SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

                           FORM 10-QSB

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

      For the Quarter Ended September 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 Number 0-21687


                         IFB HOLDINGS, INC.
-----------------------------------------------------------------
(Exact name of Registrant as specified in its Charter)

          Delaware                          43-1760023
-----------------------------------------------------------------
(State or other jurisdiction of   (I.R.S. Employer Identification
incorporation or organization)                 Number)

522 Washington Street, Chillicothe, Missouri          64601
-----------------------------------------------------------------
(Address of principal executive offices)            (Zip Code)

       Registrant's telephone number, including area code:
                         (660) 646-3733


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
common stock as of the latest practicable date.



Class                           Outstanding at September 30, 1997
-----------------------------------------------------------------
Common stock, $01 par value                   592,523

<PAGE>

                       IFB HOLDINGS, INC.
                           FORM 10-QSB

                              Index

Part I.    Financial Information

<TABLE>

<S>       <C>                                               <C>

Item 1    Financial Statements                              Page

          Consolidated Statements of Financial Condition
          as of September 30, 1997 (unaudited) and
          June 30, 1997                                     2

          Consolidated Statements of Income for the Three
          Months ended September 30, 1997 and 1996
          (unaudited)                                       3

          Consolidated Statements of Changes in Stockholders'
          Equity for the Three Months ended September 30, 1997
          (unaudited)                                       4

          Consolidated Statements of Cash Flows for the
          Three Months ended September 30, 1997 and 1996
          (unaudited)                                       5

          Notes to Unaudited Consolidated Financial
          Statements                                        7

Item 2    Management's Discussion and Analysis of
          Financial Condition and Results of Operations     10

Part II.   Other Information

Item 1    Legal Proceedings                                 15

Item 2    Changes in Securities                             15

Item 3    Default upon Senior Securities                    15

Item 4    Submission of Matters to a Vote of Security
          Holders                                           15

Item 5    Other Information                                 15

Item 6    Exhibits and Reports on Form 8-K                  15

Signature Page                                              16

</TABLE>
<PAGE>

                       IFB HOLDINGS, INC.
         Consolidated Statements of Financial Condition

<TABLE>

                                                   September 30,   June 30,
                                                       1997          1997
                                                   (Unaudited)
ASSETS                                                   (In thousands)
<S>                                                  <C>          <C>
Cash on hand and noninterest-earning deposits        $    508     $    581
Interest-earning deposits in other institutions         1,492        2,422
Investment securities:
 Securities available-for-sale at fair value            5,834        4,760
 Securities held-to-maturity at amortized cost          1,212        2,209
Mortgage-backed and related securities
 available-for-sale, at fair value                     21,217       18,501
Loans receivable, net                                  31,702       29,962
Accrued interest receivable                               555          446
Investment required by law:
 FHLB and FRB stock, at cost                            1,118          897
Premises and equipment                                    405          357
Other assets                                               93           85
       Total assets                                  $ 64,136     $ 60,220


LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                             $ 34,201     $ 34,980
Advances from Federal Home Loan Bank                   20,696       16,265
Advances from borrowers for taxes and insurance            44           33
Income taxes payable                                      202          144
Accrued expenses and other liabilities                    163          157
       Total liabilities                             $ 55,306     $ 51,579

Preferred stock, $.01 par value;
 authorized 100,000 shares; none outstanding         $      -     $      -
Common stock, $.01 par value; authorized 900,000
 shares, issued 592,523 shares at September 30, 1997
 and June 30, 1997                                         59           59
Additional paid-in capital                              5,481        5,477
Retained earnings, substantially restricted             3,708        3,559
Less:
 Common stock acquired by the ESOP                       (410)        (421)
 Unrealized loss on securities available-for-sale,
   net of applicable deferred income taxes                 (8)         (33)
       Total stockholders' equity                    $  8,830     $  8,641
       Total liabilities and stockholders' equity    $ 64,136     $ 60,220

</TABLE>

See accompanying Notes to Unaudited Consolidated Financial Statements

<PAGE>

                       IFB HOLDINGS, INC.
                Consolidated Statements of Income
                           (Unaudited)

