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 June 30, 1998

OR

0			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)

(785) 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 August 13, 1998, 
the Registrant had outstanding 1,299,386 shares of its common stock, $.01  
par value per share. 



MNB BANCSHARES, INC.
Form 10-Q Quarterly Report

Table of Contents



PART I
                                                  										Page Number

Item 1.		Financial Statements and Related Notes			          1-6
Item 2.		Management's Discussion and Analysis of Financial 
     		  Condition and Results of Operations			             7-12
Item 3.		Quantitative and Qualitative Disclosures about
		       Market Risk	                                 						12-13


PART II
Item 1.		Legal Proceedings		                            				14
Item 2.		Changes in Securities					                         14
Item 3.		Defaults Upon Senior Securities			                	14
Item 4.		Submission of Matters to a Vote of
		       Security Holders	                              				14
Item 5.		Other Information					                            	14
Item 6.		Exhibits and Reports on Form 8-K			               	15


       		Form 10-Q Signature Page             			          	15







<TABLE>
MNB BANCSHARES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

<CAPTION>

                                                    June 30,      December 31,
                                                    1998          1997
                                                    (Unaudited)

<S>                                                   <C>                <C>
ASSETS

Cash and cash equivalents:

Cash                                                $4,095,934       $3,398,451 

Interest-bearing deposits 
in other financial institutions                      1,300,000        3,300,000 



Total cash and cash equivalents                      5,395,934        6,698,451 
Investment securities:
Held to maturity at amortized cost (estimated fair
value of $2,559,000 and $6,692,000 respectively)     2,684,507        6,669,809 
Available-for-sale at estimated fair value          43,923,150       35,409,475 
Loans, net                                          78,817,709       88,724,128 
Premises and equipment, net                          2,265,725        2,597,658 
Other assets                                         4,232,581        4,652,570 
Total assets                                     $ 137,319,606    $ 144,752,091 

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits                                         $ 114,474,878    $ 122,208,537 
Other borrowings                                     8,390,360        9,099,379 
Accrued expenses, taxes and other liabilities        1,696,807        1,168,326 
Total liabilities                                  124,562,045      132,476,242 
Stockholders' equity:
Common stock, $.01 par, 3,000,000 and1,500,000
shares authorized, 1,299,386 and 1,284,460 shares
issued and outstanding at 1998 and 1997, 
respectively                                            12,994           12,845 
Additional paid in capital                           7,197,659        7,122,795 
Retained earnings                                    5,739,968        5,341,952 
Unrealized gain on investment securities
available-for-sale, net of tax                          72,249           69,444 
Unearned employee benefits                            (265,309)        (271,187)

Total stockholders' equity                          12,757,561       12,275,849 

Total liabilities and stockholders' equity       $ 137,319,606    $ 144,752,091 


<FN>
See accompanying notes to condensed consolidated financial statements
</TABLE>

<TABLE>
MNB BANCSHARES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)

                                                 For the six months
                                                    ended June 30,
                                                 1998          1997
<S>                                              <C>           <C>
Interest income:

Loans                                        $   3,885,762  $   2,889,774 
Investment securities                            1,277,417        931,943 
Other                                              217,954         69,710 
Total interest income                            5,381,133      3,891,427 
Interest expense:
   Deposits                                      2,636,829      1,910,908 
   Borrowed funds                                  296,676        103,528 
     Total interest expense                      2,933,505      2,014,436 

     Net interest income                         2,447,628      1,876,991 

Provision for loan losses                           60,000         30,000 
   Net interest income after
   provision for loan losses                     2,387,628      1,846,991 
Noninterest income:
   Fees and service charges                        399,232        254,295 
   Gains on sale of loans                          170,300         21,834 
   Gain (loss) on sale of investments               10,795         (6,884)
   Other                                            43,277         66,484 
     Total noninterest income                      623,604        335,729 
Noninterest expense:
   Compensation and benefits                     1,038,997        671,278 
   Occupancy and equipment                         339,500        202,476 
   Federal deposit insurance premiums               31,545         23,903 
   Data processing                                  78,161         51,862 
   Amortization                                    125,646         54,456 
   Advertising                                      30,911         41,997 
   Professional fees                               110,786         78,456 
   Stationery, printing and office supplies         60,098         39,819 
   Other                                           428,274        300,115 
     Total noninterest expense                   2,243,918      1,464,362 

