-----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, UkmqlkrUMK0EWkGVPhHtZdPH/lTz5hPdjVbRC5gFHYlWlEmgUvx4o03jyFrQWe2F k4VzhIxPXHb55IBe/M8GLg== 0000889812-98-001391.txt : 19980602 0000889812-98-001391.hdr.sgml : 19980602 ACCESSION NUMBER: 0000889812-98-001391 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19980601 SROS: NASD GROUP MEMBERS: KRAMER SPELLMAN L P ET AL GROUP MEMBERS: ORIN S. KRAMER SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: LIFE FINANCIAL CORP CENTRAL INDEX KEY: 0001028918 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 330743196 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: SEC FILE NUMBER: 005-51195 FILM NUMBER: 98640574 BUSINESS ADDRESS: STREET 1: 10540 N MAGNOLIA ACE STREET 2: UNIT B CITY: RIVERSIDE STATE: CA ZIP: 92503 BUSINESS PHONE: 9098869751 MAIL ADDRESS: STREET 1: 1598 EAST HIGHLAND AVENUE CITY: SAN BERNADINO STATE: CA ZIP: 92404 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: KRAMER SPELLMAN L P ET AL CENTRAL INDEX KEY: 0000931328 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 2050 CENTER AVE CITY: FORT LEE STATE: NJ ZIP: 07024 SC 13G 1 SCHEDULE 13G 0449757.02 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934* Life Financial Corporation -------------------------- (Name of Issuer) Common Stock, $.01 par value ---------------------------- (Title of Class of Securities) 53184P101 --------- (CUSIP Number) May 22, 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 9 Pages CUSIP No. 53184P101 13G Page 2 of 9 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 362,200 OWNED BY ---------------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON None WITH ---------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 362,200 - ------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON 362,200 - ------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* - ------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 5.5% - ------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* PN - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP No. 53184P101 13G Page 3 of 9 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 362,200 OWNED BY ---------------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON None WITH ---------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 362,200 - ------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON 362,200 - ------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* - ------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 5.5% - ------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IN - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! Item 1(a): Name of Issuer: - --------- -------------- 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. The shares of Common Stock, par value $.01, of the Company ("Common Stock") which are the subject of this Statement are held directly by investment partnerships for which KS serves as the general partner and by managed accounts for which KS serves as discretionary investment manager (collectively, the "Partnerships and Managed Accounts"). Item 2(c): Citizenship: - --------- ----------- 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: - --------- ------------ 53184P101 Item 3: If this statement is filed pursuant to - ------ -------------------------------------- Sections 240.13d-1(b) or 240.13d-2(b) or (c), --------------------------------------------- check whether the person filing is a: ------------------------------------ Not Applicable. Page 4 of 9 Pages Items 4(a)-(c): Ownership: - -------------- --------- As of May 29, 1998: (1) KS had beneficial ownership of 362,200 shares of Common Stock by virtue of its position as general partner of, or discretionary investment manager to, the Partnerships and Managed Accounts, as the case may be, holding such shares of Common Stock. Such shares represent 5.5% of the issued and outstanding Common Stock. KS shares voting power and dispositive power over such shares with Mr. Kramer. (2) Mr. Kramer had beneficial ownership of 362,200 shares of Common Stock by virtue of his position as general partner of KS. Such shares represent 5.5% of the issued and outstanding Common Stock. Mr. Kramer shares voting power and dispositive power over such shares with KS. The percentages used herein are calculated based upon the 6,546,716 shares of Common Stock stated to be issued and outstanding as of May 14, 1998, as reflected in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 1998. Item 5: Ownership of Five Percent or Less of a Class: - ------ -------------------------------------------- Not Applicable. Item 6: Ownership of More than Five Percent on Behalf of - ------ ------------------------------------------------ Another Person: -------------- No person other than each respective record owner of shares of Common Stock referred to herein is known to have the right to receive or the power to direct the receipt of dividends from, or proceeds upon the sale of, shares of Common Stock, except that the respective shareholders, partners or owners, as relevant, of the Partnerships and the Managed Accounts have the right to participate in the receipt of dividends from, or proceeds upon the sale of, the shares of Common Stock held for their respective accounts. Page 5 of 9 Pages 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 6 of 9 Pages 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: June 1, 1998 KRAMER SPELLMAN, L.P. By: /s/ Orin S. Kramer ----------------------- Name: Orin S. Kramer Title: General Partner /s/ Orin S. Kramer ----------------------- Orin S. Kramer Page 7 of 9 Pages EXHIBIT INDEX Exhibit A: Joint Filing Agreement, dated June 1, 1998, among the signatories to this Schedule 13G. Page 8 of 9 Pages EX-99.A 2 JOINT FILING AGREEMENT, DATED JUNE 1, 1998, AMONG THE SIGNATORIES TO THIS SCHEDULE 13G Exhibit A JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1) The undersigned acknowledge and agree that the foregoing Statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to the Statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. 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 therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that it knows or has reason to believe that such information is inaccurate. This Agreement may be executed in any number of counterparts and all of such counterparts taken together shall constitute one and the same instrument. Dated: June 1, 1998 KRAMER SPELLMAN, L.P. By: /s/ Orin S. Kramer ----------------------------- Name: Orin S. Kramer Title: General Partner /s/ Orin S. Kramer ----------------------------- Orin S. Kramer Page 9 of 9 Pages -----END PRIVACY-ENHANCED MESSAGE-----