UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C. 20549
                                                                            
                              FORM 10-QSB
(Mark One)
[ X ]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
          SECURITIES EXCHANGE ACT OF 1934
          
For the quarterly period ended      June 30, 1998
                                ---------------------- 
          
[   ]     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:                  0-25808
                        ----------------------------------------

                   GREAT AMERICAN BANCORP, INC.
                   ----------------------------
                                    
            Delaware                         52-1923366          
----------------------------------------------------------------
State or other jurisdiction of          (I.R.S. Employer
Incorporation or organization)          Identification Number)

1311 S. Neil St., P.O. Box 1010, Champaign, IL   61824-1010    
---------------------------------------------------------------
(Address of principal executive offices)          (Zip Code)
                                    
                         (217) 356-2265 
---------------------------------------------------------------
      (Registrant's telephone number, including area code)
                                    
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. 

                    (1)  [X]  Yes  [   ]  No
                    (2)  [X]  Yes  [   ]  No

At July 31, 1998, the Registrant had 1,545,378 shares of Common Stock 
outstanding, for ownership purposes, which excludes 507,372 shares held as 
treasury stock.                     


                       Table of Contents
                                    
                                                   
PART I -- FINANCIAL INFORMATION                                               
     
     Item 1.        Financial Statements
     
                         Consolidated Balance Sheets

                         Consolidated Income Statements

                         Consolidated Statements of Cash Flows

     Item 2.        Management's Discussion and Analysis or
                    Plan of Operation                                       

PART II -- OTHER INFORMATION

     Item 1.        Legal Proceedings

     Item 2.        Changes in Securities and Use of Proceeds

     Item 3.        Defaults Upon Senior Securities

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

     Item 5.        Other Information

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


                 Great American Bancorp, Inc. and Subsidiary
                         Consolidated Balance Sheets
                  As of June 30, 1998 and December 31, 1997
                              (in thousands)

                                            June 30, 1998      Dec. 31, 1997
                                             (unaudited)
-----------------------------------------------------------------------------
ASSETS
Cash and due from banks                     $       6,382      $       5,285
Interest-bearing demand deposits                    5,307             12,191 
                                            --------------------------------
 Cash and cash equivalents                         11,689             17,476

Investment securities
 Available for sale                                 2,000              1,999
 Held to maturity                                   1,200              1,300
                                            --------------------------------
  Total investment securities                       3,200              3,299 
Loans                                             123,530            112,312
  Allowance for loan losses                          (577)              (497)
                                            --------------------------------
  Net loans                                       122,953            111,815
Premises and equipment                              7,488              7,090
Federal Home Loan Bank stock                          698                580
Other assets                                        2,314              1,713
                                            --------------------------------
    Total assets                            $     148,342      $     141,973
                                            ================================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
 Deposits
  Noninterest bearing                       $       6,596      $       5,463
  Interest bearing                                110,711            106,521
                                            --------------------------------
   Total deposits                                 117,307            111,984
 Short-term borrowings                              2,000                 --
 Other liabilities                                  1,924              1,695
                                            --------------------------------
    Total liabilities                             121,231            113,679
                                            --------------------------------



                                                                 (Continued)


                 Great American Bancorp, Inc. and Subsidiary
                   Consolidated Balance Sheets (Continued)
                  As of June 30, 1998 and December 31, 1997
                               (in thousands)

                                            June 30, 1998      Dec. 31, 1997
                                             (unaudited)
-----------------------------------------------------------------------------
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value
 Authorized and unissued --
  1,000,000 shares                                     --                 --
Common stock, $0.01 par value
 Authorized -- 7,000,000 shares
 Issued and outstanding -- 2,052,750 shares            21                 21
Paid-in-capital                                    19,785             19,655
Retained earnings -- substantially restricted      16,372             16,167
Net unrealized gain on securities
 available for sale                                    --                  2
                                            --------------------------------
                                                   36,178             35,845
Less:
 Treasury stock, at cost -- 464,372 and
   380,773 shares                                  (7,674)            (5,925) 
 Unallocated employee stock ownership plan
   shares - 75,794 and 87,891 shares                 (758)              (879)
 Unearned incentive plan shares - 44,008 and
   51,802 shares                                     (635)              (747)
                                            --------------------------------
                                                   (9,067)            (7,551)
                                            --------------------------------
    Total stockholders' equity                     27,111             28,294
                                            --------------------------------
    Total liabilities and
      stockholders' equity                  $     148,342      $     141,973
                                            ================================


See notes to consolidated financial statements.


                  Great American Bancorp, Inc. and Subsidiary
                         Consolidated Income Statements
                For the Six Months Ended June 30, 1998 and 1997
                  (unaudited, in thousands except share data)
                                   
                                                     1998               1997
----------------------------------------------------------------------------
Interest income:
 Loans                                       $      4,927      $       4,155
 Investment securities                                 
  Taxable                                             112                197 
  Tax exempt                                            5                  7
 Deposits with financial
  institutions and other                              371                566
                                            --------------------------------
   Total interest income                            5,415              4,925
                                            --------------------------------
Interest expense:
 Deposits                                           2,447              2,174
 Other                                                 26                 16
                                            --------------------------------
   Total interest expense                           2,473              2,190
                                            --------------------------------
   Net interest income                              2,942              2,735
Provision for loan losses                              78                 78
                                            --------------------------------
   Net interest income after
     provision for loan losses                      2,864              2,657
                                            --------------------------------
Noninterest income:
 Brokerage commissions                                 86                 15
 Insurance sales commissions                          220                 --
 Service charges on deposit accounts                  222                209
 Loan servicing fees                                   13                 17
 Other customer fees                                   68                 69
 Net gains on loan sales                               --                  1
 Other income                                          10                 29
                                            --------------------------------
   Total noninterest income                           619                340
                                            --------------------------------

