SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ___)
FIRSTSPARTAN FINANCIAL CORP.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
337931 10 9
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(CUSIP Number)
Check the following box if a fee is being paid with this statement.
[ ]
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of 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.)
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Page 2 of 5 Pages
1. Name of Reporting Person:
First Federal Savings and Loan Association of Spartanburg Employee
Stock Ownership Plan and Trust ("ESOP)
S.S. or I.R.S. Identification No. of above person:
56-2015272
2. Check the appropriate box if a member of a group*
(a) [X]
(b) [ ]
3. SEC USE ONLY
4. Citizenship or Place of Organization:
State of South Carolina
Number of Shares Beneficially Owned by Each Reporting Person with:
5. Sole Voting Power: 354,430
6. Shared Voting Power: --
7. Sole Dispositive Power: 354,430
8. Shared Dispositive Power: --
9. Aggregate Amount Beneficially Owned by Each Reporting Person:
354,430
10. Check Box if the Aggregate Amount in Row (9) excludes Certain
Shares*
[ ]
11. Percent of Class Represented by Amount in Row 9: 8.0%
12. Type of Reporting Person*: EP
*SEE INSTRUCTION
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Page 3 of 5 Pages
Securities and Exchange Commission
Washington, D.C. 20549
Item 1(a). Name of Issuer.
FirstSpartan Financial Corp.
Item 1(b). Address of Issuer's Principal Executive Offices.
380 E. Main Street
Spartanburg, South Carolina 29302
Item 2(a). Name of Person Filing.
FirstSpartan Financial Corp. Employee Stock Ownership Plan and Trust.
Item 2(b). Address of Principal Business Office.
Same as Item 1(b).
Item 2(c). Citizenship.
See Row 4 of page 2.
Item 2(d). Title of Class of Securities.
Common Stock, $.01 par value per share.
Item 2(e). CUSIP Number.
See the cover page.
Item 3. The person filing is an:
Employee Benefit Plan which is subject to the provisions of the
Employee Income Security Act of 1974, as amended.
This Schedule 13G is being filed on behalf of the ESOP identified in
Item 2(a), which is filing under the Item 3(f) classification. Exhibit A
contains a disclosure of the voting and dispositive powers over shares of the
issuer held directly by trustees of this plan. Each trustee of the trust
established pursuant to the ESOP, although filing under the Item 3(h)
classification because of their relationship to the ESOP, disclaims that he is
acting in concert with, or as a member of a group consisting of, the other
trustees of said plan.
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Page 4 of 5 Pages
Item 4. Ownership.
(a) Amount Beneficially Owned: See Row 9 of the second part of the
cover page.
(b) Percent of Class: See Row 11 of the second part of the cover
page.
(c) See Rows 5, 6, 7, and 8 of the second part of the cover page.
Item 5. Ownership of Five Percent or Less of A Class.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following:
[ ]
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Pursuant to Section 8.4 of the ESOP plan document, First Federal
Savings and Loan Association of Spartanburg has the power to direct the
persons who receive dividends on shares held in the plan trust.
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.
This Schedule 13G is being filed on behalf of the ESOP identified in
Item 2(a), which is filing under the Item 3(f) classification. Exhibit A
contains a disclosure of the voting and dispositive powers over shares of the
issuer held directly by trustees of this plan. Each trustee of the trust
established pursuant to the ESOP, although filing under the Item 3(h)
classification because of their relationship to the ESOP, disclaims that he is
acting in concert with, or as a member of a group consisting of, the other
trustees of said plan.
Item 9. Notice of Dissolution of Group.
Not applicable.
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Page 5 of 5 Pages
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 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.
FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF SPARTANBURG
EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST
By: /s/ Billy L. Painter
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First Federal Savings and Loan Association
of Spartanburg as Plan Administrator
Billy L. Painter
President
Date: February 2, 1998
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Exhibit A
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Identification of Members of Group
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Shares of common stock of the issuer are held in trust for the benefit
of participating employees by the ESOP Trustees. The Trustees share voting
and dispositive power with First Federal Savings and Loan Association of
Spartanburg. By the terms of the ESOP, the Trustees vote stock allocated to
participant accounts as directed by participants. As of the date of this
filing, no shares have been allocated to participants. Prior to the initial
allocation, all shares will be voted by the Trustees in their discretion
(subject to their fiduciary responsibilities under the Employee Retirement
Income Security Act of 1974, as amended). Common stock held by the Trust, but
not yet allocated or as to which participants have not made timely voting
directions, is voted by the Trustees in the same proportion as shares for
which directions are received, subject to their fiduciary responsibilities.
Investment direction is exercised by the Trustees, subject to their fiduciary
responsibilities.
The Trustees and their beneficial ownership of shares of common stock
of the issuer, exclusive of responsibilities as a Trustee, are as follows
(such ownership being disregarded in reporting the ESOP's ownership within
this Schedule 13G):
Direct Beneficial Beneficial Ownership
Name Ownership As ESOP Participant (1)
---- --------- -------------------
Robert R. Odom 8,000 N/A
Robert L. Handell 6,250 N/A
E. Lea Salter 7,500 N/A
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(1) Messrs. Odom, Handell and Salter do not participate in the ESOP.
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