SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549


FORM 10-Q


x		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) 
OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996

OR

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) 
OF THE
SECURITIES EXCHANGE ACT OF 1934
For transition period from ________ to ________

Commission File Number 0-20878



MNB BANCSHARES, INC.
(Exact name of Registrant as specified in its charter)



Delaware                 			                        48-1120026
(State or other jurisdiction				  (I.R.S. Employer Identification Number)
of incorporation or organization)


800 Poyntz Avenue, Manhattan, Kansas        66502
(Address of principal executive offices)   (Zip Code)

(913) 565-2000
(Registrant's telephone number, including area code)



	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 Registrant's 
classes of common stock as of the latest practicable date:  As of September 30, 
1996, the Registrant had outstanding 605,215 shares of its common stock, 
$.01  par value per share. 


<PAGE>

MNB BANCSHARES, INC.
Form 10-Q Quarterly Report

Table of Contents



PART I

											Page 
Number

Item 1.		Financial Statements and Related Notes				   1 - 5
Item 2.		Management's Discussion and Analysis of Financial 
		  Condition and Results of Operations				   6-12


PART II

Item 1.		Legal Proceedings							     13
Item 2.		Changes in Securities							     13
Item 3.		Defaults Upon Senior Securities					     13
Item 4.		Submission of Matters to a Vote of
		  Security Holders							     13
Item 5.		Other Information							     13
Item 6.		Exhibits and Reports on Form 8-K					     13


		Form 10-Q Signature Page						     14

<PAGE>




<TABLE>
MNB BANCSHARES, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
<CAPTION>
                                   September 30,       December 31,
                                   1996                1995
                                   (Unaudited)
<S>                                <C>                 <C>
ASSETS
Cash and cash equivalents:
Cash                               $1,446,317          $2,136,418 
Interest-bearing deposits in 
other financial institutions          500,000             787,599 
Total cash and cash equivalents     1,946,317           2,924,017 
Investment securities:
Held-to-maturity at amortized cost 10,638,808          16,403,035 
(estimated fair value of 
$10,646,000and $16,495,000 respectively)

Available-for-sale at estimated 
fair value                         20,035,412          15,925,916 
Loans, net                         64,369,768          62,582,264 
Premises and equipment, net         1,344,536           1,384,052 
Other assets                        1,915,172           1,965,652 
Total assets                     $100,250,013        $101,184,936 

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits                          $85,768,576         $86,399,443 

Federal funds purchased                    -              325,000 
Other borrowings                    1,855,914           2,555,915 

Accrued expenses, taxes and other 
liabilities                         1,674,396           1,094,329 

Total liabilities                  89,298,886          90,374,687 

Stockholders' equity:
Common stock, $.01 par, 1,500,000 
shares authorized,602,215 and 
576,514 shares issued and outstanding 
at September 30, 1996 and December 
31, 1995, respectively.                 6,052               5,765

Additional paid in capital          6,321,016           5,726,704 
Retained earnings                   5,088,761           5,410,733 

Unrealized gain (loss) on 
investment securities available
-for-sale, net of tax                (108,787)             22,962 

Unearned employee benefits           (355,915)           (355,915)

Total stockholders' equity          10,951,127          10,810,249 

Total liabilities and stockholders' 
equity                            $100,250,013        $101,184,936 
<FN>
See accompanying notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
MNB BANCSHARES, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
(UNAUDITED)
<CAPTION>
                       Pro-Forma
                       For the Nine Months   For the Nine Months
                       Ended September 30,   Ended September 30,
                       1995 (Note 3)         1996           1995
<S>                    <C>                   <C>            <C>
Interest income:
Loans                  $4,143,167            $4,292,649     $3,886,365 
Investment securities   1,203,825             1,334,096      1,106,985 
Other                     155,454               126,214        142,407 
Total interest income   5,502,446             5,752,959      5,135,757 

Interest expense:
Deposits                2,772,535             2,889,377      2,596,402 
Borrowed funds            185,495               155,399        185,495 
Total interest expense  2,958,030             3,044,776      2,781,897 

Net interest income     2,544,416             2,708,183      2,353,860 
Provision for loan 
losses                     41,250                  -            37,500 

Net interest income after
provision for loan 
losses                  2,503,166             2,708,183      2,316,360 

Noninterest income:
Fees and service 
charges                   300,896               395,062         273,993 

Gains on sale of loans     66,360                53,039          66,360 

Loss on sale of 
investments                   -                 (15,213)            -   

