UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 8)*
IBS FINANCIAL CORP.
-----------------------------------------------------------------------
(Name of Issuer)
Common Stock
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(Title of Class of Securities)
44922Q105
---------------------------------------
(CUSIP Number)
Lawrence B. Seidman, 100 Misty Lane, Parsippany, NJ 07054 (201) 560-1400
- ------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 8, 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 of this Schedule 13D, and is filing this
schedule because of Rule l3d-l(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 l3d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule l3d-l(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 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 44922Q105
---------
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1 Seidman and Associates, L.L.C. 22-3343079
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /x/
Seidman and Associates, L.L.C. (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Seidman and Associates, L.L.C. WC BK
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d)or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Seidman and Associates, L.L.C. New Jersey
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
Seidman and Associates, L.L.C. 196,835
EACH ---------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
---------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
Seidman and Associates, L.L.C. 196,835
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Seidman and Associates, L.L.C. 196,835
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES / /
CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Seidman and Associates, L.L.C. 1.868
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
Seidman and Associates, L.L.C. 00
- --------------------------------------------------------------------------------
*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 2 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 44922Q105
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON #EIN APPLIED FOR
1 Seidman and Associates II, LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /x/
Seidman and Associates II, LLC (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Seidman and Associates II, LLC WC, BK
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d)or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Seidman and Associates II, LLC New Jersey
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
Seidman and Associates II, LLC 53,900
EACH ---------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
---------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
Seidman and Associates II, LLC 53,900
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Seidman and Associates II, LLC 53,900
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES / /
CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Seidman and Associates II, LLC .511
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
Seidman and Associates II, LLC 00 / /
- --------------------------------------------------------------------------------
*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 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 44922Q105
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1 Federal Holdings, L.L.C. 13-3838083
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /x/
Federal Holdings, L.L.C. (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Federal Holdings, L.L.C. 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
Federal Holdings, L.L.C. New York
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
Federal Holdings, L.L.C. 82,475
EACH ---------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
---------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
Federal Holdings, L.L.C. 82,475
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Federal Holdings, L.L.C. 82475
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES / /
CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Federal Holdings, L.L.C. .775
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
Federal Holdings, L.L.C. 00 / /
- --------------------------------------------------------------------------------
*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 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 44922Q105
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1 Seidman Investment Partnership, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /x/
Seidman Investment Partnership, L.P. (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Seidman Investment Partnership, L.P. 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
Seidman Investment Partnership, L.P. New Jersey
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
Seidman Investment Partnership, L.P. 30,855
EACH ---------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
---------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
Seidman Investment Partnership, L.P. 30,855
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Seidman Investment Partnership, L.P. 30,855
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES / /
CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Seidman Investment Partnership, L.P. .292
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
Seidman Investment Partnership, L.P. 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 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 44922Q105
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1 Lawrence B. Seidman, Individually ###-##-####
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /x/
Lawrence B. Seidman, Individually (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Lawrence B. Seidman, Individually PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d)or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Lawrence B. Seidman, Individually U.S.A.
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER 456,951
NUMBER OF
SHARES Lawrence B. Seidman, Individually
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ---------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER 456,951
PERSON Lawrence B. Seidman, Individually
---------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Lawrence B. Seidman, Individually, Presicent of Corporate General
Partner, Discretion for Certain Clients and Manager
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES / /
CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Lawrence B. Seidman, Individually, 4.33
General Partner and Manager
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON* IN
Lawrence B. Seidman, Individually, 00 / /
- --------------------------------------------------------------------------------
*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 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 44922Q105
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1 The Benchmark Company, Inc. 11-2950925
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /x/
The Benchmark Company, Inc.
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
The Benchmark Company, Inc.
