0001133796-11-000228.txt : 20110802 0001133796-11-000228.hdr.sgml : 20110802 20110802170453 ACCESSION NUMBER: 0001133796-11-000228 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20110802 DATE AS OF CHANGE: 20110802 GROUP MEMBERS: FINANCIAL EDGE FUND, L.P. GROUP MEMBERS: FINANCIAL EDGE-STRATEGIC FUND, L.P. GROUP MEMBERS: GOODBODY/PL CAPITAL, L.P. GROUP MEMBERS: GOODBODY/PL CAPITAL, LLC GROUP MEMBERS: JOHN W. PALMER GROUP MEMBERS: PL CAPITAL ADVISORS, LLC GROUP MEMBERS: RICHARD J. LASHLEY SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BCSB Bancorp Inc. CENTRAL INDEX KEY: 0001391137 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 261424764 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-84109 FILM NUMBER: 111004324 BUSINESS ADDRESS: STREET 1: 4111 E. JOPPA ROAD CITY: BALTIMORE STATE: MD ZIP: 21236 BUSINESS PHONE: 410-256-5000 MAIL ADDRESS: STREET 1: 4111 E. JOPPA ROAD CITY: BALTIMORE STATE: MD ZIP: 21236 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PL Capital, LLC CENTRAL INDEX KEY: 0001518768 IRS NUMBER: 364050713 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 20 EAST JEFFERSON AVENUE, SUITE 22 CITY: NAPERVILLE STATE: IL ZIP: 60540 BUSINESS PHONE: 630-848-1340 MAIL ADDRESS: STREET 1: 20 EAST JEFFERSON AVENUE, SUITE 22 CITY: NAPERVILLE STATE: IL ZIP: 60540 SC 13D/A 1 k230512_sc13da.htm SCHEDULE 13D/A Unassociated Document
CUSIP No. 055367106 Page 1 of 17 Pages
 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
AMENDMENT NO. 4 TO

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934
 
 
BCSB BANCORP, INC.
(Name of Issuer)

Common Stock, par value $0.01 per share
(Title of Class of Securities)


055367106
(CUSIP Number)

Mr. Richard J. Lashley
PL Capital, LLC
20 E. Jefferson Ave.
Suite 22
Naperville, IL  60540
973-360-1666
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

July 29, 2011
(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 Rule 13d-1(b)(3) or (4), check the following box £.
 
 
 

 
 
CUSIP No. 055367106 Page 2 of 17 Pages
 
1
NAME OF REPORTING PERSON
Financial Edge Fund, L.P.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                                                                                                           (a)  T
                                                                                                                                                                                                                          (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
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
176,521
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
176,521
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
176,521
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES                                                                T
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
14
TYPE OF REPORTING PERSON
PN
 
 
 

 
 
CUSIP No. 055367106 Page 3 of 17 Pages
 
1
NAME OF REPORTING PERSON
Financial Edge—Strategic Fund, L.P.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                                                                                                           (a)  T
                                                                                                                                                                                                                          (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
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
71,766
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
71,766
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
71,766
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES                                                                T
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2%
14
TYPE OF REPORTING PERSON
PN
 
 
 

 
 
CUSIP No. 055367106 Page 4 of 17 Pages
 
1
NAME OF REPORTING PERSON
Goodbody/PL Capital, L.P.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                                                                                                           (a)  T
                                                                                                                                                                                                                          (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
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
64,585
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
64,858
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
64,858
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES                                                                T
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
14
TYPE OF REPORTING PERSON
PN
 
 
 

 
 
CUSIP No. 055367106 Page 5 of 17 Pages
 
1
NAME OF REPORTING PERSON
PL Capital, LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                                                                                                           (a)  T
                                                                                                                                                                                                                          (b)  £
3
SEC USE ONLY
4
SOURCE OF FUNDS
AF
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
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
248,287
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
248,287
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
248,287
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES                                                                T
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.8%
14
TYPE OF REPORTING PERSON
PN
 
 
 

 
 
CUSIP No. 055367106 Page 6 of 17 Pages
 
1
NAME OF REPORTING PERSON
PL Capital Advisors, LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                                                                                                           (a)  T
                                                                                                                                                                                                                          (b)  £
3
SEC USE ONLY
4
SOURCE OF FUNDS
AF
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
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
312,872
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
312,872
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
312,872
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES                                                                T
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
14
TYPE OF REPORTING PERSON
PN
 
 
 

 
 
