HOLLYBANK INVESTMENTS LP
SC 13D/A, 1999-08-03
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13D

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (Amendment No. 2)*

                     SECURITY FIRST TECHNOLOGIES CORPORATION
                                (Name of Issuer)

                          COMMON STOCK, $0.01 PAR VALUE
                         (Title of Class of Securities)

                                    814279105
                                 (CUSIP Number)

                            HOLLYBANK INVESTMENTS, LP
                                 P.O. BOX 190290
                           MIAMI BEACH, FLORIDA 33119
                                 --------------
           (Name, Address and Telephone Number of Person Authorized to
                       Receive Notices and Communications)

                               AUGUST 3, 1999 (1)
             (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(e), 13d-1(f) or 13d-1(g), check the following box
( ).

Note:  Schedules  filed in paper format shall include a signed original and five
copies of the  schedule,  including  all  exhibits.  See Rule 13d-7(b) for other
parties to whom copies are to be sent.

*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
disclosures provided in a prior cover page.

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).


____________________

1   The  purpose of this  filing is to  supplement  information  provided in the
initial  Schedule  13D filed  electronically  with the  Securities  and Exchange
Commission    ("Commission")    on   October    16,    1998    (Accession    No.
0000908737-98-000789)  and Amendment No. 1 to Schedule 13D filed  electronically
with the Commission on June 7, 1999 (Accession No. 0000898432-99-000687).

<PAGE>

SCHEDULE 13D                                                   Page 2 of 9 pages
CUSIP No. 814279105


- --------------------------------------------------------------------------------
1            NAME OF REPORTING PERSON
             SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON

             Hollybank Investments, LP
- --------------------------------------------------------------------------------
2            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*          (a) ( )
                                                                        (b) (X)
- --------------------------------------------------------------------------------
3            SEC USE ONLY

- --------------------------------------------------------------------------------
4            SOURCE OF FUNDS*

             00
- --------------------------------------------------------------------------------
5            CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
             TO ITEMS 2(d) or 2(e)                                          ( )
- --------------------------------------------------------------------------------
             CITIZENSHIP OR PLACE OF ORGANIZATION

             Delaware
- --------------------------------------------------------------------------------
NUMBER OF    7         SOLE VOTING POWER
SHARES
BENEFICIALLY           1,100,000
OWNED BY
EACH         -------------------------------------------------------------------
REPORTING    8         SHARED VOTING POWER
PERSON WITH
             None
             -------------------------------------------------------------------
             9         SOLE DISPOSITIVE POWER

                       1,100,000
             -------------------------------------------------------------------
             10        SHARED DISPOSITIVE POWER

                       None
- --------------------------------------------------------------------------------
11           AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

             1,100,000
- --------------------------------------------------------------------------------
12           CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
             SHARES*   ( )
- --------------------------------------------------------------------------------
13           PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

             4.4%
- --------------------------------------------------------------------------------
14           TYPE OF REPORTING PERSON*

             PN
- --------------------------------------------------------------------------------
                           *SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>

SCHEDULE 13D                                                   Page 3 of 9 pages
CUSIP No. 814279105


- --------------------------------------------------------------------------------
1            NAME OF REPORTING PERSON
             S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

             Dorsey R. Gardner
- --------------------------------------------------------------------------------
2            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*          (a) ( )
                                                                        (b) (X)
- --------------------------------------------------------------------------------
3            SEC USE ONLY

- --------------------------------------------------------------------------------
4            SOURCE OF FUNDS*

             00
- --------------------------------------------------------------------------------
5
             CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
             TO ITEMS 2(d) or 2(e)                                          ( )
- --------------------------------------------------------------------------------
6            CITIZENSHIP OR PLACE OF ORGANIZATION

             United States
- --------------------------------------------------------------------------------
             7        SOLE VOTING POWER
NUMBER OF             130,000XX
SHARES                XX Please refer to Item 5, page 6 for disclaimer of
BENEFICIALLY          beneficial ownership
OWNED BY     -------------------------------------------------------------------
EACH         8        SHARED VOTING POWER
REPORTING
PERSON WITH           None
             -------------------------------------------------------------------
             9        SOLE DISPOSITIVE POWER
                      190,000XX
                      XX Please refer to Item 5, page 6 for disclaimer of
                      beneficial ownership
             ------------------------------------------------------------------
             10       SHARED DISPOSITIVE POWER

                      None
- --------------------------------------------------------------------------------
11           AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
             190,000XX

             XX Please refer to Item 5, page 6 for disclaimer of beneficial
             ownership
- --------------------------------------------------------------------------------
12           CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
             SHARES*   (X)
- --------------------------------------------------------------------------------
13           PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
             .8%XX

