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            <td colspan="7" valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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          <tr>
            <td colspan="7" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">As
                filed with the Securities and Exchange Commission on August 15,
                2007</font></div>
            </td>
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            <td align="right" colspan="7" valign="top" width="90%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Registration
                No. 333-_________</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: times new roman;"><strong>SECURITIES
                AND EXCHANGE COMMISSION</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman;"><strong>WASHINGTON,
                D.C. 20549</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>&#160;&#160;&#160;&#160;&#160;&#160;
                </strong></font>
                <hr style="COLOR: black" align="center" noshade size="2" width="10%">
              </div>
            </td>
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            <td colspan="7" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: times new roman;"><strong>FORM
                S-8</strong></font></div>
            </td>
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            <td colspan="7" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>REGISTRATION
                STATEMENT</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>UNDER</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>THE
                SECURITIES ACT OF 1933</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                <hr style="COLOR: black" align="center" noshade size="2" width="10%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
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            <td colspan="7" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: times new roman;"><strong>Financial
                Industries Corporation</strong></font></div>
            </td>
          </tr>
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            <td colspan="7" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Exact
                Name of Registrant as Specified in its Charter)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Texas</strong></font></div>
            </td>
            <td colspan="2" valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td colspan="3" valign="top" width="39%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>74-2126975</strong></font></div>
            </td>
          </tr>
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            <td colspan="2" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(State
                or Other Jurisdiction of Incorporation or Organization)</font></div>
            </td>
            <td colspan="2" valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td colspan="3" valign="top" width="39%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(I.R.S.
                Employer Identification No.)</font></div>
            </td>
          </tr>
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            <td colspan="7" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>6500
                River Place Boulevard, Building I</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Austin,
                Texas 78730</strong></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="7" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Address
                of Principal Executive Offices)</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="7" valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="7" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Financial
                Industries Corporation 2004 Incentive Stock Plan</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Financial
                Industries Corporation</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Stock
                Option Plan for Non-Employee Directors</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="7" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Full
                Title of Plan)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="7" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">William
                B. Prouty</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">President
                and Chief Executive Officer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Financial
                Industries Corporation</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">6500
                River Place Boulevard, Building I</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Austin,
                Texas 78730</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(512)
                404-5000</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="7" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Name,
                Address, and Telephone Number,</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Including
                Area Code, of Agent For Service)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="7" valign="top" width="90%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>CALCULATION
                OF REGISTRATION FEE</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Title
                of Each Class of Securities to be Registered</font></div>
            </td>
            <td colspan="2" valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amount
                to be Registered (1)</font></div>
            </td>
            <td colspan="2" valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Proposed
                Maximum Offering Price Per Share (2)</font></div>
            </td>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Proposed
                Maximum Aggregate Offering Price (2)</font></div>
            </td>
            <td valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amount
                of Registration Fee</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(2)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="27%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Common
                Stock, par value $0.20 per share</font></div>
            </td>
            <td colspan="2" valign="top" width="16%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">900,000</font></div>
            </td>
            <td colspan="2" valign="top" width="16%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$6.05</font></div>
            </td>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$5,445,000</font></div>
            </td>
            <td valign="top" width="15%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$167.16</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="7" valign="top" width="90%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(1)<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;The
                securities to be registered are issuable under the Financial Industries
                Corporation 2004 Incentive Stock Plan and the Financial Industries