CUSIP No. 055367106 Page 7 of 17 Pages
 
1
NAME OF REPORTING PERSON
Goodbody/PL Capital, LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                                                                                                           (a)  T
                                                                                                                                                                                                                          (b)  £
3
SEC USE ONLY
4
SOURCE OF FUNDS
AF
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
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
64,585
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
64,585
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
64,585
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES                                                                T
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
14
TYPE OF REPORTING PERSON
PN
 
 
 

 
 
CUSIP No. 055367106 Page 8 of 17 Pages
 
1
NAME OF REPORTING PERSON
John W. Palmer
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                                                                                                           (a)  T
                                                                                                                                                                                                                          (b)  £
3
SEC USE ONLY
4
SOURCE OF FUNDS
AF
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
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
0
8
SHARED VOTING POWER
312,872
9
SOLE DISPOSITIVE POWER
0
10
SHARED DISPOSITIVE POWER
312,872
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
312,872
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES                                                                T
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
14
TYPE OF REPORTING PERSON
PN
 
 
 

 
 
CUSIP No. 055367106 Page 9 of 17 Pages
 
1
NAME OF REPORTING PERSON
Richard J. Lashley
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                                                                                                           (a)  T
                                                                                                                                                                                                                          (b)  £
3
SEC USE ONLY
4
SOURCE OF FUNDS
AF, 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
USA
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
52
8
SHARED VOTING POWER
312,872
9
SOLE DISPOSITIVE POWER
52
10
SHARED DISPOSITIVE POWER
312,872
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
312,924
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES                                                                £
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
14
TYPE OF REPORTING PERSON
IN
 
 
 

 
 
CUSIP No. 055367106 Page 10 of 17 Pages
 
Item 1.
Security and Issuer
 
The initial Schedule 13D, dated August 5, 2008, was filed with the Securities and Exchange Commission on August 13, 2008 (the “Initial Schedule 13D”).  This Amendment No. 4 to the Initial Schedule 13D (this “Amended Schedule 13D”) relates to the common stock, $0.01 par value (“Common Stock”), of BCSB Bancorp, Inc. (the “Company” or “BCSB Bancorp”).  The address of the principal executive offices of the Company is 4111 E. Joppa Road, Baltimore, Maryland  21236.
 
Item 2.
Identity and Background
 
This Amended Schedule 13D is being filed jointly by the parties identified below.  All of the filers of this Amended Schedule 13D are collectively the “PL Capital Group.”  The joint filing agreement of the members of the PL Capital Group is attached as Exhibit 1 to the Initial Schedule 13D.
 
·  
Financial Edge Fund, L.P., a Delaware limited partnership (“Financial Edge Fund”)
 
·  
Financial Edge-Strategic Fund, L.P., a Delaware limited partnership (“Financial Edge Strategic”)
 
·  
PL Capital, LLC, a Delaware limited liability company and General Partner of Financial Edge Fund and Financial Edge Strategic (“PL Capital”)
 
·  
PL Capital Advisors, LLC, a Delaware limited liability company and Investment Advisor to Financial Edge Fund, Financial Edge Strategic and Goodbody/PL Capital, L.P. (“PL Capital Advisors”)
 
·  
Goodbody/PL Capital, L.P., a Delaware limited partnership (“Goodbody/PL LP”)
 
·  
Goodbody/PL Capital, LLC, a Delaware limited liability company and General Partner of Goodbody/PL LP (“Goodbody/PL LLC”)
 
·  
John W. Palmer and Richard J. Lashley, Managing Members of PL Capital, PL Capital Advisors and Goodbody/PL LLC, and Mr. Lashley as an individual
 
(a)-(c)           This statement is filed by Mr. John Palmer and Mr. Richard Lashley, with respect to the shares of Common Stock beneficially owned by them, as follows:
 
 
(1)  
shares of Common Stock held in the name of Financial Edge Fund and Financial Edge Strategic, in Mr. Palmer’s and Mr. Lashley’s capacity as Managing Members of PL Capital, the General Partner of Financial Edge Fund and Financial Edge Strategic;
 
 
 

 
 
CUSIP No. 055367106 Page 11 of 17 Pages
 
(2)  
shares of Common Stock held in the name of Financial Edge Fund, Financial Edge Strategic and Goodbody/PL LP, in Mr. Palmer’s and Mr. Lashley’s capacity as Managing Members of PL Capital Advisors, the Investment Advisor to Financial Edge Fund, Financial Edge Strategic and Goodbody/PL LP;
 
 
(3)  
shares of Common Stock held in the name of Goodbody/PL LP, in Mr. Palmer’s and Mr. Lashley’s capacity as Managing Members of Goodbody/PL LLC, the General Partner of Goodbody/PL LP; and
 
 
(4)  
shares of Common Stock held by Mr. Lashley, as an individual.
 
