CUSIP No. 743868101 Page 1 of 33 Pages
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20552
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
PROVIDENT FINANCIAL HOLDINGS, INC.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
743868101
(CUSIP Number)
Mr. Phillip Goldberg
Foley & Lardner
One IBM Plaza
Suite 3300
330 North Wabash Avenue
Chicago, IL 60611-3608
(312) 755-1900
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 20, 2002
(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 [ ].
CUSIP No. 743868101 Page 2 of 33 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
JAM Partners, L.P.
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ---------------------------------------------------------------------
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) [ ]
---------- ---------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------- --------- ------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 150,000
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
150,000
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,150
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 3 of 33 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
JAM Special Opportunities Fund, L.P.
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ---------------------------------------------------------------------
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) [ ]
---------- ---------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------- --------- ------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 5,625
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
5,625
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,150
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 4 of 33 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
JAM Managers, L.L.C.
---------- ---------------------------------------------------------------------
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 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 155,625
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
155,625
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,150
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 5 of 33 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Seymour Jacobs
---------- ---------------------------------------------------------------------
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
United States
--------------------------- --------- ------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 9,375
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 155,625
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 9,375
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
155,625
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,150
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
CUSIP No. 743868101 Page 6 of 33 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Endicott Partners, L.P.
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(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 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------- --------- ------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 73,350
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
73,350
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,150
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 7 of 33 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Endicott Partners II, L.P.
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(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 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------- --------- ------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 83,000
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
83,000
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,150
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 8 of 33 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Endicott Offshore Investors, Ltd.
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(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 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
--------------------------- --------- ------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 71,300
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
71,300
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,150
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
================================================================================
CUSIP No. 743868101 Page 9 of 33 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
W.R. Endicott, L.L.C.
---------- ---------------------------------------------------------------------
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 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 73,350
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
73,350
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,150
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 10 of 33 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
W.R. Endicott II, L.L.C.
---------- ---------------------------------------------------------------------
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 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 83,000
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
83,000
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,150
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 11 of 33 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Endicott Management Co.
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
2 pension plans have contracts with EMC; benefits to
them; control by EMC (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 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------- --------- ------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 23,000
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
23,000
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,150
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
================================================================================
CUSIP No. 743868101 Page 12 of 33 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Wayne K. Goldstein
---------- ---------------------------------------------------------------------
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
United States
--------------------------- --------- ------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 250,650
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
250,650
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,150
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
CUSIP No. 743868101 Page 13 of 33 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Robert I. Usdan
---------- ---------------------------------------------------------------------
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
United States
--------------------------- --------- ------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 250,650
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
250,650
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,150
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
CUSIP No. 743868101 Page 14 of 33 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Gene F. Gaines
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ---------------------------------------------------------------------
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) [ ]
---------- ---------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------- --------- ------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,500
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,500
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
0
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
417,150
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
CUSIP No. 743868101 Page 15 of 33 Pages
Item 1. Security and Issuer
This Schedule 13D relates to the common stock, par value $0.01 per
share ("Common Stock") of Provident Financial Holdings, Inc. (the "Company" or
"Provident"). The address of the principal executive offices of the Company is
3756 Central Avenue, Riverside, California 92506. The joint filing agreement of
the members of the Group is attached as Exhibit 1.
Item 2. Identity and Background
This Schedule 13D is being jointly filed by each of the following
persons (collectively, the "Group" or the "Group Members"):
(a)-(c)
(1) The "Jam Parties":
(A) JAM Partners, L.P., a Delaware limited partnership ("JAM").
(B) JAM Special Opportunities Fund, L.P., a Delaware limited
partnership ("JAM SOF").
(C) JAM Managers, L.L.C. a Delaware limited liability company
("JAM MGR").
(D) Seymour Jacobs ("Mr. Jacobs").
(2) The "Endicott Parties":
(A) Endicott Partners, L.P., a Delaware limited partnership
("EPLP").
(B) Endicott Partners II, L.P., a Delaware limited partnership
("EPLPII").
(C) Endicott Offshore Investors, Ltd., a British Virgin Islands
international business company ("EOI").