                                                                 (Continued)


                  Great American Bancorp, Inc. and Subsidiary
                   Consolidated Income Statements (Continued)
                For the Six Months Ended June 30, 1998 and 1997
                  (unaudited, in thousands except share data)
                                   
                                                     1998               1997
---------------------------------------------------------------------------- 
Noninterest expense:
 Salaries and employee benefits                     1,408              1,243
 Net occupancy expenses                               266                232 
 Equipment expenses                                   175                143
 Data processing fees                                  99                 96
 Deposit insurance expense                             34                 30
 Printing and office supplies                         126                145
 Legal and professional fees                           79                120
 Directors and committee fees                          52                 52  
 Insurance expense                                     21                 19
 Marketing and advertising expenses                    95                 90
 Other expenses                                       199                165
                                            --------------------------------
   Total noninterest expense                        2,554              2,335
                                            --------------------------------
   Income before income tax                           929                662
Income tax expense                                    410                278
                                            --------------------------------
   Net income                               $         519      $         384
                                            ================================

Per Share Data:

  Earnings
   Basic:
     Net income                             $        0.35      $        0.24
                                            ================================
     Average number of shares                   1,476,129          1,606,697
                                            ================================

   Diluted:
     Net income                             $        0.33      $        0.23
                                            ================================
     Average number of shares                   1,580,606          1,687,852
                                            ================================ 

  Dividends                                 $        0.21      $        0.20
                                            ================================
 

See notes to consolidated financial statements.


                  Great American Bancorp, Inc. and Subsidiary
                         Consolidated Income Statements
                  For the Quarter Ended June 30, 1998 and 1997
                  (unaudited, in thousands except share data)
                                   
                                                     1998               1997
----------------------------------------------------------------------------
Interest income:
 Loans                                       $      2,546      $       2,093
 Investment securities                                 
  Taxable                                              56                115 
  Tax exempt                                            2                  4
 Deposits with financial
  institutions and other                              160                278
                                            --------------------------------
   Total interest income                            2,764              2,490
                                            --------------------------------
Interest expense:
 Deposits                                           1,241              1,122
 Other                                                 18                  8
                                            --------------------------------
   Total interest expense                           1,259              1,130
                                            --------------------------------
   Net interest income                              1,505              1,360
Provision for loan losses                              39                 39
                                            --------------------------------
   Net interest income after
     provision for loan losses                      1,466              1,321
                                            --------------------------------
Noninterest income:
 Brokerage commissions                                 49                  7
 Insurance sales commissions                          122                 --
 Service charges on deposit accounts                  116                115
 Loan servicing fees                                    6                  8
 Other customer fees                                   34                 35
 Net gain on loan sales                                --                  1
 Other income                                          10                 16
                                            --------------------------------
   Total noninterest income                           337                182
                                            --------------------------------

                                                                 (Continued)


                  Great American Bancorp, Inc. and Subsidiary
                   Consolidated Income Statements (Continued)
                  For the Quarter Ended June 30, 1998 and 1997
                  (unaudited, in thousands except share data)
                                   
                                                     1998               1997
---------------------------------------------------------------------------- 
Noninterest expense:
 Salaries and employee benefits                       720                628
 Net occupancy expenses                               140                115 
 Equipment expenses                                    94                 69
 Data processing fees                                  50                 43
 Deposit insurance expense                             17                 16
 Printing and office supplies                          60                 60
 Legal and professional fees                           39                 59
 Directors and committee fees                          26                 27  
 Insurance expense                                     10                  8
 Marketing and advertising expenses                    59                 48
 Other expenses                                        96                 97
                                            --------------------------------
   Total noninterest expense                        1,311              1,170
                                            --------------------------------
   Income before income tax                           492                333
Income tax expense                                    217                140
                                            --------------------------------
   Net income                               $         275      $         193
                                            ================================

Per Share Data:

  Earnings
   Basic:
     Net income                             $        0.19      $        0.12
                                            ================================
     Average number of shares                   1,461,946          1,591,573
                                            ================================

   Diluted:
     Net income                             $        0.18      $        0.12
                                            ================================
     Average number of shares                   1,569,102          1,673,188
                                            ================================ 

  Dividends                                 $        0.11      $        0.10
                                            ================================
 

See notes to consolidated financial statements.


                 Great American Bancorp, Inc. and Subsidiary
                    Consolidated Statements of Cash Flows
               For the Six Months Ended June 30, 1998 and 1997
                          (unaudited, in thousands)
                                   