The business address of Financial Edge Fund, Financial Edge Strategic, PL Capital, PL Capital Advisors, Goodbody/PL LP, Goodbody/PL LLC, Mr. Palmer and Mr. Lashley is:  c/o PL Capital, 20 East Jefferson Avenue, Suite 22, Naperville, Illinois 60540.  Each of Financial Edge Fund, Financial Edge Strategic, PL Capital, PL Capital Advisors, Goodbody/PL LP and Goodbody/PL LLC are engaged in various interests, including investments.
 
The principal employment of Messrs. Palmer and Lashley is investment management with each of PL Capital, PL Capital Advisors and Goodbody/PL LLC, whose principal business is investments.
 
(d)           During the past five years, no member of the PL Capital Group has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
 
(e)           During the past five years, no member of the PL Capital Group has 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 violation with respect to such laws.
 
(f)           All of the individuals who are members of the PL Capital Group are citizens of the United States.
 
Item 3.
Source and Amount of Funds or Other Consideration
 
In aggregate, the PL Capital Group owns 312,924 shares of Common Stock of the Company acquired at an aggregate cost of $4,003,800.
 
The amount of funds expended by Financial Edge Fund to acquire the 176,521 shares of Common Stock it holds in its name is $2,323,756.  Such funds were provided from Financial Edge Fund’s available capital and from time to time by margin loans provided by BNP Paribas Prime Brokerage, Inc. (“BNP Paribas”).
 
The amount of funds expended by Financial Edge Strategic to acquire the 71,766 shares of Common Stock it holds in its name is $973,366.  Such funds were provided from Financial Edge Strategic’s available capital and from time to time margin loans provided by BNP Paribas.
 
 
 

 
 
CUSIP No. 055367106 Page 12 of 17 Pages
 
The amount of funds expended by Goodbody/PL LP to acquire the 64,585 shares of Common Stock it holds in its name is $705,768.  Such funds were provided from Goodbody/PL LP’s available capital and from time to time by margin loans provided by BNP Paribas.
 
The amount of funds expended by Mr. Lashley to acquire the 52 shares of Common Stock he holds in his name is $910.  Such funds were provided from Mr. Lashley’s personal funds.
 
Any purchases of Common Stock made by members of the PL Capital Group using funds borrowed from BNP Paribas, if any, were made in margin transactions on those firms’ usual terms and conditions.  All or part of the shares of Common Stock owned by members of the PL Capital Group may from time to time be pledged with one or more banking institutions or brokerage firms as collateral for loans made by such entities to members of the PL Capital Group.  Such loans, if any, generally bear interest at a rate based upon the federal funds rate plus a margin.  Such indebtedness, if any, may be refinanced with other banks or broker-dealers.  As of the date of this filing the Financial Edge Fund, Financial Edge Strategic and Goodbody/PL LP have margin loans outstanding secured by Common Stock.
 
Item 4.
Purpose of Transaction
 
The PL Capital Group acquired shares of Common Stock because it believes that the Common Stock is undervalued.  PL Capital Group’s intent is to influence the policies of BCSB Bancorp and assert PL Capital Group’s shareholder rights, with a goal of maximizing the value of the Common Stock.
 
The PL Capital Group principals mailed a letter dated April 25, 2011 to Mr. Joseph Bouffard, the President & CEO of BCSB Bancorp.  In that letter the PL Capital Group requested that the Board of Directors of BCSB Bancorp and its wholly-owned subsidiary, Baltimore County Savings Bank (the Bank), expand their boards by one seat for purposes of appointing PL Capital principal Richard Lashley as a director.  The letter is attached as Exhibit 2 to Amendment No. 3 to the Initial Schedule 13D.
 
On July 29, 2011, the PL Capital Group entered into an agreement with BCSB Bancorp, pursuant to which BCSB Bancorp and the Bank expanded their Boards of Directors by one member and appointed Mr. Lashley as a director of both entities.  Mr. Lashley will stand for shareholder re-election at BCSB’s 2012 Annual Meeting.
 
 
 

 
 
CUSIP No. 055367106 Page 13 of 17 Pages
 
The agreement with BCSB Bancorp includes a prohibition on the PL Capital Group purchasing BCSB Bancorp’s securities, or taking other actions of the type typically found in a “standstill” agreement, for so long as Mr. Lashley remains a director of BCSB Bancorp or the Bank.  However, nothing in the agreement limits or affects any action or inaction by Mr. Lashley in his capacity as a member of BCSB Bancorp’s Board of Directors or the Bank’s Board of Directors, provided he acts in the good faith discharge of his fiduciary duties as a Board member.
 
