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      September 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 October 31, 1998, the Registrant had 1,359,683 shares of Common Stock 
outstanding, for ownership purposes, which excludes 693,067 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 September 30, 1998 and December 31, 1997
                              (in thousands)

                                       September 30, 1998      Dec. 31, 1997
                                             (unaudited)
----------------------------------------------------------------------------
ASSETS
Cash and due from banks                     $       8,086      $       5,285
Interest-bearing demand deposits                    1,539             12,191 
                                            --------------------------------
 Cash and cash equivalents                          9,625             17,476

Investment securities
 Available for sale                                 2,001              1,999
 Held to maturity                                   1,650              1,300
                                            --------------------------------
  Total investment securities                       3,651              3,299 
Loans                                             125,754            112,312
  Allowance for loan losses                          (590)              (497)
                                            --------------------------------
  Net loans                                       125,164            111,815
Premises and equipment                              7,597              7,090
Federal Home Loan Bank stock                          698                580
Other assets                                        2,379              1,713
                                            --------------------------------
    Total assets                            $     149,114      $     141,973
                                            ================================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
 Deposits
  Noninterest bearing                       $      10,360      $       5,463
  Interest bearing                                109,518            106,521
                                            --------------------------------
   Total deposits                                 119,878            111,984
 Other borrowings                                   4,000                 --
 Other liabilities                                  1,972              1,695
                                            --------------------------------
    Total liabilities                             125,850            113,679
                                            --------------------------------



                                                                 (Continued)


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

                                          September 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                                    19,842             19,655
Retained earnings -- substantially restricted      16,490             16,167
Net unrealized gain on securities
 available for sale                                     1                  2
                                            --------------------------------
                                                   36,354             35,845
Less:
 Treasury stock, at cost - 681,991 and
   380,773 shares                                 (11,814)            (5,925) 
 Unallocated employee stock ownership plan
   shares - 69,746 and 87,891 shares                 (697)              (879)
 Unearned incentive plan shares - 40,111 and
   51,802 shares                                     (579)              (747)
                                            --------------------------------
                                                  (13,090)            (7,551)
                                            --------------------------------
    Total stockholders' equity                     23,264             28,294
                                            --------------------------------
    Total liabilities and
      stockholders' equity                  $     149,114      $     141,973
                                            ================================


See notes to consolidated financial statements.


                  Great American Bancorp, Inc. and Subsidiary
                         Consolidated Income Statements
                For the Nine Months Ended September 30, 1998 and 1997
                  (unaudited, in thousands except share data)
                                   
                                                     1998               1997
----------------------------------------------------------------------------
Interest income:
 Loans                                       $      7,578      $       6,416
 Investment securities                                 
  Taxable                                             168                304 
  Tax exempt                                           11                 10
 Deposits with financial
  institutions and other                              464                777
                                            --------------------------------
   Total interest income                            8,221              7,507
                                            --------------------------------
Interest expense:
 Deposits                                           3,712              3,329
 Other                                                 68                 24
                                            --------------------------------
   Total interest expense                           3,780              3,353
                                            --------------------------------
   Net interest income                              4,441              4,154
Provision for loan losses                             117                117
                                            --------------------------------
   Net interest income after
     provision for loan losses                      4,324              4,037
                                            --------------------------------
Noninterest income:
 Brokerage commissions                                119                 25
 Insurance sales commissions                          353                 --
 Service charges on deposit accounts                  336                329
 Loan servicing fees                                   19                 24
 Other customer fees                                  107                105
 Net gains on loan sales                                1                  1
 Other income                                          10                 33
                                            --------------------------------
   Total noninterest income                           945                517
                                            --------------------------------

                                                                 (Continued)


                  Great American Bancorp, Inc. and Subsidiary
                   Consolidated Income Statements (Continued)
                For the Nine Months Ended September 30, 1998 and 1997
                  (unaudited, in thousands except share data)
                                   
                                                     1998               1997
---------------------------------------------------------------------------- 
Noninterest expense:
 Salaries and employee benefits                     2,157              1,881
 Net occupancy expenses                               426                351 
 Equipment expenses                                   280                225
 Data processing fees                                 118                144
 Deposit insurance expense                             52                 47
 Printing and office supplies                         187                209
 Legal and professional fees                          110                163
 Directors and committee fees                          78                 76  
 Insurance expense                                     31                 30
 Marketing and advertising expenses                   148                127
 Other expenses                                       294                256
                                            --------------------------------
   Total noninterest expense                        3,881              3,509
                                            --------------------------------
   Income before income tax                         1,388              1,045
Income tax expense                                    609                433
                                            --------------------------------
   Net income                               $         779      $         612
                                            ================================

