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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
PennCorp Financial Group Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock ($.01 par value); $3.375 Convertible Preferred Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
708094107
- --------------------------------------------------------------------------------
(CUSIP Number)
National Bancshares Corp of Texas and
NBT of Delaware, Inc. - 1209 Orange St. RM. 123, Wilmington, DE 19801
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
11-5-98
- --------------------------------------------------------------------------------
(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 Rule 13d-1(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with the statement / /. (A fee
is not required only if the reporting 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.)
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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.
The information required on 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> 2
SCHEDULE 13D
CUSIP NO. PAGE 2 OF 5 PAGES
708094107
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
National Bancshares Corp.
74-1692337
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
N/A (b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC - WORKING CAPITAL
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
N/A
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER 177,100 $3.375 conv. pref (conv. into
2.2124) = 391,816 com. eq. shares; 67,330
$3.500 conv. pref (conv. into 1.4326) =
NUMBER OF 96,456 com eq. shares; 1,787,472 com. &
SHARES com. equivalents
BENEFICIALLY -------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING SAME
PERSON -------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
SAME
-------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
SAME
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
177,100 $3.375 conv. pref (conv. into 2.2124) = 391,816 com. eq.
shares; 67,330 $3.500 conv. pref (conv. into 1.4326) = 96,456 com eq.
shares; 1,787,472 com. & com. equivalents
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
N/A
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.321% common stock
7.700% $3.375 conv. preferred
2.340% $3.500 conv. preferred
5.95% of common shares outstanding plus Filer's common equivalents
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC-Holding Company
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 3
SCHEDULE 13D
CUSIP NO. PAGE 3 OF 5 PAGES
708094107
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NBT of Delaware, Inc.
51-0372119
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
N/A (b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC - WORKING CAPITAL
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
N/A
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER 177,100 $3.375 conv. pref (conv. into
2.2124) = 391,816 com. eq. shares; 67,330
$3.500 conv. pref (conv. into 1.4326) =
NUMBER OF 96,456 com eq. shares; 1,787,472 com. &
SHARES com. equivalents
BENEFICIALLY -------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING SAME
PERSON -------------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
SAME
-------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
SAME
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
177,100 $3.375 conv. pref (conv. into 2.2124) = 391,816 com. eq.
shares; 67,330 $3.500 conv. pref (conv. into 1.4326) = 96,456 com eq.
shares; 1,787,472 com. & com. equivalents
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
N/A
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.321% common stock
7.700% $3.375 conv. preferred
2.340% $3.500 conv. preferred
5.95% of common shares outstanding plus Filer's common equivalents
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC-Holding Company
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 4
SCHEDULE 13-D PENNCORP FINANCIAL GROUP INC.
Common Stock
Item 1. Security and Issuer
PENNCORP FINANCIAL GROUP INC.
590 MADISON AVE
NEW YORK, NY 10022
Common stock
Item 2. Identity and Background
A) NBT OF DELAWARE, INC.
b) 1209 ORANGE ST RM 123
WILMINGTON, DE 19801
c) HOLDING COMPANY
d) N/A
e) N/A
f) UNITED STATES OF AMERICA
Item 3. Source and Amount of Funds or Other Consideration
CASH
Item 4. Purpose of Transaction
INVESTMENT PURPOSES
Item 5. Interest in Securities of the Issuer
a) AS OF NOVEMBER 10, 1998, THE COMPANY IN THE AGGREGATE
BENEFICIALLY OWNED, 1,299,200 COMMON STOCK SHARES. IN
ADDITION, THE COMPANY HOLDS 177,100 SHARES OF CONVERTIBLE
PREFERRED $3.375 (CONVERTIBLE INTO 2.2124 SHARES OF COMMON)
OR 391,816 EQUIVALENT COMMON SHARES. IN ADDITION, THE COMPANY
HOLDS 68,330 SHARES OF CONVERTIBLE PREFERRED $3.50
(CONVERTIBLE INTO 1.4326 OF COMMON SHARES) OR 96,456
EQUIVALENT COMMON SHARES. THE TOTAL HOLDINGS OF COMMON AND
PREFERRED, ASSUMING CONVERSION, IS 1,787,472 COMMON SHARES OR
5.95% OF OUTSTANDING COMMON.
b) THE COMPANY HOLDS SOLE VOTING AND DISPOSITIVE POWER.
c) PENNCORP FINANCIAL COMMON STOCK
<TABLE>
<CAPTION>
DATE NO. OF SHARES PRICE EXCHANGE
---- ------------- ----- --------
<S> <C> <C> <C>
11/10/98 407,200 $1.50 NYSE
11/09/98 92,000 $1.5014 NYSE
11/04/98 500,000 $1.625 NYSE
10/23/98 80,400 $1.8325 NYSE
10/15/98 94,300 $1.6819 NYSE
10/07/98 85,300 $2.3681 NYSE
09/24/98 40,000 $2.5925 NYSE
</TABLE>
<PAGE> 5
PENNCORP FINANCIAL CONV PFD $3.75
<TABLE>
<CAPTION>
DATE NO. OF SHARES PRICE EXCHANGE
---- ------------- ------- --------
<S> <C> <C> <C>
11/09/98 7,100 $13.875 NYSE
10/30/98 46,700 $13.77 NYSE
10/29/98 15,500 $13.4879 NYSE
10/28/98 7,800 $13.3494 NYSE
10/23/98 9,500 $13.25 NYSE
10/19/98 5,000 $13.25 NYSE
10/16/98 14,500 $13.25 NYSE
10/15/98 17,500 $13.50 NYSE
10/09/98 8,500 $12.875 NYSE
09/10/98 45,000 $15.79 NYSE
</TABLE>
PAGE 2
Item 5. Interest in Securities of the Issuer
PENNCORP FINANCIAL CONV PFD $3.50
<TABLE>
<CAPTION>
DATE NO. OF SHARES PRICE EXCHANGE
---- ------------- ------- --------
<S> <C> <C> <C>
10/30/98 20,500 $9.77 OTC
10/27/98 10,000 $9.625 OTC
09/22/98 26,830 $9.6102 OTC
09/23/98 10,000 $9.375 OTC
</TABLE>
d) N/A
e) N/A
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
N/A
Item 7. Material to Be Filed as Exhibits
N/A
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.
Dated: November 13, 1998
---------------------------
Jay H. Lustig
President
NBT of Delaware, Inc.
