UNITED STATES
                         SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C. 20549

                                     FORM 10-Q/A



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

      For the quarterly period ended June 30, 1996

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

      For the transition period from                           to              
               


      Commission File Number:  0-19376

                                   Aspen Bancshares, Inc.                  
               (Exact name of registrant as specified in its charter)

        Colorado                                                  84-1068527
(State or other jurisdiction of incorporation or organization)   (IRS Employer
 incorporation or organization                           Identification Number)


        534 East Hyman Avenue, P. O. Box 3677,  Aspen, Colorado   81612
 (Address of principal executive offices)                         (Zip Code)

                               (970) 925-6700                        
          (Registrant's telephone number, including area code)

       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.
                                   (X) Yes  ( ) 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 1934 subsequent to the distribution of
                               securities under a plan
                                confirmed by a 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 of July 15, 1996:  3,717,714



                                     SIGNATURES


      Pursuant  to  the  requirements  of  the  Securities  Act  of  1934,  the
      Registrant has duly caused this report to be signed on its behalf by  the
      undersigned thereunto duly authorized.



                                                ASPEN BANCSHARES, INC.

                        Date:                 By: /s/ Charles B. Israel
                                                  Charles  B.  Israel,
                                                  President and CEO

                        Date:                 By: /s/ Amy G. Beidleman
                                                  Amy G. Beidleman,
                                                  Vice President, CFO
                                                  and Secretary