SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
First Shenango Bancorp, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
336409 10 7
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(CUSIP Number)
* The remainder of the 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).
(Continued on following pages)
Page 1 of 4 pages
<PAGE>
CUSIP No. 336409 10 7 Schedule 13G Page 2 of 4 Pages
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1. Name of Reporting Person
S.S. or I.R.S. Identification Number of above person:
First Federal Savings Bank of New Castle
Employee Stock Ownership Plan
2. Check the appropriate box if a member of a group*
(a) |X| (b) |_|
3. SEC Use Only
4. Citizenship or Place of Organization: Pennsylvania
Number of Shares Beneficially Owned by Each Reporting Person with:
5. Sole Voting Power: 0
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6. Shared Voting Power: 106,508
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7. Sole Dispositive Power: 0
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8. Shared Dispositive Power: 106,508
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9. Aggregate Amount Beneficially Owned by Each Reporting Person:
106,508
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10. Check Box If The Aggregate Amount in Row (9) Excludes Certain
Shares*
11. Percent of Class Represented by Amount in Row 9: 5.15 %
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12. Type of Reporting Person*: EP
* SEE INSTRUCTION
<PAGE>
Page 3 of 4
Securities and Exchange Commission
Washington, D.C. 20549
Item 1(a) Name of Issuer: First Shenango Bancorp, Inc.
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Item 1(b) Address of Issuer's Principal Executive Offices:
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P.O. Box 671
25 North Mill Street
New Castle, Pennsylvania 16103
Item 2(a) Name of Person Filing:
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First Federal Savings Bank of New Castle
Employee Stock Ownership Plan
Item 2(b) Address of Principal Business Office: Same as Item 1(b)
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Item 2(c) Citizenship: Pennsylvania
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Item 2(d) Title of Class of Securities: Common Stock
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Item 2(e) CUSIP Number: 336409 10 7
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Item 3 Check whether the person filing is a:
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Item 3(f) X Employee Benefit Plan, Pension Fund which is subject to the
--- provisions of the Employee Retirement Income Security Act of
1974.
Item 3(h) X Group, in accordance with Rule 13d- 1(b)(1)(ii)(H).
---
Item 3(a)(b)(c)(d)(e)(g) - not applicable.
Item 4(a) Amount Beneficially Owned: 106,508
Item 4(b) Percent of Class: 5.15%
Item 4(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote -0-
-------
(ii) shared power to vote or to direct the
vote 106,508
-------
(iii)sole power to dispose or to direct the
disposition of -0-
-------
(iv) shared power to dispose or to direct the
disposition of 106,508
-------
<PAGE>
Page 4 of 4
Item 5 Ownership of Five Percent or Less of Class:
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Not Applicable
Item 6 Ownership of More than Five Percent on Behalf of Another
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Person:
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Not applicable.
Item 7 Identification and Classification of the Subsidiary Which
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Acquired the Security Being Reported on by the Parent
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Holding Company.
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Not Applicable
Item 8 Identification and Classification of Members of the
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Group.
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This Schedule 13G is being filed on behalf of the Employee
Stock Ownership Plan ("ESOP") identified in Item 2(a) by the
ESOP Committee and the ESOP Trustee both filing under the Item
3(f) and 3(h) classifications. Exhibit A contains a disclosure
of the voting and dispositive powers over shares of the issuer
held directly by these entities exclusive of those shares held
by the ESOP as well as identification of members of these
groups.
Item 9 Notice of Dissolution of Group.
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Not Applicable
Item 10 Certification.
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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.
<PAGE>
SIGNATURE:
After reasonable inquiry and to the best of my knowledge and belief, as
a member of the ESOP Committee and as an ESOP Trustee, I certify that the
information set forth in this statement is true, complete and correct.
/s/ William G. Eckles, II 2/13/98
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William G. Eckles, II, as Trustee Date
/s/Richard E. Rentz, Jr. 2/12/98
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Richard E. Rentz, Jr. as Trustee Date
/s/ R. Joseph Hrach 2/13/98
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R. Joseph Hrach, as Trustee Date
<PAGE>
Exhibit A
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Identification of Members of Group
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Shares of common stock of the issuer are held in trust for the benefit
of participating employees by the ESOP Trustee. The ESOP Trustee shares voting
and dispositive power with the ESOP Committee. By the terms of the ESOP, the
ESOP Trustee votes stock allocated to participant accounts as directed by
participants. Stock held by the ESOP Trust, but not yet allocated is voted by
the ESOP Trustee as directed by the ESOP Committee. Investment direction is
exercised by the ESOP Trustee as directed by the ESOP Committee. The ESOP
Committee and the ESOP Trustee share voting and dispositive power with respect
to the unallocated stock held by the ESOP pursuant to their fiduciary
responsibilities under Section 404 of the Employee Retirement Income Security
Act of 1974, as amended.
Members of the ESOP Committee and ESOP Trustees and their beneficial
ownership of shares of common stock of the issuer exclusive of membership on the
ESOP Committee and as ESOP Trustee and of shares beneficially owned as a
Participant in the ESOP are as follows:
Beneficial Beneficial Ownership
Name Ownership (1) as ESOP Participant
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William G. Eckles, II 24,062 -0-
Richard E. Rentz, Jr. 28,267 -0-
R. Joseph Hrach 5,100 -0-
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(1) Includes shares of common stock of issuer owned in conjunction with family
members. The ESOP Committee and ESOP Trustee disclaim ownership of these
shares in conjunction with the exercise of their fiduciary duties as
members of the ESOP Committee and as ESOP Trustee.
