<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment Number One)
WESTPORT BANCORP, INC.
................................................................................
(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
................................................................................
(Title of Class of Securities)
961243102
................................................................................
(CUSIP Number)
WILLIAM L. GAULT
112 SOUTH COMPO ROAD
WESTPORT, CT 06880
PHONE 203 227-5181
................................................................................
(Name, Address and Telephone Number of Person to Receive Notices and
Communications)
April 29, 1995
................................................................................
(Date of Event which Requires Filing of this Statement)
Check the following box if a fee is being paid with this statement / /
Cover Page 1 of 2
<PAGE> 2
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1) Names of Reporting Persons, S.S. or I.R.S.Identification
Nos. of Above Persons............................................
William L. Gault
- -------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (see
Instructions.....................................................
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -------------------------------------------------------------------------------
3) SEC Use Only.....................................................
- -------------------------------------------------------------------------------
4) Source of Funds (See instructions)........................... PF
- -------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e)...................................
- -------------------------------------------------------------------------------
6) Citizenship or Place of Organization....................... U.S.
- -------------------------------------------------------------------------------
Number of (7) Sole Voting Power . . . . . . . 362,097
Shares Bene- -----------------------------------------------------------------
ficially (8) Shared Voting Power . . . . . . 0
Owned by -----------------------------------------------------------------
Each Report- (9) Sole Dispositive Power. . . . . 362,097
ing Person -----------------------------------------------------------------
With (10) Shared Dispositive Power . . . 0
- -------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting
Person . . . . . . . . . . . . . . 362,097
- -------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions) . . . . . . . . . . . . . . . .
- -------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) . . . . 3.3%
- -------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) . . . . . . . . . IN
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Cover Page 2 of 2
<PAGE> 3
CUSIP NO. 961243102
WESTPORT BANCORP, INC.
SCHEDULE 13D AMENDMENT NO.1
WILLIAM L. GAULT
Page 1 of 2 Pages
This statement which is filed on behalf of William L. Gault constitutes
Amendment No.1 to the Schedule 13D filed with the Securities and Exchange
Commission (the "Commission") on May 16, 1994 (the "initial 13D") with respect
to the common stock, par value, $.01 per share (the "Common Stock") of Westport
Bancorp, Inc., (the "company") which has its principal executive offices at 87
Post Road East, Westport, Connecticut. Other than as set forth herein, there
has been no change in the information disclosed in any of the Items to the
Initial Schedule 13D, a copy of which is attached hereto.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 is hereby amended to read as follows:
On April 24, 1995 Mr. Gault exercised his right to convert 1000 shares
of Series A Convertible Preferred Stock of Westport Bancorp, Inc., into
100,000 shares of Common Stock. On the same date Mr. Gault also
exercised warrants to purchase 50,000 shares of Common Stock of the
company.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 is hereby amended to read as follows:
(a) The aggregate number and percentage of shares of Westport Bancorp,
Inc. Common Stock beneficially owned by Mr. Gault is amended to 171,596
shares which represent 3.3% of the Common Stock of Westport Bancorp,
Inc.
The number of issued shares of Common Stock of Westport Bancorp, Inc.,
increased significantly on and immediately prior to April 29, 1995, as
the result of other shareholders exercising warrants to purchase
additional shares and their conversion of Convertible Preferred shares
into Common Stock of Westport Bancorp, Inc.
<PAGE> 4
CUSIP NO. 961243102
WESTPORT BANCORP, INC.
SCHEDULE 13D AMENDMENT NO.1
WILLIAM L. GAULT
Page 2 of 2 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this amended statement is true,
complete and correct.
May 9, 1995
................................................................................
Date
/s/ William L. Gault
................................................................................
Signature
William L. Gault
................................................................................
Name/Title
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)
<PAGE> 5
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
WESTPORT BANCORP, INC.
................................................................................
(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
................................................................................
(Title of Class of Securities)
961243102
................................................................................
