<PAGE> 1
--------------------------------
OMB APPROVAL
--------------------------------
OMB Number: 3235-0145
Expires: October 31, 1997
Estimated average burden
hours per response . . . . 14.90
--------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ________)*
Pacific Crest Capital, Inc.
- -------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $.01 per share
- -------------------------------------------------------------------------------
(Title of Class of Securities)
694166109
-------------------------------------------------------------------
(CUSIP Number)
Mr. Terry Maltese, Sandler O'Neill Asset Management LLC,
712 Fifth Avenue - 22nd Floor, New York, NY 10019 (212) 974-1700
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
June 9, 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 [ ].
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.
*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 1 of 13 pages.
Exhibit Index located on page 12.
<PAGE> 2
SCHEDULE 13D
CUSIP NO. 694166109 PAGE 2 OF 13 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sandler O'Neill Asset Management LLC
13-3906061
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 168,000
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
168,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
168,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 3
SCHEDULE 13D
CUSIP NO. 694166109 PAGE 3 OF 13 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SOAM Holdings, LLC
13-3903524
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 168,000
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
168,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
168,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 4
SCHEDULE 13D
CUSIP NO. 694166109 PAGE 4 OF 13 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Partners, L.P.
13-3903520
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
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
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 119,000
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
119,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
119,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 5
SCHEDULE 13D
CUSIP NO. 694166109 PAGE 5 OF 13 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Hedge Fund, L.P.
13-3903522
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
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
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 49,000
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
49,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
49,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 6
SCHEDULE 13D
CUSIP NO. 694166109 PAGE 6 OF 13 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Terry Maltese
###-##-####
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 168,000
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
168,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
168,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 7
ITEM 1. SECURITY AND ISSUER.
The class of equity securities to which this statement relates is the
common stock, par value $.01 per share ("Common Stock"), of Pacific Crest
Capital, Inc. (the "Issuer"), a Delaware corporation having its principal office
at 30343 Canwood Street, Agoura Hills, California 91301.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This statement is being filed by (i) Sandler O'Neill Asset Management LLC, a
New York limited liability company ("SOAM"), with respect to shares of Common
Stock beneficially owned by Malta Partners, L.P., a Delaware limited partnership
("MP"), and Malta Hedge Fund, L.P., a Delaware limited partnership ("MHF"), (ii)
SOAM Holdings, LLC, a Delaware limited liability company ("Holdings"), with
respect to shares of Common Stock beneficially owned by MP and MHF, (iii) MP,
with respect to shares of Common Stock beneficially owned by it, (iv) MHF, with
respect to shares of Common Stock beneficially owned by it, and (v) Terry
Maltese, with respect to shares of Common Stock beneficially owned by MP and
MHF. The foregoing persons are hereinafter sometimes referred to collectively as
the "Reporting Persons" and MP and MHF are sometimes collectively referred to
herein as the "Partnerships." Any disclosures herein with respect to persons
other than the Reporting Persons are made on information and belief after making
inquiry to the appropriate party.
The sole general partner of each of the Partnerships is Holdings, and
administrative and management services for the Partnerships are provided by
SOAM. The managing member and President of Holdings and SOAM is Mr. Maltese. In
his capacity as President and managing member of Holdings and SOAM, Mr. Maltese
exercises voting and dispositive power over all shares of Common Stock
beneficially owned by MP, MHF, SOAM and Holdings. The non-managing member of
Holdings and SOAM is 2 WTC LLC, a New York limited liability company ("2WTC").
(b) The address of the principal offices of each of MP, MHF, Holdings and SOAM
and the business address of Mr. Maltese is Sandler O'Neill Asset Management LLC,
712 Fifth Avenue, 22nd Floor, New York, New York 10019. The address of the
principal offices of 2WTC is c/o Sandler O'Neill & Partners, L.P., 2 World Trade
Center -- 104th Floor, New York, New York 10048.