                Corporation Stock Option Plan for Non-Employee
                Directors.&#160;&#160;Pursuant to Rule 416(a) of the General Rules and
                Regulations under the Securities Act of 1933, this Registration Statement
                shall cover such additional securities as may be offered or issued
                to
                prevent dilution resulting from stock splits, stock dividends or
                similar
                transactions.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(2)<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;Estimated
                solely for the purpose of calculating the registration
                fee.&#160;&#160;This registration fee has been calculated pursuant to Rule
                457(h)(1) and Rule 457(c) of the Securities Act of 1933, as amended,
                based
                upon the average of the high and low prices of Financial Industries
                Corporation&#8217;s Common Stock, par value $0.20 per share, on August&#160;10,
                2007 as reported by the Pink Sheet Electronic Quotation Service,
                which was
                $6.05.</font></div>
            </td>
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      </table>
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    <div>&#160;</div>
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          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>PART
      I</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SECTION
      10(a) PROSPECTUS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      documents containing the information specified in Part I of this Registration
      Statement on Form S-8 (this &#8220;Registration Statement&#8221;) will be sent or given to
      participants in the Financial Industries Corporation 2004 Incentive Stock Plan
      and the Financial Industries Corporation Stock Option Plan for Non-Employee
      Directors as specified by Rule 428(b)(1) under the Securities Act of 1933 (the
      &#8220;Securities Act&#8221;).&#160;&#160;Such documents are not required to be, and are not
      being, filed by Financial Industries Corporation with the Securities and
      Exchange Commission (the &#8220;SEC&#8221;), either as part of this Registration Statement
      or as prospectuses or prospectus supplements pursuant to Rule 424 under the
      Securities Act.&#160;&#160;Such documents, together with the documents
      incorporated by reference herein pursuant to Item 3 of Part II of this
      Registration Statement, constitute a prospectus that meets the requirements
      of
      Section 10(a) of the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Throughout
      this Registration Statement, the words &#8220;FIC,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; the &#8220;Company,&#8221; &#8220;our,&#8221;
and &#8220;Registrant&#8221; refer to Financial Industries Corporation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>PART
      II</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>INFORMATION
      REQUIRED IN THE REGISTRATION STATEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Incorporation
      of Documents by Reference.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      following documents filed by FIC with the SEC pursuant to the Securities Act
      of
      1933 and pursuant to the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;)
      are incorporated by reference, as of their respective dates, in this
      Registration Statement and shall be deemed to be part hereof:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">FIC&#8217;s
                Annual Report on Form 10-K for the fiscal year ended December 31,
                2006
                filed with the SEC on May&#160;31,
                2007;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">FIC's
                Quarterly Reports on Form 10-Q for the fiscal quarters ended March
                31,
                2007 and June 30, 2007 filed with the SEC on July 2, 2007 and August
                9,
                2007, respectively;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">FIC&#8217;s
                Current Reports on Form 8-K filed with the SEC on January&#160;16, 2007,
                February&#160;7, 2007, March&#160;1, 2007, March&#160;19, 2007,
                May&#160;7, 2007, June&#160;4, 2007, June&#160;5, 2007 and July&#160;3,
                2007; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                description of FIC&#8217;s Common Stock, par value $0.20 per share (the &#8220;Common
                Stock&#8221;), contained in the section entitled &#8220;Description of Capital Stock
                of FIC&#8221; in FIC&#8217;s Registration Statement on Form S-4 (File No. 333-54772)
                filed with the SEC on February 1, 2001, as amended, and including
                any
                amendment or report filed for the purpose of updating such
                description.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      addition, all documents filed by FIC pursuant to Sections 13(a), 13(c), 14
      or
      15(d) of the Exchange Act prior to the filing of a post&#8722;effective amendment to
      this Registration Statement which indicates that all securities offered hereby
      have been sold or which deregisters all such securities then remaining unsold,
      shall be deemed to be incorporated by reference in this Registration Statement
      and made part hereof from their respective dates of filing (such documents,
      and
      the documents listed above, being hereinafter referred to as &#8220;Incorporated
      Documents&#8221;); provided, however, that the documents enumerated above or
      subsequently filed by FIC pursuant to Sections&#160;13(a), 13(c), 14 and 15(d)
      of the Exchange Act in each year during which the offering made by this
      Registration Statement is in effect prior to the filing with the SEC of FIC&#8217;s
      Annual Report on Form 10&#8722;K covering such year shall not be Incorporated
      Documents or be incorporated by reference in this Registration Statement or
      be a
      part hereof from and after the filing of such Annual Report on Form
      10&#8722;K.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Any
      statement contained herein shall be deemed to be modified or superseded for
      purposes of this Registration Statement to the extent that a statement contained
      in any subsequently filed Incorporated Document modifies or supersedes such
      statement.&#160;&#160;Any statement contained in an Incorporated Document shall
      be deemed to be modified or superseded for purposes of this Registration
      Statement to the extent that a statement contained herein or in any other
      subsequently filed Incorporated Document modifies or supersedes such
      statement.&#160;&#160;Any such statement so modified or superseded shall not be
      deemed, except as so modified or superseded, to constitute a part of this