<TABLE>

                                       Three Months Ended
                                          September 30,
                                       1997          1996
                                          (In thousands
                                        except share data)
<S>                                   <C>         <C>
Interest income:
 Loans receivable                     $   645     $   585
 Investment securities                    109          62
 Mortgage-backed and related securities   341         310
 Other interest-earning assets             12          10
    Total interest income               1,107         967

Interest expense:
 Deposits                                 398         409
 FHLB Advances                            268         210
     Total interest expense               666         619

      Net interest income                 441         348

Provision for loan losses                   -           -
Net interest income after provision
 for loan losses                          441         348

Noninterest income:
 Fees and service charges                  55          53
 Gain on sales or mortgage-backed
  securities                                8           -
 Other                                      9          12
      Total noninterest income             72          65

Noninterest expense:
 Compensation and benefits                170         136
 Occupancy and equipment                   26          19
 SAIF deposit insurance premiums            5         251
 Other                                     55          53
      Total noninterest expense           256         459

Income (loss) before income taxes         257         (46)

Income tax expense                        108         (20)
Net income (loss)                         149         (26)

Earnings per share:
 Primary and fully diluted              $0.27         n/a

Weighted average number of
 shares outstanding:
      Primary and fully diluted       547,333         n/a

</TABLE>

See accompanying Notes to Unaudited Consolidated Financial Statements

<PAGE>

                       IFB HOLDINGS, INC.
   Consolidated Statements of Changes in Stockholders' Equity
                           (Unaudited)

<TABLE>

                                                                                Unrealized
                                                                                Gain (Loss)
                                                                                Securities
                                                                                Available-
                                                                                 For-Sale,
                                                                                  Net of
                                                                      Common    Applicable
                                             Additional                Stock     Deferred
                                    Common    Paid-In     Retained    Acquired    Income
                                     Stock    Capital     Earnings     by ESOP     Taxes     Total
                                                       (In thousands)

Three Months Ended
 September 30, 1997
<S>                                   <C>     <C>          <C>          <C>        <C>      <C>
Balance at June 30, 1997              $59     $5,477       $3,559       $(421)     ($33)    $8,641
 Additions (deductions) for
   the three months ended
     September 30, 1997
   Net income                           -          -          149           -         -        149
   Compensation expense
      related to ESOP                   -          4            -           -         -          4
   Reduction of ESOP
      obligation                        -          -            -          11         -         11
   Unrealized gain (loss) on
      securities available-for-
      sale, net of deferred
      Income tax of $13,000             -          -            -           -        25         25 

Balance, September 30, 1997           $59     $5,481       $3,708       ($410)     ($8)     $8,830

</TABLE>

See accompanying Notes to Unaudited Consolidated Financial Statements

<PAGE>

                       IFB HOLDINGS, INC.
              Consolidated Statements of Cash Flows
                           (Unaudited)

<TABLE>

                                                         Three Months Ended
                                                              March 31,
                                                         1997          1996
                                                           (In thousands)
<S>                                                      <C>        <C>
Cash flow from operating activities:
 Net income (loss)                                       $    149   $    (26)
 Adjustments to reconcile net earnings to
 net cash provided by operating activities:
   Net loss (gain) on sale of investments                      (8)         -
   Depreciation                                                12         10
   Amortization of premiums and discounts                       3          3
   Compensation expense related to ESOP                        15          -
   Decrease (increase) in interest receivable                (109)       (77)
   Decrease (increase) in other assets                         (8)       (20)
   Increase (decrease) in income tax payable                   58        (72)
   Increase (decrease) in other liabilities                     6        179
        Net cash provided by operating activities        $    118   $     (3)

Cash flow from investing activities:
 Loans purchased                                           (1,387)      (213)
 (Increase) decrease in loans, net                           (353)      (274)
 Proceeds from sales of available-for-sale
   investment securities                                      491          -
 Proceeds from maturities of investment securities          1,000          -
 Purchase of available-for-sale investment securities      (1,544)      (155)
 Purchase of available-for-sale mortgage-backed
  and related securities                                   (3,437)    (1,485)
 Principal collected on repayments and maturities of
  available-for-sale mortgage-backed and related
  securities                                                  728        703
 Purchase of FHLB and FRB stock                              (222)       (49)
 Purchase of equipment                                        (60)        (4)

