| Ticker: AFED | 161 Church Street | |
| Exchange: NASDAQ-National Market | Amsterdam, New York 12010 | |
| Industry: Financial | (518) 842-5700 |
| Type of Shares: | Common Shares | Filing Date: | 6/20/96 | |
| U.S. Shares: | 1,450,000 | Offer Date: | 10/1/96 | |
| Non-U.S. Shares: | 0 | Filing Price: | $10.00 | |
| Primary Shares: | 1,450,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.59 | |
| Offering Amount: | $14,500,000 | Selling: | ||
| Expenses: | $254,000 | Reallowance: | ||
| Shares Out After: | - |
| Manager | Tier | Phone |
| Capital Resources, Inc. | Lead Manager | (202) 466-5685 |
| Auditor: KPMG Peat Marwick | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 9/30/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $8.32 | $4.64 | $3.93 | Assets: | $133.05 |
| Net Income: | $0.61 | $0.32 | $0.35 | Liabilities: | $124.85 |
| EPS: | Equity: | $8.20 | |||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company was organized under Delaware law in JUne 1996 at the direction of the Board of Directors of the bank to acquire all the capital stock that the bank will issue upon its conversion from the mutual to stock form of ownership. The company has not engaged in any significant business to date. Management believes that the holding company structure will provide flexibility for possible diversification or expansion of business activities, although there are no current arrangements, understandings, or agreements regarding any such opportunities. Subject to limitations on repurchases, the holding company structure will also enable the company to repurchase its own stock without adverse tax consequences. The bank, a federally chartered mutual savings and loan association, operates a traditional savings and loan association business, attracting deposit accounts from the general public and using those deposits, together with other funds, primarily to originate and invest in loans secured by single-family residential real estate |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to purchase 100% of the to be outstnading common stock of the Bank and retain the remainder as its initial capitalization. |
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