| Wyman Park Bancorporation, Inc. | |||
| Ticker: | WPBC | 11 West Ridgely Road | |
| Exchange: | Over-the-Counter Market | Lutherville, MD 21094 | |
| Industry: | Financial (SIC Code 6035) | (410) 252-6450 | |
| Type of Shares: | Common Shares | Filing Date: | 9/22/97 | |
| U.S. Shares: | 1,012,000 | Offer Date: | 1/7/98 | |
| Non-U.S. Shares: | 0 | Filing Price: | $10.00 | |
| Primary Shares: | 1,012,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | ||
| Offering Amount: | $10,120,000 | Selling: | ||
| Expenses: | $427,871 | Reallowance: | ||
| Shares Out After: | - |
| Manager | Tier | Phone |
| Trident Securities, Inc. | Lead Manager | (919) 781-8900 |
| Issuer's Law Firm: | Silver, Freedman & Taff |
| Bank's Law Firm: | Luce Forward Hamilton & Scripps |
| Auditor: | Wooden & Benson |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 6/30/97 | 6/30/97 | ||||
| Revenue: | $4.74 | Assets: | $62.24 | ||
| Net Income: | $0.13 | Curr Assets: | |||
| EPS: | Liabilities: | $57.50 | |||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | $0.25 | Equity: | $4.74 | ||
| Cash Flow/Fin: | -$1.77 | Cash: | $0.46 | ||
| Cash Flow/Inv: | -$1.94 | ||||
| Business Description |
| The company is the holding company for Wyman Park. The bank's business involves attracting deposits from the general public and using such deposits to originate one-to-four family permanent and construction residential mortgages. The Holding Company, Wyman Park Bancorporation, Inc., was formed in 1997 by Wyman Park under the laws of Delaware for the purpose of becoming a savings and loan holding company which will own all of the outstanding capital stock that Wyman Park will issue in connection with the Conversion. Immediately following the Conversion, the only significant assets of the Holding Company will be the capital stock of Wyman Park and up to approximately 50% of the net proceeds from the Conversion, a portion of which is expected to be used to fund the Holding Company's loan to its Employee Stock Ownership Plan ("ESOP"). See "Use of Proceeds." Upon completion of the Conversion, the Holding Company's business initially will consist only of the business of Wyman Park.Wyman Park's business involves attracting deposits from the general public and using such deposits to originate one- to four-family permanent and construction residential mortgage and, to a lesser extent, commercial real estate, multi-family, consumer (secured and unsecured), land and second mortgage loans in its market area. The Association also invests in investment securities consisting primarily of U.S. government obligations and various types of short-term liquid assets. |
| Competition |
| The Association experiences strong competition in its local market area in both originating loans and attracting deposits. This competition arises from a highly competitive market area with numerous savings institutions and commercial banks, as well as credit unions, mortgage bankers and, with respect to deposits, banking institutions and other financial intermediaries. The Association recognizes its need to monitor competition and modify its products and services as necessary and possible, taking into consideration the cost impact. As a result, such competition may limit Wyman Park's growth and profitability in the future. |
| Business Plan |
| Historically, the Association's mission has been to originate loans on a profitable basis to the communities it serves. In seeking to accomplish this mission, the Board of Directors and management have adopted a business strategy designed (i) to maintain the Association's capital level in excess of regulatory requirements; (ii) to maintain the Association's asset quality; (iii) to maintain, and if possible, increase the Association's earnings; and (iv) to manage the Association's exposure to changes in interest rates. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for general corporate purposes. |