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 March 31, 1998

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
(State or other jurisdiction)
of incorporation or organization)

48-1120026                      	
(I.R.S. Employer Identification Number)

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

66502
(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 May 6, 
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 - 5
Item 2.  Management's Discussion and 
         Analysis of Financial 
         Condition and Results of 
         Operations                   6 - 10

PART II

Item 1.  Legal Proceedings                11
Item 2.  Changes in Securities            11
Item 3.  Defaults Upon Senior Securities  11
Item 4.  Submission of Matters to a 
         Vote of Security Holders         11
Item 5.  Other Information                11
Item 6.  Exhibits and Reports on Form 8-K 11

Form 10-Q Signature Page                  12


<TABLE>
MNB BANCSHARES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
<CAPTION>
                            March 31,        December 31,
                            1998             1997
                            (Unaudited)
<S>                         <C>              <C>
ASSETS

Cash and cash equivalents:

  Cash                      $3,789,766       $3,398,451 

  Interest-bearing 
  deposits in other
   financial institutions    4,800,000        3,300,000 

     Total cash and cash 
      equivalents            8,589,766        6,698,451 

Investment securities:

  Held-to-maturity at 
   amortized cost            4,571,790        6,669,809 
  (estimated fair value of 
   $4,573,000 and $6,692,000 
   respectively)

  Available-for-sale at 
  estimated fair value      42,498,823       35,409,475 

Loans, net                  86,535,742       88,724,128 

Premises and equipment, net  2,601,319        2,597,658 

Other assets                 4,744,025        4,652,570 

     Total assets         $149,541,465     $144,752,091 


LIABILITIES AND 
STOCKHOLDERS' EQUITY

Liabilities:

  Deposits                $126,959,245    $122,208,537 
  Other borrowings           8,544,070       9,099,379 
  Accrued expenses, taxes 
  and other liabilities      1,483,212       1,168,326 

     Total liabilities     136,986,527     132,476,242 

Stockholders' equity:

  Common stock, $.01 par, 
  1,500,000 shares 
  authorized, 1,288,476 
  and 1,284,460 shares 
  issued and outstanding at
  1998 and 1997, 
  respectively                 12,885           12,845 

  Additional paid in 
  capital                   7,152,890        7,122,795 

  Retained earnings         5,561,259        5,341,952 

  Unrealized loss on 
  investment securities
  available-for-sale, 
  net of tax                   96,813           69,444 

  Unearned employee 
  benefits                   (268,909)        (271,187)

     Total stockholders' 
     equity                12,554,938       12,275,849 

     Total liabilities 
     and stockholders' 
     equity              $149,541,465     $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 Three Months
                                  Ended March 31,
                               1998               1997
<S>                            <C>                <C>
Interest income:

  Loans                        $1,996,945         $1,404,713 
  Investment securities           621,525            472,374 
  Other                           116,776             37,655 

     Total interest income      2,735,246          1,914,742 

Interest expense:

  Deposits                      1,330,574            950,161 
  Borrowed funds                  151,122             51,877 

     Total interest expense     1,481,696          1,002,038 


     Net interest income        1,253,550            912,704 

Provision for loan losses          30,000             15,000 

   Net interest income after
   provision for loan losses    1,223,550            897,704 


Noninterest income:

  Fees and service charges       204,064             125,048 
  Gains on sale of loans          61,726               5,298 
  Other                           23,793              17,901 

     Total noninterest income    289,583             148,247 


Noninterest expense:

  Compensation and benefits      492,596             320,833 
  Occupancy and equipment        165,470              94,224 
  Federal deposit insurance 
  premiums                        14,443              11,890 
  Data processing                 42,209              26,801 
  Amortization                    63,871              28,276 
  Advertising                     15,673              10,156 
  Professional fees               49,216              39,164 
  Stationery, printing and 
  office supplies                 22,074              12,209 
  Other                          204,138             141,321 

