Wykle Allen D – ‘SC 13G’ on 2/8/02 re: Approved Financial Corp

On:  Friday, 2/8/02   ·   Accession #:  916641-2-213   ·   File #:  5-55557

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Statement of Beneficial Ownership   —   Schedule 13G
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13G      Statement of Beneficial Ownership                      4     14K 

Document Table of Contents

SC 13G
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SCHEDULE 13G

 UNDER THE SECURITIES EXCHANGE ACT OF 1934

(AMENDMENT NO. _____)*

APPROVED FINANCIAL CORP.

(Name of Issuer)

Common Stock, par Value $.01 per share

(Title of Class of Securities)

 038327102

(CUSIP Number)

 Check the appropriate box to designate the rule pursuant to which this Schedule
 is filed:

 [_] Rule 13d-1(b)

 [_] Rule 13d-1(c)

 [X] Rule 13d-1(d)

 *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 the disclosures provided in a prior cover page.

The information required in 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).                                                                         

SC 13G
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1.   Names of Reporting Persons.                                                
I.R.S. Indemnification Nos. of above (entities only).                 
Allen D. Wykle                                                        
--------------                                                        

2.   Check the Appropriate Box if a Member of a Group (See Instructions)        
(a)                                                                   
(b)    X                                                              
-     -                                                             

3.   SEC Use Only                                                               

4.   Citizenship or Place Organization: United States                           

Number of Shares           5.      Sole Voting Power: 1,812,629                 
Beneficially by Owned                                                           
by Each Reporting          6.      Shared Voting Power: 39,680                  
Person With:                                                                    
               7.      Sole Dispositive Power: 1,812,629

              8.      Shared Dispositive Power: 39,680
              -       --------------------------------

9.   Aggregate Amount Beneficially Owned by Each Reporting Person: 1,838,421    

10.  Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares       
(See Instructions)  [X]                                               

     Mr. Wykle shares voting power for Approved Financial Corp.'s Profit Sharing
Plan ("Plan"), which owns 39,680 shares of the Issuer's Common Stock. Mr.       
Wykle's ownership interest in the Plan is 65% or 25,792 shares, which is        
reflected in (9) above. Mr. Wykle disclaims beneficial ownership of 35% of the  
shares held in the Plan (13,888 shares), representing the ownership interest in 
the Plan that is not owned by Mr. Wykle, which is excluded in (9) above.        

11.  Percent of Class Represented by Amount in Row (9): 33.45%                  
12.  Type of Reporting Person (See Instructions): IN                            

ITEM 1                                                                          

(a)  Name of Issuer: Approved Financial Corp.                                   

(b)  Address of Issuer's Principal Executive Offices:                           
1716 Corporate Landing Parkway                                        
Virginia Beach, VA 23454                                              

ITEM 2                                                                          

(a)  Name of Person Filing: Allen D. Wykle                                      

(b)  Address and Principal Business Office, or, if none, Residence:             
1716 Corporate Landing Parkway                                        
Virginia Beach, VA 23454                                              

(c)  Citizenship: United States                                                 

(d)  Title of Class of Securities: Common Stock, Par value $.01 Per Share       

(e)  CUSIP Number: 038327102                                                    

SC 13G
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ITEM 3                                                                          

IF THIS STATEMENT IS FILED PURSUANT TO "240.13D-1(B) OR 240.13D-2(B) OR (C),    
CHECK WHETHER THE PERSON FILING IS:                                             

(a)  [_]  Broker or dealer registered under section 15 of the Act (15 U.S.C.    
78o).                                                     

(b)  [_]  Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).        

(c)  [_]  Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C.
78c).                                                     

(d)  [_]  Investment company registered under section 8 of the Investment       
Company Act of 1940 (15 U.S.C. 80a-8)                     

(e)  [_]  An investment advisor in accordance with '240.13d-1(b)(1)(ii)(E);     

(f)  [_]  An employee benefit plan or endowment fund in accordance with         
'240.13d-1(b)(1)(ii)(F);                                  

(g)  [)]  A parent holding company or controlled person in accordance with      
'240.13d-1(b)(1)(ii)(G);                                  

(h)  [_]  A savings association as defined in Section 3(b) of the Federal       
Deposit Insurance Act (12 U.S.C. 1813)                    

(i)  [_]  A church plan that is excluded from the definition of an              
         investment company under section 3(c)(14) of the Investment Company
Act of 1940 (15 U.S.C. 80a-3);                            

ITEM 4                                                                          

Provide the following information regarding the aggregate number and percentage 
of the class of securities of the issuer identified in Item 1.                  

(a)  Amount beneficially owned: 1,838,421                             

(b)  Percent of class: 33.45%                                         

(c)  Number of shares as to which the person has:                     

(i)   Sole power to vote or to direct the vote: 1,812,629   

(ii)  Shared power to vote or to direct the vote: 39,680    

          (iii) Sole power to dispose or to direct the disposition of: 1,812,629

         (iv)  Shared power to dispose or to direct the disposition of: 39,680

    Instruction. For computations regarding securities which represent a right
to acquire an underlying security see '240.13d-(d)(1).                          

ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS                             

N/A                                                         

ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON          

SC 13G
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N/A                                                               

ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE   
SECURITY BEING REPORTED BY THE PARENT HOLDING COMPANY             

N/A                                                               

ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP                

N/A                                                               

ITEM 9 NOTICE OF DISSOLUTION OF GROUP                                           

N/A                                                               

ITEM 10 CERTIFICATION                                                           

N/A                                                               

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.                                                                        

 2/07/02
 -------

Date  

            /s/ Allen D. Wykle
            ------------------

   Signature