UNITED STATES
                   SECURITIES AND EXCHANGE COMMISSION
                           450 5TH STREET, N.W.
                          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 March 31, 1999
                                                     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. 0-25088


                     PERRY COUNTY FINANCIAL CORPORATION
         (Exact name of registrant as specified in its charter)


         Missouri                                     43-1694505
(State or other jurisdiction of        (I.R.S. Employer Identification No.)   
incorporation or organization)

14 North Jackson Street, Perryville, Missouri            63775-1334 
(Address of principal executive office)                 (Zip Code)           
                   
   
Registrant's telephone number, including area code (573) 547-4581

Not applicable

(Former name, former address and former fiscal year, if changed since last
report)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 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 the issuer's classes of common
stock, as of the latest practicable date.

                     Class                      Outstanding March 31, 1999
Common Stock, par value $.01 per share                 810,897 Shares













                     PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY

                                        FORM 10-QSB

                           FOR THE QUARTER ENDED MARCH 31, 1999

                                           INDEX


                                                                               
                                                                        PAGE NO.


PART I - Financial Information (Unaudited)

    Consolidated Balance Sheets                                            1

    Consolidated Statements of Earnings                                    2,4

    Consolidated Statements of Comprehensive Earnings                      3,5

    Consolidated Statements of Cash Flows                                  6  
                 
    Notes to Consolidated Financial Statements                             7

    Management's Discussion and Analysis of 
       Financial Condition and Results of Operations                       8

PART II - Other Information                                               11













































                     PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY

                                 Consolidated Balance Sheets
                                        (Unaudited)

                                                    March 31,   September 30,
      Assets                                          1999          1998     

Cash and cash equivalents                       $   7,988,900    11,796,514
Securities available for sale, at market
  value (amortized cost of $39,378,184
  and $33,174,361)                                 39,183,125    33,274,100
Federal Home Loan Bank stock                          750,000       750,000
Mortgage-backed securities available for sale,
  at market value (amortized cost of $34,862,813
  and $33,695,252)                                 34,863,111    34,128,765
Loans receivable, net                              16,152,805    15,764,398
Premises and equipment, net                           321,536       333,323
Accrued interest receivable:
  Securities                                          497,458       430,289
  Mortgage-backed securities                          192,278       189,193
  Loans receivable                                     71,790        74,955
Other assets                                           89,324        65,149
    Total assets                                $ 100,110,327    96,806,686

   Liabilities and Stockholders' Equity

Deposits                                        $  68,084,371    64,150,713
Accrued interest on deposits                          127,616       144,081
Advances from FHLB of Des Moines                   15,000,000    15,000,000
Advances from borrowers for taxes and insurance       206,694       182,209
Other liabilities                                      79,596        53,980
Income taxes payable                                  296,720       397,005
    Total liabilities                              83,794,997    79,927,988
Commitments and contingencies
Serial preferred stock, $.01 par value, 
  1,000,000 shares authorized; none issued
  and outstanding                                     -                 -     
Common stock, $.01 par value; 5,000,000 shares 
  authorized;  856,452 shares issued                    8,565         8,565
Additional paid-in capital                          8,195,664     8,170,765
Common stock acquired by ESOP                        (478,261)     (501,246)
Common stock acquired by MRP                         (148,779)     (189,030)
Unrealized gain (loss) on securities and MBS
  available for sale, net                            (122,699)      335,950
Treasury stock at cost, 45,555 and 34,055 shares     (834,503)     (608,815)
Retained earnings - substantially restricted        9,695,343     9,662,509
    Total stockholders' equity                     16,315,330    16,878,698
    Total liabilities and stockholders' equity  $ 100,110,327    96,806,686


See accompanying notes to consolidated financial statements.
<PAGE>1







































                        PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY

                              Consolidated Statements of Earnings
                                       (Unaudited)

