0001133796-11-000205.txt : 20110616 0001133796-11-000205.hdr.sgml : 20110616 20110616172927 ACCESSION NUMBER: 0001133796-11-000205 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20110616 DATE AS OF CHANGE: 20110616 GROUP MEMBERS: CAITLIN ANNE LASHLEY 2010 TRUST GROUP MEMBERS: DANIELLE MORGAN LASHLEY 2010 TRUST GROUP MEMBERS: FINANCIAL EDGE FUND, L.P. GROUP MEMBERS: FINANCIAL EDGE-STRATEGIC FUND, L.P. GROUP MEMBERS: GOODBODY/PL CAPITAL, L.P. GROUP MEMBERS: GOODBODY/PL CAPITAL, LLC GROUP MEMBERS: JOHN W. PALMER GROUP MEMBERS: PL CAPITAL ADVISORS, LLC GROUP MEMBERS: PL CAPITAL FOCUSED FUND, L.P. GROUP MEMBERS: RICHARD J. LASHLEY GROUP MEMBERS: ROBIN LASHLEY SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Alliance Bancorp, Inc. of Pennsylvania CENTRAL INDEX KEY: 0001500711 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 000000000 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-85913 FILM NUMBER: 11916289 BUSINESS ADDRESS: STREET 1: 541 LAWRENCE ROAD CITY: BROOMALL STATE: PA ZIP: 19008 BUSINESS PHONE: (610) 353-2900 MAIL ADDRESS: STREET 1: 541 LAWRENCE ROAD CITY: BROOMALL STATE: PA ZIP: 19008 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PL Capital, LLC CENTRAL INDEX KEY: 0001518768 IRS NUMBER: 364050713 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 20 EAST JEFFERSON AVENUE, SUITE 22 CITY: NAPERVILLE STATE: IL ZIP: 60540 BUSINESS PHONE: 630-848-1340 MAIL ADDRESS: STREET 1: 20 EAST JEFFERSON AVENUE, SUITE 22 CITY: NAPERVILLE STATE: IL ZIP: 60540 SC 13D/A 1 k226134_sc13da.htm Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

AMENDMENT NO. 6 TO
SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

ALLIANCE BANCORP, INC. OF PENNSYLVANIA
(Name of Issuer)

Common Stock, par value $0.01 per share
(Title of Class of Securities)

01890A108
(CUSIP Number)

Mr. Richard J. Lashley
PL Capital, LLC
20 E. Jefferson Ave.
Suite 22
Naperville, IL  60540
973-360-1666
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

June 14, 2011
(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 Rule 13d-1(e), (f) or (g), check the following box £.
 
 
 

 
 
CUSIP No. 01890A108
Page 2 of 26 Pages
 
1
NAME OF REPORTING PERSON
Financial Edge Fund, L.P.
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)   x
(b)   o
 
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
WC, OO
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
  o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
300,142
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
300,142
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
300,142
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
x
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
 
14
TYPE OF REPORTING PERSON
PN
 
 
 
 

 
 
CUSIP No. 01890A108
Page 3 of 26 Pages

1
NAME OF REPORTING PERSON
Financial Edge—Strategic Fund, L.P.
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)   x
(b)   o
 
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
WC, OO
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
  o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
94,685
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
94,685
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
94,685
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
  x
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
 
14
TYPE OF REPORTING PERSON
PN
 

 
 

 
 
CUSIP No. 01890A108
Page 4 of 26 Pages
 
1
NAME OF REPORTING PERSON
PL Capital Focused Fund, L.P.
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)   x
(b)   o
 
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
WC, OO
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
  o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
61,810
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
61,810
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
61,810
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
  x
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1%
 
14
TYPE OF REPORTING PERSON
PN
 

 
 

 
 
CUSIP No. 01890A108
Page 5 of 26 Pages
 
1
NAME OF REPORTING PERSON
Goodbody/PL Capital, L.P.
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)   x
(b)   o
 
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
WC, OO
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
  o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
70,773
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
70,773
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
70,773
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
  x
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.3%
 
14
TYPE OF REPORTING PERSON
PN
 

 
 

 
 
CUSIP No. 01890A108
Page 6 of 26 Pages
 
1
NAME OF REPORTING PERSON
PL Capital, LLC
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)   x
(b)   o
 
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
   o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
456,637
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
456,637
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
456,637
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   x
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
 
14
TYPE OF REPORTING PERSON
PN
 
 
 

 
 
CUSIP No. 01890A108
Page 7 of 26 Pages
 
1
NAME OF REPORTING PERSON
Goodbody/PL Capital, LLC
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)   x
(b)   o
 
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
  o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
70,773
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
70,773
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
70,773
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
  x
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.3%
 