        Net cash provided (used) by investing activities  ($4,784)   ($1,477)

Cash flows from financing activities:
 Net increase (decrease) in deposits                         (779)      (303)
 Net increase (decrease) in advances from
    borrowers for taxes and insurance                          11         13
 Proceeds from FHLB advances                                7,650      8,200
 Principal payments on FHLB advances                       (3,219)    (6,213)
      Net cash provided (used) by financing activities      3,663      1,697

        Increase (decrease) in cash and cash equivalents   (1,003)       217

Cash and cash equivalents at beginning of period            3,003      2,080

Cash and cash equivalents at end of period                 $2,000     $2,297

</TABLE>
<PAGE>

                       IFB HOLDINGS, INC.
              Consolidated Statements of Cash Flows
                           (Unaudited)

<TABLE>

                                                         Three Months Ended
                                                            September 30,
                                                         1997          1996
                                                           (In thousands)
<S>                                                      <C>        <C>
Supplemental cash flow disclosures:
 Cash paid for:
   Interest                                              $339       $322

   Income Taxes                                          $ 65       $ 36

Noncash activity:
 Loans transferred to real estate owned                  $  -       $  -

</TABLE>

See accompanying Notes to Unaudited Consolidated Financial Statements

<PAGE>

(1)  Basis of Presentation

     The accompanying unaudited consolidated financial statements
have been prepared in accordance with Generally Accepted
Accounting Principles (GAAP) for interim financial information
and with the instructions to Form 10-QSB and Article 10 of
Regulation S-X.  Accordingly, they do not include all of the
information and footnotes required by GAAP for complete financial
statements.  In the opinion of management, all adjustments
(consisting of only normal recurring accruals) necessary for a
fair presentation have been included.  The results of operations
and other data for the three month period ended September 30,
1997  are not necessarily indicative of results that may be
expected for the entire fiscal year ending June 30, 1998.

     The unaudited consolidated financial statements include the
amounts of IFB Holdings, Inc.  (the "Holding Company") and its
wholly-owned subsidiary, Investors Federal Bank, National
Association, (the "Bank"), and the Bank's wholly-owned
subsidiary, Investors Federal Service Corporation for the three
months ended September 30, 1997.  The consolidated financial
statements for the prior periods include accounts of the Bank and
its subsidiaries.  Material intercompany accounts and
transactions have been eliminated in consolidation.

(2)  Conversion to Stock Ownership and National Bank

     The Board of Directors of the Bank, on September 23, 1996, 
unanimously adopted a Plan of Conversion pursuant to which the
Bank converted from a federally chartered mutual savings bank to
a federally chartered stock savings bank, with the concurrent
formation of the Holding Company.  The Holding Company, on
December 30, 1996,  sold 592,523 shares of common stock at $10.00
per share  during the subscription offering.  The proceeds from
the conversion, after recognizing conversion expenses and
underwriting costs of approximately $403,000, were $5,522,000 and
are recorded as common stock and additional paid in capital on
the accompanying unaudited consolidated statement of financial
condition.  The Holding Company utilized approximately $2,762,000
of the net proceeds to purchase all of the capital stock of the
Bank.

     On January 30, 1997, the Bank changed its charter from a
federally chartered savings   bank to a national bank.

     The Bank has established for eligible employees an Employee
Stock Ownership Plan ("ESOP") in connection with the conversion. 
The ESOP borrowed $474,010 from the Holding Company and purchased
47,401 common shares issued in the conversion.  The Bank is
making the scheduled discretionary cash contributions to the ESOP
sufficient to service the amount borrowed.   To date, the Bank
has made payments of $91,823 ($64,449 principal) to the Holding
Company.   The $409,561 ESOP obligation ($474,010 in stock issued
by the Holding Company on December 30, 1996 less the principal
payments made by the Bank) is reflected in the accompanying
consolidated financial statements as a charge to unearned
compensation and a credit to common stock and paid-in capital. 
The unamortized balance of unearned compensation is shown as a
deduction of stockholders' equity.  The unpaid balance of the
ESOP loan is eliminated in consolidation.

