SC 13D 1 dsc13d.htm SCHEDULE 13D Schedule 13D
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D

 

Under The Securities Exchange Act of 1934

(Amendment No.            )*

 

 

 

First Security Group, Inc.

(Name of Issuer)

 

 

Common Stock, par value $0.01 per share

(Title of Class of Securities)

 

 

336312103

(CUSIP Number)

 

 

Mr. Terry Maltese, Sandler O’Neill Asset Management LLC,

780 Third Avenue, 5th Floor, New York, NY 10017 (212) 486-7300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

 

October 3, 2008

(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 19 pages.  
  Exhibit Index located on Page 14   SEC 1746 (12-91)

SCHEDULE 13D

 

 

CUSIP No. 336312103

 

  

Page 2 of 19 Pages

 

  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.  

Citizen or Place of Organization

 

New York

    

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

  

  7.    Sole Voting Power

 

 

  8.    Shared Voting Power

 

        900,000

 

  9.    Sole Dispositive Power

 

 

10.    Shared Dispositive Power

 

        900,000

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

900,000

    
12.  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*

 

¨

    
13.  

Percent of Class Represented by Amount in Row (11)

 

5.48%

    
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.

SCHEDULE 13D

 

 

CUSIP No. 336312103

 

  

Page 3 of 19 Pages

 

  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)  ¨

    
  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.  

Citizen or Place of Organization

 

Delaware

    

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

  

  7.    Sole Voting Power

 

 

  8.    Shared Voting Power

 

        674,000

 

  9.    Sole Dispositive Power

 

 

10.    Shared Dispositive Power

 

        674,000

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

674,000

    
12.  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*

 

¨

    
13.  

Percent of Class Represented by Amount in Row (11)

 

4.11%

    
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.

SCHEDULE 13D

 

 

CUSIP No. 336312103

 

  

Page 4 of 19 Pages

 

  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.  

Citizen or Place of Organization

 

Delaware

    

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

  

  7.    Sole Voting Power

 

 

  8.    Shared Voting Power

 

        33,900

 

  9.    Sole Dispositive Power

 

 

10.    Shared Dispositive Power

 

        33,900

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

33,900

    
12.  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*

 

¨

    
13.  

Percent of Class Represented by Amount in Row (11)

 

0.21%

    
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.

SCHEDULE 13D

 

 

CUSIP No. 336312103

 

  

Page 5 of 19 Pages

 

  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)  ¨

    
  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.  

Citizen or Place of Organization

 

Delaware

    

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

  

  7.    Sole Voting Power

 

 

  8.    Shared Voting Power

 

        53,000

 

  9.    Sole Dispositive Power

 

 

10.    Shared Dispositive Power

 

        53,000

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

53,000

    
12.  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*

 

¨

    
13.  

Percent of Class Represented by Amount in Row (11)

 

0.32%

    
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.

SCHEDULE 13D

 

 

CUSIP No. 336312103

 

  

Page 6 of 19 Pages

 

  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.  

Citizen or Place of Organization

 

Delaware

    

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

  

  7.    Sole Voting Power

 

 

  8.    Shared Voting Power

 

        310,300

 

  9.    Sole Dispositive Power

 

 

10.    Shared Dispositive Power

 

        310,300

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

310,300

    
12.  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*

 

¨

    
13.  

Percent of Class Represented by Amount in Row (11)

 

1.89%

    
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.

SCHEDULE 13D

 

 

CUSIP No. 336312103

 

  

Page 7 of 19 Pages

 

  1.  

Name of Reporting Person

S.S. or I.R.S. Identification No. of above person

 

Malta MLC Fund, 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.  

Citizen or Place of Organization

 

Delaware

    

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

  

  7.    Sole Voting Power

 

 

  8.    Shared Voting Power

 

        276,800

 

  9.    Sole Dispositive Power

 

 

10.    Shared Dispositive Power

 

        276,800

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

276,800

    
12.  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*

 

¨

    
13.  

Percent of Class Represented by Amount in Row (11)

 

1.69%

    
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.

SCHEDULE 13D

 

 

CUSIP No. 336312103

 

  

Page 8 of 19 Pages

 

  1.  

Name of Reporting Person

S.S. or I.R.S. Identification No. of above person

 

Malta MLC Offshore, Ltd

    
  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.  