(D) W.R. Endicott, L.L.C., a Delaware limited liability company
("WRE LLC").
(E) W.R. Endicott II, L.L.C., a Delaware limited liability
company ("WRE II LLC").
(F) Endicott Management Co., a Delaware corporation ("Endicott
Management").
(G) Wayne K. Goldstein ("Mr. Goldstein").
(H) Robert I. Usdan ("Mr. Usdan").
(3) Gene F. Gaines
The Group Members have entered into a Joint Filing Agreement, a copy of
which is filed with this Schedule 13D as Exhibit 1.
The business address of each Group Member is as follows:
JAM, JAM SOF, JAM MGR and Mr. Jacobs:
One Fifth Avenue
New York, NY 10003
CUSIP No. 743868101 Page 16 of 33 Pages
EPLP, EPLPII, WRE LLC, WRE II LLC, Endicott Management,
Mr. Goldstein and Mr. Usdan:
237 Park Avenue, Suite 801
New York, NY 10017
EOI:
c/o Trident Fund Services (B.V.I) Ltd.
Wickhams Cay
P.O. Box 146 Road Town
Tortola, British Virgin Islands
Mr. Gene F. Gaines:
1018 Second Street, Unit 1
Santa Monica, California 90403
JAM and JAM SOF are limited partnerships formed for the purpose of
investing in, among other things, the equity securities of various financial
services providers. JAM MGR is a limited liability company and general partner
of JAM and JAM SOF. Mr. Jacobs is the sole Managing Member of JAM MGR.
The business of EPLP, EPLPII and EOI is investment, in, among other
things, the equity securities of various financial services providers. Endicott
Management, in addition to being the advisor to EPLP, EPLPII and EOI, also
manages two accounts which invests in, among other things, financial service
providers. WRE LLC is the General Partner of EPLP. WRE II LLC is the General
Partner of EPLPII. Messrs. Goldstein and Usdan are Co-Presidents of Endicott
Management and Managing Members of WRE LLC and WRE II LLC.
Mr. Gaines is an investor for his personal account. Mr. Gaines is
Executive Vice President and the manager of the Private Banking Division at
Pacific Western Bank, a subsidiary of First Community Bancorp.
(d) During the past five years, no member of the Group has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the past five years, no member of the 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) All of the individuals who are members of the Group are citizens of
the United States.
CUSIP No. 743868101 Page 17 of 33 Pages
Item 3. Source and Amount of Funds or Other Consideration
In aggregate, the Group owns 417,150 shares, equal to 7.5% of the
Common Stock of the Company.
The amount of funds expended by JAM to acquire the 150,000 shares of
Common Stock it holds in its name is $2,218,220. The amount of funds expended by
JAM SOF to acquire 5,625 shares of Common Stock it holds in its name is
$105,063. The amount of funds expended by Mr. Jacobs to acquire the 9,375 shares
of Common Stock he holds in his name is $158,430. All of such funds were
provided from available capital and from time to time, in part by margin account
loans from NationsBanc Montgomery Securities, extended in the ordinary course of
business on that firm's usual terms and conditions. All or part of the shares of
Common Stock owned by any of the JAM Parties may from time to time be pledged as
collateral for loans made by such firm to the JAM Parties. Such loans generally
bear interest at a rate based upon the broker's call rate from time to time in
effect. Such indebtedness, if any, may be refinanced with other banks or
broker-dealers.
The amount of funds expended by EPLP to acquire the 73,350 shares of
Common Stock it holds in its name is $1,358,174. Such funds were provided from
available capital. The amount of funds expended by EPLPII to acquire the 83,000
shares of Common Stock it holds in its name is $1,672,845. Such funds were
provided from available capital. The amount of funds expended by EOI to acquire
the 71,300 shares of Common Stock it holds in its name is $1,296,459. Such funds
were provided from available capital. The amount of funds expended by Endicott
Management to acquire the 23,000 shares of Common Stock it holds in its name is
$335,922. Such funds were provided from available capital.
The amount of funds expended by Mr. Gaines to acquire the 1,000 shares
of Common Stock he holds in his name is $31,450. Such funds were provided from
his personal funds.