14
TYPE OF REPORTING PERSON
PN
 
 
 
 

 
 
CUSIP No. 01890A108
Page 8 of 26 Pages
 
1
NAME OF REPORTING PERSON
PL Capital Advisors, LLC
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)   x
(b)   ¨
 
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
 
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
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
527,410
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
527,410
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
527,410
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
  x
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
 
14
TYPE OF REPORTING PERSON
PN
 
 
 
 

 

CUSIP No. 01890A108
Page 9 of 26 Pages
 
1
NAME OF REPORTING PERSON
John W. Palmer
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)   x
(b)   o
 
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
AF, PF
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
  o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
USA
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
2,050
8
SHARED VOTING POWER
527,410
9
SOLE DISPOSITIVE POWER
2,050
10
SHARED DISPOSITIVE POWER
527,410
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
529,460
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
  x
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.7%
 
14
TYPE OF REPORTING PERSON
IN
 
 
 
 

 
 
CUSIP No. 01890A108
Page 10 of 26 Pages
 
1
NAME OF REPORTING PERSON
Richard J. Lashley
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)   x
(b)   o
 
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
AF, PF
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
  o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
USA
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
8,280
8
SHARED VOTING POWER
531,910
9
SOLE DISPOSITIVE POWER
8,280
10
SHARED DISPOSITIVE POWER
531,910
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
540,190
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
  x
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
 
14
TYPE OF REPORTING PERSON
IN
 
 
 
 

 
 
CUSIP No. 01890A108
Page 11 of 26 Pages
 
1
NAME OF REPORTING PERSON
Robin Lashley
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)   x
(b)   o
 
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
PF
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
  o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
USA
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
2,500
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
2,500
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,500
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
  x
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
<0.1%
 
14
TYPE OF REPORTING PERSON
IN
 
 
 
 

 
 
CUSIP No. 01890A108
Page 12 of 26 Pages
 
1
NAME OF REPORTING PERSON
Caitlin Anne Lashley 2010 Trust
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)   x
(b)   o
 
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
AF
 
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 Jersey
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
1,000
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
1,000
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
  x
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
<0.1%
 
14
TYPE OF REPORTING PERSON
OO
 
 
 
 

 
 
CUSIP No. 01890A108
Page 13 of 26 Pages
 
1
NAME OF REPORTING PERSON
Danielle Morgan Lashley 2010 Trust
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)   x
(b)   o
 
3
  SEC USE ONLY
 
4
SOURCE OF FUNDS
AF
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
 
  o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
New Jersey
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
1,000
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
1,000
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
  x
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
<0.1%
 
14
TYPE OF REPORTING PERSON
OO
 
 
 
 

 
 
CUSIP No. 01890A108
Page 14 of 26 Pages
 
Item 1.
Security and Issuer

On January 18, 2011, Alliance Bancorp, Inc. of Pennsylvania, a Pennsylvania corporation (“Alliance Bancorp” or the “Company”), completed the “second-step” conversion of Alliance Bank (the “Bank”) from the mutual holding company structure to the stock holding company structure (the “Conversion”) pursuant to a Plan of Conversion and Reorganization.  Upon completion of the Conversion, Alliance Bancorp became the holding company for the Bank and owns all of the issued and outstanding shares of the Bank’s common stock.  In connection with the Conversion, among other things, shares of common stock, par value $0.01 per share, of Alliance Bancorp (“Common Stock”) were issued in exchange for the outstanding shares of common stock of the former federally chartered mid-tier holding company for the Bank, which also was known as Alliance Bancorp, Inc. of Pennsylvania (the “Mid-Tier Holding Company”), held by the “public” shareholders of the Mid-Tier Holding Company (all shareholders except Alliance Mutual Holding Company).  Each share of common stock of the Mid-Tier Holding Company was converted into the right to receive 0.8200 shares of Alliance Bancorp Common Stock in the Conversion.
 
The initial Schedule 13D, dated April 25, 2007, was filed with the Securities and Exchange Commission on May 4, 2007 (the “Initial Schedule 13D”) and related to the Common Stock of the Mid-Tier Holding Company.  Amendment No. 1 to the Initial Schedule 13D, dated July 16, 2007, was filed with the Securities and Exchange Commission on August 6, 2007 and related to the Common Stock of the Mid-Tier Holding Company.  Amendment No. 2 to the Initial Schedule 13D, dated October 16, 2007, was filed with the Securities and Exchange Commission on October 18, 2007 and related to the Common Stock of the Mid-Tier Holding Company.  Amendment No. 3 to the Initial Schedule 13D, dated April 25, 2008, was filed with the Securities and Exchange Commission on April 30, 2008 and related to the Common Stock of the Mid-Tier Holding Company.  Amendment No. 4 to the Initial Schedule 13D dated December 15, 2009 was filed with the Securities and Exchange Commission on December 15, 2009 and related to the Common Stock of the Mid-Tier Holding Company and related to the Common Stock of the Mid-Tier Holding Company.  Amendment No. 5 to the Initial Schedule 13D dated January 24, 2011 was filed with the Securities and Exchange Commission on January 28, 2011 and related to the Common Stock of Alliance received pursuant to the Conversion.
 
