SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934*
(Amendment No. 1)
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)
September 23, 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 8
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
83,500
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
9,800
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
83,500
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
93,300
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** / /
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11) 7.6%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 2 of 8]
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
83,500
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
83,500
____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
83,500
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** / /
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11) 6.8%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
00
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 3 of 8]
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
83,500
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
83,500
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
83,500
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** / /
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11) 6.8%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 4 of 8]
Item 1. Security and Issuer.
The Schedule 13D initially filed on August 15, 1997 (the "Schedule 13D"),
by Jeffrey L. Gendell, Tontine Management, L.L.C., and Tontine Financial
Partners, L.P., relating 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, is hereby
amended by this Amendment No. 1 to the Schedule 13D.
Item 3. Source and Amount of Funds and Other Consideration.
Item 3 is hereby amended and restated as follows:
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 Financial Partners, L.P., a Delaware limited
partnership ("Tontine") is approximately $1,562,725. Tontine Management,
L.L.C., a limited liability company organized under the laws of the State of
Delaware ("TM"), does not own directly any shares of Common Stock.
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 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and restated as follows:
A. Jeffrey L. Gendell.
(a) Aggregate number of shares beneficially owned: 93,300
Percentage: 7.6% 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: 83,500
3. Sole power to dispose or direct the disposition: 9,800
4. Shared power to dispose or direct the disposition: 83,500
[page 5 of 8]
Stock of the Company since the filing of the Schedule 13D. 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, since the filing of
the Schedule 13D, 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.
B. Tontine Management, L.L.C.
(a) Aggregate number of shares beneficially owned: 83,500
Percentage: 6.8%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 83,500
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 83,500
(c) TM did not enter into any transactions in the Common Stock
of the Company since the filing of the Schedule 13D. 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, since the filing of
the Schedule 13D, 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: 83,500
Percentage: 6.8%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 83,500
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 83,500
(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 since
the filing of the Schedule 13D, 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.
[page 6 of 8]
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: September 25, 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 7 of 8]
Schedule A
TONTINE FINANCIAL PARTNERS, L.P.
Price Per Share
Date of Number of Shares (including commissions,
Transaction Purchased/(Sold) if any)
8/19/97 3,000 19.47
9/11/97 3,000 20.79
9/12/97 4,000 21.53
9/15/97 2,000 21.79
9/23/97 1,000 22.17
9/23/97 5,000 22.25
[page 8 of 8]
