UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20429

                                   FORM 10-QSB

              [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                  For the Quarterly Period Ended June 30, 1999

                                       OR

              [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                        For the Transition Period from to

                        Commission File number 000-25267

                          Oconee Financial Corporation
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

       Georgia                                        58-2442250
-----------------------                   ----------------------------------
(State of Incorporation)                 (I.R.S. Employer Identification No.)

35 North Main Street
Watkinsville, Georgia                                 30677
---------------------                               ----------
(Address of principal                               (Zip Code)
  executive offices)

                                  706-769-6611
                               ------------------
                               (Telephone Number)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant  was required to file such  reports),  and (2) has been  subjected to
such filing requirements for the past 90 days.

                                    YES [ XX ] NO   [   ]

              Common stock, par value $10 per share: 180,000 shares
                        outstanding as of August 12, 1999
<PAGE>
<TABLE>
<CAPTION>

                                            OCONEE FINANCIAL CORPORATION AND SUBSIDIARY

                                                               INDEX

                                                                                                     Page No.
                                                                                                     --------
PART I                     FINANCIAL INFORMATION
<S>        <S>             <S>                                                                          <C>
           Item 1.         Financial Statements

                           Balance Sheet (unaudited) at June 30, 1999                                   3

                           Statements of Earnings (unaudited) for the Six
                                Months  Ended June 30, 1999 and 1998                                    4

                           Statements of Comprehensive Income (unaudited)
                                for the Six Months Ended June 30, 1999 and 1998                         5

                           Statements of Cash Flows (unaudited) for the Six
                                Months Ended June 30, 1999 and 1998                                     6

                           Notes to Financial Statements (unaudited)                                    7

           Item 2.         Management's Discussion and Analysis of Financial
                                Condition and Results of Operations                                    8-12

PART II                    OTHER INFORMATION

           Item 1.         Legal Proceedings                                                            13

           Item 2.         Changes in Securities                                                        13

           Item 3.         Defaults Upon Senior Securities                                              13

           Item 4.         Submission of Matters to a Vote of Security Holders                          13

           Item 5.         Other Information                                                            14

           Item 6.         Exhibits and Reports on Form 8-K                                             14
</TABLE>

<PAGE>
                          PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements
<TABLE>
<CAPTION>

                   OCONEE FINANCIAL CORPORATION AND SUBSIDIARY

                                  Balance Sheet

                                  June 30, 1999
                                   (Unaudited)

                                     Assets
                                     ------

<S>                                                                         <C>
Cash and due from banks                                                     $      5,619,025
Federal funds sold                                                                         0
Investment securities held to maturity
  (approximate market value of $16,695,286)                                       16,659,794
Investment securities available for sale
  (amortized cost  of $18,426,847)                                                17,926,407

Mortgage loans held for sale                                                       2,150,911

Loans                                                                             86,086,746
Less:  Allowance for loan losses                                                  (1,447,277)
                                                                              ---------------

         Loans, net                                                               84,639,469
                                                                              ---------------

Premises and equipment, net                                                        1,537,877
Accrued interest receivable and other assets                                       3,098,824
                                                                              ---------------

                     Total Assets                                           $    131,632,307
                                                                              ===============

                      Liabilities and Stockholders' Equity
                      ------------------------------------

Liabilities:
    Deposits:
        Noninterest-bearing                                                 $     18,076,139
        Interest-bearing                                                          96,702,437
                                                                              ---------------

            Total Deposits                                                       114,778,576

    Securities sold under repurchase agreements                                      916,493
    Federal funds purchased                                                        2,150,000
    Accrued interest payable and other liabilities                                   609,145
                                                                              ---------------

            Total Liabilities                                                    118,454,214

Stockholders' equity:
    Common stock, $10 par value;
        authorized 300,000 shares;
        issued and outstanding 180,000 shares                                      1,800,000
    Additional paid-in capital                                                     4,250,000
    Retained earnings                                                              7,438,566
Unrealized gain (loss) on investment securities, net of tax                         (310,473)
                                                                              ---------------

            Total stockholders' equity                                            13,178,093
                                                                              ---------------

                    Total liabilities and stockholders' equity              $    131,632,307
                                                                              ===============
</TABLE>



See accompanying notes to financial statements.

