SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------
SCHEDULE 13D
(Rule 13d - 102)
INFORMATION TO BE INCLUDED
IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO
RULE 13d-2(a)
Federal Trust Corporation
-------------------------
(Name of Issuer)
Common Stock, par value $.01 per share
--------------------------------------
(Title of Class of Securities)
314012105
---------
(CUSIP Number)
Blair Axel, Esq.
General Counsel
Benjamin Partners, Inc.
589 Broadway
New York, NY 10012
(212) 334-8725
--------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
Copy to:
Jeffrey E. LaGueux, Esq.
Patterson Belknap Webb & Tyler LLP
1133 Avenue of the Americas
New York, New York 10036-6710
(212) 336-2000
February 8, 2007
-------------------------------------------------------
(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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. |_|
Note: Schedules filed in paper format shall include a signed original and five
copies of the Schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are sent.
Page 1 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Benjamin Investors
--------------------------------------------------------------------------------
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
New York
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
46,200
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 46,200
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
46,200
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.49%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Benjamin Partners, Inc.
--------------------------------------------------------------------------------
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
New York
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
3,998
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 3,998
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,998
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.04%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Benjamin Partners LLC
Retirement Plan Trust
--------------------------------------------------------------------------------
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
New York
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
3,340
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 3,340
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,340
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.04%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BHC Company
--------------------------------------------------------------------------------
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
New York
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
22,200
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 22,200
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,200
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.24%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Combined Partnership No. 1
--------------------------------------------------------------------------------
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
New York
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
47,900
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 47,900
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
47,900
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.51%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
First Matthew 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
New York
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
177,794
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 177,794
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
177,794
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.90%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
HS First Matthew GP LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
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
New York
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 177,794
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
177,794
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
177,794
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.90%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LifeWise Family Financial Security, Inc.
--------------------------------------------------------------------------------
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
Utah
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
16,300
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 16,300
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,300
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.17%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MS First Matthew GP LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
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
New York
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 177,794
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
177,794
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
177,794
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.90%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Sara I Limited Liability Company
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
10,888
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 10,888
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,888
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.12%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Anne Angowitz
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
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
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 22,200
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
22,200
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,200
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.24%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Blair Axel
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, 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
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,600
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 27,188
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,600
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
27,188
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
28,788
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.31%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Amanda Salzhauer
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
12,640
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 12,640
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,640
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.14%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 14 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Charles Salzhauer
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, 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
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
9,320
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 120,298
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 9,320
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
120,298
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
129,618
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.39%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 15 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Henry Salzhauer
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, 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
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
28,160
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 450,040
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 28,160
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
450,040
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
478,200
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.11%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 16 of 36 pages
CUSIP No. 314012105 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael Salzhauer
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO, 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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
6,200
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 450,040
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 6,200
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
450,040
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
456,240
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.88%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 17 of 36 pages
ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D (the "Statement") relates to shares
of common stock, par value $.01 per share (the "Common Stock"), of Federal Trust
Corporation, a Florida corporation (the "Issuer"). The principal executive
offices of the Issuer are located at 312 W. 1st Street, Sanford, Florida 32771.
ITEM 2. IDENTITY AND BACKGROUND
(a) - (c) This Statement is being filed by Benjamin Investors,
Benjamin Partners, Inc., Benjamin Partners LLC Retirement Plan Trust, BHC
Company, Combined Partnership No. 1, First Matthew Partners, L.P., HS First
Matthew GP LLC, LifeWise Family Financial Security, Inc., MS First Matthew GP
LLC, SARA I Limited Liability Company, Anne Angowitz, Blair Axel, Amanda
Salzhauer, Charles Salzhauer, Henry Salzhauer and Michael Salzhauer (each, a
"Reporting Person" and, collectively, the "Reporting Persons").
