RE-SUBMITTING 10QSB DUE TO FORMATTING ERROR
SECURITIES AND EXCHANGE COMMISSION     Washington,  DC  20549

FORM 10-QSB

(Mark One)

[X]	QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES 
EXCHANGE ACT OF 1934 
	For the quarter ended March 31, 1997

[ ]	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND 
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM 
__________________ TO _________________

Commission File Number:  0001003986

CALVIN B. TAYLOR BANKSHARES, INC.
(Exact name of issuer as specified in its charter)

          Maryland          					                 
52-1948274            
(State of incorporation)					(I.R.S. Employer 
Identification No.)

24 North Main Street,  Berlin,  Maryland  21811
(Address of principal executive offices

      (410) 641-1700     
(Issuers telephone number)

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


Check whether the issuer (1) filed all reports required to be filed by 
Section 13 or 15(d) of the Exchange Act during the past 12 months (or 
for such shorter period that the registrant was required to file such 
reports), and (2) has been subject to such filing requirements for the 
past 90 days.					YES      X    	            NO ________


State the number of shares outstanding of each of the issuers classes 
of common equity, as of the latest practicable date:

The registrant has 810,000 shares of common stock ($1.00 par) 
outstanding as of May 7, 1997.


Transitional Small Business Disclosure Format (check one) YES  NO    X  

-1-


Calvin B. Taylor Bankshares, Inc. and Subsidiary
Form 10-QSB
Index


Part I  -	Financial Information                               Page
  Item 1	Financial Statements                                  
		Consolidated Statements of Condition				                    	3
		Consolidated Statements of Income                           	4
		Consolidated Statements of Cash Flows				                   	5
		Notes to Financial Statements					                          	6

	Item 2	Managements Discussion and Analysis of Financial 
 Condition and		Results of Operation	                         7-8

Part II -	Other Information
	Item 1	Legal Proceedings	                                    	9
	Item 2	Changes in Securities						                           	9
	Item 3	Defaults Upon Senior Securities				                  		9
	Item 4	Submission of Matters to a Vote of Security Holders	 		9
	Item 5	Other Information						                               	9
	Item 6	Exhibits and Reports on Form 8-K				                  	9





























Calvin B. Taylor Bankshares, Inc. and 
Subsidiary




Part I - Financial Information
Consolidated Statements of Condition (unaudited)















                                   March 31, 1997       December 31,1996

                            Assets




Cash and due from banks            $ 11,007,194          $ 9,802,923 

Federal funds sold                   15,755,609           14,000,000 

Interest-bearing deposits             1,229,000            1,423,000 

Investment securities available
for sale                              2,247,660            2,360,400 

Investment securities held
to maturity
(approximate fair value of
$52,086,907 and $62,789,427)         52,041,234           62,610,242 

Loans, less allowance for
credit losses of $2,042,025
and $2,040,475)                     152,157,127          149,059,660 

Premises and equipment                3,936,690            3,500,851 

Accrued interest income               1,439,832            1,626,619 

Intangible assets                        39,764               66,812 

Deferred income taxes                   197,894              154,323 

Other assets                             79,849               36,135 


                                   $ 240,131,853        $244,640,965 






   Liabilities and Stockholders' Equity


Deposits                           
Noninterest-bearing                $  31,541,927       $ 31,837,470 
Interest-bearing                     166,596,347        172,460,336 
                                     198,138,274        204,297,806 
Accrued interest payable                 406,417            428,451 
Accrued income taxes                     639,651             81,197 
Obligation under capital lease           126,611            126,611 
Other liabilities                          5,083              7,827 
                                     199,316,036        204,941,892 

Stockholders' equity
Common stock,
par value $1 per share 
authorized 2,000,000 shares,
issued and outstanding
810,000 shares                           810,000            810,000 
Capital surplus                       17,290,000         17,290,000 
Retained earnings                     22,558,756         21,372,763 
                                      40,658,756         39,472,763 

Net unrealized gain on
securities available for sale            157,061            226,310 
                                      40,815,817         39,699,073 
                                   $ 240,131,853      $ 244,640,965 
























Calvin B. Taylor Bankshares, Inc. and Subsidiary
Consolidated Statements of Income (unaudited)


                                            For the three months ended
                                                    March 31,
                                            1997               1996

Interest and dividend revenue
Loans, including fees                  $  3,162,369         $  2,936,094 
U.S. Treasury securities                    659,099              597,284 
State and municipal securities              147,360              103,542 
Federal funds sold                          205,274              364,745
Deposits with banks                          17,961               27,211 
Equity securities                             3,234                3,168 
Total interest and dividend revenue       4,195,297            4,032,044 

Interest expense
Deposit interest                          1,451,139            1,513,065 
Other                                        -                     3,798 
Total interest expense                    1,451,139            1,516,863 

Net interest income                       2,744,158            2,515,181 

Provision for credit losses                  -                     -   

Net interest income after
provision for credit losses               2,744,158            2,515,181 

Other operating revenue
Service charges on deposit accounts         140,993              128,627 
Miscellaneous revenue                        41,527               36,899 
Total other operating revenue               182,520              165,526 

