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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
TeleBanc Financial Corporation
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
87925R 0 109
------------
(CUSIP Number)
December 31, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:
[ ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[X] Rule 13d-1(d)
*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 the
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 5 Pages
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CUSIP No. 87925R 0 109 13G Page 2 of 5 Pages
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- ------------------------- -------------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canadian Imperial Bank of Commerce
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [_]
(b) [X]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Canada
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
-0-
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 682,590
OWNED BY
EACH ------ ----------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
682,590
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
682,590
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [ ]
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.5%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
- ---------- ---------------------------------------------------------------------
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Item 1(a): Name of Issuer:
- ---------- ---------------
TeleBanc Financial Corporation (the "Company")
Item 1(b): Address of Issuer's Principal Executive Offices:
- ---------- ------------------------------------------------
1111 North Highland Street
Arlington, Virginia 22201
Item 2(a) Name of Person Filing:
- --------- ----------------------
Canadian Imperial Bank of Commerce ("CIBC")
Item 2(b): Address of Principal Business Office:
- ---------- -------------------------------------
Commerce Court
Toronto, Canada M5L 1A2
Item 2(c): Citizenship:
- ---------- ------------
CIBC is a bank organized under the Bank Act of
Canada.
Item 2(d): Title of Class of Securities:
- ---------- -----------------------------
Common Stock
Item 2(e): CUSIP Number:
- ---------- -------------
87925R 0 109
Item 3: If the reporting person is an investment advisor
- ------- in accordance with ss. 240.13d-1(B)(1)(ii)(E),
check this box [ ]
Item 4: Ownership:
- ------- ----------
CIBC may be deemed to beneficially own 589,840
shares of the Company's Common Stock, par value
$.01 per share (the "Common Stock"), and a
warrant to purchase 92,750 shares of Common
Stock which is exercisable within 60 days of
the date hereof (the "Securities"), which are
directly held by a subsidiary and an affiliate
of CIBC. CIBC may be deemed to share the voting
and dispositive power with respect to such
Securities. See Item 6. Dean C. Kehler, a
director of the Company, and Jay R. Bloom and
Andrew Heyer, are officers of an affiliate of
CIBC and share voting and dispositive power
with respect to the Securities and may be
deemed to beneficially own them.
(a) 589,840 shares of Common Stock, as of
the date of this Statement.
(b) 5.5%
(c) (i) -0-
(ii) 682,590
(iii) -0-
(iv) 682,590
Page 3 of 5 Pages
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Item 5: Ownership of Five Percent or Less of a Class:
- ------- ---------------------------------------------
Not applicable.
Item 6: Ownership of More than Five Percent on Behalf of
- ------- ------------------------------------------------
Another Person:
---------------
As reported above, CIBC may be deemed to have
direct or indirect voting and/or investment
discretion over 682,590 shares of the Company's
Common Stock which are held for the benefit of a
subsidiary and an affiliate of CIBC. Such
entities have the right to receive dividends as
well as the proceeds from sale of the
Securities. The interests of each of such
entities, taken individually, do not exceed more
than five percent of the class of Common Stock.
Item 7: Identification and Classification of the
- ------- ------------------------------------------------
Subsidiary Which Acquired the Security Being
------------------------------------------------
Reported on By the Parent Holding Company:
------------------------------------------
Not applicable.
Item 8: Identification and Classification of
- ------- ------------------------------------
Members of the Group:
---------------------
Not applicable.
Item 9: Notice of Dissolution of Group:
- ------- -------------------------------
Not applicable.
Item 10: Certification:
- -------- --------------
Not applicable.
Page 4 of 5 Pages
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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.
Dated: February 12, 1999
CANADIAN IMPERIAL BANK OF COMMERCE
By: /s/ Patricia A. Bourdon
------------------------------
Name: Patricia A. Bourdon
Title: Assistant Secretary
Page 5 of 5 Pages
