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OMB APPROVAL
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SECURlTIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 11)*
IBS FINANCIAL CORP.
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Common Stock
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44922Q105
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(CUSIP Number)
Lawrence B. Seidman, 100 Misty Lane, Parsippany, NJ 07054 (201) 560-1400
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 25, 1997
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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-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: (I) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item l; and (2) has hled no amendment subsequent thereto
reporting beneficial ownership of hve percent or less of such class.) (See Rule
13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-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 subjcct to all other provisions of thc Act (however, see the
Notes).
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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, Amendment #7
which was filed on October 11, 1996, Amendment #8 which was filed on November
19, 1996, Amendment #9 which was filed on December 16, 1996 and Amendment #10
which was filed on January 28, 1997 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.
4. Purpose of Transaction
In the preliminary proxy material filed by the Issuer, the Issuer disclosed
that Arthur J. Abramowitz, Esq., whose firm is general counsel to the Issuer's
bank subsidiary, was one of the two management nominees for election to one of
the two open seats on the Issuer's Board of Directors. The Reporting Persons,
solely to avoid a costly and time-consuming proxy contest, were willing to
support Mr. Abramowitz's nomination to the Board for one of the two open seats,
so long as the Company supported one of the Committee's nominees for the second
open seat. The Issuer refused to accept the Committee's proposal. The Issuer
stated that after the pending Third Circuit Appeal was decided, the Issuer may
want to discuss the issue further.
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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.
/s/ Lawrence B. Seidman
6/25/97 Lawrence B. Seidman, Manager
Date Seidman and Associates, L.L.C.
/s/ Lawrence B. Seidman
6/25/97 Lawrence B. Seidman, Manager
Date Federal Holdings, L.L.C.
/s/ Lawrence B. Seidman
6/25/97 Lawrence B. Seidman, General Partner
Date Seidman Investment Partnership, L.P.
6/25/97 /s/ Lawrence B. Seidman
Date Lawrence B. Seidman, Individually
6/25/97 /s/ Richard Whitman
Date Richard Whitman, President
The Benchmark Company, Inc.
6/25/97 /s/ Richard Whitman
Date Richard Whitman, General Partner
Benchmark Partners, LP
6/25/97 /s/ Richard Whitman
Date Richard Whitman, Individually
6/25/97 /s/ Lorraine DiPaolo
Date Lorraine DiPaolo, Individually
6/25/97 /s/ Ernest Beier, Jr.
Date Ernest Beier, Jr., Individually
6/25/97 /s/ Dennis Pollack
Date Dennis Pollack, Individually
6/25/97 /s/ Lawrence B. Seidman
Date Lawrence B. Seidman, Manager
Seidman & Associates II, L.L.C.