                                              -3-
<PAGE>
<TABLE>
<CAPTION>

                                            OCONEE FINANCIAL CORPORATION AND SUBSIDIARY

                                                      Statements of Earnings

                               For the Three Months and the Six Months Ended June 30, 1999 and 1998
                                                            (Unaudited)

                                                                      Three Months                             Six Months
                                                                         Ended                                   Ended
                                                              1999               1998                 1999               1998
                                                          --------------     --------------       --------------     --------------
<S>                                                    <C>                 <C>               <C>                   <C>
Interest Income:
     Loans                                             $      2,035,831    $     1,905,463   $        3,900,742    $     3,804,234
     Investment securities:
          Tax exempt                                            202,652            170,344              405,650            340,141
          Taxable                                               287,237            229,583              579,026            487,065
     Federal funds sold and other                                37,166            114,143              122,187            176,654
                                                          --------------     --------------       --------------     --------------
              Total interest income                            2,562,886          2,419,533            5,007,605          4,808,094
                                                          --------------     --------------       --------------     --------------
Interest Expense:
     Deposits                                                   962,838            994,157            1,947,797          1,976,510
     Other                                                       11,628              4,112               17,437              7,648
                                                          --------------     --------------       --------------     --------------
             Total interest expense                             974,466            998,269            1,965,234          1,984,158
                                                          --------------     --------------       --------------     --------------

             Net interest income                              1,588,420          1,421,264            3,042,371          2,823,936

Provision for loan losses                                        12,600             15,180               25,200             30,360
                                                          --------------     --------------       --------------     --------------

     Net interest income after provision for loan losses      1,575,820          1,406,084            3,017,171          2,793,576
                                                          --------------     --------------       --------------     --------------

Other Income:

     Service charges on deposit accounts                        182,440            168,238              356,071            334,698
     Securities gains (losses), net                                 (16)                 0                8,822              1,900
     Other operating income                                     133,169            108,401              301,995            272,649
                                                          --------------     --------------       --------------     --------------
             Total other income                                 315,593            276,639              666,888            609,247
                                                          --------------     --------------       --------------     --------------
Other Expense:
     Salaries and other personnel expense                       696,207            591,007            1,299,110          1,235,311
     Net occupancy and equipment expense                        132,714            120,858              272,395            246,748
     Other operating expense                                    316,825            295,668              675,092            538,737
                                                          --------------     --------------       --------------     --------------
              Total other expense                              1,145,746          1,007,533            2,246,597          2,020,796
                                                          --------------     --------------       --------------     --------------

             Earnings before income taxes                       745,667            675,190            1,437,462          1,382,027

Income taxes                                                    189,076            193,430              397,308            398,255
                                                          --------------     --------------       --------------     --------------

             Net earnings                              $        556,591    $       481,760   $        1,040,154    $       983,772
                                                          ==============     ==============       ==============     ==============

Earnings per common share based on average outstanding
     shares of 180,000 in 1999 and 1998:               $           3.09    $          2.68   $             5.78    $          5.47
                                                          ==============     ==============       ==============     ==============
</TABLE>

See accompanying notes to financial statements.

                                                               -4-
<PAGE>
<TABLE>
<CAPTION>

                                            OCONEE FINANCIAL CORPORATION AND SUBSIDIARY

                                                Statements of Comprehensive Income

                                          For the Six Months Ended June 30, 1999 and 1998
                                                            (Unaudited)


                                                                             1999                  1998
                                                                       -----------------     -----------------
<S>                                                                  <C>                              <C>
Net earnings                                                         $        1,040,154               983,772

Other comprehensive income, net of tax:
     Unrealized gains (losses) on securities availble for sale:
          Holding gains (losses) arising during period, net of tax
             of ($220,421) and ($2,958)                                        (360,245)               (4,834)
          Reclassification adjustments for (gains) losses included
             in net earnings, net of tax of $3,358 and $722                      (3,352)               (1,178)
                                                                       -----------------     -----------------

          Total other comprensive income (loss)                                (363,597)               (6,012)
                                                                       -----------------     -----------------

          Comprehensive income                                       $          676,557               977,760
                                                                       =================     =================
</TABLE>


See accompanying notes to financial statements.