As of the date of this Statement, the Reporting Persons are the
beneficial owners of, in the aggregate, 507,960 shares of Common Stock,
representing approximately 5.43% of the shares of Common Stock presently
outstanding.
Benjamin Investors is a New York general partnership ("Benjamin
Investors") with its principal business address at 589 Broadway, New York, New
York 10012. It is engaged in the business of investing and its partners are
Charles Salzhauer, Henry Salzhauer and Michael Salzhauer.
Page 18 of 36 pages
Benjamin Partners, Inc. is a New York corporation ("Benjamin
Partners") with its principal business address at 589 Broadway, New York, New
York 10012. It is engaged in the business of real estate and investment
management. The executive officers and directors of Benjamin Partners and their
business addresses are: Charles Salzhauer, President and Director, 589 Broadway,
New York, New York 10012; Henry Salzhauer, Vice President, Secretary and
Director, 589 Broadway, New York, New York 10012; and Michael Salzhauer, Vice
President, Treasurer and Director, 589 Broadway, New York, New York 10012.
Benjamin Partners LLC Retirement Plan Trust (the "Trust") is a New
York trust with its principal business address at 589 Broadway, New York, New
York 10012. The Trust administers a retirement plan for the benefit of the
employees of Benjamin Partners. The trustees of the Trust are Henry Salzhauer
and Michael Salzhauer.
BHC Company is a New York general partnership ("BHC") with its
principal business address at 589 Broadway, New York, New York 10012. It is
engaged in the business of investing and its partners are six New York trusts
established for the benefit of Anne Angowitz, Helen Weinstein, Linda Swenberg,
Michael Salzhauer, Elisabeth S. Axel and Amy S. McMarlin. Each trust has its
principal business address at 589 Broadway, New York, New York 10012. Charles
Salzhauer, Henry Salzhauer and Michael Salzhauer are the co-trustees of three of
these trusts and Charles Salzhauer, Henry Salzhauer and Anne Angowitz are the
co-trustees of the other three trusts.
Combined Partnership No. 1 is a New York limited partnership
("Combined Partnership") with its principal business address at 589 Broadway,
New York, New York 10012. It is engaged in the business of investing and its
general partners are Charles Salzhauer, Henry Salzhauer and Michael Salzhauer.
Page 19 of 36 pages
First Matthew Partners, L.P. is a New York limited partnership
("First Matthew") with its principal business address at 589 Broadway, New York,
New York 10012. It is engaged in the business of investing and its general
partners are HS First Matthew GP LLC, a New York limited liability company, and
MS First Matthew GP LLC, a New York limited liability company. Henry Salzhauer
is the sole member and manager of HS First Matthew GP LLC and Michael Salzhauer
is the sole member and manager of MS First Matthew GP LLC.
LifeWise Family Financial Security, Inc. is a Utah corporation
("LifeWise") with its principal address at P.O. Box 58026, Salt Lake City, Utah
84158. It is primarily engaged in the business of investing. The executive
officers and directors of LifeWise are: Henry Salzhauer, Director; Michael
Salzhauer, President, CEO, Director; Blair Axel, Director.
SARA I Limited Liability Company is a Delaware limited liability
company ("SARA") with its principal address at 589 Broadway, New York, New York
10012. It is engaged in the business of investing. Henry Salzhauer, Michael
Salzhauer and Blair Axel have investment authority with respect to SARA.
Anne Angowitz is an executive with Preferred Placement, Inc. She has
an address at 370 Lexington Avenue, 27th Fl., New York, New York 10017. She is
the daughter of Charles Salzhauer and the niece of Henry Salzhauer.
Page 20 of 36 pages
Blair Axel is an attorney and serves as General Counsel for Benjamin
Partners. He has an address at 589 Broadway, New York, New York 10012. He is the
son-in-law of Henry Salzhauer and the brother-in-law of Michael Salzhauer.
