U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB*
(Mark One)
[X] Quarterly report under Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended: June 30, 1996
[ ] Transition report under Section 13 or 15(d) of the Exchange Act
For the transition period from _____________ to _____________
Commission file number: 0-21113
AFSALA Bancorp, Inc.
(Exact Name of Small Business Issuer as Specified in Its Charter)
Delaware 14-1793890
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
161 Church Street
Amsterdam, New York 12010
(Address of Principal Executive Offices)
(518) 842-5700
(Issuer's Telephone Number, Including Area Code)
(Former Name, Former Address and Former Fiscal Year, if Changed
Since Last Report)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes [ ] No [X]
Number of shares outstanding of each issuer's classes of common equity as of
September 20, 1996: 0
Transitional Small Business Disclosure Format (check one):
Yes [ ] No [X]
- -------------
* THIS FORM 10-QSB IS BEING FILED PURSUANT TO RULE 15d-13.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
AFSALA BANCORP, INC.
BALANCE SHEET
(Unaudited)
At June 30, 1996
ASSETS:
Total Assets $ --
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities $ --
-----------
Stockholders' Equity:
Preferred Stock, $0.10 par value per share,
Authorized - 500,000 shares;
Issued and Outstanding - None --
Common Stock, $0.10 par value per share,
Authorized - 3,000,000 shares;
Issued and Outstanding - None --
Additional Paid-in Capital $ --
-----------
Total Stockholders' Equity $ --
-----------
Total Liabilities and Stockholders' Equity $ --
===========
-1-
AFSALA BANCORP, INC.
STATEMENT OF INCOME
For the period beginning June 11, 1996 (date of incorporation)
to June 30, 1996
(Unaudited)
Net Income $ --
======
-2-
AFSALA BANCORP, INC.
STATEMENT OF CASH FLOWS
For the period beginning June 11, 1996 (date of incorporation)
to June 30, 1996
(Unaudited)
Cash flows from operating, financing and investing activities $ --
===========
Net cash provided by operating,
financing and investing activities $ --
===========
Cash and cash equivalents at beginning of period $ --
-----------
Cash and cash equivalents at end of period $ --
===========
-3-
AFSALA BANCORP, INC.
NOTE TO FINANCIAL STATEMENTS
Note 1. Incorporation and Organization
AFSALA Bancorp, Inc. ("Registrant") was incorporated on June 11, 1996 at
the direction of Amsterdam Federal Savings and Loan Association, to be known as
Amsterdam Federal Bank (the "Bank"), to acquire all of the capital stock that
the Bank will issue upon completion of the conversion of the Bank from the
mutual to stock form. The Registrant had conducted no operations during the
period ended June 30, 1996
Note 2. Subsequent Events
On August 9, 1996, the Securities and Exchange Commission deemed effective
a Registration Statement on Form S-1 whereby the Registrant, a Delaware
corporation, offered up to 1,265,000 (subject to adjustment) shares of its
common stock, par value $0.10 per share (the "Common Stock"), in a Subscription
Offering, and under certain circumstance described therein, a Public Offering
(the "Offerings"). The Offerings were conducted in connection with the
conversion of the Bank, from a federally chartered mutual savings and loan
association to a federally chartered stock savings bank to be known as Amsterdam
Federal Bank, and the issuance of all of the Bank's outstanding capital stock to
the Registrant pursuant to the Bank's Plan of Conversion (the "Conversion").
The Offerings ended on September 20, 1995 and the Registrant expects to
consummate the Conversion in late September 1996 or early October 1996 upon
receipt of appropriate regulatory approvals.
Item 2. Management's Discussion and Analysis
As of June 30, 1996, the Registrant had not yet begun operations or had no
assets or liabilities.
On August 9, 1996, the Securities and Exchange Commission deemed effective
a Registration Statement on Form S-1 whereby the Registrant, a Delaware
corporation, offered up to 1,265,000 (subject to adjustment) shares of the
Common Stock, in the Offerings. The Offerings were conducted in connection with
the Conversion.
The Offerings ended on September 20, 1995 and the Registrant expects to
consummate the Conversion in late September 1996 or early October 1996 upon
receipt of appropriate regulatory approvals.
-4-
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Not applicable.
Items 2-5.
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
No. Exhibit Page
--- ------- ------
2 Plan of Conversion *
3.1 Articles of Incorporation of the Registrant *
3.2 Bylaws of the Registrant *
(b) Reports on Form 8-K
None
- -------------
* Such exhibits were previously filed with the Commission as exhibits to the
Registrant's Registration Statement on Form S-1, File No. 333-06399, and
hereby incorporated by reference pursuant to Rule 12b-32 promulgated under
the Securities Exchange Act of 1934, as amended, and Rule 24 of the
Commission's Rules of Practice.
-5-
Pursuant to the Requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AFSALA BANCORP, INC.
Date: September 24, 1996 By: /s/ John M. Lisicki
-------------------
John M. Lisicki
President and Chief Executive Officer
Date: September 24, 1996 /s/ James J. Alescio
--------------------
James J. Alescio
Treasurer and Chief Financial Officer