UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. Eight)*
ES&L BANCORP,INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
269079109
-----------------------------
(CUSIP Number)
December 31, 1998
(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)
___ Rule 13d-1(c)
___ Rule 13d-1(d)
* 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
- ------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
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) / /
- ------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- ------------------------------------------------------------------
(5) SOLE VOTING POWER
0
----------------------------------------
NUMBER OF SHARES (6) SHARED VOTING POWER
BENEFICIALLY OWNED BY 0
EACH REPORTING PERSON ----------------------------------------
WITH (7) SOLE DISPOSITIVE POWER
0
----------------------------------------
(8) SHARED DISPOSITIVE POWER
54,214
- ------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
54,214
- ------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (See Instructions)
- ------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.5%
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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
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
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
- ------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------------------------------------------------------------------
(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
54,214
- ------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
58,714
- ------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (See Instructions)
- ------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.1%
- ------------------------------------------------------------------
(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
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CUSIP No. 269079109 Page 5 of 7 Pages
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a:
(a) / / Broker of Dealer registered under Section 15 of the Exchange Act.
(b) / / Bank as defined in section 3(a)(6) of the Exchange Act.
(c) / / Insurance Company as defined in section 3(a)(19) of the Exchange
Act.
(d) / / Investment Company registered under section 8 of the
Investment Company Act.
(1) (e) /x/ An Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E).
(f) / / An Employee Benefit Plan or Endowment Fund in accordance with
Rule 13d-1(b)(1)(ii)(F).
(2) (g) /x/ Parent Holding Company or control person in accordance with Rule
13d-1(b)(1)(ii)(G).
(h) / / A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act.
(i) / / A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act.
(j) / / Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
(1) As to Valicenti Advisory Services, Inc.
(2) As to Vincent R. Valicenti
Item 4. Ownership
(a) Amount Beneficially Owned: 58,714 Shares
(b) Percent of Class: 7.1%
(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: 54,214
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 11, 1999 Valicenti Advisory Services, Inc.
By:/s/ Vincent R. Valicenti
-------------------------------
Vincent R. Valicenti, President
February 11, 1999 /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, 1998
and agree that this filing is filed on behalf of each
of them.
February 11, 1999 Valicenti Advisory Services, Inc.
By:/s/ Vincent R. Valicenti
-------------------------------
Vincent R. Valicenti, President
February 11, 1999 /s/ Vincent R. Valicenti
-------------------------------
Vincent R. Valicenti