Amanda Salzhauer is a social worker in private practice. She has an
address at 589 Broadway, New York, New York 10012. Ms. Salzhauer is the
daughter-in-law of Henry Salzhauer, the wife of Michael Salzhauer and the
sister-in-law of Blair Axel.
Charles Salzhauer is the President of Benjamin Partners. He has an
address at 589 Broadway, New York, New York 10012. He is the brother of Henry
Salzhauer, the father of Anne Angowitz and the uncle of Michael Salzhauer.
Henry Salzhauer is a Vice President and the Secretary of Benjamin
Partners. He has an address at 589 Broadway, New York, New York 10012. He is the
brother of Charles Salzhauer, the father of Michael Salzhauer, the Uncle of Anne
Angowitz and the father-in-law of Blair Axel and Amanda Salzhauer.
Michael Salzhauer is a Vice President and the Treasurer of Benjamin
Partners. He has an address at 589 Broadway, New York, New York 10012. He is the
son of Henry Salzhauer, the nephew of Charles Salzhauer, the husband of Amanda
Salzhauer and the brother-in-law of Blair Axel.
(d) - (e) During the last five years none of the Reporting Persons
(and none of the executive officers of directors thereof) has (i) been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors)
or (ii) been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction as a result of which it 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.
Page 21 of 36 pages
(f) Each natural person identified in Item 2 is a citizen of the
United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Except for an aggregate of 135,000 shares of Common Stock acquired
directly from the Issuer in a public stock offering in August 2004, all
purchases of Common Stock by the Reporting Persons were made in open market
transactions. All such purchases of Common Stock were funded by working capital
or personal funds, which may, at any given time, include margin loans made by
brokerage firms in the ordinary course of business. The aggregate purchase price
paid by each Reporting Person is as follows:
--------------------------------------------------------------------------------
Reporting Person Purchase Price
--------------------------------------------------------------------------------
Benjamin Investors $385,139.76
--------------------------------------------------------------------------------
Benjamin Partners $26,793.92
--------------------------------------------------------------------------------
Benjamin Partners LLC $29,324.70
Retirement Plan Trust
--------------------------------------------------------------------------------
BHC Company $174,644.42
--------------------------------------------------------------------------------
Combined Partnership No. 1 $385,026.14
--------------------------------------------------------------------------------
First Matthew Partners, L.P. $1,423,227.55
--------------------------------------------------------------------------------
LifeWise Family Financial Security, Inc. $165,092.80
--------------------------------------------------------------------------------
SARA I Limited Liability Company $79,924.20
--------------------------------------------------------------------------------
Blair Axel $16,170.95
--------------------------------------------------------------------------------
Amanda Salzhauer $123,992.36
--------------------------------------------------------------------------------
Charles Salzhauer $75,335.96
--------------------------------------------------------------------------------
Henry Salzhauer $1,245,343.16
--------------------------------------------------------------------------------
Michael Salzhauer $1,022,364.10
--------------------------------------------------------------------------------
Page 22 of 36 pages
ITEM 4. PURPOSE OF TRANSACTION
Each of the Reporting Persons acquired beneficial ownership of the
shares of Common Stock to which this Statement relates in order to obtain a
significant equity position in the Issuer because they believed such shares,
when purchased, were undervalued and represented an attractive investment
opportunity.
The Reporting Persons consider their equity position in the Issuer
to be for investment purposes only. Each of the Reporting Persons may acquire
additional shares of Common Stock or sell or otherwise dispose of any or all of
the shares of Common Stock beneficially owned by him, her or it, in the open
market, in privately negotiated transactions or otherwise. The Reporting Persons
may also take such other action with respect to the Issuer or any of its debt or
equity securities in any manner permitted by law.
