FORM 4

                   U.S SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

                STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer                          OMB APPROVAL
    subject to Section 16. Form 4                   OMB Number    3235-0287
    or Form 5 obligations may                       Expires: April 30, 1997
    continue. See Instruction 1(b).                 Estimated average burden
                                                    hours per response...0.5

  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(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person

       Deltec International S.A.
   (Last)      (First)     (Middle)

        Deltec House, Lyford Cay
                (Street)

             Nassau, Bahamas
   (City)      (State)     (Zip)

2. Issuer Name and Ticker or Trading Symbol

     Argo Bancorp, Inc. (None)

3. IRS or Social Security Number of Reporting Person (Voluntary)

      

4. Statement for Month/Year

      January 1997

5. If Amendment, Date of Original (Month/Year)

      

6. Relationship of Reporting Person to Issuer (Check all applicable)

   ____ Director                    __X_ 10% Owner
   ____ Officer (give title below)  ____ Other (specify below)

   ___________________________________________________________



FORM 4 (continued)

        TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF,
                           OR BENEFICIALLY OWNED

   
   


                                                                                                          6. Owner-   7. Nature
                                             3. Trans-                                  5. Amount of      ship Form:  of Indirect
                              2. Trans-      action           4. Securities Acquired    Securities Bene-  Direct      Bene-
                              action         Code             (A) or Disposed of (D)    ficially Owned    (D) or      ficial
                              Date           (Instr. 8)       (Instr. 3, 4 and 5)       at End of         Indirect    Owner-
1.  Title of Security         (Month/Day/                             (A) or            Month             (I)         ship
    (Instr. 3)                 Year)          Code    V       Amount   (D)    Price     (Instr. 3 and 4)  (Instr. 4)  (Instr. 4)

                                                                                            

    Common (par value $0.01     1/23/97       P               10,499    A      38.00       122,062 2/3          I      Through
    per share)                                                                                                         Subsidiary



Reminder:  Report on a separate line for each class of securities beneficially
           owned directly or indirectly.

                                                                        (Over)
                     (Print or Type Responses)                 SEC 1474 (3/91)



FORM 4 (continued)

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



 
 1.  Title of        2. Conversion or   3. Transaction Date   4. Transaction    5. Number of Derivative   6. Date Exercisable
     Derivative         Exercise Price                           Code              Securities Acquired       and Expiration Date
     Security           of Derivative      (Month/Day/Year)                        (A) or Disposed of (D)     
     (Instr. 3)         Security                                 (Instr. 8)        (Instr. 3, 4, and 5)        (Month/Day/Year)

                                                                 Code     V          (A)       (D)           Date Exer-  Expiration
                                                                                                             cisable     Date
                                                                                                       



 7. Title and Amount of    8. Price of         9. Number of Derivative  10. Ownership   11. Nature of Indirect
    Underlying Securities     Derivative          Securities Bene-          Form of         Beneficial Ownership
                              Security            ficially Owned            Derivative      (Instr. 4)
    (Instr. 3 and 4)                              at End of Month           Security:
                              (Instr. 5)                                    Direct (D)
                                                  (Instr. 4)                or In-
                                                                            direct (I)
                                                                            (Instr. 4)

    Title         Amount or
                  Number of
                  Shares

                                                                             





Explanation of Responses:





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


DELTEC INTERNATIONAL S.A.



  /s/ Matthew F. Gibbons                           February 7, 1997
**Signature of Reporting Person                        Date
    Matthew F. Gibbons
    President


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


SEC 1474 (3/91)