0000950144-01-507437.txt : 20011009
0000950144-01-507437.hdr.sgml : 20011009
ACCESSION NUMBER: 0000950144-01-507437
CONFORMED SUBMISSION TYPE: SC 13D
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20011002
GROUP MEMBERS: CUTLER ASSOCIATES INVESTMENTS
GROUP MEMBERS: MELVIN S. CUTLER
GROUP MEMBERS: MELVIN S. CUTLER CHARITABLE FOUNDATION
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: MADISON BANCSHARES INC
CENTRAL INDEX KEY: 0001141106
STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770]
IRS NUMBER: 593720289
STATE OF INCORPORATION: FL
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-62033
FILM NUMBER: 1750341
BUSINESS ADDRESS:
STREET 1: 35388 US HIGHWAY 19 NORTH
CITY: PALM HARBOR
STATE: FL
ZIP: 34684
BUSINESS PHONE: 7277863888
MAIL ADDRESS:
STREET 1: 35388 US HIGHWAY 19 NORTH
CITY: PALM HARBOR
STATE: FL
ZIP: 34684
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: CUTLER MELVIN S
CENTRAL INDEX KEY: 0000938224
STANDARD INDUSTRIAL CLASSIFICATION: []
IRS NUMBER: 593720289
STATE OF INCORPORATION: FL
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D
BUSINESS ADDRESS:
STREET 1: 35388 US 19 NORTH
CITY: PALM HARBOR
STATE: FL
ZIP: 34684
BUSINESS PHONE: 8137863888
MAIL ADDRESS:
STREET 1: 35388 US 19 NORTH
CITY: PALM HARBOR
STATE: FL
ZIP: 34684
SC 13D
1
g71878sc13d.txt
MADISON BANCSHARES/ MELVIN S. CUTLER
1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
MADISON BANCSHARES, INC.
(NAME OF ISSUER)
COMMON STOCK, $0.01 PAR VALUE
(Title of Class of Securities)
556597102
--------------
(CUSIP Number)
AMY SINELLI, ESQ.
IGLER & DOUGHERTY, P.A.
633 NORTH FRANKLIN STREET
SUITE 601
TAMPA, FLORIDA 33602
(813) 307-0510
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
SEPTEMBER 4, 2001
(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 that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 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(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
2
CUSIP No. 556597102 Page 2 of 8 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Melvin S. Cutler
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(A) [ ]
N.A. (B) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
SC/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 of America
--------------------------------------------------------------------------------
NUMBER OF SOLE VOTING POWER
SHARES 253,405*
------------------------------------------
BENEFICIALLY
SHARED VOTING POWER
OWNED BY
0
EACH ------------------------------------------
REPORTING SOLE DISPOSITIVE POWER
PERSON 253,405*
------------------------------------------
WITH
SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
253,405 *Total of all three entities
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.98%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
3
CUSIP No. 556597102 Page 3 of 8 pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cutler Associates Investments, Inc.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(A) [ ]
N.A. (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
Massachusetts
--------------------------------------------------------------------------------
NUMBER OF SOLE VOTING POWER
SHARES 253,405*
------------------------------------------
BENEFICIALLY
SHARED VOTING POWER
OWNED BY
0
EACH ------------------------------------------
REPORTING SOLE DISPOSITIVE POWER
PERSON 253,405*
------------------------------------------
WITH
SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
253,405 *Total of all three entities
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.98%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
4
CUSIP No. 556597102 Page 4 of 8 pages
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Melvin S. Cutler Charitable Foundation
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(A) [ ]
N.A. (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
Massachusetts
--------------------------------------------------------------------------------
NUMBER OF SOLE VOTING POWER
SHARES 253,405*
------------------------------------------
BENEFICIALLY
SHARED VOTING POWER
OWNED BY
0
EACH ------------------------------------------
REPORTING SOLE DISPOSITIVE POWER
PERSON 253,405*
------------------------------------------
WITH
SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
253,405 *Total of all three entities
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.98%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
5
CUSIP No. 556597102 Page 5 of 8 pages
ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the common stock, par value $0.01 per
share (the "Common Stock"), of Madison BancShares, Inc., a Florida
corporation (the "Issuer"). The address of the Issuer's principal
executive offices is 35388 U.S. 19 North Palm Harbor, Florida 34684.