Item 4. Purpose of Transaction
The purpose of the acquisition of the shares of Common Stock by members
of the Group is to profit from appreciation in the market price of the Common
Stock through the assertion of shareholder rights and influencing the policies
of the Company.
Members of the Group believe the Company's stock is undervalued.
Members of the Group believe the Company's Board of Directors has not considered
all opportunities to maximize shareholder value. The Group believes that the
Board of Directors should actively consider all necessary steps to maximize
shareholder value and that the current Board of Directors has not shown a
willingness to consider such steps, including more aggressive share repurchases,
increasing core profitability and a possible sale of the Company. Therefore,
members of the Group currently intend to seek the addition of Messrs. Gaines and
Jacobs to serve on the Company's Board of Directors, through their appointment
or nomination by the Company or, if necessary, by nominating them for election
at the Company's next annual meeting of stockholders.
On May 29, 2002, Mr. Jacobs sent a letter to the Board of Directors of
the Company, expressing the Group's concerns and intentions. A copy of that
letter is attached as
CUSIP No. 743868101 Page 18 of 33 Pages
Exhibit 2. On July 11, 2002, Mr. Jacobs sent a letter to the Board of Directors
of the Company, again expressing the Group's concerns and intentions. A copy of
that letter is attached as Exhibit 3. On August 16, 2002, Mr. Jacobs sent a
letter to the Company demanding access to and copies of the list of stockholders
and certain other stockholder materials of the Company. A copy of that letter is
attached as Exhibit 4. On August 20, 2002, the Chairman of the Board of
Directors of the Company sent a letter to Mr. Jacobs regarding the next annual
meeting of shareholders of the Company. A copy of that letter is attached as
Exhibit 5.
Members of the Group may make further purchases or sales of shares of
Common Stock. Members of the Group may dispose of any or all the shares of
Common Stock held by them, although they have no current intention to do so. To
the extent the actions described herein may be deemed to constitute a "control
purpose" with respect to the Securities Exchange Act of 1934, as amended, and
the regulations thereunder, the Group has such a purpose. Except as noted in
this Schedule 13D, no member of the Group has any plans or proposals, which
relate to, or would result in, 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 Schedule 13D are calculated based upon the
number of outstanding shares of Common Stock, 3,707,171, reported as the number
of outstanding shares as of May 10, 2002, on the Company's Quarterly Report on
Form 10-Q for the period ended March 31, 2002, adjusted to reflect a 3-for-2
stock split effective July 12, 2002, for a total number of outstanding shares of
5,560,756. All purchases and sales of Common Stock reported herein were made in
open market transactions on the Nasdaq National Market, except as otherwise
stated.
(A) JAM Partners, L.P.
(a)-(b) See cover page.
(c) JAM has made no purchases or sales of Common Stock in the last 60
days.
(d) Because Mr. Jacobs is the Managing Member of JAM MGR, he has the
power to direct the affairs of JAM MGR. JAM MGR has the power to
direct the affairs of JAM, including the voting and disposition
of shares of Common Stock held in the name of JAM. Mr. Jacobs
is also the General Partner of JAM. Therefore, Mr. Jacobs has
voting and disposition power with regard to shares of Common
Stock held in the name of JAM.
(B) JAM Special Opportunities Fund, L.P.
(a)-(b) See cover page.
(c) JAM SOF has made no purchases or sales of Common Stock in the
last 60 days.
CUSIP No. 743868101 Page 19 of 33 Pages
(d) Because Mr. Jacobs is the Managing Member of JAM MGR, he has the
power to direct the affairs of JAM MGR. JAM MGR has the power to
direct the affairs of JAM SOF, including the voting and
disposition of shares of Common Stock held in the name of JAM
SOF. Mr. Jacobs is also the General Partner of JAM SOF.
Therefore, Mr. Jacobs has voting and disposition power with
regard to shares of Common Stock held in the name of JAM.
(C) JAM Managers, L.L.C.
(a)-(b) See cover page.
(c) JAM MGR has made no purchases or sales of Common Stock in the
last 60 days.