To the extent the actions described herein may be deemed to constitute a “control purpose” with respect to the Securities Exchange Act of 1934, as amended, and the regulations thereunder, the PL Capital Group has such a purpose.  Except as noted in this Amended Schedule 13D, no member of the PL Capital Group has any plans or proposals, which relate to, or would result in, any of the matters referred to in paragraphs (b) through (j), inclusive of Item (4) of Schedule 13D.  Such individuals may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto.
 
Item 5.
Interest in Securities of the Company
 
The percentages used in this Amended Schedule 13D are calculated based upon 3,192,119 outstanding shares of Common Stock.  This is the number of shares of Common Stock that BCSB Bancorp reported as outstanding as of April 30, 2011 in its most recent Form 10-Q, which was filed with Securities and Exchange Commission on March 12, 2011.  The PL Capital Group’s transactions in the Common Stock within the past 60 days of the date of this filing are as follows:
 
(A)  
Financial Edge Fund
 
(a)-(b)           See cover page.
 
(c)           The Financial Edge Fund has made no purchases or sales of Common Stock within the past 60 days of the date of this filing.
 
(d)           Because Mr. Palmer and Mr. Lashley are the Managing Members of PL Capital, the general partner of Financial Edge Fund, they have the power to direct the affairs of Financial Edge Fund, including the voting and disposition of shares of Common Stock held in the name of Financial Edge Fund.  Therefore, Mr. Palmer and Mr. Lashley are deemed to share voting and dispositive power with Financial Edge Fund with regard to those shares of Common Stock.
 
(B)  
Financial Edge Strategic
 
(a)-(b)           See cover page.
 
(c)           Financial Edge Strategic has made no purchases or sales of Common Stock within the past 60 days of the date of this filing.
 
(d)           Because Mr. Palmer and Mr. Lashley are the Managing Members of PL Capital, the general partner of Financial Edge Strategic, they have the power to direct the affairs of Financial Edge Strategic, including the voting and disposition of shares of Common Stock held in the name of Financial Edge Strategic.  Therefore, Mr. Palmer and Mr. Lashley are deemed to share voting and dispositive power with Financial Edge Strategic with regard to those shares of Common Stock.
 
 
 

 
 
CUSIP No. 055367106 Page 14 of 17 Pages
 
(C)  
Goodbody/PL LP
 
(a)-(b)           See cover page.
 
(c)           Goodbody/PL LP has made no purchases or sales of Common Stock within the past 60 days of the date of this filing.
 
 (d)           Goodbody/PL LLC is the general partner of Goodbody/PL LP.  Because Mr. Palmer and Mr. Lashley are the Managing Members of Goodbody/PL LLC, they have the power to direct the affairs of Goodbody/PL LP.  Therefore, Goodbody/PL LLC may be deemed to share with Messrs. Palmer and Lashley voting and dispositive power with regard to the shares of Common Stock held by Goodbody/PL LP.
 
(D)  
PL Capital
 
(a)-(b)           See cover page.
 
(c)           PL Capital has made no purchases or sales of Common Stock directly.
 
(d)           PL Capital is the general partner of Financial Edge Fund and Financial Edge Strategic.  Because Mr. Palmer and Mr. Lashley are the Managing Members of PL Capital, they have the power to direct the affairs of PL Capital.  Therefore, PL Capital may be deemed to share with Mr. Palmer and Mr. Lashley voting and dispositive power with regard to the shares of Common Stock held by Financial Edge Fund and Financial Edge Strategic.
 
(E)  
PL Capital Advisors
 
(a)-(b)           See cover page.
 
(c)           PL Capital Advisors has made no purchases or sales of Common Stock directly.
 
(d)           PL Capital Advisors is the Investment Advisor to Financial Edge Fund, Financial Edge Strategic and Goodbody/PL LP.  Because Mr. Palmer and Mr. Lashley are the Managing Members of PL Capital Advisors, they have the power to direct the affairs of PL Capital Advisors.  Therefore, PL Capital Advisors may be deemed to share with Mr. Palmer and Mr. Lashley voting and dispositive power with regard to the shares of Common Stock held by Financial Edge Fund, Financial Edge Strategic and Goodbody/PL LP.
 
(F)  
Goodbody/PL LLC
 
(a)-(b)           See cover page.
 
 
 

 
 
CUSIP No. 055367106 Page 15 of 17 Pages
 
(c)           Goodbody/PL LLC has made no purchases or sales of Common Stock directly.
 
