LIBERTY CORP
SC 13G/A, 1996-02-13
LIFE INSURANCE
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<PAGE>   1

                                UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
                                       

                                 SCHEDULE 13G
                                       
                                       
                                       
           INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                             (Amendment No. 7)*
                                            
                                       
                                       
                           THE LIBERTY CORPORATION
               -----------------------------------------------
                               (Name of Issuer)
                                       
                                       
                                       
                                       
                                 COMMON STOCK
               -----------------------------------------------
                        (Title of Class of Securities)
                                       
                                       
                                       
                                       
                                 530370 10 5
               -----------------------------------------------
                                (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.)

*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 8 pages
<PAGE>   2


CUSIP No. 530370 10 5              SCHEDULE 13G      Page  2     of   4    Pages
         ---------------------                           --------  -------- 

  (1)     Names of Reporting Persons                 
          S.S. or I.R.S. Identification Nos. of Above Persons                
          
          
          FRANCES M. MCCREERY
          ----------------------------------------------------------------------

  (2)     Check the Appropriate Box if a Member of a Group*         (a)   [   ]
                                                                    (b)   [ X ] 
          ----------------------------------------------------------------------

  (3)     SEC Use Only

          ----------------------------------------------------------------------

  (4)     Citizenship or Place of Organization                      

          UNITED STATES OF AMERICA
          ----------------------------------------------------------------------

                       (5)     Sole Voting Power                    

                       
  Number of            1,070,218
   Shares              ---------------------------------------------------------
 Beneficially          (6)     Shared Voting Power                  
  Owned by   
    Each               7,200
  Reporting            ---------------------------------------------------------
 Person With           (7)     Sole Dispositive Power               

                       
                       1,070,218
                       ---------------------------------------------------------
                       (8)     Shared Dispositive Power             

                       7,200
                       ---------------------------------------------------------

  (9)     Aggregate Amount Beneficially Owned by Each Reporting Person         
          
          
          1,077,418
          ----------------------------------------------------------------------

 (10)     Check Box if the Aggregate Amount in Row 9 Excludes Certain
          Shares*                                                         [   ]
          ----------------------------------------------------------------------

 (11)     Percent of Class Represented by Amount in Row 9           

          5.4%
          ----------------------------------------------------------------------

 (12)     Type of Reporting Person*

          IN
          ----------------------------------------------------------------------
                    *SEE INSTRUCTIONS BEFORE FILLING OUT!


                              Page 2 of 8 pages

<PAGE>   3

                     SECURITIES AND EXCHANGE COMMISSION
                          Washington, D. C.  20549

                                SCHEDULE 13G
                  Under The Securities Exchange Act of 1934

                                      
Item 1(a).           Name of Issuer:

                            The Liberty Corporation

Item 1(b).           Address of Issuer's Principal Executive Offices:

                            2000 Wade Hampton Boulevard
                            Greenville, South Carolina  29615

Item 2(a).           Name of Person Filing:

                            Frances M. McCreery

Item 2(b).           Address of Principal Business Office or, If None, 
                     Residence:

                            3190 Roundwood Road, Daisy Hill
                            Chagrin Falls, Ohio   44022

Item 2(c).           Citizenship:

                            United States of America

Item 2(d).           Title of class of securities:

                            Common Stock

Item 2(e).           CUSIP Number:

                            530370-10-5

Item 3.              Not Applicable

Item 4.              Ownership:

                     (a)  Amount Beneficially Owned:            1,077,418 shares

                     (b)  Percent of Class:                           5.4%

                     (c)  Number of shares as to which
                            such person has:

                        (i) Sole Power to vote or direct 
                                   the vote                     1,070,218 shares

                       (ii) Shared power to vote or direct 
                                   the vote                         7,200 shares

                      (iii) Sole power to dispose or direct the
                                   disposition of               1,070,218 shares

                      (iv) Shared power to dispose or direct        7,200 shares
                                   the disposition of

                     Mrs. McCreery disclaims beneficial ownership of all the
shares shown above except the 1,070,218 shares as to which she has sole voting
and dispositive power.

                                                               Page 3 of 4 Pages
<PAGE>   4

Item 5.              Ownership of Five Percent or Less of a Class:
                            Not applicable.

Item 6.              Ownership or More than Five Percent on Behalf of Another
Person:
                     The shares shown in Item 4(ii) and (iv) above are held by
persons or entities having the right to receive dividends and sale proceeds as
follows:

                     (a) 6,400 shares (or .03%) are held by Mrs. McCreery and
her daughter, Gail Cooke, as trustees of a trust for the benefit of the son of
Mrs. McCreery's daughter (Gail Cooke).

                     (b) 800 shares (or .01%) are held in trust for the benefit
of Mrs. McCreery's husband.

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 the Group:

                                Not applicable.

Item 10.             Certification:

                     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.





February 4, 1996                             /s/ Frances M. McCreery
                                         -------------------------------------
                                                 Frances M. McCreery





                                                              Page 4 of 4 Pages.


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