<PAGE>

(3)  Earnings Per Share

     On December 30, 1996, 592,523 shares of the Company's stock
were issued, including 47,401 shares issued to the ESOP. 
Earnings per share amounts for the three month  period ended
September 30, 1997 are based upon 547,333 shares, exclusive of
unallocated shares issued to the ESOP, as though those shares
were outstanding for the entire period. 

(4)  Commitments and Contingencies

     Commitments to originate and purchase mortgage loans of
$537,000  at September 30, 1997, represent amounts which the Bank
plans to fund within the normal commitment period of sixty to
ninety days.  As of September 30, 1997, the Bank had no
commitments to purchase mortgage-backed securities, CMOs or
investment securities.  The Bank had no commitments outstanding
to sell mortgage loans, mortgage-backed securities, CMOs or
investment securities at September 30,  1997.

(5)  Reclassification

     None.

(6)  Recent Accounting Developments

     The Financial Accounting Standards Board (the "FASB")
recently adopted or issued proposals and guidelines which may
have a significant impact on the accounting practices of
commercial enterprises in general and financial institutions in
particular.

     SFAS No. 123, Accounting for Stock-Based Compensation, is
effective for fiscal years beginning after December 15, 1995. 
This statement established financial accounting and reporting
standards for stock-based employee compensation plans, including
stock option plans.  These plans include all arrangements by
which employees receive shares of stock or other equity
investments of the employer or where an employer incurs
liabilities to employees in amounts based on the price of the
employer's stock.  This statement also applies to transactions in
which an entity issues its equity instruments to acquire goods
and services from nonemployees.

     SFAS 128, "Earnings Per Share", will be adopted for the
three months ending December 31, 1997 as required by the
statement.  This statement revises the method of computing
"basic" and "diluted" earnings per share, which replaces the
current "primary" and "fully diluted" earnings per share.  Basic
earnings per share does not include the effect of common stock
equivalents such as stock options, which were included in primary
earnings per share.  The Company has a simple capital structure
since it has no convertible securities or options; therefore, it
will present only basic earnings per share.

     SFAS No. 130, "Reporting Comprehensive Income," will be
adopted July 1, 1998.  This statement provides accounting and
reporting standards to report a measure of all changes in equity
of an enterprise that results from recognized transactions and
economic events of the period.  The major component of
comprehensive income for the Company will be unrealized gains and
losses on certain investments in debt and equity securities.  

     Management has not determined the effect on the financial
position or the results of operations that adoption of SFAS 123,
128, and 130 will have.

<PAGE>

(7)  Subsequent Event-Officer, Director and Employee Plans

     The Company's Board of Directors has approved a stock option
and incentive plan and a recognition and retention plan (RRP)
which are to be submitted to the Company's shareholders for their
approval at the Annual meeting in November, 1997.

     Stock Option and Incentive Plan

     If approved, the plan will be implemented for the benefit of
directors, officers and employees of the Company and its
affiliates.  The maximum number of shares to be issued from
authorized but not currently outstanding shares under the plan is
59,252 or 10% of the total shares issued in the conversion.  The
exercise price of the options shall not be less than the common
stock market value at the date the options are granted. 

     Recognition and Retention Plan

     If approved, the RRP would award shares authorized but not
currently outstanding to directors and to employees in key
management positions in order to provide them with a proprietary
interest in the Company in a manner designed to encourage such
employees to remain with the Company.  The maximum number of
shares authorized under the plan is 23,700 or 4% of the total
shares issued in the conversion.

     Under the terms of the stock option and incentive plan, the
effective date of the plan would be January 1, 1998.  The term of
the plan would be ten years.  The future impact of the plan would
be to increase (1) the number of outstanding shares of common
stock, and (2) compensation expense, and decrease (1) net income
per share, and (2) book value per share.  It is not possible to
quantify the effect on the financial position or results of
operations from implementing the plan at this time.