      Registration Statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Description
      of Securities.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Not
      applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Interests
      of Named Experts and Counsel.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 72pt;"></font>Not
      applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Indemnification
      of Directors and Officers.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Article&#160;2.02-1
      of the Texas Business Corporation Act (the &#8220;TBCA&#8221;) provides that a corporation
      may indemnify directors and officers, as well as other employees and
      individuals, against judgments, penalties (including excise and similar taxes),
      fines, settlements and reasonable expenses actually incurred by such person
      in
      connection with any threatened, pending or completed actions, suits or
      proceedings in which such person is made a party by reason of such person being
      or having been a director, officer, employee or agent of such
      corporation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      TBCA
      permits indemnification of a director only if it is determined by a vote of
      disinterested directors or shareholders that such director (a)&#160;conducted
      himself in good faith, (b)&#160;reasonably believed, in the case of conduct in
      his official capacity as a director of the corporation, that his conduct was
      in
      the corporation&#8217;s best interests and, in all other cases, that his conduct was
      at least not opposed to the corporation&#8217;s best interest and (c)&#160;in the case
      of any criminal proceeding, had no reasonable cause to believe his conduct
      was
      unlawful.&#160;&#160;In the event a director is found liable to the corporation
      or is found liable on the basis that personal benefit was improperly received
      by
      the director, indemnification by the corporation is limited to reasonable
      expenses actually incurred by the director in connection with the proceeding
      and
      shall not be made in respect of any proceeding in which the director shall
      have
      been found liable for willful or intentional misconduct in the performance
      of
      his duty to the corporation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      TBCA
      requires indemnification of directors and officers against reasonable expenses
      incurred in connection with proceedings in which they are made parties by reason
      of their being or having been directors or officers if they are wholly
      successful, on the merits or otherwise, in the defense of such
      proceedings.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Article&#160;IX
      of our Amended Bylaws contains a provision requiring us to indemnify our
      directors and officers to the fullest extent that a corporation may grant
      indemnification to a person serving in such capacity under the
      TBCA.&#160;&#160;We have obtained a policy of directors&#8217; and officers&#8217; liability
      insurance that insures our directors and officers against the cost of defense,
      settlement or payment of a judgment under certain circumstances.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exemption
      from Registration Claimed.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Not
      applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Exhibit
                  No.</font></div>
              </td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="84%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Description</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="84%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">4.1</font></div>
              </td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="84%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Financial
                  Industries Corporation 2004 Incentive Stock Plan (incorporated
                  by
                  reference to the Company&#8217;s Definitive Proxy Statement on Schedule 14A
                  filed on June&#160;5, 2007).</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="84%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">4.2</font></div>
              </td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="84%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Financial
                  Industries Corporation Stock Option Plan for Non-Employee Directors
                  (incorporated by reference to the Company&#8217;s Definitive Proxy Statement on
                  Schedule 14A filed on June&#160;5, 2007).</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="84%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex5-1.htm">5.1</a></font></div>
              </td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex5-1.htm">&#160;</a></font></td>
              <td align="left" valign="top" width="84%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Legal
                  Opinion of Weil, Gotshal &amp; Manges LLP (filed
                  herewith).</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="84%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">23.1</font></div>
              </td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="84%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Consent
                  of Weil, Gotshal &amp; Manges LLP (included in
                  Exhibit&#160;No.&#160;5.1).</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="84%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><a href="ex23-2.htm">23.2</a></font></div>
              </td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="84%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Consent
                  of Deloitte &amp; Touche LLP (filed herewith).</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="84%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">24.1</font></div>
              </td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="84%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Power
                  of Attorney (included as part of the signature page to this Registration
                  Statement and incorporated herein by
                  reference).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Undertakings.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                undersigned Registrant hereby
                undertakes:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 108pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                file, during any period in which offers or sales are being made,
                a
                post-effective amendment to this Registration
                Statement;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 144pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(i)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                include any prospectus required by Section 10(a)(3) of the Securities
                Act
