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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Argo Bancorp, Inc.
___________________________________________________
(Name of Issuer)
Common Stock par value $.01 per share
___________________________________________________
(Title of Class of Securities)
040125-10-6
___________________________________________________
(CUSIP Number)
*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).
SEC 1745 (2-95)
Page 1 of 5 pages
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________________________________________________________________________________
CUSIP NO. 040125-10-6 13G Page 2 of 5 Pages
________________________________________________________________________________
________________________________________________________________________________
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Argo Federal Savings Bank, F.S.B.
Employee Stock Ownership Plan
IRS ID No. 36-3821171
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
_
(a) |_|
(b) |_|
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Federally chartered stock savings institution's employee stock benefit
plan organized in Illinois.
________________________________________________________________________________
5 SOLE VOTING POWER
NUMBER OF
6,994
SHARES ___________________________________________________________
6 SHARED VOTING POWER
BENEFICIALLY
12,370
OWNED BY ___________________________________________________________
7 SOLE DISPOSITIVE POWER
EACH
19,364
REPORTING ___________________________________________________________
8 SHARED DISPOSITIVE POWER
PERSON
WITH -0-
________________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,364
________________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
________________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.3% of 446,255 shares of Common Stock outstanding
as of December 31, 1996.
________________________________________________________________________________
12 TYPE OF REPORTING PERSON*
EP
________________________________________________________________________________
*SEE INSTRUCTION BEFORE FILLING OUT!
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ARGO FEDERAL SAVINGS BANK, F.S.B.
EMPLOYEE STOCK OWNERSHIP PLAN
SCHEDULE 13G
Item 1(a) Name of Issuer:
Argo Bancorp, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
7600 W. 63rd Street
Summit-Argo, Illinois 60501-1812
Item 2(a) Name of Person Filing:
Argo Federal Savings Bank, F.S.B.
Employee Stock Ownership Plan
Trustee: Grand National Bank
7500 Grand Avenue
Waukegan, Illinois 60085
Item 2(b) Address of Principal Business Offices or, if none, Residence:
7600 W. 63rd Street
Summit-Argo, Illinois 60501-1812
Item 2(c) Citizenship:
Federally chartered stock savings institution's employee stock
benefit plan organized in Illinois.
Item 2(d) Title of Class of Securities: Common Stock par value $.01 per share
Item 2(e) CUSIP Number: 040125-10-6
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 Ownership. As of December 31, 1996, the reporting person
beneficially owned 19,364 shares of the issuer. This number of
shares represents 4.3% of the common stock, par value $.01, of
the issuer, based upon 446,255 shares of such common stock
outstanding as of December 31, 1996. As of December 31, 1996, the
reporting person has sole power to vote or to direct the vote of
6,994 of the shares and shares voting power over 12,370 shares.
The reporting person has the sole power to dispose or direct the
disposition of 19,364 shares of common stock.
Page 3 of 5 pages
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Item 5 Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial
owner of more than five percent of the class of securities, check
the following: |X|
Item 6 Ownership of More than Five Percent on Behalf of Another Person.
N/A
Item 7 Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company.
N/A
Item 8 Identification and Classification of Members of the Group.
N/A
Item 9 Notice of Dissolution of Group.
N/A
Page 4 of 5 pages
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Item 10 Certification.
N/A
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.
February 6, 1997
______________________________________________
(Date)
/s/Frances M. Pitts
______________________________________________
(Signature)
Executive Vice President
______________________________________________
(Title)
Page 5 of 5 pages
