SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
SCHEDULE 13D
Under the Securities Exchange Act of 1934*
SFS Bancorp, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
784166100
(CUSIP Number)
Jeffrey L. Gendell
200 Park Avenue, Suite 3900, New York, New York 10166 (212) 692-3695
(Name, address and telephone number of person
authorized to receive notices and communications)
August 13, 1997
(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 [ ].
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) 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 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 purposes 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 10]
13D
CUSIP No. 784166100
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Jeffrey L. Gendell
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) /X/
(b) / /
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
PF,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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
9,800
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
65,500
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
9,800
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
65,500
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
75,300
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** / /
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11) 6.1%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 2 of 10]
13D
CUSIP No. 784166100
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Tontine Management, L.L.C.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) /X/
(b) / /
_____________________________________________________________________________
(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
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
65,500
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
65,500
____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** / /
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11) 5.3%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
00
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 3 of 10]
13D
CUSIP No. 784166100
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Tontine Financial Partners, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) /X/
(b) / /
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 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
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
65,500
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
65,500
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
65,500
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** / /
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11) 5.3%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 4 of 10]
Item 1. Security and Issuer.
This statement relates to the common stock with $0.01 par value (the
"Common Stock") of SFS Bancorp, Inc. (the "Company"), whose principal
executive offices are located at 251-263 State Street, Schenectady, NY 12305.
Item 2. Identity and Background.
(a) This statement is filed by: (i) Jeffrey L. Gendell, with respect to
the shares of Common Stock directly owned by Mr. Gendell and Tontine Financial
Partners, L.P., a Delaware limited partnership ("Tontine"), (ii) Tontine
Management, L.L.C., a limited liability company organized under the laws of the
State of Delaware ("TM") with respect to the shares of common stock directly
owned by Tontine, and (iii) Tontine, with respect to the shares of Common Stock
beneficially owned by it.
(b) The business address of Mr. Gendell is 200 Park Avenue, Suite 3900,
New York, New York 10166. The address of the principal business and principal
office of Tontine and TM is 200 Park Avenue, Suite 3900, New York, New York
10166.
(c) Mr. Gendell serves as the Managing Member of TM. The principal
business of TM is serving as general partner to Tontine and to Tontine
Partners, L.P., an affiliated private investment limited partnership. The
principal business of Tontine is serving as a private investment limited
partnership investing in financial institutions.
(d) None of the persons referred to in paragraph (a) has, during the
last five years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) None of the persons referred to in paragraph (a) has, during the
last five years, 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.
(f) Mr. Gendell is a United States citizen. TM is a limited liability
company organized under the laws of the State of Delaware. Tontine is a
limited partnership organized under the laws of the State of Delaware.
Item 3. Source and Amount of Funds and Other Consideration.
The net investment cost (including commissions, if any) of the shares of
Common Stock directly owned by Mr. Gendell is approximately $151,660. The net
investment cost (including commissions, if any) of the shares of Common Stock
directly owned by Tontine is approximately $1,178,792. TM does not own
directly any shares of Common Stock.
[page 5 of 10]
The shares of Common Stock purchased by Mr. Gendell were purchased with
personal funds and on margin. The shares of Common Stock purchased by Tontine
were purchased with working capital and on margin.
Mr. Gendell's margin transactions are with Furman Selz LLC and
Prudential Securities Inc., on such firms' usual terms and conditions.
Tontine's margin transactions are with Bear Stearns Securities Corp., on such
firm's usual terms and conditions. All or part of the shares of Common Stock
directly owned by each of Mr. Gendell and Tontine may from time to time be
pledged with one or more banking institutions or brokerage firms as collateral
for loans made by such bank(s) or brokerage firm(s) to Mr. Gendell and Tontine.
Such loans bear interest at a rate based upon the broker's call rate from time
to time in effect. Such indebtedness may be refinanced with other banks or
broker-dealers.
Item 4. Purpose of the Transaction.
The purpose of the acquisition of the shares of Common Stock by Mr.
Gendell and Tontine is for investment, and the purchases of the shares of
Common Stock by such persons were made in the ordinary course of business and
were not made for the purpose of acquiring control of the Company. Although
the acquisition of the shares of Common Stock by Mr. Gendell and Tontine is for
investment purposes, such persons will pursue discussions with management to
maximize long-term value for shareholders. Mr. Gendell and Tontine may make
further purchases of shares of Common Stock from time to time and may dispose
of any or all of the shares of Common Stock held by it at any time. Neither
Mr. Gendell, TM, nor Tontine has any plans or proposals which relate to, or
could result in, any of the matters referred to in paragraphs (b) through (j),
inclusive, of Item 4 of Schedule 13D. Such persons may, at any time and from
time to time, review or reconsider their position and formulate plans or
proposals with respect thereto, but have no present intention of doing so.
