<TABLE>
<CAPTION>
<PAGE>1
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
|_| Check this box if no longer subject to
Section 16. Form 4 or Form 5 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
obligations may continue. See
Instruction 1(b). Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the
Investment Company Act of 1940
<S> <C> <C> <C>
- --------------------------------------------- ----------------------------------------------- --------------------------------------
1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting
Person(s) to Issuer
(Check all applicable)
Granite Financial, Inc. - GFNL __ Director X 10% Owner
Kramer Orin Stuart __ Officer __ Other (specify
- --------------------------------------------- ------------------- ----------------------- (give title below)
(Last) (First) (Middle) 3. IRS or Social 4. Statement for Month/Year (below)
Security Number Director --------
of Reporting
2050 Center Avenue, Suite 300 Person (Voluntary) 12/96
- --------------------------------------------- ---------------------------- -------------------------------------
(Street) 5. If Amendment, Date of 7. Individual or Joint/Group Filing
Original (Month/Year) (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One
Reporting Person
Fort Lee New Jersey 07024
- ---------------------------------------------- -------------------------------------------------------------------------------------
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
- -------------------------------------- ---------- ------------ --------------------------- ---------------- ------------- ----------
1. Title of Security (Instr. 3) 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
action action or Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 8) Owned at Direct Bene-
(Month/ End of (D) or ficial
Day/ Month Indirect Owner-
Year) (Instr. 3 (I) ship
and 4) (Instr. 4) (Instr.
4)
------ --- ---------- ------- ---------
(A)
Code V Amount or Price
(D)
- --------------------------------------- ---------- ------ --- ---------- ------- --------- ---------------- ------------- ----------
(Note 2)
Common Stock, par value $.001 per share 12/2/96 P 10,000 A 9.125 I (Note 1)
- ---------------------------------------- --------- ------ --- ---------- ------- --------- ---------------- ------------- ----------
(Note 2)
Common Stock, par value $.001 per share 12/4/96 P 20,000 A 9.250 I (Note 1)
- ---------------------------------------- --------- ------ --- ---------- ------- --------- ---------------- ------------- ----------
(Note 2)
Common Stock, par value $.001 per share 12/11/96 P 35,000 A 8.875 I (Note 1)
- ---------------------------------------- --------- ------ --- ---------- ------- --------- ---------------- ------------- ----------
(Note 2)
Common Stock, par value $.001 per share 12/12/96 P 5,000 A 8.875 I (Note 1)
- ---------------------------------------- --------- ------ --- ---------- ------- --------- ---------------- ------------- ----------
(Note 2)
Common Stock, par value $.001 per share 12/13/96 P 20,000 A 8.875 I (Note 1)
- ---------------------------------------- --------- ------ --- ---------- ------- --------- ---------------- ------------- ----------
(Note 2)
Common Stock, par value $.001 per share 12/18/96 P 20,000 8.875 I (Note 1)
- ---------------------------------------- --------- ------ --- ---------- ------- --------- ---------------- ------------- ----------
(Note 2)
Common Stock, par value $.001 per share 12/19/96 P 5,000 A 8.875 I (Note 1)
- ---------------------------------------- --------- ------ --- ---------- ------- --------- ---------------- ------------- ----------
(Note 2)
Common Stock, par value $.001 per share 12/20/96 P 7,500 A 8.875 I (Note 1)
- ---------------------------------------- --------- ------ --- ---------- ------- --------- ---------------- ------------- ----------
(Note 2) (Note 2)
Common Stock, par value $.001 per share 12/27/96 P 4,000 A 9.000 464,500 I (Note 1)
-----------------------------------------------------------------------------------------------------------------------------------
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
SEC 1474 (7-96)
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
<PAGE>2
FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date Exer- 7. Title and 8. Price 9. Number 10. Owner- 11. Na-
Derivative sion or action action Derivative cisable and Amount of of of ship ture
Security Exercise Date Code Securities Ex- Under- Deriv- Deriv- Form of In-
(Instr. 3) Price of (Month/ (Instr. Acquired piration Date lying ative ative of De- direct
Security Year) 8) (A) or Dis- (Month/Day/ Securi- Secur- Secur- rivative Bene-
posed of Year) es ity ities Secu- ficial
(D) (Instr. Instr. 3 (Instr. Bene- rity: Own-
3, 4 and 5) and 4) 5) ficially Direct ership
Owned (D) or (Instr.
at Indi- 4)
End rect
of (I)
Month (Instr.
(Instr. 4) 4)
--------------------------------------------------
Code V (A) (D) Date Amount or
Exer- Expira- Title Number of
cisable tion Shares
Date
- -----------------------------------------------------------------------------------------------------------------------------------
N/A
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Explanation of Responses:
Note 1. By investment limited partnerships and managed accounts of which Mr.
Orin Stuart Kramer (the "Reporting Person") is a general partner of the
general partner or a general partner of the discretionary investment manager.
Note 2. The Reporting Person disclaims beneficial ownership of these securities,
and this report shall not be deemed an admission that the Reporting Person is
the beneficial owner of such securities for purposes of Section 16 or for any
other purpose. Pursuant to Instruction 4(b)(iv), the Reporting Person is
reporting the entire amount of securities beneficially owned as reported on Form
4 of Kramer Spellman, L.P., of which the Reporting Person is a general partner
and which is the general partner or discretionary investment manager of the
investment limited partnerships and managed accounts holding the shares of the
issuer. The Reporting Person's beneficial ownership of such securities is
limited to his proportionate interest in the profits of Kramer Spellman, L.P.
/s/ Orin Stuart Kramer 1/10/97
-------------------------------- -------
** Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedure.
Page 2
SEC 1474 (7-96)
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB number.
0220695.01
