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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 2)*
of
Tweedy, Browne Company L.P.
SCHEDULE 13D
(Amendment No. 2)*
of
TBK Partners, L.P.
SCHEDULE 13D
(Amendment No. 2)*
of
Vanderbilt Partners, L.P.
Under the Securities Exchange Act of 1934
SUFFOLK BANCORP
(Name of Issuer)
Common Stock, Par Value $5.00 per Share
(Title of Class of Securities)
864739107
(CUSIP Number)
John D. Spears
52 Vanderbilt Avenue
New York, New York 10017
(212) 916-0600
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
JULY 9, 1997
(Date of Event which Required Filing of this Statement)
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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 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.)
* 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 the provisions of the Act (however, see the Notes).
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PRELIMINARY NOTE
The persons filing this Amendment No. 2 are (i) Tweedy, Browne Company
L.P. ("TBC"), a Delaware limited partnership, (ii) TBK Partners, L.P. ("TBK"), a
Delaware limited partnership and (iii) Vanderbilt Partners, L.P. ("Vanderbilt"),
a Delaware limited partnership. This Amendment No. 2 amends a Statement on
Schedule 13D filed by TBC, TBK and Vanderbilt dated August 23, 1994 ( the
"Statement"). The filing of this Amendment No. 2 should not be deemed an
admission that TBC, TBK and Vanderbilt comprise a group within the meaning of
Section 13(d)(3) of the Securities and Exchange Act of 1934, as amended (the
"Act").
This Amendment No. 2 relates to the Common Stock, $5.00 par value (the
"Common Stock"), of Suffolk Bancorp. (The "Company"), which, to the best
knowledge of the persons filing this Amendment No. 2, is a company organized
under the laws of Delaware, with its principal executive offices at 6 West
Second Street, New York 11901.
This Amendment No. 2 is being filed because the filing persons are no
longer subject to the filing requirements of Section 13(d)(3) of the Securities
Exchange Act of 1934 (the "Act") as a result of the disposition of their
respective shares of Common Stock pursuant to a privately negotiated sale.
This Amendment No. 2 contains information regarding shares of Common
Stock that may be deemed to be beneficially owned by TBC. Such shares are held
in the accounts of various customers of TBC, with respect to which it has
obtained sole or shared voting power.
Other than as set forth below, to the best knowledge of TBC, TBK and
Vanderbilt, there has been no material change in the information set forth in
response to Items 1,2,3,4 and 6 of the Statement, as amended. Accordingly, those
Items are omitted from this Amendment No. 2.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As a result of the disposition of 249,022 shares of Common Stock in
a privately negotiated transaction, TBC does not beneficially own directly any
shares of Common Stock.
As a result of the disposition of 111,400 shares of Common Stock in a
privately negotiated transaction, TBK does not beneficially own directly any
shares of Common Stock.
As a result of the disposition of 13,000 shares of Common Stock in a
privately negotiated transaction, Vanderbilt does not beneficially own directly
any shares of Common Stock.
Each of TBC, TBK and Vanderbilt disclaims that it is the beneficial
owner of any of the shares of Common Stock held in the TBC Accounts. The
aggregate number of shares of Common Stock with respect to which TBC, TBK and
Vanderbilt could be deemed to be the beneficial owner as of the date hereof, is
0 shares, which constitutes 0% of the 3,396,460 shares of Common Stock, which
the filing persons believe to be the total number of shares of Common Stock
outstanding, but nothing contained herein shall be construed as an admission
that TBC is the beneficial owner of any of the TBC Shares.
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The aggregate number of shares and percentage of Common Stock with
respect to which each of the General Partners may be deemed to be the beneficial
owner by reason of his being a general partner of TBC, TBK and Vanderbilt,
respectively, is 0 shares, which constitutes approximately 0% of the 3,396,460
shares of Common Stock outstanding. The aggregate number of shares and
percentage of Common Stock with respect to which Thomas P. Knapp may be deemed
to be a beneficial owner by reason of his being a general partner of TBK is 0
shares of Common Stock which constitutes 0% of the 3,396,460 shares of Common
Stock outstanding. However, nothing contained herein shall be construed as an
admission that any of the General Partners or Thomas P. Knapp is the beneficial
owner of any shares of Common Stock, except as set forth herein as expressly and
admittedly being beneficially owned by a particular General Partner or Thomas P.
Knapp.
Each of TBC, TBK and Vanderbilt disclaims beneficial ownership of
Common Stock held by the other. Except as described herein, to the best
knowledge of TBC, TBK and Vanderbilt, no person who may be deemed to comprise a
group with any of TBC, TBK, Vanderbilt, or any other person named in Item 2 of
the Statement, beneficially owns any shares of Common Stock.
(b) TBC has investment discretion with respect to 0 shares of Common
Stock held by the TBC Accounts and has sole power to dispose or direct the
disposition of all of such shares. Of these shares of Common Stock, TBC has sole
power to vote or to direct the voting of 0 shares of Common Stock held in
certain TBC Accounts.
