U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Miller, Howard J.
137 Northwood Way
Camillus, NY USA 13152
2. Issuer Name and Ticker or Trading Symbol
Skaneateles Bancorp, Inc. SKAN
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
01/31/98
If Amendment, Date of Original (Month/Year)
Relationship of Reporting Person to Issuer (Check all applicable)
(x) Director ( ) 10% Owner ( ) Officer (give title below)
( ) Other (specify below)
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock [1] |1/2/98|J [2| |135 |A |$22.125 |2808 |D | |
| |] | | | | | | | |
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Common Stock [3] | | | | | | |750 |I |By Spouse |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Warrants [4] |$12.83 | | | | | | [5] |4/1/0|Common Stock|1500 | [6] |1500 |D | |
| | | | | | | |7 | | | | | | |
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Explanation of Responses:
1. Amount of shares beneficially owned has been adjusted to reflect a 3 for 2
stock split effected on November 28, 1997.
2. Shares issued pursuant to 1995 Non-Employees Director's Stock Plan.
3. Amount of shares beneficially owned has been adjusted to reflect a 3 for 2
stock split effected on November 28, 1997.
4. All information has been adjusted to reflect a 3 for 2 stock split effected
on November 28, 1997.
5. Warrants become vested over a three-year period in increments of one-third
each on each anniversary of the grant date.
6. Granted under the 1995 Non-Employee Directors Warrant Plan
Howard J. Miller
SIGNATURE OF REPORTING PERSON
Howard J. Miller
DATE
2/10/98
