FORM 3 AMENDMENT
U.S. SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
INITIAL STATEMENT OF |_____________________|
BENEFICIAL OWNERSHIP OF SECURITIES |OMB NUMBER: 3235-0104|
|EXPIRES: |
| SEPTEMBER 30, 1998 |
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934, |BURDEN HOURS |
Section 17(a) of the Public Utility |PER RESPONSE 0.5 |
Holding Company Act of 1935 |_____________________|
or Section 30(f) of the Investment
Company Act of 1940
__________________________________________________________________________
1. Name and Address of Reporting Person
Flaum James G.
__________________________________________________________________________
(Last) (First) (Middle)
0252 Elk Lane, Unit C
__________________________________________________________________________
(Street)
Vail CO 81658
__________________________________________________________________________
(City) (State) (Zip)
__________________________________________________________________________
2. Date of Event Requiring Statement (Month/Day/Year)
December 8, 1998
__________________________________________________________________________
3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
-----
__________________________________________________________________________
4. Issuer Name and Ticker or Trading Symbol
Vail Banks, Inc. (VAIL)
__________________________________________________________________________
5. RELATIONSHIP OF REPORTING PERSON(S) TO ISSUER (CHECK ALL APPLICABLE)
(XX) DIRECTOR
( ) 10% OWNER
( ) OFFICER (GIVE TITLE BELOW)
( ) OTHER (SPECIFY TITLE BELOW)
___________________________________________________________________________
6. IF AMENDMENT, DATE OF ORIGINAL (MONTH/DAY/YEAR)
12/08/98
___________________________________________________________________________
7. INDIVIDUAL OR JOINT/GROUP FILING (CHECK APPLICABLE LINE)
X FORM FILED BY ONE REPORTING PERSON
FORM FILED BY MORE THAN ONE REPORTING PERSON
============================================================================
TABLE I - NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
____________________________________________________________________________
<PAGE>
|1. TITLE OF SECURITY|2. AMOUNT OF |3. OWNERSHIP |4. NATURE OF INDIRECT |
| (INSTR. 4) | SECURITIES | FORM DIRECT| BENEFICIAL OWNERSHIP|
| | BENEFICIALLY| DIRECT (D) | (INSTR. 5) |
| | OWNED | OR INDIRECT| |
| | (INSTR. 4) | (I) (INSTR.| |
| | | 5) | |
|____________________|_______________|______________|_______________________|
| | | | |
| Common Stock | 4,260 | D | Jointly with Spouse |
| | | | |
| | | | |
============================================================================
TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
___________________________________________________________________________
1. Title of Derivative Security (Instr. 4)
Option
____________________________________________________________________________
2. Date Exercisable and Expiration Date (Month/Day/Year)
1/1/99; 1/1/09
____________________________________________________________________________
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)
Common Stock; 1,250
____________________________________________________________________________
4. Conversion or Exercise Price of Derivative Security
$8.54
____________________________________________________________________________
5. Ownership Form of Derivative Security: Direct(D) or Indirect(I)(Instr. 5)
D
____________________________________________________________________________
6. Nature of Indirect Beneficial Ownership (Instr. 5)
N/A
============================================================================
<PAGE>
___________________________________________________________________________
1. Title of Derivative Security (Instr. 4)
Option
____________________________________________________________________________
2. Date Exercisable and Expiration Date (Month/Day/Year)
1/1/00; 1/1/09
____________________________________________________________________________
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)
Common Stock; 1,250
____________________________________________________________________________
4. Conversion or Exercise Price of Derivative Security
$8.54
____________________________________________________________________________
5. Ownership Form of Derivative Security: Direct(D) or Indirect(I)(Instr. 5)
D
____________________________________________________________________________
6. Nature of Indirect Beneficial Ownership (Instr. 5)
N/A
<PAGE>
___________________________________________________________________________
1. Title of Derivative Security (Instr. 4)
Option
____________________________________________________________________________
2. Date Exercisable and Expiration Date (Month/Day/Year)
1/1/01; 1/1/09
____________________________________________________________________________
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)
Common Stock; 1,250
____________________________________________________________________________
4. Conversion or Exercise Price of Derivative Security
$8.54
____________________________________________________________________________
5. Ownership Form of Derivative Security: Direct(D) or Indirect(I)(Instr. 5)
D
____________________________________________________________________________
6. Nature of Indirect Beneficial Ownership (Instr. 5)
N/A
<PAGE>
___________________________________________________________________________
1. Title of Derivative Security (Instr. 4)
Option
____________________________________________________________________________
2. Date Exercisable and Expiration Date (Month/Day/Year)
1/1/02; 1/1/09
____________________________________________________________________________
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)
Common Stock; 1,250
____________________________________________________________________________
4. Conversion or Exercise Price of Derivative Security
$8.54
____________________________________________________________________________
5. Ownership Form of Derivative Security: Direct(D) or Indirect(I)(Instr. 5)
D
____________________________________________________________________________
6. Nature of Indirect Beneficial Ownership (Instr. 5)
N/A
<PAGE>
EXPLANATION OF RESPONSES:
/s/ James Flaum 1/11/99
_________________________________ ________________
James Flaum
** SIGNATURE OF REPORTING PERSON DATE
_____________________________
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS.
SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM
DISPLAYS A CURRENTLY VALID OMB NUMBER.
