<PAGE>
FORM 4
OMB APPROVAL
OMB NUMBER: 3235-0287
EXPIRES: SEPTEMBER 30, 1998
ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE 0.5
/ / Check box if no longer subject
to Section 16. Form 4 or Form 5
obligations may continue.
See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the
Investment Company Act of 1940
1. Name and Address of Reporting Person
Stevens James W.
(Last) (First) (Middle)
322 East 30th Street
(Street)
New York New York 10016
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Financial Services Acquisition Corporation
(Common Stock: "FSAT")
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
01/97
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X ) Director ( ) 10% Owner
( ) Officer (give title below) ( ) Other (specify below)
7. Individual or Joint/Group Filing (Check applicable line)
( X ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I - Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
<TABLE>
<CAPTION>
1. Title of Security 2. Transaction Date 3. Transaction Code 4. Securities Acquired (A) or
(Instr. 3) (Month/Day/Year) (Instr. 8) Disposed of (D)
(Instr. 3, 4 and 5)
Code V Amount (A) or (D) Price
<S> <C> <C> <C> <C> <C> <C>
a. Common Stock, par value $.001 01/28/97 P 10,000 A $4.25
b.
c.
d.
e.
f.
</TABLE>
<TABLE>
<CAPTION>
5. Amount of Securities Beneficially 6. Ownership Form: 7. Nature of Indirect
Owned at End of Month Direct (D) or Indirect (I) Beneficial Ownership
(Instr. 3 and 4) (Instr. 4) (Instr. 4)
<S> <C> <C>
a. 10,000 D
b.
c.
d.
e.
f.
</TABLE>
Page 2
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g, puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
1. Title of Derivative Security 2. Conversion or 3. Transaction Date 4. Transaction 5. Number of Derivative Securities
(Instr. 3) Exercise Price (Month/Day/Year) Code Acquired (A) or Disposed of (D)
of Derivative (Instr. 8) (Instr. 3, 4 and 5)
Security
Code V (A) (D)
<S> <C> <C> <C> <C> <C> <C>
a. Options - Right to Buy $5.00 (1) A V 10,000
b.
c.
d.
e.
f.
</TABLE>
<TABLE>
<CAPTION>
6. Date Exercisable 7. Title and Amount of 8. Price of 9. Number of 10. Owners 11. Nature of
and Expiration Underlying Securities Derivative Derivative Form of Indirect
Date (Instr. 3 and 4) Security Securities Derivative Beneficial
(Month/Day/Year) (Instr. 5) Beneficially Security: Ownership
Owned at Direct (D) (Instr. 4)
Date Expiration Title Amount or End of Month or Indirect (I)
Exercisable Date Number of (Instr. 4)
Shares
<S> <C> <C> <C> <C> <C> <C> <C>
a. (1) 08/26/06 Common Stock, 10,000 10,000 D
par value $.001
b.
c.
d.
e.
f.
</TABLE>
Explanation of Responses:
(1) Options were all granted on August 27, 1996 under the issuer's 1996
stock option plan and have 10 year terms (unles the reporting person's
service as a director of the issuer terminates earlier). 50% of the
options become exercisable 6 months from the date of grant and 50% of
the options become exercisable 1 year from the date of grant.
/s/ James W. Stevens February 10, 1997
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note. File three copies of this form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