     Earnings before income taxes                  767,314        718,358 

Income tax expense                                 207,808        225,195 
     Net earnings                     $            559,506  $     493,163 
Earnings per share
   Basic                              $               0.43  $        0.39 
   Diluted                            $               0.42  $        0.37 

Dividends per share                   $              0.125  $      0.1190 
<FN>
See accompanying notes to condensed consolidated financial statements
</TABLE>

<TABLE>
MNB BANCSHARES,INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)

                                               For the three months ended
                                                        June 30,
                                                 1998                  1997
<S>                                             <C>            <C>
Interest income:
   Loans                                        $   1,888,817  $   1,485,061 
   Investment securities                              655,893        459,569 
   Other                                              101,177         32,055 
     Total interest income                          2,645,887      1,976,685 
Interest expense:
   Deposits                                         1,306,255        960,747 
   Borrowed funds                                     145,554         51,650 
     Total interest expense                         1,451,809      1,012,397 
     Net interest income                            1,194,078        964,288 

Provision for loan losses                              30,000         15,000 
   Net interest income after provision
   for loan losses                                  1,164,078        949,288 
Noninterest income:
   Fees and service charges                           195,168        129,247 
   Gains on sale of loans                             108,574         16,535 
   Gain (loss) on sale of investments                  10,795         (6,884)
   Other                                               19,484         48,584 
     Total noninterest income                         334,021        187,482 
Noninterest expense:
   Compensation and benefits                          546,401        350,446 
   Occupancy and equipment                            174,030        108,253 
   Federal deposit insurance premiums                  17,102         12,012 
   Data processing                                     35,952         25,061 
   Amortization                                        61,775         26,180 
   Advertising                                         15,238         31,841 
   Professional fees                                   61,571         39,292 
   Stationery, printing and office supplies            38,024         27,610 
   Other                                              224,136        158,794 
      Total noninterest expense                     1,174,229        779,489 

      Earnings before income taxes                    323,870        357,281 

Income tax expense                                     63,949        106,775 
      Net earnings                               $    259,921  $     250,506 
Earnings per share
   Basic                                         $       0.20  $        0.20 
   Diluted                                       $       0.19  $        0.19 
Dividends per share                              $     0.0625  $      0.0595 


<FN>
See accompanying notes to condensed consolidated financial statements.
</TABLE>

<TABLE>
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>
(Unaudited)

                                                   For the six months 
                                                     ended June 30,
                                                  1998                  1997
<S>                                               <C>                   <C>

Net cash provided by operating activities      $  2,271,456     $      32,547 
INVESTING ACTIVITIES
   Net (increase) decrease in loans               5,895,290        (3,615,917)
   Maturities and prepayments of
   investments held to maturity                   3,297,458         2,986,250 
   Maturities and prepayments of
   investments available for sale                 5,672,472         2,125,156 
   Purchase of investments available for sale   (14,741,833)       (3,835,601)
   Proceeds from sale of investment
   securities available for sale                  1,228,736         1,091,968 
   Proceeds from sales of foreclosed assets          16,185            52,677 
   Net cash used to purchase insurance agency          -              (30,000)
   Net proceeds from sale of Beloit branch          973,283               -   
   Purchases of equipment and building improvements(142,799)         (131,153)
     Net cash provided by (used in)
     investing activities                         2,198,792        (1,356,620)

FINANCING ACTIVITIES
   FHLB advances (net)                             (642,856)              -   
   Net decrease in deposits                      (4,983,147)         (627,163)
   Net decrease in securities sold under
   agreement to repurchase                          (60,284)              -   
   Issuance of common stock under stock
   option plan                                       75,013            31,306 
   Cash dividends paid on common stock             (161,491)         (160,087)
     Net cash used in financing activities       (5,772,765)         (755,944)
   Net decrease in cash and cash equivalents     (1,302,515)       (2,080,017)
   Cash and cash equivalents at beginning
   of period                                      6,698,451         4,570,159 
   Cash and cash equivalents at end of period  $  5,395,934       $ 2,490,142 

   Supplemental disclosure of cash flow
   information
   Cash paid during period for interest        $  2,950,716       $ 2,060,330 
   Cash paid during period for taxes           $    759,634       $   300,899 

<FN>
See accompanying notes to condensed consolidated financial statements.
</TABLE>

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

1.	Interim Financial Statements
	The condensed consolidated financial statements of MNB Bancshares, Inc. (the 
 ("Company") and subsidiaries 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 Form 10-K for the year
 ended December 31, 1997, 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, 1997
 condensed consolidated balance sheet has been derived from the audited balance
 sheet as of that date.  The results of interim periods ended June 30, 1998 are 
 not necessarily indicative of the results expected for the year ended December 
 31, 1998.