   Total noninterest expense   1,069,690             684,874 

   Earnings before income 
   taxes                         443,443             361,077 

Income tax expense               143,858             118,420 


     Net earnings               $299,585            $242,657 


Earnings per share
             Basic                $0.23                $0.19 
             Diluted              $0.22                $0.18 

Dividends per share             $0.0625              $0.0625 

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

<TABLE>
MNB BANCSHARES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
<CAPTION>

                                 For the Three Months
                                    Ended March 31,
                                1998           1997
<S>                             <C>            <C>
Net cash provided by (used in) 
operating activities            $1,336,002     $(212,567)

INVESTING ACTIVITIES

  Net (increase) decrease 
  in loans                      1,435,812     (2,445,784)

  Maturities and prepayments 
  of investments held to 
  maturity                      1,584,540      1,622,212 

  Maturities and prepayments 
  of investments available 
  for sale                     2,318,285       1,040,988 

  Purchase of investments 
  available for sale          (8,855,479)     (2,645,937)

  Proceeds from sale of 
  foreclosed assets               10,148               -   

  Net cash used to purchase 
  insurance agency                    -          (30,000)

  Purchases of equipment and 
  building improvements          (85,556)         (8,333)

     Net cash used in 
     investing activities     (3,592,250)     (2,466,854)


FINANCING ACTIVITIES

  FHLB advances (net)          (535,714)         300,000 
  Net increase in deposits    4,750,738          279,827 
  Net decrease in securities 
  sold under agreements to 
  repurchase                   (17,316)                -   

  Issuance of common stock 
  under stock option plan       30,134            31,306 

  Payment of dividends         (80,279)          (75,803)

     Net cash provided by 
     financing activities    4,147,563           535,330 

  Net increase (decrease) in 
  cash and cash  equivalents 1,891,315        (2,144,091)

  Cash and cash equivalents 
  at beginning of period     6,698,451         4,570,159 

  Cash and cash equivalents 
  at end of  period         $8,589,766        $2,426,068 


  Supplemental disclosure 
  of cash flow information:

   Cash paid during period 
   for interest              $1,462,180      $1,023,000 

   Cash paid during period 
   for taxes                   $402,212         $42,000 

<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 period ended March 31, 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 and 1997, the adoption of SFAS No. 128 in 
1997 and the two-for-one stock split declared on 
January 21, 1998.

	The shares used in the calculation of basic 
and diluted income per share, which have been 
restated for the annual 5% stock dividends and the 
1998 stock split, are shown below:

<TABLE>
<CAPTION>
                           For the quarters ended 
                                  March 31,
                            1998                 1997
<S>                         <C>                  <C>
Weighted average common 
shares outstanding           1,286,198            1,276,046
Stock options                   58,198               54,443
Total                        1,344,396            1,330,489
</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 a Definitive Agreement to 
sell the Beloit, Kansas branch to Farmers State 
Bank of Mankato, Kansas.  This transaction is 
subject to approval from the appropriate 
regulatory agencies.  It is expected to be 
completed sometime this summer.


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

                              1997

Net interest income plus 
other income                $1,371,058
Net earnings                   219,773
Diluted earnings per share        0.17

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 three months 
                              ended March 31,
                            1998             1997

<S>                         <C>              <C>
Net income                  $ 299,585         $242,657
Change in unrealized 
security gain (loss), net     27,369           (68,871)
Comprehensive income        $326,954          $173,786
</TABLE>
	
5.	Impact of Accounting Standards

	In January, 1998, 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.

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 costs, data 
processing expenses 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 acisition, 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 months ended 
March 31, 1998 include Citizens from the date of 
acquisition.

	The home office for the Bank is Manhattan, 
Kansas, with branches operating in Auburn, Beloit, 
Osage City, and Topeka, Kansas.  Additionally, on 
April 2, 1998, the Company entered into a 
definitive agreement to sell the Beloit, Kansas 
branch to Farmers State Bank of Mankato, Kansas.  
The transaction is subject to approval from the 
appropriate regulatory agencies.  It is expected 
to be completed sometime this summer.

