<TABLE> <S> <C>

<ARTICLE>           9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE MAGNA GROUP, INC. QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY
PERIOD ENDED MARCH 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH REPORT.
</LEGEND>
<MULTIPLIER>        1,000
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                         210,406
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                                47,992
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                  1,696,698
<INVESTMENTS-CARRYING>                         151,183
<INVESTMENTS-MARKET>                           151,995
<LOANS>                                      4,357,739
<ALLOWANCE>                                     55,656
<TOTAL-ASSETS>                               6,772,925
<DEPOSITS>                                   5,198,562
<SHORT-TERM>                                   819,432
<LIABILITIES-OTHER>                             77,589
<LONG-TERM>                                     82,824
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                         40
<COMMON>                                        66,890
<OTHER-SE>                                     527,588
<TOTAL-LIABILITIES-AND-EQUITY>               6,772,925
<INTEREST-LOAN>                                 79,187
<INTEREST-INVEST>                               26,720
<INTEREST-OTHER>                                 1,155
<INTEREST-TOTAL>                               107,062
<INTEREST-DEPOSIT>                              43,584
<INTEREST-EXPENSE>                              53,832
<INTEREST-INCOME-NET>                           53,230
<LOAN-LOSSES>                                   15,152
<SECURITIES-GAINS>                                 130
<EXPENSE-OTHER>                                 38,417
<INCOME-PRETAX>                                 13,615
<INCOME-PRE-EXTRAORDINARY>                      13,615
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     9,438
<EPS-PRIMARY>                                      .31
<EPS-DILUTED>                                      .31
<YIELD-ACTUAL>                                    3.96
<LOANS-NON>                                     34,010
<LOANS-PAST>                                    10,584
<LOANS-TROUBLED>                                   248
<LOANS-PROBLEM>                                      0<F1>
<ALLOWANCE-OPEN>                                45,382
<CHARGE-OFFS>                                   19,313
<RECOVERIES>                                     1,289
<ALLOWANCE-CLOSE>                               55,656
<ALLOWANCE-DOMESTIC>                            55,656
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0<F1>
<FN>
<F1>Information not currently available; is reported on an
    annual basis only.
        

</TABLE>