Except as set forth in this Item 4, none of the Reporting Persons
have any present plans or proposals that relate to or would result in any of the
actions specified in clauses (a) through (j) of the instructions to Item 4 of
Schedule 13D. The Reporting Persons intend to review their investment in the
Issuer on a continuing basis. The Reporting Persons believe that the management
of the Issuer has not maximized shareholder value for the benefit of the
Issuer's shareholders, are concerned by the recent increase in non-performing
assets and urge the independent directors of the Issuer to explore strategic
options for the benefit of all shareholders, including a sale of the Issuer.
Page 23 of 36 pages
Depending on various factors, including the Issuer's financial
condition and results of operations, the price level of the Common Stock,
conditions in the securities markets and general economic and industry
conditions, the Reporting Persons may in the future take such actions with
respect to their investment in the Issuer as they deem appropriate, including,
without limitation, seeking representation on the Board of Directors of the
Issuer, making proposals to the Issuer concerning changes to the capitalization,
ownership structure or operations of the Issuer, engaging in discussions with
other stockholders of the Issuer and other relevant parties concerning the
business, operations, board composition, management, strategy and future plans
of the Issuer, purchasing additional shares of Common Stock, selling some or all
of their shares of Common Stock or changing their intention with respect to any
and all matters referred to in this Item 4.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) - (b) As of the date hereof, Benjamin Investors beneficially
owns an aggregate of 46,200 shares of Common Stock, representing approximately
..49% of the shares of Common Stock presently outstanding based upon the
9,351,542 shares of Common Stock reported by the Issuer to be issued and
outstanding as of November 3, 2006 in its Form 10-Q filed with the Securities
and Exchange Commission on November 8, 2006 (the "Issued and Outstanding
Shares"). As the general partners of Benjamin Investors, each of Charles
Salzhauer, Henry Salzhauer and Michael Salzhauer may be deemed to beneficially
own the 46,200 shares of Common Stock beneficially owned by Benjamin Investors.
Page 24 of 36 pages
As of the date hereof, Benjamin Partners beneficially owns an
aggregate of 3,998 shares of Common Stock representing approximately .04% of the
Issued and Outstanding Shares. As the directors of Benjamin Partners, each of
Charles Salzhauer, Henry Salzhauer and Michael Salzhauer may be deemed to
beneficially own the 3,998 shares of Common Stock beneficially owned by Benjamin
Partners.
As of the date hereof, the Trust beneficially owns an aggregate of
3,340 shares of Common stock, representing approximately .04% of the Issued and
Outstanding Shares. As the co-trustees of the Trust, each of Henry Salzhauer and
Michael Salzhauer may be deemed to beneficially own the 3,340 shares of Common
Stock beneficially owned by the Trust.
As of the date hereof, BHC beneficially owns an aggregate of 22,200
shares of Common Stock, representing approximately .24% of the Issued and
Outstanding Shares. As the trustees of the trusts which are the general partners
of BHC, each of Charles Salzhauer, Henry Salzhauer, Michael Salzhauer and Anne
Angowitz may be deemed to beneficially own the 22,200 shares of Common stock
beneficially owned by BHC.
As of the date hereof, Combined Partnership beneficially owns an
aggregate of 47,900 shares of Common Stock representing approximately .51% of
the Issued and Outstanding Shares. As the general partners of Combined
Partnership, each of Charles Salzhauer, Henry Salzhauer and Michael Salzhauer
may be deemed to beneficially own the 47,900 shares of Common Stock beneficially
owned by Combined Partnership.
Page 25 of 36 pages
As of the date hereof, First Matthew beneficially owns an aggregate
of 177,794 shares of Common Stock, representing approximately 1.90% of the
Issued and Outstanding Shares. As the general partners of First Matthew, each of
HS First Matthew GP LLC and MS First Matthew GP LLC may be deemed to
beneficially own the 177,794 shares of Common Stock beneficially owned by First
Matthew. As the sole member and manager of HS First Matthew GP LLC, Henry
Salzhauer may be deemed to be the beneficial owner of the 177,794 shares of
Common Stock beneficially owned by First Matthew. As the sole member and manager
of MS First Matthew GP LLC, Michael Salzhauer may be deemed to be the beneficial
owner of the 177,794 shares of Common stock beneficially owned by First Matthew.