Per Share Data:

  Earnings
   Basic:
     Net income                             $        0.54      $        0.38
                                            ================================
     Average number of shares                   1,444,360          1,592,110
                                            ================================

   Diluted:
     Net income                             $        0.50      $        0.37
                                            ================================
     Average number of shares                   1,547,444          1,675,168
                                            ================================ 

  Dividends                                 $        0.32      $        0.30
                                            ================================
 

See notes to consolidated financial statements.


                  Great American Bancorp, Inc. and Subsidiary
                         Consolidated Income Statements
                  For the Quarter Ended September 30, 1998 and 1997
                  (unaudited, in thousands except share data)
                                   
                                                     1998               1997
----------------------------------------------------------------------------
Interest income:
 Loans                                       $      2,651      $       2,261
 Investment securities                                 
  Taxable                                              57                107 
  Tax exempt                                            7                  3
 Deposits with financial
  institutions and other                               93                211
                                            --------------------------------
   Total interest income                            2,808              2,582
                                            --------------------------------
Interest expense:
 Deposits                                           1,265              1,155
 Other                                                 43                  8
                                            --------------------------------
   Total interest expense                           1,308              1,163
                                            --------------------------------
   Net interest income                              1,500              1,419
Provision for loan losses                              39                 39
                                            --------------------------------
   Net interest income after
     provision for loan losses                      1,461              1,380
                                            --------------------------------
Noninterest income:
 Brokerage commissions                                 33                 10
 Insurance sales commissions                          133                 --
 Service charges on deposit accounts                  114                120
 Loan servicing fees                                    6                  8
 Other customer fees                                   38                 36
 Net gain on loan sales                                 1                 --
 Other income                                          --                  3
                                            --------------------------------
   Total noninterest income                           325                177
                                            --------------------------------

                                                                 (Continued)


                  Great American Bancorp, Inc. and Subsidiary
                   Consolidated Income Statements (Continued)
                  For the Quarter Ended September 30, 1998 and 1997
                  (unaudited, in thousands except share data)
                                   
                                                     1998               1997
---------------------------------------------------------------------------- 
Noninterest expense:
 Salaries and employee benefits                       749                638
 Net occupancy expenses                               160                119 
 Equipment expenses                                   104                 82
 Data processing fees                                  19                 48
 Deposit insurance expense                             17                 17
 Printing and office supplies                          61                 64
 Legal and professional fees                           31                 43
 Directors and committee fees                          26                 24  
 Insurance expense                                     10                 11
 Marketing and advertising expenses                    54                 37
 Other expenses                                        96                 91
                                            --------------------------------
   Total noninterest expense                        1,327              1,174
                                            --------------------------------
   Income before income tax                           459                383
Income tax expense                                    199                155
                                            --------------------------------
   Net income                               $         260      $         228
                                            ================================

Per Share Data:

  Earnings
   Basic:
     Net income                             $        0.19      $        0.15
                                            ================================
     Average number of shares                   1,381,859          1,563,412
                                            ================================

   Diluted:
     Net income                             $        0.18      $        0.14
                                            ================================
     Average number of shares                   1,476,148          1,647,483
                                            ================================ 

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

See notes to consolidated financial statements.


                 Great American Bancorp, Inc. and Subsidiary
                    Consolidated Statements of Cash Flows
               For the Nine Months Ended September 30, 1998 and 1997
                          (unaudited, in thousands)
                                   