                                                     1998               1997
----------------------------------------------------------------------------
Operating Activities:
  Net income                                $         519      $         384
  Adjustments to reconcile net
    income to net cash provided 
    by operating activities:
      Provision for loan losses                        78                 78
      Depreciation                                    218                220
      Amortization of deferred loan fees              (18)               (15)
      Deferred income tax                             (44)                48
      Investment securities accretion, net             (1)                (2)
      Net gain on loan sales                           --                 (1)
      Employee stock ownership plan
        compensation expense                          252                202
      Incentive plan expense                          111                109
      Loans originated for sale                        --                (72)
      Proceeds from sales of loans
        originated for resale                          --                 73
      Net change in: 
        Other assets                                 (601)               (43)
        Other liabilities                             273                 10
                                            --------------------------------
          Net cash provided by
            operating activities                      787                991
                                            --------------------------------
Investing Activities:
  Net change in interest-bearing time deposits         --             (1,000) 
  Purchases of securities available for sale       (1,000)              (993)
  Purchases of securities held to maturity         (1,000)            (2,995)
  Proceeds from maturities of securities held
    to maturity                                     1,100                100
  Proceeds from maturities of securities 
    available for sale                                997                 -- 
  Purchase of Federal Home Loan Bank stock           (118)              (126)
  Net change in loans                             (11,197)            (8,951)
  Purchase of premises and equipment                 (616)              (131)
                                            --------------------------------
          Net cash used by 
            investing activities                  (11,834)           (14,096)
                                            --------------------------------

                                                                 (continued)


                   Great American Bancorp, Inc. and Subsidiary
                Consolidated Statements of Cash Flows (Continued)
                 For the Six Months Ended June 30, 1998 and 1997
                            (unaudited, in thousands)

                                                     1998               1997
---------------------------------------------------------------------------- 
Financing Activities:
  Net change in:                        
    Noninterest-bearing demand, interest-
      bearing demand and savings deposits           1,188               (161) 
    Certificates of deposit                         4,135              5,814
    Other short-term borrowings                     2,000                 --
  Cash dividends                                     (314)              (336)
  Purchase of treasury stock                       (1,749)            (1,468)
                                            --------------------------------
          Net cash provided by
            financing activities                    5,260              3,849
                                            --------------------------------
Net Change in Cash and Cash Equivalents            (5,787)            (9,256)

Cash and Cash Equivalents, Beginning
  of Period                                        17,476             26,410
                                            --------------------------------
Cash and Cash Equivalents, End of 
  Period                                    $      11,689      $      17,154  
                                            ================================
Additional Cash Flows Information
   
   Interest paid                            $       2,460      $       2,187
                                            ================================
   Income tax paid                          $         486      $         181
                                            ================================




See notes to consolidated financial statements. 
 

                                                 
           Great American Bancorp, Inc. and Subsidiary

Notes to Consolidated Financial Statements

1.  Background Information

Great American Bancorp, Inc. (the "Company") was incorporated on February 23, 
1995 and on June 30, 1995 acquired all of the outstanding shares of common 
stock of First Federal Savings Bank of Champaign-Urbana, (the "Bank") upon the 
Bank's conversion from a federally chartered mutual savings bank to a
federally chartered stock savings bank.  The Company purchased 100% of the 
outstanding capital stock of the Bank using 50% of the net proceeds from the 
Company's initial stock offering which was completed on June 30, 1995.  The 
Company began trading on the NASDAQ Stock Market on June 30, 1995 under the 
symbol "GTPS".

2.  Statement of Information Furnished

The accompanying unaudited consolidated financial statements have been 
prepared in accordance with Form 10-QSB instructions and Item 310(b) of 
Regulation S-B, and, in the opinion of management, contain all adjustments 
necessary to present fairly the financial position as of June 30, 1998 and 
December 31, 1997, the results of operations for the six months ended and 
three months ended June 30, 1998 and 1997, and the cash flows for the six 
months ended June 30, 1998 and 1997.  All adjustments to the financial 
statements were normal and recurring in nature. These results have been 
determined on the basis of generally accepted accounting principles.  
Reclassifications of certain amounts in the 1997 financial statements have 
been made to conform to the 1998 presentation.  The results of operations for 
the six months ended June 30, 1998 are not necessarily indicative of the 
results to be expected for the entire fiscal year.

The Company adopted Statement of Financial Accounting Standards No. 130 
"Reporting Comprehensive Income," ("SFAS No. 130") in 1998.  At June 30, 1998 
and June 30, 1997, the amounts to be disclosed by the Company under SFAS No. 
130 are considered immaterial and are therefore not shown in the accompanying 
financial statements.

The consolidated financial statements are those of the Company and the Bank.  
These consolidated financial statements should be read in conjunction with the 
audited financial statements and notes thereto included in the Company's 1997 
Annual Report to Shareholders.


PART I -- Item 2.

                     GREAT AMERICAN BANCORP, INC.
                 Management's Discussion and Analysis
                         or Plan of Operation
                                   
The Company is the holding company for the Bank.  The Bank operates a wholly 
owned subsidiary, Park Avenue Service Corporation ("PASC").  PASC offers full 
service brokerage activities through Scout Brokerage Services, Inc., a 
subsidiary of United Missouri Bank, and also engages in the sale of fixed-rate 
and variable-rate tax deferred annuities.  In September, 1997, PASC also 
established the GTPS Insurance Agency which offers a variety of insurance 
products, including life, health, automobile, and property and casualty 
insurance.  At the inception of GTPS Insurance Agency, PASC hired two 
insurance agents to provide these services to customers.  Effective March 1, 
1998, GTPS Insurance Agency merged with another local insurance agency, the 
Cox Lowry and Marsh Insurance Agency, and added four additional insurance 
agents.  The merged entity assumed the GTPS Insurance Agency name.