Citizen or Place of Organization

 

Cayman Islands

    

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

  

  7.    Sole Voting Power

 

 

  8.    Shared Voting Power

 

        134,900

 

  9.    Sole Dispositive Power

 

 

10.    Shared Dispositive Power

 

        134,900

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

134,900

    
12.  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*

 

¨

    
13.  

Percent of Class Represented by Amount in Row (11)

 

0.82%

    
14.  

Type of Reporting Person*

 

CO

    

 

*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.

SCHEDULE 13D

 

 

CUSIP No. 336312103

 

  

Page 9 of 19 Pages

 

  1.  

Name of Reporting Person

S.S. or I.R.S. Identification No. of above person

 

Malta Offshore, Ltd

    
  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.  

Citizen or Place of Organization

 

Cayman Islands

    

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

  

  7.    Sole Voting Power

 

 

  8.    Shared Voting Power

 

        91,100

 

  9.    Sole Dispositive Power

 

 

10.    Shared Dispositive Power

 

        91,100

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

91,100

    
12.  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*

 

¨

    
13.  

Percent of Class Represented by Amount in Row (11)

 

0.55%

    
14.  

Type of Reporting Person*

 

CO

    

 

*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.

SCHEDULE 13D

 

 

CUSIP No. 336312103

 

  

Page 10 of 19 Pages

 

  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.  

Citizen or Place of Organization

 

USA

    

NUMBER OF  

SHARES  

BENEFICIALLY  

OWNED BY  

EACH  

REPORTING  

PERSON  

WITH  

  

  7.    Sole Voting Power

 

 

  8.    Shared Voting Power

 

        900,000

 

  9.    Sole Dispositive Power

 

 

10.    Shared Dispositive Power

 

        900,000

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

900,000

    
12.  

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*

 

¨

    
13.  

Percent of Class Represented by Amount in Row (11)

 

5.48%

    
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.

Item 1. Security and Issuer.

The class of equity securities to which this statement relates is the common stock, par value $0.01 per share (“Common Stock”), of First Security Group, Inc. (the “Issuer”), a Tennessee corporation, with its principal office at 531 Broad Street, Chattanooga, Tennessee 37402.

 

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 Hedge Fund II, L.P., a Delaware limited partnership (“MHFII”), Malta Offshore, Ltd., a Cayman Islands company (“MO”), Malta MLC Fund, L.P., a Delaware limited partnership (“MLC”) and Malta MLC Offshore, Ltd., a Cayman Islands company (“MLCO”) (ii) SOAM Holdings, LLC, a Delaware limited liability company (“Holdings”), with respect to shares of Common Stock beneficially owned by MP, MHF, MHFII and MLC, (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) MHFII, with respect to shares of Common Stock beneficially owned by it, (vi) MLC, with respect to shares of Common Stock beneficially owned by it, (vii) MO, with respect to shares of Common Stock beneficially owned by it, (viii) MLCO, with respect to shares of Common Stock beneficially owned by it, and (ix) Terry Maltese, with respect to shares of Common Stock beneficially owned by MP, MHF, MHFII, MLC, MLCO and MO. The foregoing persons are hereinafter sometimes referred to collectively as the “Reporting Persons” and MP, MHF, MHFII and MLC 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. SOAM also provides management services to MO and MLCO. 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, MHFII, MLC, MO, MLCO, SOAM and Holdings. The non-managing member of Holdings and SOAM is Sandler O’Neill Holdings, LLC, a New York limited liability company (“S.O. Holdings”).

(b)    The address of the principal offices of each of MP, MHF, MHFII, MLC, Holdings and SOAM and the business address of Mr. Maltese is Sandler O’Neill Asset Management LLC, 780 Third Avenue, 5th Floor, New York, New York 10017. The address of the principal office of MO and MLCO is c/o BYSIS Hedge Fund Services (Cayman) Limited, P.O. Box 30362 SMB, Harbour Centre, Third Floor, George Town, Grand Cayman, Cayman Islands, British West Indies. The address of the principal office of S.O. Holdings is c/o Sandler O’Neill & Partners, L.P., 919 Third Avenue, 6th Floor, New York, New York 10022.

 

Page 11 of 19

(c)    The principal business of MP, MHF, MHFII and MLC is that of private partnerships engaged in investment in securities for its own account. The principal business of MO and MLCO is that of 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 and management services to MO and MLCO. The present principal occupation or employment of Mr. Maltese is President of SOAM and Holdings. The principal business of S.O. Holdings is investing in Holdings and SOAM.