(d)           Goodbody/PL LLC is the general partner of Goodbody/PL LP.  Because Mr. Palmer and Mr. Lashley are the Managing Members of Goodbody/PL LLC, they have the power to direct the affairs of Goodbody/PL LLC.  Therefore, Goodbody/PL LLC may be deemed to share with Messrs. Palmer and Lashley voting and dispositive power with regard to the shares of Common Stock held by Goodbody/PL LP.
 
(G)  
Mr. John W. Palmer
 
(a)-(b)           See cover page.
 
(c)           Mr. Palmer made no purchases or sales of Common Stock within the past 60 days of the date of this filing.
 
(H)  
Mr. Richard J. Lashley
 
(a)-(b)           See cover page.
 
(c)           Mr. Lashley made no purchases or sales of Common Stock within the past 60 days of the date of this filing.
 
Item 6.
Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Company
 
With respect to Financial Edge Fund and Financial Edge Strategic:   PL Capital  and/or PL Capital Advisors are entitled to (1) an allocation of a portion of profits, if any, and (2) a management fee based upon a percentage of total capital.  With respect to Goodbody/PL LP:  Goodbody/PL LLC and/or PL Capital Advisors are entitled to (1) an allocation of a portion of profits, if any, and (2) a management fee based upon a percentage of total capital.
 
Other than the foregoing agreements and the Joint Filing Agreement filed as Exhibit 1 to the Initial Schedule 13D, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Company.
 
Item 7.
Material to be Filed as Exhibits
 
Exhibit No.
Description
   
1
Joint Filing Agreement*
2
Letter dated April 25, 2011 to Mr. Joseph Bouffard, President & CEO of BCSB Bancorp, from the PL Capital Group*
3
Standstill Agreement dated July 29, 2011
 

*  Filed previously.
 
 
 

 
 
CUSIP No. 055367106 Page 16 of 17 Pages
 
SIGNATURES
 
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:           August 1, 2011
 
 
FINANCIAL EDGE FUND, L.P.
         
         
By: PL CAPITAL, LLC  
 
General Partner
   
         
By: /s/ John Palmer    /s/ Richard Lashley   
  John Palmer     Richard Lashley  
  Managing Member   Managing Member  
FINANCIAL EDGE-STRATEGIC FUND, L.P.
         
         
By: PL CAPITAL, LLC  
 
General Partner
   
         
By: /s/ John Palmer    /s/ Richard Lashley   
  John Palmer     Richard Lashley  
  Managing Member   Managing Member  
 
 
 

 
 
CUSIP No. 055367106 Page 17 of 17 Pages
 
 
GOODBODY/PL CAPITAL, L.P.
         
         
By: GOODBODY/PL CAPITAL, LLC  
 
General Partner
   
         
By: /s/ John Palmer    /s/ Richard Lashley   
  John Palmer     Richard Lashley  
  Managing Member   Managing Member  
GOODBODY/PL CAPITAL, LLC
         
         
By: /s/ John Palmer    /s/ Richard Lashley   
  John Palmer     Richard Lashley  
  Managing Member   Managing Member  
PL CAPITAL, LLC
         
         
By: /s/ John Palmer    /s/ Richard Lashley   
  John Palmer     Richard Lashley  
  Managing Member   Managing Member  
PL CAPITAL ADVISORS, LLC
         
         
By: /s/ John Palmer      /s/ Richard Lashley   
  John Palmer     Richard Lashley  
  Managing Member   Managing Member  
 
     
By: /s/ John Palmer     
 
John W. Palmer
 
     
By:
/s/ Richard J. Lashley
 
 
Richard J. Lashley
 
     
 
 

 



EX-99.3 2 k230512_ex99-3.htm STANDSTILL AGREEMENT Unassociated Document
EXHIBIT 3
 
STANDSTILL AGREEMENT

This Standstill Agreement (this “Agreement”) is made by and between BCSB Bancorp, Inc., a Maryland corporation (“BCSB Bancorp”), on the one hand, and Financial Edge Fund, L.P., Financial Edge - Strategic Fund, L.P., Goodbody/PL Capital, L.P., PL Capital, LLC, PL Capital Advisors, LLC, Goodbody/PL Capital, LLC, John W. Palmer and Richard J. Lashley (collectively, the “PL Capital Parties”), on the other hand, on behalf of themselves and their respective affiliates (BCSB Bancorp and the PL Capital Parties together, collectively, the “Parties”).  The PL Capital Parties’ ownership of shares of BCSB Bancorp as of the date of this Agreement is attached hereto as Schedule A.  For purposes of this Agreement, the term PL Capital Parties shall include any affiliate or associate to whom the PL Capital Parties may transfer securities of BCSB Bancorp pursuant to paragraph 5 below without such transfer being treated as a sale for said paragraph.  In consideration of the covenants, promises and undertakings set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

