<TABLE> <S> <C>

<ARTICLE> 9
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM PALMETTO BANCSHARES, INC. AND SUBSIDIARY CONSOLIDATED
STATEMENTS OF OPERATIONS AND CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED> 
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                          28,121
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                                   679
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                     18,451
<INVESTMENTS-CARRYING>                          66,812
<INVESTMENTS-MARKET>                                 0
<LOANS>                                        317,987
<ALLOWANCE>                                    (4,399)
<TOTAL-ASSETS>                                 455,423
<DEPOSITS>                                     391,235
<SHORT-TERM>                                    31,869
<LIABILITIES-OTHER>                              2,305
<LONG-TERM>                                          0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        15,163
<OTHER-SE>                                      11,745
<TOTAL-LIABILITIES-AND-EQUITY>                 455,423
<INTEREST-LOAN>                                 19,504
<INTEREST-INVEST>                                4,013
<INTEREST-OTHER>                                    67
<INTEREST-TOTAL>                                23,585
<INTEREST-DEPOSIT>                               9,288
<INTEREST-EXPENSE>                                 826
<INTEREST-INCOME-NET>                           13,470
<LOAN-LOSSES>                                    1,100
<SECURITIES-GAINS>                                  16
<EXPENSE-OTHER>                                 11,530
<INCOME-PRETAX>                                  4,532
<INCOME-PRE-EXTRAORDINARY>                       3,375
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     3,375
<EPS-PRIMARY>                                     1.11
<EPS-DILUTED>                                     0.00
<YIELD-ACTUAL>                                    4.73
<LOANS-NON>                                        699
<LOANS-PAST>                                         0
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                                 3,700
<CHARGE-OFFS>                                      535
<RECOVERIES>                                       134
<ALLOWANCE-CLOSE>                                4,399
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>