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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 5

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(h) of the Investment Company Act of 1940

o	Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
o	Form 3 Holdings Reported
x	Form 4 Transactions Reported

Name and Address of Reporting
Person*

Issuer Name and Ticker or Trading
Symbol

I.R.S. Identification Number of Reporting
Person, if an entity (Voluntary)

Young Jr. James N.

(Last) (First) (Middle)

LOCAL FINANCIAL CORPORATION (LFIN)

c/o Local Financial Corporation
3601 N.W. 63rd Street

Statement for Month/Year

If Amendment, Date of Original (Month/Year)

December 2002

(Street)

Relationship of Reporting Person(s)
to Issuer (Check All Applicable)

Individual or Joint/Group Reporting
(Check Applicable Line)

Oklahoma City, OK 73116

(City) (State) (Zip)

Director

10% Owner

Form filed by One Reporting Person

Officer (give title below)

Form filed by More than One Reporting Person

Other (specify below)

Executive Vice President

If the form is filed by more than one reporting person, see instruction 4(b)(v).

Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

Title of
Security
(Instr. 3)

Transaction
Date
(Month/Day/Year)

2A.

Deemed Execution
Date, if any
(Month/Day/Year)

Transaction
Code
(Instr. 8)

Securities Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5)

Amount of Securities
Beneficially Owned
at the End of Issuer's
Fiscal Year
(Instr. 3 and 4)

Ownership
Form:
Direct (D) or
Indirect (I)
(Instr. 4)

Nature of
Indirect
Beneficial
Ownership
(Instr. 4)

Amount

(A)
or
(D)

Price

Common Stock (LFIN)

08/01/02

200

$15.01

327(1)

Spouse

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Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

Title of Derivative
Security
(Instr. 3)

Conversion or Exercise
Price of Derivative
Security

Transaction Date
(Month/Day/Year)

3A.

Deemed Execution
Date, if any
(Month/Day/Year)

Transaction Code
(Instr. 8)

Number of Derivative Securities
Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)

(A)

(D)

Stock Options

Page 3

Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned — Continued
(e.g., puts, calls, warrants, options, convertible securities)

Date Exercisable and
Expiration Date
(Month/Day/Year)

Title and Amount of
Underlying Securities
(Instr. 3 and 4)

Price of Derivative
Security
(Instr. 5)

Number of Derivative
Securities Beneficially
Owned at End of
Year
(Instr. 4)

10.

Ownership of
Derivative Security:
Direct (D)
or Indirect (I)
(Instr. 4)

11.

Nature of
Indirect
Beneficial
Ownership
(Instr. 4)

Date
Exercisable

Expiration
Date

Title

Amount or
Number of
Shares

(2)

09/23/08

Common Stock

20,000

(3)

03/24/09

Common Stock

5,000

25,000

(4)

11/17/09

Common Stock

10,000

35,000

(5)

08/23/10

Common Stock

15,000

50,000

Explanation of Responses:

(1) The reporting person disclosing beneficial ownership of these securities and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

(2)These options are fully vested and exercisable.

(3) Three-fifths of options are vested with 1/5 of the shares becoming vested on 03/24/03 and 1/5 on 03/24/04.

(4) Two-fifths of options are vested with 1/5 of the shares becoming vested on 11/17/02, 1/5 on 11/17/03 and 1/5 on 11/17/04.

(5) Two-fifths of options are vested with 1/5 of the shares on 08/23/03, 1/5 on 08/23/04 and 1/5 on 08/23/05.

/s/ Richard L. Park		11/06/02
**Signature of Reporting Person Richard L. Park, Attorney-in-Fact		Date

**		Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:		File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.

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YOUNG JAMES N JR 5