Financial Condition 

The Company's total assets increased from $141.97 million at December 31, 1997 
to $148.34 million at June 30, 1998, an increase of $6.37 million, or 4.5%.  
This growth was primarily in loans offset by a decrease in interest-bearing 
demand deposits.  Net loans increased by $11.13 million, or 10.0%, from 
$111.82 million at December 31, 1997 to $122.95 million at June 30, 1998.  
This increase was mostly in mortgage loans, with increases in residential real 
estate loans of $4.22 million, or 7.3%, commercial real estate loans of $4.33 
million, or 42.0%, and construction loans of $2.23 million, or 138.3%, over 
December 31, 1997 balances. Interest-bearing demand deposits declined by $6.88 
million from $12.19 million at December 31, 1997 to $5.31 million at June 30, 
1998, due to providing part of the funding for new loans.

Total deposits increased $5.33 million, or 4.8%, from $111.98 million at 
December 31, 1997 to $117.31 million at June 30, 1998.  Total noninterest-
bearing demand, interest-bearing demand and savings deposits increased $1.19 
million, or 2.9%, from $41.52 million at December 31, 1997 to $42.71 million 
at June 30, 1998.  This increase was mainly due to fluctuations that occur in 
the ordinary course of business.  Total certificates of deposit increased 
$4.14 million, or 5.9%, from $70.46 million at December 31, 1997 to $74.60 
million at June 30, 1998.  The growth in certificates of deposit was primarily 
in certificates maturing in two years and greater.  Also, in June 1998, the 
Company engaged in a repurchase agreement in the amount of $2.00 million.  The 
increase in deposits and short-term borrowings assisted in funding the growth 
in loans.


Total stockholders' equity decreased $1.18 million, or 4.2%, from $28.29 
million at December 31, 1997 to $27.11 million at June 30, 1998.  Book value 
per outstanding voting share increased from $16.92 at December 31, 1997 to 
$17.07 at June 30, 1998. The increase in stockholders' equity is summarized as 
follows (in thousands):   

   Stockholders' equity, December 31, 1997            $   28,294
   Net income                                                519
   Purchase of treasury stock                             (1,749)
   Dividends declared                                       (314)
   Incentive plan shares allocated                           111
   ESOP shares allocated                                     252
   Decrease in unrealized gain on securities
      available for sale, net of income tax effect            (2)
                                                          ------              
   Stockholders' equity, June 30, 1998                $   27,111 
                                                          ======

On June 19, 1998, the Company announced that its Board of Directors had 
authorized the repurchase of up to 5%, or 79,419 shares, of the Company's 
common stock.  This common stock repurchase was completed in August, prior to 
the date of this filing, at an average price of $21.99 per share.  The 
repurchased shares will be held as treasury shares to be used for general 
corporate purposes.

Results of Operations

Comparison of Six Month Periods Ended June 30, 1998 and 1997

Net income was $519,000 for the six months ended June 30, 1998, compared to 
$384,000 for the six months ended June 30, 1997.  This represents a $135,000, 
or 35.2% increase.  Basic earnings per share were $0.35 for the six months 
ended June 30, 1998, compared to $0.24 for the six months ended June 30, 1997, 
and diluted earnings per share were $0.33 in 1998, compared to $0.23 in 1997.

Net income in 1998 was higher than net income in 1997 due to increases in net 
interest income and noninterest income, offset by an increase in noninterest 
expense.

Net interest income was $2,942,000 for the six months ended June 30, 1998, 
compared to $2,735,000 for the same period in 1997, an increase of $207,000, 
or 7.6%.  Interest income was $5,415,000 for the six months ended June 30, 
1998, compared to $4,925,000 for the same period in 1997, an increase of 
$490,000, or 9.9%, primarily the result of increased interest income from 
loans.  Interest income on loans in 1998 was $4,927,000, $772,000, or 18.6%, 
greater than the $4,155,000 recorded in 1997.    


The increase in interest income on loans was due to higher average total loans 
in 1998.  Average total loans for the six months ended June 30, 1998 were 
$114.96 million, compared to $97.24 million for the same period in 1997, an 
increase of $17.72 million, or 18.2%. The average total balance of all loan 
categories increased in 1998, with the majority of the increase in mortgage 
loans.  Total mortgage loans averaged $91.50 million for the six months ended 
June 30, 1998, compared to $77.81 million for the six months ended June 30, 
1997, an increase of $13.69 million, or 17.6%.  This growth occurred in one-to 
four-family and multifamily residential loans and in commercial mortgage 
loans.

Average total commercial loans were $12.14 million in 1998, compared to $9.01 
million in 1997, an increase of $3.13 million, or 34.7%.  Average total 
consumer loans were $11.85 million during the six months ended June 30, 1998, 
an increase of $1.02 million, or 9.4%, over the $10.83 million average total 
balance during 1997.  The increase in loans is due to strategies management 
began implementing during 1996 and 1997 which were designed to promote loan 
growth, including special rate promotions, employee referral programs and the 
hiring of an additional commercial loan officer.  A decline in long-term 
interest rates during 1998 also contributed to the growth in residential 
mortgage loans. The average yield on loans was 8.64% for the six months ended 
June 30, 1998, compared to 8.62% for the six months ended June 30, 1997. 
     
Interest income on investment securities declined from $204,000 for the six 
months ended June 30, 1997 to $117,000 for the same period in 1998, due to a 
decrease in average total investment securities.  Total investment securities 
averaged $6.67 million in 1997, compared to $3.72 million in 1998, a decline 
of $2.95 million, or 44.2%.  Interest income on deposits with financial 
institutions and other decreased from $566,000 for the six months ended June 
30, 1997 to $371,000 for the six months ended June 30, 1998.  The average 
total balance of deposits with financial institutions and other declined from 
$22.02 million for the six months ended June 30, 1997 to $14.02 million for 
the six months ended June 30, 1998, a decrease of $8.0 million, or 36.3%.  The 
declines in total average investment securities and total average deposits 
with financial institutions and other were due to these funds being used to 
partially fund loan growth and also to fund the purchase of treasury stock.  
The average yield on investment securities increased from 6.16% for the six 
months ended June 30, 1997 to 6.34% for the same period in 1998.   The average 
yield on deposits with financial institutions and other increased from 5.18% 
for the six months ended June 30, 1997 to 5.34% for the same period in 1998. 