Other                       53,131               27,262          21,158 

Total noninterest income   420,387              460,150         361,511 

Noninterest expense:
Compensation and benefits  902,891              919,651         819,726 
Occupancy and equipment    250,452              281,777         232,489 
Federal deposit insurance 
premiums                   133,506              121,633         123,042 
FDIC special assessment        -                449,000             -   
Data processing             84,632               90,619          78,604 
Amortization                81,692               84,597          54,697 
Advertising                 56,744               48,167          55,735 
Professional Fees          133,745              102,311         129,797 
Stationery, printing and 
office supplies             52,600               73,836          45,541 
Other                      383,388              415,318         349,852 
Total noninterest 
expense                  2,079,650            2,586,909       1,889,483 

Earnings before income 
taxes                      843,903              581,424         788,388 

Income tax expense         322,115              192,659         295,016 

Net earnings              $521,788             $388,765        $493,372 
Net earnings per share       $0.84                $0.62           $0.82 
Dividends per share        $0.1875              $0.1937         $0.1875 
Average common and common 
equivalent shares 
outstanding                620,783              624,985         600,766 
<FN>
See accompanying notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
MNB BANCSHARES, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
<CAPTION>
                                 For the Three Months
                                 Ended September 30,
                                 1996                1995
<S>                              <C>                 <C>
Interest income:
Loans                            $1,440,229          $1,393,964 
Investment securities               446,980             410,478 
Other                                38,581              64,704 
Total interest income             1,925,790           1,869,146 
Interest expense:
Deposits                            972,082             958,374 
Borrowed funds                       45,893              58,792 
Total interest expense            1,017,975           1,017,166 
Net interest income                 907,815             851,980 
Provision for loan losses               -                 3,750
Net interest income after
provision for loan losses           907,815             848,230 
Noninterest income:
Fees and service charges            135,106              99,552 
Gains on sale of loans               25,787              31,493 
Gain (loss) on sale of investment 
securities                           (1,273)                -   
Other                                20,701               4,830 
Total noninterest income            180,321             135,875 
Noninterest expense:
Compensation and benefits           309,865             312,469 
Occupancy and equipment              98,682              86,810 
Federal deposit insurance premiums   43,069              38,288 
FDIC special assessment             449,000                 -   
Data processing                      25,390              27,985 
Amortization                         27,500              27,348 
Advertising                          12,259              18,212 
Professional Fees                    20,345              71,555 
Stationery, printing and office 
supplies                             11,908              15,646 
Other                               126,690             122,834 
Total noninterest expense         1,124,708             721,147 
Earnings before income taxes        (36,572)            262,958 
Income tax expense (benefit)        (16,467)             91,437 
Net earnings (loss)                $(20,105)           $171,521
Net earnings (loss) per share        $(0.03)              $0.28
Dividends per share                 $0.0656             $0.0656 
Average common and common 
equivalent shares outstanding       625,192             622,230 
<FN>
See accompanying notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
MNB BANCSHARES, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<CAPTION>
                                        For the Nine Months
                                        Ended September 30,
                                        1996             1995
<S>                                     <C>              <C>
Net cash provided by operating 
activities                              $1,240,602        $898,113 
INVESTING ACTIVITIES
Net (increase) decrease in loans        (1,787,268)      1,242,247 
Maturities and prepayments of 
investments held to maturity             5,826,991       6,277,256 
Purchase of investment held to maturity   (342,906)     (4,657,702)
Maturities and prepayments of 
investments available for sale           3,472,785       4,749,024 
Purchase of investments available 
for sale                               (11,049,923)     (6,795,599)
Proceeds from sale of investment 
securities available for sale            3,511,808             -   
Proceeds from sales of other real 
estate                                       5,279          90,972 
Net cash received from Auburn acquisition      -           380,829 
Purchases of equipment and building 
improvements                               (83,063)        (95,137)
Net cash (used in) provided by investing 
activities                                (446,297)       1,191,890 

FINANCING ACTIVITIES
Net decrease of advances from FHLB      (1,225,000)      (4,000,000)
Net increase (decrease) in deposits       (630,867)       5,412,425 
Net increase in securities sold 
under agreement to repurchase              200,000             -   
Issuance of common stock under 
stock option plan                              -                520 
Cash dividends paid on common stock       (116,138)        (102,985)
Net cash (used in) provided by 
financing activities                    (1,772,005)       1,309,960 
Net increase (decrease) in cash and 
cash equivalents                          (977,700)       3,399,963 
Cash and cash equivalents at beginning 
of period                                2,924,017        1,611,229 
Cash and cash equivalents at end 
of period                               $1,946,317       $5,011,192 

