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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934*
(Amendment No. 1)
Life Financial Corporation
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
53184P101
(CUSIP Number)
December 31, 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 7 Pages
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CUSIP No. 53184P101 13G Page 2 of 7 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 None
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
None
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
None
- ---------- ---------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.0%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 53184P101 13G Page 3 of 7 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 None
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
None
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
None
- ---------- ---------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.0%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
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Item 1(a): Name of Issuer:
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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.
Item 2(c): Citizenship:
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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:
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53184P101
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.
Items 4(a)-(c): Ownership:
- --------------- ----------
As of December 31, 1998, neither KS nor Mr.
Kramer had any beneficial ownership of shares
of common stock, par value $.01, of the
Company ("Common Stock").
Page 4 of 7 Pages
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Item 5: Ownership of Five Percent or Less of a Class:
- ------- ---------------------------------------------
As of December 31, 1998, both KS and Mr.
Kramer ceased to be the beneficial owner of
more than five percent of the outstanding
shares of Common Stock.
Item 6: Ownership of More than Five Percent on Behalf
- ------- ---------------------------------------------
of Another Person:
------------------
Not Applicable.
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 5 of 7 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: February 10, 1999
KRAMER SPELLMAN, L.P.
By: /s/ Orin S. Kramer
----------------------
Name: Orin S. Kramer
Title: General Partner
/s/ Orin S. Kramer
----------------------
Orin S. Kramer
Page 6 of 7 Pages
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EXHIBIT A
---------
Joint Filing Agreement, dated June 1, 1998, between the signatories to this
Schedule 13G (filed as Exhibit A to the initial Schedule 13G and incorporated
herein by reference).
Page 7 of 7 Pages