2.	Earnings Per Share
  
	Basic earnings per share have been computed based upon the weighted average 
 number of common shares outstanding during each year.  Diluted earnings per 
 share include the effect of all potential common shares outstanding during 
 each year.   Earnings per share for all periods presented have been adjusted 
 to give effect to the 5% stock dividends paid by the Company in 1995, 1996, 
 1997 and 1998, the  adoption of SFAS No. 128 in 1997 and the two-for-one stock
 split paid on February 9, 1998.

	The shares used in the calculation of basic and diluted income per share are 
 shown below:

 <TABLE>
 <CAPTION> 
                                   For the quarters ended  For the six months 
                                           June 30,           ended June 30,
                                  1998            1997      1998         1997
 
<S>                                <C>               <C>    <C>           <C>
Weighted 
average common 
shares outstanding              1,298,307       1,278,220  1,292,286   1,277,139

Stock options                      51,768          52,814     51,120      40,929
Total                           1,350,075       1,331,034  1,343,406   1,318,068
</TABLE>


3.	Acquisition
	On December 31, 1997, the Company acquired 100% of the outstanding common
 stock of Freedom Bancshares, Inc., Osage City, Kansas (Freedom), the holding 
 company for Citizens State Bank, Osage City (Citizens), with a branch in 
 Beloit, Kansas.  Subsequently, Security National Bank and Citizens State Bank
 were merged.  Consolidated assets acquired in this transaction were 
 approximately $43 million.  This acquisition, which was accounted for using 
 the purchase method of accounting, resulted in goodwill of approximately $2.3
 million.  On April 2, 1998, the Company entered into an Agreement to sell the
 Beloit, Kansas branch to Farmers State Bank of Mankato, Kansas.  This 
 transaction was completed June 5, 1998 and resulted in a premium, net of tax, 
 of $119,666.  This premium offset previous goodwill related to the 
 acquisition.  Total assets and liabilities sold were $3.7 million and $2.8 
 million respectively.

 
 MNB BANCSHARES, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements (Continued)

	Proforma revenues, net earnings and diluted earnings per share amounts, as if
 the Freedom acquisition had been consummated January 1, 1997, are as follows:

<TABLE>
<CAPTION>
                                                   Six Months 
                                                      ended
                                                     June 30, 
                                                       1997
<S>                                                     <C>
 Net interest income plus other income              $2,946,376
 Net earnings                                          493,106
 Diluted earnings per share                               0.37
</TABLE>


4.	Comprehensive Income

	The Company adopted SFAS No. 130, Reporting Comprehensive Income, in the
 first quarter of 1998.  SFAS No. 130 requires the reporting of comprehensive 
 income and its components.  Comprehensive income is defined as the change in 
 equity from transactions and other events and circumstances from non-owner 
 sources and excludes investments by and distributions to owners.  Comprehensive
 income includes net income and other items of comprehensive income meeting the 
 above criteria.  The Company's only component of other comprehensive income is 
 the unrealized holding gains and losses on available for sale securities.

<TABLE>
<CAPTION>                                       For the six months 
                                                  ended June 30,
                                                1998              1997
<S>                                             <C>               <C>
Net income                                     $559,506          $493,163
Change in unrealized security gain, net           2,805            19,943
Comprehensive income                           $562,311          $513,106
</TABLE>
	
5.	Impact of Accounting Standards

	In January, 1997, the Company adopted SFAS No. 127, Deferral of the Effective 
 Date of Certain Provisions of SFAS No. 125.  SFAS No. 125 provided consistent 
 standards for distinguishing transfers of financial assets that are sales from 
 transfers that are secured borrowings.  The adoption of SFAS No. 127 did not
 have a material effect on the Company's financial statements.

