SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934 (Amendment No. )
Filed by the Registrant [X]
Filed by a Party other than the Registrant [_]
Check the appropriate box:
[_] Preliminary Proxy Statement [_] CONFIDENTIAL, FOR USE OF THE
COMMISSION ONLY (AS PERMITTED
BY RULE 14a-6(e)(2))
[_] Definitive Proxy Statement
[X] Definitive Additional Materials
[_] Soliciting Material Pursuant to (S)240.14a-11(c) or (S)240.14a-12
COMMERCIAL FEDERAL CORPORATION
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(Name of Registrant as Specified in Its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[_] $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), 14a-6(i)(2) or
Item 22(a)(2) of Schedule 14a.
[_] $500 per each party to the controversy pursuant to Exchange Act Rule
14a-6(i)(3).
[_] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
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(2) Aggregate number of securities to which transaction applies:
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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):
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(4) Proposed maximum aggregate value of transaction:
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(5) Total fee paid:
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[_] Fee paid previously with preliminary materials.
[_] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
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(2) Form, Schedule or Registration Statement No.:
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(3) Filing Party:
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(4) Date Filed:
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Notes:
[COMMERCIAL FEDERAL CORPORATION LETTERHEAD]
A LETTER FROM YOUR BOARD OF DIRECTORS
OCTOBER 16, 1995
Dear Fellow Stockholder:
We are pleased to enclose your personal copy of this year's annual report to
stockholders which sets forth in detail your Company's recent achievements. We
urge you to give this report your careful attention to better understand the
basis of our confidence in your Company's future prospects.
While your Company's many achievements met or substantially exceeded its
goals, there is one accomplishment of which your Board of Directors is
particularly proud. As depicted on the annual report's cover, your Company's
stock price performance has been outstanding. From June 30, 1990 through
September 30, 1995, Commercial Federal's stock price has increased almost
THIRTEEN-FOLD, resulting in a compound annual return on your investment
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exceeding 63%. WE THINK YOU WILL AGREE THAT WE ARE MEETING OUR COMMITMENT TO
MAXIMIZE THE VALUE OF YOUR INVESTMENT IN COMMERCIAL FEDERAL.
As continued proof of this commitment, on October 4, 1995 we established a
policy of paying a regular quarterly cash dividend. We declared an initial
quarterly dividend of $.10 per share on your Company's common stock payable on
October 31, 1995 to stockholders of record on October 16, 1995. Payment of
regular quarterly dividends will provide each of you an additional quarterly
cash return on your investment.
It is indeed unfortunate that CAI Corporation has launched a costly and
disruptive proxy contest which, in our view, is driven solely by CAI's desire
to cash in now (through the receipt of cash or securities) on its investment
in your Company. As we have conclusively demonstrated, your Board is dedicated
to enhancing value for, and serving the best interests of, ALL of our
stockholders, and we stand by our record of accomplishments. We do not believe
your interests would be served either by hanging out a "for sale" sign or by
placing the strategic future of your Company in the hands of representatives
of CAI (notwithstanding their inability to direct Company policy if elected as
directors).
We believe, instead, that we should continue to pursue the Company's proven
strategic business plan -- the same plan that has generated the impressive
returns on your investment to date -- while we continue to review, with the
advice of Merrill Lynch & Co., all strategic alternatives available for
enhancing stockholder value. We remain open to all options for maximizing the
value of your investment, including through possible merger, acquisition
and/or other business combination transactions.
You have our ongoing commitment to continue to act in your best interests
and to maximize value for all Commercial Federal stockholders.
Please demonstrate your support by signing, dating and mailing the enclosed
WHITE proxy card. Your vote, no matter how small, is important to us, so
please act today.
Sincerely,
_________________________ _________________________ _________________________
William A. Fitzgerald Talton K. Anderson Sharon G. Marvin
_________________________ _________________________ _________________________
Robert F. Krohn Robert S. Milligan Charles M. Lillis
_________________________ _________________________ _________________________
James P. O'Donnell Carl G. Mammel Michael T. O'Neil
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Your vote is important. Regardless of the number of shares of Commercial
Federal Common Stock you own, please vote as recommended by your Board of
Directors by signing, dating and mailing your WHITE proxy card. Please act
today. And, discard all Blue cards you may receive from CAI.
