UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Greenstreet Financial Corp.
---------------------------
(Name of Issuer)
Common Stock - Voting
------------------------------
(Title of Class of Securities)
393415-10-4
--------------
(CUSIP Number)
Charles M. Shelton, Sr., 301 S. College Street, Suite 3600,
Charlotte, NC 28202
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
June 19, 1998
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(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 / / .
Check the following box if a fee is being paid with the statement
/ / . (A fee is not required only if the reporting 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).
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 disclosures provided in
a prior cover page.
The information required on 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>
SCHEDULE 13D
CUSIP NO. 393415-10-4 Page 1 of 4 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Shelton Companies, a North Carolina General Partnership
Federal ID#: 56-1195037
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) /x/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) and 2(e). / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NORTH CAROLINA
|7 SOLE VOTING POWER
|
NUMBER OF |8 SHARED VOTING POWER
SHARES | 167,000
BENEFICIALLY |
OWNED BY |
EACH |9 SOLE DISPOSITIVE POWER
REPORTING |
PERSON |
WITH |
|10 SHARED DISPOSITIVE POWER
| 167,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
167,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.89%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.<PAGE>
SCHEDULE 13D
CUSIP NO. 393415-10-4 Page 2 of 4 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Charles M. Shelton, Sr.
Social Security No.: ###-##-####
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) /x/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) and 2(e). / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
| 7 SOLE VOTING POWER
|
NUMBER OF | 8 SHARED VOTING POWER
SHARES | 169,300
BENEFICIALLY |
OWNED BY |
EACH | 9 SOLE DISPOSITIVE POWER
REPORTING |
PERSON |
WITH |
| 10 SHARED DISPOSITIVE POWER
169,300
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
169,300
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.94%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.<PAGE>
SCHEDULE 13D
CUSIP NO. 393415-10-4 Page 3 of 4 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
R. Edwin Shelton
Social Security No.: ###-##-####
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) /x/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) and 2(e). / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
| 7 SOLE VOTING POWER
|
NUMBER OF | 8 SHARED VOTING POWER
SHARES | 167,000
BENEFICIALLY |
OWNED BY |
EACH | 9 SOLE DISPOSITIVE POWER
REPORTING |
PERSON |
WITH |
| 10 SHARED DISPOSITIVE POWER
| 167,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
167,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.89%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.<PAGE>
SCHEDULE 13D
CUSIP NO. 393415-10-4 Page 4 of 4 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Charles M. Shelton, Jr.
Social Security No.: ###-##-####
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) /x/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) and 2(e).
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
| 7 SOLE VOTING POWER
|
NUMBER OF | 8 SHARED VOTING POWER
SHARES | 2,300
BENEFICIALLY |
OWNED BY |
EACH | 9 SOLE DISPOSITIVE POWER
REPORTING |
PERSON |
WITH |
| 10 SHARED DISPOSITIVE POWER
| 2,300
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,300
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.05%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.<PAGE>
<PAGE>
ITEM 1. SECURITY AND ISSUER
This statement amends and supplements the Schedule 13D
relating to the beneficial ownership of the common stock, par
value $.01 per share (the "Common Stock") of Greenstreet
Financial Corp., a North Carolina corporation (the "Issuer")
filed jointly with the Securities and Exchange Commission (the
"Commission") by and on behalf of The Shelton Companies, Third
Set, Inc., The Shelton Foundation, Inc., Charles M. Shelton, Sr.,
R. Edwin Shelton, Charles M. Shelton, Jr., Jennifer K. Shelton,
and Jane P. Norwood (the "Original Reporting Person").
The principal executive offices of the Issuer are located at
241 Green Street, Fayetteville, North Carolina 28301.
Certain of the shares of the Common Stock included in the
beneficial ownership of the Original Reporting Persons were sold
on June 19, 1998. This amendment reports the beneficial ownership
of the Common Stock of the persons included among the Original
Reporting Persons who currently have a direct or indirect
ownership interest in the Common Stock. These persons are The
Shelton Companies, Charles M. Shelton, Sr., R. Edwin Shelton, and
Charles M. Shelton, Jr.. A Joint Filing Agreement is attached
hereto as Exhibit 1 with respect to the filing parties (the
"Filing Parties"). Neither Third Set, Inc. nor the Shelton
Foundation, Inc. has a direct or indirect interest in the Common
Stock; neither Jennifer K. Shelton nor Jane P. Norwood is at this
time a member of the ownership group.
ITEM 2. IDENTITY AND BACKGROUND
1. (a) The Shelton Companies, a general partnership.
(b) 3600 One First Union Center, 301 S. College Street,
Charlotte, North Carolina 28202.
(c) Real Estate and Securities Investments.
(d) No partner of The Shelton Companies was, during the
last five years, convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
(e) No partner of The Shelton Companies was, during the
last five years, a party to a civil proceeding of a
judicial or administrative body 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) Formed under the laws of North Carolina.
Charles M. Shelton, Sr. and R. Edwin Shelton are the general
partners of The Shelton Companies and jointly exercise
dispositive and voting power with respect to the Common Stock.
2. (a) Charles M. Shelton, Sr.
