SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
SCHEDULE 13D
Under the Securities Exchange Act of 1934*
Southfirst Bancshares, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
844271106
(CUSIP Number)
Jeffrey L. Gendell
Tontine Partners, L.P.
Tontine Financial Partners, L.P.
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)
April 28, 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 11]
<PAGE>
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
51,100
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
51,100
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
51,100
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
6.2%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 2 of 11]
<PAGE>
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 REP0ORTING 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)
1.3%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 3 of 11]
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
40,600
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
40,600
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
40,600
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
4.9%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 4 of 11]
<PAGE>
Item 1. Security and Issuer.
This statement relates to the common stock with $.01 par value (the
"Common Stock"), of Southfirst Bancshares, Inc. (the "Company"). The Company's
principal executive offices are located at 126 North Norton Avenue, Sylacauga,
Alabama, 35150.
Item 2. Identity and Background.
(a) This statement is filed by: Jeffrey L. Gendell, with respect to
the shares of Common Stock directly owned by Tontine Partners, L.P., a Delaware
limited partnership ("TP"), and by Tontine Financial Partners, L.P., a Delaware
limited partnership ("TFP"), and TP and TFP with respect to the shares of
Common Stock beneficially owned by them.
(b) The business address of Mr. Gendell is 200 Park Avenue, Suite 3900,
New York, New York 10166. The address of the principal business and principal
office of TP and TFP is 200 Park Avenue, Suite 3900, New York, New York 10166.
(c) Mr. Gendell serves as the Managing Member of Tontine Management,
L.L.C. which is the general partner (the "General Partner") of TP and TFP. The
principal business of TP is serving as a private investment limited partnership
investing in various industries. The principal business of "TFP" is serving as
a private investment limited partnership investing primarily in financial
institutions.
(d) Neither the person or partnerships referred to in paragraph (a)
has, during the last five years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
(e) Neither the person or partnerships referred to in paragraph (a)
has, during the last five years, been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and, as a result of
such proceeding, was, or is subject to, a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, Federal or State securities laws or finding any violation with respect to
such laws.
(f) Mr. Gendell is a United States citizen. TP and TFP are limited
partnerships organized under the laws of the State of Delaware.
Item 3. Source and Amount of Funds and Other Consideration.
The net investment cost (including commissions, if any) of the shares of
Common Stock beneficially owned by TP is approximately $147,495. The net
investment cost (including commissions, if any) of the shares of Common Stock
beneficially owned by TFP is approximately $572,131. Mr. Gendell does not 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.
[page 5 of 11]
<PAGE>
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 4. Purpose of the Transaction.
The purpose of the acquisition of the shares of Common Stock by TP and TFP
is for investment, and the purchases of the shares of Common Stock by TP and
TFP were made in the ordinary course of business and were not made for the
purpose of acquiring control of the Company. Although the acquisition of the
shares of Common Stock by TP and TFP is for investment purposes, TP and TFP
will pursue discussions with management to maximize long-term value for
shareholders. TP and TFP may make further purchases of shares of Common Stock
from time to time and may dispose of any or all of the shares of Common Stock
held by it at any time. Neither Mr. Gendell nor TP and TFP have any plans or
proposals which relate to, or could result in, any of the matters referred to
in paragraphs (b) through (j), inclusive, of Item 4 of Schedule 13D. Such
person and entity may, at any time and from time to time, review or reconsider
their position and formulate plans or proposals with respect thereto, but have
no present intention of doing so.
Item 5. Interest in Securities of the Issuer.
A. Jeffrey L. Gendell.
(a) Aggregate number of shares beneficially owned: 51,100
Percentage: 6.2% The percentages used herein and in the rest of Item 5 are
calculated based upon the 821,100 shares of Common Stock issued and outstanding
as of February 10, 1997, as reflected in the Company's proxy statement dated
February 19, 1997.
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 51,100
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 51,100
(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 TP and TFP, which were
all in the open market, by are set forth in Schedules A and B and are
incorporated by reference.
(d) Not applicable.
(e) Not applicable.
[page 6 of 11]
<PAGE>
B. Tontine Partners, L.P.
(a) Aggregate number of shares beneficially owned: 10,500
Percentage: 1.3%
(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) 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.
(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.
C. Tontine Financial Partners, L.P.
(a) Aggregate number of shares beneficially owned: 40,600
Percentage: 4.9%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 40,600
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 40,600
(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 B and are incorporated by reference.
(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.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.
Other than the Joint Acquisition Statement attached as Exhibit 1 hereto,
there are no contracts, arrangements, understandings or relationships (legal or
otherwise) among the persons named in Item 2 hereof and between such persons
and any person with respect to any securities of the Company, including but not
limited to transfer or voting of any other securities, finder's fees, joint
ventures, loan or option arrangements, puts or calls, guarantees of profits,
divisions of profits or loss, or the giving or withholding of proxies.
Item 7. Materials to be Filed as Exhibits.
There is filed herewith as Exhibit 1 a written agreement relating to the
filing of joint acquisition statements as required by Rule 13d-1(f)(1) under
the Securities Exchange Act of 1934, as amended.
[page 7 of 11]
<PAGE>
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: May 8, 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 8 of 11]
<PAGE>
Schedule A
TONTINE PARTNERS, L.P.
Price Per Share
Date of Number of Shares (including commissions,
Transaction Purchased/(Sold) if any)
4/7/97 4,500 14.05
4/28/97 3,500 14.04
4/29/97 2,500 14.05
[page 9 of 11]
<PAGE>
Schedule B
TONTINE FINANCIAL PARTNERS, L.P.
Price Per Share
Date of Number of Shares (including commissions,
Transaction Purchased/(Sold) if any)
3/10/97 500 13.93
3/11/97 1,500 14.30
3/12/97 1,100 14.30
3/19/97 5,200 14.30
3/31/97 7,100 14.30
4/9/97 5,000 14.04
4/24/97 1,200 14.30
4/28/97 3,500 14.04
4/29/97 2,500 14.05
4/30/97 3,000 14.05
[page 10 of 11]
<PAGE>
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13D-1(f)1
The undersigned acknowledge and agree that the foregoing statement on Schedule
13D, as amended, is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13D, as amended, shall be
filed on behalf of each of the undersigned without the necessity of filing
additional joint acquisition statements. The undersigned acknowledge that
each shall be responsible for the timely filing of such amendments, and for
the completeness and accuracy of the information concerning him or its
contained therein, but shall not be responsible for the completeness and
accuracy of the information concerning the other, except to the extent that he
or its knows or has reason to believe that such information is inaccurate.
May 8, 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.
and Tontine Financial Partners, L.P.
[page 11 of 11]
