SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G*
Under the Securities Exchange Act of 1934
(Amendment No. __)**
INDEPENDENT BANKSHARES, INC.
(Name of Issuer)
Common Stock, par value $0.25 per share
(Title of Class of Securities)
453841 20 7
(CUSIP Number)
* A previous report on Schedule 13D was filed on January 11,
1993. This Schedule 13G supplements and replaces such
originally filed Schedule 13D.
** The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in
a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liabilities of that section of
the Exchange Act but shall be subject to all other provisions of
the Exchange Act (however, see the Notes).
<PAGE>
CUSIP NO. 453841 20 7 13G
Page 2 of 5
(1) Name of Reporting Person Independent Bankshares, Inc.
Employee Stock Ownership/401(k) Plan
I.R.S. Identification
No. of Above Person 75-1717279
- -----------------------------------------------------------------
(2) Check the Appropriate Box if a (a) [ ]
Member of a Group* (b) [ ]
- -----------------------------------------------------------------
(3) SEC Use Only
- -----------------------------------------------------------------
(4) Citizenship or Place of Organization Texas, U.S.A.
- -----------------------------------------------------------------
Number of Shares
Beneficially
owned by each
reporting person
with: (5) Sole Voting Power 0
- -----------------------------------------------------------------
(6) Shared Voting Power 0
- -----------------------------------------------------------------
(7) Sole Dispositive Power 143,276
- -----------------------------------------------------------------
(8) Shared Dispositive Power 0
- -----------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned 143,276
by Each Reporting Person
- -----------------------------------------------------------------
(10) Check Box if the Aggregate Amount in [ ]
Row (9) Excludes Certain Shares*
- -----------------------------------------------------------------
(11) Percent of Class Represented by 7.3%
Amount in Row (9)
- -----------------------------------------------------------------
(12) Type of Reporting Person* EP
- -----------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
CUSIP NO. 453841 20 7 13G
Page 3 of 5
Item 1(a) Name of Issuer.
Independent Bankshares, Inc. (the "Issuer")
Item 1(b) Address of Issuer's Principal Executive Offices
547 Chestnut Street, Abilene, Texas 79602.
Item 2(a) Name of Person Filing
Independent Bankshares, Inc. Employee Stock
Ownership/401(k) Plan (the "Reporting Person")
Item 2(b) Address of Principal Business Office, or if none,
Residence.
547 Chestnut Street, Abilene, Texas 79602.
Item 2(c) Citizenship
The Reporting Person is an employee benefit plan
organized in the state of Texas.
Item 2(d) Title of Class of Securities
Common Stock, $0.25 par value per share (the
"Common Stock") of the Issuer.
Item 2(e) CUSIP Number
453841 20 7
Item 3. This statement is filed pursuant to Rule 13d-1(f).
Item 4. Ownership
(a) Amount Beneficially Owned: 143,276;
Beneficial ownership disclaimed pursuant to Rule
13d-4.
(b) Percent of Class: 7.3%
<PAGE>
CUSIP NO. 453841 20 7 13G
Page 4 of 5
(c) Number of Shares as to which such person has:
(i) sole power to vote or to direct the vote: 0
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the
disposition of: 143,276
(iv) shared power to dispose or to direct the
disposition of: 0
Item 5. Ownership of 5% or less of a Class
Not Applicable
Item 6. Ownership of more than 5% on Behalf of Another Person
As far as the undersigned knows, this item is not
applicable.
Item 7. Identification and Classification of the Subsidiary
which Acquired the Security Being Reported on by the
Parent Holding Company
Not Applicable.
Item 8. Identification and Classification of Members of the
Group
Not Applicable.
Item 9. Notice of Dissolution of the Group
Not Applicable.
Item 10. Certification.
By signing below, I certify that, to the best of my
knowledge and belief, the securities referred to above were
acquired in the ordinary course of business and were not acquired
for the purpose of and do not have the effect of changing or
influencing the control of the Issuer of such securities and were
not acquired in connection with or as a participant in any
transaction having such purpose or effect.
<PAGE>
CUSIP NO. 453841 20 7 13G
Page 5 of 5
SIGNATURE
After reasonable inquiry, and to the best of my knowledge
and belief, I certify that the information set forth in this
Statement is true, complete and correct.
Date: February 16, 1998
Independent Bankshares, Inc.
Employee Stock Ownership/401(k) Plan
By: /s/ CAROLYN K. MARSHALL
------------------------------------
Carolyn K. Marshall, Trustee
Attention: Intentional misstatements or
omissions of fact constitute Federal
criminal violations (see 18 U.S. C. 1001).
