Form 10-C

Securities and Exchange Commission
Washington, DC 20549

Report by issuer of securities quoted on The Nasdaq Stock Market,
filed pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 and Rule 13a-17 or 15d-17 thereunder.

Damen Financial Corporation
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EXACT NAME OF ISSUER AS SPECIFIED IN CHARTER

200 West Higgins Road, Schaumburg, Illinois  60195
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ADDRESS OF PRINCIPAL EXECUTIVE OFFICES

(847) 882-5320
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ISSUER'S TELEPHONE NUMBER (INCLUDING AREA CODE)

I.   Change in Number of Shares Outstanding
Indicate any change (increase or decrease) of five percent or
more in the number of shares outstanding:

1.   Title of security     Common Stock, par value $.01 per share
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2.   Number of shares outstanding before the change    3,967,500
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3.   Number of shares outstanding after the change     3,708,800
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4.   Effective date of change                            7-12-96
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5.   Method of change          Acquisition of stock for treasury

Specify method (such as merger, acquisition, exchange,
distribution, stock split, reverse split, acquisition of stock
for treasury, etc.)

Give brief description of transaction

The Issuer repurchased shares of common stock in the open market
for treasury.  Such shares will be used to fund the Recognition
and Retention Plan.
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II.  Change in Name of Issuer

1.   Name prior to change
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2.   Name after change
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3.   Effective date of charter amendment changing name
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4.   Date of shareholder approval of change, if required
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7-16-96    /S/GERALD J. GARTNER, TREASURER & CFO
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DATE      OFFICER'S SIGNATURE AND TITLE