If you own shares in the name of a brokerage firm, only your broker can
vote your shares on your behalf and only after receiving your specific
instructions. Please call your broker and instruct him/her to execute a
WHITE proxy card on your behalf. You should also promptly sign, date and
mail your WHITE proxy card when you receive it from your broker. Please do
so for each separate account you maintain. You should return your WHITE
proxy card immediately to ensure that your vote is counted.
IF YOU HAVE ANY QUESTIONS OR NEED ASSISTANCE IN VOTING YOUR SHARES,
PLEASE CALL D. F. KING & CO., INC., WHICH IS ASSISTING US, TOLL-FREE AT 1-
800-714-3310.
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SUPPLEMENTAL INFORMATION CONCERNING CERTAIN ADDITIONAL PARTICIPANTS
IN COMMERCIAL FEDERAL CORPORATION PROXY SOLICITATION
Set forth below are the names and principal occupations of certain officers
and other representatives of the Corporation and/or Commercial Federal Bank who
may assist in soliciting proxies from the Corporation's shareholders.
NAME AND PRINCIPAL PRESENT OFFICE OR OTHER
BUSINESS ADDRESS PRINCIPAL OCCUPATION OR EMPLOYMENT
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Karen S. Baldwin Branch Manager
Commercial Federal Bank,
A Federal Savings Bank
11910 Stonegate Circle
Omaha, NE 68164
Barbara Ann Campbell Branch Manager
Commercial Federal Bank,
A Federal Savings Bank
13737 Q Street
Omaha, NE 68137
Katherine Ruth Kimball Branch Manager
Commercial Federal Bank,
A Federal Savings Bank
1921 Harney Street
Omaha, NE 68102
Sally J. Klingforth Branch Manager
Commercial Federal Bank,
A Federal Savings Bank
3520 N. 90th Street
Omaha, NE 68134
Kevin Straub Branch Manager
Commercial Federal Bank,
A Federal Savings Bank
1330 E. 23rd Street
Omaha, NE 68025
Dale R. Uher Branch Manager
Commercial Federal Bank,
A Federal Savings Bank
4444 Farnam
Omaha, NE 68131
Gary L. Baugh Senior Vice President and State
Commercial Federal Bank, Director, Kansas Operation
A Federal Savings Bank
110 South Main Street
Wichita, Kansas 87202
Herbert A. Lurie Investment Banker
Merrill Lynch, Pierce,
Fenner & Smith Incorporated
World Financial Center
New York, NY 10281
NAME AND PRINCIPAL PRESENT OFFICE OR OTHER
BUSINESS ADDRESS PRINCIPAL OCCUPATION OR EMPLOYMENT
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Michael F. Barry Investment Banker
Merrill Lynch, Pierce,
Fenner & Smith Incorporated
World Financial Center
New York, NY 10281
Eric S. Heaton Investment Banker
Merrill Lynch, Pierce,
Fenner & Smith Incorporated
World Financial Center
New York, NY 10281
David C. Sherwood Investment Banker
Merrill Lynch, Pierce,
Fenner & Smith Incorporated
5500 Sears Tower
Chicago, IL 60606
Jerry Gitt Analyst
Merrill Lynch, Pierce,
Fenner & Smith Incorporated
World Financial Center
New York, NY 10281
Nancy Hazelrigg Analyst
Merrill Lynch, Pierce,
Fenner & Smith Incorporated
World Financial Center
New York, NY 10281
Set forth below are the shares of Common Stock held by the above individuals
and all of such persons' purchases and sales of shares of the Corporation's
Common Stock during the past two years.
NAME OF SHARES OF COMMON STOCK
BENEFICIAL OWNER BENEFICIALLY OWNED (1)
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Karen S. Baldwin................................... 1,166
Barbara Ann Campbell............................... 1,049
Katherine Ruth Kimball............................. 485
Sally J. Klingforth................................ 422
Kevin Straub....................................... 418
Dale R. Uher....................................... 5,727
Gary L. Baugh...................................... 42,386
Herbert A. Lurie................................... None
Michael F. Barry................................... None
Eric S. Heaton..................................... None
David C. Sherwood.................................. None
Jerry Gitt......................................... None
Nancy Hazelrigg.................................... None
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(1) Includes 233, 226, 174, 208, 272 and 6,389 shares which may be purchased
pursuant to the exercise of stock options by Officers Baldwin, Campbell,
Kimball, Klingforth, Straub, Uher and Baugh, respectively.
