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
O'Connor, Anne E.
7646 Linkside Drive
Manlius, NY USA 13104-2371
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
05/31/99
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>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
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)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |5/4/99|X | |1000 |A |12.83 |1500 |D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock |5/4/99|X | |500 |A |19.59 |1500 |D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | | |10416 |I |By Spouse |
- -----------------------------------------------------------------------------------------------------------------------------------|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
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)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Warrants |12.83 |5/4/9|X | | |100| [1] |4/1/0|Common Stock|1500 | [2] |500 |D | |
| |9 | | | |0 | |7 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Warrants |19.59 |5/4/9|X | | |500| [3] |4/1/0|Common Stock|1500 | [4] |1000 |D | |
| |9 | | | | | |8 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
1. Warrants become vested over a three-year period in increments of one-third
each on each anniversary of the grant date.
2. Granted under the 1995 Non-Employee Directors Warrant Plan
3. Warrants become vested over a three-year period in increments of one-third
each on each anniversary of the grant date.
4. Granted under the 1995 Non-Employee Directors Warrant Plan
Anne E. O'Connor
SIGNATURE OF REPORTING PERSON
Anne E. O'Connor
DATE
6/10/99
