SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
SCHEDULE 13D
Under the Securities Exchange Act of 1934*
Three Rivers Financial Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
88562H107
(CUSIP Number)
Jeffrey L. Gendell
Tontine Partners, L.P.
Tontine Financial Partners, L.P.
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)
April 4, 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 11]
<PAGE>
13D
CUSIP No. 88562H107
____________________________________________________________________________
(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 **
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
-0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
47,600
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
47,600
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
47,600
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
5.5%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 2 of 11]
<PAGE>
13D
CUSIP No. 88562H107
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Tontine 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
6,600
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
6,600
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REP0ORTING PERSON
6,600
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.8%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 3 of 11]
<PAGE>
13D
CUSIP No. 88562H107
____________________________________________________________________________
(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
41,000
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
41,000
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
41,000
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
4.8%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 4 of 11]
<PAGE>
Item 1. Security and Issuer.
This statement relates to the common stock with $.01 par
value (the Common Stock), of Three Rivers Financial Corporation
(the Company). The Company's principal executive offices are
located at 123 Portage Avenue, Three Rivers, Michigan 49093.
Item 2. Identity and Background.
(a) This statement is filed by: Jeffrey L. Gendell, with
respect to the shares of Common Stock directly owned by Tontine
Partners, L.P., a Delaware limited partnership ("TP"), and by
Tontine Financial Partners, L.P., a Delaware limited partnership
("TFP"), and TP and TFP with respect to the shares of Common
Stock beneficially owned by them.
(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 TP and TFP is 200 Park
Avenue, Suite 3900, New York, New York 10166.
(c) Mr. Gendell serves as the Managing Member of Tontine
Management, L.L.C. which is the general partner (the "General
Partner") of TP and TFP. The principal business of TP is serving
as a private investment limited partnership investing in various
industries. The principal business of TFP is serving as a
private investment limited partnership investing primarily in
financial institutions.
(d) Neither the person or partnerships referred to in
paragraph (a) has, during the last five years, been convicted in
a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) Neither the person or partnerships 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. TP and TFP
are limited partnerships 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 beneficially owned by TP is
approximately $91,309. The net investment cost (including
commissions, if any) of the shares of Common Stock beneficially
owned by TFP is approximately $512,304. Mr. Gendell does not own
directly any shares of Common Stock.
The shares of Common Stock purchased by TP and TFP were
purchased with working capital and on margin.
[page 5 of 11]
<PAGE>
TP's margin transactions are with Furman Selz LLC, on such
firm's usual terms and conditions. TFP'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 beneficially
owned by TP and TFP 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 TP and TFP. 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 TP and TFP is for investment, and the purchases of the shares
of Common Stock by TP and TFP 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 TP and TFP is for investment purposes, TP and TFP will
pursue discussions with management to maximize long-term value
for shareholders. TP and TFP 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 nor TP and TFP have 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 person and entity 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:
47,600 Percentage: 5.5% The percentages used herein and in the
rest of Item 5 are calculated based upon the 859,625 shares of Common
Stock issued and outstanding as reflected in the Company's 10QSB
dated December 31, 1996 and filed on February 14, 1997.
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 47,600
3. Sole power to dispose or direct the
disposition: -0-
4. Shared power to dispose or direct the
disposition: 47,600
(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 TP and TFP, which were all in the open market,
are set forth in Schedules A and B, respectively and are
incorporated by reference.
(d) Not applicable.
(e) Not applicable.
[page 6 of 11]
<PAGE>
B. Tontine Partners, L.P.
(a) Aggregate number of shares beneficially owned: 6,600
Percentage: 0.8%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 6,600
3. Sole power to dispose or direct the
disposition: -0-
4. Shared power to dispose or direct the
disposition: 6,600
(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) Tontine Management, L.L.C., the general partner
of TP, has the power to direct the affairs of TP, including
decisions respecting the disposition of the proceeds from the
sale of the shares. Mr. Gendell is the Managing Member of
Tontine Management, L.L.C. and in that capacity directs its
operations.
(e) Not Applicable.
C. Tontine Financial Partners, L.P.
(a) Aggregate number of shares beneficially owned: 41,000
Percentage: 4.8%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 41,000
3. Sole power to dispose or direct the
disposition: -0-
4. Shared power to dispose or direct the
disposition: 41,000
(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 B
and are incorporated by reference.
(d) Tontine Management, L.L.C., the general partner
of TFP, has the power to direct the affairs of TFP, including
decisions respecting the disposition of the proceeds from the
sale of the shares. Mr. Gendell is the Managing Member of
Tontine Management, L.L.C. 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 11]
<PAGE>
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: April 14, 1997 /s/ JEFFREY L. GENDELL
Jeffrey L. Gendell,
individually, and as
managing member of
Tontine Management, L.L.C.,
general partner of
Tontine Partners, L.P.
& Tontine Financial Partners, L.P.
[page 8 of 11]
<PAGE>
Schedule A
TONTINE PARTNERS, L.P.
Price Per Share
Date of Number of Shares (including commissions,
Transaction Purchased/(Sold) if any)
4/4/97 4,000 13.79
4/7/97 1,600 13.80
4/9/97 1,000 14.06
[page 9 of 11]
<PAGE>
Schedule B
TONTINE FINANCIAL PARTNERS, L.P.
Price Per Share
Date of Number of Shares (including commissions,
Transaction Purchased/(Sold) if any)
4/3/97 2,000 13.92
[page 10 of 11]
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13D-1(f)1
The undersigned acknowledge and agree that the foregoing statement on Schedule
13D, as amended, is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13D, as amended, 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.
April 14, 1997
/s/ JEFFREY L. GENDELL
Jeffrey L. Gendell, individually, and as
managing member of
Tontine Management, L.L.C.,
General Partner of Tontine Partners, L.P.
and Tontine Financial Partners, L.P.
[page 11 of 11]
