<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
(Amendment No. 1)<F1>
United Tennessee Bancshares, Inc.
(Name of Issuer)
Common Stock, par value $1.00 per share
(Title of Class of Securities)
91307P103
(CUSIP Number)
Jerome H. Davis
c/o David M. Perlmutter, Esq.
200 Park Ave., Suite 4515, New York, NY 10166
(212) 986-4900
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 4, 1998
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rule 13d-1
(b)(3) or (4), check the following box / /.
Note: Six copies of this statement, including all
exhibits, should be filed with the Commission. See Rule 13d-1(a)
for other parties to whom copies are to be sent.
(Continued on following pages)
_________________________
<F1>
1 The remainder of this cover page shall be filled out for a
reporting person's initial filing of this form with respect to the
subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in a
prior cover page.
The information required on 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 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 1 of 7 Pages
<PAGE>
CUSIP No. 91307P103
_________________________________________________________________
1. Name of Reporting Person Jerome H. Davis
_________________________________________________________________
S.S. or I.R.S. Identification ###-##-####
No. of Above Person
_________________________________________________________________
2. Check the Appropriate Box (a)______
if a Member of a Group (b)___X__
(See Instructions)
_________________________________________________________________
3. SEC Use Only
_________________________________________________________________
4. Source of Funds (See Instructions)
PF
_________________________________________________________________
5. Check Box if Disclosure of Legal
Proceedings is Required / /
Pursuant to Items 2(d) or 2(e)
_________________________________________________________________
6. Citizenship or Place of
Organization United States
_________________________________________________________________
Number of 7. Sole Voting Power 59,340
Shares 8. Shared Voting
Beneficially Power 15,000*<F2>
Owned by 9. Sole Dispositive
Each Report- Power 59,340
ing Person 10. Shared Dispositive
with Power 15,000*<F2>
_________________________________________________________________
11. Aggregate Amount Beneficially
Owned by Each Reporting Person 74,340*<F2>
_________________________________________________________________
12. Check Box if the Aggregate Amount
in Row (11) Excludes Certain / /
Shares (See Instructions)
_________________________________________________________________
13. Percent of Class Represented
by amount in Row (11) 5.26%
_________________________________________________________________
14. Type of Reporting Person IN
(See Instructions)
_________________________________________________________________
<F2>
* See Items 5(a) and 5(b) of this Statement. For purposes of
this Statement Jerome H. Davis may be deemed, pursuant to Rules
13d-3(a)(1) and 13d-3(a)(2) under the Securities Exchange Act of
1934, as amended, to be the beneficial owner of 7,300 shares of the
Company's Common Stock held in the name of his wife, Susan B.
Davis.
Page 2 of 7 Pages
<PAGE>
CUSIP No. 91307P103
_________________________________________________________________
1. Name of Reporting Person Susan B. Davis
_________________________________________________________________
S.S. or I.R.S. Identification ###-##-####
No. of Above Person
_________________________________________________________________
2. Check the Appropriate Box (a)______
if a Member of a Group (b)___X__
(See Instructions)
_________________________________________________________________
3. SEC Use Only
_________________________________________________________________
4. Source of Funds (See Instructions)
PF
_________________________________________________________________
5. Check Box if Disclosure of Legal
Proceedings is Required / /
Pursuant to Items 2(d) or 2(e)
_________________________________________________________________
6. Citizenship or Place of
Organization United States
_________________________________________________________________
Number of 7. Sole Voting Power 7,300
Shares 8. Shared Voting
Beneficially Power 67,040*<F3>
Owned by 9. Sole Dispositive
Each Report- Power 7,300
ing Person 10. Shared Dispositive
with Power 67,040*<F3>
_________________________________________________________________
11. Aggregate Amount Beneficially
Owned by Each Reporting Person 74,340*<F3>
_________________________________________________________________
12. Check Box if the Aggregate Amount
in Row (11) Excludes Certain / /
Shares (See Instructions)
_________________________________________________________________
13. Percent of Class Represented
by amount in Row (11) 5.26%
_________________________________________________________________
14. Type of Reporting Person IN
(See Instructions)
_________________________________________________________________
<F3>
* See Items 5(a) and 5(b) of this Statement. For purposes of
this Statement Susan B. Davis may be deemed, pursuant to Rules
13d-3(a)(1), 13d-3(a)(2), and 13d-5(b)(1) under the Securities
Exchange Act of 1934, as amended, to be the beneficial owner of
52,040 shares of the Company's Common Stock held in the name of her
husband, Jerome H. Davis, and 7,300 shares of Common Stock
beneficially owned by Mr. Davis in a fiduciary capacity.
