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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULES 13d-1(b) (c), AND (d) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13d-2(b)
(AMENDMENT NO. 2)
ISB FINANCIAL CORPORATION
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(Name of Issuer)
Common Stock, Par Value $1.00 Per Share
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(Title of Class of Securities)
450091 10 3
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(CUSIP Number)
December 31, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X] Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
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
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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NUMBER OF 5. SOLE VOTING POWER
SHARES
BENEFICIALLY 326,655
OWNED BY EACH ---------------------------------------
REPORTING 6. SHARED VOTING POWER
PERSON WITH
246,999
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7. SOLE DISPOSITIVE POWER
326,655
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8. SHARED DISPOSITIVE POWER
246,999
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
573,654
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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)
8.3%
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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 Offices:
1101 E. Admiral Doyle Drive
New Iiberia, 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, par value $1.00 per share
Item 2(e) CUSIP Number:
450091 10 3.
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or
13d-2(b) or (c), Check Whether the Person Filing is:
(f)[X] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F);
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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:
(b) Percent of class: 8.3 %
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 326,655
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(ii) Shared power to vote or to direct the vote 246,999
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(iii) Sole power to dispose or to direct the disposition of
326,655
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(iv) Shared power to dispose or to direct the disposition
of 246,999
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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 326,655
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 246,999 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 I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held
in the ordinary course of business and were not acquired and are
not held 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 and are not held 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 my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
ISB FINANCIAL CORPORATION EMPLOYEE
STOCK OWNERSHIP PLAN TRUST
February 16, 1999 By:/s/ Cecil C. Broussard
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Cecil C. Broussard
Trustee for the ISB Financial Corporation
Employee Stock Ownership Plan Trust
February 16, 1999 By:/s/ William H. Fenstermaker
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William H. Fenstermaker
Trustee for the ISB Financial Corporation
Employee Stock Ownership Plan Trust
February 16, 1999 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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