SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 1)1
1ST STATE BANCORP, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
33645S 10 0
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(CUSIP Number)
OCTOBER 6, 2000
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[x] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
/1/ 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 the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 11 pages
<PAGE>
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CUSIP NO. 33645S 10 0 13G Page 2 of 11 Pages
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1 NAMES OF REPORTING PERSONS:
1ST STATE BANCORP, INC. EMPLOYEE STOCK OWNERSHIP PLAN TRUST
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF NORTH CAROLINA
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5 SOLE VOTING POWER 0
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER 253,050
BENEFICIALLY ------------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER 0
EACH ------------------------------------------------------
REPORTING 8 SHARED DISPOSITIVE POWER 253,050
PERSON ------------------------------------------------------
WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
253,050
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.0%
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12 TYPE OF REPORTING PERSON *
EP
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 33645S 10 0 13G Page 3 of 11 Pages
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1 NAMES OF REPORTING PERSONS:
1ST STATE BANK DEFERRED COMPENSATION PLAN
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF NORTH CAROLINA
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5 SOLE VOTING POWER 0
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER 165,626
BENEFICIALLY ------------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER 0
EACH ------------------------------------------------------
REPORTING 8 SHARED DISPOSITIVE POWER 165,626
PERSON ------------------------------------------------------
WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
165,626
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.03%
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12 TYPE OF REPORTING PERSON *
EP
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 33645S 10 0 13G Page 4 of 11 Pages
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1 NAMES OF REPORTING PERSONS:
JAMES G. MCCLURE
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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5 SOLE VOTING POWER 42,221 (1)
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER 433,861 (2)
BENEFICIALLY ------------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER 42,221 (1)
EACH ------------------------------------------------------
REPORTING 8 SHARED DISPOSITIVE POWER 433,861 (2)
PERSON ------------------------------------------------------
WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
476,082 (1)(2)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.40% (3)
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12 TYPE OF REPORTING PERSON *
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 15,816 shares that may be acquired upon the exercise of options
exercisable within 60 days.
(2) Includes 253,050 shares owned by the 1st State Bancorp, Inc. Employee Stock
Ownership Plan Trust and 165,626 shares owned by the 1st State Bank
Deferred Compensation Plan, of each which the reporting person serves as a
trustee.
(3) Assumes that options for 15,816 shares have been exercised.
<PAGE>
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CUSIP NO. 33645S 10 0 13G Page 5 of 11 Pages
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1 NAMES OF REPORTING PERSONS:
VIRGIL L. STADLER
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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5 SOLE VOTING POWER 63,780 (1)
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER 426,436 (2)
BENEFICIALLY ------------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER 63,780 (1)
EACH ------------------------------------------------------
REPORTING 8 SHARED DISPOSITIVE POWER 426,436 (2)
PERSON ------------------------------------------------------
WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
490,216 (1)(2)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.83% (3)
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12 TYPE OF REPORTING PERSON *
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 15,816 shares that may be acquired upon the exercise of options
exercisable within 60 days.
(2) Includes 253,050 shares owned by the 1st State Bancorp, Inc. Employee Stock
Ownership Plan Trust and 165,626 shares owned by the 1st State Bank
Deferred Compensation Plan, of each which the reporting person serves as a
trustee.
(3) Assumes that options for 15,816 shares have been exercised.
<PAGE>
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CUSIP NO. 33645S 10 0 13G Page 6 of 11 Pages
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1 NAMES OF REPORTING PERSONS:
RICHARD H. SHIRLEY
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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5 SOLE VOTING POWER 47,219 (1)
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER 418,676 (2)
BENEFICIALLY ------------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER 47,219 (1)
EACH ------------------------------------------------------
REPORTING 8 SHARED DISPOSITIVE POWER 418,676 (2)
PERSON ------------------------------------------------------
WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
465,895 (1)(2)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.09% (3)
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12 TYPE OF REPORTING PERSON *
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 15,816 shares that may be acquired upon the exercise of options
exercisable within 60 days.
(2) Includes 253,050 shares owned by the 1st State Bancorp, Inc. Employee Stock
Ownership Plan Trust and 165,626 shares owned by the 1st State Bank
Deferred Compensation Plan, of each which the reporting person serves as a
trustee.
(3) Assumes that options for 15,816 shares have been exercised.
<PAGE>
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Page 7 of 11 Pages
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Securities and Exchange Commission
Washington, D.C. 20549
ITEM 1(a) NAME OF ISSUER.
1st State Bancorp, Inc.
ITEM 1(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES.
445 S. Main Street
Burlington, North Carolina 27215
ITEM 2(a) NAME OF PERSON(S) FILING.
1st State Bancorp, Inc. Employee Stock Ownership Plan Trust ("ESOP"), 1st
State Bank Deferred Compensation Plan ("Deferred Compensation Plan"), and the
following individuals who serve as trustees of the ESOP and the Deferred
Compensation Plan: James G. McClure, Virgil L. Stadler and Richard H. Shirley.
ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE.
Same as Item 1(b).
ITEM 2(c) CITIZENSHIP.
See Row 4 of the second part of the cover page provided for each reporting
person.
ITEM 2(d) TITLE OF CLASS OF SECURITIES.
Common Stock, par value $.01 per share.
ITEM 2(e) CUSIP NUMBER.
See the upper left corner of the second part of the cover page provided for
each reporting person.
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(b), OR 13D-2(b) OR
(c), CHECKWHETHER THE PERSON FILING IS A:
(f)[x] The ESOP is an employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F).
This Schedule 13G also is being filed on behalf of the Deferred
Compensation Plan and by each trustee of the ESOP and the Deferred Compensation
Plan, filing pursuant to Rule 13d-1(c) and applicable SEC no-action letters.
<PAGE>
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Page 8 of 11 Pages
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ITEM 4. OWNERSHIP.
(a) Amount Beneficially Owned: See Row 9 of the second part of the cover page
provided for each reporting person.
(b) Percent of Class: See Row 11 of the second part of the cover page provided
for each reporting person.
(c) See Rows 5, 6, 7, and 8 of the second part of the cover page provided for
each reporting person.
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.
Not applicable.
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.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
<PAGE>
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Page 9 of 11 Pages
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ITEM 10. CERTIFICATION.
By signing below, each signatory in the capacity of a trustee of the
1st State Bancorp, Inc. Employee Stock Ownership Plan Trust certifies that, to
the best of his knowledge and belief, the securities referred to above were not
acquired and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.
By signing below, each signatory in the capacity of a trustee of the
1st State Bank Deferred Compensation Plan certifies that, to the best of his
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
By signing below, each signatory in his individual capacity certifies
that, to the best of his knowledge and belief, the securities referred to above
were not acquired and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in any
transaction having that purpose or effect.
<PAGE>
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Page 10 of 11 Pages
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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.
1ST STATE BANCORP, INC.
EMPLOYEE STOCK OWNERSHIP PLAN TRUST
BY ITS TRUSTEES:
/s/ Richard H. Shirley October 17, 2000
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Richard H. Shirley, as Trustee Date
/s/ James G. McClure October 17, 2000
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James G. McClure, as Trustee Date
/s/ Virgil L. Stadler October 17, 2000
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Virgil L. Stadler, as Trustee Date
1ST STATE BANK
DEFERRED COMPENSATION PLAN
BY ITS TRUSTEES:
/s/ Richard H. Shirley October 17, 2000
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Richard H. Shirley, as Trustee Date
/s/ James G. McClure October 17, 2000
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James G. McClure, as Trustee Date
/s/ Virgil L. Stadler October 17, 2000
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Virgil L. Stadler, as Trustee Date
SIGNATURES:
/s/ Richard H. Shirley October 17, 2000
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Richard H. Shirley, as an Individual Stockholder Date
/s/ James G. McClure October 17, 2000
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James G. McClure, as an Individual Stockholder Date
/s/ Virgil L. Stadler October 17, 2000
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Virgil L. Stadler, as an Individual Stockholder Date
<PAGE>
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Page 11 of 11 Pages
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EXHIBIT TO SCHEDULE 13G
AGREEMENT
The undersigned hereby agree that this Amendment No. 1 to Schedule 13G
is filed on behalf of each of the parties whose signature appears below.
1ST STATE BANCORP, INC.
EMPLOYEE STOCK OWNERSHIP PLAN TRUST
BY ITS TRUSTEES:
/s/ Richard H. Shirley October 17, 2000
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Richard H. Shirley, as Trustee Date
/s/ James G. McClure October 17, 2000
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James G. McClure, as Trustee Date
/s/ Virgil L. Stadler October 17, 2000
---------------------------------- ----------------------------
Virgil L. Stadler, as Trustee Date
1ST STATE BANK
DEFERRED COMPENSATION PLAN
BY ITS TRUSTEES:
/s/ Richard H. Shirley October 17, 2000
---------------------------------- ----------------------------
Richard H. Shirley, as Trustee Date
/s/ James G. McClure October 17, 2000
---------------------------------- ----------------------------
James G. McClure, as Trustee Date
/s/ Virgil L. Stadler October 17, 2000
---------------------------------- ----------------------------
Virgil L. Stadler, as Trustee Date
SIGNATURES:
/s/ Richard H. Shirley October 17, 2000
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Richard H. Shirley, as an Individual Stockholder Date
/s/ James G. McClure October 17, 2000
------------------------------------------------ ----------------------------
James G. McClure, as an Individual Stockholder Date
/s/ Virgil L. Stadler October 17, 2000
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Virgil L. Stadler, as an Individual Stockholder Date
