UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. ___)*
The Southern Banc Company, Inc.
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(Name of Issuer)
Common Stock, Par Value $.01 Per Share
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(Title of Class of Securities)
84223310
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(CUSIP Number)
Mr. Terry Maltese, Sandler O'Neill Asset Management LLC,
712 Fifth Avenue - 22nd Floor, New York, NY 10019 (212) 974-1700
- --------------------------------------------------------------------------------
(Name, Address, Telephone Number of Person Authorized
to Receive Notices and Communications)
December 21, 1998
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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
disclosures provided in a prior cover page.
The information required on 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 17 Pages
Exhibit Index located on Page 16
<PAGE>
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CUSIP No. 84223310 Page 2 of 17 Pages
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================================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SOAM Holdings, LLC
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE VOTING POWER
- --------------------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
62,600
- --------------------------------------------------------------------------------
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
62,600
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
62,600
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
00
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
- ----------------------------------- -----------------------------------
CUSIP No. 84223310 Page 3 of 17 Pages
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================================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sandler O'Neill Asset Management, LLC
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE VOTING POWER
- --------------------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
62,600
- --------------------------------------------------------------------------------
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
62,600
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
62,600
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
00
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
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CUSIP No. 84223310 Page 4 of 17 Pages
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================================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Partners, L.P.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE VOTING POWER
- --------------------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
25,200
- --------------------------------------------------------------------------------
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
25,200
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
25,200
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
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CUSIP No. 84223310 Page 5 of 17 Pages
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================================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Partners II, L.P.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE VOTING POWER
- --------------------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
10,000
- --------------------------------------------------------------------------------
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
10,000
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
10,000
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.8%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
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CUSIP No. 84223310 Page 6 of 17 Pages
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================================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Hedge Fund, L.P.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE VOTING POWER
- --------------------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
14,600
- --------------------------------------------------------------------------------
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
14,600
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
14,600
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
- ----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
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CUSIP No. 84223310 Page 7 of 17 Pages
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================================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Malta Hedge Fund II, L.P.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE VOTING POWER
- --------------------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
12,800
- --------------------------------------------------------------------------------
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
12,800
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
12,800
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
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CUSIP No. 84223310 Page 8 of 17 Pages
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================================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Terry Maltese
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE VOTING POWER
- --------------------------------------------------------------------------------
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED VOTING POWER
62,600
- --------------------------------------------------------------------------------
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH SHARED DISPOSITIVE POWER
62,600
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
62,600
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
Item 1. Security and Issuer.
The class of equity securities to which this statement relates is the
common stock, par value $.01 per share ("Common Stock"), of The Southern Banc
Company, Inc. (the "Issuer"), a Delaware corporation having its principal office
at 221 South 6th Street, Gadsden, Alabama 35901-4102.
Item 2. Identity and Background.
(a) This statement is being filed by (i) Sandler O'Neill Asset Management LLC, a
New York limited liability company ("SOAM"), with respect to shares of Common
Stock beneficially owned by Malta Partners, L.P., a Delaware limited partnership
("MP"), Malta Hedge Fund, L.P., a Delaware limited partnership ("MHF"), Malta
Partners II, L.P., a Delaware limited partnership ("MPII"), and Malta Hedge Fund
II, L.P., a Delaware limited partnership ("MHFII"), (ii) SOAM Holdings, LLC, a
Delaware limited liability company ("Holdings"), with respect to shares of
Common Stock beneficially owned by MP, MHF, MPII and MHFII, (iii) MP, with
respect to shares of Common Stock beneficially owned by it, (iv) MHF, with
respect to shares of Common Stock beneficially owned by it, (v) MPII, with
respect to shares of Common Stock beneficially owned by it, (vi) MHFII, with
respect to shares of Common Stock beneficially owned by it, and (vii) Terry
Maltese, with respect to shares of Common Stock beneficially owned by MP, MHF,
MPII and MHFII. The foregoing persons are hereinafter sometimes referred to
collectively as the "Reporting Persons" and MP, MHF, MPII and MHFII are
sometimes collectively referred to herein as the "Partnerships." Any disclosures
herein with respect to persons other than the Reporting Persons are made on
information and belief after making inquiry to the appropriate party.