                                                     1998               1997
----------------------------------------------------------------------------
Operating Activities:
  Net income                                $         779      $         612
  Adjustments to reconcile net
    income to net cash provided 
    by operating activities:
      Provision for loan losses                       117                117
      Depreciation                                    351                329
      Amortization of deferred loan fees              (25)               (25)
      Deferred income tax                             (67)                26
      Investment securities accretion, net             (1)                (4)
      Net gain on loan sales                           (1)                (1)
      Employee stock ownership plan
        compensation expense                          372                312
      Incentive plan expense                          165                167
      Loans originated for sale                       (44)               (72)
      Proceeds from sales of loans
        originated for resale                          45                 73
      Net gain on sale of premises
        and equipment                                  --                 (2)
      Net change in: 
        Other assets                                 (666)              (406)
        Other liabilities                             360                273
                                            --------------------------------
          Net cash provided by
            operating activities                    1,385              1,399
                                            --------------------------------
Investing Activities:
  Net change in interest-bearing time deposits         --              2,000 
  Purchases of securities available for sale       (1,000)              (993)
  Purchases of securities held to maturity         (1,450)            (2,995)
  Proceeds from maturities of securities held
    to maturity                                     1,100              3,098
  Proceeds from maturities of securities 
    available for sale                                997                 -- 
  Purchase of Federal Home Loan Bank stock           (118)              (126)
  Net change in loans                             (13,441)           (18,375)
  Purchase of premises and equipment                 (858)              (187)
  Proceeds from sale of premises
    and equipment                                      --                  2
                                            --------------------------------
          Net cash used by 
            investing activities                  (14,770)           (17,576)
                                            --------------------------------

                                                                 (continued)


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

                                                     1998               1997
---------------------------------------------------------------------------- 
Financing Activities:
  Net change in:                        
    Noninterest-bearing demand, interest-
      bearing demand and savings deposits           3,671                478 
    Certificates of deposit                         4,223              8,386
    Other short-term borrowings                     4,000                 --
  Cash dividends                                     (471)              (501)
  Purchase of treasury stock                       (5,914)            (2,561)
  Issuance of treasury stock                           25
                                            --------------------------------
          Net cash provided by
            financing activities                    5,534              5,802
                                            --------------------------------
Net Change in Cash and Cash Equivalents            (7,851)           (10,375)

Cash and Cash Equivalents, Beginning
  of Period                                        17,476             26,410
                                            --------------------------------
Cash and Cash Equivalents, End of 
  Period                                    $       9,625      $      16,035  
                                            ================================
Additional Cash Flows Information
   
   Interest paid                            $       3,757      $       3,344
                                            ================================
   Income tax paid                          $         666      $         210
                                            ================================




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 September 30, 1998 
and December 31, 1997, the results of operations for the nine months ended and 
three months ended September 30, 1998 and 1997, and the cash flows for the 
nine months ended September 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 nine months ended September 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 September 30, 
1998 and September 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.

In addition to historical information, this 10-QSB may include certain 
forward-looking statements based on current management expectations.  The 
Company's actual results could differ materially from those management 
expectations.  Factors that could cause future results to vary from current 
management expectations include, but are not limited to, general economic 
conditions, legislative and regulatory changes, monetary and fiscal policies 
of the federal government, changes in tax policies, rates and regulations of 
federal, state and local tax authorities, changes in interest rates, deposit 
flows, the cost of funds, demand for loan products, demand for financial 
services, competition, changes in the quality or composition of the Company's 
loan and investment portfolios, changes in accounting principles, policies or 
guidelines, and other economic, competitive, governmental and technological 
factors affecting the Company's operations, markets, products, services and 
prices.  Further description of the risks and uncertainties to the business 
are included in detail under the captions:  Liquidity and Capital Resources 
and Year 2000 compliance.

Financial Condition 

The Company's total assets increased from $141.97 million at December 31, 1997 
to $149.11 million at September 30, 1998, an increase of $7.14 million, or 
5.0%.  This growth was primarily in loans offset by a decrease in cash and 
cash equivalents.  Net loans increased by $13.34 million, or 11.9%, from 
$111.82 million at December 31, 1997 to $125.16 million at September 30, 1998. 
 This increase was mostly in mortgage loans, with increases in residential 
real estate loans of $7.50 million, or 13.0%, commercial real estate loans of 
$4.38 million, or 42.6%, and construction loans of $2.28 million, or 141.4%, 
over December 31, 1997 balances. Cash and cash equivalents declined by $7.85 
million from $17.48 million at December 31, 1997 to $9.63 million at September 
30, 1998, due to providing part of the funding for new loans.