The address of the principal executive offices of the Company is 541 Lawrence Road, Broomall, PA 19008.
 
Item 2.
Identity and Background

This Amended Schedule 13D is being filed jointly by the parties identified below.  All of the filers of this Amended Schedule 13D are collectively the “PL Capital Group.”  The joint filing agreement of the members of the PL Capital Group is attached as Exhibit 1 to Amendment No. 5 to the Initial Schedule 13D.
 
 
·
Financial Edge Fund, L.P., a Delaware limited partnership (“Financial Edge Fund”);
 
 
 

 
 
CUSIP No. 01890A108
Page 15 of 26 Pages
 
 
·
Financial Edge-Strategic Fund, L.P., a Delaware limited partnership (“Financial Edge Strategic”);
 
 
·
PL Capital Focused Fund, L.P., a Delaware limited partnership (“Focused Fund”);
 
 
·
PL Capital, LLC, a Delaware limited liability company (“PL Capital”) and General Partner of Financial Edge Fund, Financial Edge Strategic and Focused Fund;
 
 
·
PL Capital Advisors, LLC, a Delaware limited liability company (“PL Capital Advisors”), and the investment advisor to Financial Edge Fund, Financial Edge Strategic, Focused Fund and Goodbody/PL Capital, L.P.;
 
 
·
Goodbody/PL Capital, L.P., a Delaware limited partnership (“Goodbody/PL LP”);
 
 
·
Goodbody/PL Capital, LLC (“Goodbody/PL LLC”), a Delaware limited liability company and General Partner of Goodbody/PL LP;
 
 
·
John W. Palmer, as (1) a Managing Member of PL Capital, PL Capital Advisors and Goodbody/PL LLC and (2) an individual;
 
 
·
Richard Lashley, as (1) a Managing Member of PL Capital, PL Capital Advisors and Goodbody/PL LLC; (2) an individual; (3) Trustee of the Caitlin Anne Lashley 2010 Trust; (4) Trustee of the Danielle Morgan Lashley 2010 Trust; and (5) holder of certain discretionary authority over an account held by Dr. Robin Lashley, his sister;
 
 
·
Caitlin Anne Lashley 2010 Trust;
 
 
·
Danielle Morgan Lashley 2010 Trust; and
 
 
·
Dr. Robin Lashley, as an individual.
 
(a)-(c)             This statement is filed by Mr. John W. Palmer and Mr. Richard J. Lashley, with respect to the shares of Common Stock beneficially owned by them, as follows:
 
 
(1)
shares of Common Stock held in the name of Financial Edge Fund, Financial Edge Strategic and Focused Fund, in Mr. Palmer’s and Mr. Lashley’s capacity as Managing Members of (A) PL Capital, the General Partner of Financial Edge Fund, Financial Edge Strategic and Focused Fund, and (B) PL Capital Advisors, the investment advisor for Financial Edge Fund, Financial Edge Strategic and Focused Fund;
 
 
 

 
 

CUSIP No. 01890A108
 
Page 16 of 26 Pages
 
 
(2)
shares of Common Stock held in the name of Goodbody/PL LP, in Mr. Palmer’s and Mr. Lashley’s capacity as Managing Members of (A) Goodbody/PL LLC, the General Partner of Goodbody/PL LP and (B) PL Capital Advisors, the investment advisor for Goodbody/PL LP;
 
 
(3)
shares of Common Stock held by Mr. Palmer as an individual; and
 
 
(4)
shares of Common Stock held by Mr. Lashley as: (A) an individual; (B) a holder of certain discretionary authority over an account held by his sister Dr. Robin Lashley; (C) Trustee for the Caitlin Anne Lashley 2010 Trust; and (D) Trustee for the Danielle Morgan Lashley 2010 Trust.