                                                     Three Months Ended
                                                          March 31,            
                                                   1999             1998     
Interest income:
   Loans receivable                           $   303,566          311,429
   Mortgage-backed securities                     564,205          489,015
   Securities                                     644,406          577,815
   Other interest-earning assets                   90,737           83,675
      Total interest income                     1,602,914        1,461,934
Interest expense:
   Deposits                                       824,049          799,228
   Advances from FHLB                             206,387           96,262
      Total interest expense                    1,030,436          895,490
      Net interest income                         572,478          566,444
Provision for loan losses                           5,000           -     
      Net interest income after provision 
        for loan losses                           567,478          566,444
Noninterest income:
   Service charges on NOW accounts                  5,538            6,852
   Gain on sale of mortgage-backed securities
     available for sale                            50,218             -
   Other                                            1,222            4,590
      Total noninterest income                     56,978           11,442
Noninterest expense:
   Compensation and benefits                      150,893          148,708
   Occupancy expense                                7,433            7,288
   Equipment and data processing expense           23,343           23,227
   SAIF deposit insurance premium                   9,775            9,566
   Other                                           41,026           45,488
      Total noninterest expense                   232,470          234,277
      Earnings before income taxes                391,986          343,609
Income taxes                                      155,685          136,159
      Net earnings                            $   236,301          207,450

Basic earnings per common share               $       .31              .27

Diluted earnings per common share             $       .31              .26

Dividends per share                           $       .50              .50


See accompanying notes to consolidated financial statements.

<PAGE>2











































                         PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY

                         Consolidated Statements of Comprehensive Earnings
                                          (Unaudited)

                                                      Three Months Ended
                                                           March 31,          
                                                     1999             1998     

Net earnings                                     $  236,301          207,450
Unrealized gain (loss) on securities and
 mortgage-backed securities available for sale:
   Unrealized gain (loss) arising during period    (246,473)          76,307
   Reclassification adjustment for gain 
     included in net earnings                       (31,637)            -
       Comprehensive earnings (loss)             $  (41,809)         283,757


See accompanying notes to consolidated financial statements.

<PAGE>3


























                        PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY

                              Consolidated Statements of Earnings
                                       (Unaudited)

                                                     Six Months Ended
                                                         March 31,            
                                                   1999             1998     
Interest income:
   Loans receivable                            $  605,767          597,998
   Mortgage-backed securities                   1,131,687          995,687
   Securities                                   1,214,594        1,204,586
   Other interest-earning assets                  235,310          119,428
      Total interest income                     3,187,358        2,917,699
Interest expense:
   Deposits                                     1,664,274        1,598,741
   Advances from FHLB                             417,361          195,538
      Total interest expense                    2,081,635        1,794,279
      Net interest income                       1,105,723        1,123,420
Provision for loan losses                           5,000           -     
      Net interest income after provision 
        for loan losses                         1,100,723        1,123,420
Noninterest income:
   Service charges on NOW accounts                 11,673           15,183
   Gain on sale of mortgage-backed securities
     available for sale                            50,218             -
   Other                                            2,375            5,324
      Total noninterest income                     64,266           20,507
Noninterest expense:
   Compensation and benefits                      306,762          301,468
   Occupancy expense                               15,257           14,884
   Equipment and data processing expense           50,577           43,054
   SAIF deposit insurance premium                  19,095           19,134
   Other                                           88,316           91,516
      Total noninterest expense                   480,007          470,056
      Earnings before income taxes                684,982          673,871
Income taxes                                      271,762          266,465
      Net earnings                              $ 413,220          407,406

Basic earnings per common share                 $     .54              .53

Diluted earnings per common share               $     .54              .52

Dividends per share                             $     .50              .50


See accompanying notes to consolidated financial statements.

<PAGE>4











































                         PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY

                         Consolidated Statements of Comprehensive Earnings
                                          (Unaudited)

                                                        Six Months Ended
                                                           March 31,          
                                                     1999             1998     

Net earnings                                      $ 413,220          407,406
Unrealized gain (loss) on securities and
 mortgage-backed securities available for sale:
   Unrealized gain (loss) arising during period    (427,012)         140,089
   Reclassification adjustment for gain
     included in net earnings                       (31,637)            -
      Comprehensive earnings (loss)               $ (45,429)         547,495


See accompanying notes to consolidated financial statements.