Item 5. Interest in Securities of the Issuer.
A. Jeffrey L. Gendell.
(a) Aggregate number of shares beneficially owned: 75,300
Percentage: 6.1% The percentages used herein and in the rest of Item 5 are
calculated based upon the 1,230,997 shares of Common Stock issued and
outstanding as of July 31, 1997 as reflected in the Company's Form 10-QSB for
the period ending June 30, 1997.
(b) 1. Sole power to vote or direct vote: 9,800
2. Shared power to vote or direct vote: 65,500
3. Sole power to dispose or direct the disposition: 9,800
4. Shared power to dispose or direct the disposition: 65,500
(c) Mr. Gendell did not enter into any transactions in the Common
Stock of the Company within the last sixty days. The trading dates, number of
shares of Common Stock purchased or sold and the price per share for all
transactions in the Common Stock on behalf of Tontine, which were all in the
open market, by Tontine, are set forth in Schedule A and are incorporated by
reference.
[page 6 of 10]
(d) Not applicable.
(e) Not applicable.
B. Tontine Management, L.L.C.
(a) Aggregate number of shares beneficially owned: 65,500
Percentage: 5.3%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 65,500
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 65,500
(c) TM did not enter into any transactions in the Common Stock
of the Company within the last sixty days. The trading dates, number of
shares of Common Stock purchased or sold and the price per share for all
transactions in the Common Stock on behalf of Tontine, which were all in the
open market, by Tontine, are set forth in Schedule A and are incorporated by
reference.
(d) Not applicable.
(e) Not applicable.
C. Tontine Financial Partners, L.P.
(a) Aggregate number of shares beneficially owned: 65,500
Percentage: 5.3%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 65,500
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 65,500
(c) The trading dates, number of shares of Common Stock purchased
or sold and the price per share for all transactions in the Common Stock within
the last sixty days, which were all in the open market, are set forth in
Schedule A and are incorporated by reference.
(d) TM, the general partner of Tontine, has the power to direct
the affairs of Tontine, including decisions respecting the disposition of the
proceeds from the sale of the shares. Mr. Gendell is the Managing Member of TM
and in that capacity directs its operations.
(e) Not Applicable.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.
Other than the Joint Acquisition Statement attached as Exhibit 1 hereto,
there are no contracts, arrangements, understandings or relationships (legal or
otherwise) among the persons named in Item 2 hereof and between such persons
and any person with respect to any securities of the Company, including but not
limited to transfer or voting of any other securities, finder's fees, joint
ventures, loan or option arrangements, puts or calls, guarantees of profits,
divisions of profits or loss, or the giving or withholding of proxies.
Item 7. Materials to be Filed as Exhibits.
There is filed herewith as Exhibit 1 a written agreement relating to the
filing of joint acquisition statements as required by Rule 13d-1(f)(1) under
the Securities Exchange Act of 1934, as amended.
[page 7 of 10]
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
DATED: August 15, 1997
/s/ JEFFREY L. GENDELL
Jeffrey L. Gendell, individually, and as
managing member of
Tontine Management, L.L.C.,
general partner of
Tontine Financial Partners, L.P.
[page 8 of 10]
Schedule A
TONTINE FINANCIAL PARTNERS, L.P.
Price Per Share
Date of Number of Shares (including commissions,
Transaction Purchased/(Sold) if any)
6/26/97 10,000 16.85
7/09/97 8,000 18.25
7/17/97 2,500 18.25
7/17/97 2,500 18.26
7/18/97 4,000 18.25
7/31/97 2,000 18.91
8/07/97 3,000 19.04
8/12/97 2,500 19.13
8/13/97 16,000 19.13
[page 9 of 10]
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13D-1(f)1
The undersigned acknowledge and agree that the foregoing statement on Schedule
13D is filed on behalf of each of the undersigned and that all subsequent
amendments to this statement on Schedule 13D shall be filed on behalf of each
of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or its contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the other, except to the extent that he or its knows or has reason
to believe that such information is inaccurate.
August 15, 1997
/s/ JEFFREY L. GENDELL
Jeffrey L. Gendell, individually, and as
managing member of
Tontine Management, L.L.C.,
general partner of
Tontine Financial Partners, L.P.
[page 10 of 10]