                of 1933;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 144pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ii)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                reflect in the prospectus any facts or events arising after the effective
                date of the registration statement (or the most recent post-effective
                amendment thereof) which, individually or in the aggregate, represent
                a
                fundamental change in the information in the registration
                statement.&#160;&#160;Notwithstanding the foregoing, any increase or
                decrease in volume of securities offered (if the total dollar value
                of
                securities offered would not exceed that which was registered) and
                any
                deviation from the low or high end of the estimated maximum offering
                range
                may be reflected in the form of prospectus filed with the Commission
                pursuant to Rule 424(b) if, in the aggregate, the changes in volume
                and
                price represent no more than a 20% change in the maximum aggregate
                offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in
                the effective registration statement;
                and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 144pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iii)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                include any material information with respect to the plan of distribution
                not previously disclosed in the registration statement or any material
                change to such information in the registration
                statement;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>provided</u>,
      <u>however</u>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
      information required to be included in a post-effective amendment by the
      foregoing paragraphs is contained in periodic reports filed with or furnished
      to
      the Securities and Exchange Commission by the Registrant pursuant to Section
      13
      or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated
      by
      reference in the Registration Statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td align="right" style="WIDTH: 90pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">That,
                for the purpose of determining any liability under the Securities
                Act of
                1933, each such post-effective amendment shall be deemed to be a
                new
                Registration Statement relating to the securities offered therein,
                and the
                offering of such securities at that time shall be deemed to be the
                initial
                <u>bona</u><u>fide</u> offering
                thereof.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td align="right" style="WIDTH: 90pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(3)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
                remove from registration by means of a post-effective amendment any
                of the
                securities being registered which remain unsold at the termination
                of the
                offering.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                undersigned Registrant hereby undertakes that, for purposes of determining
                any liability under the Securities Act of 1933, each filing of the
                Registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of
                the Securities Exchange Act of 1934 that is incorporated by reference
                in
                the Registration Statement shall be deemed to be a new Registration
                Statement relating to the securities offered therein, and the offering
                of
                such securities at that time shall be deemed to be the initial
                <u>bona</u><u>fide</u> offering
                thereof.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Insofar
                as indemnification for liabilities arising under the Securities Act
                of
                1933 may be permitted to directors, officers and controlling persons
                of
                the Registrant pursuant to the foregoing provisions, or otherwise,
                the
                Registrant has been advised that in the opinion of the Securities
                and
                Exchange Commission such indemnification is against public policy
                as
                expressed in the Securities Act of 1933 and is, therefore,
                unenforceable.&#160;&#160;In the event that a claim for indemnification
                against such liabilities (other than the payment by the Registrant
                of
                expenses incurred or paid by a director, officer or controlling person
                of
                the Registrant in the successful defense of any action, suit or
                proceeding) is asserted by such director, officer or controlling
                person in
                connection with the securities being registered, the Registrant will,
                unless in the opinion of its counsel the matter has been settled
                by
                controlling precedent, submit to a court of appropriate jurisdiction
                the
                question whether such indemnification by it is against public policy
                as
                expressed in the Securities Act of 1933 and will be governed by the
                final
                adjudication of such issue.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to the requirements of the Securities Act of 1933, the Registrant certifies
      that
      it has reasonable grounds to believe that it meets all of the requirements
      for
      filing on Form S-8 and has duly caused this Registration Statement to be signed
      on its behalf by the undersigned, thereunto duly authorized, in the City of
      Austin, State of Texas, on August 15, 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" colspan="2" valign="top" width="40%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">FINANCIAL
                INDUSTRIES CORPORATION</font></div>
            </td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:&#160;
                </font></div>
            </td>
            <td align="left" valign="top" width="37%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">/s/
                William B. Prouty</font></div>
            </td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">William
                B. Prouty</font></div>
            </td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">President
                and Chief Executive Officer</font></div>
            </td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>POWER
      OF ATTORNEY</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      undersigned directors and officers hereby constitute and appoint William B.