(b) See Item 1(b) above.
(c) Mr. Shelton and R. Edwin Shelton jointly manage the
business of The Shelton Companies. For further
information about the business of The Shelton
Companies, see Item 1(c) above.
(d) See Item 1(d) above.
(e) See Item 1(e) above.
(f) Mr. Shelton is a citizen of the United States.
3. (a) R. Edwin Shelton
(b) See Item 1(b) above.
(c) Mr. Shelton and Charles M. Shelton, Sr. jointly manage
the business of The Shelton Companies. For further
information about the business of The Shelton
Companies, see Item 1(c) above.
(d) See Item 1(d) above.
(e) See Item 1(e) above.
(f) Mr. Shelton is a citizen of the United States.
4. (a) Charles M. Shelton, Jr.
(b) 3600 One First Union Center, 301 S. College Street,
Charlotte, North Carolina 28202.
(c) Mr. Shelton is President of Chedren, Inc., a real
estate and investment company.
(d) Mr. Shelton was not, during the last five years,
convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) Mr. Shelton was not, during the last five years, a
party to a civil proceeding of a judicial or
administrative body 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. Shelton is a citizen of the United States.
Mr. Charles M. Shelton, Jr. owns 2,300 shares of the Common
Stock. He has orally authorized his Father, Charles M. Shelton,
Sr., to exercise dispositive power with respect to his shares and
has orally agreed to vote his shares in accordance with his
Father's direction. Accordingly, Charles M. Shelton, Sr., may be
deemed to share beneficial ownership with his son of 2,300 shares
of the Common Stock.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The Common Stock purchased in open market transactions by
the Filing Parties reported in Item 5 was acquired with cash held
by each such person or entity.
ITEM 4. PURPOSE OF TRANSACTION
On June 19, 1998, the Original Reporting Persons ceased to
be the beneficial owner of greater than 5% after selling 122,000
shares. The persons filing this amendment continue to hold the
shares for investment purposes. The Filing Parties may from time
to time acquire or sell additional securities of the Company
through open market transactions depending on existing market
conditions and other considerations which the Filing Parties may
deem relevant.
The Filing Parties are not considering taking any action
contemplated by subparagraphs (a) through (j).
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Filing Parties currently may be deemed to be the
beneficial owners of 169,300 shares, or 3.94% of the
Issuer's Common Stock. Such shares are held as set
forth below:
Name of Person/Entity Shares Owned Percentage of Common Stock
--------------------- ------------ --------------------------
The Shelton Companies 167,000 3.89%
Charles Mr. Shelton, Jr. 2,300 .05%
Jr.
(b) Of the 169,300 shares of the Common Stock beneficially
owned by the Filing Parties, Charles M. Shelton, Sr.,
and R. Edwin Shelton share dispositive and voting power
with respect to 167,000 shares held by The Shelton
Companies and Charles M. Shelton, Sr. shares
dispositive and voting power with respect to the 2,300
shares owned by Charles M. Shelton, Jr.
(c) On June 19, 1998, the Original Reporting Persons sold
122,000 shares of Common Stock at a price of $16.375
per share. No other transactions were conducted by
the persons named in paragraph (a).
(d) Not applicable.
(e) The Filing Parties ceased to be the beneficial owners
of more than five percent of the Common Stock of the
Issuer on June 19, 1998.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIP
WITH RESPECT TO SECURITIES OF THE ISSUER
See Item 2 for a description of the understandings and
relationships among the Filing Parties.
Item 7. Material to Be Filed as Exhibits.
Exhibit Number Description
1. Joint Filing Agreement of The
Shelton Companies, Charles M.
Shelton, Sr., R. Edwin Shelton,
and Charles M. Shelton, Jr.<PAGE>
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: June 29, 1998
THE SHELTON COMPANIES
By: /s/ Charles M. Shelton, Sr.
Charles M. Shelton, Sr.,
General Partner
/s/ Charles M. Shelton, Sr.
Charles M. Shelton, Sr.
/s/ R. Edwin Shelton
R. Edwin Shelton
/s/ Charles M. Shelton, Jr.
Charles M. Shelton, Jr.<PAGE>
Exhibit 1
Joint Filing Agreement
In accordance with Rule 13d-1(f) under the Securities
Exchange Act of 1934, as amended, the persons named below agree
to the joint filing on behalf of each of them of Amendment No. 1
to Schedule 13D (including any amendments thereto) with respect
to the common stock, par value $.01 per share, of Greenstreet
Financial Corp., a North Carolina corporation, and further agree
that this Joint Filing Agreement be included as an exhibit to
such joint filings. In evidence thereof, the undersigned
parties, each being duly authorized, hereby execute this
Agreement on the 29th day of June, 1998.
THE SHELTON COMPANIES
By: /s/ Charles M. Shelton, Sr.
Charles M. Shelton, Sr.,
General Partner
/s/ Charles M. Shelton, Sr.
Charles M. Shelton, Sr.
/s/ R. Edwin Shelton
R. Edwin Shelton
/s/ Charles M. Shelton, Jr.
Charles M. Shelton, Jr.