As of the date hereof, LifeWise beneficially owns an aggregate of
16,300 shares of Common Stock, representing approximately .17% of the Issued and
Outstanding Shares. Each of Henry Salzhauer, Michael Salzhauer and Blair Axel
may be deemed to be the beneficial owner of the 16,300 shares of Common Stock
beneficially owned by LifeWise.
As of the date hereof, SARA beneficially owned an aggregate of
10,888 shares of Common Stock, representing approximately .12% of the Issued and
Outstanding Shares. Each of Henry Salzhauer, Michael Salzhauer and Blair Axel
may be deemed to be the beneficial owner of the 10,888 shares of Common Stock
beneficially owned by SARA.
As of the date hereof, Anne Angowitz beneficially owns an aggregate
of 22,200 shares of Common Stock, representing approximately .24% of the Issued
and Outstanding Shares (consisting of the 22,200 shares of Common Stock
beneficially owned by BHC, as to which she shares voting and dispositive power
with Charles Salzhauer, Henry Salzhauer and Michael Salzhauer). Anne Angowitz
disclaims beneficial ownership of such shares of Common Stock except to the
extent of her pecuniary interest therein.
Page 26 of 36 pages
As of the date hereof, Blair Axel beneficially owns an aggregate of
28,788 shares of Common Stock, representing approximately .31% of the Issued and
Outstanding Shares (consisting of (A) (i) 16,300 shares beneficially owned by
LifeWise and (ii) 10,888 shares beneficially owned by SARA (as to each of which
he shares voting and dispositive power with Henry Salzhauer and Michael
Salzhauer) and (B) 1,600 share beneficially owned by the Blair Axel IRA). Blair
Axel disclaims beneficial ownership of such shares of Common Stock except to the
extent of his pecuniary interest therein.
As of the date hereof, Amanda Salzhauer beneficially owns an
aggregate of 12,640 shares of Common Stock, representing approximately .14% of
the Issued and Outstanding Shares.
As of the date hereof, Charles Salzhauer beneficially owns an
aggregate of 129,618 shares of Common Stock, representing approximately 1.39% of
the Issued and Outstanding Shares (consisting of (A) (i) 46,200 shares
beneficially owned by Benjamin Investors, (ii) 3,998 shares beneficially owned
by Benjamin Partners and (iii) 47,900 shares beneficially owned by Combined
Partnership (as to each of which he shares voting and dispositive power with
Henry Salzhauer and Michael Salzhauer); (B) 22,200 shares beneficially owned by
BHC (as to which he shares voting and dispositive power with Henry Salzhauer,
Michael Salzhauer and Anne Angowitz); and (C) 9,320 shares beneficially owned by
the Charles Salzhauer IRA). Charles Salzhauer disclaims beneficial ownership of
such shares of Common Stock except to the extent of his pecuniary interest
therein.
Page 27 of 36 pages
As of the date hereof, Henry Salzhauer beneficially owns an
aggregate of 478,200 shares of Common Stock, representing approximately 5.11% of
the Issued and Outstanding Shares (consisting of (A)(i) 46,200 shares
beneficially owned by Benjamin Investors, (ii) 3,998 shares beneficially owned
by Benjamin Partners and (iii) 47,900 shares beneficially owned by Combined
Partnership (as to each of which he shares voting and dispositive power with
Charles Salzhauer and Michael Salzhauer); (B) 22,200 shares beneficially owned
by BHC (as to which he shares voting and dispositive power with Charles
Salzhauer, Michael Salzhauer and Anne Angowitz); (C)(i) 3,340 shares
beneficially owned by the Trust and (ii) 177,794 shares beneficially owned by
First Matthew (as to each which he shares voting and dispositive power with
Michael Salzhauer); (D) (i) 10,888 shares beneficially owned by SARA and (ii)
16,300 shares beneficially owned by LifeWise (as to each of which he shares
voting and dispositive power with Blair Axel and Michael Salzhauer) and (E) (i)
135,160 shares beneficially owned by Henry Salzhauer (as to 121,420 of which he
shares voting and dispositive power with Michael Salzhauer), (ii) 6,300 shares
beneficially owned by Henry Salzhauer IRA and (iii) 8,120 shares beneficially
owned by Henry Salzhauer IRA No. 2). Henry Salzhauer disclaims beneficial
ownership of such shares of Common Stock except to the extent of his pecuniary
interest therein.
