U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Magna Group, Inc.
One Magna Place
1401 South Brentwood Boulevard
St. Louis, MO 63144-1401
USA
2. Date of Event Requiring Statement (Month/Day/Year)
August 30, 1996
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Homeland Bankshares Corporation
HLND
5. Relationship of Reporting Person to Issuer (Check all applicable)
( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
6. If Amendment, Date of Original (Month/Day/Year)
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
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<S> <C> <C> <C>
___________________________________________________________________________________________________________________________________|
<CAPTION>
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship: | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
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<S> <C> <C> <C> <C> <C> <C> <C>
Option to Purchase Common|Note 1 |Note 1 |Common Stock |1,134,972|$34.00 |D | |
Stock | | | | | | | |
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</TABLE>
Explanation of Responses:
Note 1: The Option is exercisable only upon the occurrence of certain events
described in the Stock Option Agreement, dated August 30, 1996, between the
Reporting Person and the Issuer (the "Stock Option Agreement") and expires upon
the occurrence of certain events described in the Stock Option Agreement.
A copy of the Stock Option Agreement is attached as an Exhibit to the Reporting
Person's Current Report on Form 8-K filed with the Securities and Exchange
Commission on September 6, 1996.
SIGNATURE OF REPORTING PERSON
MAGNA GROUP, INC.
/s/ Ronald A. Buerges
By: Ronald A. Buerges
Title: Executive Vice
President and Chief
Financial Officer
Date: September 6, 1996
