UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. Seven)*
ES&L BANCORP,INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
269079109
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(CUSIP Number)
*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).
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CUSIP No. 269079109 Page 2 of 7 Pages
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(1) NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Valicenti Advisory Services, Inc.
16-19249
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
(a) / /
(b) / /
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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(5) SOLE VOTING POWER
0
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NUMBER OF SHARES (6) SHARED VOTING POWER
BENEFICIALLY OWNED BY 0
EACH REPORTING PERSON ----------------------------------------
WITH (7) SOLE DISPOSITIVE POWER
0
----------------------------------------
(8) SHARED DISPOSITIVE POWER
55,291
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
55,291
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(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (See Instructions)
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.6%
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(12) TYPE OF REPORTING PERSON (See Instructions)
IA
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CUSIP No. 269079109 Page 3 of 7 Pages
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(1) NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Vincent R. Valicenti
###-##-####
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
(a) / /
(b) / /
- ------------------------------------------------------------------
(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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(5) SOLE VOTING POWER
4,500
----------------------------------------
NUMBER OF SHARES (6) SHARED VOTING POWER
BENEFICIALLY OWNED BY 0
EACH REPORTING PERSON ----------------------------------------
WITH (7) SOLE DISPOSITIVE POWER
4,500
----------------------------------------
(8) SHARED DISPOSITIVE POWER
55,291
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
59,791
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(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (See Instructions)
- ------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.2%
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(12) TYPE OF REPORTING PERSON (See Instructions)
IN
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CUSIP No. 269079109 Page 4 of 7 Pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
(Under the Securities and Exchange Act of 1934)
Item 1.
(a) Name of Issuer:
ES&L Bancorp, Inc.
(b) Address of Issuer's Principal Executive Offices:
300 West Water Street
Elmira, New York 14901
Item 2.
(a) Name of Person Filing:
Valicenti Advisory Services, Inc. and Vincent R.
Valicenti
(b) Address of Principal Business Office or, if
none, Residence:
400 East Water Street
Elmira, New York 14901-3411
(c) Citizenship:
See Item 4 of respective cover pages.
(d) Title or Class of Securities:
Common Stock
(e) CUSIP Number:
269079109
Item 3. Type of Reporting Person:
If this statement is filed pursuant to Rules 13d-1(b),
or 13d-2(b), check whether the person filing is a:
(a) / / Broker or Dealer registered under Section
15 of the Act
(b) / / Bank as defined in section 3(a)(6) of the
Act
(c) / / Insurance Company as defined in section
3(a)(19) of the Act
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CUSIP No. 269079109 Page 5 of 7 Pages
(d) / / Investment Company registered under
section 8 of the Investment Company Act
(e) /X/ Investment Advisor registered under section
203 of the Investment Advisers Act of 1940
(f) / / Employee Benefit Plan, Pension Fund which
is subject to the provisions of the
Employee Retirement Income Security Act of
1974 or Endowment Fund; see Section
240.13d-1(b)(1)(ii)(F)
(g) / / Parent Holding Company, in accordance with
Section 240.13d-1(b)(ii)(G) (Note: See
Item 7)
(h) / / Group, in accordance with Section 240.13d-1
(b)(1)(ii)(H)
Vincent R. Valicenti is the sole shareholder of
Valicenti Advisory Services, Inc., and, therefore, may
be deemed to share the voting and dispositive power
held by Valicenti Advisory Services, Inc. Vincent R.
Valicenti is filing this joint Schedule 13G Statement
along with Valicenti Advisory Services, Inc. in
accordance with the Securities and Exchange
Commission's interpretive policy that individuals who
control an entity which is eligible to file reports on
Schedule 13G pursuant to Rule 13d-1(b)(ii)(G) may file
a joint Schedule 13G with such Schedule 13G eligible
entity, provided that such individuals' holdings
(exclusive of those held through such entity) do not
exceed 1% and a separate cover page is filed for each
such individual. See e.g. No-action letters issued to
Edward C. Johnson 3d (available August 20, 1991) and
Berkshire Hathaway, Incorporated (available October 3,
1986). Vincent R. Valicenti owns 4,500 shares of the
Common Stock of ES&L Bancorp, Inc. in addition to those
owned indirectly through Valicenti Advisory Services,
Inc.
Item 4. Ownership
(a) Amount Beneficially Owned: 59,791 Shares
(b) Percent of Class: 7.2%
(c) Number of Shares as to which such person has:
(i) sole power to vote or direct the vote: 4,500
(ii) shared power to vote or direct the vote: 0
(iii) sole power to dispose or direct the
disposition of: 4,500
(iv) shared power to dispose or direct the
disposition of: 55,291
Item 5. Ownership of Five Percent or Less of a Class:
Not Applicable
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CUSIP No. 269079109 Page 6 of 7 Pages
Item 6. Ownership of More than Five Percent on Behalf
of Another Person:
Other than the 4,500 shares owned individually
by Vincent R. Valicenti (representing .54 of 1% of the
outstanding shares of ES&L Bancorp, Inc.), all of the
shares of ES&L Bancorp, Inc. beneficially owned by the
reporting persons are owned by investment advisory
clients of Valicenti Advisory Services, Inc., none of
whom own more than 5% of the outstanding shares of ES&L
Bancorp, Inc.
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
Item 10. Certification:
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above
were acquired in the ordinary course of business and
were not acquired for the purpose of and do not have
the effect of changing or influencing the control of
the issuer of such securities and were not acquired in
connection with or as a participant in any transaction
having such purposes or effect.
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.
February 17, 1998 Valicenti Advisory Services, Inc.
By:/s/ Vincent R. Valicenti
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Vincent R. Valicenti, President
February 17, 1998 /s/ Vincent R. Valicenti
-------------------------------
Vincent R. Valicenti
CUSIP No. 269079109 Page 7 of 7 Pages
Exhibit A
AGREEMENT PURSUANT TO RULE 13D-1(F)(1)
The undersigned persons agree and consent to
the joint filing on their behalf of this Schedule 13G
in connection with their beneficial ownership of the
common stock of ES&L Bancorp, Inc. at December 31, 1996
and agree that this filing is filed on behalf of each
of them.
February 17, 1998 Valicenti Advisory Services, Inc.
By:/s/ Vincent R. Valicenti
-------------------------------
Vincent R. Valicenti, President
February 17, 1998 /s/ Vincent R. Valicenti
-------------------------------
Vincent R. Valicenti