(CUSIP Number)
WILLIAM L. GAULT
112 SOUTH COMPO ROAD
WESTPORT, CT 06880
PHONE 203 227-5181
................................................................................
(Name, Address and Telephone Number of Person to Receive Notices and
Communications)
JANUARY 1, 1994
................................................................................
(Date of Event which Requires Filing of this Statement)
Check the following box if a fee is being paid with this statement /X/
- --------------------------------------------------------------------------------
1) Names of Reporting Persons S.S. or I.R.S. Identification
Nos. of Above Persons..............................................
WILLIAM L. GAULT
- --------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (see
Instructions.......................................................
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- --------------------------------------------------------------------------------
3) SEC Use Only.......................................................
- --------------------------------------------------------------------------------
4) Source of Funds (See Instructions)............................. PF
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e).....................................
- --------------------------------------------------------------------------------
6) Citizenship or Place of Organization......................... U.S.
- --------------------------------------------------------------------------------
Cover Page 1 of 2
<PAGE> 6
- -------------------------------------------------------------------------------
Number of (7) Sole Voting Power . . . . . . . 171,596
Shares Bene- -----------------------------------------------------------------
ficially (8) Shared Voting Power . . . . . . 0
Owned by -----------------------------------------------------------------
Each Report- (9) Sole Dispositive Power. . . . . 171,596
ing Person -----------------------------------------------------------------
With (10) Shared Dispositive Power . . . 0
- -------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting
Person . . . . . . . . . . . . . . 171,596
- -------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) . . . . . . . . . . . . . . . . . . . .
- -------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11). . . . . 5.3%
- -------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) . . . . . . . . . IN
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Cover Page 2 of 2
<PAGE> 7
CUSIP NO. 961243102
WESTPORT BANCORP, INC.
SCHEDULE 13D
WILLIAM L. GAULT
Page 1 of 4 Pages
ITEM 1. SECURITY AND ISSUER
This statement relates to the Common Stock of Westport Bancorp, Inc.,
Par Value $.01 Per Share (Note: all shares of Westport Bancorp, Inc.
Series A Convertible Preferred Stock owned by Mr. Gault being treated
herein as fully converted based on 1 Preferred share equaling 100
Common shares) issued by Westport Bancorp, Inc. which has its principal
executive offices at 87 Post Road East, Westport, CT 06880.
ITEM 2. IDENTITY AND BACKGROUND
(a) This statement is filed by William L. Gault, a natural person.
(b) The residence address of Mr. Gault is 112 South Compo Road,
Weatport, CT 06880
(c) Mr. Gault is the President of L.H.Gault & Son, Inc., a fuel oil
and gravel supply company, and is a Director of Westport, Bancorp,
Inc., a Delaware holding company and The Westport Bank & Trust
Company, a bank and trust company chartered under Connecticut law.
Both companies maintain executive offices at 87 Post Road East,
Westport, CT 06880.
(d) Mr. Gault has never been convicted in a criminal proceeding.
(e) Mr. Gault has never been a party to any judicial or administrative
civil proceeding relating to federal or state securities laws.
(f) Mr. Gault is a citizen of the United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The source and amount of funds or other consideration used or to be
used by Mr. Gault in making purchases of the common stock of Westport
Bancorp, Inc. of which he is the beneficial owner are as follows:
100,000 shares represent Common Stock which Mr. Gault would own if he
were to convert all of his 1000 shares of Series A Convertible
Preferred Stock, purchased directly from Westport Bancorp, Inc. with
$100,000 of personal funds and which can be converted into Common Stock
without further payment;
<PAGE> 8
CUSIP NO. 961243102
WESTPORT BANCORP, INC.
