UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington. D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. _____)*
STERLING WEST BANCORP
____________________________________________________
(Name of Issuer)
COMMON STOCK
____________________________________________________________________________
(Title of Class of Securities)
859728107
_____________________________________
(CUSIP Number)
Philip V. Oppenheimer 119 West 57th St. New York, NY 10019 (212) 489-7527
_________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
February 26, 1996
_________________
(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_X_. (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 of 8
SCHEDULE 13D
CUSIP NO. 859728107
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
OPPENHEIMER-SPENCE FINANCIAL SERVICES PARTNERSHIP L.P.
13-3747447
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)___
(b)_X_
3 SEC USE ONLY
4 SOURCE OF FUNDS*
00
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS ____
IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
7 SOLE VOTING POWER
NUMBER OF
SHARES 116,397
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING PERSON 9 SOLE DISPOSITIVE POWER
116,397
10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
116,397
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* ____
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.8%
14 TYPE OF REPORTING PERSON*
PN
<PAGE> 3 of 8
SCHEDULE 13D
CUSIP NO. 859728107
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PHILIP V. OPPENHEIMER
###-##-####
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)___
(b)_X_
3 SEC USE ONLY
4 SOURCE OF FUNDS*
00
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS ____
IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
7 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 116,397
REPORTING PERSON
WITH 9 SOLE DISPOSITIVE POWER
0
10 SHARED DISPOSITIVE POWER
116,397
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
116,397
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* ____
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.8%
14 Type of reporting person*
IN
<PAGE> 4 of 8
SCHEDULE 13D
CUSIP NO. 859728107
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JOHN W. SPENCE III
###-##-####
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)___
(b)_X_
3 SEC USE ONLY
4 SOURCE OF FUNDS*
00
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS ____
IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
7 SOLE VOTING POWER
NUMBER OF
SHARES 3,706
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 120,103
REPORTING PERSON
WITH 9 SOLE DISPOSITIVE POWER
3,706
10 SHARED DISPOSITIVE POWER
120,103
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
120,103
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* ____
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7%
14 TYPE OF REPORTING PERSON*
IN
<PAGE> 5 of 8
CUSIP No. 859728107
Item 1. Security and Issuer.
____________________
This statement relates to the Common Stock of Sterling West
Bancorp (the "Issuer"). The Issuer's principal executive offices are
located at 3287 Wilshire Boulevard Los Angeles, California 90010.
Item 2. Identity and Background.
________________________
(a) The names of the persons filing this statement are
Oppenheimer-Spence Financial Services Partnership L.P. a Delaware limited
partnership (the "Partnership"), Philip V. Oppenheimer and John W. Spence
III. Philip V. Oppenheimer, John W. Spence III and P. Oppenheimer
Administrative Corp., a Delaware corporation, which is controlled by Philip
V. Oppenheimer, are the general partners of the Partnership.
(b) The principal business address of the Partnership, Philip V.
Oppenheimer and P. Oppenheimer Administrative Corp. is 119 West 57th Street,
New York, New York 10019. The principal business address of John W. Spence
III is 4712 Clendenin, Nashville, Tennessee 37220.
(c) The principal business of the Partnership is to purchase,
sell, trade and invest in securities. The principal business of P.
Oppenheimer & Administrative Corp. is the furnishing of administrative
support for the limited partnerships for which it is a general partner. The
principal business of Philip V. Oppenheimer is to serve as an executive
officer of P. Oppenheimer & Associates Inc. and as a general partner of the
Partnership. Philip V. Oppenheimer is the sole executive officer, director
and shareholder of P. Oppenheimer Administrative Corp. The principal
business of John W. Spence III is to serve as a general partner of the
Partnership, as the general partner of Spence Limited, L.P., and to publish
a monthly news letter covering financial services.
(d) During the last five years, none of the persons or entities
listed in the response to Item 2 (a) above has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
(e) During the last five years, none of the persons or entities
listed in the response to Item 2 (a) above was a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a
result of such proceeding 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 violation with
respect to such laws.
(f) Philip V. Oppenheimer and John W. Spence III are citizens of
the United States of America.
<PAGE> 6 of 8
Item 3. Source and Amount of Funds or Other Consideration.
___________________________________________________
The Partnership used $28,042.29 of its own liquid funds to
acquire 11,807 shares of the Issuer's Common Stock between October 17, 1994
and November 8, 1995.
The Partnership used $3,560.00 of its own liquid funds to
acquire 1,000 shares of the Issuer's Common Stock on January 30, 1996.
The Partnership used $368,780.40 from its margin account at
Pershing to acquire the 103,590 shares of the Issuer's Common Stock it
acquired on February 26, 1996.
Spence Limited, L.P. used $8,342.05 from its own liquid
funds to acquire 3706 shares of the Issuer's Common Stock on August 25,
1995.
Item 4. Purpose of the Transaction.
