SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Adirondack Financial Services Bancorp, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
006887103
(CUSIP Number)
LESLIE M. APPLE, ESQ.
WHITEMAN OSTERMAN & HANNA
One Commerce Plaza
Albany, New York 12260
(518) 487-7600
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
October 2, 1998 through October 13, 1998
(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 Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
check the following box:
*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.
Check the following box if a fee is being paid with this Statement:
CUSIP NO. 006887103
1. NAME OF REPORTING PERSONS
Colvin G. Ryan
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
###-##-####
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b)
3. SEC USE ONLY
4. SOURCE OF FUNDS
PF
5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
NUMBER OF SHARES
BENEFICIALLY OWNED BY
EACH REPORTING PERSON WITH
7. SOLE VOTING POWER
63,780 (9.6%)
8. SHARED VOTING POWER
0
9. SOLE DISPOSITIVE POWER
63,780 (9.6%)
10. SHARED DISPOSITIVE POWER
0
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
63,780 (9.6%)
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
14. TYPE OF REPORTING PERSON
IN
AMENDMENT NO. 1 TO SCHEDULE 13D
The Schedule 13D filed with the Securities and Exchange Commission on
September 18, 1998 by Mr. Colvin G. Ryan (the "Schedule 13D") is hereby amended
as set forth below:
The purpose of this Amendment No. 1 to Schedule 13D is to describe
additional purchases in the issuer's common stock made by Mr. Colvin G. Ryan.
Except as specifically provided herein, this Amendment No. 1 to Schedule 13D
does not modify any of the information previously reported in the Schedule 13D
and should be read in conjunction with, and is qualified in its entirety by
reference to, the Schedule 13D.
Item 1. Security and Issuer.
Unchanged from Schedule 13D.
Item 2. Identity and Background.
Unchanged from Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration.
Unchanged from Schedule 13D.
Item 4. Purpose of Transaction.
Unchanged from Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a) The Reporting Person beneficially owns 63,780 shares of the
Issuer's common stock representing Nine and six-tenths percent (9.6%) of this
class of the Issuer's securities. The Reporting Person's percentage of
interest has been computed on the basis of 661,250 shares outstanding as
reported by Issuer.
(b) The Reporting Person owns and has the sole power to vote or to
direct the vote, and sole power to dispose or direct the disposition, of 63,780
shares, or 9.6%, of the Issuer's Common Stock.
(c) The following are transactions that were effected by the Reporting
Person subsequent to filing Schedule 13D on September 18, 1998:
Transaction Date No. of Shares Price
October 2, 1998 5,000 $65,487.06
October 5, 1998 8,700 $113,793.44
October 5, 1998 1,000 $13,079.71
October 6, 1998 3,700 $48,507.93
October 8, 1998 5,000 $62,032.51
October 13, 1998 2,000 $26,750.00
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
Unchanged from Schedule 13D.
Item 7. Material to be Filed as Exhibits.
Unchanged from Schedule 13D.
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
statement is true, complete and correct.
DATED: October 13, 1998
ADIRONDACK FINANCIAL SERVICES BANCORP, INC.
By:________________________________
Colvin G. Ryan
President
