<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934*
Wilshire Financial Services Group, Inc.
---------------------------------------
(Name of Issuer)
Common Stock, $.01 par value
----------------------------
(Title of Class of Securities)
971867106
---------
(CUSIP Number)
July 30, 1998
-------------
(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)
[X] Rule 13d-1(c)
[ ] 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 in 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 9 Pages
<PAGE>
|------------------------| |-------------------------|
|CUSIP No. 971867106 | 13G |Page 2 of 9 Pages |
| --------- | | ------ ------ |
|------------------------| |-------------------------|
|---------|--------------------------------------------------------------------|
| 1 | NAME OF REPORTING PERSON |
| | I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) |
| | |
| | Kramer Spellman, L.P. |
| | |
|---------|--------------------------------------------------------------------|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | (a) |_| |
| | |
| | (b) |_| |
| | |
|---------|--------------------------------------------------------------------|
| 3 | SEC USE ONLY |
| | |
| | |
|---------|--------------------------------------------------------------------|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | Delaware |
|---------|-------|----|-------------------------------------------------------|
| | 5 | SOLE VOTING POWER |
| | | |
| | | None |
| | | |
| |----|-------------------------------------------------------|
| NUMBER OF | 6 | SHARED VOTING POWER |
| SHARES | | |
| BENEFICIALLY | | 559,500 |
| OWNED BY | | |
| REPORTING |----|-------------------------------------------------------|
| PERSON | 7 | SOLE DISPOSITIVE POWER |
| WITH | | |
| | | None |
| |----|-------------------------------------------------------|
| | 8 | SHARED DISPOSITIVE POWER |
| | | |
| | | 559,500 |
| | | |
|---------|-------|----|-------------------------------------------------------|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON |
| | |
| | 559,500 |
| | |
|---------|--------------------------------------------------------------------|
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* |
| | |
| | |
|---------|--------------------------------------------------------------------|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | |
| | 5.1% |
| | |
|---------|--------------------------------------------------------------------|
| 12 | TYPE OF REPORTING PERSON* |
| | |
| | PN |
| | |
|---------|--------------------------------------------------------------------|
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
|------------------------| |-------------------------|
|CUSIP No. 971867106 | 13G |Page 3 of 9 Pages |
| --------- | | ------ ------ |
|------------------------| |-------------------------|
|---------|--------------------------------------------------------------------|
| 1 | NAME OF REPORTING PERSON |
| | I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) |
| | |
| | Orin S. Kramer |
| | |
|---------|--------------------------------------------------------------------|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
| | (a) |_| |
| | |
| | (b) |_| |
| | |
|---------|--------------------------------------------------------------------|
| 3 | SEC USE ONLY |
| | |
| | |
|---------|--------------------------------------------------------------------|
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | United States |
|---------|-------|----|-------------------------------------------------------|
| | 5 | SOLE VOTING POWER |
| | | |
| | | 4,000 |
| |----|-------------------------------------------------------|
| NUMBER OF | 6 | SHARED VOTING POWER |
| SHARES | | |
| BENEFICIALLY | | 559,500 |
| OWNED BY | | |
| REPORTING |----|-------------------------------------------------------|
| PERSON | 7 | SOLE DISPOSITIVE POWER |
| WITH | | |
| | | 4,000 |
| |----|-------------------------------------------------------|
| | 8 | SHARED DISPOSITIVE POWER |
| | | |
| | | 559,500 |
| | | |
|---------|-------|----|-------------------------------------------------------|
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON |
| | |
| | 563,500 |
| | |
|---------|--------------------------------------------------------------------|
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* |
| | |
| | |
|---------|--------------------------------------------------------------------|
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) |
| | |
| | 5.1% |
| | |
|---------|--------------------------------------------------------------------|
| 12 | TYPE OF REPORTING PERSON* |
| | |
| | IN |
| | |
|---------|--------------------------------------------------------------------|
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
Item 1(a): Name of Issuer:
- --------- --------------
Wilshire Financial Services Group, Inc. (the "Company").
Item 1(b): Address of Issuer's Principal Executive Offices:
- --------- -----------------------------------------------
1776 S.W. Madison Street
Portland, Oregon 97205
Items 2(a) Name of Person Filing; Address of Principal
and 2(b): Business Office:
- ---------- -------------------------------------------
This Statement is being filed by (1) Kramer Spellman, L.P.,
a Delaware limited partnership ("KS"); and (2) Orin S.
Kramer, in his capacity as general partner of KS and an
individual holder of common stock, par value $.01, of the
Company ("Common Stock"). KS serves as a general partner to
investment partnerships and as a discretionary investment
manager to managed accounts. The principal office of KS is
located at 2050 Center Avenue, Suite 300, Fort Lee, New
Jersey 07024, which is also the business address of Mr.