<PAGE>

              MANAGEMENT'S DISCUSSION AND ANALYSIS
        OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General

     IFB Holdings, Inc. was organized, as a Delaware corporation,
in October 1996 at the direction of the Bank's Board of Directors
to acquire all of the capital stock that the Bank issued upon its
conversion from mutual to stock form of ownership.  The business
of the Holding Company consists primarily of the business of the
Bank.  There are no current arrangements, understandings or
agreements to expand its business activities or make any business
acquisitions.

     Investors Federal Bank, National Association was originally
founded in 1934 as a federally chartered savings and loan
association located in Chillicothe, Missouri under the name
Chillicothe Federal Savings and Loan Association.  In 1974, the
Bank changed its name to Investors Federal Savings and Loan
Association, and in 1988 the Bank changed its name to Investors
Federal Bank and Savings Association. On December 30, 1996, the
Bank completed a conversion from mutual to stock ownership.  On
January 30, 1997, the Bank changed its charter to a national bank
charter and its name to Investors Federal Bank, National
Association.  Its deposits are insured up to the maximum
allowable amount by the Federal Deposit Insurance Corporation
(the "FDIC").  The Bank serves Livingston, Caldwell, and Daviess
Counties, Missouri.  The Bank conducts business through its main
office and two branches located in Hamilton and Gallatin,
Missouri.

     The Bank's business strategy is to operate as a well-
capitalized, profitable and independent community financial
institution dedicated to home-mortgage lending and to providing
quality service to its customers.  The Bank intends to implement
this strategy by (i) closely monitoring the needs of its
customers and providing quality service; (ii) maintaining asset
quality; (iii) utilizing investments in mortgage-backed
securities and other investment securities to invest excess funds
and to increase net interest income; (iv) maintaining capital in
excess of the regulatory requirements; (v) attempting to increase
the Bank's earnings; and  (vi) managing interest rate risk by
attempting to match asset and liability maturities and rates.

     The earnings of the Bank  depend primarily on its net
interest income, which is the difference between interest earned
on its loans and investments and the interest paid on its
interest-bearing liabilities, consisting of deposits and FHLB
advances.  The Bank, like other financial institutions, is
subject to interest-rate risk to the degree that its interest-
earning assets mature or reprice at different times, or on
different bases, than its interest-bearing liabilities.  The
Bank's operating results are also affected by the amount of its
noninterest income, including gain on the sales of investments,
service charges, and other income.  Non-interest expense consists 
primarily of employee compensation, occupancy expenses, FDIC
insurance premiums and other general and administrative expenses. 
 The Bank's operating results are significantly affected by
general economic and competitive conditions, in particular, the
changes in market interest rates, government policies and actions
by regulatory authorities.

Liquidity and Capital Resources

     The Company's most liquid assets are cash and cash
equivalents, which includes short-term investments.   The levels
of these assets are dependent on the Bank's lending, investing,
operating, and deposit activities during any given period.  At
September 30, 1997 and June 30, 1997, cash and cash equivalents
totalled $2 million and $3 million, respectively.

     The Bank's primary sources of funds are deposits, FHLB
advances, repayments on loans, the maturity of investment
securities and income from operations.  While maturity and
scheduled amortization of loans and investment securities are
predictable sources of funds, deposit inflows and mortgage
prepayments are greatly influenced by local conditions, general
interest rates and regulatory changes.

<PAGE>

     The primary investment activity of the Bank is the
origination and purchase of mortgage loans.  Another investment
activity of the Bank is the investment of funds in U.S. agency
bonds, mortgage-backed securities, collateralized mortgage
obligations and FHLB overnight funds.  During periods when the
Bank's loan demand is limited, the Bank may purchase short-term
investment securities to obtain a higher yield than otherwise
available.

     At September 30, 1997, the Bank had outstanding loan
commitments of $537,000.  The Bank anticipates it will have
sufficient funds available to meet its commitments.  Certificates
of deposit that were scheduled to mature in one year or less at
September 30, 1997 were $13.2  million.  Management believes that
a significant portion of such deposits will remain with the Bank.

     Under federal law, the Bank is required to meet certain
leverage and risk-based capital requirements.  The leverage ratio
requires a minimum ratio of "Tier 1 capital" to adjusted total
assets.  At September 30, 1997, the Bank exceeded both of the 
capital requirements.  The Bank's capital ratios were:   10.05%
leverage capital and 25.76% risk-based capital.  The Bank had
"Tier 1 capital"  of   $6 million at September 30, 1997 and risk-
based capital of $6.3 million.