(d)    During the last five years, none of MP, MHF, MHFII, MLC, MO, MLCO, Holdings, SOAM, S.O. Holdings 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, MHFII, MLC, MO, MLCO, Holdings, SOAM, S.O. Holdings 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, MHFII, MLC, MO and MLCO is $284,785; $448,406; $2,591,050; $2,295,384; $760,106 and $1,176,000 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 intend to review their investment in the Company on a continuing basis and may engage in discussions with management, the board of directors, other shareholders of the Company and other relevant parties concerning the business, operations, management, governance, strategy and future plans of the Company. Depending on various factors including, without limitation, the Company’s financial position and strategic direction, the outcome of the discussions and actions referenced above, actions taken by the board of directors, price levels of the Common Stock, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Company as they deem appropriate including, without limitation, purchasing additional shares of Common Stock or selling some or all of their shares of Common Stock, engaging in short selling of or any hedging or similar transactions with respect to the shares of Common Stock, voting for or against and expressing support for or against the proposals of the board of directors of the Company or other shareholders of the Company and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D.

 

Item 5. Interest in Securities of the Issuer.

(a)    Based upon an aggregate of 16,419,883 shares of Common Stock outstanding, as determined by the Issuer’s most recently available public information, as of the close of business on August 6, 2008:

 

Page 12 of 19

  (i) MP beneficially owned 33,900 shares of Common Stock, constituting 0.21% of the shares outstanding.

 

  (ii) MHF beneficially owned 53,000 shares of Common Stock, constituting approximately 0.32% of the shares outstanding.

 

  (iii) MHFII beneficially owned 310,300 shares of Common Stock, constituting approximately 1.89% of the shares outstanding.

 

  (iv) MLC beneficially owned 276,800 shares of Common Stock, constituting approximately 1.69% of the shares outstanding.

 

  (v) MO beneficially owned 91,100 shares of Common Stock, constituting approximately 0.55% of the shares outstanding.

 

  (vi) MLCO beneficially owned 134,900 shares of Common Stock, constituting approximately 0.82% of the shares outstanding.

 

  (vii) SOAM owned directly no shares of Common Stock. By reason of its position as management company for MP, MHF, MHFII and MLC and investment manager for MO and MLCO, under the provisions of Rule 13d-3, SOAM may be deemed to beneficially own the 33,900 shares owned by MP, the 53,000 shares owned by MHF, the 310,300 shares owned by MHFII, the 276,800 shares owned by MLC, the 91,100 shares owned by MO, the 134,900 shares owned by MLCO or an aggregate of 900,000 shares of Common Stock, constituting approximately 5.48% of the shares outstanding.

 

  (viii) Holdings owned directly no shares of Common Stock. By reason of its position as general partner of MP, MHF, MHFII and MLC, under the provisions of Rule 13d-3 of the Securities and Exchange Commission (“Rule 13d-3”), Holdings may be deemed to beneficially own the 33,900 shares owned by MP, the 53,000 shares owned by MHF, the 310,300 shares owned by MHFII, and the 276,800 shares owned by MLC or an aggregate of 674,000 shares of Common Stock, constituting approximately 4.11% of the shares outstanding.

 

  (ix) 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 33,900 shares owned by MP, the 53,000 shares owned by MHF, the 310,300 shares owned by MHFII, the 276,800 shares owned by MLC, the 91,100 shares owned by MO and the 134,900 shares owned by MLCO, or an aggregate of 900,000 shares of Common Stock, constituting approximately 5.48% of the shares outstanding.

 

  (x) In the aggregate, the Reporting Persons beneficially own 900,000 shares of Common Stock, constituting approximately 5.48% of the shares outstanding.

 

  (xi) S.O. Holdings 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

 

Page 13 of 19

pursuant to which SOAM shares the power to dispose of and to vote the shares of Common Stock beneficially owned by Holdings. MO has the power to dispose of and to vote the shares of Common Stock beneficially owned by it. MLCO has the power to dispose of and to vote the shares of Common Stock beneficially owned by it. Each of MO and MLCO 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 each of MO and MLCO. 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.

