UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
BANKERS CORP
COMMON STOCK $0.01 PAR VALUE
066120-10-6
Check the following box 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
such 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).
<PAGE>
CUSIP No. 066120-10-6 13G Page 2 of 4 Pages
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BANKERS SAVINGS EMPLOYEE STOCK OWNERSHIP PLAN
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [xx]
(b) [ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
A NEW JERSEY CHARTERED STOCK SAVINGS INSTITUTION'S
EMPLOYEE BENEFIT PLAN ORGANIZED IN NEW JERSEY
NUMBER OF 5 SOLE VOTING POWER
88,278 OR 0.7% BASED ON 12,378,184 SHARES
SHARES OUTSTANDING
BENEFICIALLY 6 SHARED VOTING POWER
1,020,292 OR 8.2%
OWNED BY
EACH 7 SOLE DISPOSITIVE POWER
1,108,570
REPORTING
PERSON 8 SHARED DISPOSITIVE POWER
-0-
WITH
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,108,570
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.0%
12 TYPE OF REPORTING PERSON*
EP-IN
CUSIP No. 066120-10-6 13G Page 3 of 4 Pages
Item 1(a): Name of Issuer:
BANKERS CORP.
Item 1 (b): Address of Issuer's Principal Executive offices:
210 Smith Street
Perth Amboy, New Jersey 08861
Item 2(a): Name of Person Filing:
Bankers Savings Employee Stock Ownership Plan
Trustee:
Bankers Savings
Board of Directors
210 Smith Street
Perth Amboy, NJ 08861
Andrew P. Arbes Joseph H. Harrigan
James J. Elek Michael J. McMahon
Joseph P. Gemmell Ralph Mendez
George Gundrum
Item 2(b): Address of Principal Business Office:
210 Smith Street
Perth Amboy, NJ 08861
Item 2(c): Citizenship:
New Jersey chartered stock savings institution's
employee benefit plan organized in New Jersey.
Individuals listed are citizens of the United
States.
Item 2(d): Title of Class of Securities:
Common Stock par value $0.01 per share.
Item 2(e): CUSIP Number 066120-10-6
Item 3: The person filing this statement is an employee
benefit plan which is subject to the provisions
of the Employee Retirement Income Security Act
of 1974.
Item 4(a): Amount Beneficially Owned:
Bankers Savings Employee Stock Ownership Plan
may be deemed the beneficial owner of 1,108,570
shares of Issuer of which 1,020,292 shares are
owned by numerous employees of Bankers Savings.
Item 4(b): Percent of Class:
9.0%
CUSIP No. 066120-10-6 13G Page 4 of 4 Pages
Item 4(c): Number of Shares as to which such person has:
(I) sole power to vote or to direct the vote:
88,278
(ii) shared power to vote or to direct the vote:
1,020,292
(iii) sole power to dispose or to direct the
disposition of:
1,108,570
(iv) shared power to dispose or to direct the
disposition of:
-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:
Of the 1,108,570 shares as to which this
schedule is filed, 1,020,292 shares are owned by
numerous employees of Bankers Savings.
Dividends are reinvested and allocated among the
Participant's accounts.
Item 7: Identification and Classification of the
Subsidiary Which Acquired the Security Being
Reported on By the Parent Holding Company:
Not applicable.
Item 8: Identification and classification of Members of
the Group:
The reporting person is an employee benefit plan
subject to the provisions of the Employee
Retirement Income Security Act of 1974.
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
acquired in the ordinary course of business and were not acquired
for the purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any
transaction having such purpose or effect.
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, complete and correct.
Date: January 30, 1997
Signature: /s/ Joseph P. Gemmell
Name/Title: Joseph P. Gemmell, Chairman, President & CEO
