CUSIP No. 319699203000 13D Page 1 of 4 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION No. OF ABOVE PERSON
John Sheldon Clark
S.S. # ###-##-####
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
NO GROUP
3 SEC USE ONLY
4 SOURCE OF FUNDS*: PF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS 18 REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e):
NO CHECK
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PER-
SON WITH AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7 SOLE VOTING POWER: 71,681 shares
8 SHARED VOTING POWER: NONE
9 SOLE DISPOSITIVE POWER: 71,681 shares
10 SHARED DISPOSITIVE POWER: NONE
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
71,681 shares
12 CHECK BOX if THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
NONE
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3%
14 TYPE OF REPORTING PERSON*
IN
13-D Page 2 of 4 pages.
Item 1. Security and Issuer.
The title of the class of equity securities to which
this statement relates is Common stock of First Coastal Corporation (the
Company). The address of the principal executive office of the Company is 36
Thomas Drive, Westbrook, Maine 04092.
Item 2. Identity and Background.
The name, address and background of the Person filing
this statement is as follows:
(a) John Sheldon Clark
(b) Residence address: 6102 East Mockingbird,
#622, Dallas, Texas 75214
(c) Office address: 430 Park Avenue, Suite 1800,
New York, NY 10022
(d) Present principal occupation:
individual investor.
(e) Report Person, during the last five years,
has not been convicted in a criminal Proceeding (excluding traffic
violations or similar misdemeanors), nor been a party to a civil
proceeding of a Judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject
to 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 violation with respect to such laws.
(f) The reporting person is a citizen of the United
States.
Item 3. Source and Amount of Funds or Other Consideration.
The source of funds used or to be used in making
purchases of securities is personal funds of John Sheldon Clark and
personal funds of his wife, Marguerite J. Clark, Trust funds and Found-
ation funds; no part of the consideration obtained for the purpose
of acquiring, holding, trading or voting the securities is or will
be borrowed. The total consideration for the 33,465 shares acquired
personally to date by Mr. Clark is $201,832.55. To date, personal
funds of Marguerite J. Clark were used to purchase 9,700 shares,
Trust funds in the two Trusts under the Will of Charles M. Clark, Jr.
were used to acquire 28,516 shares.
13-D Page 3 of 4 pages.
Item 4. Purpose of Transaction.
The acquisition of Common Stock to which this statement
relates has been made for investment. Mr. Clark will continuously
evaluate the business, financial conditions and prospects of the
Company, as well as conditions in the economy and the banking
industry in general, with a view toward determining whether to hold,
decrease or add to his investment in Common Stock.
Item 5. Interest in Securities of the Issuer.
The Company has reported 1,360,527 shares issued and
outstanding as of June 30, 1999 and December 31, 1998.
(a) (1) Mr. Clark personally owns 33,465 shares of
Common Stock.
(a) (2) Mr. Clark is Trustee of two Trusts entitled
"Trust under the Will of Charles M. Clark, Jr." and said Trusts own
28,516 shares of Common Stock. As Trustee, he is empowered to buy
and sell shares for these Trusts and to vote said shares. However,
Mr. Clark does not own the shares; the Trusts own the shares.
(a) (3) Mrs. Marguerite J. Clark personally owns 9,700
shares of Common Stock. Mr. Clark is the husband of Mrs. Clark and
has a beneficial interest in Mrs. Clark's 9,700 shares.
(b) Therefore, Mr. Clark is empowered to vote 71,681
shares.
(c) During the 60 days preceding the filing of this
report:
(1) Mr. Clark purchased in his own name:
09/04/99 1,500 shs. at $ 9.75 per sh.
(d) No person other than John Sheldon Clark, Mrs.
Marguerite J. Clark, and the two Trusts identified above has
any right to receive nor the power to direct the receipt of
dividends from or the proceeds from the sale of the shares
of the Common Stock beneficially owned by Mr. Clark,
(e) Not applicable.
13-D Page 4 of 4 pages.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.
There are no contracts, arrangements, understandings or
relationships (legal or otherwise) between Mr. Clark and any
person with respect to any securities of the Company.
Item 7. Material to be Filed as Exhibits.
No exhibits.
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 and correct.
____________________ ________________________________
Date John Sheldon Clark
