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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under The Securities Exchange Act of 1934
(AMENDMENT NO. 1)*
Frankfort First Bancorp, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
352128 10 2
-----------------------------------------
(CUSIP Number)
* 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 the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of the section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 9 pages
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CUSIP NO. 352128 10 2 13G Page 2 of 9 Pages
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1 NAME OF REPORTING PERSON: Frankfort First
Bancorp, Inc. Employee Stock Ownership Plan
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
61-1285797
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [x]
(b) [_]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Commonwealth of Kentucky
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NUMBER OF 5 SOLE VOTING POWER 0
SHARES
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BENEFICIALLY 6 SHARED VOTING POWER 274,096
OWNED BY -------
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EACH 7 SOLE DISPOSITIVE POWER 0
REPORTING
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PERSON 8 SHARED DISPOSITIVE POWER 274,096
WITH -------
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
274,096
-------
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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
8.0 %
----
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12 TYPE OF REPORTING PERSON *
EP
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* SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP NO. 352128 10 2 13G Page 3 of 9 Pages
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1 NAME OF REPORTING PERSON: David G. Eddins
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [_]
(b) [x]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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NUMBER OF 5 SOLE VOTING POWER 20,000
SHARES ------
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BENEFICIALLY 6 SHARED VOTING POWER 369,920
OWNED BY -------
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EACH 7 SOLE DISPOSITIVE POWER 20,000
REPORTING ------
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PERSON 8 SHARED DISPOSITIVE POWER 380,998
WITH -------
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
400,998
-------
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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
11.6 %
------
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12 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 352128 10 2 13G Page 4 of 9 Pages
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1 NAME OF REPORTING PERSON: Frank McGrath
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [_]
(b) [x]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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NUMBER OF 5 SOLE VOTING POWER 10,000
SHARES ------
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BENEFICIALLY 6 SHARED VOTING POWER 369,680
OWNED BY -------
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EACH 7 SOLE DISPOSITIVE POWER 10,000
REPORTING ------
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PERSON 8 SHARED DISPOSITIVE POWER 380,758
WITH -------
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
390,758
-------
- --------------------------------------------------------------------------------
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
11.4 %
------
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12 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 352128 10 2 13G Page 5 of 9 Pages
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1 NAME OF REPORTING PERSON: Herman D. Regan, Jr.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [_]
(b) [x]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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NUMBER OF 5 SOLE VOTING POWER 40,000
SHARES ------
------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER 369,680
OWNED BY -------
------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER 40,000
REPORTING ------
------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER 380,758
WITH -------
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
420,758
-------
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *
[_]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.2 %
--------
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTION BEFORE FILLING OUT!
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Page 6 of 9 Pages
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Securities and Exchange Commission
Washington, DC 20549
Item 1(a) Name of Issuer.
Frankfort First Bancorp, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices.
216 W. Main Street
Frankfort, Kentucky 40602
Item 2(a) Name of Person(s) Filing.
Frankfort First Bancorp, Inc. Employee Stock Ownership Plan ("ESOP"), and
the following individuals who serve as trustees of the trust established under
the ESOP: David G. Eddins, Frank McGrath, and Herman D. Regan, Jr.
Item 2(b) Address of Principal Business Office.
Same as Item 1(b).
Item 2(c) Citizenship.
See Row 4 of the second part of the cover page provided for each
reporting person.
Item 2(d) Title of Class of Securities.
Common Stock, par value $.01 per share.
Item 2(e) CUSIP Number.
See the upper left corner of the second part of the cover page provided
for each reporting person.
Item 3. Check whether the person filing is a:
(f) [X] Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of
1974 or Endowment Fund; see 13d-1(b)(1)(ii)(F),
(h) [X] Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
Item (a)(b)(c)(d)(e)(g) - not applicable.
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Page 7 of 9 Pages
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Item 4. Ownership.
(a) Amount Beneficially Owned: See Row 9 of the second part of the cover
page provided for each reporting person.
(b) Percent of Class: See Row 11 of the second part of the cover page
provided for each reporting person.
(c) See Rows 5, 6, 7, and 8 of the second part of the cover page provided
for each reporting person.
Item 5. Ownership of Five Percent or Less of A Class.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following: [_]
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Pursuant to Section 13.7 of the ESOP, Frankfort First Bancorp, Inc.,
acting as the ESOP Committee, has the power to direct the receipt of dividends
on shares held in the ESOP trust.
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.
This Schedule 13G is being filed on behalf of the ESOP identified in Item
2(a), filing under the Item 3(f) classification, and by each trustee of the
trust established pursuant to the ESOP, filing under the Item 3(h)
classification. Exhibit A contains a disclosure of the voting and dispositive
powers over shares of the issuer held directly by these entities.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
By signing below I certify that, to the best of my 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.
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Page 8 of 9 Pages
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SIGNATURE:
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.
FRANKFORT FIRST BANCORP, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
By Its Trustees:
/s/ David G. Eddins February 4, 1997
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David G. Eddins, as Trustee Date
/s/ Frank McGrath February 3, 1997
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Frank McGrath, as Trustee Date
/s/ Herman D. Regan, Jr. February 2, 1997
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Herman D. Regan, Jr., as Trustee Date
/s/ David G. Eddins February 4, 1997
- --------------------------------------- ----------------------
David G. Eddins, as an Individual Date
Stockholder
/s/ Frank McGrath February 3, 1997
- --------------------------------------- ----------------------
Frank McGrath, as an Individual Date
Stockholder
/s/ Herman D. Regan, Jr. February 2, 1997
- --------------------------------------- ----------------------
Herman D. Regan, Jr., as an Individual Date
Stockholder
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Page 9 of 9 Pages
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Exhibit A
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Identification of Members of Group
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The trustees of the ESOP hold shares of common stock of the issuer in trust
for the benefit of employees participating in the ESOP. Pursuant to Section 13.6
of the ESOP, (i) the trustees vote common stock allocated to participant
accounts in accordance with instructions by participants, (ii) shares of common
stock of the issuer which have not been allocated and allocated stock for which
no voting direction has been received shall be voted by the trustee in the same
proportion that participants direct the voting of allocated shares, and (iii) if
no voting direction has been received as to allocated shares, the issuer may
direct the trustees as to the voting of all unallocated shares, and if the
issuer gives no direction, the trustees shall vote such shares in their sole
discretion. Pursuant to Section 13.3 of the ESOP, the trustees exercise
investment direction as directed by the issuer in its capacity as the ESOP
Committee. Overall, the trustees must exercise voting and dispositive power with
respect to the assets held by the ESOP, including common stock of the issuer, in
accordance with the fiduciary responsibility requirements imposed by Section 404
of the Employee Retirement Income Security Act of 1974, as amended.
