SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                   FORM 8-K/A

                                 AMENDMENT NO. 1
                          TO CURRENT REPORT ON FORM 8-K

                         PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


                 Date of Report:      Date of Earliest Event Reported:
                   April 13, 1999            February 10, 1999


                         COMMISSION FILE NUMBER 0-11663


                             CHANCELLOR CORPORATION
             (Exact name of registrant as specified in its charter)

                          MASSACHUSETTS     04-2626079
              (State of other jurisdiction of     (I.R.S. Employer
             incorporation or organization)     Identification No.)

                                210 SOUTH STREET
                           BOSTON, MASSACHUSETTS 02111
              (Address of principal executive offices and zip code)


       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (617) 368-2700



ITEM  2.     ACQUISITION  OR  DISPOSITION  OF  ASSETS

The  registrant filed on February 12, 1999 a current report on Form 8-K relating
to  its acquisition of MRB, Inc., a Georgia corporation d/b/a Tomahawk Truck and
Trailer  Sales;  Tomahawk  Truck  &  Trailer Sales, Inc., a Florida corporation;
Tomahawk  Truck and Trailer Sales of Virginia, Inc., a Virginia corporation; and
Tomahawk  Truck  and  Trailer  Sales  of  Missouri, Inc., a Missouri corporation
(collectively  "Tomahawk").  The  purpose  of  this  amendment is to provide the
financial  statement  and  information  required  by  Item  7  of  the Form 8-K.

ITEM  7.  FINANCIAL  STATEMENTS  AND  EXHIBITS

Exhibit  99.1  filed  herewith  contains  the  following financial statements of
Tomahawk  as  required  by  and  for  the  periods  specified in Rule 3-05(b) of
regulation  S-X:

(a)     Financial  Statements  of  Business  Acquired:

Independent  Certified  Public  Accountants'  Report

Combined Balance Sheets as of July 31, 1998 (unaudited), December 31, 1998, 1997
and  1996

Combined  Statement of Earnings and Retained Earnings for the seven months ended
July  31,  1998  (unaudited)

Combined Statements of Earnings for years ended December 31, 1998, 1997 and 1996

Combined  Statements  of  Shareholders' Equity as of December 31, 1998, 1997 and
1996

Combined  Statements  of  Cash  Flows  for  the seven months ended July 31, 1998
(unaudited),  and  the  years  ended  December  31,  1998,  1997  and  1996

Notes  to  Combined  Financial  Statements

(b)     Pro  Forma  Financial  Information  (unaudited):

Exhibit 99.2 filed herewith contains the following pro forma condensed financial
statements  as  required  by  Article  11  of  Regulation  S-X:

Pro  Forma  Balance  Sheet  as  of  December  31,  1998

Pro  Forma  Statements  of  Operations for the years ended December 31, 1998 and
1997



(c)     Exhibits:

     Exhibit  23       Consent  of  Metcalf,  Rice,  Fricke  and  Davis

     Exhibit  99.1     The  audited  financial  statements  of  MRB,  Inc.  and
                       affiliates  as of  and for the year ended December 31, 
                       1998, 1997 and 1996, with interim  financial  statements 
                       as  of  and  for the  seven  months  ended July  31, 
                       1998  (unaudited).

     Exhibit  99.2     The unaudited  pro  forma  condensed balance sheet as of
                       December  31, 1998,  and  statements of operations 
                       for the years ended December 31,1998 and 1997.



                                   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.

                              CHANCELLOR  CORPORATION


                                   By:  /s/  Franklyn  E.  Churchill______
                                        ----------------------------------------
                                        Franklyn  E.  Churchill,  President

Date:  April  13,  1999


                                  EXHIBIT INDEX

Exhibit  No.     Description

23               Consent  of  Metcalf  ,Rice,  Fricke  and  Davis

99.1             The  audited financial statements of MRB, Inc. and affiliates
                 as of  and for the year ended December 31, 1998, 1997 and 1996,
                 with auditor's interim  financial  statements  as  of  and for 
                 the seven  months  ended July  31,  1998  (unaudited).

99.2             The  unaudited  pro  forma  condensed  balance  sheet  as  of
                 December  31, 1998,  and  statements of operations for the 
                 years ended December 31,  1998  and 1997.