<PAGE>
FORM 3
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
Godec Dan E.
__________________________________________________________________________
(Last) (First) (Middle)
108 South Frontage Road West
__________________________________________________________________________
(Street)
Vail CO 81657
__________________________________________________________________________
(City) (State) (Zip)
__________________________________________________________________________
2. Date of Event Requiring Statement (Month/Day/Year)
May 19, 1999
__________________________________________________________________________
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)
( ) DIRECTOR
( ) 10% OWNER
(XX) OFFICER (GIVE TITLE BELOW)
( ) OTHER (SPECIFY TITLE BELOW)
President of WestStar Bank
___________________________________________________________________________
6. IF AMENDMENT, DATE OF ORIGINAL (MONTH/DAY/YEAR)
___________________________________________________________________________
7. INDIVIDUAL OR JOINT/GROUP FILING (CHECK APPLICABLE LINE)
/x/ FORM FILED BY ONE REPORTING PERSON
/ / FORM FILED BY MORE THAN ONE REPORTING PERSON
<PAGE>
FORM 3 (Continued)
============================================================================
TABLE I - NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
____________________________________________________________________________
|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 | 17,120 | D | |
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<TABLE>
<CAPTION>
TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED (e.g. puts, calls, warrants, options, convertible securities)
1. Title of Dirivative | 2. Date |3. Title and Amount of Securities | 4. Conversion | 5. Owner- | 6. Nature of Indirect |
Security (Inst. 4) | Exercisable | Underlying Derivative Security | or | ship | Beneficial |
| and | (Inst. 4) | Exercise | Form of | Ownership |
| Expiration | | Price of | Deriv- | Inst. 5) |
| Date | | Deri- | ative | |
| (Month/Day/ | | vative | Security:| |
| Year) | | Security | Direct | |
|---------------------------------------------------| | (D) or | |
| Date | Expira-| | Amount | | Indirect | |
| Exer- | tion | Title | or | | (I) | |
|cisable| Date | | Number | | (Inst. 5)| |
| | | | of Shares| | | |
- ----------------------------------------------------------------------------------------------------------------------------------
<S> | <C> | <C> | <C> | <C> | <C> | <S> | |
Option | 1/99 | 1/08 | Common Stock | 3,750 | 8.54 | D | |
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Option | 1/00 | 1/08 | Common Stock | 3,750 | 8.54 | D | |
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Option | 1/00 | 1/09 | Common Stock | 1,200 | 12.25 | D | |
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Option | 1/01 | 1/08 | Common Stock | 3,750 | 8.54 | D | |
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Option | 1/01 | 1/09 | Common Stock | 1,200 | 12.25 | D | |
- ----------------------------------------------------------------------------------------------------------------------------------
Option | 1/02 | 1/08 | Common Stock | 3,750 | 8.54 | D | |
- ----------------------------------------------------------------------------------------------------------------------------------
Option | 1/02 | 1/09 | Common Stock | 1,200 | 12.25 | D | |
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Option | 1/03 | 1/09 | Common Stock | 1,200 | 12.25 | D | |
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Option | 1/04 | 1/09 | Common Stock | 1,200 | 12.25 | D | |
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| | | | | | | |
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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EXPLANATION OF RESPONSES:
/s/ Dan Godec June 1, 1999
_____________________________________ ----------------
Dan Godec
** 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).