      Prouty and Vincent L. Kasch, individually, with full power to act and with
      full
      power of substitution and resubstitution, our true and lawful attorneys-in-fact
      with full power to execute in our name and behalf in the capacities indicated
      below any and all amendments to this Registration Statement on Form S-8 and,
      including post-effective amendments to this Registration Statement on Form
      S-8,
      and to sign any and all additional registration statements relating to the
      same
      offering of securities as this Registration Statement on Form S-8 that are
      filed
      pursuant to the requirements of the Securities Act of 1933, and to file the
      same, with all exhibits thereto and other documents in connection therewith,
      with the Securities and Exchange Commission and hereby ratify and confirm all
      that such attorneys-in fact or their substitutes shall lawfully do or cause
      to
      be done by virtue thereof.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to the requirements of the Securities Act of 1933, this Registration Statement
      and Power of Attorney has been signed by the following persons in the capacities
      indicated as of August 15, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">/s/
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">WILLIAM
                B. PROUTY</font></font></div>
            </td>
            <td valign="top" width="26%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="33%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">/s/
                VINCENT L. KASCH</font></div>
            </td>
            <td width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">William
                B. Prouty</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">President
                and Chief Executive Officer</font></div>
            </td>
            <td valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Vincent
                L. Kasch</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Chief
                Financial Officer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Principal
                Financial and Accounting Officer)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">/s/
                R. KEITH LONG</font></div>
            </td>
            <td valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="33%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">/s/
                RICHARD H. GUDEMAN</font></div>
            </td>
            <td width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">R.
                Keith Long</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Chairman</font></div>
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forms8.htm
As
                filed with the Securities and Exchange Commission on August 15,
                2007
Registration
                No. 333-_________
SECURITIES
                AND EXCHANGE COMMISSION
WASHINGTON,
                D.C. 20549
FORM
                S-8
REGISTRATION
                STATEMENT
UNDER
THE
                SECURITIES ACT OF 1933
Financial
                Industries Corporation
(Exact
                Name of Registrant as Specified in its Charter)
Texas
74-2126975
(State
                or Other Jurisdiction of Incorporation or Organization)
(I.R.S.
                Employer Identification No.)
6500
                River Place Boulevard, Building I
Austin,
                Texas 78730
(Address
                of Principal Executive Offices)
Financial
                Industries Corporation 2004 Incentive Stock Plan
Financial
                Industries Corporation
Stock
                Option Plan for Non-Employee Directors
(Full
                Title of Plan)
William
                B. Prouty
President
                and Chief Executive Officer
Financial
                Industries Corporation
6500
                River Place Boulevard, Building I
Austin,
                Texas 78730
(512)
                404-5000
(Name,
                Address, and Telephone Number,
Including
                Area Code, of Agent For Service)
CALCULATION
                OF REGISTRATION FEE
Title
                of Each Class of Securities to be Registered
Amount
                to be Registered (1)
Proposed
                Maximum Offering Price Per Share (2)
Proposed
                Maximum Aggregate Offering Price (2)
Amount
                of Registration Fee
(2)
Common
                Stock, par value $0.20 per share
900,000
$6.05
$5,445,000
$167.16
(1)
The
                securities to be registered are issuable under the Financial Industries
                Corporation 2004 Incentive Stock Plan and the Financial Industries
                Corporation Stock Option Plan for Non-Employee
                Directors.  Pursuant to Rule 416(a) of the General Rules and
                Regulations under the Securities Act of 1933, this Registration Statement
                shall cover such additional securities as may be offered or issued
                to
                prevent dilution resulting from stock splits, stock dividends or
                similar
                transactions.
(2)
Estimated
                solely for the purpose of calculating the registration
                fee.  This registration fee has been calculated pursuant to Rule
                457(h)(1) and Rule 457(c) of the Securities Act of 1933, as amended,
                based
                upon the average of the high and low prices of Financial Industries
                Corporation's Common Stock, par value $0.20 per share, on August 10,
                2007 as reported by the Pink Sheet Electronic Quotation Service,
                which was
                $6.05.
