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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(RULE 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULES 13d-1(b) (c), AND (d) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13d-2(b)
(AMENDMENT NO. 2)(1)
PENNWOOD BANCORP, INC.
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(Name of Issuer)
Common Stock, Par Value $.01 Per Share
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(Title of Class of Securities)
708904 10 7
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(CUSIP Number)
December 31, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
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(1) 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 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 5 Pages
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CUSIP NO. 708904 10 7 Page 2 of 5 Pages
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1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Pennwood Bancorp, Inc. Employee Stock Ownership Plan
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
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NUMBER 5. SOLE VOTING POWER
OF
SHARES
BENEFICIALLY 52,064
OWNED BY EACH
REPORTING ---------------------------------------------------------------
PERSON WITH 6. SHARED VOTING POWER
13,016
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7. SOLE DISPOSITIVE POWER
52,064
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8. SHARED DISPOSITIVE POWER
13,016
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
65,080
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.3%
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12. TYPE OF REPORTING PERSON
EP
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CUSIP NO. 708904 10 7 Page 3 of 5 Pages
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ITEM 1(a) NAME OF ISSUER:
Pennwood Bancorp, Inc.
ITEM 1(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
683 Lincoln Avenue
Pittsburgh, Pennsylvania 15202
ITEM 2(a) NAME OF PERSON FILING:
Pennwood Bancorp, Inc. Employee Stock Ownership Plan.
ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
Pennwood Bancorp, Inc.
683 Lincoln Avenue
Pittsburgh, Pennsylvania 15202
ITEM 2(c) CITIZENSHIP:
Pennsylvania
ITEM 2(d) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $.01 per share
ITEM 2(e) CUSIP NUMBER:
708904 10 7
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), OR
13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS:
(f) [X] An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F);
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CUSIP NO. 708904 10 7 Page 4 of 5 Pages
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ITEM 4. OWNERSHIP.
(a) Amount beneficially owned: 65,080
(b) Percent of class: 10.3%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 52,064
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(ii) Shared power to vote or to direct the vote 13,016
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(iii) Sole power to dispose or to direct the disposition of 52,064
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(iv) Shared power to dispose or to direct the disposition of 13,016
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ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
The Pennwood Bancorp, Inc. Employee Stock Ownership Plan Trust
("Trust") was established pursuant to the Pennwood Bancorp, Inc.
Employee Stock Ownership Plan ("ESOP"). As of February 12, 1999,
52,064 of Common Stock held in the Trust were unallocated and
13,016 shares had been allocated to accounts of participating
employees. Under the terms of the ESOP, the Trustees will
generally vote the allocated shares held in the ESOP in accordance
with the instructions of the participating employees an will
generally vote unallocated shares held in the ESOP in the same
proportion for and against proposals to stockholders as the ESOP
participants and beneficiaries actually vote shares of Common
Stock allocated to their individual accounts, subject in each case
to the fiduciary duties of the Trustees and applicable law. Any
allocated shares which either abstain on the proposal or are not
voted will be disregarded in determining the percentage of stock
voted for and against each proposal by the participants and
beneficiaries.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable since the reporting entity is not a member of a group.
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CUSIP NO. 708904 10 7 Page 5 of 5 Pages
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ITEM 10. CERTIFICATION.
By signing below, we certify that, to the best of our knowledge
and belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired and
are not held in connection with or as a participant in any
transaction having such purpose or effect.
SIGNATURE
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.
PENNWOOD BANCORP, INC.
EMPLOYEE STOCK OWNERSHIP PLAN TRUST
February 12, 1999 By: /s/ Charles R. Frank
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Charles R. Frank, Trustee
February 12, 1999 By: /s/ Paul S. Pieffer
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Paul S. Pieffer, Trustee
February 12, 1999 By: /s/ John B. Mallon
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John B. Mallon, Trustee