Total deposits increased $7.90 million, or 7.1%, from $111.98 million at 
December 31, 1997 to $119.88 million at September 30, 1998.  Total 
noninterest-bearing demand, interest-bearing demand and savings deposits 
increased $3.67 million, or 8.8%, from $41.52 million at December 31, 1997 to 
$45.19 million at September 30, 1998.  This increase was mainly due to 
fluctuations that occur in the ordinary course of business.  Total 
certificates of deposit increased $4.22 million, or 5.9%, from $70.46 million 
at December 31, 1997 to $74.68 million at September 30, 1998.  The growth in 
certificates of deposit was primarily in certificates maturing in two years 
and greater.  The company has borrowed $4.0 million since December 31, 1997.  
In June 1998, the Company engaged in a short term repurchase agreement in the 
amount of $2.0 million.  In September 1998, the company borrowed $2.0 million 
from the Federal Home Loan Bank ("FHLB") for a term of two years.  Prior to 
the filing of this report, in October, 1998, the company also borrowed an 
additional $5.0 million from the FHLB for a term of ten years.  The $5.0 
million advance is non-callable by the FHLB for a period of three years.  The 
increase in deposits and other borrowings assisted in funding the growth in 
loans.

Total stockholders' equity decreased $5.03 million, or 17.8%, from $28.29 
million at December 31, 1997 to $23.26 million at September 30, 1998.  Book 
value per outstanding voting share increased from $16.92 at December 31, 1997 
to $16.97 at September 30, 1998. The decrease in stockholders' equity is 
summarized as follows (in thousands):   

   Stockholders' equity, December 31, 1997            $   28,294
   Net income                                                779
   Purchase of treasury stock                             (5,914)
   Dividends declared                                       (456)
   Treasury stock issued                                      25  
   Incentive plan shares allocated                           165
   ESOP shares allocated                                     372
   Decrease in unrealized gain on securities
      available for sale, net of income tax effect            (1)
                                                          ------              
   Stockholders' equity, September 30, 1998           $   23,264 
                                                          ======

On September 1, 1998, the Company announced that its Board of Directors had 
authorized the repurchase of up to 10%, or 151,076 shares, of the Company's 
common stock.  This common stock repurchase was completed in October, prior to 
the date of this filing, at an average price of $17.24 per share.  The 
repurchased shares will be held as treasury shares to be used for general 
corporate purposes.

Results of Operations

Comparison of nine Month Periods Ended September 30, 1998 and 1997

Net income was $779,000 for the nine months ended September 30, 1998, compared 
to $612,000 for the nine months ended September 30, 1997.  This represents a 
$167,000, or 27.3% increase.  Basic earnings per share were $0.54 for the nine 
months ended September 30, 1998, compared to $0.38 for the nine months ended 
September 30, 1997, and diluted earnings per share were $0.50 in 1998, 
compared to $0.37 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 $4,441,000 for the nine months ended September 30, 
1998, compared to $4,154,000 for the same period in 1997, an increase of 
$287,000, or 6.91%.  Interest income was $8,221,000 for the nine months ended 
September 30, 1998, compared to $7,507,000 for the same period in 1997, an 
increase of $714,000, or 9.51%, primarily the result of increased interest 
income from loans.  Interest income on loans in 1998 was $7,578,000, 
$1,162,000, or 18.1%, greater than the $6,416,000 recorded in 1997.    


The increase in interest income on loans was due to higher average total loans 
in 1998.  Average total net loans for the nine months ended September 30, 1998 
were $117.90 million, compared to $100.56 million for the same period in 1997, 
an increase of $17.34 million, or 17.24%. The average total balance of all 
loan categories increased in 1998, with the majority of the increase in 
mortgage loans.  Total mortgage loans averaged $94.29 million for the nine 
months ended September 30, 1998, compared to $79.52 million for the nine 
months ended September 30, 1997, an increase of $14.77 million, or 18.58%.  
This growth occurred in one-to four-family and multifamily residential loans 
and in commercial mortgage loans.

Average total commercial loans were $12.29 million in 1998, compared to $9.26 
million in 1997, an increase of $3.03 million, or 32.7%.  Average total 
consumer loans were $11.87 million during the nine months ended September 30, 
1998, an increase of $.78 million, or 7.03%, over the $11.09 million average 
total balance during 1997.  The increase in loans is due to continued 
strategies management began implementing during 1996 and 1997 which were 
designed to promote loan growth.  A decline in long-term interest rates during 
1998 also contributed to the growth in residential mortgage loans. The average 
yield on loans was 8.59% for the nine months ended September 30, 1998, and 
8.53% for the same period in 1997. 
     