Interest expense increased by $283,000, or 12.9% from $2,190,000 for the six 
months ended June 30, 1997 to $2,473,000 for the same period in 1998.  The 
increase was mainly attributable to growth in interest-bearing deposits during 
1997 and continuing into 1998 and the addition of $2,000,000 in short-term 
borrowings in 1998.  Average total interest-bearing deposits increased from 
$101.18 million in the first half of 1997 to $109.22 million during 1998, an 
increase of $8.04 million, or 7.95%.  Most of this growth occurred in 
certificates of deposit, and primarily in certificates maturing in two years 
and greater.  The average rates on deposits were 4.52% and 4.33% for the six 
months ended June 30, 1998 and 1997, respectively.     


Net interest income as a percent of average interest earning assets was 4.47% 
for the six months ended June 30, 1998 versus 4.38% for the same period in 
1997.  The spread between the yield on interest earning assets and the rate on 
interest bearing liabilities was 3.70% and 3.54% for the six months ended June 
30, 1998 and 1997, respectively. 

The provision for loan losses was $78,000 for both the six months ended June 
30, 1998 and the six months ended June 30, 1997.   There were $3,000 in 
consumer loans charged-off in the six months ended June 30, 1998 and 
recoveries totaled $5,000.  Total charge-offs in the first six months of 1997 
were $6,000, with $1,000 in recoveries.

Non-performing loans, which are loans past due 90 days or more and 
non-accruing loans, totaled $119,000 at June 30, 1998, compared to $317,000 at 
June 30, 1997.  Non-performing loans at June 30, 1998 consisted of three 
residential mortgage loans totaling $89,000, three consumer loans totaling 
$29,000, and one commercial loan of $1,000.  All of these loans are past due 
90 days or more with $20,000 of the balance in non-accrual status.

The ratio of the Company's allowance for loan losses to total loans was .47% 
at June 30, 1998 and .44% at June 30, 1997.  Management assesses the adequacy 
of the allowance for loan losses based on evaluating known and inherent risks 
in the loan portfolio and upon management's continuing analysis of the factors 
underlying the quality of the loan portfolio.  Management believes that, based 
on information currently available, the allowance for loan losses is 
sufficient to cover losses inherent in its loan portfolio at this time.  
However, no assurance can be given that the level of the allowance for loan 
losses will be sufficient to cover future possible loan losses incurred by the 
Company or that future adjustments to the allowance for loan losses will not 
be necessary if economic and other conditions differ substantially from the 
economic and other conditions used by management to determine the current 
level of the allowance for loan losses.  Management may in the future increase 
the level of the allowance for loan losses as a percentage of total loans and 
non-performing loans in the event it increases the level of commercial real 
estate, multifamily, or consumer lending as a percentage of its total loan 
portfolio.  In addition, various regulatory agencies, as an integral part of 
their examination process, periodically review the allowance for loan losses. 
Such agencies may require the Company to provide additions to the allowance 
based upon judgements different from management.

Noninterest income totaled $619,000 for the six months ended June 30, 1998, 
compared to $340,000 for the same period in 1997, an increase of $279,000, or 
82.1%.  Insurance sales commissions, which totaled $220,000 in 1998 with no 
commissions being recorded in 1997, accounted for the majority of the increase 
in noninterest income.  These commissions were generated by GTPS Insurance 
Agency, the division of PASC formed in September, 1997.  Brokerage commissions 
also increased in 1998 by a total of $71,000, from $15,000 for the quarter 
ended June 30, 1997 to $86,000 for the quarter ended June 30, 1998.


Noninterest expense was $2,554,000 for the six months ended June 30, 1998, 
compared to $2,335,000 recorded for the six months ended June 30, 1997, an 
increase of $219,000, or 9.4%.  The majority of this increase was in salaries 
and employee benefits, which increased by $165,000, or 13.3%.  Salaries and 
employee benefits expense was higher in 1998 due partly to additional salaries 
and related benefits paid to employees hired for GTPS Insurance Agency.  Also, 
expenses related to stock based benefit plans were higher in 1998 due to the 
growth in the price of the Company's stock during 1997 and in 1998.  Net 
occupancy expenses, equipment expenses and other expenses were all higher in 
1998 due to the expansion of staff for the GTPS Insurance Agency.

Total income taxes increased by $132,000, or 47.5% from $278,000 for the six 
months ended June 30, 1997 to $410,000 for the same period in 1998 due to the 
increase in pretax net income.  The effective tax rates for the six months 
ended June 30, 1998 and 1997, were 44.1% and 42.0%, respectively.  The 
effective tax rate was lower in 1997 due to a higher level of state tax-exempt 
interest income from U.S. Treasury and qualified Federal agency securities. 

Results of Operations

Comparison of Three Month Periods Ended June 30, 1998 and 1997.

Net income for the three months ended June 30, 1998 was $275,000, an increase 
of $82,000, or 42.5%, over the $193,000 recorded for the three months ended 
June 30, 1997.  Basic earnings per share increased from $0.12 for the three 
months ended June 30, 1997 to $0.19 for the same period in 1998, and diluted 
earnings per share were $0.18 and $0.12 for the three months ended June 30 
1998 and 1997, respectively.

