HARRINGTON FINANCIAL GROUP INC
5, 1998-09-10
SAVINGS INSTITUTION, FEDERALLY CHARTERED
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                    U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC 20549
							           
     				   FORM 5
                  ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

              Filed pursuant to Section 16(a) of the Securities Exchange
	      Act of 1934, Section 17(a) of the Public Utility Holding
              Company Act of 1935 or Section 30(f) of the Investment 
              Company Act of 1940


1. Name and Address    2. Issuer Name and Ticker  6. Relationship of Reporting
   of Reporting Person    or Trading Symbol          Person to Issuer  (Check
                                                     all applicable)
                                               
Stapleton, James C.       Harrington Financial         Director    10% Owner
                          Group, Inc. (HFGI)            
c/o Harrington 	                                       Officer 	 X Other
    Financial Group                               Exec. Vice Pres.& Chief
722 Promenade                                     Operating Officer of
Richmond IN 47374				  Harrington Bank, FSB,the
						  subsidiary of the Issuer

		       3. IRS or Social Security  4. Statement for       
                          Number of Reporting        Month/Year
                          Person (Voluntary)         
						     June, 1998
                         
                                                  5. If Amendment,            
                                                     Date of Original         
                                                     (Month/Year)             
 
 

       Table 1 - Non-Derivative Securities Acquired, Disposed of, or 
                 Beneficially Owned

1.Title of  2.Trans- 3.Trans- 4.Securities 5.Amount of   6.Owner-  7.Nature
  Security    action   action   Acquired(A)  Securities	   ship      of In-
  (Instr. 3)  Date     Code     or Disposed  Beneficially  Form:     direct
              (Month/ (Instr.8) of (D)       Owned at End  Direct    Bene-
              Day/             (Instr.3,4,5) of Month      (D) or    ficial
              Year)                          (Instr.3,4)   Indirect  Owner-
                      Code V  Amount (A)  Price            (I)	     ship
                                     or(D)                 (Instr.4) (Instr.4)

	
   	
Common Stock,
$0.125 par value
per share   				        12,000        D 

Common Stock,
$0.125 par value
per share    				         1,452       I       By ESOP





        Table II - Derivative Securitites Acquired, Disposed of, or 
                   Beneficially Owned (e.g., puts, calls, warrants, 
                   options, convertible securities)


1.Title of 2.Conver- 3.Trans- 4.Trans-   5.Number       6.Date   
Derivative sion or     action   action   of Deriv-      exercis-  
Security   Exercise    Date     Code     ative          able and    
 	   Price of                      Securi-        Expira-     
	   Deri-       (Month/	         ties           tion Date             
 	   vative      Day/ 	         Acquired       (Month/               
	   Security    Year)             (A) or         Day/Year)	               
			       	         Disposed	 		                  
				         of(D)   
                              
				Code  V  (A)      (D)   Date      Exp     				               
			    	        	        Exer-     Date	 	       		
						        cisable					 


Options    $10.00      1/9/97    			   *	  1/9/07

Options    $12.50      1/13/98   		           *	  1/13/08      
 			





7.Title and             8.Price    9.Number   10.Owner-  
Amount of 	          of        of deriv-    ship       
Underlying	         Deriv-     ative        Form of   
Securities	         ative      Secur-       Deriv-
		         Secur-     ities        ative
		         ity        Bene-	 Secur-
  			            ficially     ity
			            Owned	 Direct		       
			            at End       (D) or
			            of Month     Indirect
					         (I)
Title         Amount


Common stock  
$.125 par
value per 
share	       1,500     	     1,500         D	

Common stock  
$.125 par
value per 
share	       2,000	             2,000         D




Explanation of Responses:


* Options vest at a rate of 20% per year from date of grant.
 







	  	           /S/James C. Stapleton 		 9/10/98

	                   Signature of Reporting Person         Date              





























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