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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. 14)*
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)
August 15, 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, Amendment #10 which
was filed on January 28, 1997, Amendment #11 which was filed on June 26, 1997
Amendment #12 which was filed on July 2, 1997 and Amendment #13 which was filed
on July 29, 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.
3. Source and Amount of Funds or Other Consideration
The aggregate purchase price of the 888,489 Shares owned beneficially by
the Reporting Persons on August 15, 1997 was approximately $9,521,843 (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 August
15, 1997, SAL and SALII had an outstanding margin balance with Bear Stearns
Securities Corp. which totaled $508,902.00 and $334,669.78, respectively.
4. Purpose of Transaction
On August 15, 1997, Lawrence B. Seidman submitted a Verified Complaint in
the Superior Court of New Jersey, Chancery Division, Passaic County for filing
to enjoin the counting of the 895,030 votes attributable to the unallocated
shares held by the IBS Financial Corp. Employees Stock Ownership Plan Trust (the
"ESOP"). The Complaint requests that the Court enter the following relief:
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(a) Canceling the votes of the unallocated shares held by ESOP, which were
cast at the Annual Meeting conducted on August 4, 1997; (b) Declaring that
Whitman and Beier have been elected as Directors of IBSF; and (c) Restraining
IBSF from appointing Abramowitz and Auchter to the Board of Directors.
So that this action will not in any way impede the sale of IBS Financial
Corp., Seidman will dismiss the Complaint if IBS Financial Corp. enters into a
binding Agreement of Sale with another financial institution. In addition, if
required, Mr. Whitman and Mr. Beier upon review of the relevant sale information
would provide IBS Financial Corp. with their written approval of the
transaction.
In addition to the Verified Complaint, Seidman has sought entry of an Order
to Show Cause with Temporary Restraints to maintain the status quo pending the
trial.
5. Interest in Securities of the Issuer
(a)(b)(c) As of the close of business on August 15, 1997, the Reporting
Persons owned beneficially an aggregate of 888,489 shares of Common Stock, which
constituted approximately 8.0% of the 11,011,897 shares of Common Stock
outstanding as disclosed in the Proxy Statement dated June 3, 1997.
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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
8/15/97 Lawrence B. Seidman, Manager
Date Seidman and Associates, L.L.C.
/s/ Lawrence B. Seidman
8/15/97 Lawrence B. Seidman, Manager
Date Federal Holdings, L.L.C.
/s/ Lawrence B. Seidman
8/15/97 Lawrence B. Seidman, General Partner
Date Seidman Investment Partnership, L.P.
8/15/97 /s/ Lawrence B. Seidman
Date Lawrence B. Seidman, Individually
8/15/97 /s/ Richard Whitman
Date Richard Whitman, President
The Benchmark Company, Inc.
8/15/97 /s/ Richard Whitman
Date Richard Whitman, General Partner
Benchmark Partners, LP
8/15/97 /s/ Richard Whitman
Date Richard Whitman, Individually
8/15/97 /s/ Lorraine DiPaolo
Date Lorraine DiPaolo, Individually
8/15/97 /s/ Ernest Beier, Jr.
Date Ernest Beier, Jr., Individually
8/15/97 /s/ Dennis Pollack
Date Dennis Pollack, Individually
8/15/97 /s/ Lawrence B. Seidman
Date Lawrence B. Seidman, Manager
Seidman & Associates II, L.L.C.
