LEATHER FACTORY INC
SC 13G/A, 1998-02-13
LEATHER & LEATHER PRODUCTS
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                                UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 SCHEDULE 13G


                   Under the Securities Exchange Act of 1934
                             (Amendment No. 3)*




                          THE LEATHER FACTORY, INC.
- --------------------------------------------------------------------------------
                               (Name of Issuer)


                       Common Stock, $0.0024 par value
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                  522126101
- --------------------------------------------------------------------------------
                               (CUSIP Number)





Check the following box if a fee is being paid with this statement [ ]. (A fee
is not required only if the filing person: (1) has a previous  statement on
file reporting beneficial ownership of more than five  percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.) 
(See Rule 13d-7).

*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).




                               Page 1 of 8 Pages
<PAGE>   2

CUSIP No. 522126101                  13G                  Page 2 of 4 Pages



- --------------------------------------------------------------------------------
 1    NAME OF REPORTING PERSON
      S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

      The Leather Factory, Inc. Employees' Stock
         Ownership Plan and Trust
- --------------------------------------------------------------------------------
 2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*       
                                                             (a) /  /
                                                             (b) /  /

- --------------------------------------------------------------------------------
 3    SEC USE ONLY



- --------------------------------------------------------------------------------
 4    CITIZENSHIP OR PLACE OF ORGANIZATION

      Texas, USA
- --------------------------------------------------------------------------------
                               5     SOLE VOTING POWER

          NUMBER OF            
                                     706,871
           SHARES              -------------------------------------------------
                               6     SHARED VOTING POWER
        BENEFICIALLY           
                               
          OWNED BY                   -0-
                               ------------------------------------------------
            EACH               7     SOLE DISPOSITIVE POWER
                    
          REPORTING 
                                     706,871
           PERSON              ------------------------------------------------
                               8     SHARED DISPOSITIVE POWER                  
            WITH    
                                     
                                     -0-
- ------------------------------------------------------------------------------- 
 9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


      706,871  
- --------------------------------------------------------------------------------
10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

      N/A
- --------------------------------------------------------------------------------
11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9


      7.17
- --------------------------------------------------------------------------------
12    TYPE OF REPORTING PERSON*


      EP
- --------------------------------------------------------------------------------



                     *SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>   3
                                                               Page 3 of 4 Pages

Item 1.   (a)  NAME OF ISSUER:

               The Leather Factory, Inc.

          (b)  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

               3847 East Loop 820 South
               Fort Worth, Texas 76119

Item 2.   (a)  NAME OF PERSON FILING:
               
               The Leather Factory, Inc. Employees' Stock Ownership
               Plan and Trust

          (b)  ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:

               Bank of Commerce, Trustee
               P.O. Box 17089
               Fort Worth, Texas 76102

          (c)  CITIZENSHIP:

               Not Applicable

          (d)  TITLE OF CLASS OF SECURITIES:

               Common Stock, $0.0024 par value

          (e)  CUSIP NUMBER:

               522126101

Item 3.   TYPE OF REPORTING PERSON:

          Employee Benefit Plan

Item 4.   OWNERSHIP:

          (a)  AMOUNT BENEFICIALLY OWNED:

               706,871 shares of Common Stock 

          (b)  PERCENT OF CLASS:

               7.17
<PAGE>   4
                                                               Page 4 of 4 Pages



               (c)  NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:

                    (i)       Sole power to vote or to direct the vote:
          
                              706,871

                    (ii)      Shared power to vote or direct the vote:

                              -0-

                    (iii)     Sole power to dispose or to direct the disposition
                              of:

                              706,871

                    (iv)      Shared power to dispose or to direct the 
                              disposition of:

                              -0-

Items 5 through 10. Not Applicable

                                   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.

Date:  February 13, 1998


                                    THE LEATHER FACTORY, INC. EMPLOYEES'
                                    STOCK OWNERSHIP PLAN AND TRUST

                                    By: Bank of Commerce, Trustee



                                    By:   /s/ ROBERT D. ROTEN
                                       ----------------------------------
                                       Robert D. Roten, Senior Vice President


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