Interest income on investment securities declined from $314,000 for the nine 
months ended September 30, 1997 to $179,000 for the same period in 1998, due 
to a decrease in average total investment securities.  Total investment 
securities averaged $6.79 million in 1997, compared to $3.93 million in 1998, 
a decline of $2.86 million, or 42.1%.  Interest income on deposits with 
financial institutions and other decreased from $777,000 for the nine months 
ended September 30, 1997 to $464,000 for the nine months ended September 30, 
1998.  The average total balance of deposits with financial institutions and 
other declined from $19.81 million for the nine months ended September 30, 
1997 to $11.70 million for the nine months ended September 30, 1998, a 
decrease of $8.1 million, or 40.9%.  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 decreased from 6.18% for the nine months ended September 30, 1997 
to 6.09% for the same period in 1998.   The average yield on deposits with 
financial institutions and other increased from 5.24% for the nine months 
ended September 30, 1997 to 5.30% for the same period in 1998. 

Interest expense increased by $427,000, or 12.73% from $3,353,000 for the nine 
months ended September 30, 1997 to $3,780,000 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 $4,000,000 in other 
borrowings in 1998.  Average total interest-bearing deposits increased from 
$102.36 million in the first nine months of 1997 to $109.84 million during 
1998, an increase of $7.48 million, or 7.31%.  Most of this growth occurred in 
certificates of deposit, primarily in certificates maturing in two years and 
greater.  The average rates on deposits were 4.60% and 4.38% for the nine 
months ended September 30, 1998 and 1997, respectively.     


Net interest income as a percent of average interest earning assets was 4.45% 
for the nine months ended September 30, 1998 versus 4.39% 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 3.56% for the nine months ended 
September 30, 1998 and 1997, respectively. 

The provision for loan losses was $117,000 for both the nine months ended 
September 30, 1998 and the nine months ended September 30, 1997.   There were 
$32,000 in loans charged-off in the nine months ended September 30, 1998 and 
recoveries totaled $8,000.  Total charge-offs in the first nine months of 1997 
were $26,000, with $3,000 in recoveries.

Non-performing loans, which are loans past due 90 days or more and 
non-accruing loans, totaled $178,000 at September 30, 1998, compared to 
$369,000 at September 30, 1997.  Non-performing loans at September 30, 1998 
consisted of five residential mortgage loans totaling $177,000 and one 
commercial loan of $1,000.  All of these loans are past due 90 days or more 
with none of the balance in non-accrual status.

The ratio of the Company's allowance for loan losses to total loans was .47% 
at September 30, 1998 and .44% at September 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 $945,000 for the nine months ended September 30, 
1998, compared to $517,000 for the same period in 1997, an increase of 
$428,000, or 82.8%.  Insurance sales commissions, which totaled $353,000 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 $94,000, from $25,000 for the 
nine months ended September 30, 1997 to $119,000 for the nine months ended 
September 30, 1998.


Noninterest expense was $3,881,000 for the nine months ended September 30, 
1998, compared to $3,509,000 recorded for the nine months ended September 30, 
1997, an increase of $372,000, or 10.6%.  The majority of this increase was in 
salaries and employee benefits, which increased by $276,000, or 14.7%.  
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 
most of 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 $176,000, or 40.7% from $433,000 for the nine 
months ended September 30, 1997 to $609,000 for the same period in 1998 due to 
the increase in pretax net income.  The effective tax rates for the nine 
months ended September 30, 1998 and 1997, were 43.9% and 41.4%, 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 September 30, 1998 and 1997.

Net income for the three months ended September 30, 1998 was $260,000, an 
increase of $32,000, or 14.04%, over the $228,000 recorded for the three 
months ended September 30, 1997.  Basic earnings per share increased from 
$0.15 for the three months ended September 30, 1997 to $0.19 for the same 
period in 1998, and diluted earnings per share were $0.18 and $0.14 for the 
three months ended September 30 1998 and 1997, respectively.

Net income for the third 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 $1,500,000 for the quarter ended September 30, 1998 
and $1,419,000 for the quarter ended September 30, 1997, an increase of 
$81,000 or 5.7%.  Interest income rose 8.8%, or $226,000, from $2,582,000 for 
the quarter ended September 30, 1997 to $2,808,000 for the third 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 $390,000, or 17.3%, from 
$2,261,000 for the quarter ended September 30, 1997 to $2,651,000 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 third quarter increased by $16.51 million, or 19.8%, from $83.34 million 
in 1997 to $99.85 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 September 30, 1998 
and September 30, 1997 were $12.58 million and $9.98 million, respectively.  
This represents an increase of $2.60 million, or 26.0%.  Average total 
consumer loans were only slightly higher in 1998.  The average yield on loans 
decreased from 8.59% for the three months ended September 30, 1997 to 8.50% 
for the same period in 1998.