(d) Because Mr. Jacobs is the Managing Member of JAM MGR, he has the
power to direct the affairs of JAM MGR. Therefore, Mr. Jacobs
has voting and disposition power with regard to shares of
Common Stock held in the name of JAM MGR.
(D) Seymour Jacobs
(a)-(b) See cover page.
(c) Mr. Jacobs has made no purchases or sales of Common Stock
directly.
(E) Endicott Partners, L.P.
(a)-(b) See cover page.
(c) EPLP has made no purchases or sales during the past 60 days.
(d) Mr. Goldstein and Mr. Usdan are each a Managing Member of WRE
LLC. WRE LLC is the general partner of EPLP. Therefore, Mr.
Goldstein and Mr. Usdan share the power to direct the affairs
of WRE LLC. WRE LLC has the power to vote or direct the affairs
of EPLP, including the voting and disposition of shares of Common
Stock held in the name of EPLP. Therefore, Mr. Goldstein and
Mr. Usdan share voting and disposition power with regard to
shares of Common Stock held in the name of EPLP.
(E) Endicott Partners II, L.P.
(a)-(b) See cover page.
(c) EPLPII has made the following purchases of Common Stock in the
last 60 days.
---------------- -------------------- ----------------------- -----------------
Date Number of Shares Price Per Share ($) Total Cost ($)
---------------- -------------------- ----------------------- -----------------
7/18/01 5,000 21.865 109,325
---------------- -------------------- ----------------------- -----------------
7/25/02 6,300 21.054 132,640
---------------- -------------------- ----------------------- -----------------
CUSIP No. 743868101 Page 20 of 33 Pages
(d) Mr. Goldstein and Mr. Usdan are each a Managing Member of WRE II
LLC. WRE II LLC is the general partner of EPLPII. Therefore,
Mr. Goldstein and Mr. Usdan share the power to direct the affairs
of WRE II LLC. WRE II LLC has the power to vote or direct the
affairs of EPLPII, including the voting and disposition of shares
of Common Stock held in the name of EPLPII. Therefore, Mr.
Goldstein and Mr. Usdan share voting and disposition power with
regard to shares of Common Stock held in the name of EPLPII.
(E) Endicott Offshore Investors, Ltd.
(a)-(b) See cover page.
(c) EOI has made the following purchases of Common Stock in the last
60 days.
---------------- -------------------- ----------------------- -----------------
Date Number of Shares Price Per Share ($) Total Cost ($)
---------------- -------------------- ----------------------- -----------------
7/25/02 3,500 21.057 73,700
---------------- -------------------- ----------------------- -----------------
(d) Mr. Goldstein and Mr. Usdan are each a Co-President of Endicott
Management. Endicott Management directs the investment affairs
of EOI. Therefore, Mr. Goldstein and Mr. Usdan share the power
to direct the affairs of EOI, including voting and disposition
power with regard to shares of Common Stock held in the name of
EOI.
(F) W.R. Endicott, L.L.C.
(a)-(b) See cover page.
(c) WRE LLC has made no purchases or sales of Common Stock directly.
(d) Mr. Goldstein and Mr. Usdan are each a Managing Member of WRE
LLC. Therefore, Mr. Goldstein and Mr. Usdan share the power to
direct the affairs of WRE LLC, including voting and disposition
power with regard to shares of Common Stock held in the name of
WRE LLC.
(G) W.R. Endicott II, L.L.C.
(a)-(b) See cover page.
(c) WRE II LLC has made no purchases or sales of Common Stock
directly.
(d) Mr. Goldstein and Mr. Usdan are each a Managing Member of WRE II
LLC. Therefore, Mr. Goldstein and Mr. Usdan share the power to
direct the affairs of WRE II LLC, including voting and
disposition power with regard to shares of Common Stock held in
the name of WRE II LLC.
CUSIP No. 743868101 Page 21 of 33 Pages
(H) Endicott Management Co.
(a)-(b) See cover page.
(c) Endicott Management has made the following purchases of Common
Stock in the last 60 days.
