SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Adirondack Financial Services Bancorp, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
006887103
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(CUSIP Number)
LESLIE M. APPLE, ESQ.
WHITEMAN OSTERMAN & HANNA
One Commerce Plaza
Albany, New York 12260
(518) 487-7600
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
September 10, 1998
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(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 section 240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box:
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 7. SOLE VOTING POWER
BENEFICIALLY OWNED BY 38,380 (5.8%) (1)
EACH REPORTING PERSON WITH ----------------------------
8. SHARED VOTING POWER
0
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9. SOLE DISPOSITIVE POWER
38,380 (5.8%) (1)
----------------------------
10. SHARED DISPOSITIVE POWER
0
----------------------------
- ----------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
38,380 (5.8%)
- ----------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
- ----------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.8%
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14. TYPE OF REPORTING PERSON
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- ----------------------
(1) See Item 6 below.
SCHEDULE 13D
Item 1. Security and Issuer.
This statement relates to the common shares of Adirondack Financial Services
Bancorp, Inc. (the "Issuer"), which has its principal executive offices at 52
North Main Street, Gloversville, New York 12078.
Item 2. Identity and Background.
The person filing this statement is a natural person.
Colvin G. Ryan resides at 7234 Fleming Farm Road, The Plaines, Virginia 22171.
He is a citizen of the United States of America. His principal occupation is
as President of Lee and Mason Financial, Inc., an insurance agency.
During the last five years, Mr. Ryan has not been convicted in a criminal
proceeding. During the last five years, Mr. Ryan has not been a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceedings was or is subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any
violations with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The source of funds used in making the purchases by Mr. Ryan is funds owned
by him individually and acquired by him as a result of his insurance business
activities.
Item 4. Purpose of Transaction.
The purpose of the acquisition of securities of the Issuer is for investment
purposes. The Reporting Person has for a number of years invested in publicly
traded stocks, including bank stocks.
The Reporting Person does not currently have any plans or proposals which
relate to or would result in:
1. the acquisition by any person of additional securities of the
Issuer, or the disposition of securities of the Issuer;
2. an extraordinary corporate transaction, such as a merger,
reorganization or liquidation involving the Issuer or any of its
subsidiaries;
3. a sale or transfer of a material amount of assets of the Issuer
or of any of its subsidiaries;
4. any change in the present board of directors or management of
the Issuer, including any plans or proposals to change the number or
term of directors or to fill any existing vacancies on the board;
5. any material changes in the present capitalization or dividend
policy of the Issuer;
6. any other material change in the Issuer's business or corporate
structure;
7. changes in the Issuer's charter, by-laws or instruments
corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person;
8. causing a class of securities of the Issuer to cease to be
authorized to be quoted in any inter-dealer quotation system of a
registered national securities association;
9. a class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the
Securities Exchange Act of 1934;
or
10. any action similar to any of those enumerated above.
There can be no assurance however, that in the future the reporting person may
not pursue any or all of the above.
Item 5. Interest in Securities of the Issuer.
(a) The Reporting Person beneficially owns 38,380 shares of the
Issuer's common stock representing four and nine-tenths percent (5.8%) 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 38,380
shares, or 5.8%, of the Issuer's Common Stock.
(c) The following are transactions that were effected by the Reporting
Person:
Transaction Date No. of Shares Price
- ---------------- -------------- ----------
June 23, 1998 5,000 $71,368.03
June 23, 1998 4,500 $62,933.93
June 23, 1998 1,200 $15,203.88
June 24, 1998 7,000 $98,996.90
June 25, 1998 3,700 $52,695.07
June 29, 1998 4,000 $57,069.65
August 7, 1998 1,080 $14,171.79
September 3, 1998 1,000 $11,721.60
September 10, 1998 4,900 $57,106.28
(d) The following are transactions that were effected by the Reporting
Person, as sole trustee for the Lee & Mason Financial Services Profit Sharing:
Transaction Date No. of Shares Price
- ---------------- ------------- ----------
July 6, 1998 6,000 $72,000.00
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
Mr. Ryan is sole trustee of the Lee & Mason Financial Services Profit Sharing
Plan, which owns 6,000 shares of Adirondack Financial Services Bancorp, Inc.
Item 7. Material to be Filed as Exhibits.
None.
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: September 15, 1998
ADIRONDACK FINANCIAL SERVICES BANCORP, INC.
By: Colvin G. Ryan
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Colvin G. Ryan
President