Interest income on investment securities declined from $110,000 for the three 
months ended September 30, 1997 to $64,000 for the same period in 1998, due to 
a decrease in average total investments.  Average total investments for the 
third quarter of 1998 were $4.35 million, down $2.68 million, or 38.1%, from 
$7.03 million for the third quarter of 1997.  Interest income on deposits with 
financial institutions and other decreased $118,000, or 55.9%, from $211,000 
for the three months ended September 30, 1997 to $93,000 for the three months 
ended September 30, 1998.  The average balance for the quarter ending 
September 30, 1998 for deposits with financial institutions and other was 
$7.07 million compared to $15.72 million for the same time period in 1997, 
down $8.65 million, or 55.0%.  The average yield on investment securities for 
the three months ending September 30 1998 was 5.84%, 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 5.22% for the three months ending 
September 30, 1998 and 5.32% for the three months ending September 30, 1997.

Interest expense increased $145,000, or 12.5%, from $1,163,000 for the three 
months ended September 30, 1997 to $1,308,000 for the same period in 1998.  
The increase was mainly due to higher average total deposits in 1998.  Average 
total interest-bearing deposits increased from $104.02 million for the quarter 
ended September 30, 1997 to $111.08 million for the quarter ended September 
30, 1998, with the biggest increases in certificates maturing in two years or 
greater.  Average total certificates of deposit grew $7.34 million, or 10.9%, 
from $67.37 million for the three months ended September 30, 1997 to $74.71 
million for the same time period in 1998.  The average yield on total 
interest-bearing deposits for the three months ended September 30, 1998 was 
4.67% and 4.44% for the three months ended September 30, 1997.  Interest 
expense on other borrowings increased by $35,000 due to repurchase agreements 
and FHLB advances entered into by the Company during 1998.

Net interest income as a percent of interest earning assets was 4.40% for the 
three months ended September 30, 1998 versus 4.41% for the same period in 
1997.  The spread between the yield on interest earning assets and the rate on 
interest bearing liabilities was 3.76% and 3.61% for the three months ended 
September 30, 1998 and 1997, respectively.

The provision for loan losses was $39,000 for the three months ended September 
30, 1998 and the three months ended September 30, 1997.  There was $29,000 in 
loans charged-off in the three months ended September 30, 1998 and recoveries 
totaled $2,000.  Total charge-offs in the three months ended September 30, 
1997 were $20,000, with $3,000 in recoveries.


Noninterest income was up $148,000, or 83.6%, from $177,000 for the quarter 
ended September 30, 1997 to $325,000 for the three months ended September 30, 
1998.  The increase was due to the higher commission income from brokerage and 
insurance activities.  Insurance sales commissions were $133,000 for the 
quarter ended September 30, 1998 with no amount being recorded for the same 
period in 1997.  Brokerage commissions were $33,000 for the three months ended 
September 30, 1998 and $10,000 for the three months ended September 30, 1997, 
resulting in an increase of $23,000.

Noninterest expense was $1,327,000 for the three months ending September 30, 
1998, compared to $1,174,000 for the same period in 1997, an increase of 
$153,000, or 13.0%.  The increase was mostly attributable to higher salaries 
and employee benefits expense, net occupancy expenses, and equipment expenses 
and occurred primarily as a result of the creation of the GTPS Insurance 
Agency.

