SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20552
SCHEDULE 13D
Under the Securities Exchange Act of 1934
GSB FINANCIAL CORPORATION
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
362263105
(CUSIP Number)
David J. Harris, Esq., 1775 Eye Street, N.W. Washington, D.C. 20005
(202) 261-3385
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
October 1, 1998
(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 /__/.
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 1 of 5 Pages
<PAGE>
- --------- ---------------------------------------------------------------------
1
NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Josiah T. Austin, S.S.N. ###-##-####
- --------- ---------------------------------------------------------------------
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)/__/
(b) x
- --------- ---------------------------------------------------------------------
3
SEC USE ONLY
- --------- ---------------------------------------------------------------------
4
SOURCE OF FUNDS
OO
- --------- ---------------------------------------------------------------------
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) /__/
- --------- ---------------------------------------------------------------------
6
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------- ---------------------------------------------------------------------
- ----------------------- --------- ---------------------------------------------
NUMBER OF 7
SHARES SOLE VOTING POWER
BENEFICIALLY
OWNED BY 161,000
EACH
REPORTING
PERSON
WITH
--------- ---------------------------------------------
8
SHARED VOTING POWER
0
--------- ---------------------------------------------
9
SOLE DISPOSITIVE POWER
161,000
--------- ---------------------------------------------
10
SHARED DISPOSITIVE POWER
0
- ----------------------- --------- ---------------------------------------------
- ------------ ------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
161,000
- ------------ ------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES /__/
- ------------ ------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.16%
- ------------ ------------------------------------------------------------------
14
TYPE OF REPORTING PERSON
IN
- ------------ ------------------------------------------------------------------
<PAGE>
- --------- ---------------------------------------------------------------------
1
NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
El Coronado Holdings, L.L.C.
- --------- ---------------------------------------------------------------------
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /__/
(b) x
- --------- ---------------------------------------------------------------------
3
SEC USE ONLY
- --------- ---------------------------------------------------------------------
4
SOURCE OF FUNDS
OO and WC
- --------- ---------------------------------------------------------------------
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) /__/
- --------- ---------------------------------------------------------------------
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Arizona
- --------- ---------------------------------------------------------------------
- ----------------------- --------- ---------------------------------------------
NUMBER OF 7
SHARES SOLE VOTING POWER
BENEFICIALLY
OWNED BY 144,000
EACH
REPORTING
PERSON
WITH
--------- ---------------------------------------------
8 SHARED VOTING POWER
0
--------- ---------------------------------------------
9 SOLE DISPOSITIVE POWER
144,000
--------- ---------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------------------- --------- ---------------------------------------------
- ------------ ------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
144,000
- ------------ ------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES /__/
- ------------ ------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.4%
- ------------ ------------------------------------------------------------------
14
TYPE OF REPORTING PERSON
HC
- ------------ ------------------------------------------------------------------
<PAGE>
ITEM 1. Security and Issuer.
This Statement relates to the shares of common stock, $.01 par value
("Shares"), of GSB Financial Corporation (the "Company"). The address of the
Company is 1 S. Church Street, Goshen, NY 10924.
ITEM 2. Identity and Background.
Further information regarding the identity and background of the Reporting
Persons is as follows:
For Mr. Austin:
(a) Josiah T. Austin (hereinafter "Austin")
(b) El Coronado Ranch, Star Route Box 395, Pearce, Arizona 85625;
(c) Present principal occupation: individual investor; For ECH:
(a) El Coronado Holdings, L.L.C. ("ECH");
(b) Star Route 395, Pearce, Arizona 85625;
(c) Holding Company;
(d)-(e) During the last five years, none of the Reporting Persons nor,
to the best of the knowledge of the Reporting Persons, the members or
controlling persons of any Reporting Person have been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors), or 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.
Item 3. Source and Amount of Funds or Other Consideration.
The total consideration for all shares of Common Stock acquired to date
is $2,214,473.50. The Shares herein reported as being beneficially owned by the
Reporting Person were acquired as follows:
(1) Acting in his personal capacity, Austin purchased 17,000 Shares in
his own name from September 1, 1998 to September 15, 1998, in open market
transaction for an aggregate consideration of $167,635.50. The primary source of
funds for these acquisitions was existing personal funds.
(2) Austin is the sole Managing Member of El Coronado Holdings, L.L.C.
("ECH"). Acting on behalf of ECH, Austin purchased from September 14, 1998 to
October 20, 1998, a total of 144,000 shares in the open market for an aggregate
consideration (exclusive of brokers' commissions) of $1,016,708.50. All
purchases were made through the brokerage firm Advest under a standard terms and
conditions margin agreements. Prior to these reported purchases, Austin
purchased from December 1, 1997 to April 23, 1998, a total of 64,500 shares in
the open market for an aggregate consideration (exclusive of brokers'
commissions) of $1,030,129.50.
All dollar amounts are in United States dollars.
Item 4. Purpose of Transactions.
The acquisitions of Common Stock to which this statement relates have
been made for investment. Austin will continuously evaluate the business,
financial conditions and prospects of the Company, as well as conditions in the
economy and the banking industry in general, with a view toward determining
whether to hold, decrease or add to these investments in Common Stock.
Item 5. Interest in Securities of the Issuer.
(a) Austin is the beneficial owner of 161,000 shares (7.16%) of
the Common Stock (the "Acquired Stock"), in his personal capacity and as Sole
Managing Member of ECH.
(b) Austin has the sole power to vote or to direct the vote or to
dispose or to direct the disposition of 161,000 shares of the Acquired Stock.
(c) No transactions in the Shares have been effected by the Reporting
Person during the last 60 days, except the following transactions, each of which
was made in a broker's transaction in the open market. Prices do not include
brokerage fees.
Reporting Sale/ No. of Price Per
Person Purchase Date Shares Share
Josiah T. Austin, in his Purchase 9/01/98 15,000 $9-1/2
personal capacity " 9/14/98 1,500 $12-1/2
" 9/15/98 500 $12-3/4
Josiah T. Austin on Purchase 9/14/98 6,000 $12-1/2
behalf of El Coronado " 9/17/98 3,000 $12-3/4
Holdings " 9/21/98 6,500 $12-5/8
" 9/21/98 15,000 $12-5/8
" 10/01/98 10,000 $12-3/4
" 10/01/98 25,000 $13.000
" 10/01/98 10,000 $12-3/4
" 10/20/98 4,000 $13.000
(d) No person other than Austin, has any right to receive, or the power
to direct the receipt of dividends from, or proceeds from the sale of, such
securities.
(e) Not applicable.
<PAGE>
Item 6. Contracts, Arrangements, Understandings or Relations With Respect to
Securities of the Issuer.
There are no contracts, arrangements, understandings or relationships
(legal or otherwise) between ECH, the various trusts cited herein, Austin and
any person with respect to any securities of the Company.
Item 7. Materials Filed as Exhibits.
None.
SIGNATURE
After reasonable inquiry and to the best knowledge and belief, I
certify that the information set forth in this Statement is true, complete and
correct.
Date: October 29, 1998 /s/ Josiah T. Austin
Josiah T. Austin