The business address of Financial Edge Fund, Financial Edge Strategic, Focused Fund, PL Capital, PL Capital Advisors, Goodbody/PL LP, Goodbody/PL LLC, Dr. Robin Lashley, John Palmer, and Richard Lashley is c/o PL Capital, 20 East Jefferson Avenue, Suite 22, Naperville, Illinois 60540.  Each of Financial Edge Fund, Financial Edge Strategic, PL Capital, Goodbody/PL LP, PL Capital Advisors and Goodbody/PL LLC are engaged in various interests, including investments.
 
The business address of the Caitlin Anne Lashley 2010 Trust is c/o of Richard Lashley, Trustee, 2 Trinity Place, Warren, NJ  07059.
 
The business address of the Danielle Morgan Lashley 2010 Trust is c/o of Richard Lashley, Trustee, 2 Trinity Place, Warren, NJ  07059.
 
The principal employment of Messrs. Palmer and Lashley is investment management with each of PL Capital, PL Capital Advisors and Goodbody/PL LLC.
 
The principal employment of Dr. Robin Lashley is college professor at Kent State University, Tuscarawas Campus, 330 University Drive NE, New Philadelphia, Ohio 44663.
 
(d)           During the past five years, no member of the PL Capital Group has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
 
(e)           During the past five years, no member of the PL Capital Group has 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 any violation with respect to such laws.
 
(f)           Each natural person who is a member of the PL Capital Group is a citizen of the United States.
 
Item 3.
Source and Amount of Funds or Other Consideration

In aggregate, the PL Capital Group owns 542,240 shares of Common Stock of the Company acquired at an aggregate cost of $5,950,677.

 
 

 
CUSIP No. 01890A108
 
Page 17 of 26 Pages
 
The amount of funds expended by Financial Edge Fund to acquire the 300,142 shares of Common Stock it holds in its name was $3,378,046.  Such funds were provided from Financial Edge Fund’s available capital and from time to time by margin provided by BNP Paribas Prime Brokerage Inc. (“BNP Paribas”) on such firm’s usual terms and conditions.
 
The amount of funds expended by Financial Edge Strategic to acquire the 94,685 shares of Common Stock it holds in its name was $1,044,517.  Such funds were provided from Financial Edge Strategic’s available capital and from time to time by margin provided by BNP Paribas on such firm’s usual terms and conditions.
 
The amount of funds expended by Goodbody/PL LP to acquire the 70,773 shares of Common Stock it holds in its name was $748,469.  Such funds were provided from Goodbody/PL LP’s available capital and from time to time by margin provided by BNP Paribas on such firm’s usual terms and conditions.
 
The amount of funds expended by Focused Fund to acquire the 61,810 shares of Common Stock it holds in its name was $615,908.  Such funds were provided from Focused Fund’s available capital and from time to time by margin provided by BNP Paribas on such firm’s usual terms and conditions.
 
The amount of funds expended by Mr. Richard Lashley to acquire the 8,280 shares of Common Stock he holds in his name is $93,212.  Such funds were provided from Mr. Lashley’s personal funds.
 
The amount of funds expended by Mr. Palmer to acquire the 2,050 shares of Common Stock he holds in his name is $22,123.  Such funds were provided from available funds in Mr. Palmer’s Individual Retirement Accounts (IRA).
 
The amount of funds expended by Dr. Robin Lashley to acquire the 2,500 shares of Common Stock she holds in her name is $26,884.  Such funds were provided from Dr. Lashley’s personal funds.
 
The amount of funds expended by the Caitlin Anne Lashley 2010 Trust to acquire the 1,000 shares of Common Stock it holds in its name is $10,759.  Such funds were provided from the Trust’s available funds.
 
The amount of funds expended by the Danielle Morgan Lashley 2010 Trust to acquire the 1,000 shares of Common Stock it holds in its name is $10,759.  Such funds were provided from the Trust’s available funds.
 
Any purchases of Common Stock made by members of the PL Capital Group using funds borrowed from BNP Paribas, if any, were made in margin transactions on that firm’s usual terms and conditions.  All or part of the shares of Common Stock owned by members of the PL Capital Group may from time to time be pledged with one or more banking institutions or brokerage firms as collateral for loans made by such entities to members of the PL Capital Group.  Such loans, if any, generally bear interest at a rate based upon the federal funds rate plus a margin.  Such indebtedness, if any, may be refinanced with other banks or broker-dealers.  As of the date of this filing, the members of the PL Capital Group which have margin or other loans outstanding secured by Common Stock includes Financial Edge Fund, Financial Edge Strategic, Focused Fund and Goodbody PL LP.

 
 

 
 
CUSIP No. 01890A108
 
Page 18 of 26 Pages
 
Item 4.
Purpose of Transaction

The PL Capital Group owns 542,240 shares or 9.9% of the Company, based upon the Company’s aggregate outstanding 5,474,437 shares reported as outstanding on June 2, 2011 in a definitive proxy statement on Schedule 14A filed on June 13, 2011.