1.           Board Expansion And Membership

Upon the execution of this Agreement, the Board of Directors of BCSB Bancorp will be expanded from its present eight member size to nine members, and Richard J. Lashley will be appointed a director of BCSB Bancorp to serve in the class of directors with terms expiring at BCSB Bancorp’s 2014 annual meeting of stockholders or until their successors are elected and qualify.  The BCSB Bancorp Board of Directors will cause Mr. Lashley to be nominated for election at BCSB Bancorp’s 2012 annual meeting of stockholders to serve the remainder of his term as a director expiring at BCSB Bancorp’s 2014 annual meeting of stockholders or until his successor is elected and qualifies.  At all times from and after the date of this Agreement, BCSB Bancorp’s Board of Directors will also appoint, at its sole discretion, all other persons to fill remaining director positions or vacancies on the BCSB Bancorp Board of Directors.  Mr. Lashley shall receive the normal compensation and benefits paid to directors of BCSB Bancorp while he serves as a director thereof.

Upon the execution of this Agreement, the Board of Directors of BCSB Bancorp will cause the Board of Directors of Baltimore County Savings Bank, F.S.B., or its successor (collectively, the “Bank”), to expand the Bank’s Board of Directors to nine members and to appoint Mr. Lashley to fill the vacancy created by the expansion of the Bank’s Board of Directors from its present eight member size to nine members.  Mr. Lashley shall receive the normal compensation and benefits paid to directors of the Bank while he serves as a director thereof.

2.           Standstill

The PL Capital Parties each agree that, for so long as Richard J. Lashley (or, in the event of the death, disability or resignation of Mr. Lashley, a substitute nominee of the PL Capital Parties, whose substitution shall be subject to the approval of the BCSB Bancorp Board of Directors in its sole discretion, provided that the selection by the PL Capital Parties of John W. Palmer as a substitute nominee shall be deemed approved by the BCSB Bancorp Board of
 
 
 

 
 
Directors) remains a director of BCSB Bancorp or the Bank (the “Standstill Period”), they and their affiliates or associates (as defined in Rule 12b-2 promulgated pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) will not (and they will not assist or encourage others to), directly or indirectly, in any manner, without prior written approval of the Board of Directors of BCSB Bancorp:

(i)           acquire, offer to acquire, solicit an offer to sell or agree to acquire directly or indirectly, alone or in concert with others, by purchase, gift or otherwise, any direct or indirect beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) or any direct or indirect interest in any securities or direct or indirect rights, warrants or options to acquire, or securities convertible into or exchangeable for (collectively, an “Acquisition”), any securities of BCSB Bancorp, provided that the PL Capital Parties may sell or transfer shares without the prior approval of the Board of Directors of BCSB Bancorp subject to the provisions of Paragraph 5 of this Agreement;

(ii)           make, or in any way participate in, directly or indirectly, alone or in concert with others, any “solicitation” of “proxies” to vote (as such terms are used in the proxy rules of the Securities and Exchange Commission promulgated pursuant to Section 14 of the Exchange Act) or seek to advise or influence in any manner whatsoever any person with respect to the voting of any voting securities of BCSB Bancorp;

(iii)           form, join or in any way participate in a “group” within the meaning of Section 13(d)(3) of the Exchange Act (other than a group involving solely the PL Capital Parties) with respect to any voting securities of BCSB Bancorp (for the benefit of clarification and the avoidance of doubt, this provision shall not prohibit changes in the membership of the group involving the PL Capital Parties as long as any additional member(s) acknowledges and agrees to be bound by the terms of this Agreement);

(iv)           acquire, offer to acquire or agree to acquire, directly or indirectly, alone or in concert with others, by purchase, exchange or otherwise, (a) any of the assets, tangible and intangible, of BCSB Bancorp or (b) direct or indirect rights, warrants or options to acquire any assets of BCSB Bancorp;

(v)           arrange, or in any way participate, directly or indirectly, in any financing (except for margin loan financing for shares presently beneficially owned) for the purchase of any securities or securities convertible or exchangeable into or exercisable for any securities or assets of BCSB Bancorp;

(vi)           otherwise act, alone or in concert with others, to seek to offer to BCSB Bancorp or any of its stockholders any business combination, restructuring, recapitalization or similar transaction to or with BCSB Bancorp or otherwise seek, alone or in concert with others to control or change the management, Board of Directors or policies of BCSB Bancorp or nominate any person as a director of BCSB Bancorp who is not nominated by the then incumbent directors (provided that in the event there is a vacancy on the BCSB Bancorp Board of Directors the PL Capital Parties may submit suggestions on a confidential basis to the BCSB Bancorp Board of Directors or the Nominating Committee of the BCSB Bancorp Board of Directors for nominees
 
