<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)
JAY SHERWOOD
P. O. BOX 32
GREENS FARMS, CT 06436
PHONE 203 226-6811
.........................................................................
(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
- ---------------------------------------------------------------------
1) Names of Reporting Persons, S.S. or I.R.S.Identification
Nos. of Above Persons...................................
Jay Sherwood
- ---------------------------------------------------------------------
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.
- ---------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Number of (7) Sole Voting Power . . . . . . . 249,660
Shares Bene- -------------------------------------------------------
ficially (8) Shared Voting Power . . . . . . 87,015
Owned by -------------------------------------------------------
Each Report- (9) Sole Dispositive Power. . . . . 249,660
ing Person -------------------------------------------------------
With (10) Shared Dispositive Power . . . 87,015
</TABLE>
- ---------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting
Person . . . . . . . . . . . . . . 328,665
- ---------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions). . . . . . . . . . .
- ---------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) 6.3%
- ---------------------------------------------------------------------
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
JAY SERWOOD
Page 1 of 1 Page
This statement which is filed on behalf of Jay Sherwood 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. Sherwood exercised warrants to purchase
50,000 shares of Common Stock of Westport Bancorp, Inc.
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. Sherwood
is amended to 328,665 shares which represent 6.3% of the
Common Stock of Westport Bancorp, Inc.
The number of issued shares of Common Stock of Westport
Bancorp, Inc., increased significantly immediately prior to
April 29, 1995, as the result of other shareholders exercising
warrants to purchase additional shares of Common Stock and
their conversion of Convertible Preferred shares into Common
Stock of Westport Bancorp, Inc.
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/ Jay Sherwood
......................................................................
Signature
Jay Sherwood
......................................................................
Name/Title
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)
<PAGE> 4
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)
JAY SHERWOOD
P. O. BOX 32
GREENS FARMS, CT 06436
PHONE 203 222-6911
...............................................................................
(Name, Address and Telephone Number of Person to Receive Notices and
Communications)
JANUARY 1, 1995
...............................................................................
(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..................................................
JAY SHERWOOD
- -------------------------------------------------------------------------------
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> 5
<TABLE>
<S> <C> <C>
Number of (7) Sole Voting Power . . . . . . . 249,660
Shares Bene- -----------------------------------------------------------------
ficially (8) Shared Voting Power . . . . . . 87,015
Owned by -----------------------------------------------------------------
Each Report- (9) Sole Dispositive Power. . . . . 249,660
ing Person -----------------------------------------------------------------
With (10) Shared Dispositive Power . . . 87,015
</TABLE>
- -------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting
Person . . . . . . . . . . . . . . 328,665
- -------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) . . . . . . . . . . . . . . . . . . . .
- -------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) . . . 10.0%
- -------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) . . . . . . . . . IN
..........................................................
..........................................................
..........................................................
..........................................................
..........................................................
..........................................................
Cover Page 2 of 2
<PAGE> 6
CUSIP NO. 961243102
WESTPORT BANCORP, INC.
SCHEDULE 13D
JAY SHERWOOD
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. Sherwood 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 Jay Sherwood, a natural person.
(b) The residence address of Mr. Sherwood is P. O. Box 32, Greens
Farms, CT 06436
(C) Mr. Sherwood is the President of Green's Farms Agency, a private
investment, custodial and administrative company, and he 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. Sherwood has never been convicted in a criminal proceeding.
(e) Mr. Sherwood has never been a party to any judicial or
administrative civil proceeding relating to federal or state
securities laws.
(f) Mr. Sherwood 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. Sherwood 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. Sherwood 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
<PAGE> 7
CUSIP NO. 961243102
WESTPORT BANCORP, INC.
SCHEDULE 13D
JAY SHERWOOD
Page 2 of 4 Pages
$100,000 of personal funds and which can be converted into Common Stock
without further payment;
50,000 shares represent Common Stock which Mr. Sherwood 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. Sherwood with the Series A Convertible Preferred Stock purchase at
no additional cost; and
Note: Prior to January 1, 1994 Mr. Sherwood acquired: 91,650 shares of
Westport Bancorp, Inc. Common Stock individually which were purchased
with personal funds; and, shared voting and dispositive powers, through
a corporation of which Mr. Sherwood is a principal owner, with respect
to 87,015 shares of Common Stock including 29,005 shares which the
corporation has the right to purchase.
ITEM 4. PURPOSE OF TRANSACTION
The purpose Mr. Sherwood on January 1, 1994 was vested with rights to
acquired the shares of Westport Bancorp, Inc. was the result of Serier
A Convertible Preferred Stock and Warrants issued by Westport Bancorp,
Inc. which he purchased for personal investment. However, the shares
of Common Stock which are beneficially owned by Mr. Sherwood are, in
fact, not actually owned by Mr. Sherwood and will not be actually owned
by him until such time as Mr. Sherwood 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.
Sherwood 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. Sherwood.
The Westport Bancorp, Inc. Warrants owned by Mr. Sherwood can be
exercised by him to purchase shares of Westport Bancorp, Inc. Common
Stock upon payment of $.75 per share.
<PAGE> 8
CUSIP N0. 961243102
WESTPORT BANCORP, INC.
SCHEDULE 13D
JAY SHERWOOD
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. Sherwood is 328,665 shares
which represent 10.0% 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. Sherwood he has:
sole power to vote or to
direct the vote as to. . . . . . . . . . . 249,660 shares;
shared power to vote or to
direct the vote as to. . . . . . . . . . . 87,015 shares;
sole power to dispose or to
direct the disposition of. . . . . . . . . 249,660 shares; and
shared power to dispose or to
direct the disposition of. . . . . . . . . 87,015 shares.
(c) On January 1, 1994, Mr. Sherwood 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. Sherwood.
(d) This subparagraph does not apply to Mr. Sherwood.
(e) This subparagraph does not apply to Mr. Sherwood.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
There are no contracts, arrangements, understandings or relationships
between Mr. Sherwood 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. Sherwood'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> 9
CUSIP NO. 961243102
WESTPORT BANCORP, INC.
SCHEDULE 13D
JAY SHERWOOD
PAGE 4 OF 4 PAGES
description of both the Convertible Preferred Stock of Westport Bancorp,
Inc., shares of which are owned by Mr. Sherwood, as well as a description
of the Warrants owned by Mr. Sherwood, which were issued by Westport
Bancorp, Inc. in conjunction with its offering of the 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 16, 1994
- --------------------------------------------------------------------------------
Date
/s/ Jay Sherwood
- --------------------------------------------------------------------------------
Signature
Jay Sherwood
- --------------------------------------------------------------------------------
Name/Title
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)
