<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13 G
Information Statement Pursuant to Rule 13d-1 and 13d-2
Under the Securities Exchange Act of 1934
(Amendment No._____)
SOUTH STREET FINANCIAL CORP.
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(Name of Issuer)
Common Stock, no par value
------------------------------------
(Title of Class of Securities)
840468 10 2
---------------------
(CUSIP Number)
*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 ("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 6 Pages
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CUSIP NO. 840468 10 2 13G PAGE 2 OF 6 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST OF HOME SAVINGS BANK OF ALBEMARLE,
INC., S.S.B.
56-2004812
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
NORTH CAROLINA
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SOLE VOTING POWER
5
NUMBER OF 359,720
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 0
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EACH SOLE DISPOSITIVE POWER
7
REPORTING 359,720
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
359,720
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
8%
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TYPE OF REPORTING PERSON*
12
EP: EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST OF HOME SAVINGS BANK OF
ALBEMARLE, INC., S.S.B.
- ------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
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Item 1(a). Name of Issuer:
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South Street Financial Corp.
Item 1(b). Address of Issuer's Principal Executive Offices:
- --------- -----------------------------------------------
155 West South Street
Albemarle, North Carolina 28001
Item 2(a). Name of Person Filing:
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Employee Stock Ownership Plan and Trust of
Home Savings Bank of Albemarle, inc., S.S.B.
Item 2(b). Address of Principal Business Office:
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155 West South Street
Albemarle, North Carolina 28001
Item 2(c). Citizenship or Place of Organization:
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North Carolina
Item 2(d). Title of Class of Securities:
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Common Stock, no par value
Item 2(e). CUSIP Number:
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840468 10 2
Item 3. Statement is Filed Pursuant to Rule 13d-1(b):
- ------ --------------------------------------------
(f) Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of
1974.
Page 3 of 6 Pages
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Item 4. Ownership:
- ------ ---------
(a) Amount Beneficially Owned: 359,720 shares
(b) Percent of Class: 8%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 359,720
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the disposition of:
359,720
(iv) shared power to dispose or to direct the disposition of: 0
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:
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Not applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired the
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Security Being Reported on By the Parent Holding Company:
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Not applicable
Item 8. Identification and Classification of Members of the Group:
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Not applicable
Item 9. Notice of Dissolution of Group:
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Not applicable
Page 4 of 6 Pages
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Item 10. Certification:
- -------- -------------
By signing below I certify that, to the best of my 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 in connection with or as a participant in any transaction having
such purposes 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.
Date: February 10, 1997 /s/Caldwell A. Holbrook, Jr.
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Cadwell A. Holbrook, Jr., not
individually but solely as trustee under
that certain Home Savings Bank of
Albermarle, Inc., S.S.B. Employee Stock
Ownership Trust effective as of
September 1, 1996 by and between the
above signed and Home Savings Bank of
Albermarle, Inc., S.S.B.
/s/Joel A. Huneycutt
---------------------------------------
Joel A. Huneycutt, not individually but
solely as trustee under that certain
Home Savings Bank of Albermarle, Inc.,
S.S.B. Employee Stock Ownership Trust
effective as of September 1, 1996 by and
between the above signed and Home
Savings Bank of Albermarle, Inc., S.S.B.
/s/Douglas Dwight Strokes
---------------------------------------
Douglas Dwight Strokes, not individually
but solely as trustee under that certain
Home Savings Bank of Albermarle, Inc.,
S.S.B. Employee Stock Ownership Trust
effective as of September 1, 1996 by and
between the above signed and Home
Savings Bank of Albermarle, Inc., S.S.B.
Page 5 of 6
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/s/ Greg E. Underwood
---------------------------------------
Greg E. Underwood, not individually but
solely as trustee under that certain
Home Savings Bank of Albemarle, Inc.,
S.S.B. Employee Stock Ownership Trust
effective as of September 1, 1996 by and
between the above signed and Home
Savings Bank of Albemarle, Inc., S.S.B.
Page 6 of 6