Kramer.
The shares of Common Stock which are the subject of this
Statement are held directly by investment partnerships for
which KS serves as the general partner, managed accounts for
which KS serves as discretionary investment manager
(collectively, the "Partnerships and Managed Accounts"), and
by Mr. Kramer.
Item 2(c): Citizenship:
- --------- -----------
Mr. Kramer is a United States citizen.
Item 2(d): Title of Class of Securities:
- --------- ----------------------------
Common stock, par value $.01 per share.
Item 2(e): CUSIP Number:
- --------- ------------
971867106
Item 3: If this statement is filed pursuant to ss.ss.240.13d-1(b) or
- ------ 240.13d-2(b) or (c), check whether the person filing is a:
------------------------------------------------------------
Not Applicable.
Page 4 of 9 Pages
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Items 4(a)-(c): Ownership:
- -------------- ---------
As of August 4, 1998:
(1) KS had beneficial ownership of 559,500 shares of Common
Stock by virtue of its position as general partner of, or
discretionary investment manager to, the Partnerships and
Managed Accounts, as the case may be, holding such shares of
Common Stock. Such shares represent 5.1% of the issued and
outstanding Common Stock. KS shares voting power and
dispositive power over such shares with Mr. Kramer.
(2) Mr. Kramer had beneficial ownership of 563,500 shares of
Common Stock by virtue of his position as (i) general
partner of KS (559,500 shares of Common Stock representing
5.1%), and (ii) an individual holder of Common Stock (4,000
shares of Common Stock representing less than 0.1%). Such
shares represent 5.1% of the issued and outstanding Common
Stock. Mr. Kramer has sole voting power and dispositive
power over the shares of Common Stock described in (ii)
above, and shares voting power and dispositive power over
the shares of Common Stock described in (i) above with KS.
The percentages used herein are calculated based upon the
11,070,000 shares of Common Stock stated to be issued and
outstanding as of April 30, 1998, as reflected in the
Company's Quarterly Report on Form 10-Q for the quarterly
period ended March 31, 1998.
Item 5: Ownership of Five Percent or Less of a Class:
- ------ --------------------------------------------
Not Applicable.
Page 5 of 9 Pages
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Item 6: Ownership of More than Five Percent on Behalf of Another
- ------ Person:
--------------------------------------------------------
No person other than each respective record owner of shares
of Common Stock referred to herein is known to have the
right to receive or the power to direct the receipt of
dividends from, or proceeds upon the sale of, shares of
Common Stock, except that the respective shareholders,
partners or owners, as relevant, of the Partnerships and the
Managed Accounts have the right to participate in the
receipt of dividends from, or proceeds upon the sale of, the
shares of Common Stock held for their respective accounts.
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:
- ------- -------------
By signing below each of the undersigned certifies that, to
the best of the undersigned's knowledge and belief, the
securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and
were not acquired and are not held in connection with or as
a participant in any transaction having that purpose or
effect.
Page 6 of 9 Pages
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SIGNATURE
---------
After reasonable inquiry and to the best of the undersigned's knowledge and
belief, each of the undersigned certifies that the information set forth in this
Statement is true, complete and correct.
Dated: August 10, 1998
KRAMER SPELLMAN, L.P.
By: /s/ Orin S. Kramer
------------------------
Name: Orin S. Kramer
Title: General Partner
/s/ Orin S. Kramer
-----------------------
Orin S. Kramer
Page 7 of 9 Pages
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EXHIBIT INDEX
-------------
Exhibit A: Joint Filing Agreement, dated August 10, 1998, among the
signatories to this Schedule 13G.
Page 8 of 9 Pages
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Exhibit A
---------
JOINT FILING AGREEMENT
PURSUANT TO RULE 13d-1(k)(1)
----------------------------
The undersigned acknowledge and agree that the foregoing Statement on
Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to the Statement on Schedule 13G shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
filing agreements. The undersigned acknowledge that each shall be responsible
for the timely filing of such amendments, and for the completeness and accuracy
of the information concerning it contained therein, but shall not be responsible
for the completeness and accuracy of the information concerning the others,
except to the extent that it knows or has reason to believe that such
information is inaccurate. This Agreement may be executed in any number of
counterparts and all of such counterparts taken together shall constitute one
and the same instrument.
Dated: August 10, 1998
KRAMER SPELLMAN, L.P.
By: /s/ Orin S. Kramer
------------------------
Name: Orin S. Kramer
Title: General Partner
/s/ Orin S. Kramer
------------------------
Orin S. Kramer
Page 9 of 9 Pages
