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                                 FORM 10-QSB/A

                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

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


For the Quarterly Period Ended   June 30, 1997
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Commission File Number            0-18748
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                         Franklin American Corporation
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                 (Name of Small Business Issuer in Its Charter)



       Tennessee                                        62-1365451
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(State or Other Jurisdiction of                      (I.R.S. Employer
Incorporation or Organization)                      Identification No.)


    377 Riverside Drive, Franklin, Tennessee               37064
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(Address of Principal Executive Offices)                 (Zip Code)


                                 (615) 790-0464
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                (Issuer's Telephone Number, Including Area Code)


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(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 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 
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As of September 30, 1997 there were outstanding 14,426,096 shares of Issuer's
common stock, no par value per share including 162,350 shares of treasury
stock.



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                           FRANKLIN AMERICAN CORPORATION

                                     Index





                                                                                   Page
                                                                             
Part I.          Financial Information

                 Item 1.  Consolidated Balance Sheets                               2
                                                                                     
                          Consolidated Statements of Operations                     3
                                                                                     
                          Consolidated Statements of Cash Flows                     4
                                                                                     
                          Notes to Consolidated Financial                            
                          Statements                                                6
                                                                                     
                 Item 2.  Management's Discussion and Analysis                       
                          of Financial Condition and Results                         
                          of Operations                                             8
                                                                                     
Part II.         Other Information                                                 10