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d)or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
The Benchmark Company, Inc. New York
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
The Benchmark Company, Inc. 212,530
EACH ---------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
---------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
The Benchmark Company, Inc 212,530
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
The Benchmark Company, Inc. 212,530
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES / /
CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
The Benchmark Company, Inc. 2.017
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON* BD
The Benchmark Company, Inc. / /
- --------------------------------------------------------------------------------
*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 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 44922Q105
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1 Benchmark Partners LP 11-2955345
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /x/
Benchmark Partners LP
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Benchmark Partners LP 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
Benchmark Partners LP Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
Benchmark Partners LP 125,000
EACH ---------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
---------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
Benchmark Partners LP 125,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Benchmark Partners LP 125,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES / /
CERTAIN SHARES* 125,000
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Benchmark Partners LP 1.186
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON* PN
Benchmark Partners LP / /
- --------------------------------------------------------------------------------
*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 8 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 44922Q105
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1 Richard Whitman, Individually ###-##-####
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /x/
(b) / /
Richard Whitman, Individually
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Richard Whitman, Individually AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d)or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Richard Whitman, Individually U.S.A.
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER 3,080
NUMBER OF
SHARES Richard Whitman
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 337,530
OWNED BY
Richard Whitman
EACH ---------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER 3,080
PERSON Richard Whitman
---------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER 337,530
Richard Whitman, Individually
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Richard Whitman 340,610
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES / /
CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Richard Whitman 3.23
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON* IN
Richard Whitman / /
- --------------------------------------------------------------------------------
*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 9 of 17 Pages
<PAGE>
SCHEDULE 13D
CUSIP No. 44922Q105
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1 Lorraine Di Paolo, Individually 094 28 8963
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /x/
(b) / /
Lorraine Di Paolo, Individually
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Lorraine Di Paolo, Individually AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d)or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Lorraine Di Paolo, Individually U.S.A.
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER 28,415
NUMBER OF
SHARES Lorraine Di Paolo
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 337,530
OWNED BY
Lorraine Di Paolo
EACH ---------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER 28,415
PERSON Lorraine Di Paolo
---------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER 337,530
Lorraine Di Paolo
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Lorraine Di Paolo 365,945
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES / /
CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Lorraine Di Paolo, Individually 3.47
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON* IN
Lorraine Di Paolo, Individually / /
- --------------------------------------------------------------------------------
*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 10 of 17 Pages
<PAGE>
The statement on Schedule 13D which was filed on September 8, 1995,
Amendment #1 which was filed on November 6, 1995, Amendment #2 which was filed
on November 16, 1995, Amendment #3 which was filed on December 7, 1995,
Amendment #4 which was filed on February 5, 1996, Amendment #5 which was filed
on March 18, 1996, Amendment #6 which was filed on June 13, 1996 and Amendment
#7 which was filed on October 11, 1996 on behalf of Seidman and Associates,
L.L.C. ("SAL"), Seidman and Associates II, L.L.C. ("SAL II"), Federal Holdings,
L.L.C., ("Federal"), Seidman Investment Partnership ("SIP"), L.P., Lawrence B.
Seidman, Individually ("Seidman"), The Benchmark Company, Inc. ("TBCI"),
Benchmark Partners LP ("Partners"), Richard Whitman, Individually ("Whitman"),
Lorraine DiPaolo ("DiPaolo"), Individually, Ernest Beier, Jr., Individually
("Beier") and Dennis Pollack ("Pollack") (collectively, the "Reporting Persons")
with respect to the Reporting Persons' beneficial ownership of shares of Common
Stock, $.01 par value (the "Shares"), of IBS Financial Corp., a New Jersey
Corporation (the "Issuer"), is hereby amended as set forth below. Such Statement
on Schedule 13D is hereinafter referred to as the "Schedule 13D". Terms used
herein which are defined in the Schedule 13D shall have their respective
meanings set forth in the Schedule 13D.
2. IDENTITY AND BACKGROUND
The information concerning Seidman Investment Partnership, L.P. ("SIP"), a
New Jersey limited partnership, is supplemented and clarified, as follows: (i)
Seidman is the President of the sole corporate general partner of SIP, (he is
not the sole general partner of SIP); (ii)the principal business of SIP is the
purchase and sale of publicly traded securities.