	The Financial Accounting Standards Board (FASB) issued SFAS No. 133, Accounting
 for Derivative Instruments and Hedging Activities, in June 1998.  SFAS No. 133 
 establishes accounting and reporting standards for derivative instruments, 
 including certain derivative instruments embedded in other contracts, and for
 hedging activities.  It requires that an entity recognize all derivatives as 
 either assets or liabilities in the statement of financial position and 
 measure those instruments at fair value.  This Statement is effective for all
 fiscal quarters of fiscal years beginning after June 15, 1999.  Management 
 believes adoption of SFAS No. 133 will not have a material effect on the 
 Company's financial position or results of operations, nor will adoption 
 require additional capital resources.
	
 MNB BANCSHARES, INC. AND SUBSIDIARIES
 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 provision for loan losses.

	On December 31, 1997, the Company acquired Freedom Bancshares, Inc., Osage 
 City, Kansas (Freedom), the holding company for Citizens State Bank, Osage 
 City (Citizens), with a branch in Beloit, Kansas.  Consolidated assets 
 acquired in this transaction were approximately $43 million.  This 
 acquisition, which was accounted for using the purchase method of accounting, 
 resulted in goodwill of approximately $2.3 million.  Accordingly, the 
 consolidated operating results of the Company for the three and six months 
 ended June 30, 1998 include Citizens from the date of acquisition.

	The home office for the Bank is Manhattan, Kansas, with branches operating in 
 Auburn, Osage City, and Topeka, Kansas. On April 2, 1998, the Company entered
 into an agreement to sell the Beloit, Kansas branch to Farmers State Bank of 
 Mankato, Kansas.  The transaction was  completed June 5, 1998.

	Net earnings for the first six months of 1998 increased $66,343, or 13.5%, to 
 $559,506 compared to $493,163 for the first six months of 1997. Net interest 
 income, after provision for loan losses, increased $540,637 to $2,387,628, or 
 29.3%.  Noninterest income increased $287,875, or 85.8% from $335,729 to 
 $623,604, due to an increase in gains on sale of loans of $148,466 from $21,834
 to $170,300, or 680.0%.  Non-interest expense increased $779,556, or 53.2%, to 
 $2,243,918.  With the exception of gains on sale of loans, the acquisition of 
 Freedom contributed significantly to each of these increases.

	Net earnings for the second quarter of 1998 increased 3.6% to $259,921 in 
 comparison to the same period in 1997.  Net interest income, after provision 
 for loan losses, showed an increase from $949,288 to $1,164,078, or 22.6%, 
 during this period. Noninterest income increased 79.3% to $334,021 compared to 
 $187,482. This was partially offset by the increase in noninterest expense of 
 $394,740, or 50.6%.  These increases were also largely due to the acquisition.

	Interest Income.  Interest income increased 38.3% to $5.4 million compared to 
 $3.9 million during the first six months of 1997.  This increase was a result 
 of an increase in interest on loans of 34.5% to $3.9 million from $2.9 million 
 and interest on investment securities of $345,474 or 37.1% to $1.3 million.  
 The acquisition contributed to the interest income increase, in addition to the
 proceeds of maturing securities being reinvested in higher-yielding 
 securities.  Interest income on other investments increased substantially from 
 $69,710 to $217,954, or 212.7%, as a result of the acquisition and the 
 increase in funds available for investment in short-term overnight interest-
 bearing deposits.	

 MNB BANCSHARES, INC. AND SUBSIDIARIES
 MANAGEMENT'S DISCUSSION AND ANALYSIS
 OF FINANCIAL CONDITIONN AND RESULTS OF OPERATIONS (Continued)

	Interest income for the second quarter of 1998 increased by $669,201, or 
 33.9%, compared to the same period of 1997. Interest income on loans 
 increased $403,756, or 27.2%, and investment securities increased $196,324, 
 or 42.7%, to $655,893. Other interest income increased to $101,177 or 215.6% 
 from $32,055 in 1997.  These increases were largely due to the acquisition of
 Freedom.

