<PAGE>
0449757.02
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934*
Life Financial Corporation
--------------------------
(Name of Issuer)
Common Stock, $.01 par value
----------------------------
(Title of Class of Securities)
53184P101
---------
(CUSIP Number)
May 22, 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. 53184P101 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 362,200
OWNED BY
----------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH
----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
362,200
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
362,200
- -------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.5%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 53184P101 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
None
----------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 362,200
OWNED BY
----------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH
----------------------------------------------------------
8 SHARED DISPOSITIVE POWER
362,200
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
362,200
- -------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.5%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
Item 1(a): Name of Issuer:
- --------- --------------
Life Financial Corporation (the "Company").
Item 1(b): Address of Issuer's Principal Executive Offices:
- --------- -----------------------------------------------
10540 Magnolia Avenue, Suite B
Riverside, California 92505
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. 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, par value $.01,
of the Company ("Common Stock") which are the
subject of this Statement are held directly
by investment partnerships for which KS
serves as the general partner and by managed
accounts for which KS serves as discretionary
investment manager (collectively, the
"Partnerships and Managed Accounts").
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:
- --------- ------------
53184P101
Item 3: If this statement is filed pursuant to
- ------ --------------------------------------
Sections 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
<PAGE>
Items 4(a)-(c): Ownership:
- -------------- ---------
As of May 29, 1998:
(1) KS had beneficial ownership of 362,200
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 5.5% 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
362,200 shares of Common Stock by virtue of
his position as general partner of KS. Such
shares represent 5.5% of the issued and
outstanding Common Stock. Mr. Kramer shares
voting power and dispositive power over such
shares with KS.
The percentages used herein are calculated
based upon the 6,546,716 shares of Common
Stock stated to be issued and outstanding as
of May 14, 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.
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.
Page 5 of 9 Pages
<PAGE>
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
<PAGE>
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: June 1, 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
<PAGE>
EXHIBIT INDEX
Exhibit A: Joint Filing Agreement, dated June 1, 1998, among
the signatories to this Schedule 13G.
Page 8 of 9 Pages
<PAGE>
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: June 1, 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