As of the date hereof, Michael Salzhauer beneficially owns an
aggregate of 456,240 shares of Common Stock, representing approximately 4.88% of
the Issued and Outstanding Shares (consisting of (A) (i) 46,200 shares
beneficially owned by Benjamin Investors, (ii) 3,998 shares beneficially owned
by Benjamin Partners and (iii) 47,900 shares beneficially owned by Combined
Partnership (as to each of which he shares voting and dispositive power with
Charles Salzhauer and Henry Salzhauer); (B) 22,200 shares beneficially owned by
BHC (as to which he shares voting and dispositive power with Charles Salzhauer,
Henry Salzhauer and Anne Angowitz); (C)(i) 3,340 shares beneficially owned by
the Trust and (ii) 177,794 shares beneficially owned by First Matthew (as to
each of which he shares voting and dispositive power with Henry Salzhauer); (D)
(i) 10,888 shares beneficially owned by SARA and (ii) 16,300 shares beneficially
owned by LifeWise (as to each of which he shares voting and dispositive power
with Blair Axel and Henry Salzhauer); and (E) 127,620 shares beneficially owned
by Michael Salzhauer (as to 121,420 of which he shares voting and dispositive
power with Henry Salzhauer). Michael Salzhauer disclaims beneficial ownership of
such shares of Common Stock except to the extent of his pecuniary interest
therein.
Page 28 of 36 pages
Except as set forth above, each of the Reporting Persons may be
deemed to have sole voting and dispositive power with respect to the shares of
Common Stock reported in this Statement as beneficially owned by such Reporting
Person, regardless of the fact that multiple Reporting Persons within the same
chain of ownership report sole voting and dispositive power with respect to such
shares. Each such Reporting Person reports sole voting and dispositive power
with respect to such shares based on such Reporting Person's relationship to the
other Reporting Persons within the same chain of ownership. Except to the extent
otherwise expressly stated in this Statement, each Reporting Person disclaims
beneficial ownership of any shares of Common Stock beneficially owned by any
other Reporting Person.
(c) Annexed hereto as Schedule I is a description of all
transactions in the Common Stock effected by the Reporting Persons in the 60
days prior to the date of filing of this Statement.
(d) No other person has the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of the shares of
Common Stock beneficially owned by the Reporting Persons and covered by this
Statement except as follows: (i) Elizabeth S. Axel is entitled to receive all
dividends and proceeds of sale with respect to 5,680 shares of Common Stock
reported in this Statement as beneficially owned on a shared basis by Henry
Salzhauer and Michael Salzhauer, (ii) Amy S. McMarlin is entitled to receive all
Page 29 of 36 pages
dividends and proceeds of sale with respect to 3,940 shares of Common Stock
reported in this Statement as beneficially owned on a shared basis by Henry
Salzhauer and Michael Salzhauer and (iii) Steven Roth is entitled to receive all
dividends and proceeds of sale with respect to 111,800 shares of Common Stock
reported in this Statement as beneficially owned on a shared basis by Henry
Salzhauer and Michael Salzhauer.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
As of the date hereof, except for their unwritten agreement among
the Reporting Persons to generally act together in their investments in shares
of Common Stock of the Issuer covered by this Statement, none of the Reporting
Persons (and none of the executive officers or directors thereof) has any
contract, arrangement, understanding or relationship (legal or otherwise) with
any person with respect to any securities of the Issuer, including but not
limited to the transfer or voting of any of such securities, finder's fees,
joint ventures, loan or option agreements, puts or calls, guarantees of profits,
division of profits or losses, or the giving or withholding of proxies.
