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SCHEDULE 14A
(Rute 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14 (a) of the
Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant [ ]
Filed by a Party other than the Registrant [x] Check the appropriate box:
Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as
permitted by Rule 14a-6(e) (2) [ ] Definitive Proxy statement [ ] Definitive
Additional Materials [X] Soliciting Material Pursuant to Rule 14a-11 (c) or Rule
14a-12
IBS FINANCIAL CORP.
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(Name of Registrant as Specified In Its Charter)
COMMITTEE TO MAXIMIZE SHAREHOLDER VALUE
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(Name of Person (s) filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[ ] $125 per Exchange Act Rules 0-11 (c) (1)(ii), 14a-6(1), 14a-6(i) (2)
or Item 22 (a) (2) of Schedule 14A.
[ ] $500 per each party to the controversy pursuant to Exchange Act Rule
14a-6 (I) (3).
[ ] Fee computed on table below per Exchange Act Rules 14 (a)-6(i) (4) and
0-11.
1) Title of each class of securities to which transaction applies:
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2) Aggregate number of securites to which transaction applies:
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3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):
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4) Proposed maximum aggregate value of transaction:
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5) Total Fee Paid:
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[ ] Fee paid previously with preliminary materials.
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[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a) (2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
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IBSF COMMITTEE TO MAXIMIZE SHAREHOLDER VALUE
FOR IMMEDIATE RELEASE NEWS
Contact: Rick Grubaugh RELEASE
Beacon Hill Partners, Inc.
Phone: (212) 843-8500
FAX: (212) 843-4384
ISS RECOMMENDS VOTE FOR THE COMMITTEE'S NOMINEES
WAYNE, NEW JERSEY, July 29, 1997 -- The IBSF Committee to Maximize
Shareholder Value (the "Committee") today announced that Institutional
Shareholders Services (ISS), one of the nation's leading shareholder advisory
firms specializing in proxy analysis, has recommended that shareholders of IBS
Financial Corp. (IBSF) vote FOR the Committee's nominees at the shareholders
meeting scheduled for August 4, 1997.
In its report, ISS concludes that "We are also concerned with the
performance of IBSF and the risk-adverse strategy now in place. While a certain
amount of risk aversion is prudent, the bank's ROE of less than five percent
shows that management is not effectively managing the investments of
shareholders." ISS continues that "We believe the addition of a representative
or two from the Company's largest independent shareholder would serve to
compliment management's efforts towards achieving their goal, while also
ensuring that a major shareholder's voice is heard by the board."
Ernest Beier, Jr. and Richard Whitman, members of the Committee stated, "We
are extremely pleased with ISS' recommendation to IBSF's institutional
shareholders to vote for the Committee's nominees. ISS' recommendation clearly
indicates that IBSF's shareholders deserve an independent voice on the board of
directors.
For further information, please contact Beacon Hill Partners, Inc. at (800)
755-5001, which is acting as the Committee's proxy solicitor.