Supplemental disclosure of cash flow information:
Cash paid during period for interest    $3,195,000       $2,859,000 

Cash paid during period for taxes         $384,000         $303,000 

Supplemental disclosure of non-cash investing and financing activities:

Conversion of loans to real estate 
owned:                                  $26,600.00          $     -   
<FN>
See accompanying notes to condensed consolidated financial statements.
</TABLE>
<PAGE>

MNB BANCSHARES, INC. AND SUBSIDIARY
Notes to Condensed Consolidated Financial Statements



1.	Interim Financial Statements
	The condensed consolidated financial statements of MNB Bancshares, Inc. and 
subsidiary have been prepared in accordance with the instructions to Form 10-Q.
To the extent that information and footnotes required by generally accepted 
accounting principles for complete financial statements are contained in or 
consistent with the audited financial statements incorporated by reference in
the Company's Annual Report on Form 10-K for the year ended December 31, 
1995, such information and footnotes have not been duplicated herein.  In the
opinion of management, all adjustments, consisting of normal recurring 
accruals, considered necessary for a fair presentation of financial 
statements have been reflected herein.  The December 31, 1995 condensed 
consolidated balance sheet has been derived from the audited balance sheet as
of that date.  The results of the period ended September 30, 1996 are not 
necessarily indicative of the results expected for the year ended December 
31, 1996.

2.	Earnings Per Share
Net earnings per share have been computed based on the average number of 
shares and common equivalent shares outstanding during the period.  All 
periods presented reflect retroactive adjustment of the 5% stock dividends 
declared by the Company on August 12, 1996 and April 17, 1995.

3.	Acquisition
	On April 1, 1995, the Company acquired Auburn Security Bancshares, Inc. 
("Auburn"), and its wholly-owned subsidiary, Security State Bank.  
Subsequently, Manhattan National Bank and Security State Bank, the Company's
wholly-owned subsidiaries, were merged and renamed Security National Bank.  
Auburn had consolidated assets of approximately $20 million at the 
acquisition date.  The Company acquired 100% of the outstanding common stock
of Auburn for approximately $2 million.  The purchase price, including 
related costs of acquisition, included cash of approximately $970,000 and 
60,270 shares of the Company's common stock.  The acquisition, which was 
accounted for as a purchase, resulted in a core deposit intangible asset and 
goodwill of approximately $461,000 and $512,000, respectively.

The consolidated operating results of the Company for the nine months ended 
September 30, 1995, on a proforma basis as though the acquisition had 
occurred on January 1, 1995, are as shown on the condensed consolidated 
statements of earnings.
<PAGE>
MNB BANCSHARES, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

	General.  MNB Bancshares, Inc. (the "Company") is a bank holding company 
incorporated under the laws of the State of Delaware and is engaged in the 
banking business through its wholly-owned subsidiary, Security National Bank 
(the "Bank").  The Company's results of operations depend primarily on net 
interest income, which is the difference between interest income from 
interest-earning assets and interest expense on interest-bearing liabilities.
The Company's operations are also affected by non-interest income, such as 
service charges, loan fees and gains and losses from the sale of newly 
originated loans.  The Company's principal operating expenses, aside from 
interest expense, consist of compensation and employee benefits, occupancy 
costs, federal deposit insurance, data processing, and the provision for loan
losses.

On April 1, 1995, the Company acquired all of the issued and outstanding 
stock of Auburn Security Bancshares, Inc., a one-bank holding company which 
owned 99% of the outstanding stock of Security State Bank, Auburn, Kansas.  
Subsequent to the acquisition, the Company acquired all of the remaining 
stock of Security State Bank.  Consolidated assets acquired in this 
transaction were approximately $20 million.  This acquisition, which was 
accounted for using the purchase method of accounting, is reflected in the 
September 30, 1996 consolidated balance sheet and the consolidated 
statement of earnings compared to 1995.  On December 31, 1995, the Company 
merged and consolidated Manhattan National Bank and Security State Bank, and 
the resulting institution was named Security National Bank.  The home office 
for the Bank is Manhattan, Kansas, with a branch operating in Auburn, Kansas.