Transactions by MP last 60 days

 

Date

   Transaction   Price   Shares
8/12/08   Purchase   7.5250   100
8/14/08   Purchase   7.5250   100
8/15/08   Purchase   7.5250   200
8/22/08   Purchase   7.6750   100
8/25/08   Purchase   7.6750   100
8/26/08   Purchase   7.6750   200
9/3/08   Purchase   7.6750   100
9/4/08   Purchase   7.6570   100
9/8/08   Purchase   7.8750   100
9/9/08   Purchase   7.8580   100
9/10/08   Purchase   7.8750   100
9/12/08   Purchase   7.8429   100
10/1/08   Purchase   7.2150   6,100
10/3/08   Purchase   7.1491   800
10/6/08   Purchase   7.1196   2,800

Transactions by MHF last 60 days

 

Date

   Transaction   Price   Shares
8/12/08   Purchase   7.5250   100
8/14/08   Purchase   7.5250   200
8/15/08   Purchase   7.5250   200
8/22/08   Purchase   7.6750   200
8/25/08   Purchase   7.6750   100
8/26/08   Purchase   7.6750   200
9/3/08   Purchase   7.6750   100
9/4/08   Purchase   7.6750   200
9/8/08   Purchase   7.8750   100
9/9/08   Purchase   7.8580   100
9/10/08   Purchase   7.8750   200
9/11/08   Purchase   7.8750   100
9/12/08   Purchase   7.8429   200
9/16/08   Purchase   7.6250   100
10/1/08   Purchase   7.2150   8,600
10/3/08   Purchase   7.1491   1,000
10/6/08   Purchase   7.1196   3,900

 

Page 14 of 19

Transactions by MHFII last 60 days

 

Date

   Transaction   Price   Shares
8/12/08   Purchase   7.5250   1,000
8/13/08   Purchase   7.5250   400
8/14/08   Purchase   7.5250   1,200
8/15/08   Purchase   7.5250   1,100
8/19/08   Purchase   7.5250   200
8/22/08   Purchase   7.6750   900
8/25/08   Purchase   7.6750   600
8/26/08   Purchase   7.6750   1,400
8/28/08   Purchase   7.6750   100
8/29/08   Purchase   7.6750   315
9/2/08   Purchase   7.6750   100
9/3/08   Purchase   7.6750   400
9/4/08   Purchase   7.6750   1,000
9/8/08   Purchase   7.8750   700
9/9/08   Purchase   7.8580   600
9/10/08   Purchase   7.8750   1,100
9/11/08   Purchase   7.8750   685
9/12/08   Purchase   7.8429   800
9/15/08   Purchase   7.6250   300
9/16/08   Purchase   7.6250   500
9/24/08   Purchase   7.3894   300
10/1/08   Purchase   7.2150   48,700
10/3/08   Purchase   7.1491   5,900
10/6/08   Purchase   7.1196   22,000

Transactions by MO last 60 days

 

Date

   Transaction   Price   Shares
8/12/08   Purchase   7.5250   300
8/13/08   Purchase   7.5250   100
8/14/08   Purchase   7.5250   300
8/15/08   Purchase   7.5250   300
8/22/08   Purchase   7.6750   300
8/25/08   Purchase   7.6750   200
8/26/08   Purchase   7.6750   400
9/3/08   Purchase   7.6750   200
9/4/08   Purchase   7.6750   300
9/8/08   Purchase   7.8750   200
9/9/08   Purchase   7.8580   200
9/10/08   Purchase   7.8750   300
9/11/08   Purchase   7.8750   200
9/12/08   Purchase   7.8429   200
9/16/08   Purchase   7.6250   100
10/1/08   Purchase   7.2150   14,700
10/3/08   Purchase   7.1491   1,800
10/6/08   Purchase   7.1196   6,600

 

Page 15 of 19

Transactions by MLC last 60 days

 

Date

   Transaction   Price   Shares
8/12/08   Purchase   7.5250   700
8/13/08   Purchase   7.5250   200
8/14/08   Purchase   7.5250   900
8/15/08   Purchase   7.5250   900
8/19/08   Purchase   7.5250   100
8/22/08   Purchase   7.6750   700
8/25/08   Purchase   7.6750   500
8/26/08   Purchase   7.6750   1,100
8/29/08   Purchase   7.6750   100
9/2/08   Purchase   7.6750   100
9/3/08   Purchase   7.6750   400
9/4/08   Purchase   7.6750   700
9/8/08   Purchase   7.8750   500
9/9/08   Purchase   7.8580   500
9/10/08   Purchase   7.8750   800
9/11/08   Purchase   7.8750   400
9/12/08   Purchase   7.8429   700
9/15/08   Purchase   7.6250   100
9/16/08   Purchase   7.6250   300
9/24/08   Purchase   7.3894   100
10/1/08   Purchase   7.2150   43,200
10/3/08   Purchase   7.1491   5,200
10/6/08   Purchase   7.1196   19,500