PART
      I
SECTION
      10(a) PROSPECTUS
The
      documents containing the information specified in Part I of this Registration
      Statement on Form S-8 (this "Registration Statement") will be sent or given to
      participants in the Financial Industries Corporation 2004 Incentive Stock Plan
      and the Financial Industries Corporation Stock Option Plan for Non-Employee
      Directors as specified by Rule 428(b)(1) under the Securities Act of 1933 (the
      "Securities Act").  Such documents are not required to be, and are not
      being, filed by Financial Industries Corporation with the Securities and
      Exchange Commission (the "SEC"), either as part of this Registration Statement
      or as prospectuses or prospectus supplements pursuant to Rule 424 under the
      Securities Act.  Such documents, together with the documents
      incorporated by reference herein pursuant to Item 3 of Part II of this
      Registration Statement, constitute a prospectus that meets the requirements
      of
      Section 10(a) of the Securities Act.
Throughout
      this Registration Statement, the words "FIC," "we," "us," the "Company," "our,"
and "Registrant" refer to Financial Industries Corporation.
PART
      II
INFORMATION
      REQUIRED IN THE REGISTRATION STATEMENT
Item
      3.                   Incorporation
      of Documents by Reference.
The
      following documents filed by FIC with the SEC pursuant to the Securities Act
      of
      1933 and pursuant to the Securities Exchange Act of 1934 (the "Exchange Act")
      are incorporated by reference, as of their respective dates, in this
      Registration Statement and shall be deemed to be part hereof:
·
FIC's
                Annual Report on Form 10-K for the fiscal year ended December 31,
                2006
                filed with the SEC on May 31,
                2007;
·
FIC's
                Quarterly Reports on Form 10-Q for the fiscal quarters ended March
                31,
                2007 and June 30, 2007 filed with the SEC on July 2, 2007 and August
                9,
                2007, respectively;
·
FIC's
                Current Reports on Form 8-K filed with the SEC on January 16, 2007,
                February 7, 2007, March 1, 2007, March 19, 2007,
                May 7, 2007, June 4, 2007, June 5, 2007 and July 3,
                2007; and
·
The
                description of FIC's Common Stock, par value $0.20 per share (the "Common
                Stock"), contained in the section entitled "Description of Capital Stock
                of FIC" in FIC's Registration Statement on Form S-4 (File No. 333-54772)
                filed with the SEC on February 1, 2001, as amended, and including
                any
                amendment or report filed for the purpose of updating such
                description.
In
      addition, all documents filed by FIC pursuant to Sections 13(a), 13(c), 14
      or
      15(d) of the Exchange Act prior to the filing of a post−effective amendment to
      this Registration Statement which indicates that all securities offered hereby
      have been sold or which deregisters all such securities then remaining unsold,
      shall be deemed to be incorporated by reference in this Registration Statement
      and made part hereof from their respective dates of filing (such documents,
      and
      the documents listed above, being hereinafter referred to as "Incorporated
      Documents"); provided, however, that the documents enumerated above or
      subsequently filed by FIC pursuant to Sections 13(a), 13(c), 14 and 15(d)
      of the Exchange Act in each year during which the offering made by this
      Registration Statement is in effect prior to the filing with the SEC of FIC's
      Annual Report on Form 10−K covering such year shall not be Incorporated
      Documents or be incorporated by reference in this Registration Statement or
      be a
      part hereof from and after the filing of such Annual Report on Form
      10−K.
1
Any
      statement contained herein shall be deemed to be modified or superseded for
      purposes of this Registration Statement to the extent that a statement contained
      in any subsequently filed Incorporated Document modifies or supersedes such
      statement.  Any statement contained in an Incorporated Document shall
      be deemed to be modified or superseded for purposes of this Registration
      Statement to the extent that a statement contained herein or in any other
      subsequently filed Incorporated Document modifies or supersedes such
      statement.  Any such statement so modified or superseded shall not be
      deemed, except as so modified or superseded, to constitute a part of this
      Registration Statement.
Item
      4.                   Description
      of Securities.
Not
      applicable.
Item
      5.                   Interests
      of Named Experts and Counsel.
Not
      applicable.
Item
      6.                   Indemnification
      of Directors and Officers.
Article 2.02-1
      of the Texas Business Corporation Act (the "TBCA") provides that a corporation
      may indemnify directors and officers, as well as other employees and
      individuals, against judgments, penalties (including excise and similar taxes),
      fines, settlements and reasonable expenses actually incurred by such person
      in
      connection with any threatened, pending or completed actions, suits or
      proceedings in which such person is made a party by reason of such person being
      or having been a director, officer, employee or agent of such
      corporation.