The sole general partner of each of the Partnerships is Holdings, and
administrative and management services for the Partnerships are provided by
SOAM. The managing member and President of Holdings and SOAM is Mr. Maltese. In
his capacity as President and managing member of Holdings and SOAM, Mr. Maltese
exercises voting and dispositive power over all shares of Common Stock
beneficially owned by MP, MHF, MPII, MHFII, SOAM and Holdings. The non-managing
member of Holdings and SOAM is 2 WTC LLC, a New York limited liability company
("2WTC").
(b) The address of the principal offices of each of MP, MHF, MPII, MHFII,
Holdings and SOAM and the business address of Mr. Maltese is Sandler O'Neill
Asset Management LLC, 712 Fifth Avenue, 22nd Floor, New York, New York 10019.
The address of the principal offices of 2WTC is c/o Sandler O'Neill & Partners,
L.P., 2 World Trade Center -- 104th Floor, New York, New York 10048.
(c) The principal business of MP, MHF, MPII and MHFII is that of private
partnerships engaged in investment in securities for its own account. The
principal business of Holdings is that of acting as general partner for the
Partnerships. The principal business of SOAM is that of providing administrative
and management services to the Partnerships. The present principal occupation or
employment of Mr. Maltese is President of SOAM and Holdings. The principal
business of 2WTC is investing in Holdings and SOAM.
Page 9 of 17
<PAGE>
(d) During the last five years, none of MP, MHF, MPII, MHFII, Holdings, SOAM,
2WTC or Mr. Maltese has been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
(e) During the last five years, none of MP, MHF, MPII, MHFII, Holdings, SOAM,
2WTC or Mr. Maltese has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which such person
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
(f) Mr. Maltese is a U.S. citizen.
Item 3. Source and Amount of Funds.
The net investment cost (including commissions, if any) of the shares
of Common Stock held by MP, MHF, MPII and MHFII is $411,694, $237,707, $163,431
and $208,503, respectively. Such shares were purchased with the investment
capital of the respective entities.
Item 4. Purpose of Transaction.
The purpose for which the Common Stock was acquired by the Reporting
Persons is for investment. As such, in the ordinary course of their business,
the Reporting Persons will continuously evaluate the financial condition,
results of operations, business and prospects of the Issuer, the securities
markets in general and the market for the Common Stock in particular, conditions
in the economy and the financial institutions industry generally and other
investment opportunities, all with a view to determining whether to hold,
decrease or increase its investment in the Common Stock, through open market,
privately negotiated or any other transactions. Representatives of the Reporting
Persons may from time to time seek to (or be invited to) discuss the business
and policies of the Issuer with the management of the Issuer. However, none of
the Reporting Persons has any plan or proposal as of the date hereof which would
relate to or result in any transaction, change or event specified in clauses (a)
through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a) Based upon an aggregate of 1,230,313 shares of Common Stock outstanding, as
set forth in the Issuer's Quarterly Report on Form 10-QSB for the quarter ended
September 30, 1998, as of the close of business on December 21, 1998:
Page 10 of 17
<PAGE>
(i) MP beneficially owned 25,200 shares of Common Stock, constituting
approximately 2.1% of the shares outstanding.
(ii) MHF beneficially owned 14,600 shares of Common Stock, constituting
approximately 1.2% of the shares outstanding.
(iii) MPII beneficially owned 10,000 shares of Common Stock, constituting
approximately 0.8% of the shares outstanding.
(iv) MHFII beneficially owned 12,800 shares of Common Stock, constituting
approximately 1.0% of the shares outstanding.