	Interest Expense.  Compared to the same period a year earlier, interest
 expense for the first half of 1998 increased from $2.0 million to $2.9 
 million, or 45.6%.  Deposit interest expense increased $725,921 to $2.6 
 million, or 38.0%.  Interest expense on borrowings, consisting of securities
 sold under agreements to repurchase, advances from the Federal Home Loan 
 Bank (the FHLB) and funds borrowed for the acquisition of Freedom 
 increased $193,148, or 186.6%.  The increased expense on deposits is a 
 result of the acquisition.  Interest on borrowed funds increased as a result 
 of the funds borrowed for the acquisition and the liabilities assumed from 
 Freedom.

	Interest expense for the second quarter of 1998 increased 43.4% to $1.5 
 million from $1.0 million in 1997.  Deposit interest expense increased 
 $345,508, or 26.5%, to $1.3 million.  Interest on borrowed funds increased 
 $93,904 from $51,650 to $145,554 or 181.8%.  These increases were a result of
 the acquisition of Freedom.

	Provision for Loan Losses.  A provision for loan losses of $60,000 for the 
 first six months of 1998 was made, compared to $30,000 in 1997.  The 
 increased provision is a result of the acquisition.  At June 30, 1998, the
 allowance for loan losses was $1,341,912, or 1.7% of gross loans outstanding
 compared to $852,076 or 1.3% at June 30, 1997.  The acquisition of Freedom 
 increased the allowance by $461,389.  The allowance for loan losses was $1.3 
 million at December 31, 1997, or 1.5% of gross loans outstanding.

	Noninterest Income.  Noninterest income increased $287,875, or 85.7%, for the
 first six months of 1998 compared to the same period in 1997.  Fees and 
 service charge income increased $144,937, or 57.0%, to $399,232 from 
 $254,295, while gains on sale of loans increased $148,466 or 680.0% to 
 $170,300 from $21,834.  There was a gain on sale of investment securities 
 available for sale of $10,795 as the Company sought to reposition its 
 portfolio, compared to a loss of $6,884 in 1997.  The decrease in other 
 noninterest income of $23,207, or 34.9%, to $43,277 was due to a gain on the
 sale of real estate owned of $30,016 in 1997.  The gain on sale of loans sold 
 was a result of increased loan originations due to refinancing because of 
 lower interest rates.  Increases in fees and service charges and other 
 noninterest income were a result of the acquisition of Freedom.

	Noninterest income for the second quarter of 1998 increased 78.2% to $334,021 
 compared to $187,482 for the second quarter in 1997.  Fees and service 
 charges increased $65,921 or 51.0% to $195,168.  Gain on sale of loans 
 increased 556.6% from $16,535 to $108,574.  The gain on the sale of real 
 estate owned of $30,016 in 1997 occurred during the second quarter, which 
 resulted in a decrease in other noninterest income of $29,100, or 59.9% in 
 1998.  The gain on sale of investment securities of $10,795 was incurred 
 during this quarter in 1998 as part of the repositioning of the securities
 portfolio previously mentioned.

 MNB BANCSHARES, INC. AND SUBSIDIARIES
 MANAGEMENT'S DISCUSSION AND ANALYSIS
 OF FINANCIAL CONDITIONN AND RESULTS OF OPERATIONS (Continued)

	Noninterest Expense.  Noninterest expense increased to $2.2 million during 
 the first six months of 1998.  This large increase was due in part to the 
 acquisition.  Occupancy and equipment expense increased $137,024, or 67.7% 
 and compensation increased 54.8% to $1.0 million, both primarily a result 
 of the acquisition.  Amortization increased 130.7% from $54,456 to $125,646 
 as a result of the acquisition.  Other expenses increased from $300,115 to
 $428,274, or 42.7%.

	Total noninterest expense increased 52.7% to $1.2 million for the second 
 quarter of 1998. Occupancy and equipment expenses increased $65,777, or 60.8%,
 as a result of the acquisition, along with compensation and benefits and
 amortization which increased $195,955 and $35,595 respectively.  Other 
 expenses increased $65,342 or 41.1% to $224,136.

	Asset Quality and Distribution.  The Company's total assets were  $137.3 
 million at June 30, 1998 compared to $144.8 million at December 31, 1997.  
 This decrease was largely a result of the sale of the Beloit branch which 
 was completed June 5, 1998.  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 six months of 
 1998, the Company originated mortgage loans in the amount of $16.2 million
 compared to $9.5 million during the first six months of 1997.  Generally, 
 the Company originates fixed rate residential mortgage loans for immediate 
 sale  and does not warehouse loans to speculate on interest rates.  During the 
 first six months of 1998, the Company originated consumer and commercial 
 non-mortgage loans of $9.2 million compared to $12.7 million during the same 
 time period for 1997.  Originations in 1997 included one credit in the amount 
 of $5.0 million.

