SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934*
(Amendment No.2)*
Southfirst Bancshares, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
844271106
(CUSIP Number)
Jeffrey L. Gendell
200 Park Avenue, Suite 3900, New York, New York 10166 (212) 692-3695
(Name, address and telephone number of person
authorized to receive notices and communications)
October 1, 1997
(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.
*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 purposes 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 10
13D
CUSIP No. 844271106
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Jeffrey L. Gendell
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
00
____________________________________________________________
(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
-0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
83,700
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
83,700
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
83,700
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
9.9%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 2 of 10]
13D
CUSIP No. 844271106
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Tontine Management, L.L.C.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
00
____________________________________________________________
(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
-0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
83,700
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
83,700
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
83,700
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
9.9%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
00
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 3 of 10]
13D
CUSIP No. 844271106
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Tontine Partners, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
10,500
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
10,500
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
10,500
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.2%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 4 of 10]
13D
CUSIP No. 844271106
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Tontine Financial Partners, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
73,200
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
73,200
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
73,200
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
8.6%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 5 of 10]
The Schedule 13D, initially filed on May 8, 1997 (the "Schedule 13D"), by
Jeffrey L. Gendell, Tontine Partners, L.P. and Tontine Financial Partners,
L.P., and amended by Amendment No. 1 to the Schedule 13D, filed by Jeffrey L.
Gendell, Tontine Partners, L.P., Tontine Financial Partners, L.P., and Tontine
Management, L.L.C. on July 16, 1997 relating to the Common Stock, $.01 par
value (the "Common Stock") of Southfirst Bancshares, Inc., a Delaware
Corporation (the "Company") whose principal office is located at 126 North
Norton Ave., Sylacauga, Alabama, is hereby amended by this Amendment No. 2 to
the Schedule 13D as follows:
Item 3. Source and Amount of Funds and Other Consideration.
Item 3 is amended and restated as follows:
The net investment cost (including commissions, if any) of the shares of
Common Stock beneficially owned by Tontine Partners, L.P., a Delaware limited
partnership ("TP") is approximately $147,495. The net investment cost
(including commissions, if any) of the shares of Common Stock beneficially
owned by Tontine Financial Partners, L.P., a Delaware limited partnership
("TFP") is approximately $1,130,572. Neither Mr. Gendell nor Tontine
Management, L.L.C., a limited liability company organized under the laws of
the State of Delaware ("TM") own directly any shares of Common Stock.
The shares of Common Stock purchased by TP and TFP were purchased with
working capital and on margin.
TP's margin transactions are with Furman Selz LLC, on such firm's
usual terms and conditions. TFP's margin transactions are with Bear Stearns
Securities Corp., on such firm's usual terms and conditions. All or part of
the shares of Common Stock beneficially owned by TP and TFP may from time to
time be pledged with one or more banking institutions or brokerage firms as
collateral for loans made by such bank(s) or brokerage firm(s) to TP and TFP.
Such loans bear interest at a rate based upon the broker's call rate from time
to time in effect. Such indebtedness may be refinanced with other banks or
broker-dealers.
Item 5. Interest in Securities of the Issuer.
Item 5 is amended and restated as follows:
A. Jeffrey L. Gendell.
(a) Aggregate number of shares beneficially owned: 83,700
Percentage: 9.9% The percentages used herein and in the rest of Item 5 are
calculated based upon the 847,600 shares of Common Stock issued and outstanding
as reflected in the Company's 10-Q for the period ending June 30, 1997.
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 83,700
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 83,700
[page 6 of 10]
(c) Mr. Gendell did not enter into any transactions in the Common Stock of the
Company within the last sixty days. The trading dates, number of shares of
Common Stock purchased or sold and the price per share for all transactions in
the Common Stock on behalf of TFP, which were all in the open market, are set
forth in Schedule A and are incorporated by reference.
(d) Not applicable.
(e) Not applicable.
B. Tontine Management, L.L.C.
(a) Aggregate number of shares beneficially owned: 83,700
Percentage: 9.9%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 83,700
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 83,700
(c) TM did not enter into any transactions in the Common Stock of
the Company within the last sixty days. The trading dates, number of shares of
Common Stock purchased or sold and the price per share for all transactions in
the Common Stock on behalf of TFP, which were all in the open market, are set
forth in Schedule A and are incorporated by reference.
(d) Not Applicable.
(e) Not Applicable.
C. Tontine Partners, L.P.
(a) Aggregate number of shares beneficially owned: 10,500
Percentage: 1.2%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 10,500
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 10,500
(c) TP did not enter into any transaction in the Common Stock of
the Company within the last sixty days.
(d) Tontine Management, L.L.C., the general partner of TP, has
the power to direct the affairs of TP, including decisions respecting the
disposition of the proceeds from the sale of the shares. Mr. Gendell is the
Managing Member of Tontine Management, L.L.C. and in that capacity directs its
operations.
(e) Not Applicable.
D. Tontine Financial Partners, L.P.
(a) Aggregate number of shares beneficially owned: 73,200
Percentage: 8.6%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 73,200
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 73,200
(c) The trading dates, number of shares of Common Stock purchased
or sold and the price per share for all transactions in the Common Stock within
the last sixty days, which were all in the open market, are set forth in
Schedule A and are incorporated by reference.
[page 7 of 10]
(d) Tontine Management, L.L.C., the general partner of TFP, has
the power to direct the affairs of TFP, including decisions respecting the
disposition of the proceeds from the sale of the shares. Mr. Gendell is the
Managing Member of Tontine Management, L.L.C. and in that capacity directs its
operations.
(e) Not Applicable.
[page 8 of 10]
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
DATED: October 3, 1997 /s/ JEFFREY L. GENDELL
Jeffrey L. Gendell, individually, and as
Managing Member of
Tontine Management, L.L.C.,
General Partner of
Tontine Partners, L.P.
& Tontine Financial Partners, L.P.
[page 9 of 10]
Schedule A
TONTINE FINANCIAL PARTNERS, L.P.
Price Per Share
Date of Number of Shares (including commissions,
Transaction Purchased/(Sold) if any)
09/08/97 700 16.06
09/10/97 600 16.46
09/12/97 500 16.82
09/15/97 500 17.07
09/23/97 500 18.07
10/01/97 5,000 18.54
10/01/97 12,500 18.55
10/02/97 300 18.84
[page 10 of 10]