Net earnings for the first nine months of 1996 decreased to $388,765 compared 
to $493,372 for the first nine months of 1995.  This decrease is a result of 
an accrual of $449,000 which was made as an estimated amount of the Company's 
assessment to fund the Federal Deposit Insurance Corporation's (the "FDIC") 
recapitalization of the Savings Association Insurance Fund (the "SAIF") as 
mandated by the Omnibus Appropriations bill signed into law on September 30, 
1996.  Absent this accrual, earnings, net of tax, would have been $667,345, 
an increase of 35.3%, or $173,973 over the prior year.  Net interest income 
after provision for loan losses increased $391,823, or 16.9%, to $2,708,183.
Gains on sale of loans decreased 20.1%, or $13,321, to $53,039; and non-
interest expense increased $697,426, or 36.9%, to $2,586,909.  A major factor
in the increase for the first nine months of both net interest income and 
fees and service charges is due to the fact that operating results of Auburn 
are not reflected in the Company's results for the first quarter of the nine 
month period ending September 30, 1995.  The increase in non-interest expense
is also due to this fact, along with one-time expenses of approximately 
$80,000 associated with the subsidiary consolidation and change of name, as 
well as to the FDIC special assessment.
<PAGE>
MNB BANCSHARES, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

Net earnings for the third quarter of 1996 decreased 111.7%, or $191,626, to 
a loss of $20,105 in comparison to the same period in 1995.  This was due to 
the accrual for the FDIC special assessment of $449,000.  Absent this 
accrual, earnings, net of tax, would have been $258,475, an increase of 
$86,954, or 50.7%, over the prior year.  Net interest income, after provision
for loan losses, showed an increase from $848,230 to $907,815, or 7.0%, 
during this period.  Total noninterest income increased $44,446, or 32.7%, due 
primarily to an increase of $35,554 in fees and service charges.  Decreased 
gains on sale of loans of $5,706, losses on sale of investment securities 
available for sale of $1,273, and increased non-interest expenses due 
primarily to the FDIC special assessment offset these increases.

Interest Income.  Interest income increased by $617,202, or 12.0%, to $5.8 
million during the first nine months of 1996.  This increase was the result 
of an increase in interest on loans of 10.5%, or $406,284, and interest on 
investment securities of $227,111, or 20.5%. Interest on loans was higher due
to both an increase in average loans outstanding and loans repricing at 
higher rates.  Interest earned on securities increased as securities 
matured and were reinvested in securities yielding higher interest rates. The
results were impacted by the inclusion of Auburn's operating results for the 
entire nine months ended September 30, 1996, as compared to only six months' 
results being included in the nine month period ended September 30, 1995.

Interest income for the third quarter of 1996 increased by $56,644, or 3.0%, 
compared to the same period of 1995. Interest on loans and investment 
securities increased as the loan outstandings increased $2.8 million, or 
4.7%, over the same quarter last year, loans repriced to higher interest 
rates, and the proceeds from maturing securities were reinvested in 
securities with higher rates.  Interest income on loans increased 
$46,265, to $1,440,229 from $1,393,964, or 3.3% and investment securities 
increased $36,502, or 8.9%, to $446,980. Other interest income decreased 
$26,123, or 40.4%, because higher loan demand decreased the funds available 
for investment in short-term overnight interest-bearing deposits.

Interest Expense.  Interest expense rose by $262,879, or 9.4% to $3.0 million 
during the first nine months of 1996.   This increase was due in large part 
to the acquisition of Auburn on April 1, 1995 and increases in interest rates
paid on deposits.  Deposit interest expense increased from $2.6 million to 
$2.9 million, or by 11.3%. Interest expense on borrowings, consisting of 
securities sold under agreements to repurchase and advances from the Federal 
Home Loan Bank of Topeka (the "FHLB"), declined $30,096, or 16.2% during this
time period, as these liabilities have been liquidated as they matured.

Interest expense for the third quarter of 1996 remained at $1,017,975 
compared to the third quarter of 1995 which was $1,017,166.  Deposit 
interest expense increased 
<PAGE>
MNB BANCSHARES, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

$13,708, or 1.4%, to $972,082.  This was offset by a decrease of $12,899 on 
borrowings to $45,893.  This decrease was a result of liquidation of  
borrowings as they matured.

