SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
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Statefed Financial Corporation
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(Name of Registrant as Specified In Its Charter)
________________________________________________________________________________
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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STATEFED FINANCIAL CORPORATION
October 18, 2000
Dear Fellow Shareholders:
I have known most of you for a long time, and I think most of you know me
pretty well, too. And probably for more years than either of us want to admit! I
am writing to urge you to vote, and to vote TODAY, for my friends and colleagues
Andra Black, Sid Ramey and Gene McCormick by signing and dating the WHITE proxy
card enclosed with this letter.
Andra, our Co-President of StateFed, as well as Sid and Gene, have been
part of a board that has generated a 22% average yearly return on your original
investment from the day we went public in 1994. That's 22 percent a year! And
don't forget that we split 2 for 1 in 1997. Not too bad for a little Iowa S&L.
StateFed's other accomplishments include:
o increasing your dividends
o increasing profitability, year after year
o never missing a dividend payment
o strong asset quality
W.A. Krause, the owner of Krause Gentle Corporation and Liberty
Bancshares, our competitor, says to vote for his nominees, his son and his
employee, in order "to make StateFed a success." Pardon me, but due to your
loyalty, the loyalty of our customers and the hard work of the whole State
Federal team, I humbly believe that StateFed already is a success, not only in
terms of the return it has given to you on your investment, but also in its
dedication to community goals and, yes, its old-fashioned service. And who is
Krause kidding? He doesn't want his son to run StateFed; he wants his son to
sell it - to him! And at a price that an independent investment banker indicated
was inadequate.
My friends, the time may well come to sell StateFed - but do you really
want to sell now? In a down-market when prices are low? And do you really want
to put people on your board who have every reason to want to sell your Company
for a low price so their father and employer can buy your Company for less than
it is worth?
Don't be fooled; Krause's interests are completely different than yours.
Protect your investment and don't let Krause get away with putting a couple of
his foxes in your hen house.
Sincerely,
/s/ John Golden
John Golden
Chairman of the Board
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VOTE THE WHITE PROXY CARD ONLY BY SIGNING AND DATING IT. THEN RETURN IT IN THE
ENCLOSED ENVELOPE AS SOON AS POSSIBLE.
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This letter may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 that involve risk and
uncertainty. It should be noted that a variety of factors could cause the
combined company's actual results and experience to differ materially from the
anticipated results or expectations expressed in the forward-looking statements.
The risks and uncertainties that may affect the operations, performance,
development, growth projections and results of the combined company's business
include, but are not limited to, the growth of the economy, interest rate
movements, timely development by the combined company of technology enhancements
for its products and operating systems, the impact of competitive products,
services and pricing, customer based requirements, Congressional legislation,
acquisition cost savings and revenue enhancements and similar matters. Readers
are cautioned not to place undue reliance on forward-looking statements which
are subject to influence by the named risk factors and unanticipated future
events. Actual results, accordingly, may differ materially from management
expectations.
We do not undertake, and specifically disclaim, any obligation to publicly
release the results of any revisions which may be made to any forward-looking
statements to reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements.
StateFed and its directors and executive officers may be deemed to be
participants in the solicitation of proxies. INFORMATION ABOUT THE PARTICIPANTS
MAY BE OBTAINED THROUGH THE SEC'S WEBSITE, www.sec.gov, FROM THE DEFINITIVE
PROXY STATEMENT FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION
ON OCTOBER 3, 2000 AND FROM THE 10-KSB, FILED WITH THE SEC ON SEPTEMBER 28,
2000.