Total income taxes for the three months ended September 30, 1998 were 
$199,000, compared to $155,000 recorded for the same period in 1997, an 
increase of $44,000, or 28.4%.  The effective tax rates for the three months 
ended September 30, 1998 and 1997, were 43.36% and 40.47%, 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 8.70% and 15.38% at September 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 $7,851,000 for the nine months ended September 
30, 1998, compared to a decrease of $10,375,000 for the nine months ended 
September 30, 1997.  During the nine months ended September 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 nine months ended September 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 nine months ended 
September 30, 1998 was the origination of loans and the purchase of securities 
held to maturity and available for sale.  During the nine months ended 
September 30, 1998 and September 30, 1997, the Company originated mortgage 
loans in the amounts of $26.3 million and $28.5 million, respectively, 
commercial loans in the amounts of $16.9 million and $11.2 million, 
respectively, and consumer loans in the amounts of $7.6 million and $9.3 
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 September 30, 1998, the Company had outstanding commitments (including
undisbursed loan proceeds) of $5.0 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 September 30, 1998 totaled $49.9 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 September 30, 1998, 
the Bank's capital percentages for tangible capital of 8.09%, core capital of 
8.09%, and risk-based capital of 13.71% 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 September 30, 1998 and September 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 converted to this software in October, 1998.  Although year 2000 
compliance was a major factor in the selection of a software company, the 
Company had to convert to a new system because the prior data provider, a 
service bureau, would not renew its contract with the Company.  This contract 
was due to expire in March, 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 begin year 2000 
testing on the new software in late 1998.

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 June 30, 
1999.  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

               Not Applicable

   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
        
                 On July 21, 1998 the Company filed an 8-K to announce its 
                 earnings for the six months ended June 30, 1998.  The    
                 press release announcing the Company's second quarter    
                 earnings was filed by exhibit.

                 On August 7, 1998 the Company filed an 8-K to announce       
                 that it had completed a common stock repurchase program.
                 The press release relating to the completion of a common 
                 stock repurchase program was filed by exhibit.               
                                                                              
                 On September 10, 1998 the Company filed an 8-K to announce   
                 that it had authorized the repurchase of up to 151,076       
                 shares of its common stock.  The press release relating      
                 to this repurchase program was filed by exhibit.
                                                                              
                                                                              
      _______________                                                         
 
      *   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:      November 13, 1998            /s/  George R. Rouse
             -----------------------       ----------------------------
                                           George R. Rouse            
                                           President and
                                           Chief Executive Officer
             
      
      
      Dated:      November 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):

                                                     Nine Months Ended 
                                                     September 30, 1998
                                             -------------------------------
                                                        Weighted
                                                         Average   Per-Share
                                              Income      Shares     Amount
                                             -------------------------------
Basic Earnings Per Share                                                      
 
  Income available to common stockholders    $   779   1,444,360    $  0.54

Effect of Dilutive Securities
  Stock options                                           59,091          
  Unearned incentive plan shares                          43,993              
                                             -------------------------------
Diluted Earnings Per Share
  Income available to common stockholders
   and assumed conversion                    $   779   1,547,444    $  0.50
                                             ===============================


                                                     Nine Months Ended
                                                     September 30, 1997
                                             -------------------------------
                                                        Weighted
                                                         Average    Per-Share
                                              Income      Shares     Amount
                                             -------------------------------
Basic Earnings Per Share                                                     
  Income available to common stockholders    $   612   1,592,110    $  0.38

Effect of Dilutive Securities
  Stock options                                           24,014   
  Unearned incentive plan shares                          59,044
                                             -------------------------------
Diluted Earnings Per Share
  Income available to common stockholders
   and assumed conversion                    $   612   1,675,168    $  0.37
                                             ===============================


                                                     Three Months Ended 
                                                     September 30, 1998
                                             -------------------------------
                                                        Weighted
                                                         Average   Per-Share
                                              Income      Shares     Amount
                                             -------------------------------
Basic Earnings Per Share                                                      
 
  Income available to common stockholders    $   260   1,381,859    $  0.19

Effect of Dilutive Securities
  Stock options                                           54,064          
  Unearned incentive plan shares                          40,225              
 
                                             -------------------------------
Diluted Earnings Per Share
  Income available to common stockholders
   and assumed conversion                    $   260   1,476,148    $  0.18
                                             ===============================


                                                     Three Months Ended
                                                     September 30, 1997
                                             -------------------------------
                                                        Weighted
                                                         Average    Per-Share
                                              Income      Shares     Amount
                                             -------------------------------
Basic Earnings Per Share                                                     
  Income available to common stockholders    $   228   1,563,412    $  0.15

Effect of Dilutive Securities
  Stock options                                           33,480   
  Unearned incentive plan shares                          50,591
                                             -------------------------------
Diluted Earnings Per Share
  Income available to common stockholders
   and assumed conversion                    $   228   1,647,483    $  0.14
                                             ===============================