Transaction by MLCO last 60 days

 

Date

   Transaction   Price   Shares  
8/12/08   Purchase   7.5250   800  
8/13/08   Purchase   7.5250   200  
8/14/08   Purchase   7.5250   1,100  
8/15/08   Purchase   7.5250   1,000  
8/19/08   Purchase   7.5250   200  
8/22/08   Purchase   7.6750   800  
8/25/08   Purchase   7.6750   500  
8/26/08   Purchase   7.6750   1,200  
8/28/08   Purchase   7.6750   100  
8/29/08   Purchase   7.6750   100  
9/2/08   Purchase   7.6750   100  
9/3/08   Purchase   7.6750   500  
9/4/08   Purchase   7.6750   900  
9/8/08   Purchase   7.8750   600  
9/9/08   Purchase   7.8580   500  
9/10/08   Purchase   7.8750   900  
9/11/08   Purchase   7.8750   500  
9/12/08   Purchase   7.8429   800  
9/15/08   Purchase   7.6250   100  
9/16/08   Purchase   7.6250   400  
9/24/08   Purchase   7.3894   100  
10/1/08   Sell   7.1650   (121,300 )
10/3/08   Purchase   7.1491   2,900  
10/6/08   Purchase   7.1196   10,700  

(d)    Not applicable.

(e)    Not applicable.

 

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.

 

Page 16 of 19

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 17 of 19

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: October 16, 2008

 

MALTA PARTNERS, L.P.     MALTA HEDGE FUND, L.P.
By:  

SOAM Holdings, LLC,

the sole general partner

     By:  

SOAM Holdings, LLC,

the sole general partner

By:   /s/ Terry Maltese     By:   /s/ Terry Maltese
  Terry Maltese       Terry Maltese
  President       President
MALTA MLC FUND, L.P.     MALTA HEDGE FUND II, L.P.

By:

  

SOAM Holdings, LLC,

the sole general partner

     By:  

SOAM Holdings, LLC,

the sole general partner

By:

   /s/ Terry Maltese     By:   /s/ Terry Maltese
  Terry Maltese       Terry Maltese
  President       President
MALTA OFFSHORE, LTD    

Sandler O’Neill Asset

Management LLC

By:

  

Sandler O’Neill Asset

Management LLC

    

By:

   /s/ Terry Maltese     By:   /s/ Terry Maltese
  Terry Maltese       Terry Maltese
  President       President
MALTA MLC OFFSHORE, LTD.    

By:

  

Sandler O’Neill Asset

Management LLC

     Terry Maltese

By:

   /s/ Terry Maltese     By:   /s/ Terry Maltese
  Terry Maltese       Terry Maltese
  President      
SOAM Holdings, LLC    

By:

   /s/ Terry Maltese      
  Terry Maltese      
  President      

 

Page 18 of 19

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: October 16, 2008

 

MALTA PARTNERS, L.P.     MALTA HEDGE FUND, L.P.
By:  

SOAM Holdings, LLC,

the sole general partner

     By:  

SOAM Holdings, LLC,

the sole general partner

By:   /s/ Terry Maltese     By:   /s/ Terry Maltese
  Terry Maltese       Terry Maltese
  President       President
MALTA MLC FUND, L.P.     MALTA HEDGE FUND II, L.P.

By:

  

SOAM Holdings, LLC,

the sole general partner

     By:  

SOAM Holdings, LLC,

the sole general partner

By:

   /s/ Terry Maltese     By:   /s/ Terry Maltese
  Terry Maltese       Terry Maltese
  President       President
MALTA OFFSHORE, LTD    

Sandler O’Neill Asset

Management LLC

By:

  

Sandler O’Neill Asset

Management LLC

    

By:

   /s/ Terry Maltese     By:   /s/ Terry Maltese
  Terry Maltese       Terry Maltese
  President       President
MALTA MLC OFFSHORE, LTD.    

By:

  

Sandler O’Neill Asset

Management LLC

     Terry Maltese

By:

   /s/ Terry Maltese     By:   /s/ Terry Maltese
  Terry Maltese       Terry Maltese
  President      
SOAM Holdings, LLC    

By:

   /s/ Terry Maltese      
  Terry Maltese      
  President      

 

Page 19 of 19