UNITED STATES 
               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON D.C. 20549


FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 1997


Commission File Number:   0-27930  

              Community Federal Bancorp, Inc.          
(Exact name of registrant as specified in its charter)


               Delaware                       64-0869537     
     (State or other jurisdiction          (I.R.S. Employer
    Of incorporation or organization)     Identification No.)



            P.O. Box F
          333 Court Street
         Tupelo, Mississipi                       38802  
       (Address of principal                   (Zip Code)
         Executive offices)                     


Registrant's telephone number, including 
area code:                                      (601) 842-3981    
                         
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months 
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                 Yes     X             No        

Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.

       Class                 Outstanding at December 31, 1997    
Common Stock,                      4,628,750 shares 
$.01 par value   


                               
                                
                COMMUNITY FEDERAL BANCORP, INC.
                                
                                
                 PART I.  FINANCIAL INFORMATION
                                
                                                            Page 
     

ITEM 1.  FINANCIAL STATEMENTS:

  CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL              2 
    CONDITION AS OF DECEMBER 31, 1997 AND 
    SEPTEMBER 30, 1997

  CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR             3
    THE THREE MONTHS ENDED DECEMBER 31, 1997 AND 1996
     
  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS             4
    FOR THE THREE MONTHS ENDED DECEMBER 31, 1997 AND 1996

  THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS              
    FURNISHED HAVE NOT BEEN AUDITED BY INDEPENDENT
    CERTIFIED PUBLIC ACCOUNTANTS, BUT REFLECT, IN
    THE OPINION OF MANAGEMENT,ALL ADJUSTMENTS
    NECESSARY FOR A FAIR PRESENTATION OF FINANCIAL
    CONDITION AND THE RESULTS OF OPERATIONS FOR
    THE PERIODS PRESENTED

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF             8 
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS


                  PART II.  OTHER INFORMATION
                                
OTHER INFORMATION                                           10 

SIGNATURES                                                  11



            Part I. Financial Information
            Item 1. Financial Statements

           COMMUNITY FEDERAL BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


                       ASSETS
                                                      December 31  September 30,
                                                         1997          1997

CASH AND CASH EQUIVALENTS                              $5,764,557     $5,437,003

SECURITIES AVAILABLE FOR SALE, at fair value           81,352,785     73,976,278

SECURITIES HELD TO MATURITY,
  fair values of $4,674,304 and 
  $4,122,225 respectively                               3,891,254      4,156,732

LOANS RECEIVABLE, net                                 133,017,589    127,334,958

PREMISES AND EQUIPMENT                                  2,958,581      3,318,561

OTHER ASSETS                                            1,670,856      1,714,291
     Total assets                                    $228,655,622   $215,937,823


        LIABILITIES AND STOCKHOLDERS' EQUITY

                                                     December 31,  September 30,
                                                         1997          1997

DEPOSITS                                            $133,901,479   $132,718,390

OTHER LIABILITIES                                     34,247,457     24,656,432
      Total liabilities                              168,148,936    157,374,822

STOCKHOLDERS' EQUITY:
 Preferred stock, no par, no shares issued, 
   2,000,000 authorized                                        0              0
 Common stock, par $.01 per share, 4,628,750 
   issued and outstanding, 10,000,000 authorized          46,288         46,288
 Additional paid-in capital                           45,167,256     45,113,004
 Retained earnings                                    14,030,024     13,714,336
 Unrealized gain on securities 
   available for sale, net                             7,041,542      5,687,696
 Unearned ESOP compensation                           (5,778,424)    (5,998,323)
   Total stockholders' equity                         60,506,686     58,563,001
   Total liabilities and stockholders' equity       $228,655,622   $215,937,823


       The accompanying notes are an integral part of these statements



           COMMUNITY FEDERAL BANCORP, INC.