Financial Condition

     Total assets increased $3.9 million, or 6.5%, to $64.1
million at September 30, 1997 from $60.2 million at June 30,
1997.  This was primarily due to increases of $2.7 million, or
14.7%, in mortgage-backed and related securities, $1.7 million,
or 5.8%, in loans receivable, and $221,000, or 24.6%, in FHLB
stock.   The increases were funded primarily from an increase in
FHLB advances of $4.4 million which reflected management's
asset/liability strategy of seeking to earn the spread between
the yield earned on adjustable-rate earning assets and the rates
paid on the FHLB advances.  In addition, interest-earning
deposits in other institutions decreased $930,000 or 38.4%, from
$2.4 million at June 30, 1997, to $1.5 million at September 30,
1997. 

     Total liabilities increased $3.7 million, or 7.2%, from
$51.6 million at June 30, 1997, to $55.3 million at September 30,
1997.  The increase was a result of the increases in FHLB
advances and a decrease in deposits of  $779,000, or 2.2% from
$35 million at June 30, 1997, to $34.2 million at September 30,
1997.  

     Total equity increased $189,000, or 2.2%, from $8.6 million
at June 30, 1997 to $8.8 million at September 30, 1997.  The
increase was due primarily to net income for the first quarter
ended September 30, 1997, of $149,000 and a decrease in
unrealized loss on securities available-for-sale, net of deferred
income tax of $25,000.

Asset Quality

     The Bank regularly reviews interest earning assets to
determine proper valuation.  Management's monitoring of the asset
portfolio includes reviews of historical loss experience, known
and inherent risks in the portfolio, the value of any underlying
collateral, prospective economic conditions and the regulatory
environment.  The Bank's non-accrual mortgage loans increased
from $203,000 at June 30, 1997 to $229,000 at September 30, 1997.

     The table on the following page sets forth information
regarding the Bank's non-accrual loans and foreclosed real estate
at the dates indicated.  The Bank discontinues accruing interest
on delinquent loans no later than ninety days past due.  At
September 30, 1997, the Bank had no restructured loans within the
meaning of Financial Accounting Standards Board Statement of
Financial Accounting Standards No. 15.

<PAGE>

                       IFB HOLDINGS, INC.
                          Asset Quality

<TABLE>

                                    September 30,        June 30,
                                        1997               1997
<S>                                     <C>               <C>
Non-accrual mortgage loans 
 delinquent more than 90 days           $  229            $  203
Non-accrual other loans
 delinquent more than 90 days               55                21
Total non-performing loans              $  284            $  224

 Real estate owned and in-
   substance foreclosed loans, 
   net of allowance                          0                 0
   
   Total non-performing assets          $  284            $  224

Non-performing loans to
 total loans                              0.90%             0.75%
Non-performing assets to
 total assets                             0.44%             0.37%
Allowance for loan losses
 to non-performing loans                   100%           127.23%

</TABLE>
<PAGE>

Results of Operations

     Comparisons of quarterly results in this section are between
the three month periods ended September 30, 1997, and September
30, 1996.

General

     Net income for the first quarter ended September 30, 1997
was $149,000, an increase of $175,000  from the $26,000 net loss
for the first quarter ended September 30, 1996. 

Interest Income

     Interest income for the first quarter ended September 30,
1997,  was $1.1 million  an increase of  $140,000, or 14.5%,
compared to the  $967,000 for the first quarter ended September
30, 1996.  Interest on loans receivable increased $60,000, or
10.3%, from $585,000 for the first quarter ended September 30,
1996, to $645,000 for the same period ended September 30, 1997. 
Interest on investment securities increased $47,000, or 75.8%,
from $62,000 for the three months ended September 30, 1996, to
$109,000 for the three months ended September 30, 1997.  Interest
on mortgage-backed and related securities increased $31,000, or
10%, from $310,000 for the quarter ended September 30, 1996, to
$341,000 for the quarter ended September 30, 1997.  The increases
are a result of the increases in the amount of investment
securities, mortgage-backed and related securities, and loans
receivable outstanding at September 30, 1997, as compared to
September 30, 1996.