The information with reference to Benchmark Partners, LP ("Partners"), a
Delaware limited partnership is supplemented and clarified as follows: (i) The
Benchmark Company, Inc. ("TBCI"), d/b/a Benchmark Capital Advisors, is also a
general partner of Partners; (ii) Lorraine DiPaolo and Richard Whitman are the
only officers, directors and shareholders of TBCI; (on September 11, 1996, Ms.
DiPaolo executed a Certificate of Amendment to the Certificate of Limited
Partnership of Partners to reflect this information.)
3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The aggregate purchase price of the 850,351 Shares owned beneficially by
the Reporting Persons on November 8, 1996 was approximately $10,440,092.78
(inclusive of brokerage commissions). Such Shares have been (or will in the case
of transactions which have not yet settled) be paid for with working capital of
the respective entities and personal funds of the individual persons. As of
Page 11 of 17 Pages
<PAGE>
November 8, 1996, SAL and SALII had an outstanding margin balance with Bear
Stearns Securities Corp. which totaled $438,231.70 and $221,867.33,
respectively.
4. PURPOSE OF TRANSACTION
By letter dated October 4, 1996 to Chiara Eisennagel, Corporate Secretary,
Mr. Whitman nominated himself and Mr. Ernest Beier, Jr. for the Board of
Directors of the Issuer. On October 31, 1996 counsel to the Issuer responded to
Mr. Whitman's nominating letter and requested additional information and
indicated only one seat would be filled, since the Board size had been reduced.
On November 8, 1996, Mr. Whitman responded. Mr. Whitman previously indicated
that Mr. Beier would be the Nominee. On November 13, 1996, counsel for the
Issuer advised Mr. Whitman that the Issuer still does not deem Mr. Beier's
nomination to be effective.
This Amendment amends the language previously used in the Schedule 13D and
substitutes the word "sole" for "shared" as it relates to Mr. Seidman's voting
and dispositive powers for SAL, SALII, Federal, SIP and the several clients. The
word "shared" was used to refer to Mr. Seidman's voting and dispositive powers
with respect to SAL, SALII, Federal, SIP, and disclose the fact that while Mr.
Seidman had the sole power to vote the shares for these entities and clients, he
is subject to being removed in accordance with the provisions of formation
documents, (i.e., certificates of incorporation, certificates of formation and
limited partnership agreements) or applicable legal principles. Since those
removal powers are contingent, "shared" shall be amended to "sole" voting and
dispositive powers to more clearly describe the fact that Mr. Seidman presently
is the only person with voting and dispositive powers. SAL, SALII, Federal and
SIP share the voting and dispositive powers presently with Mr. Seidman to the
extent those entities are deemed to share the power to vote with Mr. Seidman,
who is their authorized representative. TBCI and Partners share the voting and
dispositive powers with Whitman and DiPaolo. No other persons or entities,
except those specifically named herein, share the voting power with any of the
afore-mentioned entities.
5. INTEREST IN SECURITIES OF THE ISSUER
(a)(b)(c) As of the close of business November 8, 1996, the Reporting
Persons owned beneficially an aggregate of 850,351 shares of Common Stock, which
constituted approximately 8.071% of the 10,535,714 shares of Common Stock
outstanding on September 30, 1996 as disclosed by a representative of the Issuer
in response to a phone call to the Company.
Page 12 of 17 Pages
<PAGE>
Seidman, individually, and with his discretionary authority for his
clients, and in his capacity as the President of the sole general corporate
partner of SIP, and as the Manager of SAL, SAL II and Federal, may be deemed to
own beneficially (as defined in Rule 13d-3 promulgated under the Exchange Act)
the 456,951 shares of Common Stock which constituted approximately 4.33% of the
Issuer's outstanding Common Stock owned beneficially by Federal, SIP, SAL, and
SAL II. In addition, Seidman may be deemed to have sole power to vote or to
direct the vote and to dispose of or to direct the disposition of the Common
Stock owned beneficially by Federal, SIP, SAL and SAL II.