(c) The principal business of MP and MHF is that of private partnerships engaged
in investment in securities for its own account. The principal business of
Holdings is that of acting as general partner for the Partnerships. The
principal business of SOAM is that of providing administrative and management
services to the Partnerships. The present principal occupation or employment
Page 7 of 13
<PAGE> 8
of Mr. Maltese is President of SOAM and Holdings. The principal business of 2WTC
is investing in Holdings and SOAM.
(d) During the last five years, none of MP, MHF, Holdings, SOAM, 2WTC or Mr.
Maltese has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) During the last five years, none of MP, MHF, Holdings, SOAM, 2WTC or Mr.
Maltese has been a party to a civil proceeding of a judicial or administrative
body of competent jurisdiction as a result of which such person 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.
(f) Mr. Maltese is a U.S. citizen.
ITEM 3. SOURCE AND AMOUNT OF FUNDS.
The net investment cost (including commissions, if any) of the shares
of Common Stock held by MP and MHF is $1,411,593 and $575,218, respectively.
Such shares were purchased with the investment capital of the respective
entities.
ITEM 4. PURPOSE OF TRANSACTION.
The purpose for which the Common Stock was acquired by the Reporting
Persons is for investment. As such, in the ordinary course of their business,
the Reporting Persons will continuously evaluate the financial condition,
results of operations, business and prospects of the Issuer, the securities
markets in general and the market for the Common Stock in particular, conditions
in the economy and the financial institutions industry generally and other
investment opportunities, all with a view to determining whether to hold,
decrease or increase its investment in the Common Stock, through open market,
privately negotiated or any other transactions. Representatives of the Reporting
Persons may from time to time seek to (or be invited to) discuss the business
and policies of the Issuer with the management of the Issuer. However, none of
the Reporting Persons has any plan or proposal as of the date hereof which would
relate to or result in any transaction, change or event specified in clauses (a)
through (j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Based upon an aggregate of 2,967,367 shares of Common Stock outstanding, as
set forth in the Issuer's Quarterly Report on Form 10-Q for the quarter ended
March 31, 1997, as of the close of
Page 8 of 13
<PAGE> 9
business on June 13, 1997:
(i) MP beneficially owned 119,000 shares of Common Stock,
constituting approximately 4.0% of the shares
outstanding.
(ii) MHF beneficially owned 49,000 shares of Common Stock,
constituting approximately 1.7% of the shares outstanding.
(iii) Holdings owned directly no shares of Common Stock. By
reason of its position as general partner of MP and MHF,
under the provisions of Rule 13d-3 of the Securities and
Exchange Commission ("Rule 13d-3"), Holdings may be
deemed to beneficially own the 119,000 shares owned by MP
and the 49,000 shares owned by MHF, or an aggregate of
168,000 shares of Common Stock, constituting
approximately 5.7% of the shares outstanding.
(iv) SOAM owned directly no shares of Common Stock. By reason
of its position as management company for MP and MHC,
under the provisions of Rule 13d-3, SOAM may be deemed to
beneficially own the 119,000 shares owned by MP and the
49,000 shares owned by MHF, or an aggregate of 168,000
shares of Common Stock, constituting approximately 5.7%
of the shares outstanding.
(v) Mr. Maltese directly owned no shares of Common Stock. By
reason of his position as President of Holdings and SOAM,
Mr. Maltese may be deemed to beneficially own the 119,000
shares owned by MP and the 49,000 shares owned by MHF, or
an aggregate of 168,000 shares of Common Stock,
constituting approximately 5.7% of the shares
outstanding.
(vi) In the aggregate, the Reporting Persons beneficially own an
aggregate of 168,000 shares of Common Stock, constituting
approximately 5.7% of the shares outstanding.
(vii) 2WTC directly owned no shares of Common Stock.
