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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __)*
AREA BANCSHARES CORPORATION
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
03 98 72 106
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(CUSIP Number)
*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 1 of 5 pages
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SCHEDULE 13G Page 2 of 5 pages
CUSIP NO.
<TABLE>
<S> <C> <C>
================================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Carol M. Gatton
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
N/A
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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5 SOLE VOTING POWER
NUMBER OF 3,694,729
SHARES
BENEFICIALLY
OWNED BY ---------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING 493,017
PERSON
WITH
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7 SOLE DISPOSITIVE POWER
3,694,729
---------------------------------------------------
8 SHARED DISPOSITIVE POWER
493,017
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,187,746
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
26.8%
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12 TYPE OF REPORTING PERSON
IN
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</TABLE>
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SCHEDULE 13G Page 3 of 5 pages
ITEM 1(a). NAME OF ISSUER:
Area Bancshares Corporation
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
230 Frederica Street
Owensboro, Kentucky 42301
ITEM 2(a). NAME OF PERSON FILING:
Carol M. Gatton
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
Bill Gatton Chevrolet-Cadillac
1000 W. State Street
Bristol, Tennessee 37620
ITEM 2(c). CITIZENSHIP:
United States of America
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
Common Stock
ITEM 2(e). CUSIP NUMBER:
03 98 72 106
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR 13d-2(b),
CHECK WHETHER THE PERSON FILING IS:
Not applicable
ITEM 4. OWNERSHIP AS OF DECEMBER 31, 1997:
(a) Amount beneficially owned: 4,187,746
(b) Percent of class: 26.8%
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SCHEDULE 13G Page 4 of 5 pages
(c) Number of shares as to which such person has
(i) sole power to vote or direct the vote: 3,694,729
(ii) shared power to vote or direct the vote: 493,017
(iii) sole power to dispose or to direct the disposition
of: 3,694,729
(iv) shared power to dispose or direct the disposition
of: 493,017
----------------------
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
Not applicable
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
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 THE MEMBERS OF THE GROUP:
Not applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP:
Not applicable
ITEM 10. CERTIFICATION:
Not applicable
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SCHEDULE 13G Page 5 of 5 pages
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: 2/12/98
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Signature: /s/ C. M. Gatton
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Name: C. M. Gatton
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