<PAGE> 1
==============================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): JANUARY 24, 1996
MAGNA GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-8234 37-0996453
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
organization) Number)
ONE MAGNA PLACE
1401 SOUTH BRENTWOOD BOULEVARD
ST. LOUIS, MISSOURI 63144-1401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (314) 963-2500
==============================================================================
<PAGE> 2
ITEM 5. OTHER EVENTS
In early January 1996, the Registrant learned that a St.
Louis based computer leasing company had filed a Chapter 11
bankruptcy proceeding. The debtor in possession's filing indicates
such company had borrowed monies from numerous banks, including
$900,000 from Magna Bank, National Association, a wholly owned
subsidiary of the Registrant, secured by assignments of leases. It
also appears that such company engaged in numerous private
placements and an affiliate engaged in one public offering. Magna
Trust Company, a wholly owned subsidiary of Magna Bank, National
Association, served as an indenture trustee for one public offering
and Magna Bank, National Association served as an escrow agent for
various private placements by such company. Based on the facts
known to date, the Registrant does not believe it will sustain a
material loss by virtue of these relationships.
* * *
- 2 -
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Dated: January 24, 1996
MAGNA GROUP, INC.
By: /s/ Ronald A. Buerges
--------------------------------------
Ronald A. Buerges, Senior Vice
President and Acting Chief
Financial Officer
- 3 -
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
- ----------- ----------- --------
<C> <S> <C>
NONE
</TABLE>
- 4 -