PL Capital Group’s intent is to influence the policies of the Company and assert PL Capital’s shareholder’s rights, with a goal of maximizing the long term value of the Common Stock.

On June 13, 2011, the Company filed a definitive proxy statement containing information regarding a special meeting of shareholders to be held on July 20, 2011, at which shareholders are being asked to vote on the 2011 Stock Option Plan and the 2011 Recognition and Retention Plan and Trust Agreement.  On June 14, 2011, the PL Capital Group sent a letter to Mr. Dennis Cirucci, President and Chief Executive Officer of Alliance.  The letter contained several suggested changes to the plans which Messrs. Palmer and Lashley believe are needed before the PL Capital Group would vote for the plans.  A copy of the letter is attached as Exhibit 4 to this Amended Schedule 13D.
 
 Members of the PL Capital Group may make further purchases of shares of Common Stock, although the PL Capital Group has no present intention of increasing PL Capital Group’s aggregate holdings above 9.99% of the Company’s aggregate outstanding Common Stock.  Members of the PL Capital Group may dispose of any or all the shares of Common Stock held by them.
 
To the extent the actions described herein may be deemed to constitute influencing, or seeking to influence, the control of the Company for purposes of the Securities Exchange Act of 1934, as amended, and the regulations thereunder, the PL Capital Group has such a purpose.  Except as noted in this Schedule 13D, no member of the PL Capital Group has any plans or proposals, which relate to, or would result in, any change in control of the Company or any of the matters referred to in paragraphs (b) through (j), inclusive of Item (4) of Schedule 13D.  Such individuals may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto.
 
Item 5.
Interest in Securities of the Company

The percentages used in this Amended Schedule 13D are calculated based upon the number of outstanding shares of Common Stock as of June 2, 2011, as reported in the Company’s Schedule 14A filed on June 13, 2011.  In this filing, the Company reported 5,474,437 outstanding shares of Common Stock.

 
 

 
 
CUSIP No. 01890A108
 
Page 19 of 26 Pages
 
The PL Capital Group made transactions in the Common Stock within the past 60 days as noted below:
 
(A)
Financial Edge Fund

 
(a)-(b) 
See cover page.

 
(c)
Financial Edge Fund made the following purchases (and no sales) of Common Stock in the past 60 days:

Date
 
Number of Shares
Purchased
   
Price Per Share ($)
   
Total Cost($)
 
04/18/2011
    1,100     $ 11.00     $ -12,159  
04/27/2011
    1,500     $ 10.82     $ -16,308  
05/06/2011
    3,150     $ 10.90     $ -34,503  

 
(d)
Because Messrs. Palmer and Lashley are the Managing Members of PL Capital, the General Partner of Financial Edge Fund, they have the power to direct the affairs of Financial Edge Fund, including the voting and disposition of shares of Common Stock held in the name of Financial Edge Fund.  Mr. Palmer and Mr. Lashley are also the Managing Members of PL Capital Advisors, the investment advisor of Financial Edge Fund.  Therefore, Mr. Palmer and Mr. Lashley are deemed to share voting and dispositive power over the shares of Common Stock that Financial Edge Fund holds.

(B)
Financial Edge Strategic

 
(a)-(b) 
See cover page.

 
(c)
Financial Edge Strategic made the following purchases (and no sales) of Common Stock in the past 60 days:

Date
 
Number of Shares
Purchased
   
Price Per Share ($)
   
Total Cost($)
 
04/27/2011
    500     $ 10.82     $ -5,443  
05/06/2011
    1,600     $ 10.90     $ -17,530  

 
(d)
Because Messrs. Palmer and Lashley are the Managing Members of PL Capital, the General Partner of Financial Edge Strategic, they have the power to direct the affairs of Financial Edge Strategic, including the voting and disposition of shares of Common Stock held in the name of Financial Edge Strategic.  Mr. Palmer and Mr. Lashley are also the Managing Members of PL Capital Advisors, the investment advisor of Financial Edge Strategic.  Therefore, Mr. Palmer and Mr. Lashley are deemed to share voting and dispositive power over the shares of Common Stock that Financial Edge Strategic holds.

 
 

 

CUSIP No. 01890A108
 
Page 20 of 26 Pages

(C) 
Goodbody/PL LP

 
(a)-(b)
See cover page.