(v) Holdings owned directly no shares of Common Stock. By reason of its
position as general partner of MP, MHF, MPII and MHFII, under the
provisions of Rule 13d-3 of the Securities and Exchange Commission
("Rule 13d-3"), Holdings may be deemed to beneficially own the 25,200
shares owned by MP, the 14,600 shares owned by MHF, the 10,000 shares
owned by MPII and the 12,800 shares owned by MHFII, or an aggregate
of 62,600 shares of Common Stock, constituting approximately 5.1% of
the shares outstanding.
(vi) SOAM owned directly no shares of Common Stock. By reason of its
position as management company for MP, MHF, MPII and MHFII, under the
provisions of Rule 13d-3, SOAM may be deemed to beneficially own the
25,200 shares owned by MP, the 14,600 shares owned by MHF, the 10,000
shares owned by MPII and the 12,800 shares owned by MHFII, or an
aggregate of 62,600 shares of Common Stock, constituting
approximately 5.1% of the shares outstanding.
(vii) Mr. Maltese directly owned no shares of Common Stock. By reason of
his position as President of Holdings and SOAM, Mr. Maltese may be
deemed to beneficially own the 25,200 shares owned by MP, the 14,600
shares owned by MHF, the 10,000 shares owned by MPII and the 12,800
shares owned by MHFII, or an aggregate of 62,600 shares of Common
Stock, constituting approximately 5.1% of the shares outstanding.
(viii) In the aggregate, the Reporting Persons beneficially own an aggregate
of 62,600 shares of Common Stock, constituting approximately 5.1% of
the shares outstanding.
(ix) 2WTC directly owned no shares of Common Stock.
(b) The Partnerships each have the power to dispose of and to vote the shares of
Common Stock beneficially owned by it, which power may be exercised by its
general partner, Holdings. Holdings is a party to a management agreement with
SOAM pursuant to which SOAM shares the power to dispose of and to vote the
shares of Common Stock beneficially owned by Holdings. Mr. Maltese, as President
and managing member of Holdings and SOAM, shares the power to dispose of and to
vote the shares of Common Stock beneficially owned by the other Reporting
Persons.
Page 11 of 17
<PAGE>
(c) During the sixty days prior to and including December 21, 1998, MP effected
the following transactions in the Common Stock in open market transactions with
brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
04/03/98 Bought 12,800 $16.625
04/06/98 Bought 4,900 16.560
04/13/98 Bought 2,100 17.060
05/04/98 Bought 1,500 16.560
07/10/98 Bought 600 15.560
07/28/98 Bought 900 15.560
08/04/98 Bought 1,200 15.560
12/21/98 Bought 1,200 12.560
During the sixty days prior to and including December 21, 1998, MHF
effected the following transactions in the Common Stock in open market
transactions with brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
04/03/98 Bought 7,400 $16.625
04/06/98 Bought 2,800 16.560
04/13/98 Bought 1,100 17.060
05/04/98 Bought 900 16.560
07/10/98 Bought 300 15.560
07/28/98 Bought 500 15.560
08/04/98 Bought 700 15.560
12/21/98 Bought 900 12.560
During the sixty days prior to and including December 21, 1998, MPII
effected the following transactions in the Common Stock in open market
transactions with brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
04/03/98 Bought 5,100 $16.625
04/06/98 Bought 1,900 16.560
04/13/98 Bought 800 17.060
05/04/98 Bought 800 16.560
07/10/98 Bought 200 15.560
Page 12 of 17
<PAGE>
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
07/28/98 Bought 300 15.560
08/04/98 Bought 400 15.560
12/21/98 Bought 500 12.560
During the sixty days prior to and including December 21, 1998, MHFII
effected the following transactions in the Common Stock in open market
transactions with brokers:
Number Price
Date Action of Shares per Share
---- ------ --------- ---------
04/03/98 Bought 6,700 $16.625
04/06/98 Bought 2,400 16.560
04/13/98 Bought 1,000 17.060
05/04/98 Bought 700 16.560
07/10/98 Bought 100 15.560
07/28/98 Bought 300 15.560
08/04/98 Bought 800 15.560
12/21/98 Bought 800 12.560
(d) Not applicable.
