SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934*
(Amendment No. 1)
SHS Bancorp, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
784238107
(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)
December 1, 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]
<PAGE>
13D
CUSIP No. 784238107
____________________________________________________________________________
(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
54,000
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
54,000
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
54,000
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11) 6.6%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 2 of 10]
<PAGE>
13D
CUSIP No. 784238107
____________________________________________________________________________
(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
54,000
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
54,000
____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
54,000
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11) 6.6%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
00
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 3 of 10]
<PAGE>
13D
CUSIP No. 784238107
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Tontine Overseas Associates, 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
15,900
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
15,900
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
15,900
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11) 1.9%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IA
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 4 of 10]
<PAGE>
13D
CUSIP No. 784238107
____________________________________________________________________________
(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
69,900
OWNED BY ___________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
69,900
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
69,900
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11) 8.5%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
[page 5 of 10]
<PAGE>
Item 1. Security and Issuer.
The Schedule 13D initially filed on October 30, 1997 by Tontine Financial
Partners, L.P., Tontine Management, L.L.C., Tontine Overseas Associates, Ltd.
and Jeffrey L. Gendell relating to the common stock with $0.01 par value (the
"Common Stock") of SHS Bancorp, Inc. (the "Company"), whose principal executive
offices are located at 112 Federal Street, Pittsburgh, PA 15212, 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 Tontine Financial Partners, L.P., a Delaware
limited partnership, ("TFP") is approximately $827,887. The net investment
cost (including commissions, if any) of the shares of Common Stock directly
owned by TFP Overseas Fund, Ltd., a company organized under the laws of the
Cayman Islands, ("TFPO") is approximately $250,813. Neither Tontine
Management, L.L.C., a limited liability company organized under the laws of
the State of Delaware, ("TM"); Tontine Overseas Associates, Ltd., a limited
liability company organized under the laws of the State of Delaware, ("TOA")
which serves as investment manager to TFPO; nor Mr. Gendell owns directly any
shares of Common Stock.
The shares of Common Stock purchased by TFP and TFPO were purchased with
working capital and on margin.
TFP's margin transactions are with Bear Stearns Securities Corp., on such
firm's usual terms and conditions. TFPO's margin transactions are with Furman
Selz LLC, on such firm's usual terms and conditions. All or part of the shares
of Common Stock directly owned by each of TFP and TFPO 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 TFP and TFPO. 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 is hereby amended and restated as follows:
A. Tontine Financial Partners, L.P.
(a) Aggregate number of shares beneficially owned: 54,000
Percentage: 6.6%. The percentages used herein and in the
rest of Item 5 are calculated based upon the 819,950 shares of Common Stock
outstanding as of November 11, 1997, as reflected in the Company's Form 10-QSB
for the period ending September 30, 1997.
[page 6 of 10]
<PAGE>
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 54,000
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 54,000
(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 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) 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.
B. Tontine Management, L.L.C.
(a) Aggregate number of shares beneficially owned: 54,000
Percentage: 6.6%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 54,000
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 54,000
(c) The trading dates, number of shares of Common Stock purchased
or sold and the price per share for all transactions on behalf of TFP 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) Mr. Gendell is the Managing Member of Tontine Management,
L.L.C., and has the power to direct the affairs of TFP, including decisions
respecting the disposition of the proceeds from the sale of the shares with
respect to TFP.
(e) Not Applicable.
C. Tontine Overseas Associates, L.L.C.
(a) Aggregate number of shares beneficially owned: 15,900
Percentage: 1.9%
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 15,900
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 15,900
(c) TOA did not enter into any transactions on behalf of clients
(including TFPO) in the Common Stock of the Company since the filing of the
Schedule 13D.
(d) Each of the clients of TOA has the power to direct the
receipt of dividends from or the proceeds of sale of such shares.
(e) Not Applicable.
D. Jeffrey L. Gendell.
(a) Aggregate number of shares beneficially owned: 69,900
Percentage: 8.5%
[page 7 of 10]
<PAGE>
(b) 1. Sole power to vote or direct vote: -0-
2. Shared power to vote or direct vote: 69,900
3. Sole power to dispose or direct the disposition: -0-
4. Shared power to dispose or direct the disposition: 69,900
(c) Mr. Gendell 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 TFP, 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) Not applicable.
(e) Not applicable.
* * * * *
[page 8 of 10]
<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: December 3, 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.,
and as managing member of
Tontine Overseas Associates, L.L.C.
[page 9 of 10]
<PAGE>
Schedule A
TONTINE FINANCIAL PARTNERS, L.P.
Price Per Share
Date of Number of Shares (including commissions,
Transaction Purchased/(Sold) if any)
12/01/97 9,500 16.00
[page 10 of 10]
<PAGE>
