AMENDMENT             

          U. S. Securities and Exchange Commission
                     Washington, D.C.  20549

                           FORM 10-QSB
	
[ X ]  QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF
          THE SECURITIES EXCHANGE ACT OF 1934
          For the quarterly period ended June 30, 1996
                                        ----------------

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
          THE EXCHANGE ACT
          For the transition period from          to
            Commission file number 0-18543

                CHESAPEAKE FINANCIAL SHARES, INC.
-----------------------------------------------------------------
      (Exact name of registrant as specified in its charter)

     Virginia                                        54-1210845
  -------------------------------            -----------------
   (State or other jurisdiction of           (I.R.S. Employer
   incorporation or organization)            Identification No.)

   97 N. Main St., Kilmarnock, VA            22482
  -------------------------------------------------------------
   (Address of principal executive offices)  (Zip Code)

               (804) 435-1181
  -------------------------------------------------------------
   (Registrant's telephone number, including area code)

                         Not Applicable
  -------------------------------------------------------------
    (Former name, former address and former fiscal year, if 
     changed since last report.)

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
and 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 the number of shares outstanding of each of the issuer's
classes of common stock as of June 15, 1996.

          Class                              Outstanding at June 15, 1996
          ------                            -----------------------------
Common Stock, voting, $5.00 par value           851,463
Common Stock, non-voting, $5.00 par value             0


                CHESAPEAKE FINANCIAL SHARES, INC.

                           FORM 10-QSB Amendment

                              INDEX
                                  -----

Item   Exhibit 27 . . . . . . . . . . . . .    	  see attachment
          
 
Signatures. . . . . . . . . . . . . . .. . . .       next page









                                            
SIGNATURES
Chesapeake Financial Shares, Inc.
----------------------------------------------------------------------

     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.



                              Chesapeake Financial Shares, Inc.
                              ---------------------------------
                                          (Registrant)



     11/5/96                     s/s Douglas D. Monroe, Jr.
-----------------------------   ---------------------------------
     (Date)                               (Signature)
                              Douglas D. Monroe, Jr.
                              Chairman and Chief Executive Officer



     11/5/96                     s/s John H. Hunt, II
-----------------------------   ---------------------------------
     (Date)                               (Signature)
                              John H. Hunt, II
                              Secretary and Chief Financial Officer