     CONDENSED CONSOLIDATED STATEMENTS OF INCOME


                                                     Three Months
                                                     Ended December 31,

                                                             1997           1996

INTEREST INCOME:
  Interest and fees on loans                           $2,595,266     $2,363,602
  Interest and dividends on securities
     on Held to Maturity                                   59,060         72,673
  Interest and dividends on securities
    Available for Sale                                  1,146,038      1,163,413
        Total interest income                           3,800,364      3,599,688

INTEREST EXPENSE:
  Interest on deposits                                  1,730,187      1,665,944
  Other interest expense                                  321,175         11,471
        Total interest expense                          2,051,362      1,677,415

PROVISION FOR LOAN LOSSES                                  10,000          5,000
  Net interest income after
   provision for loan losses                            1,739,002      1,917,273

NONINTEREST INCOME:
  Deposit fees                                             19,736         21,636
  Loan servicing fees                                      69,056         40,453
  Other income                                             12,885          3,922
      Total noninterest income                            101,677         66,011

NONINTEREST EXPENSE:
  Compensation and benefits                               565,147        322,382
  Occupancy and equipment                                  59,574         25,895
  Other operating expense                                 215,206        222,433
      Total noninterest expense                           839,927        570,710

      Income before income taxes                        1,000,752      1,412,574
PROVISION FOR INCOME TAXES                                340,746        528,104
NET INCOME                                               $660,006       $884,470

Basic Earnings Per Share                                    $0.16          $0.21
Diluted Earnings Per Share                                  $0.15          $0.20
SHARES OUTSTANDING LESS UNALLOCATED ESOP and MRP        4,132,040      4,282,339

     The accompanying notes are an integral part of these statements





<TABLE>
           COMMUNITY FEDERAL BANCORP, INC.

               STATEMENT OF CASH FLOWS

             December 31, 1997 AND 1996
<CAPTION>

                                                             1997           1996
<S>                                                     <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                            $660,006       $884,470
  Adjustments to reconcile net income to 
    net cash provided by operating activities:
       Depreciation                                       42,858         17,109
       Amortization of Premium/discounts, net             (1,812)       (14,824)
       Amortizatin of Unearned Compensation              275,825         89,091
       Provision for loan losses                          10,000          5,000
       Changes in assets and liabilities:
       Decrease in other assets                           43,436        468,291
       Increase (decrease) in accrued expenses 
          and other liabilities                        3,019,433     (1,027,243)
        Total adjustments                              3,389,740       (462,576)
        Net cash provided by operating 
          activities                                   4,049,746        421,894
CASH FLOWS FROM INVESTING ACTIVITIES:
  Principal collections and maturities
      on securities available for sale                 7,565,299      3,274,684
  Principal collections and maturities
     on securities held to maturity                      263,000        113,842
  (Purchase of) proceeds for the sale
    of property and equipment, net                       317,122         (2,273)
   Loan (originations) and principal 
    repayments, net                                   (5,692,631)    (3,712,534)
   Purchase of securities available for sale         (12,764,057)       (18,300)
         Net cash used by investing activities       (10,311,267)      (344,581)
CASH FLOWS FROM FINANCING ACTIVITIES:
  Increase (decrease) in customer deposits, net        1,183,089       (588,011)
  Dividends paid                                        (344,318)      (321,176)
  (Decrease) increase in advances from borrowers
    for taxes and insurance                             (280,729)      (306,013)
   Purchase of stock for stock plan trust                 (1,674)             0
  Net change in FHLB advances                          6,032,707      1,500,000
         Net cash provided by financing activities     6,589,075        284,800
         Net increase in cash and cash equivalents       327,554        362,113
CASH AND CASH EQUIVALENTS, beginning of year           5,437,003      4,205,679
CASH AND CASH EQUIVALENTS, end of period              $5,764,557     $4,567,792

</TABLE>
   The accompanying notes are an integral part of these statements




                                
                COMMUNITY FEDERAL BANCORP, INC.
                                
      NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                
1. BASIS OF PRESENTATION
   
Community Federal Bancorp, Inc. (The "Company") was incorporated
in the State of Delaware on November 22, 1995, for the purpose
of becoming a holding company to own all of the outstanding
capital stock of Community Federal Savings Bank (the "Bank"), an
existing Stock Bank which was 100% owned by Community Federal
Mutual Holding Company (the "MHC").  Upon the conversion from a
federally chartered mutual holding company form of organization
to a federally chartered stock savings association (the
"Conversion"), the MHC was dissolved.

The accompanying unaudited condensed consolidated financial
statements as of December 31, 1997, and for the three month
period then ended, include the accounts of the Company and the
Bank.  All significant intercompany transactions and accounts
have been eliminated in consolidation.

The condensed consolidated financial statements were prepared by
the company without an audit, but in the opinion of management, 
reflect all adjustments necessary for the fair presentation of
financial position and results of operations for the three 
month period ended December 31, 1997 and 1996.  Results of
operations for the current interim period are not necessarily
indicative of results expected for the fiscal year ended
September 30, 1998.  While certain information and footnote
disclosures normally included in financial statements prepared 
in accordance with generally accepted accounting principles 
have been condensed or omitted pursuant to the rules and
regulations of the Securities and Exchange commission,
management believes that the disclosures herein are adequate
to make the information presented not misleading.  These 
condensed consolidated financial statements should be read
in conjunction with the consolidated financial statements and 
notes thereto for the year ended September 30,1997.  The 
accounting policies followed by the Bank are set forth in the
summary of significant accounting policies in the
Bank's September 30, 1997 consolidated financial statements.

2.  STOCK CONVERSION

On March 14, 1996, the Conversion to a federally chartered stock
savings bank through amendment of its charter, dissolution of 
the MHC, and issuance of common stock to the company was completed.
Related thereto, the Company sold 4,628,750 shares of common stock,
par value $.01 per share, at an initial price of $10 per share in
subscription and community offerings.  Costs associated with the
Conversion were approximately $1,300,000 including underwriting
fees.  These conversion costs were deducted from the gross
proceeds of the sale of the common stock.

In connection with the Conversion, the Company has established
an employee stock ownership plan (the "ESOP").  The ESOP purchased 
approximately 8%, or 363,200 shares, of the total shares of common 
stock sold.  The company lent $3,632,000 to the ESOP for the 
purchase of the shares of common stock.  Unearned compensation 
for the ESOP was charged to stockholders' equity and is reduced
ratably in connection with principal payments under the terms of the Plan.

Within one year following the Conversion, and subject to
shareholder approval, the Company is expected to implement 
the Management Recognition Plan, under which employees could 
be awarded an aggregate amount of shares of common stock equal 
to 4% of the shares issued in the Conversion (185,150 shares 
of common stock) and the Stock Option Plan, under which employees 
and directors could be granted options to purchase an aggregate 
amount of shares of common stock equal to 10% of the shares issued 
in the Conversion at exercise prices equal to the market price of 
the common stock on the date of grant.

3. EARNINGS PER SHARE
   
Basic earnings per share were computed by dividing net income by
the weighted average number of shares of common stock
outstanding during the three month periods ended December 31,
1997 and 1996.  Common stock outstanding consists of issued
share less treasury stock, unallocated ESOP shares, and share
owned by the MRP and Stock option plan trust.  Diluted earnings
per share for the three months periods ended December 31, 1997
and 1996, were computed by dividing net income by the weighted
average number of shares of common stock and the dilutive effect
of the shares awarded under the MRP and Stock Option plans,
based on the treasury stock method using an average fair market
value of the stock during the respective periods.