 
2

 
 
to the Board of Directors pursuant to the nomination policy adopted by the Board of Directors), or propose any matter to be voted upon by the stockholders of BCSB Bancorp; or

(vii)           announce an intention to do, or enter into any arrangement or understanding with others to do, any of the actions restricted or prohibited under clauses (i) through (vi) of this Paragraph 2, or publicly announce or disclose any request to be excused from any of the foregoing obligations of this Paragraph 2.

At any BCSB Bancorp annual meeting of stockholders during the Standstill Period, the PL Capital Parties agree (i) to vote all shares they or any of them beneficially own of BCSB Bancorp in favor of the nominees for election or reelection as director of BCSB Bancorp selected by the Board of Directors of BCSB Bancorp and agree otherwise to support such director candidates, and (ii) with respect to any other proposal submitted by any BCSB Bancorp stockholder to a vote of the BCSB Bancorp stockholders, to vote all of the BCSB Bancorp shares they beneficially own in accordance with the recommendation of the BCSB Bancorp Board of Directors with respect to any such stockholder proposal.
 
Notwithstanding anything in this Agreement to the contrary, nothing herein will be construed to limit or affect any action or inaction by Mr. Lashley in his capacity as a member of BCSB Bancorp’s Board of Directors or the Bank’s Board of Directors, provided he acts in the good faith discharge of his fiduciary duties as a Board member.
 
3.           Non-Disparagement

During the Standstill Period, the PL Capital Parties agree not to disparage BCSB Bancorp or any officers, directors (including director nominees) or employees of BCSB Bancorp or its affiliates or subsidiaries in any public or quasi-public forum, and BCSB Bancorp agrees not to disparage any of the PL Capital Parties or any officers or employees of the PL Capital Parties in any public or quasi-public forum.

4.           PL Capital Nominees

During the Standstill Period, the PL Capital Parties agree not to nominate any other candidate for director of BCSB Bancorp or the Bank at any time (except, in the event of death, disability or resignation of Richard J. Lashley, a substitute nominee of PL Capital Parties, whose substitution shall be subject to the approval of the BCSB Bancorp Board of Directors in its sole discretion, provided that the selection by the PL Capital Parties of John W. Palmer as a substitute nominee shall be deemed approved by the BCSB Bancorp Board of Directors).

5.           Right of First Refusal

The PL Capital Parties, and each of them, hereby grant an irrevocable right of first refusal to BCSB Bancorp to purchase shares of BCSB Bancorp beneficially owned by any of the PL Capital Parties, that the PL Capital Parties intend to sell (“Right of First Refusal”).  A “sale” shall not include any transfer from the PL Capital Parties to an affiliate or associate (as defined in Rule 12b-2 under the Exchange Act), and any such transfer shall not be subject to this Paragraph 5, provided such affiliate or associate acknowledges and agrees to be bound by the
 
 
3

 
 
terms of this Agreement. Such Right of First Refusal shall be exercised in the following manner: the PL Capital Party intending to sell any such shares shall provide notice to BCSB Bancorp of intent to sell together with the quantity of shares to be sold.  BCSB Bancorp shall have two business days to give notice to such PL Capital Party of its intent to exercise its Right of First Refusal to acquire such shares.  If BCSB Bancorp gives timely notice of its intent to exercise such Right of First Refusal with respect to such shares, then it shall have five business days to tender the Exercise Price (as defined herein) for such shares to the selling PL Capital Party, and that PL Capital Party shall then convey title to such shares to BCSB Bancorp or its designee.  The “Exercise Price” shall be the volume-weighted average price as derived from Bloomberg for the five trading days prior to the date on which such PL Capital Party gave notice.  Failure of BCSB Bancorp to give timely notice to such selling PL Capital Party will excuse the PL Capital Parties from any obligation with respect to those shares so long as that PL Capital Party sells such shares within 30 days of the date on which that PL Capital Party gave its notice of its intent to sell shares, but will not affect BCSB Bancorp’s Right of First Refusal with respect to any other shares beneficially owned by that or any other PL Capital Party which were not the subject of the PL Capital Party’s notice of its intent to sell shares.