	Net earnings for the first three months of 
1998 increased $56,928, or 23.5%, to $299,585 as 
compared to the first three months of 1997.  Net 
interest income increased $325,846, or 36.3%, from 
$897,704, to $1,223,550.  Noninterest income 
increased $141,336, or 95.3%, from $148,247 to 
$289,583, due to an increase of 1065.1% in gains 
on sale of loans to $61,726 and fees and service 
charges from $125,048 to $204,064, or 63.2%. Non 
interest expense increased $384,816 or 56.2%.  
With the exception of gains on sale of loans, the 
acquisition of Freedom contributed significantly 
to each of these increases.  

	Interest Income.  Interest income increased 
$820,504, or 42.9%, to $2.7 million from $1.9 
million in 1997.  This increase was due to an 
increase in interest on loans of 42.2% to $2.0 
million from $1.4 million and interest on 
investment securities of $149,151 to $621,525, or 
31.6%.  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 
$37,655 to $116,776, or by 210.1% as a result of 
the acquisition and the increase in funds 
available for investment in short-term overnight 
interest-bearing deposits.

	Interest Expense.  As compared to the same 
period a year earlier, interest expense during the 
first three months of 1998 increased by $479,658, 
or 47.9%.  Interest expense on deposits increased 
$380,413, or 40.0% while interest expense on 
borrowings, consisting of advances from the 
Federal Home Loan Bank of Topeka (the "FHLB"), 
repurchase agreements and funds borrowed for the 
acquisition of Freedom, increased $99,245, or 
191.3%, during this time period.  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.

	Provision for Loan Losses.  The provision for 
loan losses was $30,000 for the first quarter of 
1998, compared to $15,000 in 1997. The increased 
provision is a result of the acquisition.  At 
March 31, 1998, the allowance for loan losses was 
$1,363,456, or 1.5% of gross loans outstanding, 
compared to $835,397 at March 31, 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 $141,336, or 95.3%, for the first three 
months of 1998 to $289,583 compared to the same 
period in 1997.  This increase was due to an 
increase of 63.2% in fees and service charges from 
$125,048 to $204,064, of which $59,450 was 
attributable to the acquisition.  Gains on sale of 
loans increased $56,428 to $61,726, or 1065.1%, as 
a result of increased loan originations due to 
refinancing because of lower interest rates.  
Other noninterest income increased 32.9% to 
$23,793 from $17,901.

	Noninterest Expense.  Noninterest expense 
increased $384,816, or 56.2%, to $1.1 million for 
the first three months of 1998 over the same 
period in 1997.  This large increase was due in 
part to the acquisition.  Occupancy and equipment 
expense increased $71,246 or 75.6% and 
compensation increased 53.5% to $492,596, both 
primarily due as a result of the acquisition. 
Amortization increased 125.9% to $63,871 from 
$2$28,276 as a result of the acquisition.  Other 
by 44.5%.

	Asset Quality and Distribution.  The 
Company's total assets increased to $149.5 million 
at March 31, 1998 from $144.8 million at December 
31, 1997 which included Freedom's assets.  The 
Company's primary ongoing sources of funds are 
deposits, proceeds from principal and interest 
payments on loans and mortgage backed securities 
and proceeds from the sale of mortgage loans and 
mortgage backed 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 mortgage, consumer, 
and commercial loans and the purchase of 
investment and mortgage backed securities.  During 
the first three months of 1998, the Company 
originated mortgage loans in the amount of $11.8 
million compared to $3.9 million during the first 
three months of 1997.  Generally, the Company 
originates long term fixed rate residential 
mortgage loans for immediate sale and does not 
warehouse loans to speculate on interest rates.  
Efforts of management to diversify the loan 
portfolio have resulted in the Company having 
originated commercial non-mortgage and consumer 
loans of $3.5 million during the first three 
months of 1998, compared to $8.0 million in 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 March 31, 1998, eleven 
real estate loans were more than 30 days past due 
with a total balance of $417,444, which was 0.47% 
of total loans outstanding.  Six loans, totaling 
$121,342, were on non-accrual status as of March 
31, 1998.  With the exception of guaranteed 
student loans, nine consumer loans totaling 
$68,451, or 0.08%, were over 30 days past due as 
of March 31, 1998 and three loans with a balance 
of $7,858 were on non-accrual.  Additionally, 
eleven  commercial loans totaling $175,821, or 
 .20%, were past due.  Sixteen commercial loans 
totaling $151,472 were on non-accrual status.  At 
March 31, 1998, the Company had outstanding loan 
commitments of $17.9 million.  