 
(c)
Goodbody/PL LP made the following purchases (and no sales) of Common Stock in the past 60 days:

Date
 
Number of Shares
Purchased
   
Price Per Share ($)
   
Total Cost($)
 
04/27/2011
    500     $ 10.82     $ -5,443  

 
(d)
Goodbody/PL LLC is the General Partner of Goodbody/PL LP.  Because Messrs. Palmer and Lashley are the Managing Members of Goodbody/PL LLC, they have the power to direct the affairs of Goodbody/PL LP.  Mr. Palmer and Mr. Lashley are also the Managing Members of PL Capital Advisors, the investment advisor of Goodbody/PL LP.  Therefore, Mr. Palmer and Mr. Lashley are deemed to share voting and dispositive power over the shares of Common Stock held by Goodbody/PL LP.

(D) 
Focused Fund

 
(a)-(b) 
See cover page.

 
(c)
Focused Fund made the following purchases (and no sales) of Common Stock in the past 60 days:

Date
 
Number of Shares
Purchased
   
Price Per Share ($)
   
Total Cost($)
 
04/27/2011
    1,200     $ 10.82     $ -13,048  
05/06/2011
    1,550     $ 10.90     $ -16,983  

 
(d)
Because Messrs. Palmer and Lashley are the Managing Members of PL Capital, the General Partner of Focused Fund, they have the power to direct the affairs of Focused Fund, including the voting and disposition of shares of Common Stock held in the name of Focused Fund. Mr. Palmer and Mr. Lashley are also the Managing Members of PL Capital Advisors, the investment advisor of Focused Fund.  Therefore, Mr. Palmer and Mr. Lashley are deemed to share voting and dispositive power over the shares of Common Stock that Focused Fund holds.

 
 

 

CUSIP No. 01890A108
 
Page 21 of 26 Pages

(E) 
PL Capital

 
(a)-(b) 
See cover page.

 
(c)
PL Capital has made no purchases or sales of Common Stock directly.

 
(d)
PL Capital is the General Partner of Financial Edge Fund and Financial Edge Strategic.  Because Messrs. Palmer and Lashley are the Managing Members of PL Capital, they have the power to direct the affairs of PL Capital.  Therefore, Mr. Palmer and Mr. Lashley are deemed to share voting and dispositive power with PL Capital over the shares of Common Stock held by Financial Edge Fund and Financial Edge Strategic.

(F) 
PL Capital Advisors

 
(a)-(b) 
See cover page.

 
(c)
PL Capital Advisors has made no purchases or sales of Common Stock directly.

 
(d)
PL Capital Advisors is the investment advisor to Financial Edge Fund, Financial Edge Strategic, Focused Fund and Goodbody/PL LP.  Because they are the Managing Members of PL Capital Advisors, Mr. Palmer and Mr. Lashley have the power to direct the affairs of PL Capital Advisors.  Therefore, Mr. Palmer and Mr. Lashley are deemed to share voting and dispositive power with PL Capital Advisors over the shares of Common Stock held by Financial Edge Fund, Financial Edge Strategic, Focused Fund and Goodbody/PL LP.

(G) 
Goodbody/PL LLC

 
(a)-(b) 
See cover page.

 
(c)
Goodbody/PL LLC has made no purchases or sales of Common Stock directly.

 
(d)
Goodbody/PL LLC is the General Partner of Goodbody/PL LP.  Because Messrs. Palmer and Lashley are the Managing Members of Goodbody/PL LLC, they have the power to direct the affairs of Goodbody/PL LLC.  Mr. Palmer and Mr. Lashley are also the Managing Members of PL Capital Advisors, the investment advisor of Goodbody/PL LP.  Therefore, Mr. Palmer and Mr. Lashley are deemed to share voting and dispositive power over the shares of Common Stock held by Goodbody/PL LP.

 
 

 

CUSIP No. 01890A108
 
Page 22 of 26 Pages

(H) 
John W. Palmer

 
(a)-(b) 
See cover page.

 
(c)
Mr. Palmer made no purchases or sales of Common Stock in the past 60 days from the date this Amended Schedule 13D was filed.

(I) 
Richard J. Lashley

 
(a)-(b) 
See cover page.

 
(c)
Mr. Lashley made no purchases or sales of Common Stock in the past 60 days from the date this Amended Schedule 13D was filed.

(J) 
Dr. Robin Lashley

 
(a)-(b) 
See cover page.

 
(c)
Dr. Lashley made no purchases or sales of Common Stock in the past 60 days from the date this Amended Schedule 13D was filed.

(K) 
Caitlin Anne Lashley 2010 Trust

 
(a)-(b) 
See cover page.

 
(c)
The Trust made no purchases or sales of Common Stock in the past 60 days from the date this Amended Schedule 13D was filed.

(L) 
Danielle Morgan Lashley 2010 Trust

 
(a)-(b) 
See cover page.

