-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PADvPOdqj2218XZed4BvUlM6Ysz9/MzsofdynPb6nOp/KZ/gOlflXpwWiPmt2TXg wuddX+pfKNN3i+2LUsY9wA== 0001041692-02-000008.txt : 20020514 0001041692-02-000008.hdr.sgml : 20020514 ACCESSION NUMBER: 0001041692-02-000008 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20020514 GROUP MEMBERS: ERIC D. HOVDE GROUP MEMBERS: FINANCIAL INSTITUTION PARTNERS II, L.P. GROUP MEMBERS: HOVDE CAPITAL, L.L.C. GROUP MEMBERS: STEVEN D. HOVDE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FINANCIAL CORP CENTRAL INDEX KEY: 0000934739 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 411799504 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-48814 FILM NUMBER: 02645464 BUSINESS ADDRESS: STREET 1: 53 FIRST ST SW STREET 2: P.O. BOX 310 CITY: WELLS STATE: MN ZIP: 56097 BUSINESS PHONE: 5075533151 MAIL ADDRESS: STREET 1: 53 1ST ST SW STREET 2: PO BOX 310 CITY: WELLS STATE: MN ZIP: 56097 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FINANCIAL INSTITUTION PARTNERS II L P CENTRAL INDEX KEY: 0001041692 IRS NUMBER: 364131559 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 1824 JEFFERSON PLACE NW CITY: WASHINGTON STATE: DC ZIP: 20036 BUSINESS PHONE: 2027758109 MAIL ADDRESS: STREET 1: 1824 JEFFERSON PLACE NW CITY: WASHINGTON STATE: DC ZIP: 20036 SC 13D/A 1 wefc13da3.txt 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 SCHEDULE 13D UNDER THE EXCHANGE ACT OF 1934 (Amendment No. 3)* WELLS FINANCIAL CORP. - ------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK - ------------------------------------------------------------------------------- (Title of Class of Securities) 949759104 - ------------------------------------------------------------------------------- (CUSIP Number) Richard J. Perry, Jr., Esquire Perry & Associates, P.C. 1826 Jefferson Place, N.W. Washington, D. C. 20036 (202) 775-8109 ------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) May 9, 2002 - ------------------------------------------------------------------------------- (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 that is the subject of this Schedule 13D, and is filing this schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [ ] Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See 240.13d-7 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 14 Pages Exhibit Index at page 13 2
- ------------------------------------------------------------------------------- CUSIP NUMBER 949759104 - ------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Financial Institution Partners II, L.P. / 36-4131559 - ------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)X (b) - ------------------------------------------------------------------------------- 3. SEC Use Only - ------------------------------------------------------------------------------- 4. SOURCE OF FUNDS Not Applicable - ------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e). [ ] - ------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Organized: State of Delaware - ------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY ---------------------------------------------------------------- EACH 8. SHARED VOTING POWER REPORTING PERSON WITH 0 ---------------------------------------------------------------- 9. SOLE DISPOSITIVE POWER 0 ---------------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 0 ---------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - ------------------------------------------------------------------------------- 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES. - ------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.0% - ------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------
Page 2 of 14 Pages 3
- ------------------------------------------------------------------------------- CUSIP NUMBER 949759104 - ------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Hovde Capital, L.L.C. / 91-1825712 - ------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)X (b) - ------------------------------------------------------------------------------- 3. SEC Use Only - ------------------------------------------------------------------------------- 4. SOURCE OF FUNDS Not Applicable - ------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e). [ ] - ------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Organized: State of Nevada - ------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY ---------------------------------------------------------------- EACH 8. SHARED VOTING POWER REPORTING PERSON WITH 0 ---------------------------------------------------------------- 9. SOLE DISPOSITIVE POWER 0 ---------------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 0 ---------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - ------------------------------------------------------------------------------- 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES. - ------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.0% - ------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON CO - -------------------------------------------------------------------------------
Page 3 of 14 Pages 4