Other expenses
Salaries and employee benefits              625,721              605,793 
Occupancy                                    99,207              102,348 
Furniture and equipment                     153,059              156,593 
Other operating                             228,128              213,714 
Total other expenses                      1,106,115            1,078,448 

Income before income taxes                1,820,563            1,602,259 
Income taxes                                634,570              590,429 

Net income                              $ 1,185,993          $ 1,011,830 

Earnings per common share               $      1.46          $      1.25 






Calvin B. Taylor Bankshares, Inc. and Subsidiary
Consolidated Statements of Cash Flows (unaudited)

                                            Three Months Ended

                                       March 31,             March 31, 
                                       1997                  1996

Cash flows from operating activities
Interest received                     $ 4,269,012            $ 3,948,666 
Other revenue received                    166,363                181,857 
Cash paid for operating expenses       (1,023,787)            (1,026,037)
Interest paid                          (1,473,173)            (1,521,431)
Taxes paid                                (81,197)              (594,597)
                                        1,857,218                988,458 

Cash flows from investing activities
Cash paid for premises, equipment,
intangibles,and construction
in progress                              (516,339)               (49,703)
Net loans to customers                 (3,097,467)            (3,667,329)
Redemption of matured securities       10,682,000              9,325,000 
Investment in securities                        0             (4,169,061)
Redemption of certificates,
net of purchases                          194,000                293,000 
                                        7,262,194              1,731,907 

Cash flows from financing activities
Net change in customer deposits        (6,159,532)            (9,811,817)
Payment on capital lease                        0                (66,923)
Dividends paid                              -                      -   
                                       (6,159,532)            (9,878,740)

Net increase (decrease) in cash         2,959,880             (7,158,375)
Cash and equivalents at
beginning of period                    23,802,923             42,028,482 

Cash and equivalents at end of
period                               $ 26,762,803           $ 34,870,107 

Reconciliation of net income
to net cash provided
from operating activities
Net income                           $  1,185,993           $ 1,011,830 
Adjustments 
Depreciation and amortization              85,072                82,036 
Loss on sale of securities                  -                     -   
Deferred tax provision                      -                     -   
Provision for loan losses                   -                     -   
Security discount accretion,
net of premium amortization              (113,072)              (73,440)
Decrease (increase) in
accrued interest receivable
and other assets                          165,549               (23,688)
Increase (decrease) in
accrued interest
payable and other liabilities             533,676                (8,280)
                                     $  1,857,218            $   988,458 




Calvin B. Taylor Bankshares, Inc. and Subsidiary
Notes to Financial Statements



1.	Basis of Presentation

		The accompanying unaudited condensed financial statements have 
been prepared in accordance with generally accepted accounting 
principles for the interim financial information and with the 
instructions to Form 10-QSB and Regulation S-X of the Securities and 
Exchange Commission.  Accordingly, they do not include all the 
information and footnotes required by generally accepted accounting 
principles for complete financial statements.  In the opinion of 
management, all adjustments (consisting of normal recurring 
accruals) considered necessary for a fair presentation have been 
included.  Operating results of the quarters ended March 31, 1997 
and 1996 are not necessarily indicative of the results that may be 
expected for the years ending December 31, 1997 and 1996.  For 
further information, refer to the financial statements and footnotes 
thereto for the Registrant's fiscal period ended December 31, 1996.

2.	New Accounting Principles

		During the first quarter of 1997, the Company adopted Financial 
Accounting Standards Board Statement No. 125 Accounting for 
Transfers and Servicing of Financial Assets and Extinguishments of 
Liabilities.  Under this principle, financial assets are recognized 
based on the assets the Company controls and removed from the 
balance sheet when control is surrendered.  Liabilities are recorded 
when incurred.

3.	Cash Flows

			For purposes of reporting cash flows, cash and cash 
equivalents include cash on hand, amounts due from banks and overnight 
investments in federal funds sold.



















-6-
Calvin B. Taylor Bankshares, Inc. and Subsidiary
Part I Financial Information
Item 2.  Management's Discussion and Analysis or Plan of Operation.

	The following discussion of the financial condition and results of 
operations of the Registrant (the Company) should be read in conjunction 
with the Company's financial statements and related notes and other 
statistical information included elsewhere herein.

General
	The Company was incorporated in Maryland on October 31, 1995.  The 
Company was organized to become a bank holding company and to own and 
control all of the capital stock of a Maryland state bank with the name 
Calvin B. Taylor Banking Company (the "Bank").  Final regulatory and 
stockholder approval, to exchange the outstanding shares of the Bank for 
shares of the Company, was received in February, 1996.

	The Bank was established in 1890 and incorporated in 1907.  The 
Company currently engages in no business other than owning and managing 
the Bank.  It is seeking stockholder approval to charter a second bank 
in the state of Delaware.

