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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2 )*
IBS FINANCIAL CORP.
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(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE PER SHARE
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(Title of Class of Securities)
44922Q 10 5
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(CUSIP Number)
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Page 1 of 5 Pages
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CUSIP NO. 44922Q 10 5 Page 2 of 5 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
IBS Financial Corp. Employee Stock Ownership Plan Trust
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH SOLE VOTING POWER
908,592
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6. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH SHARED VOTING POWER
323,635
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7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH SOLE DISPOSITIVE POWER
908,592
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8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH SHARED DISPOSITIVE POWER
323,635
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,232,227
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11.1%
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12. TYPE OF REPORTING PERSON
EP
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CUSIP NO. 44922Q 10 5 Page 3 of 5 Pages
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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:
[X] 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:
1,232,227 shares of Common Stock
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CUSIP NO. 44922Q 10 5 Page 4 of 5 Pages
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(b) Percent of class:
11.1%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 908,592
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(ii) Shared power to vote or to direct the vote 323,635
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(iii) Sole power to dispose or to direct the disposition of
908,592
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(iv) Shared power to dispose or to direct the disposition of
323,635
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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 the trustees of the ESOP, who are currently
John A. Borden, Paul W. Gleason and Albert D. Stiles, Jr.
("Trustees"). As of January 15, 1998, 908,592 shares of Common
Stock held in the Trust were unallocated and 323,635 shares had
been allocated to the accounts of participating employees.
Under the terms of the ESOP, the Trustees will generally vote
the allocated shares held in the ESOP in accordance with the
instructions of the participating employees and will generally
vote unallocated shares held in the ESOP 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, subject in each
case to the fiduciary duties of the Trustees and applicable law.
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
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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 10, 1998 By: /s/John A. Borden
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John A. Borden
Trustee
Date: February 10, 1998 By: /s/Paul W. Gleason
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Paul W. Gleason
Trustee
Date: February 10, 1998 By: /s/Albert D. Stiles, Jr.
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Albert D. Stiles, Jr.
Trustee
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