- ------------------------------------------------------------------------------- CUSIP NUMBER 949759104 - ------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Eric D. Hovde - ------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)X (b) - ------------------------------------------------------------------------------- 3. SEC Use Only - ------------------------------------------------------------------------------- 4. SOURCE OF FUNDS Not Applicable - ------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e). [ ] - ------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA - ------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED ---------------------------------------------------------------- BY EACH 8. SHARED VOTING POWER REPORTING PERSON WITH 0 ---------------------------------------------------------------- 9. SOLE DISPOSITIVE POWER 0 ---------------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 0 ---------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - ------------------------------------------------------------------------------- 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES. - ------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.0% - ------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------
Page 4 of 14 Pages 5
- ------------------------------------------------------------------------------- CUSIP NUMBER 949759104 - ------------------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Steven D. Hovde - ------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)X (b) - ------------------------------------------------------------------------------- 3. SEC Use Only - ------------------------------------------------------------------------------- 4. SOURCE OF FUNDS Not Applicable - ------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e). [ ] - ------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA - ------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY ---------------------------------------------------------------- EACH 8. SHARED VOTING POWER REPORTING PERSON WITH 0 ---------------------------------------------------------------- 9. SOLE DISPOSITIVE POWER 0 ---------------------------------------------------------------- 10. SHARED DISPOSITIVE POWER 0 ---------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - ------------------------------------------------------------------------------- 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES. - ------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.0% - ------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------
Page 5 of 14 Pages 6 Item 1. Security and Issuer The class of security to which this statement relates is the common stock, par value $0.10 per share (the "Shares"), of Wells Financial Corp. (the "Issuer"). The address of the principal executive offices of the Issuer is 53 First Street, S.W., P.O. Box 310, Wells, MN 56097. Item 2. Identity and Background The persons filing this statement are Financial Institution Partners II, L.P. (the "Limited Partnership"), Hovde Capital, L.L.C., Eric D. Hovde, and Steven D. Hovde who are collectively referred to herein as the "Reporting Persons." The Limited Partnership is a Delaware limited partnership formed for the purpose of investing in, among other things, the equity securities of various financial institutions and financial services companies. Hovde Capital, L.L.C., a Nevada limited liability company, is the general partner (the "General Partner") of the Limited Partnership. Both Eric D. Hovde and Steven D. Hovde are managing members of Hovde Capital, L.L.C. Eric D. Hovde and Steven D. Hovde each held beneficial interests in the Shares through ownership of an interest in, and positions as members and officers of the General Partner. Eric D. Hovde and Steven D. Hovde are also directors and executive officers of Hovde Financial, Inc. ("Hovde Financial"). Hovde Financial does not and did not beneficially own any of the Shares. Attached as Schedule 1 hereto and incorporated by reference herein is a list containing the principal business and the address of its principal business and office for the Limited Partnership and the General Partner as well as information required by (a) through (f) of this Item as to each executive officer, director and/or controlling person of the General Partner who is a Reporting Person. The General Partner controls the Limited Partnership. None of the Reporting Persons or executive officers, directors or controlling persons of the General Partner has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding 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 of any violation with respect to such laws. Item 3. Source and Amount of Funds or Other Consideration Not Applicable Item 4. Purpose of Transaction The Reporting Persons have disposed of the Shares for investment purposes. The Reporting Persons expect to evaluate on an ongoing basis an investment in the Issuer, and may independently from time to time acquire Shares, dispose of Shares or formulate other purposes, plans or proposals regarding the Issuer or the Shares. Any such acquisitions or dispositions may be made, subject to applicable law, in open market or privately negotiated transactions or otherwise. Except as described above, neither the Reporting Persons nor, to the knowledge of the Reporting Persons, any of the persons named in Schedule 1 hereto have any plans or proposals which related to or would result in any of the actions or transactions specified in clauses (a) through (j) of Item 4 of Schedule 13D. Page 6 of 14 Pages 7 Item 5. Interest in