SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-K/A

[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

                     For the fiscal year ended June 30, 1997

                                       OR

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

          For the transition period from __________ to _______________

                          Commission File No.: 0-27388

                              HFNC Financial Corp.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


         North Carolina                                        56-1937349
         --------------                                        ----------
  (State or other jurisdiction                              (I.R.S. Employer
of incorporation or organization)                        Identification Number)

      139 South Tryon Street
    Charlotte, North Carolina                                    28202
    -------------------------                                    -----
            (Address)                                          (Zip Code)


       Registrant's telephone number, including area code: (704) 373-0400

   Securities registered pursuant to Section 12(b) of the Act: Not Applicable

           Securities registered pursuant to Section 12(g) of the Act

                     Common Stock (par value $.01 per share)
                     ---------------------------------------
                                (Title of Class)

Indicate by check mark whether the Registrant (1) has filed all reports required
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 by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of Registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ X ]
<PAGE>
Based upon the  $16.00  closing  price of the  Registrant's  common  stock as of
September 26, 1997, the aggregate  market value of the 14,775,901  shares of the
Registrant's  common stock deemed to be held by non-affiliates of the Registrant
was: $236.4 million. Although directors and executive officers of the Registrant
and certain of its employee benefit plans were assumed to be "affiliates" of the
Registrant for purposes of this  calculation,  the  classification  is not to be
interpreted as an admission of such status.

     Number of shares of Common Stock outstanding as of September 26, 1997:
                                   17,192,500


                       DOCUMENTS INCORPORATED BY REFERENCE

         List hereunder the following  documents  incorporated  by reference and
the Part of the Form 10-K into which the document is incorporated.

(1) Portions of the Annual  Report to  Stockholders  for the year ended June 30,
1997 are incorporated into Part II, Items 5 through 8 of this Form 10-K.

(2) Portions of the  definitive  proxy  statement for the 1997 Annual Meeting of
Stockholders to be filed within 120 days of June 30, 1997 are incorporated  into
Part III, Items 9 through 13 of this Form 10-K.
<PAGE>
                                   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.

                                     HFNC FINANCIAL CORP.


                                     By:   /s/H. Joe King, Jr.
                                           -------------------------------------
                                              H. Joe King, Jr.
                                              President, Chief Executive Officer
                                              and Chairman of the Board
 
        Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
Registrant in the capacities and on the dates indicated.

Name                       Title                                Date
----                       -----                                ----
/s/H. Joe King, Jr.        President, Chief Executive Officer   June 19, 1998
------------------         and Chairman of the Board   
H. Joe King, Jr.             


/s/J. Harold Barnes, Jr.   Executive Vice President and         June 19, 1998
-----------------------    Director
J. Harold Barnes, Jr.        


/s/Ray W. Bradley, Jr.
----------------------     Director                             June 19, 1998
Ray W. Bradley, Jr.


/s/Joe M. Logan
---------------            Director                             June 19, 1998
Joe M. Logan


/s/John M. McCaskill
--------------------       Director                             June 19, 1998
John M. McCaskill


/s/Lewis H. Parham, Jr.
-----------------------    Director                             June 19, 1998
Lewis H. Parham, Jr.


/s/Willie E. Royal
------------------         Director                             June 19, 1998
Willie E. Royal


/s/A. Burton Mackey, Jr.   Vice President and Treasurer         June 19, 1998
------------------------   (principal financial officer)
A. Burton Mackey, Jr.