Net income for the second quarter of 1998 was higher due to increases in net 
interest income and noninterest income offset by an increase in noninterest 
expense.

Net interest income was $1,505,000 for the quarter ended June 30, 1998 and 
$1,360,000 for the quarter ended June 30, 1997, an increase of $145,000 or 
10.7%.  Interest income rose 11.0%, or $274,000, from $2,490,000 for the 
quarter ended June 30, 1997 to $2,764,000 for the second quarter of 1998.

The increase in interest income was derived from interest on loans offset by 
declines in interest on investments and deposits with financial institutions 
and other.  Interest income on loans increased $453,000, or 21.6%, from 
$2,093,000 for the quarter ended June 30, 1997 to $2,546,000 for the same 
quarter in 1998.  The majority of the increase was in interest income from 
mortgage loans due to growth in these loans.  Total average mortgage loans for 
the second quarter increased by $16.15 million, or 20.5%, from $78.61 million 
in 1997 to $94.76 million in 1998.  This growth occurred in both one-to-four 
family and multifamily residential loans and in commercial mortgage loans.


Average total commercial loans for the three months ended June 30, 1998 and 
June 30, 1997 were $12.90 million and $9.47 million, respectively.  This 
represents an increase of $3.43 million, or 36.2%.  Average total consumer 
loans were slightly higher in 1998.  The average yield on loans increased from 
8.50% for the three months ended June 30, 1997 to 8.59% for the same period in 
1998.

Interest income on investment securities declined from $119,000 for the three 
months ended June 30, 1997 to $58,000 for the same period in 1998, due to a 
decrease in average total investments.  Average total investments for the 
second quarter of 1998 were $3.87 million, down $3.82 million, or 49.7%, from 
$7.69 million for the second quarter of 1997.  Interest income on deposits 
with financial institutions and other decreased $118,000, or 42.4%, from 
$278,000 for the three months ended June 30, 1997 to $160,000 for the three 
months ended June 30, 1998.  The average balance for the quarter ending June 
30, 1998 for deposits with financial institutions and other was $12.36 million 
compared to $21.43 million for the same time period in 1997, down $9.07 
million, or 42.3%.  The average yield on investment securities for the three 
months ending June 30 1998 was 6.01%, while the average yield was 6.21% for 
the same time period in 1997.  The average yield on deposits with financial 
institutions and other was 5.19% for the three months ending June 30, 1998 and 
5.20% for the three months ending June 30, 1997.

Interest expense increased $129,000, or 11.4%, from $1,130,000 for the three 
months ended June 30, 1997 to $1,259,000 for the same period in 1998.  The 
increase was mainly due to higher average total deposits in 1998.  Average 
total deposits increased from $102.79 million for the quarter ended June 30, 
1997 to $111.36 million for the quarter ended June 30, 1998, with the biggest 
increases in certificates maturing in two years or greater.  Average total 
certificates of deposit grew $7.29 million, or 11.1%, from $65.93 million for 
the three months ended June 30, 1997 to $73.22 million for the same time 
period in 1998.  The average yield on total deposits for the three months 
ended June 30, 1998 was 4.47% and 4.38% for the three months ended June 30, 
1997.  Interest expense on other borrowings increased by $10,000 or 125% due 
to repurchase agreements entered into by the Company during the second quarter 
of 1998.

Net interest income as a percent of interest earning assets was 4.47% for the 
three months ended June 30, 1998 versus 4.26% for the same period in 1997.  
The spread between the yield on interest earning assets and the rate on 
interest bearing liabilities was 3.72% and 3.42% for the three months ended 
June 30, 1998 and 1997, respectively.

The provision for loan losses was $39,000 for the three months ended June 30, 
1998 and the three months ended June 30, 1997.   There was $3,000 in consumer 
loans charged-off in the three months ended June 30, 1998 and recoveries 
totaled $4,000.  Total charge-offs in the three months ended June 30, 1997 
were $1,000, with $1,000 in recoveries.


Noninterest income was up $155,000, or 85.2%, from $182,000 for the quarter 
ended June 30, 1997 to $337,000 for the three months ended June 30, 1998.  The 
increase was due to the higher commission income from brokerage and insurance 
activities.  Insurance sales commissions were $122,000 for the quarter ended 
June 30, 1998 with no amount being recorded for the same period in 1997.  
Brokerage commissions were $49,000 for the three months ended June 30, 1998 
and $7,000 for the three months ended June 30, 1997, resulting in an increase 
of $42,000.

Noninterest expense was $1,311,000 for the three months ending June 30, 1998, 
compared to $1,170,000 for the same period in 1997, an increase of $141,000, 
or 12.1%.  The increase was mostly attributable to increases in salaries and 
employee benefits expense, net occupancy expenses, and equipment expenses and 
occurred primarily as a result of the increase in staffing levels due to the 
creation of the GTPS Insurance Agency.

Total income taxes for the three months ended June 30, 1998 were $217,000, 
compared to $140,000 recorded for the same period in 1997, an increase of 
$77,000, or 55.0%.  The effective tax rates for the three months ended June 
30, 1998 and 1997, were 44.11% and 42.04%, respectively.

