| First Securityfed Financial, Inc. | |||
| Ticker: | FSFF | 936 North Western Avenue | |
| Exchange: | NASDAQ-National Market | Chicago, IL 60622 | |
| Industry: | Financial (SIC Code 6035) | (773) 772-4500 | |
| Type of Shares: | Common Shares | Filing Date: | 7/21/97 | |
| U.S. Shares: | 6,408,000 | Offer Date: | 10/31/97 | |
| Non-U.S. Shares: | 0 | Filing Price: | $10.00 | |
| Primary Shares: | 6,408,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | ||
| Offering Amount: | $64,080,000 | Selling: | ||
| Expenses: | - | Reallowance: | ||
| Shares Out After: | - |
| Manager | Tier | Phone |
| Friedman, Billings, Ramsey & Co., Inc. | Lead Manager | (703) 312-9571 |
| Issuer's Law Firm: | Silver, Freedman & Taff |
| Bank's Law Firm: | Chapman and Cutler |
| Auditor: | Crowe, Chizek and Company |
Dollar amounts in U.S. millions except for per share data | |||||
| 4 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 4/30/97 | 4/30/96 | 4/30/97 | ||
| Revenue: | $19.75 | $6.69 | $6.32 | Assets: | $260.00 |
| Net Income: | $0.45 | $0.76 | $0.99 | Curr Assets: | |
| EPS: | Liabilities: | $230.05 | |||
| Prior EPS: | $0.38 | $1.36 | Curr Liabilities: | $218.99 | |
| Cash Flow/Oper: | $2.14 | Equity: | $29.95 | ||
| Cash Flow/Fin: | -$3.03 | -$6.15 | Cash: | $7.10 | |
| Cash Flow/Inv: | -$18.59 | -$3.03 | |||
| Business Description |
| The bank is a federally chartered mutual savings bank. The bank's business involves attracting deposits from the general public and using such deposits, together with other funds, to originate one-to-four family residential mortgage loans. The Bank currently serves the financial needs of communities in its market area through its main office located at 936 North Western Avenue, Chicago, Illinois 60622-4695 and from branch offices located in Chicago, Illinois, Philadelphia, Pennsylvania and Rolling Meadows, Illinois. Its deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation ("FDIC"). At April 30, 1997, First Security had total assets of $260.0 million, deposits of $219.0 million and equity of $30.0 million (or 11.54% of total assets). The bank has been, and intends to continue to remain, an independent, community oriented, financial institution. The bank's business involves attracting deposits from the general public and using such deposits, together with other funds, to originate primarily one- to four-family residential mortgages and, to a lesser extent, commercial real estate, multi-family, consumer and other loans primarily in its market area. |
| Competition |
| The bank experiences significant competition in its local market area in both originating real estate and other loans and attracting deposits. This competition arises from other savings institutions as well as credit unions, mortgage banks, commercial banks, mutual funds and, national and local securities firms. Due to their size, many competitors can achieve certain economies of scale and as a result offer a broader range of products and services than the Bank. The Bank attempts to mitigate the effect of such factors by emphasizing customer service and community outreach. Such competition may limit the bank's growth in the future. |
| Business Plan |
| The Bank seeks to obtain a competitive advantage in its deposit gathering and lending operations by maintaining a high level of community involvement and by offering a high level of personal service. In its deposit gathering operations, the Bank uses community outreach and customer service in an attempt to build and maintain a large volume of passbook and other non-certificate accounts. These accounts generally carry lower costs than certificate accounts and are believed to represent primarily "core" deposits that are less vulnerable to interest rate changes (and competition from other financial products) than certificate accounts. In its lending operations, the Bank seeks to obtain high quality residential and, to a lesser extent, other loans by maintaining a high level of local visibility, offering a high level of customer service and limiting its secondary market activities. The Bank's one- to four-family residential loan balances have increased significantly in recent years as a result of these efforts. At the same time, asset quality has remained high. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for general corporate purposes. |