(b) The Partnerships each have the power to dispose of and to vote the shares of
Common Stock beneficially owned by it, which power may be exercised by its
general partner, Holdings. Holdings is a party to a management agreement with
SOAM pursuant to which SOAM shares the power to dispose of and to vote the
shares of Common Stock beneficially owned by Holdings. Mr. Maltese, as President
and managing member of Holdings and SOAM, shares the power to dispose of and to
vote the shares of Common Stock beneficially owned by the other Reporting
Persons.
Page 9 of 13
<PAGE> 10
(c) During the sixty days prior to June 13, 1997, MP effected the following
transactions in the Common Stock in open market transactions with brokers:
<TABLE>
<CAPTION>
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
<S> <C> <C> <C>
6/12/97 Bought 7,500 $ 12.50
6/10/97 Bought 6,000 12.4531
6/09/97 Bought 6,400 12.375
6/06/97 Bought 3,800 12.50
5/27/97 Bought 11,300 12.50
5/20/97 Bought 6,700 12.50
5/14/97 Bought 1,700 12.75
5/08/97 Bought 1,700 12.75
5/07/97 Bought 1,700 12.75
5/06/97 Bought 2,700 12.75
</TABLE>
During the sixty days prior to June 13, 1997, MHF effected the
following transactions in the Common Stock in open market transactions with
brokers:
<TABLE>
<CAPTION>
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
<S> <C> <C> <C>
6/12/97 Bought 2,500 $ 12.50
6/10/97 Bought 2,000 12.4531
6/09/97 Bought 2,100 12.375
6/06/97 Bought 1,200 12.50
5/27/97 Bought 3,700 12.50
5/20/97 Bought 3,300 12.50
5/14/97 Bought 800 12.75
5/08/97 Bought 800 12.75
5/07/97 Bought 800 12.75
5/06/97 Bought 1,300 12.75
</TABLE>
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
There are no contracts, arrangements, understandings or relationships
among the persons named in Item 2 or between such persons and any other person
with respect to any securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1 Written Agreement relating to the filing of joint acquisition
statements as required by Rule 13d-1(f)(1) of the Securities and
Exchange Commission
Page 10 of 13
<PAGE> 11
SIGNATURES
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.
Dated: June 17, 1997
MALTA PARTNERS, L.P.
By: SOAM Holdings, LLC,
the sole general partner
By:/s/ Terry Maltese
---------------------------------------
Terry Maltese
President
MALTA HEDGE FUND, L.P.
By: SOAM Holdings, LLC,
the sole general partner
By:/s/ Terry Maltese
---------------------------------------
Terry Maltese
President
SOAM Holdings, LLC
By:/s/ Terry Maltese
---------------------------------------
Terry Maltese
President
Sandler O'Neill Asset Management LLC
By:/s/ Terry Maltese
---------------------------------------
Terry Maltese
President
By:/s/ Terry Maltese
---------------------------------------
Terry Maltese
Page 11 of 13
<PAGE> 12
EXHIBIT INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
Exhibit 1 Written Agreement relating to the 13
filing of joint acquisition statements
as required by Rule 13d-1(f)(1) of the
Securities and Exchange Commission
</TABLE>
Page 12 of 13
<PAGE> 1
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(f)(1)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13D shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning it contained herein, but shall not be
responsible for the completeness and accuracy of the information concerning the
other, except to the extent that it knows or has reason to believe that such
information is inaccurate.
Dated: June 17, 1997
MALTA PARTNERS, L.P. MALTA HEDGE FUND, L.P.
By: SOAM Holdings, LLC, By: SOAM Holdings, LLC,
the sole general partner the sole general partner
By:/s/ Terry Maltese By:/s/ Terry Maltese
------------------------ ------------------------------
Terry Maltese Terry Maltese
President President
SOAM HOLDINGS, LLC
By:/s/ Terry Maltese
-----------------------------
Terry Maltese
President
SANDLER O'NEILL ASSET MANAGEMENT LLC
By:/s/ Terry Maltese
-----------------------------
Terry Maltese
President
TERRY MALTESE
/s/ Terry Maltese
-----------------------------
Page 13 of 13
