CUSIP No. 743868101 Page 1 of 38 Pages
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20552
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)
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)
November 26, 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 38 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 131,375
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
131,375
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,650
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 3 of 38 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 3,000
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
3,000
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,650
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 4 of 38 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 134,375
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
134,375
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,650
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 5 of 38 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 5,625
BENEFICIALLY --------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 134,375
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 5,625
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
134,375
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,650
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
CUSIP No. 743868101 Page 6 of 38 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 59,550
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
59,550
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,650
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 7 of 38 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 76,200
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
76,200
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,650
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 8 of 38 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 64,700
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
64,700
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,650
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
================================================================================
CUSIP No. 743868101 Page 9 of 38 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 59,550
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
59,550
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,650
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 10 of 38 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 76,200
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
76,200
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,650
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 743868101 Page 11 of 38 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Endicott Management Co.
---------- ---------------------------------------------------------------------
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 20,200
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
20,200
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,650
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
================================================================================
CUSIP No. 743868101 Page 12 of 38 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 220,650
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
220,650
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,650
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
<1.0%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
CUSIP No. 743868101 Page 13 of 38 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 220,650
REPORTING --------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
220,650
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,650
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
CUSIP No. 743868101 Page 14 of 38 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Gene F. Gaines
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(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
1,500
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
CUSIP No. 743868101 Page 15 of 38 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 was
filed with an earlier-filed version of this Schedule 13D.
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," other than Gene F. Gaines,
who as of the date of this Schedule 13D ceased to be a member of the Group):
(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 was filed with an earlier-filed version of this Schedule 13D.
The business address of each Group Member is as follows:
JAM, JAM SOF, JAM MGR and Mr. Jacobs:
CUSIP No. 743868101 Page 16 of 38 Pages
One Fifth Avenue
New York, NY 10003
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 38 Pages
Item 3. Source and Amount of Funds or Other Consideration
In aggregate, the Group owns 360,650 shares, equal to 6.9% of the Common
Stock of the Company.
The amount of funds expended by JAM to acquire the 131,375 shares of Common
Stock it holds in its name is $1,922,628. The amount of funds expended by JAM
SOF to acquire 3,000 shares of Common Stock it holds in its name is $50,600. The
amount of funds expended by Mr. Jacobs to acquire the 5,625 shares of Common
Stock he holds in his name is $95,155. 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 59,550 shares of Common
Stock it holds in its name is $1,125,768. Such funds were provided from
available capital. The amount of funds expended by EPLPII to acquire the 76,200
shares of Common Stock it holds in its name is $1,538,602. Such funds were
provided from available capital. The amount of funds expended by EOI to acquire
the 64,700 shares of Common Stock it holds in its name is $1,185,213. Such funds
were provided from available capital. The amount of funds expended by Endicott
Management to acquire the 20,200 shares of Common Stock it holds in its name is
$310,430. Such funds were provided from available capital.
The amount of funds expended by Mr. Gaines to acquire the 1,500 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.
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 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
CUSIP No. 743868101 Page 18 of 38 Pages
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.
On October 22, 2002, Mr. Jacobs sent a letter to the Board of Directors of
the Company demanding that the Company set an annual meeting date consistent
with its by-laws requiring that the meeting be held within thirteen (13) months
of the last annual meeting. The letter also notified the Company of Mr. Jacobs'
intent to formally nominate himself and Mr. Gene Gaines to run for two Board of
Director slots at the next annual meeting. A copy of that letter is attached as
Exhibit 6. After sending the Company his October 22, 2002 letter, Mr. Jacobs
received an electronic communication from the Company suggesting further
revisions to the standstill agreement . A copy of that company communication
suggesting revisions to the standstill agreement is attached as Exhibit 7. Mr.
Jacobs contacted the Company rejecting their proposal.
On November 26, 2002, the members of the Group entered into an Agreement
with the Company, pursuant to which, among other things, Mr. Jacobs will be
appointed to the expanded Board of Directors and will be nominated for election
by the Company at the next annual meeting of stockholders. A copy of that
Agreement is attached as Exhibit 8. As part of that Agreement, Mr. Jacobs has
agreed to withdraw his notice of intent to nominate himself and Mr. Gaines for
election to the Board of Directors at the next annual meeting, as well as his
demand for a stockholder list and other materials.
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, 5,211,169, reported as the number
of outstanding shares as of November 12, 2002, on the Company's Quarterly Report
on Form 10-Q for the period ended September 30, 2002. 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.
CUSIP No. 743868101 Page 19 of 38 Pages
(c) On November 27, 2002, JAM sold 18,625 shares of Common Stock at a
price of $26.23 each.
(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) On November 27, 2002, JAM SOF sold 2,625 shares of Common Stock at a
price of $26.23 each.
(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) On November 27, 2002, Mr. Jacobs sold 3,750 shares of Common Stock at
a price of $26.23 each.
(E) Endicott Partners, L.P.
(a)-(b) See cover page.
CUSIP No. 743868101 Page 20 of 38 Pages
(c) On November 27, 2002, EPLP sold 13,800 shares of Common Stock at a
price of $26.23 each.
(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) On November 27, 2002, EPLPII sold 6,800 shares of Common Stock at a
price of $26.23 each.
(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) On November 27, 2002, EOI sold 13,800 shares of Common Stock at a
price of $26.23 each.
(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 in the last 60
days.
CUSIP No. 743868101 Page 21 of 38 Pages
(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 in the last
60 days.
(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.
(H) Endicott Management Co.
(a)-(b) See cover page.
(c) On November 27, 2002, Endicott Management sold for its managed
accounts 2,800 shares of Common Stock at a price of $26.23 each.
(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 in the
last 60 days.
(J) Robert I. Usdan
(a)-(b) See cover page.
(c) Mr. Usdan has made no purchases or sales of Common Stock in the last
60 days.
(K) Gene F. Gaines
(a)-(b) See cover page.
CUSIP No. 743868101 Page 22 of 38 Pages
(c) Mr. Gaines has made no purchases or sales of Common Stock in the last
60 days.
(d) Not applicable.
(e) As of the date of this Schedule 13D, Mr. Gaines ceased to be a member
of the Group and therefore ceased to be the beneficial owner of more
than 5% of the Common Stock.
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.
Other than the foregoing agreements and the Joint Filing Agreement which
was filed with an earlier-filed version of this 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, 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 Mr. Jacobs to the Chairman of the Board of
Directors of the Company, dated August 16, 2002.*
5 Letter from the
Chairman of the Board of Directors of the Company to Mr. Jacobs, dated
August 20, 2002.*
6 Letter from Mr. Jacobs to the Board of Directors
of the Company, dated October 22, 2002.*
7 Company communication
suggesting revisions to the standstill agreement, dated October 22,
2002.*
8 Agreement among the Company and the Group Members, dated
November 26, 2002.
______________
CUSIP No. 743868101 Page 23 of 38 Pages
*Filed with an earlier-filed version of this Schedule 13D.
CUSIP No. 743868101 Page 24 of 38 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: December 2, 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 25 of 38 Pages
----------------------------------------------------
Enndicott 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
-----------------------------------------