------------- ----------------------- ----------------------- ------------------
Date Number of Shares Price Per Share ($) Total Cost ($)
------------- ----------------------- ----------------------- ------------------
7/25/02 200 21.175 4,235
------------- ----------------------- ----------------------- ------------------
(d) Mr. Goldstein and Mr. Usdan are each a Co-President of Endicott
Management. Therefore, Mr. Goldstein and Mr. Usdan share the
power to direct the affairs of Endicott Management, including
voting and disposition power with regard to shares of Common
Stock held in the name of Endicott Management.
(I) Wayne K. Goldstein
(a)-(b) See cover page.
(c) Mr. Goldstein has made no purchases or sales of Common Stock
directly.
(J) Robert I. Usdan
(a)-(b) See cover page.
(c) Mr. Usdan has made no purchases or sales of Common Stock
directly.
(K) Gene F. Gaines
(a)-(b) See cover page.
(c) Mr. Gaines has made no purchases or sales of Common Stock during
the past 60 days.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Company.
With respect to the Endicott Parties, for all accounts managed Endicott
Management is entitled to a management fee based upon a percentage of total
capital managed. In addition, Endicott Management receives an allocation of a
portion of profits, if any, for the two managed accounts managed by it and the
account managed for EOI. WRE LLC receives an allocation of a portion of profits,
if any, for the account managed for EPLP. WRE II LLC receives an allocation of a
portion of profits, if any, for the account managed for EPLPII. With respect to
the JAM Parties, JAM MGR is entitled to a management fee and an allocation of a
portion of profits of JAM and JAM SOF.
CUSIP No. 743868101 Page 22 of 33 Pages
Other than the foregoing agreements and the Joint Filing Agreement
filed as Exhibit 1 to this filing, 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, including but not limited to transfer or voting of any of the
securities, finders' fees, joint ventures, loan or option arrangements, puts or
calls, guarantees of profits, divisions of profits or losses, or the giving or
withholding of proxies.
Item 7. Material to be Filed as Exhibits
No. Description
1 Joint Filing Agreement.
2 Letter from Mr. Jacobs to the Board of Directors of the
Company, dated May 29, 2002.*
3 Letter from Mr. Jacobs to the Board of Directors of the
Company, dated July 11, 2002.
4 Letter from the Mr. Jacobs to the Company to Mr. Jacobs,
dated August 16, 2002.
5 Letter from the Chairman of the Board of Directors of the
Company to Mr. Jacobs, dated August 20, 2002.
--------------
*Filed with an earlier-filed version of this Schedule 13D.
CUSIP No. 743868101 Page 23 of 33 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: August 28, 2002
JAM PARTNERS, L.P.
By: /s/ Seymour Jacobs
Seymour Jacobs
General Partner
JAM SPECIAL OPPORTUNITIES FUND, L.P.
By: /s/ Seymour Jacobs
Seymour Jacobs
General Partner
JAM MANAGERS, L.L.C.
By: /s/ Seymour Jacobs
Seymour Jacobs
Managing Member
ENDICOTT PARTNERS, L.P.
By: W.R. Endicott, L.L.C.
General Partner
By: /s/ Robert I. Usdan
Robert I. Usdan
Managing Member
ENDICOTT PARTNERS II, L.P.
By: W.R. Endicott II, L.L.C.
General Partner
By: /s/ Robert I. Usdan
Robert I. Usdan
Managing Member
CUSIP No. 743868101 Page 24 of 33 Pages
ENDICOTT OFFSHORE INVESTORS, LTD.
By: /s/ Robert I. Usdan
Robert I. Usdan
Director
W.R. ENDICOTT, L.L.C.
By: /s/ Robert I. Usdan
Robert I. Usdan
Managing Member
W.R. ENDICOTT II, L.L.C.
By: /s/ Robert I. Usdan
Robert I. Usdan
Managing Member
ENDICOTT MANAGEMENT CO.
By: /s/ Robert I. Usdan
Robert I. Usdan
President
By: /s/ Seymour Jacobs
Seymour Jacobs
By: /s/ Wayne K. Goldstein
Wayne K. Goldstein
By: /s/ Robert I. Usdan
Robert I. Usdan
By: /s/ Gene F. Gaines
Gene F. Gaines