<PAGE>5



























                          PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY

                            Consolidated Statements of Cash Flows
                                       (Unaudited)

                                                         Six Months Ended    
                                                             March 31,       
                                                        1999           1998   
Cash flows from operating activities:
   Net earnings                                     $  413,220       407,406
   Adjustments to reconcile net earnings
      to net cash provided by (used for)
        operating activities:
         Depreciation expense                           14,380         7,311
         Provision for loan losses                       5,000          -
         Gain on sale of mortgage-backed
           securities available for sale               (50,218)         -
         ESOP expense                                   47,884        53,010
         MRP expense                                    40,251        39,045
         Amortization of premiums, discounts
           and loan fees, net                         (207,421)     (149,717)
   Decrease (increase) in:
      Accrued interest receivable                      (67,089)       84,117
      Other assets                                     (24,175)      (27,568)
   Increase (decrease) in:
      Accrued interest on deposits                     (16,465)       (1,610)
      Other liabilities                                 25,616        73,982
      Income taxes payable                             169,080       139,491
            Net cash provided by (used for)
              operating activities                     350,063       625,467
Cash flows from investing activities:
   Loans originated, net of principal collections     (393,408)   (1,362,372)
   Mortgage-backed securities available for sale:
      Purchased                                     (8,918,461)         -     
      Principal collections                          5,585,669     2,208,382
      Proceeds from sale                             2,205,526          -
   Securities available for sale:
      Purchased                                    (20,136,479)   (9,000,000)
      Proceeds from maturity or call                14,150,000    11,000,000
      Proceeds from sale                                 -           800,000
   Purchase of premises and equipment, net              (2,593)         -     
            Net cash provided by (used for)
              investing activities                  (7,509,746)    3,646,010
Cash flows from financing activities:
   Net increase (decrease) in:
      Deposits                                       3,933,658     1,446,323
      Advances from borrowers for taxes and
        insurance                                       24,485       (47,681)
   Advances from Federal Home Loan Bank:
      Proceeds                                           -         2,000,000
      Repayments                                         -        (2,000,000)
   Purchase of treasury stock                         (225,688)         -     
   Dividends paid to stockholders                     (380,386)     (386,588)
            Net cash provided by (used for)
              financing activities                   3,352,069     1,012,054
            Net increase (decrease) in cash
              and cash equivalents                  (3,807,614)    5,283,531
Cash and cash equivalents at beginning of period    11,796,514     2,552,167
Cash and cash equivalents at end of period        $  7,988,900     7,835,698

Supplemental disclosures of cash flow information:
   Cash paid during the year for:
      Interest on deposits                        $  1,680,739     1,600,351
      Interest on advances from FHLB                   417,361       195,538
      Federal and state income taxes              $    102,682       126,973

See accompanying notes to consolidated financial statements.

<PAGE>6



                         PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY

                            Notes to Consolidated Financial Statements
                                        (Unaudited)



 (1)  The information contained in the accompanying consolidated financial 
      statements is unaudited.  In the opinion of management, the consolidated
      financial statements contain all adjustments (none of which were other 
      than normal recurring entries) necessary for a fair statement of the 
      results of operations for the interim periods.  The results of operations
      for the interim periods are not necessarily indicative of the results
      which may be expected for the entire fiscal year.  These consolidated
      financial statements should be read in conjunction with the consolidated
      financial statements of the Company for the year ended September 30, 1998 
        contained in the 1998 Annual Report to Stockholders which is filed as an
      exhibit to the Company's Annual Report on Form 10-KSB.