                                                               -5-
<PAGE>
<TABLE>
<CAPTION>
                                     OCONEE FINANCIAL CORPORATION AND SUBSIDIARY

                                              Statements of Cash Flows

                               For Each of the Six Months Ended June 30, 1999 and 1998
                                                     (Unaudited)


                                                                            1999                          1998
                                                                       ----------------             ----------------
<S>                                                                  <C>                          <C>
Cash flows from operating activities:
     Net earnings                                                    $       1,040,154            $         983,772
         Adjustments to reconcile net earnings to net
            cash provided by operating activities:
                Provision for loan losses                                       25,200                       30,360
                Depreciation, amortization and accretion                       119,876                      104,737
                Change in assets and liabilities:
                    Interest receivable and other assets                      (543,239)                     259,633
                    Interest payable and other liabilities                   1,375,849                     (612,136)
                    Mortgage loans held for sale                              (438,611)                    (342,432)
                                                                       ----------------             ----------------

                           Net cash used by operating activities             1,579,229                      423,934
                                                                       ----------------             ----------------

Cash flows from investing activities:
     Proceeds from maturities and paydowns of
         investment securities held to maturity                                496,179                      354,000
     Proceeds from maturities and paydowns of
         investment securities available for sale                            2,498,213                    4,820,194
     Purchases of investment securities held to maturity                    (1,854,069)                    (762,078)
     Purchases of investment securities available for sale                    (953,978)                  (4,195,949)
     Net changes in loans                                                   (9,312,202)                  (3,176,975)
     Purchases of premises and equipment                                      (156,894)                    (191,526)
                                                                       ----------------             ----------------

                           Net cash used by investing activities            (9,282,751)                  (3,152,334)
                                                                       ----------------             ----------------

Cash flows from financing activities:
     Net change in deposits                                                 (1,341,617)                     727,501
     Repayments of long-term debt                                              358,324                      100,756
                                                                       ----------------             ----------------

                            Net cash provided by financing activities         (983,293)                     828,257
                                                                       ----------------             ----------------

Net increase (decrease) in cash and cash equivalents                        (8,686,815)                  (1,900,143)

Cash and cash equivalents at beginning of period                            14,305,840                   12,180,521
                                                                       ----------------             ----------------

Cash and cash equivalents at end of period                           $       5,619,025            $      10,280,378
                                                                       ================             ================

Supplemental cash flow information:
     Cash paid for interest                                          $       1,643,219            $       1,593,710
</TABLE>



See accompanying notes to financial statements.

                                                        -6-
<PAGE>

                   OCONEE FINANCIAL CORPORATION AND SUBSIDIARY

                   Notes to Consolidated Financial Statements
                                   (Unaudited)

(1)      Basis of Presentation
         ---------------------

         The  financial  statements  include the  accounts  of Oconee  Financial
         Corporation (the Corporation) and its wholly-owned  subsidiary,  Oconee
         State Bank. All significant intercompany accounts and transactions have
         been eliminated in consolidation.

         The consolidated  financial  information  furnished herein reflects all
         adjustments  which are,  in the  opinion of  management,  necessary  to
         present a fair  statement of the results of  operations  and  financial
         position for the periods covered herein.  All such adjustments are of a
         normal recurring nature.

(2)      Cash and Cash Equivalents
         -------------------------

         For presentation in the financial statements, cash and cash equivalents
         include cash on hand, amounts due from banks and federal funds sold.

(3)      Comprehensive Income
         --------------------

         In 1997, the Financial  Accounting and Standards Board issued Statement
         of Financial  Accounting  Standards No. 130,  "Reporting  Comprehensive
         Income" (SFAS 130").  SFAS 130 established  standards for the reporting
         and display of comprehensive income and its components in a full set of
         general-purpose  financial statements.  The Bank has elected to present
         comprehensive  income in a separate statement of comprehensive  income.
         Accumulated other comprehensive  income is solely related to the net of
         tax effect of unrealized gains on securities available for sale.

