ALGIERS BANCORP INC
SC 13G, 1999-02-17
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED
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                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                  SCHEDULE 13G
                                 (Rule 13d-102)

             INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                                (Amendment No. 1)




                              ALGIERS BANCORP, INC.
- --------------------------------------------------------------------------------
                                (Name of Issuer)




                     Common Stock, Par Value $.01 Per Share
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)




                                   015600 10 9
- --------------------------------------------------------------------------------
                                 (CUSIP Number)



                                December 31, 1998
- --------------------------------------------------------------------------------
             (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 )

<PAGE>
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CUSIP No.  015600 10 9                   13G                   Page 2 of 5 Pages
- --------------------------------------------------------------------------------
     1        NAME OF REPORTING PERSON
              S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON

              Algiers Bancorp, Inc. Employee Stock Ownership Plan    72-1317594 
- --------------------------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*        (a) [ ]
                                                                       (b) [ ]
               
- --------------------------------------------------------------------------------
     3        SEC USE ONLY

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     4        CITIZENSHIP OR PLACE OF ORGANIZATION

              Louisiana 
- --------------------------------------------------------------------------------
      NUMBER OF SHARES                   5          SOLE VOTING POWER
 BENEFICIALLY OWNED BY EACH
   REPORTING PERSON WITH                            37,977
                                ------------------------------------------------
                                         6          SHARED VOTING POWER

                                                    13,865   
                                ------------------------------------------------
                                         7          SOLE DISPOSITIVE POWER

                                                    37,977
                                ------------------------------------------------
                                         8          SHARED DISPOSITIVE POWER

                                                    13,865  
- --------------------------------------------------------------------------------
      9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

               51,842
- --------------------------------------------------------------------------------
     10        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
               SHARES*                                                     [ ]

- --------------------------------------------------------------------------------
     11        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

               9.6%
- --------------------------------------------------------------------------------
     12        TYPE OF REPORTING PERSON*

               EP
<PAGE>
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CUSIP No.  015600 10 9                   13G                   Page 3 of 5 Pages
- --------------------------------------------------------------------------------

Item 1(a)     Name of Issuer:

              Algiers Bancorp, Inc.

Item 1(b)     Address of Issuer's Principal Executive Offices:

              # 1 Westbank Expressway
              New Orleans, Louisiana 70114

Item 2(a)     Name of Person Filing:

              Algiers Bancorp, Inc. Employee Stock Ownership Plan.

Item 2(b)     Address of Principal Business Office or, if None, Residence:

              Algiers Bancorp, Inc.
              # 1 Westbank Expressway
              New Orleans, Louisiana 70114

Item 2(c)     Citizenship:

              Louisiana

Item 2(d)     Title of Class of Securities:

              Common Stock, par value $.01 per share

Item 2(e)     CUSIP Number:

              015600109

Item 3. If this  statement  is filed  pursuant to Rules  13d-1(b),  or 13d-2(b),
check whether the person filing is a:

              (f) [x] An employee  benefit plan or endowment  fund in accordance
with Rule 13d-1(b)(1)(ii)(F)

Item 4.   Ownership.

                  (a) Amount beneficially owned:  51,842
                  (b) Percent of class:  9.6%
                  (c) Number of shares as to which  such  person  has: 

                (i) Sole power to vote or to direct the vote 37,977
               (ii) Shared power to vote or to direct the vote 13,865
              (iii) Sole power to dispose or to direct the disposition of 37,977
               (iv) Shared  power to  dispose or to direct  the  disposition  of
                    13,865
<PAGE>
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CUSIP No.  015600 10 9                   13G                   Page 4 of 5 Pages
- --------------------------------------------------------------------------------

                  The Algiers Bancorp,  Inc. Employee Stock Ownership Plan Trust
                  ("Trust")  was  established  pursuant to the Algiers  Bancorp,
                  Inc.  Employee Stock Ownership Plan ("ESOP").  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   and  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 ESOP  Trustess 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.  As of  December  31,  1998,
                  13,865  shares have been or were  committed to be allocated to
                  participants' accounts and 37,977 shares were unallocated.


Item 5.   Ownership of Five Percent or Less of a Class.

                  Not applicable since the reporting entity owns more than 5% of
                  the class.

Item 6.   Ownership of More than Five Percent on Behalf of Another Person.

                  Participants in the ESOP are entitled to receive dividends on,
                  and the  proceeds  from,  the sale of the shares  allocated to
                  their  accounts.  The ESOP does not own more than 5% on behalf
                  of another person.

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 since the reporting entity is not a member of a
                  group.

Item 9.   Notice of Dissolution of Group.

                  Not applicable since the reporting entity is not a member of a
                  group.

Item 10.  Certification.

                  By signing  below I certify  that, to the best of my knowledge
                  and belief, the securities referred to above were acquired and
                  are  held in the  ordinary  course  of  business  and were not
                  acquired  and are not  held  for the  purpose  of or with  the
                  effect of changing or influencing the control of the issuer of
                  the  securities  and  were  not  acquired  and are not held in
                  connection with or as a participant in any transaction  having
                  that purpose or effect.
<PAGE>
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CUSIP No.  015600 10 9                   13G                   Page 5 of 5 Pages
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                                    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.

                                             ALGIERS BANCORP, INC.
                                             EMPLOYEE STOCK OWNERSHIP PLAN TRUST



February 8, 1999                              By: /s/ Hugh E. Humphrey, III
                                                  ---------------------------
                                                  Hugh E. Humphrey, III, Trustee



February 8, 1999                              By: /s/ Thu Dang
                                                  ------------
                                                  Thu Dang, Trustee



February 8, 1999                              By: /s/ Dennis J. McCluer
                                                  -----------------------
                                                  Dennis J. McCluer, Trustee






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