Provision for Loan Losses. No provision for loan losses was made during the 
first nine months of 1996 as compared to $37,500 for 1995.  Management 
determined that an increased provision was prudent during 1995 as a result of
discussions by the Department of Defense regarding downsizing of the Armed 
Forces and the potential downsizing or closure of Fort Riley, which is 
located near Manhattan, Kansas, by the 1995 Base Realignment and Closure 
Commission.  The downsizing of Fort Riley which occurred did not have a 
materially adverse impact on the Company's portfolio or collateral values, 
therefore the provision was reduced during the third quarter of 1995.  
Beginning in 1996, it was decided that no provision was necessary due to the 
quality and performance of the portfolio and an analysis of economic 
conditions.  No provision was made during the third quarter of 1996 compared 
to a provision of $3,750 for third quarter 1995.  Management will continue to
assess all factors on a continuing basis and further changes in the provision
will be made if circumstances warrant.  The loan loss reserve at September 30, 
1996 was $811,653, or 1.2% of the gross loans outstanding and loans held for 
sale compared to 1.3% at December 31, 1995.

Noninterest Income.  Noninterest income increased $98,639, or 27.3%, for the 
first nine months of 1996.  An increase of $121,069, or 44.2%, in fees and 
service charges from $273,993 to $395,062 was the result of the acquisition 
of Auburn and a restructuring of fees and service charges on deposit 
accounts.  This was partially offset by a decrease in the gains on sale of 
loans of $13,321 from $66,360 to $53,039, or 20.1%, and a loss on sale of 
investment securities available for sale of $15,213 as the Company sought to 
reposition its portfolio and lengthen its maturities.  Some lower-yield, 
short-term securities were sold and the proceeds reinvested in intermediate 
securities.  The analysis done on these transactions indicated that they will 
be income-neutral for 1996.

Noninterest income for the third quarter of 1996 compared to 1995 increased 
$44,446, or by 32.7%.  Fees and service charges increased $35,554, or 35.7%, 
to $135,106, due to the previously mentioned restructuring of fees and 
service charges on deposit accounts.  This increase was partially offset by 
decreased gains on sale of 18.1% from $31,493 to $25,787.  This decrease in 
gains on sale of loans was a result of a declining profit margin of loans 
sold to the secondary market as a result of increased competition and rising 
interest rates.  Loss on sale of investment securities of $1,273 was incurred
during this quarter as part of the repositioning of the securities portfolio 
mentioned above.  Increased other income of $15,871, from $4,830 to $20,701, 
is a result of increased income from early withdrawals of certificates of 
$6,524 from $888 to $7,412, and gross income from office building of $3,250 
for rental of space in the Auburn facility. 
<PAGE>
MNB BANCSHARES, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

Also increasing $6,529 was miscellaneous income as a result of funds received 
from a previous data processor as a pro-rata share of the sale of the company.  

Noninterest Expense.  Noninterest expense increased $697,426, or 36.9% to 
$2,586,909 for the first nine months of 1996. Of this increase, $449,000 was 
attributable to the accrual of the estimated FDIC special assessment. The 
inclusion of Auburn's operating results for the full nine months and several 
one-time expenses totaling approximately $80,000 due to the consolidation of 
the two banks also contributed substantially to this increase.  The 
amortization of goodwill and core deposit intangibles related to the 
acquisition of Auburn increased $29,900, or 54.7%. Stationery, printing and 
office supplies increased $28,295, or 62.1%, as a result of the change of 
name and the consolidation of the bank subsidiaries.  Occupancy and equipment 
expense increased $49,288, or 21.2%, and data processing increased 15.3% to 
$90,619 as the Auburn acquisition was reflected for the entire nine months 
ended September 30, 1996, and several one-time expenses were incurred during 
the conversion of the Auburn branch to the same data processing system as the
main Manhattan facility.  Other operating expense increased $65,466, or 
18.7%, from $349,852 to $415,318, also reflecting the acquisition.  Partially 
offsetting these increases were decreases in professional fees of $27,486, or 
21.2%, from $129,797 to $102,311, and advertising of $7,568, or 13.6%, from 
$55,735 to $48,167.

Total noninterest expense increased 56.0% to $1,124,708 for the third quarter
of 1996. This was due to the estimated accrual of the FDIC special assessment
of $449,000.  Occupancy and equipment expense increased $11,872, or 13.7%, to 
$98,682.  These were offset by decreases in professional fees from $71,555 to 
$20,345, or 71.6%, and stationery, printing and office supplies of $3,738, or 
23.9%, to $11,908.

Asset Quality and Distribution.  The Company's total assets decreased 
slightly to $100.3 million at September 30, 1996 compared $101.2 million at 
December 31, 1995.  The Company's primary ongoing sources of funds are 
deposits, proceeds from principal and interest payments on loans and 
investment securities and proceeds from the sale of mortgage loans and 
investment securities.  While maturities and scheduled amortization of loans 
are a predictable source of funds, deposit flows and mortgage prepayments are 
greatly influenced by general interest rates, economic conditions, 
competition, and the restructuring of the financial services industry.