Securities of the Issuer (a), (b) Schedule 2 hereto, which is incorporated by reference herein, sets forth, as of May 14, 2002, information relating to the aggregate number of Shares of the Issuer and the percentage of the outstanding Shares of the Issuer as of such date (based upon information provided by the Issuer, there are 1,193,492 Shares outstanding as of that date) as to each of the Reporting Persons. With respect to the Shares set forth on Schedule 2, by virtue of its control over the Limited Partnership, all decisions regarding voting and disposition of the Shares beneficially owned by the Limited Partnership are made by the General Partner acting through its chief executive officer or president. As such, the Limited Partnership and the General Partner share voting and investment power with respect to the Shares. Therefore, as a result of their ownership interest in, and positions as members and officers of the General Partner, Eric D. Hovde and Steven D. Hovde may be deemed to have had beneficial ownership of the Shares. Neither the General Partner, its executive officers or controlling persons beneficially owns any Shares personally or otherwise. (c) Schedule 3 hereto, which is incorporated by reference herein, describes, as of May 14, 2002, transactions in the Shares effected during the past sixty (60) days by the Reporting Persons. (d) None. (e) May 9, 2002. Each of the Reporting Persons disclaims beneficial ownership of Shares beneficially owned by any of the other Reporting Persons. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer None. Item 7. Materials to be filed as Exhibits Exhibit A - Consent Agreement pursuant to 17 C.F.R. 13d-1(k)(1)(iii) Exhibit B - [OMITTED - - FILED PURSUANT TO REQUEST FOR CONFIDENTIAL TREATMENT - CONFIDENTIAL COPY ON FILE WITH THE COMMISSION] (Incorporated by reference to Amendment No. 1, filed with the Commission on March 19, 1999) Exhibit C - Customer Agreement between Banc of America Securities LLC and Financial Institution Partners II, L.P. (Incorporated by reference to Amendment No. 1, filed with the Commission on March 19, 1999) Exhibit D - Prime Broker Agreement between Banc of America Securities LLC and Financial Institution Partners II, L.P. (Incorporated by reference to Amendment No. 1, filed with the Commission on March 19, 1999) Exhibit E - Partnership Agreement between Banc of America Securities LLC and Financial Institution Partners II, L.P. (Incorporated by reference to Amendment No. 1, filed with the Commission on March 19, 1999) Page 7 of 14 8 Signatures After reasonable inquiry and to the best of his/its knowledge and belief, each of the undersigned Reporting Persons certifies that the information set forth in this statement with respect to him/it is true, complete and correct. FINANCIAL INSTITUTION PARTNERS II, L.P., by its General Partner, HOVDE CAPITAL, L.L.C. By: /s/ Eric D. Hovde ---------------------------------------------- Eric D. Hovde Its: Managing Member HOVDE CAPITAL, L.L.C. By: /s/ Eric D. Hovde ---------------------------------------------- Eric D. Hovde Its: Managing Member ERIC D. HOVDE /s/ Eric D. Hovde ---------------------------------------------- STEVEN D. HOVDE /s/ Steven D. Hovde ---------------------------------------------- Dated: 05/14/2002 Page 8 of 14 9 Schedule 1 INFORMATION RELATING TO REPORTING PERSONS
Principal Business and Address of Principal Business Name or Principal Office - ---- ------------------------------ Financial Institution Limited partnership formed to Partners II, L.P. make investments primarily in equity securities of financial institutions and financial services companies. 1824 Jefferson Place, N.W. Washington, D.C. 20036 Organized: State of Delaware Hovde Capital, L.L.C. Limited liability company formed to serve as the general partner of Financial Institution Partners II, L.P. 1824 Jefferson Place, N.W. Washington, D.C. 20036 Organized: State of Nevada Eric D. Hovde Investment banker Hovde Financial, Inc. 1826 Jefferson Place, N.W. Washington, D.C. 20036 Steven D. Hovde Investment banker Hovde Financial, Inc. 1629 Colonial Parkway Inverness, Illinois 60067
Page 9 of 14 10 INFORMATION RELATING TO EXECUTIVE OFFICERS, DIRECTORS AND/OR CONTROLLING PERSONS
NAME PRINCIPAL OCCUPATION ADDRESS BUSINESS ADDRESS CITIZENSHIP - ------- -------------------- ----------- Steven D. Hovde(1) Investment banker U.S. 1629 Colonial Parkway Hovde Financial, Inc. Inverness, Illinois 60067 1629 Colonial Parkway Inverness, Illinois 60067 Investment banking firm Eric D. Hovde (2) Investment banker U.S. 1826 Jefferson Place, N.W. Hovde Financial, Inc. Washington, D.C. 20036 1826 Jefferson Place, N.W. Washington, D.C. 20036 Investment banking firm
- ------------------------------------------------------------------------------- (1) Steven D. Hovde is affiliated with the following Reporting Persons: President, Treasurer of Hovde Capital, L.L.C. (2) Eric D. Hovde is affiliated with the following Reporting Persons: Chairman and CEO of Hovde Capital, L.L.C. Page 10 of 15 11 SCHEDULE 2 The following table sets forth the number and approximate percentage of Shares beneficially owned by each of the Reporting Persons. Each of the Reporting Persons has shared power to vote or to direct the vote and to dispose or to direct the disposition of the Shares of which each of them, respectively, possesses beneficial ownership.