Whitman and DiPaolo, individually, and in their capacity as general
partners of Partners and President and Executive Vice President, respectively,
of TBCI may be deemed to own beneficially (as defined in rule 13d-3 promulgated
under the Exchange Act) the 369,025 shares of Common Stock which constituted
approximately 3.50% of the Issuer's outstanding Common Stock owned beneficially
by Partners and TBCI. In addition, Whitman and DiPaolo may be deemed to share
the power to vote or to direct the vote and to dispose of or to direct the
disposition of the Common Stock owned beneficially by Partners and TBCI since
they are their authorized representatives. The following chart further clarifies
the ownership of the 369,025 shares:
1. TBCI 212,530 Shares 3. Whitman 3,080 Shares
2. Partners 125,000 Shares 4. DiPaolo 28,415 Shares
The schedule below describes transactions in the Common Stock effected by
the Reporting Persons from September 7, 1996 to November 8, 1996. Except as set
forth in this Item 5, none of the Reporting Persons owns beneficially or has a
right to acquire beneficial ownership of any Common Stock, and except as set
forth in this Item 5, none of the Reporting Persons has effected transactions in
the Common Stock during the past sixty (60) days.
No of Total
Trade Date Shares Price Cost/(Proceeds) Entity
- -----------------------------------------------------------------------------
9/10/96 (2000) 14.375 (28,750.00) TBCI
9/10/96 2000 14.375 28,750.00 TBCI
9/20/96 150 14.625 2,194.00 TBCI
10/21/96 200 16.00 3,250.00 SEID
10/23/96 200 15.875 3,175.00 TBCI
10/24/96 1000 15.875 15,875.00 TBCI
10/31/96 1000 16.00 16,000.00 TBCI
11/6/96 500 16.00 8,000.00 TBCI
(d) N/A
(e) N/A
Page 13 of 17 Pages
<PAGE>
6. CONTRACTS. ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
Mr. Seidman is the manager of SAL, SALII, Federal and is the president of
the corporate general partner of SIP; and, in that capacity, Mr. Seidman has the
authority to cause those entities to acquire, hold, trade and vote these
securities. SAL, SALII, Federal and SIP were all created to acquire, hold and
sell publicly traded securities. None of these entities was formed to solely
acquire, hold and sell the Issuer's securities. Each of these entities owns
securities issued by one or more companies other than Issuer; except at the
present time, Federal only holds stock of the Issuer. The members and limited
partners in SAL, SALII and Federal are all passive investors, who do not--and
can not--directly or indirectly participate in the management of these entities,
including without limitation proxy contests. Seidman's compensation is, in part,
dependent upon the profitability of the operations of these entities, but no
provision is made to compensate Seidman solely based upon the profits resulting
from transactions from the Issuer's securities. Since Federal only holds shares
of the Issuer, Seidman's current compensation would be solely measured by the
profits resulting from transaction in Issuer's shares.
The voting power over the Issuer's securities is not subject to any
contingencies beyond standard provisions for entities of this nature, (i.e.,
limited partnerships and limited liability companies) which govern the
replacement of a manager or a general partner.
Mr. Seidman has an agreement with Michael Mandelbaum, which gives him the
complete discretion to vote and dispose of securities of the Issuer owned by
him. (Mr. Mandelbaum presently owns 83,500 shares of the Issuer.) Mr. Seidman is
entitled to a percentage of the profits derived from these securities, which is
calculated after allowing a return to Mr. Mandelbaum. (See Exhibit 7A below.)
7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A Letter Agreement with Michael Mandelbaum
Page 14 of 17 Pages
<PAGE>
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.
November 14, 1996 /s/
- --------------------------------------- -----------------------------------
Date LAWRENCE B. SEIDMAN, Manager
Seidman and Associates, L.L.C.