The primary investing activities of the Company are the origination of loans 
and the purchase of investment securities.  During the first nine months of 
1996, the Company originated mortgage loans in the amount of $23.6 million 
compared to $14.6 million during the first nine months of 1995.  Generally, 
the Company originates fixed rate
<PAGE>
MNB BANCSHARES, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

residential mortgage loans for immediate sale and does not warehouse loans to 
speculate on interest rates.  During the first nine months of 1996, the 
Company originated consumer and commercial non-mortgage loans of $8.7 million 
compared to $4.5 million during the same time period for 1995.

The quality of the loan portfolio continued to be strong as evidenced by the 
small number and amount of loans past due 30 days or more.  As of September 
30, 1996, nine real estate loans were more than 30 days past due, with a 
total balance of $312,871, which was 0.5% of total loans outstanding.  
Additionally, three residential mortgage loans totaling $50,017 were on non-
accrual status as of September 30, 1996.  Excluding guaranteed student loans, 
there were four consumer loans in the amount of $14,123, or 0.02% of the 
portfolio over 30 days past due and one on non-accrual with a balance of 
$5,500.  Additionally, two commercial loans totaling $62,290, or 0.1% of the 
total loan portfolio, were past due over 30 days.  One SBA loan with a 
balance of $86,297 was on non-accrual. At September 30, 1996, the Company had 
outstanding loan commitments of $5.0 million.  Management of the Company 
believes sufficient funds will be available to meet existing loan commitments.  

During the nine months ended September 30, 1996, the Company purchased 
securities to be held to maturity in the amount of $.3 million and available 
for sale in the amount of $11.0 million.  These purchases were funded 
primarily by deposits, proceeds from the sale of fixed rate mortgage loans 
totaling $6.9 million, and $3.5 million of securities being held as available 
for sale which either matured or were sold.

Liability Distribution.  At September 30, 1996, total deposits and borrowings 
had a net decrease of $1.6 million from December 31, 1995 with deposits 
decreasing $.6 million and  borrowings decreasing $1.0 million as FHLB 
advances were paid in full as they matured.
 
Checking and NOW accounts at the end of the first nine months of 1996 totaled 
$19.9 million, or 23.2% of deposits, compared to $17.8 million, or 20.6% of 
deposits at December 31, 1995. Money market deposit accounts were 15.6% of 
the portfolio and totaled $13.4 million, compared to $13.9 million and 
savings accounts totaled $5.3 million compared to $5.9 million at December 
31, 1995.  Certificates of deposit were $47.1 million, or 55.0% of the 
portfolio compared to $48.7 million, or 56.4% at December 31, 1995.

Liquidity.  The Company's most liquid assets are cash and cash equivalents 
and investment securities available  for sale. The level of these assets are 
dependent on the Company's operating, financing, lending and investing 
activities during any given period.  
<PAGE>
MNB BANCSHARES, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

At September 30, 1996, and December 31, 1995, these liquid assets totaled 
$22.0 million and $18.8 million respectively.  During periods in which the 
Company is not able to originate a sufficient amount of loans and/or periods 
of high principal prepayments, the Company increases its liquid assets by 
investing in short-term U.S. government and agency securities.

Liquidity management is both a daily and long-term function of management's 
strategy.  Excess funds are generally invested in short-term investments.  
In the event the Company requires funds beyond its ability to generate them 
internally, additional funds are available through the use of FHLB advances, 
a line of credit with the FHLB or through sales of securities.  At September 
30, 1996, the Company had outstanding FHLB advances of $1.3 million, no 
borrowings were outstanding on its $12 million line of credit with the 
FHLB, and $200,000 in repurchase agreements.  Additionally, the Company has 
guaranteed a loan made to the Company's Employee Stock Ownership Plan (the 
"ESOP"), with an outstanding balance of $355,915 at September 30, 1996 to 
fund the ESOP's purchase of shares in the Company's 1993 common stock 
offering.  The total of these borrowings by the Company was approximately 
$1.9 million at September 30, 1996.