             XX  Please refer to Item 5, page 6 for disclaimer of beneficial
             ownership
- --------------------------------------------------------------------------------
14           TYPE OF REPORTING PERSON*

             IN
- --------------------------------------------------------------------------------
                           *SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>

SCHEDULE 13D                                                   Page 4 of 9 pages
CUSIP No. 814279105


- --------------------------------------------------------------------------------
1            NAME OF REPORTING PERSON
             S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

             Timothy G. Caffrey
- --------------------------------------------------------------------------------
2            CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*          (a) ( )
                                                                        (b) (X)
- --------------------------------------------------------------------------------
3            SEC USE ONLY

- --------------------------------------------------------------------------------
4            SOURCE OF FUNDS*

             00
- --------------------------------------------------------------------------------
5            CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
             TO  ITEMS 2(d) or 2(e)                                         ( )
- --------------------------------------------------------------------------------
6            CITIZENSHIP OR PLACE OF ORGANIZATION

             United States
- --------------------------------------------------------------------------------
             7        SOLE VOTING POWER
NUMBER OF             6,000XX
SHARES                XX Please refer to Item 5, page 6 for disclaimer of
BENEFICIALLY          beneficial ownership
OWNED BY     -------------------------------------------------------------------
EACH         8        SHARED VOTING POWER
REPORTING
PERSON WITH           None

             -------------------------------------------------------------------
             9        SOLE DISPOSITIVE POWER
                      6,000XX
                      XX  Please refer to Item 5, page 6 for disclaimer of
                      beneficial ownership
             -------------------------------------------------------------------
             10       SHARED DISPOSITIVE POWER

                      None
- --------------------------------------------------------------------------------
11           AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
             6,000XX

             XX  Please refer to Item 5, page 6 for disclaimer of beneficial
             ownership
- --------------------------------------------------------------------------------
12           CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
             SHARES*   (X)
- --------------------------------------------------------------------------------
13           PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
             .02%XX

             XX  Please refer to Item 5, page 6 for disclaimer of beneficial
             ownership
- --------------------------------------------------------------------------------
14           TYPE OF REPORTING PERSON*

             IN
- --------------------------------------------------------------------------------
                           *SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>

SCHEDULE 13D                                                   Page 5 of 9 pages
CUSIP No. 814279105


ITEM 1. SECURITY AND ISSUER.

      The  title of the  class of  equity  securities  to which  this  statement
relates is the  Common  Stock,  par value  $0.01 per share  (the  "Shares"),  of
Security First Technologies Corporation, a Delaware corporation (the "Company").
The address of the Company's  principal executive office is 3390 Peachtree Road,
Suite 1700, Atlanta GA 30326.

ITEM 2. IDENTITY AND BACKGROUND

      The  persons  filing  this  Statement  are  Hollybank  Investments,  LP, a
Delaware limited Partnership  ("LP"),  Dorsey R. Gardner, a geneal partner of LP
("Gardner")  and Timothy G. Caffrey,  a geneal  partner of LP  ("Caffrey").  The
business  address of Garnder and LP is P.O.  Box 190240,  Miami  Beach,  Florida
33119. The business address of Caffrey is One International  Place,  Suite 2401,
Boston,  Massachusets,  02110.  LP  was  formed  on  January  14,  1994,  and is
authorized to conduct any business  which may be legally  conducted by a limited
partnerhsip  under  the laws of  Delaware.  As of the  date  hereof,  LP's  sole
business  is  securitiees  investmenet.  During  the last  five  years,  neither
Gardner,  Caffrey nor LP has been convicted in a criminal proceeding  (excluding
traffic  violations and similar  misdemenaors),  nor has Gardner,  Caffrey or LP
been a party to a civil  proceeding  of a  judicial  or  administrative  body of
competent  jurisdiction  as a result of which  Gardner,  Caffrey or LP was or is
subject to a judgement, 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.

      LP acquired  608,600 Shares  effective  September 30, 1998, as a result of
the  reorganization  of  Security  First  Network  Bank  into the  Company  (the
"Reorganization")  and Gardner  acquired 76,500 Shares  effective  September 30,
1998 as a result of the  Reorganization.2  In addition,  effective September 30,
1998 Gardner  acquired options (the "Options") to purchase 30,000 Shares granted
by the  Company to Gardner as a  Director.  Neither LP or Gardner  expended  any
funds in the acquisition of the Shares or Options  described in the previous two
sentences.

      Caffrey  became a general  partner of LP on January 1, 1999, at which time
he held 3,000  shares of the Company.  Caffrey  used his personal  funds for his
purchase of Shares in the Company.  The Company  conducted a 2 for 1 stock split
effective May 11, 1999.

      Neither LP,  Gardner nor Caffrey  acquired any Shares of the Company since
their filing of Amendment No. 1 to Schedule 13D on June 7, 1999.

