SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C.  20549

                            FORM 10-KSB

Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
                  of 1934  For the Fiscal Year Ended December 31, 1996
                         Commission File No. 33-29696-A
                   CITRUS FINANCIAL SERVICES, INC.
A Florida Corporation (IRS Employer Identification No. 65-0136504)
              1717 Indian River Boulevard, Suite 100
                  Vero  Beach,   Florida   32960
                           (561) 778-4100
Securities Registered Pursuant to Section 12(b) of the Securities Exchange
                      Act of 1934:     NONE

Securities Registered Pursuant to Section 12(g) of the Securities Exchange
                      Act of 1934:     NONE

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 subject to
such filing requirements for the past 90 days.  Yes X  No

Check if disclosure of delinquent filers pursuant to Item 405 of Regulation
S-B is not contained in this form, and will not be contained, to the best of
Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB.  [X]

Revenues for the  fiscal  year  ended  December  31,  1996:  $ 5,344,000

The aggregate market value of the common stock of the Registrant held by
nonaffiliates of the Registrant (373,679 shares) on February 28, 1997 was
approximately $4,110,469.  As of such date, no organized trading market
existed for the common stock of the Registrant. The aggregate market value
was computed by reference to recent trading activity of the common stock of
the registrant at $9.50 per share.  For the purposes of this response,
directors, officers and holders of 5% or more of the Registrant's common stock
are considered the affiliates of the Registrant at that date.

The number of shares outstanding of the Registrant's Common Stock, as of
February 28, 1997:  854,099 shares of $3.47 par value common stock.

                 DOCUMENTS INCORPORATED BY REFERENCE

     1.   Portions of the Annual Report to Shareholders for the Fiscal Year
          ended December 31, 1996.
          (Parts II and IV)

     2.   Portions of Proxy Statement for the 1997 Annual Meeting of
          Shareholders.  (Parts III)

                                SIGNATURES

  Pursuant to the requirements of Section 15(d) 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.

                            CITRUS FINANCIAL SERVICES, INC.


  Dated:  March 14, 1997        By:     /s/ Josh C. Cox, Jr.
                                Josh C. Cox, Jr.
                                President and Chief Executive Officer



  Dated:  March 14, 1997        By:     /s/ Henry O. Speight
                                Henry O. Speight
                                Senior Vice President
                                (Chief Financial and Accounting Officer)

  Pursuant to the requirements of the Securities Exchange Act of 1934, this
  report has been signed below by the following persons on behalf of the
  Registrant and in the capacities and on the dates indicated:



  /s/ Robert L. Brackett                            March 14, 1997
  ROBERT L. BRACKETT
  Class II Director


  /s/ Josh C. Cox, Jr.                               March 14, 1997
  JOSH C. COX, JR.
  President, Chief Executive Officer
  and Class III Director


  /s/ Hubert Graves, Jr.                             March 14, 1997
  HUBERT GRAVES, JR.
  Class I Director


  /s/ Roy H. Lambert                                      March 14, 1997
  ROY H. LAMBERT
  Class II Director


  /s/ Earl H. Masteller                                 March 14, 1997
  EARL H. MASTELLER
  Class I Director


  /s/ Louis L. Schlitt                                 March 14, 1997
  LOUIS L. SCHLITT
  Secretary and Class III Director



  /s/ Walter E. .Smith, Jr.                            March 14, 1997
  WALTER E. SMITH, JR.
  Class I Director


  /s/ James R. Thompson                                March 14, 1997
  JAMES R. THOMPSON
  Class II Director



   SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT
     TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
     SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

  No annual report or proxy material has been sent to security holders as of
  the date of filing this report.  An annual report and proxy materials will
  be furnished to security holders subsequent to the filing of this Annual
  Report on Form 10-KSB.  The Company's proxy Statement and 1996 Annual Report
  are included as Exhibits 22.1 and 22.2 of this filing.