Financial Condition, Liquidity and Sources of Capital

	The major sources of liquidity of the Company arise from loan 
repayments, short-term investments, including federal funds sold, and an 
increase in core deposits.  During the first quarter of the year, the 
Companys liquidity declines as businesses in the trade area of the Bank 
borrow funds to buy stock for the Summer tourist season.  The Bank 
typically experiences a decline in deposits since these businesses are 
using their deposits to meet their cash flow needs.  Generally, this 
situation reverses during the second quarter of the year as the 
businesses start repaying loans, and the Bank receives seasonal deposits 
from tourists and Summer residents.  Throughout the second and third 
quarters the Bank maintains its high liquidity level.  Funds from 
seasonal deposits are invested in short-term U.S. Treasury Bills and 
Federal Funds.  Average liquid assets (cash and amounts due form banks, 
interest bearing deposits in other banks, federal funds sold, and 
investment securities) compared to average deposits were 42.71% for the 
first quarter of 1997 compared to a rate of 46.19% for the first quarter 
of 1996.

	At March 31, 1997, the Banks interest rate sensitivity, as 
measured by gap analysis, showed the Bank was asset-sensitive with a 
one-year cumulative gap, as a percentage of interest-earning assets, of 
14.88%.  Generally asset-sensitivity indicates that assets reprice 
quicker than liabilities and in a rising rate environment net interest 
income typically increases.  Conversely, if interest rates decrease, net 
interest income would decline.  The Bank has classified its demand 
mortgage and commercial loans as immediately repriceable.  Unlike loans 
tied to prime, these rates do not necessarily change as prime changes 
since the decision to call the loans and change the rates rests with 
management.  

	The leverage ratios of the Bank, based on average assets for the 
quarters ended March 31, 1997 and 1996 were 17.63% and 17.06%, 
respectively.  Both are substantially in excess of regulatory minimum 
requirements. 

Results and Plan of Operation

	Net income for the three months ended March 31, 1997, was 
$1,185,993, or $1.46 per share, compared to $1,011,830, or $1.25 per 
share, for the first quarter of 1996. The primary reason net income 
increased is from an increase in net interest income as a result of 
increased loan volume.


-7-
Results and Plan of Operation (continued)

	The Bank reviewed its loan portfolio and determined the allowance, 
at 1.32% of gross loans, was adequate at March 31, 1997.  At December 
31, 1996, the allowance was 1.35% of gross loans.  At March 31, 1997, 
there were no nonaccruing loans and only .18% of the portfolio was 
delinquent ninety days or more.

	The Bank employed ninety one full time equivalent employees during 
the first quarter of 1997.  The Bank hires seasonal employees during the 
summer.  The Company employs no employees outside those hired by the 
Bank.

	The Bank conducts a general commercial banking business in its 
service area, of Worcester County emphasizing the banking needs of 
individuals and small- to medium-sized businesses and professional 
concerns.  The Bank offers a full range of deposit services that are 
typically available in most banks and savings and loan associations, 
including checking accounts, NOW accounts, savings accounts and other 
time deposits of various types ranging from daily money market accounts 
to longer-term certificates of deposit.

	The Bank also offers a full range of short- to medium-term 
commercial and personal loans.  The Bank also originates demand mortgage 
loans and real estate construction and acquisition loans.  Loans 
originated to date are anticipated to be held in the Bank's portfolio.  
Other bank services include cash management services, safe deposit 
boxes, travelers checks, direct deposit of payroll and social security 
checks, and automatic drafts for various accounts.  The Bank is 
associated with the MAC network of automated teller machines that may be 
used by Bank customers throughout Maryland and other regions.  The Bank 
offers MasterCard and VISA credit card services through a correspondent 
bank as an agent for the Bank.

	During the second quarter of 1996, the Company purchased land in 
Delaware.  During the first quarter of 1997, the Company exercised an 
option on a second Delaware location. The Company plans to start a 
Delaware bank which it expects to open in late 1997 or early 1998.  
Plans for this expansion are in the preliminary stages.  The Company 
cannot assure its success in entering Delaware.  If unsuccessful, the 
Company will sell all land held in Delaware.  The Company also has an 
option to purchase property in Pocomoke, Maryland.



















-8-
Calvin B. Taylor Bankshares, Inc. and Subsidiary
Part II Other Information


Item 1	Legal Proceedings
	Not applicable

Item 2	Changes in Securities
	Not applicable

Item 3	Defaults Upon Senior Securities
	Not applicable

Item 4	Submission of Matters to a Vote of Security Holders
	No matters were submitted to stockholders during the first 
quarter of 1997.

Item 5	Other information
	Not applicable.

Item 6	Exhibits and Reports on Form 8-K
	a)	Exhibits
                           2.  Proxy Statements/Prospectus dated 
December 26, 1995 is incorporated by 	reference.

	b)	Reports on Form 8-K
		There were no reports on Form 8-K filed for the quarter 
ended March 31, 1997.
























-9-
SIGNATURES

	Pursuant to the requirements of Section 13 or 15(d) of the 
Securities Exchange Act of 1934, the Registrant has duly caused this 
report to be signed on its behalf by the undersigned, thereunto duly 
authorized.



		Calvin B. Taylor Bankshares, 
Inc.                  







Date: _________________	By:    /s/  Reese F. Cropper,Jr.   
			Reese F. Cropper, Jr.
			President and CEO



Date: _________________	By:     /s/  William H. Mitchell    
			William H. Mitchell
			Chief Financial Officer