ITEM 4. PURPOSE OF TRANSACTION.

      LP, Gardner and Caffrey have acquired their respective shares strictly for
the purpose of equity security investment.  Neither Gardner,  Caffrey nor LP has
any present plans or proposals which would relate to or result in:


____________________

2   This filing  amends information  previously provided in the initial Schedule
13D filed electronically with the Commission on October 16, 1998.

<PAGE>

SCHEDULE 13D                                                   Page 6 of 9 pages
CUSIP No. 814279105


      (a) The acquisition by any person of additional securities of the Company,
or the disposition of securities of the Company;

      (b)  An   extraordinary   corporate   transaction,   such  as  a   merger,
reorganization or liquidation, involving the Company or any of its subsidiaries;

      (c) A sale or  transfer  of a material  amount of assets of the Company or
any of its subsidiaries;

      (d) Any change in the present  board of  directors  or  management  of the
Company,  including  any  plans or  proposals  to change  the  number of term of
directors or to fill any existing vacancies on the board;

      (e) Any material change in the present  capitalization  or dividend policy
of the Company;

      (f) Any other  material  change in the  Company's  business  or  corporate
structure;

      (g) Changes in the Company's charter, bylaws or instruments  corresponding
thereto or other  actions  which may impede  the  acquisition  of control of the
Company by any person;

      (h) Causing a class of  securities  of the  Company to be delisted  from a
national  securities  exchange or to cease to be  authorized  to be quoted in an
inter-dealer quotation system of a registered national securities association;

      (i) A class of equity  securities  of the Company  becoming  eligible  for
termination  of  registration  pursuant to Section  12(g)(4)  of the  Securities
Exchange Act of 1934; or

      (j) Any action similar to any of those enumerated above.

ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.

      (a)(i) As of the date of this  Statement,  LP is the  beneficial  owner of
1,100,000 Shares  (approximately 4.4% of the outstanding Shares of 25,076,292 in
May 1999).  Gardner, as general partner of LP, may be deemed to beneficially own
Shares  beneficially  owned by LP.  Except to the  extent of his  interest  as a
limited partner in LP, Gardner expressly disclaims such beneficial ownership and
the filing of this statement shall not be construed as an admission that Gardner
is the beneficial owner of the Shares owned by LP and covered by this Statement.

      (ii) As of the date of this Statement,  Gardner  beneficially owns 160,000
Shares,  including  options to purchase 60,000 granted by the company to Gardner
as a  Director  ("Options")  (approximately  0.8% of the  outstanding  Shares of
25,076,292  in May  1999).  Except to the  extent of his  interest  as a limited
partner in LP, Gardner expressly  disclaims  beneficial  ownership of any Shares
which may be  beneficially  owned by LP, and the filing of this statement  shall
not be construed as an admission  that Gardner is the  beneficial  owner of such
Shares.

      (iii) As of the date of this Statement,  Caffrey  beneficially  owns 6,000
Shares  (approximately  0.02% of the  outstanding  Shares of  25,076,292  in May
1999).  Except to the extent of his interest as a limited partner in LP, Caffrey
expressly disclaims beneficial ownership of any Shares which may be beneficially
owned by LP,  and the  filing of this  statement  shall not be  construed  as an
admission that Caffrey is the beneficial owner of such Shares.

<PAGE>

SCHEDULE 13D                                                   Page 7 of 9 pages
CUSIP No. 814279105

      (b) LP has sole voting power and sole investment power with respect to the
Shares  reported in (a)(i) above.  Gardner has sole voting power with respect to
130,000 of the Shares  listed in (a)(ii)  above and sole  investment  power with
respect to 60,000 Shares, represented by the Options, reported in (a)(ii) above.
Caffrey has sole voting  power with  respect to the Shares  reported in (a)(iii)
above.

      (c)(i)  LP  has,   during  the  past  60  days,  not  effected  any  Share
transactions.

      (ii)  Gardner  has,  during  the  past 60 days,  not  effected  any  Share
transactions.

      (iii)  Caffrey  has,  during  the past 60 days,  not  effected  any  Share
transactions.

      (d) No other  person is known to have the right to receive or the power to
direct the receipt of dividends  from,  or the proceeds  from the sale of Shares
reported on this Statement.

ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.

      There  are no  contracts,  arrangement,  understandings  or  relationships
(legal or  otherwise)  between LP,  Gardner or Caffrey and any other person with
respect  to any  securities  of the  Company,  including,  but not  limited  to,
transfer or voting of any of the securities, finder's fees, joint ventures, loan
or option  arrangements,  puts or calls,  guarantees  of  profits,  division  of
profits or loss, or the giving or withholding of proxies.

ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.

      The following document is filed herewith as an exhibit to this statement:

      (a)   Joint Filing Agreement
      (b)   Power of Attorney





<PAGE>

SCHEDULE 13D                                                   Page 8 of 9 pages
CUSIP No. 814279105


                                    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.