(4)      Holding Company Formation
         -------------------------

         On  December  15,  1998,  the  Bank's  shareholders  approved a Plan of
         Reorganization and Agreement of Merger (the "Plan"),  providing for the
         merger of Oconee  Interim  Corporation,  a  wholly-owned  subsidiary of
         Oconee Financial  Corporation,  with and into the Bank. The Plan called
         for  stockholders to exchange each share of Bank stock for one share of
         Oconee Financial  Corporation stock. The effective date of the Plan was
         January 1, 1999,  and is being  accounted for in a manner  similar to a
         pooling of interest.


                                       -7-
<PAGE>
Item 2.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

                 For Each of the Six Months in the Periods Ended
                             June 30, 1999 and 1998


FORWARD-LOOKING STATEMENT

         This discussion contains  forward-looking  statements under the private
Securities  Litigation  Reform Act of 1995 that involve risk and  uncertainties.
Although  the  Corporation   believes  that  the   assumptions   underlying  the
forward-looking  statements  contained in the discussion are reasonable,  any of
the  assumptions  could be inaccurate,  and therefore,  no assurance can be made
that any of the  forward-looking  statements included in this discussion will be
accurate.  Factors  that  could  cause  actual  results to differ  from  results
discussed  in  forward-looking  statements  include,  but  are not  limited  to:
economic  conditions  (both  generally and in the markets where the  Corporation
operates); competition from other providers of financial services offered by the
Corporation;  government regulations and legislation; changes in interest rates;
material  unforeseen  changes in the  financial  stability  and liquidity of the
Corporation's credit customers; material unforeseen complications related to the
Year 2000 issues for the Corporation, its suppliers,  customers and governmental
agencies,  all of which are  difficult  to  predict  and which may be beyond the
control of the Corporation.  The Corporation  undertakes no obligation to revise
forward-looking  statements to reflect  events or changes after the date of this
discussion or to reflect the occurrence of unanticipated events.

FINANCIAL CONDITION

         Total  assets  at June  30,  1999  were  $131,632,307,  representing  a
$1,072,465   (0.82%)  increase  from  December  31,  1998.   Deposits  decreased
$1,341,613 (1.16%) from December 31, 1998. Loans increased  $9,306,862 (12.12%).
The  allowance for loan losses at June 30, 1999 totaled  $1,447,277  compared to
the December 31, 1998 total of $1,427,420,  representing 1.68% of total loans at
March  31,  1999,  compared  to  1.86%  at  December  31,  1998.  Cash  and cash
equivalents decreased $8,692,858 from December 31, 1998.

         The total of nonperforming  assets,  which includes  nonaccruing loans,
other real estate owned, repossessed collateral and loans for which payments are
more  than 90 days  past due were  $190,267  at June 30,  1999,  representing  a
decrease of $2,315  (1.20%) from December 31, 1998.  There were no related party
loans which were considered nonperforming at June 30, 1999.

         The  Corporation's  subsidiary  bank was most recently  examined by its
primary regulatory authority in March 1998. There were no recommendations by the
regulatory  authority that in management's opinion will have material effects on
the Company's liquidity, capital resources or operations.


                                      -8-
<PAGE>


Item 2.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS, continued

                     For the Six Months in the Period Ended
                             June 30, 1999 and 1998

RESULTS OF OPERATIONS

         Net interest income increased  $218,435 (7.74%) in the first six months
of 1999 compared to the same period for 1998.  Interest income for the first six
months of 1999 was $5,007,605, representing an increase of $199,511 (4.15%) over
the same  period in 1998.  Interest  expense  for the  first six  months of 1999
decreased  $18,924 (0.95%)  compared to the same period in 1998. The increase in
net  interest  income  during the first six months of 1999  compared to the same
period in 1998 is primarily attributable to the increase in the volume of loans.

         The  provision  for  loan  losses  for the  first  six  months  of 1999
decreased $5,160 compared to the same period for 1998. It is management's belief
that the allowance for loan losses is adequate to absorb  possible losses in the
portfolio.

         Other  expenses for the six months of 1999 increased  $225,801  (8.65%)
compared  to the  first  six  months  in 1998.  The net  increase  is  primarily
attributable  to  additional  salary and  benefits  expense and other  operating
expense  comprised of  organizational  and other expenses at the holding company
level.

