SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1 )*
IBS FINANCIAL CORP.
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE PER SHARE
(Title of Class of Securities)
44922Q 10 5
(CUSIP Number)
Page 1 of 5 Pages
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CUSIP NO. 44922Q 10 5 Page 2 of 5 Pages
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
IBS Financial Corp. Employee Stock Ownership Plan Trust
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
5. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SOLE VOTING POWER
913,441
6. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SHARED VOTING POWER
137,638
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SOLE DISPOSITIVE POWER
913,441
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SHARED DISPOSITIVE POWER
137,638
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,051,079
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.6%
12. TYPE OF REPORTING PERSON
EP
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CUSIP NO. 44922Q 10 5 Page 3 of 5 Pages
ITEM 1(A) NAME OF ISSUER:
IBS Financial Corp.
ITEM 1(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICE:
1909 East Route 70
Cherry Hill, New Jersey 08003
ITEM 2(A) NAME OF PERSON FILING:
IBS Financial Corp. Employee Stock Ownership Plan Trust
ITEM 2(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
IBS Financial Corp.
1909 East Route 70
Cherry Hill, New Jersey 08003
ITEM 2(C) CITIZENSHIP:
United States
ITEM 2(D) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $.01 per share
ITEM 2(E) CUSIP NUMBER:
44922Q 10 5
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13-D(B), OR 13D-2(B),
CHECK WHETHER THE PERSON FILING IS A:
[ ] Employee Benefit Plan, Pension Plan Fund which is subject to
the provisions of the Employee Retirement Income Security
Act of 1974.
ITEM 4. OWNERSHIP.
(a) Amount beneficially owned:
1,051,079 shares of Common Stock
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CUSIP NO. 44922Q 10 5 Page 4 of 5 Pages
(b) Percent of class:
10.6%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 913,441
(ii) Shared power to vote or to direct the vote 137,638
(iii)Sole power to dispose or to direct
the disposition of 913,441
(iv) Shared power to dispose or to direct
the disposition of 137,638
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not Applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
The IBS Financial Corp. Employee Stock Ownership Plan Trust
("Trust") was established pursuant to the IBS Financial Corp.
Employee Stock Ownership Plan ("ESOP") by an agreement between
the Company and Messrs. Joseph M. Ochman, Sr., Thomas J. Auchter
and John A. Borden, who act as trustees of the plan ("Trustees").
As of January 15, 1997, 913,441 shares of Common Stock held in
the Trust were unallocated and 137,638 shares had been allocated
to the accounts of participating employees. Under the terms of
the ESOP, the Trustees must vote the allocated shares held in the
ESOP in accordance with the instructions of the participating
employees. Unallocated shares held in the ESOP will be voted by
the ESOP Trustees in the same proportion for and against
proposals to stockholders as the ESOP participants and
beneficiaries actually vote shares of Common Stock allocated to
their individual accounts. Any allocated shares which either
abstain on the proposal or are not voted will be disregarded in
determining the percentage of stock voted for and against each
proposal by the participants and beneficiaries.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY.
Not Applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not Applicable.
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CUSIP NO. 44922Q 10 5 Page 5 of 5 Pages
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not Applicable.
ITEM 10. CERTIFICATION.
By signing below, We certify that, to the best of our 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.
SIGNATURE
After reasonable inquiry and to the best of the knowledge and belief
of the undersigned, the undersigned certifies that the information set
forth in this Statement on Schedule 13G is true, complete and correct.
IBS FINANCIAL CORP. EMPLOYEE STOCK
OWNERSHIP PLAN TRUST
Date: February 12, 1997 By: /S/JOSEPH M. OCHMAN, SR.
------------------------
Joseph M. Ochman, Sr.
Trustee
Date: February 12, 1997 By: /S/THOMAS J. AUCHTER
--------------------
Thomas J. Auchter
Trustee
Date: February 12, 1997 By: /S/JOHN A. BORDEN
-----------------
John A. Borden
Trustee