SCHEDULE 13D
WILLIAM L. GAULT
Page 2 of 4 Pages
50,000 shares represent Common Stock which Mr. Gault would own if he
were to exercise all of his Warrants, effective January 1, 1994, to
purchase Common Stock by paying $0.75 per common share, as set forth in
the Warrant Certificate attached hereto. The Warrants were acquired by
Mr. Gault with the Series A Convertible Preferred Stock purchase at no
additional cost; and
Note: Mr. Gault previously acquired and still owns 21,596 shares of
Westport Bancorp, Inc. individually which were purchased with personal
funds; and Mr. Gault disclaims beneficial ownership of 3,780 shares of
Westport Bancorp, Inc. Common Stock owned by Mr. Gault's spouse.
ITEM 4. PURPOSE OF TRANSACTION
The purpose Mr. Gault acquired the shares of Westport Bancorp, Inc.
which he presently owns in his individual name was for personal
investment. The remainder of the shares beneficially owned by Mr.
Gault are, in fact, not actually owned by Mr. Gault and will not be
actually owned by him until such time as Mr. Gault does any one or more
of the following: A) exercises his rights to convert all of his Series
A Convertible Preferred Stock into Common Stock of Westport Bancorp,
Inc.; and B) exercises his rights under all of the Warrants he holds as
owner of Series A Convertible Preferred Stock of Westport Bancorp, Inc.
The Convertible Preferred Stock of Westport Bancorp, Inc. owned by Mr.
Gault may be converted into shares of Westport Bancorp, Inc. Common
Stock on the basis of one Convertible Preferred share upon conversion
becoming one hundred shares of Common Stock at no additional cost to
Mr. Gault.
The Westport Bancorp, Inc. Warrants owned by Mr. Gault can be exercised
by him to purchase shares of Westport Bancorp, Inc. Common Stock upon
payment of $.75 per share.
<PAGE> 9
CUSIP NO. 961243102
WESTPORT BANCORP, INC.
SCHEDULE 13D
WILLIAM L. GAULT
Page 3 of 4 Pages
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The aggregate number and percentage of shares of Westport Bancorp,
Inc. Common Stock beneficially owned by Mr. Gault is 171,596 shares
which represent 5.3% of the Common Stock of Westport Bancorp, Inc.
(b) As to the number of shares of Westport Bancorp, Inc. Common Stock
beneficially owned by Mr. Gault he has:
sole power to vote or to
direct the vote as to............. 171,596 shares;
shared power to vote or to
direct the vote as to............. 0 shares;
sole power to dispose or to
direct the disposition of......... 171,596 shares; and
shared power to dispose or to
direct the disposition of......... 0 shares.
(c) On January 1, 1994, Mr. Gault became entitled to exercise rights
to purchase 50,000 shares of Westport Bancorp, Inc. Common Stock for
$.75 per share pursuant to Warrants owned by Mr. Gault.
(d) This subparagraph does not apply to Mr. Gault.
(e) This subparagraph does not apply to Mr. Gault.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
There are no contracts, arrangements, understandings or relationships
between Mr. Gault and any other person or entity or group of persons or
entities with respect to any securities of Westport Bancorp, Inc.,
other than the contracts set forth in Items 3 and 4 above.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Appended to this statement are copies of Mr. Gault's Warrant
Certificate; and a copy of the Westport Bancorp, Inc. Prospectus for
8,067,871 Shares of Common Stock, Par Value $.01 Per Share, which
contains a
<PAGE> 10
CUSIP NO. 961243102
WESTPORT BANCORP, INC.
SCHEDULE 13D
WILLIAM L. GAULT
Page 4 of 4 Pages
description of both the Convertible Preferred Stock of Westport Bancorp,
Inc., shares of which are owned by Mr. Gault, as well as a description of
the Warrants owned by Mr. Gault, which were issued by Westport Bancorp,
Inc. in conjunction with its offering of Series A Convertible Preferred
Stock.
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.
May 12, 1994
...............................................................................
Date
/s/ WILLIAM L. GAULT
...............................................................................
Signature
William L. Gault
...............................................................................
Name/Title
ATTENTION: INTENTIONAL MISSTATEMENTS OF OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)