YEAR 2000 PREPAREDNESS

         Generally,  the year 2000 risk involves  computer programs and computer
hardware that are not able to perform without  interruption  into the year 2000.
The arrival of the year 2000 poses a unique  worldwide  challenge to the ability
of all systems to correctly  recognize the date change from December 31, 1999 to
January 1, 2000.  If Oconee's  systems do not  correctly  recognize  such a date
change,  computer  applications that rely on the date field could fail or create
erroneous results. Such erroneous results could affect interest,  payment or due
dates or could  cause the  temporary  inability  to process  transactions,  send
invoices  or  engage  in  similar  normal  business  activities.  If it  is  not
adequately  addressed by Oconee or its  suppliers and  borrowers,  the year 2000
issue could result in a material adverse impact on Oconee's financial condition,
liquidity and results of operations.

         Oconee's  State of  Readiness - The Bank began its Year 2000 project in
         -----------------------------
1996.  The Bank  established  a Year 2000 Task Force  comprised of executive and
senior  management  of the Bank.  The  chairman of the  committee  is the Bank's
President and CEO. The Year 2000 Task Force  continues to  communicate  the Year
2000 issue and the Bank's status to the Board,  employees,  and the customers of
the Bank. The Bank has made a complete assessment of its information  technology
systems and  non-information  technology  systems and has  contacted  its system
vendors requesting information as to their Year 2000 preparedness.



                                      -9-
<PAGE>

Item 2.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS, continued

                     For the Six Months in the Period Ended
                             June 30, 1999 and 1998

         The Bank has  developed  a year 2000 plan  with the  following  phases:
awareness,  assessment,  renovation,  validation  and  implementation.  The Bank
developed a specific  timeline to follow  through each of these  processes.  The
bank is currently in the implementation  phase.  Testing of all computer systems
was completed during the second quarter of 1999, and non-compliant  systems have
been  upgraded or replaced in  accordance  with the Bank's  overall  contingency
plan.

         Costs to Address Year 2000 Issues - The Bank  currently  estimates that
         ---------------------------------
the total cost of such  modifications  for Year 2000  compliance  issues will be
approximately  $230,500 expensed over the course of five years from 1998 through
2002   (including   hardware/software   expenses   which  are  permitted  to  be
capitalized).  Year 2000  expenditures  for 1999 have been  budgeted and are not
expected  to have a  significantly  negative  impact on results  of  operations,
liquidity,  or capital  resources.  However,  there can be no assurance that all
necessary  modifications  will be identified  and  corrected or that  unforeseen
difficulties or additional costs will not arise.

         Risks  of Third  Party  Year  2000  Issues - The  impact  of year  2000
         ------------------------------------------
non-compliance by outside parties with whom Oconee transacts  business cannot be
accurately  gauged.  Oconee has  surveyed  its major  vendors and  suppliers  to
ascertain their year 2000 readiness. Although all are not year 2000 compliant at
this date,  Oconee has received certain  assurances that such third parties will
be ready  for the year  2000  date  change  by the end of  1999,  including  any
additional certification from its major software provider.

         The Bank will  continue to monitor the progress of third party  vendors
regarding their Year 2000 readiness  focusing on mission  critical  applications
including,  but not limited to, The Federal Reserve Bank, Intercept, The Bankers
Bank,  telecommunications  providers,  and power  companies.  The Year 2000 Task
Force reviews  progress  reports from third party vendors.  Third party progress
reports may include,  but are not limited to, updates from the company  website,
written  status  reports from the third party vendor,  and verbal  communication
regarding the current status of the vendor. The Bank is currently requesting the
results  from the testing and  validation  of its mission  critical  third party
vendors regarding business contingency plans.