Approximate Name Number of Shares Percentage - ---- ---------------- ----------- Financial Institution 0 0.0% Partners II, L.P. Hovde Capital, L.L.C. 0 0.0% Eric D. Hovde 0 0.0% Steven D. Hovde 0 0.0% - ------------------------------------------------------------------------------- Aggregate Shares Held by 0 0.0% Reporting Persons
Page 11 of 14 12 SCHEDULE 3 Description of Transactions in Shares Effected Within 60 Days. The Reporting Persons effected the following transactions in the Shares within sixty (60) days of May 14, 2002:
- ------------------------------------------------------------------------------- Transaction Number of Transaction Transaction Broker Date Shares Price Type - ------------------------------------------------------------------------------- Financial 05/09/2002 99,499 $22.05 Sell FBRC Institution Partners 05/09/2002 851 $22.05 Sell FBRC II, L.P. 05/09/2002 500 $21.85 Sell REDIBOOK 05/08/2002 4,300 $21.7663 Sell REDIBOOK 05/06/2002 500 $21.75 Sell REDIBOOK 05/03/2002 4,500 $21.7222 Sell REDIBOOK 05/02/2002 100 $20.50 Sell REDIBOOK 05/01/2002 500 $21.25 Sell REDIBOOK 04/30/2002 500 $21.25 Sell REDIBOOK 04/29/2002 600 $21.1917 Sell REDIBOOK 04/26/2002 500 $21.15 Sell REDIBOOK 04/17/2002 1,200 $20.70 Sell REDIBOOK 04/15/2002 200 $20.50 Sell REDIBOOK 04/04/2002 100 $20.50 Sell REDIBOOK - -------------------------------------------------------------------------------
Page 12 of 14 13 EXHIBIT INDEX
Page Exhibit A- Consent Agreement to 17 C.F.R. 13d-1(k)(1)(iii) 15 Exhibit B - [OMITTED - - FILED PURSUANT TO REQUEST FOR CONFIDENTIAL TREATMENT] (Incorporated by reference to Amendment No. 1, filed with the Commission on March 19, 1999) (3) Exhibit C - Customer Agreement between Banc of America Securities LLC and Financial Institution Partners II, L.P. (Incorporated by reference to Amendment No. 1, filed with the Commission on March 19, 1999) Exhibit D - Prime Broker Agreement between Banc of America Securities LLC and Financial Institution Partners II, L.P. (Incorporated by reference to Amendment No. 1, filed with the Commission on March 19, 1999) Exhibit E - Partnership Agreement between Banc of America Securities LLC and Financial Institution Partners II, L.P. (Incorporated by reference to Amendment No. 1, filed with the Commission on March 19, 1999)
- ------------------------------------------ (3) Portions of Exhibit B have been omitted pursuant to a request for confidential treatment of information in accordance with Rule 24b-2 of the Securities and Exchange Act of 1934. Confidential portion is on file with the Securities and Exchange Commission. Page 13 of 14 14 EXHIBIT A Consent Agreement Pursuant to 17 C.F.R. 13d-1(k)(1)(iii) Each of the undersigned hereby consents and agrees to the filing on behalf of each of them of the foregoing joint statement on Schedule 13D pursuant to 17 C.F.R. 13d-1(k)(1)(iii) with respect to his/its beneficial ownership of the shares of the Issuer. FINANCIAL INSTITUTION PARTNERS II, L.P., by its General Partner, HOVDE CAPITAL, L.L.C. By: /s/ Eric D. Hovde ------------------------------------------------- Eric D. Hovde Its: Managing Member HOVDE CAPITAL, L.L.C. By: /s/ Eric D. Hovde ------------------------------------------------- Eric D. Hovde Its: Managing Member ERIC D. HOVDE /s/ Eric D. Hovde ------------------------------------------------- STEVEN D. HOVDE /s/ Steven D. Hovde ------------------------------------------------- Dated: 05/14/2002 ------------- Page 14 of 14 -----END PRIVACY-ENHANCED MESSAGE-----