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, 1996


Commission File Number:   0-27930  

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


               Delaware                       64-086536
     (State or other jurisdiction          (I.R.S. Employer
    of incorporation or organization)     Identification No.)



            P.O. Box F
          333 Court Street
         Tupelo, Mississippi                       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, 1996 
   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, 1996 AND 
    SEPTEMBER 30, 1996

  CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR                   3
    THE THREE MONTHS ENDED DECEMBER 31, 1996 AND 1995
 
  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                   4
    FOR THE THREE MONTHS ENDED DECEMBER 31, 1996 AND 1995

  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 PERIOD PRESENTED

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF                   7 
           FINANCIAL CONDITION AND RESULTS OF OPERATIONS


                  PART II.  OTHER INFORMATION
                                
OTHER INFORMATION                                                  9 

SIGNATURES                                                        10









Part I. Financial Information
Item1. Financial Statments

                         COMMUNITY FEDERAL BANCORP, INC.

              CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION  

                                ASSETS
                                                December 31,  September 30,
                                                     1995          1996

CASH AND CASH EQUIVALENTS                        $4,567,792     $4,205,679

SECURITIES AVAILABLE FOR SALE,
   at fair value                                 73,542,189     75,111,784

SECURITIES HELD TO MATURITY,
   fair values of $4,674,304 and 
   $4,625,305, respectively                       4,745,166      4,755,702

LOANS RECEIVABLE, net                           121,338,419    117,630,885

PREMISES AND EQUIPMENT                              592,431        607,267

OTHER ASSETS                                      1,237,334      1,705,625
   Total assets                                $206,023,331   $204,016,942


                 LIABILITIES AND STOCKHOLDERS' EQUITY

                                                December 31,  September 30,
                                                    1995           1996

DEPOSITS                                        $131,152,422   $131,740,433

OTHER LIABILITIES                                  5,900,680      5,137,613
   Total liabilities                             137,053,102    136,878,046

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                        45,042,922     45,006,311
Retained earnings                                 23,075,223     22,511,930
Unrealized gain on securities 
   available for sale, net                         4,217,426      3,038,477
Unearned ESOP compensation                        (3,411,630)    (3,464,110)
   Total stockholders' equity                     68,970,229     67,138,896
   Total liabilities and stockholders' equity   $206,023,331   $204,016,942


The accompanying notes are an integral part of these statements




                         COMMUNITY FEDERAL BANCORP, INC.

                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                                                           Three Months
                                                        Ended DECEMBER 31,

                                                        1996           1995

INTEREST INCOME:
 Interest and fees on loans                         $2,363,602     $1,994,127
 Interest and dividends on securities                  409,883        430,692
 Interest on mortgage-backed and
   related securities                                  826,203        494,757
     Total interest income                           3,599,688      2,919,576

INTEREST EXPENSE:
 Interest on deposits                                1,665,944      1,783,726
 Other interest expense                                 11,471         15,290
     Total interest expense                          1,677,415      1,799,016

PROVISION FOR LOAN LOSSES                                5,000         10,000
 Net interest income after
   provision for loan losses                         1,917,273      1,110,560

NONINTEREST INCOME:
 Deposit fees                                           21,636         10,470
 Loan servicing fees                                    40,453         38,704
 Other income                                            3,922         43,076
     Total noninterest income                           66,011         92,250

NONINTEREST EXPENSE:
 Compensation and benefits                             322,382        244,631
 Occupancy and equipment                                25,895         17,595
 Other operating expense                               222,433        171,999
     Total noninterest expense                         570,710        434,225
     Income before income taxes                      1,412,574        768,585
PROVISION FOR INCOME TAXES                             528,104        300,000
NET INCOME                                            $884,470       $468,585