 (2)  Following is a summary of basic and diluted earnings per common share for
      the three months ended March 31, 1999 and 1998:
                                                         Three Months Ended    
     
                                                               March 31,    
                                                         1999           1998   

      Net earnings                                  $   236,301        207,450

      Weighted-average shares - Basic EPS               762,495        774,899
      Stock options under treasury stock method           4,029         10,187
      Weighted-average shares - Diluted EPS             766,524        785,086

      Basic earnings per common share               $       .31            .27

      Diluted earnings per common share             $       .31            .26

      Following is a summary of basic and diluted earnings per common share for
      the six months ended March 31, 1999 and 1998:
                                                          Six Months Ended     
     
                                                              March 31,    
                                                         1999           1998   

      Net earnings                                  $   413,220        407,406

      Weighted-average shares - Basic EPS               762,426        774,324
      Stock options under treasury stock method           4,029         10,187
      Weighted-average shares - Diluted EPS             766,455        784,511

      Basic earnings per common share               $       .54            .53

      Diluted earnings per common share             $       .54            .52



<PAGE>7


















General

Perry County Financial Corporation (Company) has no significant assets other 
than common stock of Perry County Savings Bank, FSB (Bank), the loan to the
ESOP and net proceeds retained by the Company following the conversion.  The
Company's principal business is the business of the Bank.  Therefore, the
discussion in the Management's Discussion and Analysis of Financial Condition
and Results of Operations relates to the Bank and its operations.

Certain statements in this report which relate to the Company's plans, 
objectives or future performance may be deemed to be forward-looking 
statements within the meaning of the Private Securities Litigation Act of 
1995.  Such statements are based on management's current expectations. 
Actual strategies and results in future periods may differ materially from
those currently expected because of various risks and uncertainties.  
Additional discussion of factors affecting the Company's business and
prospects is contained in periodic filings with the Securities and Exchange
Commission.  

Asset and Liability Management and Market Risk

The Bank's net interest income is dependent primarily upon the difference or 
spread between the average yield earned on loans, securities and MBS and the 
average rate paid on deposits, as well as the relative amounts of such assets
and liabilities.  The Bank, as other thrift institutions, is subject to 
interest rate risk to the degree that its interest-bearing liabilities mature
or reprice at different times, or on a different basis, than its interest-
earning assets.  The Bank does not purchase derivative financial instruments
or other financial instruments for trading purposes.  Further, the Bank is
not subject to foreign currency exchange rate risk, commodity price risk or 
equity price risk.

The Bank's principal financial objective is to achieve long-term profitability 
while managing its exposure to fluctuating interest rates.  The Bank has an 
exposure to interest rate risk, including short-term U.S. prime interest rates.
The Bank has employed various strategies intended to minimize the adverse effect
of interest rate risk on future operations by providing a better match 
between the interest rate sensitivity of its assets and liabilities.  
Although the Bank has originated adjustable rate mortgage loans (AMLs) in the
past, recently the Bank has originated primarily 20-year, fixed rate loans.
Since April, 1998, the Bank has purchased $14.4 million of 20- and 30-year
fixed rate mortgage-backed securities.  Advances from the FHLB with a 10-year
term, callable in 5 years, were used primarily to fund the purchases.  
Management does not anticipate that either financial objectives, strategies or
instruments used to manage its interest rate risk exposure will change
significantly in the near future.

The OTS provides a net market value methodology to measure the interest rate 
risk exposure of thrift institutions.  This exposure is a measure of the 
potential decline in the net portfolio value (NPV) of the institution based
upon the effect of an assumed 200 basis point increase or decrease in interest
rates, whichever produces the lower value.  NPV is the present value of the
expected net cash flows from the institution's financial instruments (assets,
liabilities and off-balance sheet contracts).  Loans, deposits, and investments 
are valued taking into consideration similar maturities, related discount rates
and
applicable prepayment assumptions.  

Year 2000            

The Bank is reviewing computer applications with its outside data processing 
service bureau and other software vendors to ensure operational and financial 
systems are not adversely affected by "year 2000" software failures.  All 
major customer applications are processed through an outside service bureau
which recently completed proxy testing.  Other major systems have been 
tested.  Connectivity testing between Bank and vendor systems to ensure 
continued compatibility has been completed.  The Bank has developed a written
contingency plan which includes a ledger card system for loan and deposit
accounts.  The Bank previously identified certain of its hardware and software


<PAGE>8

that would not be year 2000 compliant and purchased newer equipment and 
software amounting to $63,000 in 1998.  Management is unable to estimate any 
additional expense related to this issue.  Any year 2000 compliance failure
could result in additional expense to the Bank.    