Liquidity and Capital Resources

The Bank's primary sources of funds are deposits and principal and interest 
payments on loans.  While maturities and scheduled amortization of loans are 
predictable sources of funds, deposit flows and mortgage prepayments are 
greatly influenced by general interest rates, economic conditions, and 
competition.  The Office of Thrift Supervision ("OTS"), the Company's and the 
Bank's primary regulator, requires the Bank to maintain minimum levels of 
liquid assets.  Currently, the required ratio is 4%.  The Bank's liquidity 
ratios were 12.28% and 15.38% at June 30, 1998 and December 31, 1997, 
respectively, well above the required minimum.  

A review of the Consolidated Statements of Cash Flows included in the
accompanying financial statements shows that the Company's cash and cash
equivalents ("cash") decreased $5,787,000 for the six months ended June 30, 
1998, compared to a decrease of $9,256,000 for the six months ended June 30, 
1997.  During the six months ended June 30, 1998, cash was primarily provided 
from earnings, maturities of securities, increases in noninterest-bearing, 
interest-bearing demand and savings deposits and certificates of deposit, and 
an increase in short-term borrowings.  During 1998, cash was primarily used to 
fund security purchases and loan growth, purchase treasury stock, and to pay 
dividends.

During the six months ended June 30, 1997, cash was primarily provided from 
earnings, and increases in certificates of deposit.  During this period, cash 
was primarily used to fund loan originations, purchase securities held to 
maturity and available for sale, purchase treasury stock and to pay dividends.


The Company's primary investment activities during the six months ended June 
30, 1998 was the origination of loans and the purchase of securities held to 
maturity and available for sale.  During the six months ended June 30, 1998 
and June 30, 1997, the Company originated mortgage loans in the amounts of 
$18.6 million and $20.9 million, respectively, commercial loans in the amounts 
of $9.4 million and $9.6 million, respectively, and consumer loans in the 
amounts of $5.1 million and $6.2 million, respectively.  Approximately $8.8 
million of the total mortgage loans originated in 1997 was participated to 
other financial institutions at the time of origination.
  
As of June 30, 1998, the Company had outstanding commitments (including
undisbursed loan proceeds) of $5.5 million.  The Company anticipates it will
have sufficient funds available to meet its current loan origination
commitments.  Certificates of deposit which are scheduled to mature in
one year or less from June 30, 1998 totaled $49.6 million.  Management
believes a significant portion of such deposits will remain with the
Company.

The OTS capital regulations require savings institutions to meet three capital 
standards: a 1.5% tangible capital standard; a 3% leverage (core capital) 
ratio and an 8% risk-based capital standard.  The core capital requirement is 
effectively 4%, since the OTS prompt corrective action regulations stipulate 
that, effective December 19, 1992, an institution with less than 4% core 
capital will be deemed to be "undercapitalized."  As of June 30, 1998, the 
Bank's capital percentages for tangible capital of 7.85%, core capital of 
7.85%, and risk-based capital of 13.32% significantly exceeded the regulatory 
requirement for each category.

Current Accounting Issues

In June 1997, the Financial Accounting Standards Board ("FASB") issued SFAS 
No. 130, "Reporting Comprehensive Income," which establishes standards for 
reporting and display of comprehensive income and its components in a full set 
of general-purpose financial statements.  Comprehensive income is defined as 
"the change in equity of a business enterprise during a period from 
transactions and other events and circumstances from nonowner sources.  It 
includes all changes in equity during a period except those resulting from 
investments by owners and distributions to owners."  The comprehensive income 
and related cumulative equity impact of comprehensive income items are 
required to be disclosed prominently as part of the notes to the financial 
statements.  Only the impact of unrealized gains or losses on securities 
available for sale would be disclosed as an additional component of the 
Company's income under the requirements of SFAS No.130.  The statement is 
effective for fiscal years beginning after December 31, 1997.  The Company 
adopted SFAS No. 130 in 1998. At June 30, 1998 and June 30, 1997, the amounts 
to be disclosed by the Company under SFAS No. 130 are considered immaterial 
and are therefor not shown in the accompanying financial statements.


In June, 1998, the FASB issued SFAS No. 133, "Accounting for Derivative 
Instruments and Hedging Activities," which establishes accounting and 
reporting standards for derivative instruments.  It requires that an entity 
recognize all derivatives as either assets or liabilities in the statement of 
financial position and measure those instruments at fair value.  This 
statement is effective for all periods beginning after June 15, 1999.  The 
Company will adopt SFAS No. 133 during fiscal year 2000 and does not 
anticipate any impact to its financial statements.

YEAR 2000 Compliance

The Company has contracted with a software company to provide the Company with 
software to process the majority of the Company's financial transactions in-
house and is scheduled to convert to this software in October, 1998.  The new 
software provider has pledged in its contract with the Company that its 
software is already year 2000 compliant, meaning that the date fields in its 
software are already capable of handling the change to the year 2000.  The 
Company will perform year 2000 testing on the new software once installation 
is complete.  The Company has also completed identification of other computer 
applications that may be affected by the year 2000 date change. All vendors 
and service providers have been contacted, and the majority of these vendors 
have assured the Company that their software is or will be year 2000 compliant 
by the end of 1998.  The Company is also in the process of developing a 
contingency plan in the event computer applications fail to handle the year 
2000 date change properly.  The Company does not expect that the cost of its 
year 2000 compliance program will be material to its financial condition or 
results of operations and believes that it will be able to satisfy such 
compliance program by the end of the first quarter of 1999 without any 
material disruption to its operations.  There can be no assurances, however, 
that such contingency plan or the performance by the Company's vendors will be 
effective to remedy all potential problems.  To the extent the Company's 
systems are not fully Year 2000 compliant, there can be no assurance that 
potential systems interruptions or the cost necessary to update software would 
not have a materially adverse effect on the Company's business, financial 
condition, results of operations and business prospects.  Further, any Year 
2000 failure on the part of the Company's customers could result in additional 
expense or loss to the Company.


