UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB/A
(Amendment No. One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended September 30, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from __________________ to ___________________
Commission file number: 0-24848
EAST TEXAS FINANCIAL SERVICES, INC.
(Name of small business issuer as specified in its charter)
Delaware 75-2559089
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.
1200 South Beckham Avenue, Tyler, Texas 75701
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (903) 593-1767
--------------
Securities Registered Pursuant to Section 12(b) of the Act:
None
Securities Registered Pursuant to Section 12(g) of the Act:
Common Stock, par value $.01 per share
--------------------------------------
(Title of Class)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the issuer was required to file such reports), and (2) has
been subject to such requirements for the past 90 days. YES [ X ] NO [ ].
Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B contained herein, and no disclosure will be
contained, to the best of Registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [ X ]
State the issuer's revenues for its most recent fiscal year:
$8,624,000.
The aggregate market value of the voting stock held by non-affiliates
of the Registrant, computed by reference to the average of the closing bid and
ask prices of such stock on the OTC Electronic Bulletin Board as of December 9,
1998 was $9.4 million. (The exclusion from such amount of the market value of
the shares owned by any person shall not be deemed an admission by the
Registrant that such person is an affiliate of the Registrant.)
<PAGE>
As of December 9, 1998, there were issued and outstanding 1,464,056
shares of the Registrant's Common Stock.
DOCUMENTS INCORPORATED BY REFERENCE
Part II of Form 10-KSB - Portions of Annual Report to Stockholders for the
fiscal year ended September 30, 1998.
Part III of Form 10-KSB - Portions of Proxy Statement for 1999
Annual Meeting of Stockholders.
Transitional Small Business Disclosure Format: YES [ ] NO [ X ].
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 15(d) of the Securities Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
EAST TEXAS FINANCIAL
SERVICES, INC.
Date: December 30, 1998 By: /s/Gerald W. Free
-------------------
Gerald W. Free, President, Chief
Executive Officer and Director
(Duly Authorized Representative)
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons in the capacities and
on the dates indicated.
/s/Gerald W. Free /s/Jack W. Flock
- ----------------- ----------------
Gerald W. Free, President, Chief Jack W. Flock, Chairman of the Board
Executive Officer and Director
(Principal Executive Officer)
Date: December 30, 1998 Date: December 30, 1998
/s/Derrell W. Chapman /s/M. Earl Davis
- --------------------- ----------------
Derrell W. Chapman, Vice President, M. Earl Davis, Director
Chief Operating Officer and Chief
Financial Officer (Principal Financial
And Accounting Officer)
Date: December 30, 1998 Date: December 30, 1998
/s/James W. Fair /s/Charles R. Halstead
- ---------------- ----------------------
James W. Fair, Director Charles R. Halstead, Director
Date: December 30, 1998 Date: December 30, 1998
/s/L. Lee Kidd /s/H. H. Richardson, Jr.
- -------------- ------------------------
L. Lee Kidd, Director H. H. Richardson, Jr., Director
Date: December 30, 1998 Date: December 30, 1998
/s/Jim M. Vaughn, M.D.
- ----------------------
Jim M. Vaughn, M.D., Director
Date: December 30, 1998
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF EAST TEXAS FINANCIAL SERVICES, INC., AT
SEPTEMBER 30, 1998, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<CASH> 592,363
<INT-BEARING-DEPOSITS> 3,064,312
<FED-FUNDS-SOLD> 129,187
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 12,810,165
<INVESTMENTS-CARRYING> 40,707,344
<INVESTMENTS-MARKET> 41,204,509
<LOANS> 61,352,227
<ALLOWANCE> 233,180
<TOTAL-ASSETS> 124,017,462
<DEPOSITS> 86,643,657
<SHORT-TERM> 13,150,000
<LIABILITIES-OTHER> 2,044,259
<LONG-TERM> 1,795,852
0
0
<COMMON> 18,845
<OTHER-SE> 20,364,849
<TOTAL-LIABILITIES-AND-EQUITY> 124,017,642
<INTEREST-LOAN> 4,770,636
<INTEREST-INVEST> 3,266,838
<INTEREST-OTHER> 226,256
<INTEREST-TOTAL> 8,263,730
<INTEREST-DEPOSIT> 4,425,979
<INTEREST-EXPENSE> 4,966,073
<INTEREST-INCOME-NET> 3,297,657
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,768,079
<INCOME-PRETAX> 890,219
<INCOME-PRE-EXTRAORDINARY> 560,946
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 560,946
<EPS-PRIMARY> .39
<EPS-DILUTED> .38
<YIELD-ACTUAL> 2.00
<LOANS-NON> 228,000
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 488,000
<ALLOWANCE-OPEN> 273,000
<CHARGE-OFFS> 40,000
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 233,180
<ALLOWANCE-DOMESTIC> 52,000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 181,000
</TABLE>