6.           Authority

Each of the Parties which is a corporation or other legal entity and each individual Party executing this Agreement on behalf of a corporation or other legal entity, represents and warrants that: (a) such corporation or other legal entity is duly organized, validly authorized and in good standing, and possesses full power and authority to enter into and perform the terms of this Agreement; (b) the execution and delivery, and performance of the terms of this Agreement have been duly and validly authorized by all requisite acts and consents of the company or other legal entity and do not contravene the terms of any other obligation to which the corporation or other legal entity is subject; and (c) this Agreement constitutes a legal, binding and valid obligation of each such entity, enforceable in accordance with its terms.

7.           Amendment In Writing

This Agreement and each of its terms may only be amended, waived, supplemented or modified in a writing signed by the signatories hereto or their respective clients.

8.           Governing Law/Venue/Jurisdiction

This Agreement, and the rights and liabilities of the Parties hereto, shall be governed by and construed in accordance with the laws of the State of Maryland without regard to conflict of law provisions.  The venue and jurisdiction for adjudication of any and all disputes between the Parties to this Agreement shall be in the State of Maryland Circuit Court in and for Baltimore County.

9.           Specific Performance

The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms.  It is
 
 
4

 
 
accordingly agreed that the Parties shall be entitled to seek specific performance of the terms hereof, this being in addition to any other remedies to which they are entitled at law or equity.

10.           Counterparts

This Agreement may be executed in counterparts, each of which shall be considered to be an original or true copy of this Agreement.  Faxed signatures shall be presumed valid.

11.           Nonwaiver

The failure of any one of the Parties to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver thereof or deprive the Parties of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

12.           Disclosure Of This Agreement

The parties contemplate that the PL Capital Parties will file a Schedule 13D amendment attaching this Agreement, that BCSB Bancorp will file a Form 8-K attaching this Agreement and that during the Standstill Period there will be no other public comments (except as required by applicable regulations of the Securities and Exchange Commission) by the Parties regarding this Agreement other than a press release by BCSB Bancorp factually summarizing this Agreement and referring to the Form 8-K filing, which press release shall be subject to approval by the PL Capital Parties (such approval not to be unreasonably withheld).

13.           Entire Agreement

This Agreement constitutes the full, complete and entire understanding, agreement, and arrangement of and between the Parties with respect to the subject matter hereof and supersedes any and all prior oral and written understandings, agreements and arrangements between them.  There are no other agreements, covenants, promises or arrangements between the Parties other than those set forth in this Agreement (including the attachments hereto).

14.           Notice

All notices and other communications which are required or permitted hereunder shall be in writing, and sufficient if by same-day hand delivery (including delivery by courier) or sent by fax, addressed as follows:

If to the BCSB Bancorp Parties:

Joseph J. Bouffard
President and Chief Executive Officer
BCSB Bancorp, Inc.
4111 E. Joppa Road
Baltimore, Maryland  21236
Fax: (410) 256 - 0261

 
5

 
with a copy to:

Gary R. Bronstein, Esq.
Kilpatrick Townsend & Stockton LLP
607 14th Street, Suite 900
Washington, DC  20005
Fax: (202) 204-5616

If to the PL Capital Parties:

John W. Palmer
PL Capital, LLC
20 East Jefferson Avenue, Suite 22
Naperville, Illinois 60540
Fax: (630) 848-1342
Fax: (973) 360-1720

with a copy to:

Phillip M. Goldberg, Esq.
Foley & Lardner LLP
321 North Clark Street, Suite 2800
Chicago, Illinois 60610-4764
Fax: (312) 832-4700

15.           Further Assurances.  

The PL Capital Parties and BCSB Bancorp agree to take, or cause to be taken, all such further or other actions as shall reasonably be necessary to make effective and consummate the transactions contemplated by this Agreement.

16.           Successors and Assigns.  

All covenants and agreements contained herein shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.

 
6

 

IN WITNESS WHEREOF, the Parties hereto have each executed this Agreement on the date set forth below.

Dated:    July 29, 2011

For:         Financial Edge Fund, L.P.                                                                           For BCSB Bancorp, Inc.:
Financial Edge - Strategic Fund, L.P.
Goodbody/PL Capital, L.P.
PL Capital, LLC
PL Capital Advisors, LLC                                                                            /s/ Joseph J. Bouffard        
Goodbody/PL Capital, LLC                                                                         By:        Joseph J. Bouffard
       President

/s/  Richard J. Lashley                         
By:           Richard J. Lashley
Managing Member



/s/ John W. Palmer                              
By:           John W. Palmer
Managing Member


For John W. Palmer:
 

/s/ John W. Palmer                              
John W. Palmer


For Richard J. Lashley:
 

/s/  Richard J. Lashley                         
Richard J. Lashley

 
7

 
 
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