                                    HOLLYBANK INVESTMENTS, LP



                                    By:  /s/ Timothy G. Caffrey
                                         ----------------------
                                    Timothy G. Caffrey
                                    General Partner



                                    /s/ Timothy G. Caffrey
                                    ----------------------
                                    Dorsey R. Gardner
                                    By Timothy G. Caffrey, Attorney-in-Fact




                                    /s/ Timothy G. Caffrey
                                    ----------------------
                                    Timothy G. Caffrey



Date:  August 3, 1999


<PAGE>


                                  SCHEDULE 13D


                                  EXHIBIT INDEX



                    99.1   Joint Filing Agreement
                    99.2   Power of Attorney


<PAGE>


                                    AGREEMENT


      Pursuant to Rule  13d-1(f)(1)  under the Securities  Exchange Act of 1934,
the undersigned hereby agree that only one statement  containing the information
required  by  Schedule  13D (or any  amendment  thereof)  need be filed on their
behalf with  respect to the  beneficial  ownership of any equity  securities  of
Security  First  Technologies  Corporation  or any  subsequent  acquisitions  or
disposition of equity securities of Security First  Technologies  Corporation by
any of the undersigned.


Date:  August 3, 1999

                                        HOLLYBANK INVESTMENTS, LP




                                        By:  /s/ Timothy G. Caffrey
                                             ----------------------
                                        Timothy G. Caffrey
                                        General Partner



                                        /s/ Timothy G. Caffrey
                                        ----------------------
                                        Dorsey R. Gardner
                                        By Timothy G. Caffrey, Attorney-in-Fact



                                        /s/ Timothy G. Caffrey
                                        ----------------------
                                        Timothy G. Caffrey

<PAGE>


                                  EXHIBIT 99.2


                                POWER OF ATTORNEY

      Know all by these presents,  that the undersigned  hereby  constitutes and
appoints Timothy G. Caffrey, the undersigned's true and lawful  attorney-in-fact
to:

     (1)  execute   for  and  on  behalf  of  the   undersigned,   in  each  the
          undersigned's  individual capacity,  as a general partner by Hollybank
          Investments, LP ("LP") and as a managing member of Thistle Investments
          LLC ("LLC"),  Schedule 13D and any  amendments  thereto in  accordance
          with  Section  13(d) of the  Securities  Exchange  Act of 1934 and the
          rules thereunder;

     (2)  do and  perform  any and all act for and on behalf of the  undersigned
          which may be  necessary  or desirable to complete and execute any such
          Schedule 13D and any amendments thereto and timely file such form with
          the United States  Securities  and Exchange  Commission  and any stock
          exchange or similar authority; and

     (3)  take any other action of any type  whatsoever in  connection  with the
          foregoing  which, in the opinion of such  attorney-in-fact,  may be of
          benefit  to, in the best  interest  of, or  legally  required  by, the
          undersigned,  it being understood that the documents  executed by such
          attorney-in-fact  on behalf of the undersigned  pursuant to this Power
          of  Attorney  shall be in such form and shall  contain  such terms and
          conditions   as   such    attorney-in-fact   may   approve   in   such
          attorney-in-fact's discretion.

      The  undersigned  hereby  grants to such  attorney-in-fact  full power and
authority  to do and perform any and every act and thing  whatsoever  requisite,
necessary,  or proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally  present,  with full power of substitution or revocation,
hereby  ratifying  and  confirming  all  that  such  attorney-in-fact,  or  such
attorney-in-fact's  substitute or substitutes,  shall lawfully do or cause to be
done by virtue of this  power of  attorney  and the  rights  and  powers  herein
granted. The undersigned  acknowledges that the foregoing  attorney-in-fact,  in
serving in such  capacity at the request of the  undersigned,  are not assuming,
nor is LP or LLC assuming,  any of the undersigned's  responsibilities to comply
with Section 13 of the Securities Exchange Act of 1934.

      This Power of  Attorney  shall  remain in full force and effect  until the
undersigned  is no  longer  required  to file  Schedule  13D and any  amendments
thereto  with  respect to the  undersigned's  holdings  of and  transactions  in
securities  issued by LP and LLC, unless earlier revoked by the undersigned in a
signed writing delivered to the foregoing attorney-in-fact.


<PAGE>


      IN WITNESS  WHEREOF,  the undersigned has caused this Power of Attorney to
be executed as of this 23rd day of June, 1999.

                                        /s/ Dorsey R. Gardner
                                        ---------------------
                                               Signature


                                        Dorsey R. Gardner, individually
                                        and as General Partner of Hollybank
                                        Investments, LP and Managing Member of
                                        Thistle Investments LLC




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