PART II -- OTHER INFORMATION

   Item 1.  Legal Proceedings

               The Company is involved in various legal actions incident to   
               its business, none of which is believed by management to be    
               material to the financial condition of the Company.

   Item 2.  Changes in Securities and Use of Proceeds
   
               Not applicable

   Item 3.  Defaults Upon Senior Securities

               Not applicable

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

               At the annual meeting of stockholders held on April 28, 1998,  
               the Company's stockholders approved the following items:

            1.   elected Morgan C. Powell to a three-year term as director:

                                                              Broker
                                For          Withheld       Non-Votes
                               -----        ----------      ---------
                Number       1,361,676         24,876            0
                Percent         86%               2%             0%


            2.   elected George R. Rouse to a three-year term as director:

                                                              Broker
                                For          Withheld       Non-Votes
                               -----        ----------      ---------
                Number       1,370,676         17,576            0
                Percent         86%               1%             0%


            3.   approved the appointment of OLIVE, LLP, formerly known as 
                 Geo. S. Olive & Co., LLC, as  independent auditors of 
                 Great American Bancorp, Inc. for the fiscal year ending 
                 December 31, 1998:

                                                                     Broker
                                For       Against     Abstain      Non-Votes
                               -----     ---------   ---------     ---------
                Number       1,370,382     14,605       3,265           0
                Percent        86.2%         .9%         .2%            0%


                The following directors held terms of office which continued  
                after the meeting:

                             Mr. James Acheson
                             Mr. Clinton C. Atkins
                             Mr. Ronald Kiddoo
 
   Item 5.  Other Information

               Not Applicable


   Item 6.  Exhibits and Reports on Form 8-K
   
             a.  Exhibits
     
                 3.1   Certificate of Incorporation of Great American
                       Bancorp, Inc.*
                                                                              
                 3.2   By-laws of Great American Bancorp, Inc.*
                        
                11.0   Computation of earnings per share (filed herewith)
      
                27.0   Financial Data Schedule

             b.  Report on Form 8-K
        
                 Not Applicable                       
                
      _______________
      
      *   Incorporated herein by reference into this document from Form
          S-1 Registration Statement, as amended, filed on March 24, 1995,
          Registration No. 33-90614.   
                             


                               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.
      
                                         Great American Bancorp, Inc.
      
      
      Dated:      August 13, 1998            /s/  George R. Rouse
             -----------------------       ----------------------------
                                           George R. Rouse            
                                           President and
                                           Chief Executive Officer
             
      
      
      Dated:      August 13, 1998            /s/  Jane F. Adams
            --------------------------     ----------------------------    
                                           Jane F. Adams
                                           Chief Financial Officer,         
                                           Secretary and Treasurer



                                    Exhibit 11.0


Earnings per share (unaudited)

Earnings per share (EPS) were computed as follows
(dollar amounts in thousands except share data):

                                                   Six months ended 
                                                     June 30, 1998
                                             -------------------------------
                                                        Weighted
                                                         Average   Per-Share
                                              Income      Shares     Amount
                                             -------------------------------
Basic Earnings Per Share                                                      
 
  Income available to common stockholders    $   519   1,476,129    $  0.35

Effect of Dilutive Securities
  Stock options                                           62,062          
  Unearned incentive plan shares                          42,415              
 
                                             -------------------------------
Diluted Earnings Per Share
  Income available to common stockholders
   and assumed conversion                    $   519   1,580,606    $  0.33
                                             ===============================


                                                   Six months ended
                                                     June 30, 1997
                                             -------------------------------
                                                        Weighted
                                                         Average    Per-Share
                                              Income      Shares     Amount
                                             -------------------------------
Basic Earnings Per Share                                                     
  Income available to common stockholders    $   384   1,606,697    $  0.24

Effect of Dilutive Securities
  Stock options                                           19,346   
  Unearned incentive plan shares                          61,809
                                             -------------------------------
Diluted Earnings Per Share
  Income available to common stockholders
   and assumed conversion                    $   384   1,687,852    $  0.23
                                             ===============================


                                                  Three months ended 
                                                     June 30, 1998
                                             -------------------------------
                                                        Weighted
                                                         Average   Per-Share
                                              Income      Shares     Amount
                                             -------------------------------
Basic Earnings Per Share                                                      
 
  Income available to common stockholders    $   275   1,461,946    $  0.19

Effect of Dilutive Securities
  Stock options                                           66,259          
  Unearned incentive plan shares                          40,897              
 
                                             -------------------------------
Diluted Earnings Per Share
  Income available to common stockholders
   and assumed conversion                    $   275   1,569,102    $  0.18
                                             ===============================


                                                  Three months ended
                                                     June 30, 1997
                                             -------------------------------
                                                        Weighted
                                                         Average    Per-Share
                                              Income      Shares     Amount
                                             -------------------------------
Basic Earnings Per Share                                                     
  Income available to common stockholders    $   193   1,591,573    $  0.12

Effect of Dilutive Securities
  Stock options                                           21,601   
  Unearned incentive plan shares                          60,014
                                             -------------------------------
Diluted Earnings Per Share
  Income available to common stockholders
   and assumed conversion                    $   193   1,673,188    $  0.22
                                             ===============================