FORM 3
U.S SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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OMB Number 3235-0104
Expires: April 30, 1997
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person
Deltec International S.A.
(Last) (First) (Middle)
Deltec House, Lyford Cay
(Street)
Nassau, Bahamas
(City) (State) (Zip)
2. Date of Event Requiring Statement
(Month/Day/Year)
12/31/96
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Argo Bancorp, Inc. (None)
5. Relationship of Reporting Person to Issuer (Check all applicable)
____ Director __X_ 10% Owner
____ Officer (give title below) ____ Other (specify below)
___________________________________________________________
6. If Amendment, Date of Original (Month/Year)
<PAGE>
FORM 3 (continued)
TABLE I -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
<TABLE>
<CAPTION>
1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Beneficially Owned Direct (D) or Beneficial Ownership
(Instr. 4) Indirect (I) (Instr. 5)
(Instr. 5)
<S> <C> <C> <C>
Common (par value 111,563 2/3 I Through Subsidiary
$0.01 per share)
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Over)
(Print or Type Responses) SEC 1473 (3/91)
<PAGE>
FORM 3 (continued)
TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
1. Title of 2. Date Exercisable 3. Title and Amount of 4. Conversion or 5. Ownership Form 6. Nature of
Derivative and Expiration Securities Underlying Exercise Price of Derivative Indirect
Security Date Derivative Security of Derivative Security: Direct Beneficial
(Instr. 4) (Month/Day/Year) (Instr. 4) Security (D) or Indirect (I) Ownership
(Instr. 5) (Instr. 5)
Date Expira- Amount or
Exer- tion Title Number of
cisable Date Shares
<S> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
Explanation of Responses:
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
DELTEC INTERNATIONAL S.A.
/s/ Matthew F. Gibbons February 7, 1997
**Signature of Reporting Person Date
Matthew F. Gibbons
President
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
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SEC 1473 (3/91)
