UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
CHESTER 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)
164903106
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(CUSIP Number)
Michael W. Welge, 1112 State Street, Chester, Illinois 62233 (618) 826-5038
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
October 4, 1996
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(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. |_|
Check the following box if a fee is being paid with the statement. |X| (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of equity
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
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
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities and 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).
(Continued on following pages)
(Page 1 of 5 pages)
<PAGE>
SCHEDULE 13D
CUSIP No. 164903106 Page 2 of 5 Pages
===============================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Michael W. Welge
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
BK (see Item 3 below)
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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7 SOLE VOTING POWER
NUMBER OF SHARES 50,000
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BENEFICIALLY 8 SHARED VOTING POWER
164,300
OWNED BY EACH -------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING 50,000
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PERSON WITH 10 SHARED DISPOSITIVE POWER 164,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
214,300
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
<PAGE>
SCHEDULE 13D
CUSIP No. 164903106 Page 3 of 5 Pages
Item 1. Security and Issuer.
This statement relates to the shares of common stock, par value $0.01 per
share (the "Common Stock"), of Chester Bancorp, Inc., a Delaware corporation
(the "Company"). The address of the Company's principal executive office is 1112
State Street, Chester, Illinois 62233.
Item 2. Identity and Background
(a) Michael W. Welge
(b) 908 Park Avenue Chester, Illinois 62233
(c) Michael W. Welge is Executive Vice President, Secretary and Treasurer
of Gilster Mary Lee Corporation, which manufactures private label food products
and whose address is 1037 State Street, Chester, IL 62233.
(d) Michael W. Welge has not been convicted in a criminal proceeding during
the last five years.
(e) Michael W. Welge has not been a party to such a civil proceeding of a
judicial or administrative body during the last five years.
(f) Michael W. Welge is a citizen of the United States of America.
Item 3. Source and Amount of Funds or Other Consideration.
The source of consideration for Michael W. Welge to purchase 50,000 shares
of Common Stock was a line of credit from Bank of Perryville under standard
terms and conditions and secured by assets other than the Common Stock purchased
by Michael W. Welge.
Item 4. Purpose of Transaction
Michael W. Welge owns the Common Stock for investment purposes only.
Item 5. Interest in Securities of the Issuer.
(a) Based upon a total of 2,182,125 shares of Common Stock
outstanding, Michael W. Welge beneficially owns 214,300 shares of Common Stock,
which represents 9.8% of the shares of Common Stock currently outstanding.
<PAGE>
SCHEDULE 13D
CUSIP No. 164903106 Page 4 of 5 Pages
(b) Michael W. Welge has the sole power to vote and the sole power
to dispose of 50,000 shares of Common Stock owned by him individually. Michael
W. Welge has shared power to vote and the shared power to dispose of the 52,500
shares owned by Betty A. Welge and jointly with Rudelle F. Welge, his wife and
mother, respectively. Michael W. Welge has shared power to vote and the shared
power to dispose of the 111,800 shares of Common Stock owned collectively by
Gilster Mary Lee Corporation, Chester Investment Club and various investment
clients of Michael W. Welge.
(c) On October 4, 1996, the following shares of Common Stock were
purchased in the Company's subscription offering as set forth in the Company's
prospectus dated August 12, 1996:
Michael W. Welge 50,000 shares
Betty A. Welge 40,000 shares
Michael W. and Rudelle F. Welge 12,500 shares
Chester Investment Club 34,800 shares
Gilster Mary Lee Corporation 62,500 shares
Inv. clients of Michael W. Welge 14,500 shares
(d) Chester Investment club has the right to receive dividends and
the proceeds from the sale of the 34,800 shares of Common Stock owned by it.
Gilster Mary Lee Corporation has the right to receive dividends and the proceeds
from the sale of the 62,500 shares of Common Stock owned by it. Various
investment clients of Michael W. Welge have the right to receive dividends and
the proceeds from the sale of the 14,500 shares of Common Stock owned by them.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits.
None, the Bank of Perryville line of credit referenced in Item 3 is a Bank
of Perryville standard form line of credit.
<PAGE>
SCHEDULE 13D
CUSIP No. 164903106 Page 5 of 5 Pages
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.
October 9, 1996 /s/ Michael W. Welge
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Date Name: Michael W. Welge