Page 30 of 36 pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit Number Exhibit Description
-------------- -------------------
99.1 Joint Filing Agreement dated as of February 14, 2007 by and
among the Reporting Persons named therein.
99.2 Delegation of Authority evidencing authority of representatives
of certain Reporting Persons to sign this Statement on behalf of
such Reporting Persons.
Page 31 of 36 pages
Signature
After reasonable inquiry and to the best of the knowledge and belief
of the undersigned, the undersigned certify that the information set forth in
this Statement is true, complete and correct.
Date: February 14, 2007
BENJAMIN INVESTORS
By: /s/ Michael Salzhauer
----------------------------
Name: Michael Salzhauer
Title: General Partner
BENJAMIN PARTNERS, INC.
By: /s/ Michael Salzhauer
----------------------------
Name: Michael Salzhauer
Title: Vice President
BENJAMIN PARTNERS LLC
RETIREMENT PLAN TRUST
By: /s/ Henry Salzhauer
----------------------------
Name: Henry Salzhauer
Title: Co-Trustee
By: /s/ Michael Salzhauer
----------------------------
Name: Michael Salzhauer
Title: Co-Trustee
Page 32 of 36 pages
BHC COMPANY
By: /s/ Henry Salzhauer
----------------------------
Name: Henry Salzhauer, Co-Trustee, Trust f/b/o Anne Angowitz
Title: General Partner
By: /s/ Henry Salzhauer
----------------------------
Name: Henry Salzhauer, Co-Trustee, Trust f/b/o Helen Weinstein
Title: General Partner
By: /s/ Henry Salzhauer
----------------------------
Name: Henry Salzhauer, Co-Trustee, Trust f/b/o Linda Swenberg
Title: General Partner
By: /s/ Henry Salzhauer
----------------------------
Name: Henry Salzhauer, Co-Trustee, Trust f/b/o Michael Salzhauer
Title: General Partner
By: /s/ Henry Salzhauer
----------------------------
Name: Henry Salzhauer, Co-Trustee, Trust f/b/o Elisabeth Salzhauer Axel
Title: General Partner
By: /s/ Henry Salzhauer
----------------------------
Name: Henry Salzhauer, Co-Trustee, Trust f/b/o Amy Salzhauer McMarlin
Title: General Partner
Page 33 of 36 pages
COMBINED PARTNERSHIP NO. 1
By: /s/ Michael Salzhauer
----------------------------
Name: Michael Salzhauer
Title: General Partner
FIRST MATTHEW PARTNERS, L.P.
By HS First Matthew GP LLC,
Its Co-general partner
By: /s/ Henry Salzhauer
----------------------------
Name: Henry Salzhauer
Title: Manager
By MS FIRST MATTHEW GP LLC,
Its Co-general partner
By: /s/ Michael Salzhauer
----------------------------
Name: Michael Salzhauer
Title: Manager
Page 34 of 36 pages
LIFEWISE FAMILY FINANCIAL SECURITY, INC.