In 1997, the Company adopted SFAS No.128, "Earnings Per Share,"
effective December 15, 1997.  As a result, the Company's
reported earnings per share for 1996 were restated.  The
following table represents the earnings per share calculations
for the three months ended December 31, 1997 and 1996,
accompanied by the effect of this accounting change on
previously reported earnings per share:
 
                                                                 
                                                              
                                                                    Per Share
   For the Three Months Ended          Income         Shares          Amount    
              
        December 31, 1997

Net income                            $660.006
Basic earning per share
 Income available to common 
  shareholders                         660,006       4,132,040        $0.16
                                                                 
                                                                
Dilutive Securities:
 Management recognition plan shares                    174,545
 Stock option plan shares                               63,731

Diluted earnings per share:
 Income available to common shareholders
       Plus assumed conversions      $660,006        4,370,316        $0.15

               December 31, 1996

Net income                          $884,470
Basic earnings per share:
 Income available to common 
   shareholders                      884,470         4,282,339        $0.21

Dilutive Securities:
 Management recognition plan shares                    174,545
 Stock option plan shares                               25,991

Diluted earnings per share:
 Income available to common shareholders
   plus assumed conversions         $884,470         4,482,875        $0.20

                                                   For the Three       
                                                   Months Ended
                                                    December 31,
                                                       1996
Changes in previously reported EPS:
 Earnings per share, as reported                       $0.21
 Earnings per share, as amended:
   Basic                                               $0.21
   Diluted                                              0.20

4. PENDING ACCOUNTING PRONOUNCEMENTS

In February 1997, the Financial Accounting Standards Board
("FASB") issued SFAS No. 129, Disclosure of Information About
Capital Structure. This Statement establishes standards for
disclosing information about an entity's capital structure.

In June 1997, the FASB issued SFAS No. 130, Reporting of
Comprehensive Income.  This Statement established standards for
reporting and display of comprehensive income and its components
(revenues, expenses, gains, and losses) in a full set of
financial statements.   This Statement also requires that all
items that are required to be recognized under accounting
standards as components of comprehensive income, be reported in
financial statements and are displayed with the same prominence
as other financial statements.  This Statement is effective for
fiscal years beginning after December 15, 1997.  Earlier
application is permitted.  Reclassification of financial
statements for earlier periods for comparative purposes is
required. 

In June 1997, FASB issued SFAS No. 131, Disclosures About
Segments of an Enterprise and Related Information.  This
Statement established standards for the way that public business
enterprises report information about operating segments in
annual financial statements and requires that those enterprises
report selected information about operating segments in interim
financial reports issued to stockholders.  This Statement also
establishes standards for related disclosures about products and
services, geographic areas, and major customers.  This Statement
requires the reporting of financial and descriptive information
about an enterprises's reportable operating segments.  This
Statement is effective for financial statements for periods
beginning after December 15, 1997.  In the initial year of
application comparative information for earlier years is to be
restated.

Management believes there will be no material effect on the
consolidated financial statements from the adoption of these
pronouncements.


Item 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS

On March 25, 1996, Community Federal Bancorp, Inc. (The
"Company") completed the sale of 4,628,750 shares of its common
stock in an initial public offering at a price of $10.00 and
simultaneously acquired the shares of common stock of Community
Federal Savings Bank (the "Bank") in connection with the mutual
to stock conversion (the "Conversion").  Costs associated with
the conversion were approximately $1,300,000.  Prior to March
25, 1996, the Company had not issued any stock, had no assets or
liabilities, and had not engaged in any business activities
other than of an organizational nature.  Accordingly, the
financial data for periods prior to March 24, 1996 included
herein reflect the operations of the Bank only.

Comparisons of Financial Conditions at December 31, 1997 and
September 30, 1997

Total assets increased by $12.7 million, or 5.9%, from $215.9
million at September 30, 1997 to $228.8 million at December 31,
1997.  The increase in total assets was primarily attributed to
a $5.7 million increase in loans receivable and a $11.3 million
decrease in investment securities, which was funded in part by
FHLB advances.

Total deposits increased by $1.2 million from $132.7 million at
September 30, 1997 to $133.9 million at December 31, 1997. 
Equity increased $2.3 million over the prior year as a result of
the $1.4 million increase in unrealized gains on securities
available for sale, the $220,000 decrease in unearned
compensation and the net income for the quarter ended December
31, 1997 of $660,000.

