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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                             ----------------------
                                   
                                  FORM 10-K/A       


                ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934


                   For the fiscal year ended  June 30, 1996
                                              -------------

                        Commission file number  1-14070
                                                -------


                            PIEDMONT BANCORP, INC.
                            ----------------------     
            (Exact name of registrant as specified in its charter)

          North Carolina                                   56-1936232
          --------------                                   ----------
  (State or other jurisdiction of           (I.R.S. Employer Identification No.)
  incorporation or organization)  
                                

260 South Churton Street, P.O. Box 1000
   Hillsborough, North Carolina                              27278
   ----------------------------                              -----
(Address of principal executive office)                    (Zip Code)
                                        

Registrant's telephone number, including area code  (919) 732-2143
                                                    --------------   


          Securities Registered Pursuant to Section 12(g) of the Act:

                          Common Stock, No Par Value
                          --------------------------         
                               (Title of class)

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  
                                              -----                -----

Indicate by check mark if disclosure of delinquent filers in response to Item
405 of Regulation S-K is not contained herein, 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-K/A or any amendment to 
this Form 10-K/A.            [ ]  

State the aggregate market value of the voting stock held by non-affiliates of
the registrant.  The aggregate market value shall be computed by reference to
the price at which the stock was sold, or the average bid and asked prices of
such stock, as of a specified date within 60 days prior to the date of filing.
$ 41,605,850 common stock, no par value, based on the closing price of such
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common stock on August 30, 1996.
-------------------------------- 

Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.
2,750,800 shares of common stock, no par value, outstanding at August 30, 1996.
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                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 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.

                                    PIEDMONT BANCORP, INC.

    
Date: November 12, 1996           By:   /s/ D. Tyson Clayton
                                    ----------------------------------
                                    D. Tyson Clayton
                                    President and Chief Executive 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:
 
Signature                              Title                      Date
---------                              -----                      ----          
     
/s/ D. Tyson Clayton         President, Chief           November 12, 1996  
---------------------------  Executive
D. Tyson Clayton             Officer and Director                             
     
/s/ Peggy S. Walker          Executive Vice             November 12, 1996  
---------------------------  President, Secretary,
Peggy S. Walker              and Director                                     
     
/s/ Gina B. Riggins          Vice President,            November 12, 1996  
---------------------------  Treasurer, Principal
Gina B. Riggins              Financial Officer                                
                                                            
/s/ M. Marion Clark          Director                   November 12, 1996  
---------------------------
M. Marion Clark                                                               
     
/s/ Robert B. Nichols, Jr.   Director                   November 12, 1996  
---------------------------
Robert B. Nichols, Jr.                                                        
     
/s/ Alfred L. Carr           Director                   November 12, 1996  
---------------------------
Alfred L. Carr                                                                
     
/s/ Everett H. Kennedy       Director                   November 12, 1996  
---------------------------
Everett H. Kennedy                                                            
     
/s/ Donald W. Pope           Director                   November 12, 1996  
---------------------------
Donald W. Pope                                                                
     
/s/ James P. Ray             Director                   November 12, 1996  
---------------------------
James P. Ray                                                                  
     
/s/ William Larry Rogers     Director                   November 12, 1996  
---------------------------
William Larry Rogers                                                          


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                               INDEX TO EXHIBITS

                                                                      Sequential
Exhibit No.                     Description                            Page No.
                                                                   
    
(10)(ii)(a)  Piedmont Bancorp, Inc. Stock Option Plan*
         
(10)(ii)(b)  Hillsborough Savings Bank, Inc., SSB Management 
             Recognition Plan*
             
(11)         Statement Regarding Computation of Per Share Earnings*
             
(12)         Statement Regarding Computation of Ratios*
             
(13)         1996 Annual Report to Security Holders

(27)         Financial Data Schedule*

*  Previously filed.