By: /s/ Michael Salzhauer
----------------------------
Name: Michael Salzhauer
Title: President and CEO
SARA I LIMITED LIABILITY COMPANY
By: /s/ Henry Salzhauer
----------------------------
Name: Henry Salzhauer
Title: Investment Advisor
By: /s/ Michael Salzhauer
----------------------------
Name: Michael Salzhauer
Title: Investment Advisor
/s/ Anne Angowitz
--------------------------------
Anne Angowitz
/s/ Blair Axel
--------------------------------
Blair Axel
Page 35 of 36 pages
/s/ Amanda Salzhauer
--------------------------------
Amanda Salzhauer
/s/ Charles Salzhauer
--------------------------------
Charles Salzhauer
/s/ Henry Salzhauer
--------------------------------
Henry Salzhauer
/s/ Michael Salzhauer
--------------------------------
Michael Salzhauer
Page 36 of 36 pages
Schedule 1
DATE No. of Avg. Cost TOTAL
SHARES per Share COST
Amanda Salzhauer 01/29/07 3,400 10.1194 34,405.96
01/30/07 3,000 10.1504 30,451.20
Amy Salzhauer 01/30/07 1,000 10.1504 10,150.40
02/08/07 200 10.2300 2,046.00
02/08/07 500 10.2060 5,103.00
Amy Salzhauer - IRA 12/28/06 100 10.2300 1,023.00
Benjamin Investors 01/24/07 1,600 10.2545 16,407.20
01/29/07 1,000 10.1194 10,119.40
02/06/07 200 10.2060 2,041.20
02/08/07 2,000 10.2060 20,412.00
02/09/07 4,000 10.2242 40,896.80
02/09/07 1,700 10.1548 17,263.16
Benjamin Partners-LLC 01/30/07 500 10.1504 5,075.20
Retirement Plan
02/08/07 800 10.2060 8,164.80
BHC Company 02/07/07 1,800 10.2469 18,444.42
Charles Salzhauer IRA 12/28/06 1,200 10.1043 12,125.16
01/30/07 2,000 10.1504 20,300.80
Combined Partnership 01/23/07 1,100 10.2554 11,280.94
02/09/07 6,000 10.2242 61,345.20
Elisabeth Axel 01/30/07 1,000 10.1504 10,150.40
02/08/07 500 10.2060 5,103.00
First Matthew Partners LP 01/12/07 200 10.2060 2,041.20
01/26/07 1,200 10.2035 12,244.20
01/30/07 6,400 10.1504 64,962.56
02/02/07 700 10.1531 7,107.17
02/07/07 2,500 10.2469 25,617.25
02/08/07 4,000 10.2300 40,920.00
02/09/07 5,000 10.1548 50,774.00
Schedule 1
NAME DATE No. of Avg. Cost TOTAL
SHARES per Share COST
Henry Salzhauer 01/23/07 500 10.2554 5,127.70
02/08/07 1,000 10.2060 10,206.00
Henry Salzhauer IRA #2 01/30/07 2,000 10.1504 20,300.80
Henry Salzhauer IRA 12/28/06 1,200 10.1043 12,125.16
Lifewise Family Fin'l 01/29/07 1,000 10.1194 10,119.40
01/30/07 4,000 10.1504 40,601.60
01/31/07 1,000 10.2060 10,206.00
02/08/07 2,000 10.2060 20,412.00
02/09/07 5,000 10.1548 50,774.00
Michael Salzhauer 02/08/07 1,000 10.20601 10,206.00
SARA I, LLC 01/30/07 1,000 10.1504 10,150.40
02/07/07 300 10.1660 3,049.80
Steven Roth 01/24/07 1,000 10.2545 10,254.50
01/29/07 5,000 10.1194 50,597.00
01/30/07 3,000 10.1504 30,451.20
02/08/07 900 10.2060 9,185.40
02/09/07 5,000 10.1548 50,774.00
Blair Axel IRA 12/18/06 500 10.2360 5,118.00
02/12/07 500 10.0899 5,044.95
Rebecca S-Trust 01/16/07 400 10.1710 4,068.40
02/08/07 1,000 10.2300 10,230.00
Abigail S-Trust 01/16/07 400 10.1710 4,068.40
02/08/07 1,000 10.2300 10,230.00
Emily S-Trust 01/16/07 400 10.1710 4,068.40
02/08/07 1,000 10.2300 10,230.00
Totals 93,700 953,574.73