EXHIBIT 23

                        CONSENT OF KPMG PEAT MARWICK LLP














                          INDEPENDENT AUDITORS' CONSENT



The Board of Directors
Magna Bancorp, Inc.

We consent to incorporation by reference in the Registration  Statements on Form
S-8 (Nos. 33-50302,  33-50304 and 333-3308) of our report dated August 29, 1997,
relating to the  consolidated  financial  statements of Magna Bancorp,  Inc. and
subsidiaries  as of June 30,  1997  and  1996  and for each of the  years in the
three-year period ended June 30, 1997, which report appears in the Annual Report
on Form 10-K of Magna Bancorp, Inc. for the fiscal year ended June 30, 1997. Our
report  refers to a change in the method of  accounting  for mortgage  servicing
rights in 1996.


                                                       /s/ KPMG PEAT MARWICK LLP
                                                       -------------------------
Jackson, Mississippi                                   KPMG PEAT MARWICK LLP
September 25, 1997