Liquidity and Capital Resources

The Bank's principal sources of funds are cash receipts from deposits, maturity
or call
of securities, principal collections on mortgage-backed securities, loan 
repayments by borrowers and net earnings.  The Bank has an agreement with the
Federal Home Loan Bank of Des Moines to provide cash advances, should the Bank
need additional funds.

The minimum level of liquidity required by regulation is presently 4%.  The 
Bank's liquidity ratio exceeded the regulatory requirement at March 31, 
1999.  

Under the capital adequacy guidelines and regulatory framework for prompt 
corrective action, the Bank must meet specific capital guidelines that 
involve quantitative measures of the Bank's assets, liabilities, and certain 
off-balance sheet items as calculated under regulatory accounting practices.
Capital adequacy guidelines require Tier 1 (core) capital of at least 4% (3%
under certain circumstances) of total assets, Tier 1 capital of 4% of risk-
weighted assets and total capital (risk-based capital) of 8% of risk-weighted
assets.  As of March 31, 1999, the Bank was categorized as well 
capitalized under the regulatory framework for prompt corrective action.

The Bank's regulatory capital and regulatory capital requirements at 
March 31, 1999 are summarized as follows:

                                             Minimum Required Minimum Required
                                                   for Capital    to be "Well
                                      Actual         Adequacy     Capitalized" 
        
                                  Amount   Ratio  Amount  Ratio  Amount  Ratio 

                                                   (Dollars in Thousands)
Consolidated stockholders' equity $16,315
Stockholders' equity of Company    (2,533)
Unrealized loss on securities         123
Tangible capital                   13,905  14.2%  $1,473  1.5%
General valuation allowance            30
Total capital to risk-weighted 
  assets                          $13,935  66.6%  $1,674  8.0%  $2,092  10.0%
Tier 1 capital to risk-weighted
  assets                          $13,905  66.5%  $  837  4.0%  $1,255   6.0%

Tier 1 capital to total assets    $13,905  14.2%  $3,928  4.0%  $4,910   5.0%

Commitments to originate mortgage loans and fund loans in process at 
March 31, 1999 amounted to $997,000, expiring in 180 days or less. 
Commitments at March 31, 1999 to purchase mortgage-backed securities were
approximately $1,000,000.

Financial Condition

Deposits from customers, cash and cash equivalents, proceeds from maturity or
call of securities and proceeds from sale of mortgage-backed securities were 
used to fund purchases of securities and mortgage-backed securities.  Accrued 
interest on deposits decreased due to timing of interest payments and lower 
weighted-average rate.  Advances from borrowers for taxes and insurance 
increased due to customer deposits of insurance proceeds from a recent
hailstorm, which more than offset the payment of real estate taxes on behalf of
borrowers in December.  During the six months ended March 31, 1999, the Bank
experienced an unrealized loss, net of taxes, on securities and mortgage-backed
securities of $459,000. 

During October, 1998 the Company repurchased 11,500 shares of common stock in
the open market at a price of $19.625 per share.  While the purchase of treasury
stock may be beneficial to the Company or shareholders, the purchase of treasury
stock reduces interest-earning assets of the Company.  Capital of the Bank is
also reduced to the extent treasury stock purchases are funded by dividends from
the Bank to the Company.

<PAGE>9

Asset Quality

Loans are placed on a nonaccrual status when contractually delinquent more than
ninety days.  There were no nonaccrual loans at March 31, 1999.