         Oconee's  Contingency  Plan  - The  Bank  has  established  an  overall
         ---------------------------
contingency plan, a liquidity plan, as well as a business resumption contingency
plan for implementation in the event of system or operational failures. The Bank
has developed business  resumption  contingency plans that contain the following
elements:  (1)  evaluates  options and selects the most  reasonable  contingency
strategy;  (2) identifies  contingency  plans and  implementation  for each core
business  process;  (3)  establishes  trigger dates to activate the  contingency



                                      -10-
<PAGE>

Item 2.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS, continued

                     For the Six Months in the Period Ended
                             June 30, 1999 and 1998


plans; (4) assigns responsibility for resumption of core business processes; (5)
implements an independent review of the feasibility of the contingency plan; and
(6) develops an  implementation  strategy for the century date change as well as
other critical dates. In general,  the overall  contingency  plan is designed to
minimize the disruption of service to the Bank and its customers in the event of
a Year 2000 disruption.

         The Bank's Year 2000  Liquidity  Contingency  Plan provides a framework
for meeting  liquidity  needs on an expedited  basis.  The Plan  identifies  and
assesses  liquidity needs in connection with Year 2000,  further  identifies and
updates both primary and secondary sources of liquidity, and provides policy and
procedures  for the use of liquidity  should the need for  additional  liquidity
arise.





                                      -11-
<PAGE>


Item 2.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS, continued

                     For the Six Months Ended June 30, 1999


Capital

The following tables present Oconee State Bank's regulatory  capital position at
June 30, 1999:

          Risk-Based Capital Ratios
          -------------------------

          Tier 1 Tangible Capital, Actual                          13.2%
          Tier 1 Tangible Capital minimum requirement               4.0%
                                                                   ----

          Excess                                                    9.2%
                                                                    ===

          Total Capital, Actual                                    14.4%
          Total Capital minimum requirement                         8.0%
                                                                   ----

          Excess                                                    6.4%
                                                                    ===


          Leverage Ratio
          --------------

          Tier 1 Tangible Capital to adjusted total assets
            (Leverage Ratio)                                       10.5%

          Minimum leverage requirement                              3.0%
                                                                   ----

          Excess                                                    7.5%
                                                                    ===





                                      -12-
<PAGE>



                           PART II. OTHER INFORMATION

                   OCONEE FINANCIAL CORPORATION AND SUBSIDIARY

Item 1.  Legal Proceedings
         -----------------

                  None

Item 2.  Changes in Securities
         ---------------------

                  None

Item 3.  Defaults Upon Senior Securities
         -------------------------------

                  None

Item 4.  Submission of Matters to a Vote of Security Holders
         ---------------------------------------------------

         (a)      Oconee Financial  Corporation's annual meeting of stockholders
                  was held on May 3, 1999.

         (b)      The  following is a summary of matters  submitted to a vote of
                  security holders:

                  1.       The  election * of the  following  directors to serve
                           the current year term:

                           G. Robert Bishop                    Henry C. Maxey
                           Steve W. Denman                     Carl R. Nichols
                           Douglas D. Dickens                  Ann B. Powers
                           Walter T. Evans, Sr.                Jerry K. Wages
                           John A. Hale                        Virginia S. Wells
                           B. Amrey Harden

                        A tabulation of votes  concerning the above issues is as
                  follows:

                            Shares voted by proxy in favor      126,232
                            Shares voted in person in favor      16,914
                            Shares voted in person against            0
                            Shares abstained from voting              0

                            Total shares represented            143,146
                            Total shares outstanding            180,000

                  *        Directors  were elected by slate,  not  individually.
                           Vote tabulation is therefore by slate.


                                      -13-
<PAGE>



Item 5.  Other Information
         -----------------

                  None

Item 6.  Exhibits and Reports on Form 8-K
         --------------------------------

                  Exhibit 27 - Financial Data Schedule (for SEC use only)


                                      -14-
<PAGE>


                   OCONEE FINANCIAL CORPORATION AND SUBSIDIARY

                                   SIGNATURES



         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this Report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                       OCONEE FINANCIAL CORPORATION


                              By:      /s/ B. Amrey Harden
                                        B. Amrey Harden, President and C.E.O.
                                        (Principal Executive Officer)


                              Date:      August 12, 1999




                              By:      /s/ Jerry K. Wages
                                        Jerry K. Wages
                                        Executive Vice-President and C.F.O.
                                        (Principal Accounting Officer)


                              Date:      August 12, 1999