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

			       FORM 8-K

			    Current Report

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

Date of Report (Date of earliest event reported)      September 1, 1998
						   -------------------
 
		      GREAT AMERICAN BANCORP, INC.
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	(Exact name of registrant as specified in its charter)


	Delaware                  000-25808           52-1923366
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(State or other jurisdiction    (Commission        (I.R.S. Employer
    of incorporation)            File Number)    Identification Number)


1311 S. Neil St., P.O. Box 1010, Champaign, IL          61824-1010
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(Address of principal executive offices)                (Zip Code)
				  
			   (217) 356-2265
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	 (Registrant's telephone number, including area code)



Item 5.  Other Events.

The Registrant incorporates by reference the press release dated 
September 1, 1998 attached as Exhibit 20, relating to a common stock 
repurchase program.

Item 7.  Financial Statements and Exhibits.

The Registrant incorporates by reference the press release dated 
September 1, 1998 attached as Exhibit 20, relating to a common stock 
repurchase program. 



									      
				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 hereunto duly authorized.


				     Great American Bancorp, Inc.
				     ----------------------------
					      (Registrant)

Date     September 10, 1998                /s/ Jane F. Adams
    ---------------------------      ----------------------------
				     Chief Financial Officer






			    EXHIBIT INDEX
			---------------------

Exhibit
  No.                      Description               Method of Filing
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  20                       News Release               Filed herewith
			   Dated 9/1/98.
						   


Exhibit 20

 NEWS RELEASE


Great American Bancorp, Inc.
Holding Company for First Federal Savings Bank of Champaign-Urbana

FOR IMMEDIATE RELEASE
September 1, 1998

Contact:        Ms. Jane F. Adams
		Chief Financial Officer and Investor Relations
		(217) 356-2265


	  GREAT AMERICAN BANCORP, INC. TO REPURCHASE COMMON STOCK

Champaign, Illinois - Great American Bancorp, Inc. (NASDAQ/GTPS).  Great 
American Bancorp, Inc., the holding company for First Federal Savings Bank of 
Champaign-Urbana, Champaign, Illinois, has announced that its Board of 
Directors has authorized the repurchase of up to 151,076 shares, which is ten 
percent of the Company's 1,510,759 outstanding shares.  Stock repurchased 
under the repurchase program will be made in open market transactions, subject 
to the availability of stock and market conditions, and will commence as soon 
as practicable.

First Federal Savings Bank of Champaign-Urbana is head quartered in Champaign, 
Illinois, and operates through its administrative/branch office in Champaign 
and through two other full service branches located in Champaign and Urbana.  
The Bank, through its subsidiary Park Avenue Service Corporation, also 
provides full service brokerage activities through a third-party broker-
dealer, Scout Brokerage Services, Inc., and sells insurance products through 
the GTPS Insurance Agency.  The Bank's deposits are insured by the Federal 
Deposit Insurance Corporation.

Great American Bancorp, Inc. stock is traded on the NASDAQ National Market 
System under the symbol "GTPS".

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			  GTPS-pr-98-12