___________________________
The reporting persons have acquired their shares of the
Common Stock of the Issuer for the purpose of investment. The reporting
persons do not intend to seek control of the Issuer. However, the reporting
persons may undertake an evaluation of the way the Issuer is managed, and,
based on that evaluation, may enter into discussions with the management of
the Issuer or otherwise take action that may influence the affairs of the
Issuer. Depending on market conditions and other factors that they may deem
material, the reporting persons may purchase additional shares of the
Issuer's Common Stock or may dispose of all or a portion of the Issuer's
Common Stock they now own or may hereafter acquire
Item 5. Interest in Securities of the Issuer.
_____________________________________
(a) The Partnership owns 116,397 shares of the Issuer's Common
Stock. Based upon 1,710,429 shares of the Issuer's Common Stock issued and
outstanding on September 30, 1995, the Partnership's ownership represents
6.805% of the class. Philip V. Oppenheimer and P. Oppenheimer &
Administrative Corp. do not directly own any shares of the Issuer's Common
Stock, but have shared power with John W. Spence III to vote and dispose of
the shares owned by the Partnership. Spence Limited, L.P., a Tennessee
limited partnership for which John W. Spence III is sole general partner,
owns 3,706 shares, which represent .2% of the class.
(b) The Partnership has sole voting and dispositive power for
the 116,397 shares of the Issuer it currently owns and Philip V.
Oppenheimer, John W. Spence III and the P. Oppenheimer Administrative Corp.
share voting and dispositive power with respect to shares owned by the
Partnership. John W. Spence III has sole power to vote and dispose the
3,706 shares of the Issuer held by Spence Limited, L.P. The Partnership is
controlled by Philip V. Oppenheimer and John W. Spence III. Spence Limited,
L.P. is controlled solely by John W. Spence III.
<PAGE> 7 of 8
(c) The Partnership used $3,560.00 of its own liquid funds to
acquire 1,000 shares of the Issuer's Common Stock on January 30, 1996.
The Partnership acquired 103,590 shares of the Issuer's
Common Stock on February 26, 1996 at a price (excluding commissions) of
$3.50 per share. All of such shares were acquired in open-market purchases
over-the-counter.
(d) No person other than the Partnership, acting through Philip
V. Oppenheimer, John W. Spence III, and P. Oppenheimer Administrative Corp.
as general partners, has the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of, the shares of
the Issuer's Common Stock owned by the Partnership.
No person other than John W. Spence III has the right to
receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the shares of the Issuer's Common Stock owned by
Spence Limited, L.P.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships
________________________________________________________
with Respect to Securities of the Issuer.
_________________________________________
Although the Partnership and Spence Limited, L.P. have made
no agreement regarding their respective shares of the Issuer, because John
W. Spence III is a General Partner in both the Partnership and Spence
Limited, L.P., it is likely that any decision by either entity regarding
disposition of the shares of the Issuer would be the same.
Item 7. Material to Be Filed as Exhibits.
_________________________________
EXHIBIT 1: Joint filing agreement among Oppenheimer-Spence
Financial Services Partnership L.P., Philip V. Oppenheimer, and John W.
Spence III.
<PAGE> 8 of 8
Signature
After reasonable inquiry and to the best of my knowledge and
belief, the Partnership, Philip V. Oppenheimer, and John W. Spence certify
that the information set forth in this statement is true, complete and
correct.
OPPENHEIMER-SPENCE FINANCIAL
March 7, 1996 SERVICES PARTNERSHIP L.P.
_____________ Signature
Date
/s/ Philip V. Oppenheimer
By:____________________________
Philip V. Oppenheimer
General Partner
/s/ John W. Spence III
By: ____________________________
John W. Spence III
General Partner
/s/ Philip V. Oppenheimer
_________________________
Philip V. Oppenheimer
/s/ John W. Spence III
_______________________
John W. Spence III
EXHIBIT 1
JOINT FILING AGREEMENT AMONG: PHILIP V. OPPENHEIMER, JOHN W. SPENCE III, AND
OPPENHEIMER-SPENCE FINANCIAL SERVICES PARTNERSHIP, L.P.
Whereas, in accordance with Rule 13d 1(f) under the Securities and Exchange
Act of 1934 (the "Act"), only one joint Statement and any amendments thereto
need to be filed whenever one or more persons are required to file such a
statement or any amendments thereto pursuant to Section 13(d) of the Act
with respect to the same securities, provided that said persons agree in
writing that such Statement or amendments thereto is filed on behalf of each
of them;
NOW, THEREFORE, the parties hereto agree as follows:
Philip V. Oppenheimer, John W. Spence, and Oppenheimer-Spence Financial
Services Partnership L.P. do hereby agree, in accordance with Rule 13d-1(f)
under the Act, to file a statement on Schedule 13D relating to their
ownership of the Common Stock of Sterling West Bancorp and do hereby further
agree that said statement shall be filed on behalf of each of them.
Dated March 1, 1996
/s/ Philip V. Oppenheimer
By: __________________________
Philip V. Oppenheimer
/s/ John W. Spence III
By: _________________________
John W. Spence III
For the Oppenheimer-Spence Financial Services Partnership, L.P.:
/s/ Philip V. Oppenheimer /s/ John W. Spence
__________________________ _______________________
Philip V. Oppenheimer John W. Spence
General Partner General Partner