	During the three months ended March 31, 1998, 
the Company purchased securities to be held to 
maturity and available for sale in the amount of 
$8.9 million.  These activities were funded 
primarily by maturing securities of $3.9 million, 
deposits, and proceeds from the sale of fixed rate 
mortgage loans totaling $7.4 million.

	Liability Distribution.  At March 31, 1998, 
total deposits had a net increase of $4.8 million 
from December 31, 1997, while borrowings decreased 
$.6 million as FHLB advances were paid in full as 
they matured.

	Checking and NOW accounts at the end of the 
first quarter of 1998 totaled $38.5 million, or 
30.3% of deposits, compared to approximately 
28.0%, or $34.2 million at December 31, 1997.  
Certificates of deposit decreased to  $60.9 
million at March 31, 1998 from $62.4 million, or 
2.4%. Money market funds also decreased 4.2% from 
December 31, 1997 to $17.9 million from $18.7 
million, and are 14.1% of total deposits, while 
savings accounts increased from $7.0 million to 
$9.7 million.

	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 March 31, 1998, and December 
31, 1997 respectively, these liquid assets totaled 
$51.1 million and $42.1 million.  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 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 generally 
available through the use of FHLB advances, a line 
of credit with the FHLB or through sales of 
securities.  At March 31, 1998, the Company had 
outstanding FHLB advances of $4.9 million and had 
nothing outstanding on its $15 million line of 
credit.  Additionally, the Company has guaranteed 
a loan made to the Company's Employee Stock 
Ownership Plan (the "ESOP") with an outstanding 
balance of $268,909 at March 31, 1998, to fund the 
ESOP's purchase of shares in the Company's common 
stock offering in 1993.  The total borrowings by 
the Company were $8.5 million at March 31, 1998, 
which includes $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 
(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 $12.6 million is, 
however, well in excess of the Federal Reserve 
Board's consolidated minimum capital requirements.

	At March 31, 1998, the Bank continued to 
maintain a sound Tier 1 capital ratio of 8.18% and 
a risk based capital ratio of 14.68%.  As shown by 
the following table, the Bank's capital exceeded 
the minimum capital requirements  (dollars in 
thousands):

<TABLE>
<CAPTION

                          March 31, 1998
                        Amount   Percent  Required
<S>                     <C>      <C>      <C>
Tier 1 Capital          $12,255   8.18%    4.00%
Risk Based Capital       13,298  14.68%    8.00%
</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 establishes 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 for 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 will also initiate a 
program to visit with those identified to 
communicate with key bank customers to ensure they 
are properly prepared for the Year 2000 and will 
not suffer serious adverse consequences.  This 
same analysis is being performed for large 
depositors and funds providers and should be 
completed shortly.


	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 Reform 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 affect on the operations and future 
prospects of the Company and the subsidiary 
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 is 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.

		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-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:  May 13, 1998  /s/Patrick L. Alexander
                   					President and Chief Executive Officer

Date:  May 13, 1998  /s/Susan E. Roepke
                   					Vice President, Secretary, Treasurer and 
                        Chief Financial Officer