EXHIBIT 24.2

                    CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS


We consent  to the use of our report  dated  August  14,  1996 on the  financial
statements of Montgomery Savings, A Federal Association (the "Association"), the
use of our opinion regarding the State of Indiana income tax consequences of the
proposed conversion and to reference made to us under the captions "Consolidated
Statement of Income", "Tax Aspects",  "Legal and Tax Matters",  and "Experts" in
the Application of Conversion filed by the Association with the Office of Thrift
Supervision  and in the  Registration  Statement on Form S-1 filed by Montgomery
Financial Corporation with United States Securities and Exchange Commission.


/s/ Geo. S. Olive & Co. LLC
Indianapolis, Indiana
May 12, 1997