Capital.  The Federal Reserve Board has established capital requirements for 
bank holding companies which generally parallel the capital requirements for 
national banks under the Office of the Comptroller of the Currency (the 
"OCC") regulations.  The regulations provide that such standards will 
generally be applied on a bank-only basis (rather than a consolidated basis) 
in the case of a bank holding company with less than $150 million in total 
consolidated assets, such as the Company.  The Company's total capital of 
$11.0 million is, however, well in excess of the Federal Reserve Board's 
consolidated minimum capital requirements.  

At September 30, 1996, the Bank continued to maintain a sound Tier 1 capital 
ratio of 8.9% and a risk based capital ratio of 16.7%. As shown by the 
following table, the Company's capital exceeded the minimum capital 
requirements:  (dollars in thousands)
<TABLE>
<CAPTION>
                                  September 30, 1996

                           Amount    Percent	     Required	
<S>                        <C>       <C>          <C>
Tier 1 Capital	            $8,842     8.9%	        3.0%	
Risk Based Capital	         9,504	   16.7%	        8.0%		
</TABLE>	
<PAGE>
MNB BANCSHARES, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

Banks and bank holding companies are generally expected to operate at or above 
the minimum capital requirements.  The above ratios are well in excess of 
regulatory minimums and should allow the Company to operate without capital 
adequacy concerns.  The Federal Deposit Insurance Corporation Act of 1991 
established a bank rating system based on capital levels of banks.    The 
Bank is rated "well capitalized", which is the highest rating available under 
this capital-based rating system.

Recent Regulatory Developments.  On September 30, 1996, President Clinton 
signed into law the "Economic Growth and Regulatory Paperwork Reduction Act of 
1996" (the "Regulatory Reduction Act").  Subtitle G of the Regulatory 
Reduction Act consists of the "Deposit Insurance Funds Act of 1996" (the 
"DIFA").  The DIFA provides for a one-time special assessment on each 
depository institution holding deposits subject to assessment by the FDIC for 
the Savings Association Insurance Fund (the "SAIF") in an amount which, in 
the aggregate, will increase the designated reserve ratio of the SAIF (i.e., 
the ratio of the insurance reserves of the SAIF to total SAIF-insured 
deposits) to 1.25% on October 1, 1996.  Subject to certain exceptions, the 
special assessment is payable in full on November 27, 1996.  As a SAIF-
member, the Bank is subject to the special assessment.

Under the DIFA, the amount of the special assessment payable by an 
institution is to be determined on the basis of the amount of SAIF-assessable 
deposits held by the institution on March 31, 1995, or acquired by the 
institution after March 31, 1995 from another institution which held the 
deposits as of that date but is no longer in existence on November 27, 1996.  
The DIFA provides for a 20% discount in calculating the SAIF-assessable 
deposits of certain "Oaker" banks, (i.e., the Bank Insurance Fund ("BIF") 
member banks that hold deposits acquired from a SAIF member that are deemed 
to remain SAIF insured) and certain "Sasser" banks (i.e., banks that 
converted from thrift to bank charters but remain SAIF members.)  Although 
the Bank is a "Sasser" bank, the Bank does not meet the requirements 
established in the DIFA to qualify for this 20% discount.  The DIFA also 
exempts certain institutions from payment of the special assessment 
(including institutions that are undercapitalized or that would become 
undercapitalized as a result of payment of the special assessment), and 
allows an institution to pay the special assessment in two installments if 
there is a significant risk that by paying the special assessment in a lump 
sum, the institution or its holding company would be in default under or in 
violation of terms or conditions of debt obligations or preferred stock 
issued by the institution or its holding company and outstanding on 
September 13, 1995.

On October 8, 1996, the FDIC adopted a final regulation implementing the SAIF 
special assessment.  In that regulation, the FDIC set the special assessment 
rate at 0.657% of SAIF-assessable deposits held on March 31, 1995. As a 
result of the special assessment, the Bank had taken a charge against 
earnings for the quarter ended September 
<PAGE>
MNB BANCSHARES, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

30, 1996, in the amount of $449,000.  As discussed below, however, the 
recapitalization of the SAIF resulting from the special assessment should 
significantly reduce the Bank's ongoing deposit insurance expense.