ITEM 2. IDENTITY AND BACKGROUND
(a) This statement being filed jointly on behalf of Melvin S.
Cutler, Cutler Associates Investments, Inc. (a Massachusetts
corporation) and Melvin S. Cutler Charitable Foundation (a
Massachusetts trust), (collectively the "Reporting Person").
(b) The Reporting Person's business address is 35388 U.S. 19 North
Palm Harbor, Florida 34684.
(c) Mr. Cutler is Chairman of Cutler Associates, Inc. a
Massachusetts corporation.
(d) During the last five years, the Reporting Person has not been
convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) During the last five years, the Reporting Person has not 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 violations with respect to such laws.
(f) Mr. Cutler is a citizen of the United States. Cutler
Associates Investments, Inc. and Melvin S. Cutler Charitable
Foundation are a Massachusetts corporation and a Massachusetts
trust respectively.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATIONS
The Reporting Person received all of the shares of stock owned in the
Issuer pursuant to the reorganization of Madison Bank. In the
reorganization, common shares of Madison Bank were exchanged for common
shares of Madison BancShares, Inc. on a one for one basis. The initial
shares of stock in Madison Bank were purchased by Mr. Cutler with
personal funds. The stock options owned by Mr. Cutler were received as
compensation. Additional purchases were made with personal funds of Mr.
Cutler and working capital from Cutler Associates Investments, Inc. and
Melvin S. Cutler Charitable Foundation.
ITEM 4. PURPOSE OF TRANSACTION
6
CUSIP No. 556597102 Page 6 of 8 pages
The purpose of the acquisition of the securities of the Issuer is
investment. The Reporting Person has no plans which would result in:
(a) The acquisition by any person of additional securities of the
Issuer, or the disposition of securities of the Issuer;
(b) An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of
its subsidiaries;
(c) A sale or transfer of a material amount of assets of the
Issuer or any of its subsidiaries;
(d) Any change in the present board of directors or management of
the Issuer, including any plans or proposals to change the
number or term of directors or to fill any existing vacancies
on the board;
(e) Any material change in the present capitalization or dividend
policy of the Issuer;
(f) Any other material change in the Issuer's business or
corporate structure, including but not limited to, if the
Issuer is a registered closed-end investment company, any
plans or proposals to make any changes in its investment
policy for which a vote is required by Section 13 of the
Investment Company Act of 1940;
(g) Changes in the Issuer's charter, bylaws or instruments
corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person;
(h) Causing a class of securities of the Issuer to be delisted
from a national securities exchange or to cease to be
authorized to be quoted in an inter-dealer quotation system of
a registered national securities association;
(i) A class of equity securities of the Issuer becoming eligible
for termination of registration pursuant to Section 12(g)(4)
of the Act; or
(j) Any action similar to any of those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Reporting Person beneficially owns 253,405 shares of
Common Stock of the Issuer which equals 16.98% of the total
outstanding shares. Of those shares, 17,364 are in the form of
options to purchase shares of Common Stock of the Issuer;
81,700 shares are owned by Cutler Associates Investments, Inc.
and 5,250 shares are owned by Melvin S. Cutler Charitable
Foundation. The remaining 149,091 shares of Common Stock are
owned individually by Mr. Cutler.
7
CUSIP No. 556597102 Page 7 of 8 pages
(b) The Reporting Person has sole power to vote and to dispose of
all of the subject shares owned by each entity.
(c) The Reporting Person acquired the shares of the Issuer
pursuant to a reorganization of Madison Bank which was
completed on September 4, 2001.
(d) Not applicable.
(e) Not applicable.
8
CUSIP No. 556597102 Page 8 of 8 pages
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
No agreements exist with respect to the securities of the issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Not applicable.
SIGNATURE
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: September 20, 2001
/s/ Melvin S. Cutler
--------------------------------------
Melvin S. Cutler
CUTLER ASSOCIATES INVESTMENTS, INC.
By: /s/ Melvin S. Cutler
-----------------------------------
Melvin S. Cutler, Vice-President &
Treasurer
MELVIN S. CUTLER CHARITABLE FOUNDATION
By: /s/ Melvin S. Cutler
-----------------------------------
Melvin S. Cutler, Trustee