 
(c)
The Trust made no purchases or sales of Common Stock in the past 60 days from the date this Amended Schedule 13D was filed.

Item 6.
Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Company.

With respect to Financial Edge Fund, Financial Edge Strategic and Focused Fund, PL Capital is entitled to an allocation of a portion of profits, if any.  With respect to Financial Edge Fund, Financial Edge Strategic, Focused Fund and Goodbody/PL LP, PL Capital Advisors is entitled to a management fee based upon a percentage of total capital.  With respect to Goodbody/PL LP, Goodbody/PL LLC is entitled to an allocation of a portion of profits, if any.

 
 

 
CUSIP No. 01890A108
 
Page 23 of 26 Pages

 
Other than the foregoing arrangements and the Joint Filing Agreement filed as Exhibit 1 to Amendment No. 5 to the Initial Schedule 13D, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Company.
 
Item 7. 
Material to be Filed as Exhibits

Exhibit No.
 
Description
     
1
 
Joint Filing Agreement.*
     
2
 
PL Capital, LLC’s Presentation to Senior Management of Alliance Bancorp, Inc. of Pennsylvania, dated October 16, 2007.*
     
3
 
Letter from Richard Lashley to Alliance Bancorp, Inc. of Pennsylvania, dated April 25, 2008.*
     
4
  
Letter from Richard Lashley to Alliance Bancorp, Inc. of Pennsylvania, dated June 14, 2011.

*Previously filed.

 
 

 

CUSIP No. 01890A108
 
Page 24 of 26 Pages

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.

Date:   June 16, 2011

FINANCIAL EDGE FUND, L.P.
 
By:    
PL CAPITAL, LLC
   
 
General Partner
   
       
By:
/s/ John W. Palmer
 
/s/ Richard J. Lashley
 
John W. Palmer
 
Richard J. Lashley
 
Managing Member
 
Managing Member
       
FINANCIAL EDGE-STRATEGIC FUND, L.P.
       
By:
PL CAPITAL, LLC
   
 
General Partner
   
       
By:
/s/ John W. Palmer
 
/s/ Richard J. Lashley
 
John W. Palmer
 
Richard J. Lashley
 
Managing Member
 
Managing Member
       
PL CAPITAL FOCUSED FUND, L.P.
   
       
By:      PL CAPITAL, LLC     
 
General Partner
   
       
By:
/s/ John W. Palmer
 
/s/ Richard J. Lashley
 
John W. Palmer
 
Richard J. Lashley
 
Managing Member
 
Managing Member

 
 

 

CUSIP No. 01890A108
 
Page 25 of 26 Pages

GOODBODY/PL CAPITAL, L.P.
       
By:    
GOODBODY/PL CAPITAL, LLC
   
 
General Partner
   
       
By:
/s/ John W. Palmer
 
/s/ Richard J. Lashley
 
John W. Palmer
 
Richard J. Lashley
 
Managing Member
 
Managing Member
       
GOODBODY/PL CAPITAL, LLC
       
By:
/s/ John W. Palmer
 
/s/ Richard J. Lashley
 
John W. Palmer
 
Richard J. Lashley
 
Managing Member
 
Managing Member
       
PL CAPITAL ADVISORS, LLC
       
By:
/s/ John W. Palmer
 
/s/ Richard J. Lashley
 
John W. Palmer
 
Richard J. Lashley
 
Managing Member
 
Managing Member
       
PL CAPITAL, LLC
       
By:
/s/ John W. Palmer
 
/s/ Richard J. Lashley
 
John W. Palmer
 
Richard J. Lashley
 
Managing Member
 
Managing Member
       
CAITLIN ANNE LASHLEY 2010 TRUST
       
By:
/s/ Richard J. Lashley
   
 
Richard Lashley
   
 
Trustee
   

 
 

 

CUSIP No. 01890A108
 
Page 26 of 26 Pages

DANIELLE MORGAN LASHLEY 2010 TRUST
       
By:    
/s/ Richard J. Lashley
   
 
Richard Lashley
   
 
Trustee
   

By:    
/s/ John W. Palmer
 
John W. Palmer
   
By:
/s/ Richard J. Lashley
 
Richard J. Lashley
   
By:
/s/ Robin Lashley
 
Robin Lashley

 
 

 
EX-99.4 2 k226134_ex4.htm
Exhibit 4

June 14, 2011

Mr. Dennis D. Cirucci, President & CEO
Alliance Bancorp, Inc. of Pennsylvania
541 Lawrence Road
Broomall, PA  19008-3599

Dear Dennis:

PL Capital has reviewed the definitive proxy statement of Alliance Bancorp, Inc. of Pennsylvania (“Alliance” or the “Company”), as filed with the SEC on June 13, 2011, relating to the upcoming July 20, 2011 special meeting of shareholders.  At the special meeting, shareholders are being asked to approve the Company’s 2011 Stock Option Plan and 2011 Recognition and Retention Plan and Trust Agreement.