2
NUMBER OF SHARES
PURCHASED (SOLD) DATE
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KAREN S. BALDWIN
272(2) 06/30/93
140(4) 06/30/93
2(2) 09/30/93
3(2) 12/30/93
3(2) 03/31/94
3(2) 06/30/94
14(3) 06/30/94
204(4) 06/30/94
2(2) 09/30/94
716(1) 09/30/94
210(6) 10/94
3(2) 12/31/94
35(1) 12/31/94
284(5) 03/31/95
29(1) 03/31/95
3(2) 06/30/95
233(7) 06/30/95
35(1) 06/30/95
28(3) 06/30/95
40(3) 06/30/95
1(2) 09/30/95
NUMBER OF SHARES
PURCHASED (SOLD) DATE
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BARBARA ANN
CAMPBELL
158(4) 06/30/93
50(2) 06/30/93
3(2) 09/30/93
3(2) 12/30/93
538(1) 12/30/93
3(2) 03/31/94
17(1) 03/31/94
15(1) 06/30/94
2(2) 06/30/94
15(3) 06/30/94
197(4) 06/30/94
3(2) 09/30/94
12(1) 09/30/94
14(1) 12/31/94
3(2) 12/31/94
2(2) 03/31/95
11(1) 03/31/95
14(1) 06/30/95
2(2) 06/30/95
31(3) 06/30/95
39(3) 06/30/95
226(7) 06/30/95
2(2) 09/30/95
3
NUMBER OF SHARES
PURCHASED (SOLD) DATE
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KATHERINE RUTH
KIMBALL
311(1) 12/30/93
.015(1) 03/31/94
.011(1) 06/30/94
.039(1) 09/30/94
.074(1) 12/31/94
174(7) 06/30/95
NUMBER OF SHARES
PURCHASED (SOLD) DATE
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SALLY J.
KLINGFORTH
185(4) 06/30/93
237(4) 06/30/94
18(3) 06/30/94
84(3) 06/30/95
272(7) 06/30/95
NUMBER OF SHARES
PURCHASED (SOLD) DATE
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KEVIN STRAUB
74(1) 12/30/93
.002(1) 03/31/94
.002(1) 06/30/94
136(4) 06/30/94
27(3) 06/30/95
.009(1) 09/30/94
.018(1) 12/31/94
208(7) 06/30/95
(27)(6) 07/10/95
NUMBER OF SHARES
PURCHASED (SOLD) DATE
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DALE R. UHER
185(4) 06/30/93
4,184(1) 12/30/93
50(1) 03/31/94
(18)(3) 06/30/94
236(4) 06/30/94
42(1) 06/30/94
37(1) 09/30/94
43(1) 12/31/94
634(1) 03/31/95
37(3) 06/30/95
47(3) 06/30/95
272(7) 06/30/95
43(1) 06/30/95
NUMBER OF SHARES
PURCHASED (SOLD) DATE
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GARY L. BAUGH
42,386(8) 10/02/95
6,389(8) 10/02/95
4
NUMBER OF SHARES
PURCHASED (SOLD)
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HERBERT A. LURIE
None
NUMBER OF SHARES
PURCHASED (SOLD)
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MICHAEL F. BARRY
None
NUMBER OF SHARES
PURCHASED (SOLD)
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ERIC S. HEATON
None
NUMBER OF SHARES
PURCHASED (SOLD)
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DAVID C. SHERWOOD
None
NUMBER OF SHARES
PURCHASED (SOLD)
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JERRY GITT
None
NUMBER OF SHARES
PURCHASED (SOLD)
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NANCY HAZELRIGG
None
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(1) Purchase of shares through 401(k) Plan.
(2) Acquisition of shares through Payroll Savings Purchase Plan.
(3) Acquisition of shares upon vesting of restricted stock.
(4) Acquisition of shares through grant of restricted stock.
(5) Transfer from payroll Savings Purchase Plan to individual participant.
(6) Open market transaction.
(7) Acquisition of shares through grant of stock options.
(8) Acquisition of shares or stock options through acquisition by Commercial of
Railroad Financial Corporation.
5