Following is a summary of activity in the allowance for loan losses:

   Balance at September 30, 1998                    $      25,000
      Charge-offs                                             -     
      Recoveries                                              -     
      Provision for loan loss                               5,000 
   Balance at March 31, 1999                        $      30,000


                                         Results of Operation

Net Earnings 

Net earnings increased from $207,000 for the three months ended March 31,
1998 to $236,000 for the three months ended March 31, 1999 primarily as a result
of a gain on sale of mortgage-backed securities.  Net earnings increased from
$407,000 for the six months ended March 31, 1998 to $413,000 for the six months
ended March 31, 1999.  The increase was due to the gain on sale of mortgage-
backed securities, offset by a decrease in net interest income and an increase
in noninterest expense.

Net Interest Income

Net interest income increased from $566,000 for the three months ended March
31, 1998 to $572,000 for the three months ended March 31, 1999.  Net interest
income decreased from $1,123,000 for the six months ended March 31, 1998 to
$1,106,000 for the six months ended March 31, 1999.  Interest income on 
mortgage-backed securities and interest income on securities increased as a
result of a higher average balance in the 1999 periods.  Interest on other
interest-earning assets increased due to a higher average balance of FHLB daily 
time deposits.  Components of interest income vary from time to time based on
the availability and interest rates of loans, securities, MBSs and other
interest-bearing assets.  Interest on deposits and interest on FHLB advances
increased due to a higher average balance.

Provision for Loan Losses

Provision for loan losses is based upon management's consideration of economic
conditions which may affect the ability of borrowers to repay the loans.
Management also reviews individual loans for which full collectibility may not 
be reasonably assured and considers, among other matters, the risks inherent 
in the Bank's portfolio and the estimated fair value of the underlying 
collateral.  This evaluation is ongoing and results in variations in the 
Bank's provision for loan losses.  As a result of this evaluation, the Bank
recognized a provision for loan losses for the three and six months ended March
31, 1999 of $5,000.  There was no provision for loan losses for the three and
six months ended March 31, 1998.

Noninterest Income

Noninterest income was higher as a result of a gain on sale of mortgage-backed
securities of $50,000.

Noninterest Expense 

Noninterest expense decreased from $234,000 for the three months ended March
31, 1998 to $232,000 for the three months ended March 31, 1999.  Noninterest
expense increased from $470,000 for the six months ended March 31, 1998 to
$480,000 for the six months ended March 31, 1999.  The increase for the six
month period was due primarily to higher data processing costs and depreciation
on equipment.

Income Taxes

Income taxes increased due to higher pretax earnings.
<PAGE>10

                         PERRY COUNTY FINANCIAL CORPORATION AND SUBSIDIARY

                                  PART II - Other Information


Item 1 - Legal Proceeding

      There are no material legal proceedings to which the Holding Company or 
      the Bank is a party or of which any of their property is subject.  From  
      time to time, the Bank is a party to various legal proceedings incident to
      its business.

Item 2 - Changes in Securities

      None.

Item 3 - Defaults upon Senior Securities

      Not applicable.

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

    (a)  On January 20, 1999 the Company held its Annual Meeting of 
           Stockholders.

    (b)  At the meeting James K. Young and Milton A. Vogel were elected for 
           terms to expire in 2002.

    (c)  Stockholders voted on the following matters:

        (i)  The election of the following directors of the Company:

             DIRECTOR                      FOR                 ABSTAIN
             James K. Young              745,235                3,150
             Milton A. Vogel             743,235                5,150

        (ii) The ratification of the appointment of Michael Trokey & Company,
             P.C. as auditors for the Company for the fiscal year ended
             September 30, 1999:

             VOTES            FOR          AGAINST            ABSTAIN
             748,385        747,735          250                400

Item 5 - Other Information

      None.

Item 6 - Exhibits and Reports on Form 8-K.

      (a)  Exhibits: none

      (b)  Reports on Form 8-K: None

                                       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.

                                  PERRY COUNTY FINANCIAL CORPORATION
                                             (Registrant)

DATE: May 3, 1999                     BY: Leo J. Rozier                        
   
                                      Leo J. Rozier, President, Chief Executive
                                      Officer and Duly Authorized Officer
                                      and Principal Financial Officer

<PAGE>11