The
      TBCA
      permits indemnification of a director only if it is determined by a vote of
      disinterested directors or shareholders that such director (a) conducted
      himself in good faith, (b) reasonably believed, in the case of conduct in
      his official capacity as a director of the corporation, that his conduct was
      in
      the corporation's best interests and, in all other cases, that his conduct was
      at least not opposed to the corporation's best interest and (c) in the case
      of any criminal proceeding, had no reasonable cause to believe his conduct
      was
      unlawful.  In the event a director is found liable to the corporation
      or is found liable on the basis that personal benefit was improperly received
      by
      the director, indemnification by the corporation is limited to reasonable
      expenses actually incurred by the director in connection with the proceeding
      and
      shall not be made in respect of any proceeding in which the director shall
      have
      been found liable for willful or intentional misconduct in the performance
      of
      his duty to the corporation.
The
      TBCA
      requires indemnification of directors and officers against reasonable expenses
      incurred in connection with proceedings in which they are made parties by reason
      of their being or having been directors or officers if they are wholly
      successful, on the merits or otherwise, in the defense of such
      proceedings.
Article IX
      of our Amended Bylaws contains a provision requiring us to indemnify our
      directors and officers to the fullest extent that a corporation may grant
      indemnification to a person serving in such capacity under the
      TBCA.  We have obtained a policy of directors' and officers' liability
      insurance that insures our directors and officers against the cost of defense,
      settlement or payment of a judgment under certain circumstances.
2
Item
      7.                   Exemption
      from Registration Claimed.
Not
      applicable.
Item
      8.                   Exhibits.
Exhibit
                  No.
Description
4.1
Financial
                  Industries Corporation 2004 Incentive Stock Plan (incorporated
                  by
                  reference to the Company's Definitive Proxy Statement on Schedule 14A
                  filed on June 5, 2007).
4.2
Financial
                  Industries Corporation Stock Option Plan for Non-Employee Directors
                  (incorporated by reference to the Company's Definitive Proxy Statement on
                  Schedule 14A filed on June 5, 2007).
5.1
Legal
                  Opinion of Weil, Gotshal & Manges LLP (filed
                  herewith).
23.1
Consent
                  of Weil, Gotshal & Manges LLP (included in
                  Exhibit No. 5.1).
23.2
Consent
                  of Deloitte & Touche LLP (filed herewith).
24.1
Power
                  of Attorney (included as part of the signature page to this Registration
                  Statement and incorporated herein by
                  reference).
Item
      9.                   Undertakings.
(a)
The
                undersigned Registrant hereby
                undertakes:
(1)
To
                file, during any period in which offers or sales are being made,
                a
                post-effective amendment to this Registration
                Statement;
(i)
To
                include any prospectus required by Section 10(a)(3) of the Securities
                Act
                of 1933;
(ii)
To
                reflect in the prospectus any facts or events arising after the effective
                date of the registration statement (or the most recent post-effective
                amendment thereof) which, individually or in the aggregate, represent
                a
                fundamental change in the information in the registration
                statement.  Notwithstanding the foregoing, any increase or
                decrease in volume of securities offered (if the total dollar value
                of
                securities offered would not exceed that which was registered) and
                any
                deviation from the low or high end of the estimated maximum offering
                range
                may be reflected in the form of prospectus filed with the Commission
                pursuant to Rule 424(b) if, in the aggregate, the changes in volume
                and
                price represent no more than a 20% change in the maximum aggregate
                offering price set forth in the "Calculation of Registration Fee" table in
                the effective registration statement;
                and
3
(iii)
To
                include any material information with respect to the plan of distribution
                not previously disclosed in the registration statement or any material
                change to such information in the registration
                statement;
provided
,
however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
      information required to be included in a post-effective amendment by the
      foregoing paragraphs is contained in periodic reports filed with or furnished
      to
      the Securities and Exchange Commission by the Registrant pursuant to Section
      13
      or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated
      by
      reference in the Registration Statement.
(2)
That,
                for the purpose of determining any liability under the Securities
                Act of
                1933, each such post-effective amendment shall be deemed to be a
                new
                Registration Statement relating to the securities offered therein,
                and the
                offering of such securities at that time shall be deemed to be the
                initial
bona
fide
offering
                thereof.