	Management believes that the quality of the loan portfolio continues to be 
 strong as evidenced by the small number and amount of loans past due 30 days 
 or more.  As of June 30, 1998, one real estate loan was more than 30 days past
 due, with a total balance of $17,383, which was less than 0.1% of total 
 loans outstanding.  Additionally, seven residential mortgage loans totaling
 $186,174 were on non-accrual status as of June 30, 1998.  Excluding
 guaranteed student loans, there were fourteen consumer loans in the amount 
 of $65,544, or  less than 0.1% of the total loan portfolio, over 30 days past
 due with two loans totaling $3,369 on non-accrual.  Nine commercial loans 
 totaling $138,935 or 0.2% of the total portfolio, were 30 days or more past 
 due, with nine loans totaling $67,305 on non-accrual.  At June 30, 1998, the 
 Company had outstanding loan commitments of $9.8 million.  The Company 
 believes sufficient funds will be available to meet existing loan commitments.

	During the six months ended June 30, 1998, the Company purchased securities 
 available for sale in the amount of $14.7 million.  These activities were 
 funded primarily by deposits, proceeds from the sale of fixed rate  mortgage 
 loans totaling $16.4 million and maturing securities. 	
 
 MNB BANCSHARES, INC. AND SUBSIDIARIES
 MANAGEMENT'S DISCUSSION AND ANALYSIS
 OF FINANCIAL CONDITIONN AND RESULTS OF OPERATIONS (Continued)

	Liability Distribution.  At June 30, 1998, total deposits had a net decrease 
 of $7.7 million from December 31, 1997, with the sale of the Beloit branch 
 making up $2.8 million of this amount.  Borrowings decreased by $709,019 as 
 FHLB advances were paid in full as they matured and quarterly payments were 
 made on others.

	Checking and NOW accounts at June 30, 1998 were 26.7% of deposits and 
 totaled $30.6 million compared to 28.0% and $32.4 million at December 31, 
 1997. Money market deposit accounts were 14.6% of the deposit portfolio and 
 totaled $16.7 million, compared to 15.3% and $18.7 million at December 31, 
 1997.  Certificates of deposit were $58.0 million, or 50.6% of the portfolio 
 compared to $62.4 million, or 51.0% at December 31, 1997.  the decreases are 
 primarily due to the sale of the Beloit branch.

	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.  At June 30, 1998, and December 31, 1997,
 these liquid assets totaled $49.3 million and $42.1 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 June 30, 
 1998, the Company had outstanding FHLB advances of $4.8 million and had 
 nothing outstanding on its $15.0 million line of credit with the FHLB.  
 Additionally, the Company has guaranteed a loan made to the Company's 
 Employee Stock Ownership Plan (the "ESOP"), with an outstanding balance of 
 $265,309 at June 30, 1998, to fund the ESOP's purchase of shares in the 
 Company's 1993 common stock offering.  The total borrowings by the Company 
 were $8.4 million at June 30, 1998, which included $2.9 million borrowed by 
 the Company for the acquisition of Freedom, compared to $9.1 million at 
 December 31, 1997.

	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 
 $12.8 million is, however, well in excess of the Federal Reserve Board's 
 consolidated capital requirements.

	At June 30, 1998, the Bank continued to  maintain a sound Tier 1 capital 
 ratio of 9.23% and a risk based capital ratio of 16.65%. As shown by the 
 following table, the Bank's capital exceeded the minimum capital 
 requirements:  (dollars in thousands):


	MNB BANCSHARES, INC. AND SUBSIDIARIES
 MANAGEMENT'S DISCUSSION AND ANALYSIS
 OF FINANCIAL CONDITIONN AND RESULTS OF OPERATIONS (Continued)
                               
<TABLE>
<CAPTION>

                             						  June 30, 1998
		                       	Amount	         Percent	            Required	
 <S>                 		     <C>              <C>                <C>            		                 
 Tier 1 Capital	       		  $12,678	 	      9.23%	              4.0%	
 Risk Based Capital	  	     13,641	       16.44%	              8.0%

</TABLE>

 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 Improvement 
 Act of 1991 established a bank rating system based on the capital levels of 
 banks.  The Bank is rated "well capitalized", which is the highest rating 
 available under this capital-based rating system.