Each of the General Partners of TBC, solely by reason of their
positions as such, may be deemed to have (i) shared power to dispose of or to
direct the disposition of all of the shares of Common Stock held in the TBC
Accounts; and (ii) shared power to vote or direct the vote of 0 shares of Common
Stock held in certain TBC Accounts.
TBK has the sole power to vote or direct the voting of and dispose or
direct the disposition of the TBK Shares. Each of the General Partners and
Thomas P. Knapp, solely by reason of their positions as general partners, may be
deemed to have shared power to vote or direct the vote of and to dispose or
direct the disposition of the TBK Shares.
Vanderbilt has the sole power to vote or direct the voting of and
dispose or direct the disposition of the Vanderbilt Shares. Each of the General
Partners of Vanderbilt, solely by reason of their positions as such, may be
deemed to have shared power to vote or direct the vote of and to dispose or
direct the disposition of the Vanderbilt Shares.
Transactions in Common Stock effected by TBC, TBK and Vanderbilt during
the sixty-day period ended as of the date hereof are as follows:
<TABLE>
<CAPTION>
REPORTING NO. OF SHARES PRICE
PERSON DATE SOLD PER SHARE
<S> <C> <C> <C>
TBC ACCOUNTS: 07/09/97 249,022 $32
TBK: 07/09/97 111,400 $32
VANDERBILT: 07/09/97 13,000 $32
</TABLE>
(d) To the best knowledge of TBC, each of the persons maintaining an
account with TBC 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 Common Stock
held in said person's TBC Account.
To the best knowledge of TBK, no person other than TBK has the right to
receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, the TBK Shares, except that the
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General Partners and Thomas P. Knapp may be deemed to have such rights and
powers solely by reason of being general partners in TBK.
To the best knowledge of Vanderbilt, no person other than Vanderbilt
has the right to receive or the power to direct the receipt of dividends from,
or the proceeds from the sale of, the Vanderbilt Shares, except that the General
Partners in Vanderbilt may be deemed to have such rights and powers solely by
reason of being general partners in Vanderbilt.
(e) TBC, TBK and Vanderbilt ceased to be the beneficial owner of more
than 5% of the shares of Common Stock on July 9, 1997.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
See attached Exhibit A.
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SIGNATURE
Each of Tweedy, Browne Company L.P., TBK Partners, L.P. and Vanderbilt
Partners, L.P., after reasonable inquiry and to the best of its knowledge and
belief, hereby certifies that the information set forth in this Statement is
true, complete and correct.
TWEEDY, BROWNE COMPANY L.P.
By
------------------------------
Christopher H. Browne
General Partner
TBK PARTNERS, L.P.
By
------------------------------
Christopher H. Browne
General Partner
VANDERBILT PARTNERS, L.P.
By
------------------------------
Christopher H. Browne
General Partner
Dated: July 14, 1997
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EXHIBIT A
---------
July 8, 1997
Suffolk Bancorp
c/o Mr. Edward J. Merz
President and Chief Executive Officer
P.O. Box 9000
Riverhead, New York 11901-9000
Gentlemen:
Tweedy, Browne Company L.P. ("TBC") is a registered investment adviser and
manages more than $4 billion for its clients on a discretionary basis. Certain
of its clients hold 262,022 shares of Common Stock of Suffolk Bancorp
("Suffolk") in their managed accounts (the "TBC Accounts"). In addition, an
affiliated partnership, TBK Partners, L.P. ("TBK") owns 111,400 shares of Common
Stock. We have agreed to sell to Suffolk an aggregate of 373,422 shares of
Common Stock of Suffolk at a price of $32 per share for an aggregate of
$11,949,504.
Neither TBC nor TBK is directly or indirectly affiliated with or
compensated by Suffolk, and each of TBC and TBK has the business and financial
experience and knowledge needed to evaluate the merits and risks of the sale of
the shares of Common Stock held by the TBC Accounts and TBK, respectively.
In making the decision to sell the shares held by the TBC Accounts and TBK,
each of TBC and TBK has relied solely upon their independent investigation.
Each of TBC and TBK is selling the shares held by the TBC Accounts and TBK,
respectively, voluntarily and has not been pressured by Suffolk to do so. We
have been given such information as we have requested about Suffolk and have had
the opportunity to ask questions of and to receive answers from officers of
Suffolk and to obtain any and all information which we deem relevant in making
an informed investment decision as to the sale of such shares and to verify the
accuracy of any written materials that have been furnished to us.
We understand that Suffolk is relying on these representations in
determining whether to purchase the shares of Common Stock from the TBC Accounts
and TBK.
Sincerely,
TWEEDY, BROWNE COMPANY L.P.
By: /s/ William H. Browne
-------------------------------------
William H. Browne, General Partner