We believe that certain adjustments should be made to the plans, as discussed below.  Until these adjustments are made, we will not vote to approve the plans and we will likely conduct a “just say no” campaign to defeat the plans.

In addition, we note below an error in the proxy statement that should be corrected.

PL Capital is keenly interested in how companies in which we invest reward and incent their employees, officers and directors.  We are supportive of appropriately structured and reasonable benefit and compensation programs and plans, but opposed to those programs and plans which are inappropriately structured, unearned or undeserved.  As you are aware, we were opposed to the issuance of any options or stock after the Company’s 2007 stock offering until the Company performed better (we were even prepared to undergo a proxy campaign, at significant expense and effort, to support our view).

So, while we believe the newly proposed 2011 Stock Option Plan and 2011 Recognition and Retention Plan and Trust Agreement (collectively, “the Plans”) should be presented to shareholders at the special meeting, we are concerned that certain features of the Plans do not properly align the interests of the Company’s employees, officers and directors interests with those of shareholders.  Specifically, the following features of the Plans must be addressed before PL Capital will vote FOR the Plans:

2011 Stock Option Plan (the “Option Plan”):

 
(1)
Exercise Price (Section 8.02):

The per share exercise price should be the greater of (a) the Fair Market Value of the stock at the time of grant, or (b) $10.00.
 
 
 

 
 
Why?  Insiders should be on a level playing field with the investors who purchased stock at $10.00 in the second step conversion.  Given that the stock price is currently above $10.00, we do not believe this is unreasonable.

 
(2)
Life of Option in a Change in Control (Section 8.04(b)):

If an insider terminates his employment or service with the Company following a change in control without having fully exercised his options, the Option Plan grants the insider the right to exercise such options during the remainder of the original term (upwards of ten years depending upon the grant date and the change in control date).  We believe this is far too long.  If the Company is sold, option holders should be required to cash out or otherwise exercise the options no later than six months after the transaction closes.

Why?  An acquiring company normally does not want potentially dilutive long term options outstanding when they acquire a company.  Acquirers generally want a defined cost of settling options and other benefit plans.  Unexercised long term options create uncertain costs and will reduce the value shareholders might receive in a transaction.  The Board of Directors of Alliance should not want to tie its hands in merger negotiations this far in advance.

 
(3)
Lack of Performance Criteria in Vesting Formula (Section 8.03, et al):

We want to see the achievement of specifically defined categories of performance before vesting is “earned.”  However, please note that in a change in control, or due to death or disability, we are not opposed to accelerated vesting of any previously unvested options even if the performance criteria have not yet been met.

Why?  Mere longevity of service does not warrant a reward unless it is tied to long term and short term performance of the Company and the creation of shareholder value.

Please also note that the proxy statement (page 3) has the wrong number for the percentage of shares reserved for the Option Plan.  It says “A total of 325,842 shares of our common stock have been reserved for future issuance pursuant to the Stock Option Plan which is equal to 4.0% of the Shares sold in the Conversion and Reorganization   .”  This should be 10%.  We believe this is a material and substantive disclosure that should be fixed before the proxy is printed and mailed to shareholders.

2011 Recognition and Retention Plan and Trust Agreement (the “RRP”):

Lack of Performance Criteria in Vesting Formula (Section 7.01):

We want to see the achievement of specifically defined categories of performance before vesting is “earned.”  However, please note that in a change in control, or due to death or disability, we are not opposed to accelerated vesting of any previously unvested shares even if the performance criteria have not yet been met.

Why?  Mere longevity of service does not warrant a reward unless it is tied to long term and short term performance of the Company and the creation of shareholder value.
 
 
 

 
 
We believe that our proposed adjustments are reasonable and not unduly time consuming to fix.  More importantly, we believe that these adjustments are necessary to ensure that the interests of insiders are aligned with those of shareholders.  We encourage you to speak with other shareholders, large and small, to see what they think of the Plans and our suggested adjustments.

If you do not make the adjustments specified above, we will likely conduct a “just say no” campaign to defeat the Plans.

Given that there is not much lead time before the special meeting, we look forward to hearing from you shortly.  Please contact either of us at your earliest convenience.  Rich can be reached at (973) 360-1666 and John at (630) 848-1340.

Regards,

Richard Lashley
John Wm. Palmer
Principal
Principal
 
 
 

 
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