Page 3 of 7 Pages
<PAGE>
The Statement on Schedule 13D (the "Statement") of
Jerome H. Davis, with respect to the Common Stock, par value $1.00
per share ("Common Stock") of United Tennessee Bancshares, Inc., a
Tennessee corporation ("UTB") is hereby amended as set forth below.
Item 4. PURPOSE OF TRANSACTION.
Item 4 of the Statement is hereby supplemented by the
addition of the following:
"The disposition of Common Stock as set forth in
Schedule A attached hereto reflects investment decisions
consistent with the purposes for which such shares were acquired.
Except as previously disclosed, Mr. and Mrs. Davis do not have
any plan or proposal which relates to or would result in any of
the actions enumerated in Item 4 of Schedule 13D, except that Mr.
and Mrs. Davis may dispose of some or all of the Common Stock or
may acquire additional shares of Common Stock, from time to time,
depending upon price and market conditions, evaluation of
alternative investments, and other factors."
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
A. Paragraphs (a) and (b) of Item 5 of the Statement
are amended and restated in their entirety to read as follows:
"(a) The aggregate number of shares of Common Stock
deemed to be beneficially owned by Mr. and Mrs. Davis for the
purposes of this Statement is 74,340 shares, representing 5.26
percent of the outstanding shares of Common Stock based on
1,414,585 shares of Common Stock disclosed by UTB as outstanding on
September 10, 1998. Of such shares, 52,040 (3.68%) are held in the
name of Mr. Davis, 7,300 (.52%) are held by Mr. Davis in his
capacity as the executor of an estate (the "Estate"), 7,300 (.52%)
are held in the name of Mrs. Davis, and 7,700 (.54%) are held in
the name of Mr. and Mrs. Davis.
(b) (i) Subject to the matters referred to in paragraph
(a) hereof, Mr. and Mrs. Davis have shared power to vote or to
direct the vote and shared power to dispose of or to direct the
disposition of the 7,700 shares of Common Stock jointly held by
them.
(ii) Subject to the matters referred to in
paragraphs (a) and (b)(i) hereof, Mr. Davis has the sole power to
vote or to direct the vote and sole power to dispose or to direct
the disposition of the 52,040 shares of Common Stock owned by him,
and the 7,300 shares of Common Stock owned by the Estate, and may
be deemed to have shared power to vote or direct the vote and
shared power to dispose or direct the disposition of the 7,300
shares of Common Stock owned by Mrs. Davis.
Page 4 of 7 Pages
<PAGE>
(iii) Subject to the matters referred to in
paragraphs (a), (b)(i)-(ii) hereof, Mrs. Davis has the sole power
to vote or to direct the vote and sole power to dispose or to
direct the disposition of the 7,300 shares of Common Stock owned by
her, and may be deemed to have shared power to vote or direct the
vote and shared power to dispose or direct the disposition of the
52,040 shares of Common Stock owned by Mr. Davis, and the 7,300
shares owned by the Estate."
B. Paragraph (c) of Item 5 is hereby supplemented by
the addition of the following:
"Mr. Davis sold an aggregate of 12,400 shares of Common
Stock owned by him through a brokerage account maintained
by him and received aggregate consideration of $148,550.00. He
also directed the sale of 4,800 shares of Common Stock jointly
owned by him and Mrs. Davis through brokerage accounts maintained
by them and received aggregate consideration of $55,500.00. A
description of all transactions in the shares of Common Stock which
have been effected by Mr. and Mrs. Davis since March 3, 1998 (the
date of the Statement) is set forth in Schedule A attached hereto
and is incorporated herein by reference."
Page 5 of 7 Pages
<PAGE>
Signature.
After reasonable inquiry and to the best knowledge and
belief of the undersigned, the undersigned certify that the
information set forth in this amendment is true, complete and
correct.
9/11/98 Jerome H. Davis
Date (Signature)
9/11/98 Susan B. Davis
Date (Signature)
Page 6 of 7 Pages
<PAGE>
<TABLE>
Schedule A
Information with Respect to Transaction in the
Common Stock of United Tennessee Bancshares, Inc.
By Jerome H. Davis and Susan B. Davis
<CAPTION>
Date of No. of Shrs Price Per Shr Where How
Transa- Purchased (excl. commis- Trans- Trans-
tion (Sold) sions) acted acted
<S> <C> <C> <C> <C>
Jerome Davis:
1. 9/1/98 (10,000) $12.125 OTC *<F4>
2. 9/1/98 (2,400) 11.375 OTC *<F4>
Mr. & Mrs. Davis:
3. 9/4/98 (4,800) 11.5625 OTC *<F4>
__________________________________
<FN>
<F4>
** Transaction effected in the over-the-counter market ("OTC")
through a standard brokerage account maintained by Mr. and/or Mrs.
Davis.
</FN
</TABLE>
Page 7 of 7 Pages
