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FORM 3
OMB APPROVAL
OMB NUMBER: 3235-0104
EXPIRES: SEPTEMBER 30, 1998
ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE 0.5
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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
Morrison Michael C.
(Last) First) (Middle)
Middlemarch, 4 Lissoms Road, Chipstead, Surrey
(Street)
London ENGLAND CR5 3LE
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
02/01/97
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Financial Services Acquisition Corporation
(Common Stock: "FSAT"; Series B Warrants: "FSATZ")
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner
( ) Officer (give title below) ( X ) Other (specify below)
Chief Operating Officer of Issuer Subsidiary
6. If Amendment, Date of Original (Month/Day/Year)
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 Beneficially Owned
<TABLE>
<CAPTION>
1. Title of Security 2. Amount of Securities 3. Ownership Form: Direct 4. Nature of Indirect
(Instr. 4) Beneficially Owned (D) or Indirect (I) Beneficial Ownership
(Instr. 4) (Instr. 5) (Instr. 4)
<S> <C> <C> <C>
a. Common Stock, par value $.001 12,805 D
b.
c.
d.
e.
f.
</TABLE>
Table II - Derivative Securities Beneficially Owned
(e.g, puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
1. Title of Derivative Securities 2. Date Exercisable and 3. Title and Amount of Securities Underlying
Expiration Date Derivative Security
(Instr. 4) (Month/Day/Year) (Instr. 4)
Date Expiration Amount of
Exercisable Date Title Number of
Shares
<S> <C> <C> <C> <C>
a. Series B Redeemable Common Stock Immediate 11/30/01 Common Stock, par value $.001 21,505
Purchase Warrants
b. Options - Right to Buy (1) 08/26/06 Common Stock, par value $.001 50,000
c.
d.
e.
f.
</TABLE>
<TABLE>
<CAPTION>
4. Conversion or Exercise Price 5. Ownership Form of 6. Nature of Indirect Beneficial Ownership
of Derivative Security Derivative Security:
Direct (D) or Indirect (I) (Instr. 5)
(Instr. 5)
<S> <C> <C>
a. $5.00 D
b. $5.00 D
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 (unless the reporting person's
employment with the issuer terminates earlier). 20% of the options
become exercisable on each of the 1st, 2nd, 3rd, 4th and 5th
anniversaries of the date of grant.
/s/ Michael C. Morrison 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.
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