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FORM 4 OMB APPROVAL
UNITED STATES SECURITIES AND EXCHANGE COMMISSION -----------------------------
[ ] Check this box if no longer WASHINGTON, D.C. 20549 OMB Number 3235-0287
subject to Section 16. Form Expires: September 30, 1998
4 or Form 5 obligations may STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Estimated average burden
continue. See Instruction 1(b). hours per response.......0.5
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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
(Print or Type Responses)
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1.Name and Address of Reporting Person*| 2. Issuer Name and Ticker or Trading Symbol | 6. Relationship of Reporting Person
| | to Issuer (Check all applicable)
BOWERS G. THOMAS | FINGER LAKES FINANCIAL CORP. (SBFL) | __X__ Director _____ 10% Owner
- -------------------------------------------------------------------------------------------| __X__ Officer (give title below)
(Last) (First) (Middle) | 3. IRS or Social | 4. Statement for | _____ Other (specify below)
c/o SAVINGS BANK OF THE FINGER LAKES | Security Number | Month/Year |
470 EXCHANGE STREET | of Reporting | OCTOBER 1998 | PRESIDENT & CHIEF EXECUTIVE OFFICER
- ---------------------------------------| Person (Voluntary) |-------------------------|----------------------------------------
(Street) | | 5. If Amendment, | 7. Individual or Joint/Group Filing
| | Date of Original | (Check Applicable Line)
GENEVA NEW YORK 14456 | | (Month/Year) | _X_ Form filed by One Reporting Person
| | | ___ Form filed by More than One
| | | Reporting Person
- ------------------------------------------------------------------------------------------------------------------------------------
(City) (State) (Zip) | Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Security | 2.Transaction | 3.Transaction | 4.Securities Acquired(A) | 5.Amount of | 6.Owner-| 7.Nature
(Instr. 3) | Date | Code | or Disposed of (D) | Securities | ship | of
| (Month/Day/ | (Instr. 8) | (Instr. 3, 4, and 5) | Beneficially| Form: | Indirect
| Year) | | | Owned at End| Direct | Bene-
| | --------------|--------------------------| of Month | (D) or | ficial
| | | | Amount | (A) | Price | (Instr. 3 | Indirect| Owner-
| | Code | V | | or | | and 4) | (I) | ship
| | | | | (D) | | |(Instr.4)|(Instr.4)
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
COMMON STOCK, PAR VALUE $.01 PER SHARE | 10/20/98 | M | | 2,667 | A | -0- | 54,687 | D |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
COMMON STOCK, PAR VALUE $.01 PER SHARE | | | | | | | 4,000 | I |OWNED BY
| | | | | | | | |SPOUSE
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
COMMON STOCK, PAR VALUE $.01 PER SHARE | | | | | | | 2,188 | I | 401(k)
| | | | | | | | | Plan
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
COMMON STOCK, PAR VALUE, $.01 PER SHARE| | | | | | | 2,898 | I | ESOP
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
| | | | | | | | |
====================================================================================================================================
Reminder: Report on a separate line for each class of securities beneficially owned, directly or indirectly. (over)
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FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
- ------------------------------------------------------------------------------------------------------------------------------------
1.Title of Derivative Security | 2.Conversion | 3.Transaction | 4.Transaction | 5.Number of | 6.Date Exer- | 7.Title and Amount
(Instr. 3) | or Exercise | Date | Code | Derivative | cisable and | of Underlying
| Price of | | (Instr. 8) | Securities | Expiration Date | Securities
| Derivative | (Month/Day/ | | Acquired (A) | (Month/Day/Year) | (Instr. 3 & 4)
| Security | Year) | | or Disposed | |
| | | | of (D) |--------------------------------------
| | | | (Instr. 3, | Date | Expir- | | Amount or
| | | | 4, and 5) | Exer- | ation | Title | Number of
| | |---------------|--------------| cisable | Date | | Shares
| | | Code | V | (A) | (D) | | | |
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EMPLOYEE STOCK OPTION | $8.00 | | | | | | | | Common |
RIGHT TO BUY | | | | | | | | | Stock |
| | | | | | | | | par |
| | | | | | | | | value |
| | | | | | | | | $.01 |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
Phantom Stock Unit | -0- | 10/20/98 | M | | |2,667 | | | Commo |
| | | | | | (3) | | | Stock |
| | | | | | | | | par |
| | | | | | | | | value |
| | | | | | | | | $.01 |
- ------------------------------------------------------------------------------------------------------------------------------------
Phantom Stock Unit | -0- | | | | | | | | Common|
| | | | | | | | | Stock |
| | | | | | | | | par |
| | | | | | | | | value |
| | | | | | | | | $.01 |
- ------------------------------------------------------------------------------------------------------------------------------------
Phantom Stock Unit | -0- | | | | | | | | Common|
| | | | | | | | | Stock |
| | | | | | | | | par |
| | | | | | | | | value |
| | | | | | | | | $.01 |
- ------------------------------------------------------------------------------------------------------------------------------------
8.Price of | 9.Number of | 10.Ownership | 11.Nature of |
Derivative | Derivative | Form of | Indirect |
Security | Securities | Derivative | Beneficial |
(Instr. 5) | Beneficially | Security; | Ownership |
| Owned at End | Direct (D) or | (Instr. 4) |
| of Month | Indirect (I) | |
| (Instr. 4) | (Instr. 4) | |
- -------------------------------------------------------------------|
| 29,500(1) | D | |
- --------------|----------------|-------------------|---------------|
| 5,333(2) | D | |
- --------------|----------------|-------------------|---------------|
| 7,080(4) | D | |
- --------------|----------------|-------------------|---------------|
| 1,200(5) | D | |
- --------------|----------------|-------------------|---------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- -------------------------------------------------------------------
Explanation of Responses:
1) PREVIOUSLY REPORTED OPTION GRANTED UNDER THE ISSUER'S 1996 STOCK OPTION PLAN.
THE OPTION VESTS AND IS EXERCISABLE IN 5,900 SHARE INCREMENTS ON SUCCEEDING
ANNIVERSARIES OF THE GRANT DATE, COMMENCING 04/25/97.
2) THE SHARE AWARD VESTS AND IS EARNED IN 2,666 SHARE INCREMENTS ON SUCCEEDING
ANNIVERSARIES OF THE GRANT DATE, COMMENCING 10/20/98.
3) VESTING OF AWARD GRANTED UNDER THE ISSUER'S 1996 MANAGEMENT RECOGNITION PLAN.
4) PREVIOUSLY REPORTED SHARE AWARD GRANTED UNDER THE ISSUER'S 1996 MANAGEMENT
RECOGNITION PLAN. THE SHARE AWARD VESTS AND IS EARNED IN 2,360 SHARE INCREMENTS
ON SUCCEEDING ANNIVERSARIES OF THE GRANT DATE, COMMENCING 04/25/97.
5) PREVIOUSLY REPORTED SHARE AWARD GRANTED UNDER THE ISSUER'S 1996 MANAGEMENT
RECOGNITION PLAN. THE SHARE AWARD VESTS AND IS EARNED IN 300 SHARE INCREMENTS ON
SUCCEEDING ANNIVERSARIES OF THE GRANT DATE, COMMENCING 06/12/98.
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations
Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient,
see Instruction 6 for procedure. /s/ G. Thomas Bowers 10-21-98
---------------------------------- -------------
G. THOMAS BOWERS Date
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Potential persons who are to respond to the collection of information in this
form contained in this form are not required to respond unless the form displays
a currently valid OMB Number.
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SEC 1474 (7/96)
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