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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
ISB FINANCIAL CORPORATION
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(Name of Issuer)
COMMON STOCK, $1.00 PAR VALUE PER SHARE
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(Title of Class of Securities)
450091 10 3
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(CUSIP Number)
Page 1 of 6 Pages
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CUSIP NO. 450091 10 3 Page 2 of 6 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ISB Financial Corporation Employee Stock Ownership Plan Trust
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Louisiana
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5. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SOLE VOTING POWER
392,113
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6. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SHARED VOTING POWER
197,956
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7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SOLE DISPOSITIVE POWER
392,113
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8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
SHARED DISPOSITIVE POWER
197,956
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
590,069
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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)
8.5%
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12. TYPE OF REPORTING PERSON
EP
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CUSIP NO. 450091 10 3 Page 3 of 6 Pages
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Item 1(a). Name of Issuer:
ISB Financial Corporation
Item 1(b). Address of Issuer's Principal Executive Office:
1101 E. Admiral Doyle Drive
New Iberia, Louisiana 70560
Item 2(a). Name of Person Filing:
ISB Financial Corporation Employee Stock Ownership Plan Trust.
Item 2(b). Address of Principal Business Office, or, if None, Residence:
ISB Financial Corporation
1101 E. Admiral Doyle Drive
New Iberia, Louisiana 70560
Item 2(c). Citizenship:
Louisiana
Item 2(d). Title of Class of Securities:
Common Stock, $1.00 par value per share.
Item 2(e). CUSIP Number:
450091 10 3.
Item 3. If statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
check whether the person filing is a:
[X] Employee Benefit Plan, Pension Fund which is subject to
the provisions of the Employee Retirement Income Security Act
of 1974 or Endowment Fund.
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CUSIP NO. 450091 10 3 Page 4 of 6 Pages
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Item 4. Ownership.
(a) Amount beneficially owned:
590,069
(b) Percent of class:
8.5%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 392,113
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(ii) Shared power to vote or to direct the vote
197,956
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(iii) Sole power to dispose or to direct the disposition of
392,113
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(iv) Shared power to dispose or to direct the disposition of
197,956
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Item 5. Ownership of five percent or less of a class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Cecil C. Broussard, William H. Fenstermaker and E. Stewart Shea,
III are the trustees ("Trustees") of the trust (the "Trust")
created pursuant to the ISB Financial Corporation Employee Stock
Ownership Plan ("ESOP") which holds 392,113 shares of common stock
which have not been allocated to the accounts of participating
employees to date, will be voted by the Trustees pursuant to the
terms of the ESOP and may be deemed to be beneficially owned by
the Trust. In addition, a total of 197,956 shares held in the
Trust have been allocated to the accounts of participating
employees to date, will be voted by the Trustees pursuant to such
participating employees direction and, as a result of such shared
voting power, are included in the shares beneficially owned by the
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.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
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CUSIP NO. 450091 10 3 Page 5 of 6 Pages
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Item 10. Certification.
By signing below, we certify that, to the best of our 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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CUSIP NO. 450091 10 3 Page 6 of 6 Pages
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SIGNATURE
After reasonable inquiry and to the best of the knowledge and belief of
the undersigned, the undersigned certifies that the information set forth in
this Statement on Schedule 13G is true, complete and correct.
ISB FINANCIAL CORPORATION EMPLOYEE
STOCK OWNERSHIP PLAN TRUST
Date: February 11, 1998 By: /s/Cecil C. Broussard
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Cecil C. Broussard
Trustee for the ISB Financial Corporation
Employee Stock Ownership Plan Trust
Date: February 11, 1998 By: /s/William H. Fenstermaker
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William H. Fenstermaker
Trustee for the ISB Financial Corporation
Employee Stock Ownership Plan Trust
Date: February 11, 1998 By: /s/E. Stewart Shea, III
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E. Stewart Shea, III
Trustee for the ISB Financial Corporation
Employee Stock Ownership Plan Trust
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