UNITED STATES SECURITIES AND EXCHANGE COMMISSION
				  WASHINGTON, D.C.  20549
					 FORM 10-Q


QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
		
For the quarterly period ended March 31 , 1995.

Commission File Number 0-10658


					 BWC FINANCIAL CORP.                  
			(Exact name of registrant as specified in its charter)      
	     

	  CALIFORNIA                                          94-262100     
(State or Other Jurisdiction of                          (I.R.S. Employer
 Incorporation or Organization)                          Identification No.)


1400 Civic Drive, Walnut Creek, California                           94596
(Address of principal executive officer)  

				       (510) 932-5353                   
		(Registrant's Telephone Number, including area code)


					 N/A                        
		(Former name, former address, and former fiscal year, 
			if changed since last report.)


Indicate by check mark whether the registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 
1934 during the preceding 12 months (or for such shorter period that the 
registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days.  Yes   X     No _____


	APPLICABLE ONLY TO ISSUERS INVOLVED
	IN BANKRUPTCY PROCEEDINGS DURING
	THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and 
reports required to be filed by Sections 12, 13 or 15(d) of the Securities 
Exchange Act of 1924 subsequent to the distribution of securities under a plan 
confirmed by court.   Yes         No _____


	APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of 
common stock as the latest practicable date.  As of March 31, 1995, there were 
835,165 shares of common stock, no par value outstanding.




			     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 thereunto duly authorized.

 




					  BWC FINANCIAL CORP.
					      (Registrant)
				 



  April 26, 1995   
___________________________              _________________________________
	  Date                             James L. Ryan
					   President and Chief Executive Officer





  April 26, 1995
______________________                     ________________________________
	  Date                               Leland E. Wines
					     CFO and Corp. Secretary