(e) Not applicable.
Page 13 of 17
<PAGE>
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
There are no contracts, arrangements, understandings or relationships
among the persons named in Item 2 or between such persons and any other person
with respect to any securities of the Issuer.
Item 7. Material to be Filed as Exhibits.
Exhibit 1 Written Agreement relating to the filing of joint acquisition
statements as required by Rule 13d-1(f)(1) of the Securities and
Exchange Commission
Page 14 of 17
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: December 30, 1998
MALTA PARTNERS, L.P. MALTA HEDGE FUND, L.P.
By: SOAM Holdings, LLC, By: SOAM Holdings, LLC,
the sole general partner the sole general partner
By: /s/ Terry Maltese By: /s/ Terry Maltese
------------------------ ------------------------
Terry Maltese Terry Maltese
President President
MALTA PARTNERS II, L.P. MALTA HEDGE FUND II, L.P.
By: SOAM Holdings, LLC, By: SOAM Holdings, LLC,
the sole general partner the sole general partner
By: /s/ Terry Maltese By: /s/ Terry Maltese
------------------------ ------------------------
Terry Maltese Terry Maltese
President President
SOAM Holdings, LLC Sandler O'Neill Asset Management LLC
By: /s/ Terry Maltese By: /s/ Terry Maltese
---------------------- ----------------------
Terry Maltese Terry Maltese
President President
Terry Maltese
/s/ Terry Maltese
------------------------
page 15 of 17
<PAGE>
EXHIBIT INDEX
Page
----
Exhibit 1 Written Agreement relating to the 17
filing of joint acquisition statements
as required by Rule 13d-1(f)(1) of the
Securities and Exchange Commission
Page 16 of 17
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(f)(1)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13D shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
acquisition statements. 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 herein, but shall not be
responsible for the completeness and accuracy of the information concerning the
other, except to the extent that it knows or has reason to believe that such
information is inaccurate.
Dated: December 30, 1998
MALTA PARTNERS, L.P. MALTA HEDGE FUND, L.P.
By: SOAM Holdings, LLC, By: SOAM Holdings, LLC,
the sole general partner the sole general partner
By: /s/ Terry Maltese By: /s/ Terry Maltese
------------------------ ------------------------
Terry Maltese Terry Maltese
President President
MALTA PARTNERS II, L.P. MALTA HEDGE FUND II, L.P.
By: SOAM Holdings, LLC, By: SOAM Holdings, LLC,
the sole general partner the sole general partner
By: /s/ Terry Maltese By: /s/ Terry Maltese
------------------------ ------------------------
Terry Maltese Terry Maltese
President President
SOAM Holdings, LLC Sandler O'Neill Asset Management LLC
By: /s/ Terry Maltese By: /s/ Terry Maltese
---------------------- ----------------------
Terry Maltese Terry Maltese
President President
Terry Maltese
/s/ Terry Maltese
------------------------
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<PAGE>
December 30, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: Schedule 13D
The Southern Banc Company, Inc,
Ladies and Gentlemen:
Transmitted herewith for filing pursuant to Rule 13d-1 of the General
Rules and Regulations of the Commission promulgated under the Securities
Exchange Act of 1934, as amended, is an electronic copy of a Schedule 13D
relating to The Southern Banc Company, Inc.
Questions or comments relating to the enclosures may be directed to the
undersigned at (212) 974-1700 or to Patricia A. Murphy at (212) 466-7706.
Very truly yours,
/s/ Terry Maltese
- -----------------
Terry Maltese
President
cc: The Southern Banc Company, Inc.
National Assoc. of Securities Dealers, Inc.