	Year 2000.  The federal banking regulators have issued several statements
 providing guidance to financial institutions on the steps the regulators 
 expect financial institutions to take to become Year 2000 compliant.  Each of
 the federal banking regulators is also examining the financial institutions 
 under its jurisdiction to assess each institution's compliance with the 
 outstanding guidance.  If an institution's progress in addressing the Year 
 2000 is deemed by its primary federal regulator to be less than 
 satisfactory, the institution will be required to enter into a memorandum 
 of understanding with the regulators which will, among other things, require
 the institution to promptly develop and submit an acceptable plan to become 
 Year 2000 compliant and to provide periodic reports describing the 
 institution's progress in implementing the plan.  Failure to satisfactorily
 address the Year 2000 problem may also expose a financial institution to 
 other forms of enforcement action that its primary federal regulator deems 
 appropriate to address the deficiencies in the institution's Year 2000 
 remediation program.  

	The Company utilizes and is dependent upon data processing systems and 
 software to conduct its business.  The data processing systems and software 
 include those developed and maintained by the Company's data processing
 provider and purchased software which is run on in-house computer networks.
 In 1997, the Company initiated a review and assessment of all hardware and 
 software to confirm that it will function properly in the year 2000.  
 The Company's data processing provider and those vendors which have been 
 contacted have indicated that they expect their hardware and/or software 
 will be Year 2000 compliant by the end of 1998.  This will allow time for 
 compliance testing. Additionally, alarms, elevators, heating and cooling 
 systems, and other computer-controlled mechanical devices on which the 
 Company relies are being evaluated.  Those found not to be in compliance 
 will be modified or replaced with a compliant product.  While there will be 
 expenses incurred during the next two years, the Company has not identified 
 any situations at this time that it anticipates will require material cost 
 expenditures to become fully compliant.  It is currently estimated that 
 costs could be approximately $150,000, although this number could vary 
 significantly based upon the results of testing and other factors.  An 
 analysis  has been done for the Company's borrowing customers and the Company 
 has initiated a program to visit with those identified to communicate with 
 key bank customers to ensure they are properly prepared for the Year 2000 and 
 do not anticipate that they will suffer serious adverse consequences.  This
 same analysis has been performed for large depositors and funds providers.  
 
 MNB BANCSHARES, INC. AND SUBSIDIARIES
 MANAGEMENT'S DISCUSSION AND ANALYSIS
 OF FINANCIAL CONDITIONN AND RESULTS OF OPERATIONS (Continued)

 A contingency and business resumption plan have been developed for the 
 Company to provide for reducing the business interruption and resumption of 
 normal business operation in the event of a Y2K-related failure.


 MNB BANCSHARES, INC. AND SUBSIDIARIES
 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

	The Company's assets and liabilities are principally financial in nature and 
 the resulting net interest income thereon is subject to changes in market 
 interest rates and the mix of various assets and liabilities.  Interest rates 
 in the financial markets affect the Company's decision on pricing its assets 
 and liabilities which impacts net interest income, a significant cash flow 
 source for the Company.  As a result, a substantial portion of the Company's  
 risk management activities relates to managing interest rate risk.

	The Company's Asset/Liability Management Committee monitors the interest rate 
 sensitivity of the Company's balance sheet using earnings simulation models 
 and interest sensitivity GAP analysis.  The Company has set policy limits of 
 interest rate risk to be assumed in the normal course of business and monitors 
 such limits through its simulation process.

	The Company has been successful in meeting the interest rate sensitivity 
 objections set forth in its policy.  Simulation models are prepared to 
 determine the impact on net interest income for the coming twelve months, 
 including one using rates at June 30, 1998 and forecasting volumes for the 
 twelve month projection.  This position is then subjected to a shift in 
 interest rates of 200 basis points rising and 200 basis points falling with 
 an impact to the Company's monthly net interest income on a one year horizon 
 as follows:

<TABLE>
<CAPTION>
<S>                                 <C>                         <C>
Scenario                        $ in thousands             % of Net int. income

200 basis point rising             $(18.6)                       (4.13%)
200 basis point falling             (15.3)                       (3.41%)

</TABLE>

	The Company believes it is appropriately positioned for future interest rate 
 movements, although it may experience some fluctuations in net interest income 
 due to short term timing differences between the repricing of assets and 
 liabilities.