Interest Expense

     Interest  expense for the quarter ended September 30, 1997
was $666,000 as compared to $619,000 for the quarter ended
September 30, 1996, an increase of $47,000, or 7.6%.  Interest on
advances from FHLB was $268,000 for the three months ended
September 30, 1997, as compared to $210,000 for the same period
ended September 30, 1996, an increase of $58,000 or 27.6%.  The
increase was due to an increase in the amount of advances
outstanding during the three month period ended September 30,
1997, as compared to the three month period ended September 30,
1996.   Interest on deposits decreased $11,000 from $409,000 for
the quarter ended September 30, 1996 to $398,000 for the quarter
ended September 30, 1997 as a result of a decrease in the amount
of deposits.

Net Interest Income

     Net interest income before provisions for loan losses was
$441,000 for the quarter ended September 30, 1997, as compared to
$348,000 for the quarter ended September 30, 1996, an increase of
$93,000 or 26.7%. 

Noninterest Income

     Noninterest income was $72,000 for the quarter ended
September 30, 1997 as compared to $65,000 for the quarter ended
September 30, 1996, an increase of $7,000 or 10.8% primarily due
to an increase in gains on the sales of mortgage-backed and
related securities of $8,000 for the quarter ended September 30,
1997, as compared to the quarter ended September 30, 1996.

Noninterest expense

     Noninterest expense for the quarter ended September 30, 1997
decreased $203,000, or 44.2%,  from $459,000 for the quarter
ended September 30, 1996 to $256,000 for the quarter

<PAGE>

ended September 30, 1997.  The decrease was due to a  decrease of
$246,000, or 98%,  in the amount of SAIF insurance premiums as
compared to the same period ended September 30, 1996.    On
September 30, 1996, the Bank incurred  a one time SAIF assessment
of approximately $226,000.  Compensation and benefit expense
increased $34,000, or 25%, from $136,000 for the quarter ended
September 30, 1996, to $170,000 for the quarter ended September
30, 1997.  The increase was due in part to compensation expense
related to the Employee Stock Ownership Plan of $16,000.  In
addition, the three month period ended September 30, 1997,
included one additional pay period compared to the period ended
September 30, 1996.

Provision for Loan Losses

     For the three months ended September 30, 1997 and 1996, the
provision for loan losses was not increased.

 Income Tax

     The provision for income taxes  increased $128,000, from a
tax benefit of $20,000 for the quarter ended September 30, 1996,
to $108,000 in expense for the quarter ended September 30, 1997. 
The increase is due to an increase in income for the quarter.

<PAGE>

                       IFB HOLDINGS, INC.
                 Part II  --  Other Information

Item 1    Legal Proceedings

     The Holding Company and the Bank are not involved in any
pending legal  proceedings other than legal proceedings incident
to the business of the Holding     Company and the Bank, which
involve amounts in the aggregate which  management believes are
immaterial to the financial condition and results of operations
of the Holding Company and the Bank.

Item 2    Changes in Securities

     Not applicable.

Item 3    Default upon Senior Securities

     Not applicable.

Item 4    Submission of Matters to a Vote of Security Holders

     Not applicable.

Item 5    Other Information

     None.

Item 6    Exhibits and Reports on Form 8-K

     (A) Exhibits; Financial Data Schedule--Exhibit 27

     (B) Reports on Form 8-K; No reports on Form 8-K have been
filed during the quarter for which this report is filed.

<PAGE>

                       IFB HOLDINGS, INC.
                           Signatures


Pursuant to the requirement 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.




                         IFB Holdings, Inc.
                         ----------------------------------------
                         (Registrant)




Dated November 6, 1997        /s/ Earle S. Teegarden, Jr.
                              -----------------------------------
                              Earle S. Teegarden, Jr.
                              President and Chief Executive
                               Officer
                              (Duly Authorized Officer)




Dated November 6, 1997        /s/ Sherri Williams
                              -----------------------------------
                              Sherri Williams
                              Chief Accounting Officer
                              (Principal Financial Officer)

<PAGE>