SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ___)*
FIRST STATE CORPORATION
- ---------------------------------------------------------------------
(Name of Issuer)
Common Stock
- ---------------------------------------------------------------------
(Title of Class of Securities)
336907100
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(CUSIP Number)
Check the following box if a fee is being paid with this statement
_____. (A fee is not required only if the filing person: (1) has a
previous statement on file reporting beneficial ownership of more than
five percent of the class of securities described in Item 1; and (2)
has filed no amendment subsequent thereto reporting beneficial ownership
of five percent or less of such class.) (See Rule 13d-7).
*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 the disclosures provided in a prior cover page.
The information required in 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 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all
other provisions of the Act (however, see the Notes).<PAGE>
CUSIP No. 336907100
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1. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J. Reeves Haley
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
N/A
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3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5. SOLE VOTING POWER
436,968
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6. SHARED VOTING POWER
0
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7. SOLE DISPOSITIVE POWER
436,968
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8. SHARED DISPOSITIVE POWER
0
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
* 437,463
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES
N/A
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.36%
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12. TYPE OF REPORTING PERSON
IN
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<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13-G
Information Statement Pursuant to Rules 13d-1 and 13d-2
(Amendment No. __)
Item 1 (a) NAME OF ISSUER:
First State Corporation
Item 1 (b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
333 W. Broad Street
Albany, Georgia 31701
Item 2 (a) NAME OF PERSON FILING:
J. Reeves Haley
Item 2 (b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
209 Dixie Drive
Moultrie, Georgia 31768
Item 2 (c) CITIZENSHIP:
United States of America
Item 2 (d) TITLE OF CLASS OF SECURITIES:
Common Stock
Item 2 (e) CUSIP NUMBER:
336907100
Item 3 STATEMENTS FILED PURSUANT TO RULES 13d-1(b) or 13d-2(b):
Not Applicable
Item 4 OWNERSHIP AS OF DECEMBER 31, 1997:
(a) AMOUNT BENEFICIALLY OWNED: * 437,463
(b) PERCENT OF CLASS: 6.36%
<PAGE>
(c) NUMBER OF SHARES AS TO WHICH REPORTING PERSON HAS:
(i) Sole power to vote or to direct the vote: 436,968
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the
disposition of: * 437,463
(iv) Shared power to dispose or to direct the
disposition of: 0
___________________________
* Includes presently exercisable option to purchase 495 shares
Item 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
N/A
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Item 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON:
N/A
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Item 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY:
N/A
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Item 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
N/A
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Item 9 NOTICE OF DISSOLUTION OF GROUP:
N/A
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Item 10 CERTIFICATION:
N/A
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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.
/s/ J. Reeves Haley
------------------------------------
J. Reeves Haley
Dated: February 9, 1998
