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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No.: *
Name of Issuer: SierraWest Bancorp
Title of Class of Securities: Common Stock
CUSIP Number: 826 527 103
(Name, Address and Telephone Number of Person
Authorized To Receive Notices and Communications)
Sy Jacobs, c/o JAM Partners, L.P.,
One 5th Avenue, New York, New York 10003
(Date of Event which Requires Filing of this Statement)
December 27, 1996
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 line if a fee is being paid with this
statement . (A fee is not required only if the filing 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
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 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.: 826 527 103
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
JAM Partners, L.P.
2. Check the Appropriate Box if a Member of a Group
a.
b. x
3. SEC Use Only
4. Source of Funds
WC
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
6. Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
8. Shared Voting Power:
145,500 (including 599,000 convertible bonds
convertible into 59,900 shares of Common Stock)
9. Sole Dispositive Power:
10. Shared Dispositive Power:
145,500 (including 599,000 convertible bonds
convertible into 59,900 shares of Common Stock)
11. Aggregate Amount Beneficially Owned by Each Reporting Person
145,500 (including 599,000 convertible bonds
convertible into 59,900 shares of Common Stock)
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12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares
13. Percent of Class Represented by Amount in Row (11)
5.19%
14. Type of Reporting Person
PN
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CUSIP No.: 826 527 103
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Sy Jacobs
2. Check the Appropriate Box if a Member of a Group
a.
b. x
3. SEC Use Only
4. Source of Funds
WC
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.A.
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
8. Shared Voting Power:
145,500 (including 599,000 convertible bonds
convertible in to 59,900 shares of Common Stock)
9. Sole Dispositive Power:
10. Shared Dispositive Power:
145,500 (including 599,000 convertible bonds
convertible in to 59,900 shares of Common Stock)
11. Aggregate Amount Beneficially Owned by Each Reporting Person
145,500 (including 599,000 convertible bonds
convertible in to 59,900 shares of Common Stock)
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12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares
13. Percent of Class Represented by Amount in Row (11)
5.19%
14. Type of Reporting Person
IN
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The purpose of this Schedule 13D is to report the ownership of
JAM Partners, L.P. and Sy Jacobs (together, the "Reporting
Persons") in the Common Stock (the "Shares"), of SierraWest
Bancorp (the "Issuer") of 5.19% of the Shares outstanding.
Item 1. Security and Issuer
The title of the class of equity securities to which
this statement relates is: Common Stock, in SierraWest
Bancorp.
The name and address of the principal executive and
business office of the Issuer is:
SierraWest Bancorp
10181 Truckee Tahoe Airport Road
Truckee, CA 96161-9010
Item 2. Identity and Background
This statement is being filed on behalf of JAM Partners,
L.P. (the "Partnership"), a Delaware limited
partnership, and Sy Jacobs, the general partner of the
Partnership. The Reporting Persons' principal office is
located at One 5th Avenue, New York, New York 10003.
Neither of the Reporting Persons has, during the last
five years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
Neither of the Reporting Persons has, during the last
five years, been a party to a civil proceeding of a
judicial or administrative body of competent
jurisdiction which resulted in a judgment, decree or
final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal
or state securities laws or finding any violations with
respect to such laws.
Sy Jacobs is a citizen of the United States of America.
Item 3. Source and Amount of Funds or Other Consideration
As of the date hereof, the Reporting Persons are deemed
to beneficially own 145,500 Shares, which includes
599,000 convertible bonds ("Bonds") that are convertible
into 59,900 Shares. All 85,600 Shares and 599,000 Bonds
are held by the Partnership. All the Shares and Bonds
were purchased in open market transactions. The Shares
and Bonds were purchased for an aggregate purchase price
of $1,846,413.02. The funds for the purchase of the
Shares and Bonds held in the Partnership have come from
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the working capital of the Partnership. The working
capital of the Partnership includes the proceeds of
margin loans entered into in the ordinary course of
business with Montgomery Securities, such loans being
secured by the securities owned by the Partnership.
Item 4. Purpose of Transactions
The Shares and Bonds beneficially owned by the Reporting
Persons were acquired for, and are being held for,
investment purposes. The Reporting Persons have no plan
or proposal which relates to, or would result in, any of
the actions enumerated in Item 4 of the instructions to
Schedule 13D.
Item 5. Interest in Securities of Issuer
As of the date hereof, the Reporting Persons are deemed
to be the beneficial owners of 145,500 Shares. Based on
the Issuer's filing on Form 10-Q on November 13, 1996,
as of October 31, 1996 there were 2,742,819 Shares
outstanding. Upon conversion of the 599,000 Bonds
deemed to be beneficially owned by the Reporting Persons
there would be 2,802,719 Shares outstanding. Therefore,
the Reporting Persons are deemed to beneficially own
5.19% of the outstanding Shares. The Reporting Persons
have the power to vote, direct the vote, dispose of or
direct the disposition of all the Shares that they are
deemed to beneficially own. All transactions in the
Shares effected by the Reporting Persons during the
sixty days prior to December 27, 1996 through the date
of this filing were effected in open-market transactions
and are set forth in Exhibit B hereto.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
The Reporting Persons have no contract, arrangement,
understanding or relationship with any person with
respect to the Shares or Bonds.
Item 7. Material to be Filed as Exhibits
1. An agreement relating to the filing of a joint
statement as required by Rule 13d-1(f) under
the Securities Exchange Act of 1934 is filed
herewith as Exhibit A.
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2. A description of the transactions in the
Shares and Bonds that were effected by the
Reporting Persons during the 60 days prior to
December 27, 1996 through the date of this
filing is filed herewith as Exhibit B.
Signature
The undersigned, after reasonable inquiry and to
the best of their knowledge and belief, certify that the
information set forth in this statement is true, complete
and correct.
JAM PARTNERS, L.P.
By: /s/ Sy Jacobs
_____________________________
Sy Jacobs, General Partner
/s/ Sy Jacobs
_________________________________
Sy Jacobs
January 31, 1997
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01252001.AE6
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Exhibit A
AGREEMENT
The undersigned agree that this Schedule 13D dated
January 31, 1997 relating to the Common Stock of SierraWest
Bancorp shall be filed on behalf of the undersigned.
JAM PARTNERS, L.P.
By: /s/ Sy Jacobs
_____________________________
Sy Jacobs, General Partner
/s/ Sy Jacobs
_________________________________
Sy Jacobs
01252001.AE6
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Exhibit B
SCHEDULE OF TRANSACTIONS
Price Per Share
Date Shares Purchased or (Sold) (excluding commission)
____ ________________________ _________________
11/12/96 20,000 $14.42
11/12/96 12,500 14.50
12/27/96 5,000 15.30
12/27/96 8,000 15.38
01252001.AE6