EARNINGS PER SHARE                                       $0.21       N/A

SHARES OUTSTANDING LESS UNALLOCATED ESOP             4,282,339       N/A


The accompany notes are an integral part of these statements





                       COMMUNITY FEDERAL BANCORP, INC

                          STATEMENT OF CASH FLOWS

                         DECEMBER 31, 1996 AND 1995


                                                          1996           1995
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net income                                             $884,470       $468,585
 Adjustments to reconcile net income to net cash 
   provided by operating activities:
     Depreciation                                         17,109         13,391
     Deferred loan fees                                    5,411         24,117
     Accreation of discounts, net                        (14,824)       (28,363)
     Amortization of Unearned Compensation                89,091              0
     Provision for loan losses                             5,000         10,000
     Gain on sale of securities, net                           0        (33,360)
     Gain on Sale of REO                                       0        (15,119)
     Changes in assets and liabilities:
     Increase (Decrease) in other asset s                347,713       (172,802)
     Increase in interest and dividends receivable       120,578        112,297
     Decrease (Increase) in other liabilities         (1,027,243)       461,820
      Total adjustments                                 (457,165)       371,981
      Net cash provided by operating activities          427,305        840,566
CASH FLOWS FROM INVESTING ACTIVITIES:
 Proceeds from sale of Real Estate Owned                       0        190,000
 Proceeds from maturities of securities                1,496,955      1,500,000
 Proceeds from sales of securities                             0        388,240
 Principal collections and maturities on mortgage-
   backed and related securities                       1,891,571        887,518
 Net change in REO                                             0         (2,031)
 Purchase of property and equipment                       (2,273)             0
 Loan (originations) and principal repayments, net    (3,717,945)    (5,090,900)
 Purchase of securities                                  (18,300)       (19,000)
      Net cash used by investing activities             (349,992)    (2,146,173)
CASH FLOWS FROM FINANCING ACTIVITIES:
 Increase (decrease) in customer deposits, net          (588,011)     4,447,103
 Dividends paid                                         (321,176)             0
 (Decrease) increase in advances from borrowers for 
   taxes and insurance                                  (306,013)      (309,064)
 Net change in FHLB advances                           1,500,000              0
      Net cash provided by financing activities          284,800      4,138,039
      Net increase in cash and cash equivalents          362,113      2,832,432
CASH AND CASH EQUIVALENTS, beginning of year           4,205,679      2,895,100
CASH AND CASH EQUIVALENTS, end of period              $4,567,792     $5,727,532


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, 1996, 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, 1996 and 1995.  Results
of operations for the current interim period are not necessarily
indicative of results expected for the fiscal year ended
September 30, 1997.  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, 1996.  The accounting policies followed by the Bank
are set forth in the summary of significant accounting policies
in the Bank's September 30, 1996 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.  PRO FORMA EARNINGS PER SHARE

    Earnings per share for the three months ended December 31,
1996 has been computed based on the weighted average number of
shares of common stock, less any unallocated ESOP shares, which
were outstanding during the three month periods ended December
31, 1996.



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, 1996 and
September 30, 1996

Total assets increased by $2 million, or 1.0%, from $204 million
at September 30, 1996 to $206 million at December 31, 1996.  The
increase in total assets was primarily attributed to a $3.7
million increase in loans receivable and a$1.6 million decrease
in investments.

Equity increased $1.8 million over the prior year as a result of
the $1.2 million increase in unrealized gains on securities
available for sale and the net income for the quarter ended
December 31, 1996 of $884,000.

Comparison of Results of Operations for the Three Months Ended
December 31, 1996 and 1995

The company reported net income for the three months ended
December 31, 1996 of $884,000 as compared to $469,000 for the
three months ended December 31, 1995.  The increase in income for
the three months ended December 31, 1996 was due mainly to an
increase in net interest income.

Net Interest Income

Net interest income for the three months ended December 31, 1996
amounted to $1.9 million as compared to $1.1 million for the
three months ended December 31, 1995.  Total interest income
increased $680,000 during the quarter ended December 31, 1996 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 and mortgage backed and
related securities. Total interest expense decreased only
slightly during the first quarter of 1997 compared to the same
three month period of the previous year. 

Provision for Loan Losses

A $5,000 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 $10,000 provision for loan
losses during the comparable 1995 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, 1996 were $654,000 compared to $517,000 at December
31, 1995.  The allowance for loan losses at December 31, 1996 was
$575,000 compared to $562,000 at December 31, 1995.

Noninterest Income

Noninterest income decreased $25,000 from $91,000 for the three
months ended December 31, 1995 to $66,000 for the three months ended 
December 31, 1996.
      
Noninterest Expense

Noninterest expense increase $136,000 from $434,000 for the three months
ended December 31, 1995 to $570,000 for the three months ended 
December 31, 1996.  Cheif reasons for the increase were the increase 
in compensation expense associated with the Employee Stock Ownership
plan ("ESOP") and the additional staffing of the consumer lending
department.

Provision for Income Tax

Income tax expense for the three months ended December 31, 1996 
increased $228,000 to $528,000 as compared to income tax expense 
of $300,000 for the three months ended December 31, 1995.  This
increase is the result of the increase in income before income 
taxes.

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, 1996, 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.






Date:     February 14, 1996                   (S)  Jim Ingram   
                                               Jim Ingram, President
                                               and Chief Executive Officer

Date:     February 14, 1996                   (S)  Sherry McCarty
                                               Sherry McCarty, Controller   
                                               and Principal Financial Officer
COMMUNITY FEDERAL BANCORP,INC.