(3)
To
                remove from registration by means of a post-effective amendment any
                of the
                securities being registered which remain unsold at the termination
                of the
                offering.
(b)
The
                undersigned Registrant hereby undertakes that, for purposes of determining
                any liability under the Securities Act of 1933, each filing of the
                Registrant's annual report pursuant to Section 13(a) or Section 15(d) of
                the Securities Exchange Act of 1934 that is incorporated by reference
                in
                the Registration Statement shall be deemed to be a new Registration
                Statement relating to the securities offered therein, and the offering
                of
                such securities at that time shall be deemed to be the initial
bona
fide
offering
                thereof.
(c)
Insofar
                as indemnification for liabilities arising under the Securities Act
                of
                1933 may be permitted to directors, officers and controlling persons
                of
                the Registrant pursuant to the foregoing provisions, or otherwise,
                the
                Registrant has been advised that in the opinion of the Securities
                and
                Exchange Commission such indemnification is against public policy
                as
                expressed in the Securities Act of 1933 and is, therefore,
                unenforceable.  In the event that a claim for indemnification
                against such liabilities (other than the payment by the Registrant
                of
                expenses incurred or paid by a director, officer or controlling person
                of
                the Registrant in the successful defense of any action, suit or
                proceeding) is asserted by such director, officer or controlling
                person in
                connection with the securities being registered, the Registrant will,
                unless in the opinion of its counsel the matter has been settled
                by
                controlling precedent, submit to a court of appropriate jurisdiction
                the
                question whether such indemnification by it is against public policy
                as
                expressed in the Securities Act of 1933 and will be governed by the
                final
                adjudication of such issue.
4
SIGNATURES
Pursuant
      to the requirements of the Securities Act of 1933, the Registrant certifies
      that
      it has reasonable grounds to believe that it meets all of the requirements
      for
      filing on Form S-8 and has duly caused this Registration Statement to be signed
      on its behalf by the undersigned, thereunto duly authorized, in the City of
      Austin, State of Texas, on August 15, 2007.
FINANCIAL
                INDUSTRIES CORPORATION
By:
/s/
                William B. Prouty
William
                B. Prouty
President
                and Chief Executive Officer
POWER
      OF ATTORNEY
The
      undersigned directors and officers hereby constitute and appoint William B.
      Prouty and Vincent L. Kasch, individually, with full power to act and with
      full
      power of substitution and resubstitution, our true and lawful attorneys-in-fact
      with full power to execute in our name and behalf in the capacities indicated
      below any and all amendments to this Registration Statement on Form S-8 and,
      including post-effective amendments to this Registration Statement on Form
      S-8,
      and to sign any and all additional registration statements relating to the
      same
      offering of securities as this Registration Statement on Form S-8 that are
      filed
      pursuant to the requirements of the Securities Act of 1933, and to file the
      same, with all exhibits thereto and other documents in connection therewith,
      with the Securities and Exchange Commission and hereby ratify and confirm all
      that such attorneys-in fact or their substitutes shall lawfully do or cause
      to
      be done by virtue thereof.
Pursuant
      to the requirements of the Securities Act of 1933, this Registration Statement
      and Power of Attorney has been signed by the following persons in the capacities
      indicated as of August 15, 2007
/s/
WILLIAM
                B. PROUTY
/s/
                VINCENT L. KASCH
William
                B. Prouty
President
                and Chief Executive Officer
Vincent
                L. Kasch
Chief
                Financial Officer
(Principal
                Financial and Accounting Officer)
/s/
                R. KEITH LONG
/s/
                RICHARD H. GUDEMAN
R.
                Keith Long
Chairman
Richard
                H. Gudeman
Director
/s/
                JOHN BARNETT
/s/
                KENNETH SHIFRIN
John
                Barnett
Director
Kenneth
                Shifrin
Director
/s/
                ROBERT A. NIKELS
/s/
                LONNIE STEFFEN
Robert
                A. Nikels
Director
Lonnie
                Steffen
Director
/s/
                EUGENE WOZNICKI
/s/
                PATRICK E. FALCONIO
Eugene
                Woznicki
Director
Patrick
                E. Falconio
Director
5