November 14, 1996 /s/
- --------------------------------------- ----------------------------------
Date LAWRENCE B. SEIDMAN, Manager
Federal Holdings, L.L.C.
November 14, 1996 /s/
- --------------------------------------- -----------------------------------
Date LAWRENCE B. SEIDMAN, General Partner
Seidman Investment Partnership, L.P.
November 14, 1996 /s/
- --------------------------------------- -----------------------------------
Date LAWRENCE B. SEIDMAN, Individually
November 14, 1996 /s/
- --------------------------------------- -----------------------------------
Date RICHARD WHITMAN, President
The Benchmark Company, Inc.
November 14, 1996 /s/
- --------------------------------------- -----------------------------------
Date RICHARD WHITMAN, General Partner
Benchmark Partners, LP
November 14, 1996 /s/
- --------------------------------------- -----------------------------------
Date RICHARD WHITMAN, Individually
November 14, 1996 /s/
- --------------------------------------- -----------------------------------
Date LORRAINE DIPAOLO, Individually
November 14, 1996 /s/
- --------------------------------------- -----------------------------------
Date ERNEST BEIER, JR., Individually
November 14, 1996 /s/
- --------------------------------------- -----------------------------------
Date DENNIS POLLACK, Individually
November 14, 1996 /s/
- --------------------------------------- -----------------------------------
Date LAWRENCE B. SEIDMAN, Manager
Seidman & Associates II, L.L.C.
Page 15 of 17 Pages
Exhibit A
LAWRENCE B. SEIDMAN, ESQ.
1235A ROUTE 23 SOUTH
P. O. BOX 648
WAYNE, NEW JERSEY 07474
(201) 633-7900
April 24, 1995
Mandelbaum & Mandelbaum
80 Main Street
West Orange, NJ 07052
Att: Michael J. Mandelbaum, Esq.
Dear Mr. Mandelbaum:
The following are the terms and conditions in reference to the investment
account for the purchase of IBS Financial Corporation's stock:
1. A brokerage account will be opened at Bear Sterns in the name of Michael
Mandelbaum. *or Spear, Leeds, Kellogg
2. The account will be a discretionary account with Larry Seidman having
the Power of attorney to buy and sell stock in said account provided all funds
deposited into the account are for Michael Mandelbaum and all stock purchased in
the account is the name of Michael Mandelbaum.
3. The account will be funded with a maximum of $1,000,000 and will not be
margined.
4. The only shares to be purchased are that of IBS Financial Corporation.
5. Michael Mandelbaum shall have the right to terminate the relationship
anytime after February 15, 1997.
6. Upon such termination, my discretion shall be terminated automatically.
7. My compensation shall be 1/4 of 1% of the value of the assets in the
account computed as of the last day of each calendar quarter but not to exceed
$2,500 per quarter. An incentive fee will be paid me equal to 20% of the net
profits earned in the account as of the termination date whether same shall
be the one year anniversary date or later if agreed to between the parties. 100%
of all funds shall go to Michael Mandelbaum until 100% of the capital is
returned, and then the division shall be 80% to Michael Mandelbaum and 20% to
Larry Seidman.
Page 16 of 17 Pages
<PAGE>
8. Net profits shall be defined to be the amount earned in the account
without regard to a "hurdle" or without regard to cash dividends. Cash dividends
shall be the property of Michael Mandelbaum and shall not be included in net
profits.
9. I shall have the sole right to vote the shares in the account until
termination of my Power of Attorney.
10. In the event any portion of this agreement is not in compliance with
law, then Michael Mandelbaum shall have the sole right to terminate this letter,
and an accounting shall be done based upon the above quoted administrative fee
and profit participation to the date of the termination.
Very truly yours,
/s/ LAWRENCE B. SEIDMAN
-----------------------
LAWRENCE B. SEIDMAN
AGREED AND ACCEPTED:
/s/ MICHAEL MANDELBAUM
- -----------------------
Michael Mandelbaum
Page 17 of 17 Pages
