-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FOQRMMVPkK8hkThXoUuQdYUjopP7w7WivI3veHNTV/54TbNdc4zL5bTYI78+0TO0 Nzm5ARJN2aFf1oUh0dMTZw== 0000902664-97-000304.txt : 19970926 0000902664-97-000304.hdr.sgml : 19970926 ACCESSION NUMBER: 0000902664-97-000304 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19970925 SROS: NASD GROUP MEMBERS: GENDELL JEFFREY LET AL GROUP MEMBERS: JEFFREY L. GENDELL GROUP MEMBERS: TONTINE FINANCIAL PARTNERS, L.P. GROUP MEMBERS: TONTINE MANAGEMENT, L.L.C. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SFS BANCORP INC CENTRAL INDEX KEY: 0000942135 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 223366295 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-48409 FILM NUMBER: 97685347 BUSINESS ADDRESS: STREET 1: 251 263 STATE ST CITY: SCHNECTADY STATE: NY ZIP: 12305 BUSINESS PHONE: 5183952300 MAIL ADDRESS: STREET 1: 251-263 STATE STREET CITY: SCHENECTADY STATE: NY ZIP: 12305 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GENDELL JEFFREY LET AL CENTRAL INDEX KEY: 0000948904 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 31 WEST 52ND ST STREET 2: 17TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 MAIL ADDRESS: STREET 2: 200 PARK AVENUE SUITE 3900 CITY: NEW YORK STATE: NY ZIP: 10166 SC 13D/A 1 SECURITIES & EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ SCHEDULE 13D/A Under the Securities Exchange Act of 1934* (Amendment No. 1) SFS Bancorp, Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 784166100 (CUSIP Number) Jeffrey L. Gendell 200 Park Avenue, Suite 3900, New York, New York 10166 (212) 692-3695 (Name, address and telephone number of person authorized to receive notices and communications) September 23, 1997 (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 [ ]. NOTE: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) 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 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 purposes 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). [page 1 of 8 13D CUSIP No. 784166100 _____________________________________________________________________________ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Jeffrey L. Gendell _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) /X/ (b) / / _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) SOURCE OF FUNDS ** PF,00 ____________________________________________________________ (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 _____________________________________________________________________________ NUMBER OF (7) SOLE VOTING POWER 9,800 SHARES ______________________________________________________________ BENEFICIALLY (8) SHARED VOTING POWER 83,500 OWNED BY ______________________________________________________________ EACH (9) SOLE DISPOSITIVE POWER 9,800 REPORTING ______________________________________________________________ PERSON WITH (10) SHARED DISPOSITIVE POWER 83,500 _____________________________________________________________________________ (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 93,300 _____________________________________________________________________________ (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ** / / _____________________________________________________________________________ (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.6% _____________________________________________________________________________ (14) TYPE OF REPORTING PERSON ** IN _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! [page 2 of 8] 13D CUSIP No. 784166100 _____________________________________________________________________________ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Tontine Management, L.L.C. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) /X/ (b) / / _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) SOURCE OF FUNDS ** 00 ____________________________________________________________ (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 (7) SOLE VOTING POWER -0- SHARES ______________________________________________________________ BENEFICIALLY (8) SHARED VOTING POWER 83,500 OWNED BY ___________________________________________________________ EACH (9) SOLE DISPOSITIVE POWER -0- REPORTING ______________________________________________________________ PERSON WITH (10) SHARED DISPOSITIVE POWER 83,500 ____________________________________________________________________________ (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 83,500 _____________________________________________________________________________ (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ** / / _____________________________________________________________________________ (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.8% _____________________________________________________________________________ (14) TYPE OF REPORTING PERSON ** 00 _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! [page 3 of 8] 13D CUSIP No. 784166100 _____________________________________________________________________________ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Tontine Financial Partners, L.P. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) /X/ (b) / / _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) SOURCE OF FUNDS ** WC, 00 ____________________________________________________________ (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 (7) SOLE VOTING POWER -0- SHARES ______________________________________________________________ BENEFICIALLY (8) SHARED VOTING POWER 83,500 OWNED BY ______________________________________________________________ EACH (9) SOLE DISPOSITIVE POWER -0- REPORTING ______________________________________________________________ PERSON WITH (10) SHARED DISPOSITIVE POWER 83,500 _____________________________________________________________________________ (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 83,500 _____________________________________________________________________________ (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ** / / _____________________________________________________________________________ (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.8% _____________________________________________________________________________ (14) TYPE OF REPORTING PERSON ** PN _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! [page 4 of 8] Item 1. Security and Issuer. The Schedule 13D initially filed on August 15, 1997 (the "Schedule 13D"), by Jeffrey L. Gendell, Tontine Management, L.L.C., and Tontine Financial Partners, L.P., relating to the common stock with $0.01 par value (the "Common Stock") of SFS Bancorp, Inc. (the "Company"), whose principal executive offices are located at 251-263 State Street, Schenectady, NY 12305, is hereby amended by this Amendment No. 1 to the Schedule 13D. Item 3. Source and Amount of Funds and Other Consideration. Item 3 is hereby amended and restated as follows: The net investment cost (including commissions, if any) of the shares of Common Stock directly owned by Mr. Gendell is approximately $151,660. The net investment cost (including commissions, if any) of the shares of Common Stock directly owned by Tontine Financial Partners, L.P., a Delaware limited partnership ("Tontine") is approximately $1,562,725. Tontine Management, L.L.C., a limited liability company organized under the laws of the State of Delaware ("TM"), does not own directly any shares of Common Stock. The shares of Common Stock purchased by Mr. Gendell were purchased with personal funds and on margin. The shares of Common Stock purchased by Tontine were purchased with working capital and on margin. Mr. Gendell's margin transactions are with Furman Selz LLC and Prudential Securities Inc., on such firms' usual terms and conditions. Tontine's margin transactions are with Bear Stearns Securities Corp., on such firm's usual terms and conditions. All or part of the shares of Common Stock directly owned by each of Mr. Gendell and Tontine may from time to time be pledged with one or more banking institutions or brokerage firms as collateral for loans made by such bank(s) or brokerage firm(s) to Mr. Gendell and Tontine. Such loans bear interest at a rate based upon the broker's call rate from time to time in effect. Such indebtedness may be refinanced with other banks or broker- dealers. Item 5. Interest in Securities of the Issuer. Item 5 is hereby amended and restated as follows: A. Jeffrey L. Gendell. (a) Aggregate number of shares beneficially owned: 93,300 Percentage: 7.6% The percentages used herein and in the rest of Item 5 are calculated based upon the 1,230,997 shares of Common Stock issued and outstanding as of July 31, 1997 as reflected in the Company's Form 10-QSB for the period ending June 30, 1997. (b) 1. Sole power to vote or direct vote: 9,800 2. Shared power to vote or direct vote: 83,500 3. Sole power to dispose or direct the disposition: 9,800 4. Shared power to dispose or direct the disposition: 83,500 [page 5 of 8] Stock of the Company since the filing of the Schedule 13D. The trading dates, number of shares of Common Stock purchased or sold and the price per share for all transactions in the Common Stock on behalf of Tontine, since the filing of the Schedule 13D, which were all in the open market, by Tontine, are set forth in Schedule A and are incorporated by reference. (d) Not applicable. (e) Not applicable. B. Tontine Management, L.L.C. (a) Aggregate number of shares beneficially owned: 83,500 Percentage: 6.8% (b) 1. Sole power to vote or direct vote: -0- 2. Shared power to vote or direct vote: 83,500 3. Sole power to dispose or direct the disposition: -0- 4. Shared power to dispose or direct the disposition: 83,500 (c) TM did not enter into any transactions in the Common Stock of the Company since the filing of the Schedule 13D. The trading dates, number of shares of Common Stock purchased or sold and the price per share for all transactions in the Common Stock on behalf of Tontine, since the filing of the Schedule 13D, which were all in the open market, by Tontine, are set forth in Schedule A and are incorporated by reference. (d) Not applicable. (e) Not applicable. C. Tontine Financial Partners, L.P. (a) Aggregate number of shares beneficially owned: 83,500 Percentage: 6.8% (b) 1. Sole power to vote or direct vote: -0- 2. Shared power to vote or direct vote: 83,500 3. Sole power to dispose or direct the disposition: -0- 4. Shared power to dispose or direct the disposition: 83,500 (c) The trading dates, number of shares of Common Stock purchased or sold and the price per share for all transactions in the Common Stock since the filing of the Schedule 13D, which were all in the open market, are set forth in Schedule A and are incorporated by reference. (d) TM, the general partner of Tontine, has the power to direct the affairs of Tontine, including decisions respecting the disposition of the proceeds from the sale of the shares. Mr. Gendell is the Managing Member of TM and in that capacity directs its operations. (e) Not Applicable. [page 6 of 8] SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. DATED: September 25, 1997 /s/ JEFFREY L. GENDELL Jeffrey L. Gendell, individually, and as managing member of Tontine Management, L.L.C., general partner of Tontine Financial Partners, L.P. [page 7 of 8] Schedule A TONTINE FINANCIAL PARTNERS, L.P. Price Per Share Date of Number of Shares (including commissions, Transaction Purchased/(Sold) if any) 8/19/97 3,000 19.47 9/11/97 3,000 20.79 9/12/97 4,000 21.53 9/15/97 2,000 21.79 9/23/97 1,000 22.17 9/23/97 5,000 22.25 [page 8 of 8] -----END PRIVACY-ENHANCED MESSAGE-----