:----------: U.S. SECURITIES AND EXCHANGE COMMISSION
: FORM 4 : WASHINGTON, D.C. 20552
:----------:
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
|_| CHECK THIS BOX IF Filed pursuant to Section 16(a) of the
NO LONGER SUBJECT Securities Exchange Act of 1934,
TO SECTION 16. Section 17(a) of the Public Utility
FORM 4 OR FORM 5 Holding Company Act of 1935 or
OBLIGATIONS MAY Section 30(f) of the Investment
CONTINUE. SEE Company Act of 1940
INSTRUCTION 1(B).
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1. Name and Address of Reporting Person
DELTEC INTERNATIONAL S.A.
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(Last) (First) (Middle)
DELTEC HOUSE, LYFORD CAY
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(Street)
NASSAU, BAHAMAS
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
ARGO BANCORP, INC. (NONE)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
February 1998
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer (Check all applicable)
_____ Director _X__ 10% Owner
_____ Officer (give title below) ____ Other (Specify below)
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<PAGE>
TABLE I-NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
<TABLE>
<CAPTION>
1.Title of Security 2.Trans- 3.Trans- 4.Securities Acquired (A) 5.Amount of 6.Ownership 7.Nature of
(Instr. 3) action action or Disposed of (D) Securities Bene- Form: Direct Indirect
Date Code (Instr. 3, 4 and 5) ficially Owned (D) or Beneficial
(Month/ (Instr. 8) ------------------------ at End of Indirect (I) Ownership
Day/ ------------ Amount (A) or Price Month (Instr. (Instr. 4) (Instr. 4)
Year) Code V (D) 3 and 4)
- ------------------- --------- ------------ ------------------------ ------------------ -------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Common Stock 2/27/98 P 2,015 A 34.875 124,411 I Through
Subsidiary
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<FN>
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
(Print or Type Responses)
</FN>
</TABLE>
<PAGE>
FORM 4 (CONTINUED)
TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
1. Title of Derivative Security (Instr. 3)
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2. Conversion or Exercise Price of Derivative Security
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3. Transaction Date (Month/Date/Year)
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4. Transaction Code (Instr. 8)
Code V
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
(A) (D)
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6. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Title Amount or Number of Shares
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8. Price of Derivative Security (Instr. 5)
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9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
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10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
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11. Nature of Indirect Beneficial Ownership (Instr. 4)
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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 INTERNATIOANL S.A.
/s/ March 2, 1998
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**Signature of Reporting Person Date
Andre J. Feldman
Vice 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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