In light of the recapitalization of the SAIF pursuant to the special 
assessment authorized by the DIFA, the FDIC, on October 8, 1996, issued a 
proposed rule that would reduce regular semi-annual SAIF assessments from the 
current range of 0.23%_0.31% of deposits to a range of 0%_0.27% of deposits.  
Under the proposal, the new rates would be effective October 1, 1996 for 
Oaker and Sasser banks, but would not take effect for other SAIF-assessable 
institutions until January 1, 1997.  From October 1, 1996 through 
December 31, 1996, SAIF-assessable institutions other than Oaker and Sasser 
banks would, under the proposal, be assessed at rates ranging from 0.18% to 
0.27% of deposits, which represents the amount the FDIC calculates as 
necessary to cover the interest due for that period on outstanding 
obligations of the Financing Corporation (the "FICO"), discussed below.  
Because SAIF-assessable institutions have already been assessed at 
current rates (i.e., 0.23%_0.31% of deposits) for the semi-annual period 
ending December 31, 1996, the proposal contemplates that the FDIC will refund 
the amount collected from such institutions for the period from October 1, 
1996 through December 31, 1996 which exceeds the amount due for that period 
under the reduced assessment schedule.  Assuming the proposal is adopted as 
proposed, and assuming the Bank retains its current risk classification under 
the FDIC's risk-based assessment system, the deposit insurance assessments 
payable by the Bank will be reduced significantly, to the same level 
currently paid by the Bank's BIF-member competitors.

Prior to the enactment of the DIFA, a substantial amount of the SAIF 
assessment revenue was used to pay the interest due on bonds issued by the 
FICO, the entity created in 1987 to finance the recapitalization of the 
Federal Savings and Loan Insurance Corporation, the SAIF's predecessor 
insurance fund.  Pursuant to the DIFA, the interest due on outstanding FICO 
bonds will be covered by assessments against both SAIF and BIF member 
institutions beginning January 1, 1997.  Between January 1, 1997 and 
December 31, 1999, FICO assessments against BIF-member institutions cannot 
exceed 20% of the FICO assessments charged SAIF-member institutions.  From 
January 1, 2000 until the FICO bonds mature in 2019, FICO assessments will be 
shared by all FDIC-insured institutions on a pro rata basis.  The FDIC 
estimates that the FICO assessments for the period January 1, 1997 through 
December 31, 1999 will be approximately 0.013% of deposits for BIF members 
versus approximately 0.064% of deposits for SAIF members, and will be less 
than 0.025% of deposits thereafter.

The DIFA also provides for a merger of the BIF and the SAIF on January 1, 
1999, provided there are no state or federally chartered, FDIC-insured 
savings associations existing on that date.  To facilitate the merger of the 
BIF and the SAIF, the DIFA directs 
<PAGE>
MNB BANCSHARES, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

the Treasury Department to conduct a study on the development of a common 
charter and to submit a report, along with appropriate legislative 
recommendations, to the Congress by March 31, 1997.

In addition to the DIFA, the Regulatory Reduction Act includes a number of 
statutory changes designed to eliminate duplicative, redundant or unnecessary 
regulatory requirements.  Among other things, the Regulatory Reduction Act 
establishes streamlined notice procedures for the commencement of new 
nonbanking activities by bank holding companies, eliminates the need for 
national banks to obtain OCC approval to establish an off-site ATM, excludes 
ATM closures and certain branch office relocations from the prior notice 
requirements applicable to branch closings and significantly expands the 
authority of well-capitalized and well-managed national banks to invest in 
office premises without prior regulatory approval.  The Regulatory Reduction 
Act also clarifies the liability of a financial institution, when acting as a 
lender or in a fiduciary capacity, under the federal environmental clean-up 
laws.  Although the full impact of the Regulatory Reduction Act on the 
operations of the Company and the Bank cannot be determined at this time, 
management believes that the legislation will reduce compliance costs to 
some extent and allow the Company and the Bank somewhat greater operating 
flexibility.
<PAGE>
MNB BANCSHARES, INC. AND SUBSIDIARY
PART II



ITEM 1.	LEGAL PROCEEDINGS.

		There are no material pending legal proceedings to which the Company or 
its subsidiary are a party other than ordinary routine litigation incidental 
to their respective businesses.


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.

		None	

ITEM 6.	EXHIBITS AND REPORTS ON FORM 8-K

		A.	Exhibits
			Exhibit 27.  Financial Data Schedule

		B.	Reports on Form 8-4
			None.
<PAGE>

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.

						MNB BANCSHARES, INC.



Date:  November 8, 1996			
       /s/Patrick L. Alexander
						    President and Chief Executive Officer



Date:  November 8, 1996
						 /s/Susan E. Roepke
						    Vice President, Secretary,
						    Treasurer and Chief Financial Officer

<PAGE>
INDEX TO EXHIBITS

EXHIBIT                    DESCRIPTION                  PAGE
NUMBER
27                         Financial Date Schedule      17