<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Initial Filing)
NORWICH FINANCIAL CORP.
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(Name of Issuer)
Common Stock, par value, $.01 per share
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(Title of Class of Securities)
669431108
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(CUSIP Number)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 to 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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Page 1 of 5 Pages<PAGE>
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SCHEDULE 13G
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CUSIP No. 669431108 Page 2 of 5 Pages
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=1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Milton Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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5 SOLE VOTING POWER
301,300
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6 SHARED VOTING POWER
0
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7 SOLE DISPOSITIVE POWER
301,300
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8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
301,300
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE> Page 3 of 5 Pages
SCHEDULE 13G
Item 1.
(a) Name of Issuer:
Norwich Financial Corp.
(b) Address of Issuer's Principal Executive Office:
4 Broadway
Norwich, Connecticut 06360
203-889-2621
Item 2. Name of Person Filing
(a) Name of Person Filing:
Milton Partners, L.P. ("Milton")
(b) Address of Principal Office:
165 Mason Street
Greenwich, Connecticut 06830
(c) Citizenship/Organization:
Delaware
(d) Title Class of Securities:
Common Stock, par value $.01 per share
(e) CUSIP Number: 669431108
Item 3. If Statement is filed pursuant to Rules 13(d)-1(b) or 13d-2(b),
check whether Person Filing is a:
Not Applicable.
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<PAGE> Page 4 of 5 Pages
Item 4. Ownership.
(a) Amount Beneficially Owned:
301,300 shares of Common Stock (the "Shares").
(b) Percent of Class: 5.5 %
(c) Number of Shares to Which Such Person Has:
(i) Sole voting power - 301,300
(ii) Shared voting power - 0
(iii) Sole dispositive power - 301,300
(iv) Shared dispositive power - 0
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
The Shares were purchased by Milton with capital acquired from, and
were purchased on behalf of, various investors.
As Milton's General Partner, James E. Buck, II, may be deemed to have
the sole power to vote or to direct the vote and to dispose or to direct the
disposition of the Shares which Milton and its managed accounts beneficially
own. However, James E. Buck, II, disclaims personal beneficial ownership of the
Shares.
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Securities Being Reported on by the
Parent Holding Company.
Not Applicable.
Item 8. Identification and Classification of Members of the Group.
Not Applicable.
Item 9. Notice of Dissolution of Group.
Not Applicable.
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.<PAGE>
<PAGE> Page 5 of 5 Pages
Signature: After reasonable inquiry and to the best of our knowledge
and belief, we certify that the information set forth in this statement
is true, complete and correct.
Date: February 24, 1998
MILTON PARTNERS, L.P.
By:---------------------------
Name: James Buck, II
Title: General Partner
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<PAGE> Page 5 of 5 Pages
Signature: After reasonable inquiry and to the best of our knowledge
and belief, we certify that the information set forth in this statement
is true, complete and correct.
Date: February 24, 1998
MILTON PARTNERS, L.P.
By: /s/ James Buck, II
- -----------------------------
Name: James Buck, II
Title: General Partner
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