Comparison of Results of Operations for the Three Months Ended
December 31, 1997 and 1996

The company reported net income for the three months ended
December 31, 1997 of $660,000 as compared to $884,000 for the
three months ended December 31, 1996.  The decrease in income
for the three months ended December 31, 1996 was due mainly to a
decrease in net interest income.

Net Interest Income

Net interest income for the three months ended December 31, 1997
amounted to $1.7 million as compared to $1.9 million for the
three months ended December 31, 1996.  Total interest income
increased $200,000 during the quarter ended December 31, 1997 as
compared to the same three month period of the prior year.  This
increase resulted primarily from increased interest and fees on
the higher average balance in loans receivable.  Total interest
expense increased $374,000, compared  to the same three month
period of the previous year, due primarily to an increase in the
average outstanding balance of FHLB advances. 

Provision for Loan Losses

A $10,000 provision for loan losses was made during the first
quarter of 1997 to correspond with the volume in the mortgage
and consumer loan portfolio, compared to a $5,000 provision 
for loan losses during the comparable 1996 first quarter.  
This adjustment reflects management's estimates which took 
into account historical experience, the amount of nonperforming 
assets, and general economic condition.  Total nonperforming 
assets at December 31, 1997 were $987,000 compared to $654,000 
at December 31, 1996.  The allowance for loan losses at 
December 31, 1997 was $600,000 compared to $575,000 at 
December 31, 1996.

Noninterest Income

Noninterest income increased $36,000 from $66,000 for the three
months ended December 31, 1996 to $102,000 for the three months
ended December 31, 1997, due primarily to a $29,000 increase in
loan servicing fees.

Noninterest Expense

Noninterest expense increased $269,000 from $571,000 for the
three months ended December 31, 1996 to $840,000 for the three
months ended December 31, 1997.  The primary reasons for the
increase were the increase in compensation expense associated
with the benefit plans and the additional staffing of the new
branch office and the consumer- lending department.

Provision for Income Tax

Income tax expense for the three months ended December 31, 1997
decreased $187,000 to $341,000 as compared to income tax expense
of $528,000 for the three months ended December 31, 1996.  This
decrease is the result of a decrease in net income.

Capital Resources

The Bank's primary sources of funds are customer deposits,
repayments of loan principal, and interest from loans and
investments.  While scheduled principal repayments on loans and
mortgage-backed securities are a relatively predictable source
of funds, deposit flows, and loan prepayments are greatly
influenced by general interest rates, economic conditions, and
competition.  The Bank manages the pricing of its deposits to
maintain a desired deposit balance.  In addition, the Bank
invests in short term interest-earning assets which provide
liquidity to meet lending requirements.

The Bank is required to maintain certain levels of regulatory
capital.  At December 31, 1997, the Bank was in compliance with
all regulatory capital requirements.
                                
                                
                                
                  PART II.  OTHER INFORMATION
                                
Item 1.  Legal Proceedings

From time to time, the Company and any subsidiaries may be a
party to various legal proceedings incident to its or their
business.  At December 31, 1996, there were no legal proceedings
to which the Company or any subsidiary was a party, or to which
any of their property was subject, which were expected by
management to result in a material loss.


Item 2. Changes in Securities

        None


Item 3. Defaults Upon Senior Securities

        None


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

        None


Item 5. Other Information 

        Not applicable


Item 6. Exhibits and Reports on Form 8-K

        Not applicable 




                                
  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.



                                         COMMUNITY FEDERAL BANCORP, INC.


Date:  February 12, 1998                 (s)Jim Ingram
                                         Jim Ingram, President
                                         and Chief Executive Officer

Date:  February 12, 1998                 (s)Sherry McCarty
                                         Sherry McCarty, Controller
                                         and Chief Financial Officer