reporting Person: 74,000 shares
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12) Check if the Aggregate Amount in Row (11) Excludes
Certain Shares: [ ]
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13) Percent of Class Represented by Amount in
Row (11) 4.984%
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14) Type of Reporting Person CO
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CUSIP No. 81-4239109 Page 4 of 7
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1) Name of Reporting Persons
S.S. or I.R.S. Identification No. of Above Person
Eighteen Seventy Corporation
13-3130342
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2) Check the Appropriate Box if a Member of a Group:
(a)
(b) . . . x
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3) SEC Use Only
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4) Source of Funds . . . N/A - See Item 5.
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5) Check If Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or 2(e): [ ]
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6) Citizenship or Place of Organization:
The Reporting Person is a corporation organized
under the laws of the State of Delaware.
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Number of Shares Beneficially Owned by Each Reporting
Person with:
7) Sole Voting Power N/A - See Item 5.
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8) Shared Voting Power N/A - See Item
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9) Sole Dispositive Power N/A - See Item 5.
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10) Shared Dispositive Power N/A - See Item 5.
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11) Aggregate Amount Beneficially Owned by Each
Reporting Person: N/A - See Item 5.
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12) Check if the Aggregate Amount in Row (11) Excludes
Certain Shares: [ ]
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13) Percent of Class Represented by Amount in
Row (11) N/A
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14) Type of Reporting Person HC; CO
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CUSIP No. 81-4239109 Page 5 of 7
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This Amendment No. 2 to a Schedule 13D, which was originally filed by the
Reporting Persons on November 17, 1993, relates to shares of Common Stock, par
value $1.00 per share, of Security Bancorp, a corporation with its principal
executive offices at 219 North 26th Street, Billings, Montana 59103. This
Amendment No. 2 is being filed to report recent sales of Security Bancorp Common
Stock by the Reporting Persons. Items 4 and 5 are hereby amended as follows:
Item 4. Purpose of Transaction
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The shares of Security Bancorp Common Stock were acquired by the
Reporting Persons for investment purposes. The Reporting Persons continue to
hold the shares of Security Bancorp Common Stock to which this statement relates
for investment purposes.
The Reporting Persons stated in the original Schedule 13D that they
might, from time to time, acquire additional securities of Security Bancorp or
dispose of some or all of the shares of Security Bancorp Common Stock they have
acquired, in the open market or in privately negotiated transactions or
otherwise, depending on price, availability of shares, the Reporting Persons'
views of the business and prospects of Security Bancorp and other factors deemed
relevant by the Reporting Persons.
Since the filing of Amendment No. 1 by the Reporting Persons on October
15, 1996, reporting a sale transaction in Security Bancorp Common Stock which
was effected on October 9, 1996, Eighteen Seventy Financial Inc. ("Financial"),
the wholly owned subsidiary of Eighteen Seventy Corporation ("Eighteen
Seventy"), has sold Security Bancorp Common Stock in three subsequent
transactions listed in Item 5(c) herein. As a result of these three
transactions, Financial has reduced the percentage of its overall holdings in
Security Bancorp Common Stock from 7.07% to 4.984%.
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CUSIP No. 81-4239109 Page 6 of 7
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Item 5. Interest in Securities of the Issuer
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(a) The aggregate number and percentage of the class of securities to
which this amendment relates which are beneficially owned by each of the
Reporting Persons are as follows:
Number of Percentage
Shares of Class
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Financial* 74,000 4.984%
* Financial directly owns all of the reported shares of Security Bancorp. As
stated above, Financial is a wholly owned subsidiary of Eighteen Seventy.
(b) Financial has sole power to vote and dispose or direct the
disposition of all 74,000 shares of Security Bancorp Common Stock to which this
statement relates.
(c) Transactions in Security Bancorp Common Stock which have been
effected by the Reporting Persons during the past sixty days are as follows:
Shares Price Per How
Sold By Date Sold Share Effected
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Financial 10/9/96 40,000 $29.00 Open Market
Financial 10/18/96 20,000 $29.125 Open Market
Financial 10/24/96 10,000 $29.1875 Open Market
Financial 10/25/96 1,000 $29.1875 Open Market
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CUSIP No. 81-4239109 Page 7 of 7
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SIGNATURES
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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 28, 1996 EIGHTEEN SEVENTY FINANCIAL INC.
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(Date)
By: /s/ Peter M. Kennedy
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Its President
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Peter M. Kennedy
October 28, 1996 EIGHTEEN SEVENTY CORPORATION
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(Date)
By: /s/ Peter M. Kennedy, III
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Its President
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Peter M. Kennedy, III