	Safe Harbor Statement Under the Private Securities Litigation Reform Act of 
 1995.  This quarterly report contains certain forward-looking statements within
 the meaning of Section 27A of the Securities Act of 1933, as amended and 
 Section 21E of the Securities Exchange Act of 1934, as amended.  The Company 
 intends such forward-looking statements to be covered by the safe harbor 
 provisions for forward-looking statements contained in the Private Securities
 Report Act of 1995, and is including this statement for purposes of these safe
 harbor provisions.  Forward-looking statements, which are based on certain 
 assumptions and describe future plans, strategies and expectations of the 
 Company, are generally identifiable by use of the words "believe," "expect," 
 "intend," "anticipate," "estimate," "project," or similar expressions.  The 
 Company's ability to predict results or the actual effect of future plans or 
 strategies is inherently uncertain.  Factors which could have a material 
 adverse effect on operations and future prospects of the Company and the 
 subsidiaries include, but are not limited to, changes in: interest rates, 
 general economic conditions, legislative/regulatory changes, monetary and
 fiscal policies of the U.S. Government, including policies of the U.S. 
 Treasury and the Federal Reserve Board, the quality or composition of the loan 
 or investment portfolios, demand for loan products, deposit flows, competition,
 demand for financial services in the Company's market area and accounting 
 principles, policies and guidelines.  These risks and uncertainties should be 
 considered in evaluating forward-looking statements and undue reliance should 
 not be placed on such statements.  Further information concerning the company
 and its business, including additional factors that could materially affect the
 Company's financial results, is included in the Company's filings with the 
 Securities and Exchange Commission.



 MNB BANCSHARES, INC. AND SUBSIDIARIES
 PART II

 ITEM 1.	LEGAL PROCEEDINGS.

	There are no material pending legal proceedings to which the Company or its 
	subsidiaries 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 VOTE OF SECURITY HOLDERS.

	On May 18, 1998, the annual meeting of stockholders was held.  At the
 meeting, 		Brent A. Bowman, Charles D. Green, and Vernon C. Larson were 
 elected to serve as Class III directors with terms expiring in 2001.  
 Continuing as Class I directors 	(term expires in 1999) are Patrick L. 
 Alexander, Joseph L. Downey, Rolla W. 	Goodyear and Jerry R. Pettle; and 
 continuing as Class II directors (term expires in 	2000) are Susan E. Roepke 
 and Donald J. Wissman  The stockholders approved the amendment to the 
 Certificate of Incorporation increasing the number of 	authorized shares of 
 the Company's Common Stock, $.01 par value, from 1,500,000 to 3,000,000.  The 
 stockholders approved the MNB Bancshares, Inc. 	1998 Stock Option Plan and 
 also ratified the appointment of KPMG Peat Marwick LLP as the Company's 
 independent public accountants for the year ending December 31, 1998.

	There were 1,286,996 issued and outstanding shares of Common Stock at the time 
	of the annual meeting.  The voting on each item at the annual meeting was as 
	follows:


<TABLE>
<CAPTION>

<S>                       <C>           <C>            <C>          <C>
                          For      Withheld/Against   Abstain   Broker Non-Votes

Brent A. Bowman        1,087,778     28,893
Charles D. Green       1,088,990     27,681
Vernon C. Larson       1,088,990     27,681
Amend Certificate of
 Incorporation         1,088,566      5,424            22,681
MNB Bancshares, Inc.
1998 Stock Option Plan   946,116     21,284            26,247      123,024
KPMG Peat Marwick LLP  1,086,520      7,470            22,681

</TABLE>



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-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.

 MNB BANCSHARES, INC.


												
 Date:  August 8, 1998	/s/Patrick L. Alexander
                      				President and Chief Executive Officer

												
Date:  August 8, 1998	 /s/Susan E. Roepke
                          Vice President, Secretary,
                          Treasurer and Chief Financial Officer




INDEX TO EXHIBITS

										SEQUENTIAL
EXHIBIT									PAGE
NUMBER			DESCRIPTION				NUMBER

27			          Financial Data Schedule			 17