U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report
December 9, 1996


Commission File Number 1-8662

GOLDEN ISLES FINANCIAL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)

Georgia                     58-1756713
(State of Incorporation) (IRS Employer
Identification No.)

200 Plantation Chase
St. Simons Island, Georgia       31522
(Address of Principal Executive Offices)      (Zip Code)

Registrant's telephone number, including area code:
(912) 638-0667

Item 4    Changes in Registrant's Certifying
          Accountant

On December 8, 1996, the certifying accountant for
Golden Isles Financial Holdings, Inc. (the "Company"),
Francis & Company, of Marietta, Georgia, notified the
Company that it did not wish to be engaged as the
Company's certifying accountant for the year ended
December 31, 1996. The report of Francis & Company
accompanying the Company's financial statements as of
and for the years ended December 31, 1995 and December
31, 1994, did not contain an adverse opinion, or a
disclaimer of opinion, and was not modified with
respect to any uncertainty, audit scope or accounting
principles. 
 
On December 9, 1996, the Company engaged Mauldin &
Jenkins LLC of Albany, Georgia as its new certifying
accountant.  The Company did not consult with Mauldin
& Jenkins LLC regarding the application of accounting
principles to a specific completed or contemplated
transaction or the type of audit opinion that might be
rendered on the Company's financial statements.

The decision of the Company to engage new certifying
accountants was approved by its Board of Directors. 
The Company is not aware of any unresolved
disagreements with Francis & Company with regard to
any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or
procedure.

Item 7    Financial Statements, Pro Forma Financial
          Information and Exhibits

          Exhibit 1 -  Letter from Francis & Company


SIGNATURES


Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the
undersigned hereunto duly authorized.

GOLDEN ISLES FINANCIAL HOLDINGS, INC.

Date:   January 8, 1997            By:/s/ J. Thomas Whelchel 
                        J. Thomas Whelchel 
                        Chairman

          
<PAGE>
EXHIBIT 1

FRANCIS 
&
COMPANY


January 8, 1996


Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549

RE:  Golden Isles Financial Holdings, Inc.
     File Ref. No. 0-27448

Dear Sirs:

We were previously the principal accountant for Golden
Isles Financial Holdings, Inc. and Subsidiaries (the
"Company"), and on February 23, 1996, we reported on
the Company's consolidated financial statements as of
and for the years ended December 31, 1995 and December
31, 1994.  On December 8, 1996, we informed the
Company that we do not wish to be appointed as the
Company's principal accountant for the year ended
December 31, 1996.  We have read the Company's 
statements included under Item 4 of its Form 8-K dated
January 8, 1997, and we agree with such statements.

Very truly yours,

FRANCIS & COMPANY

By:/s/ Eddie Y. Francis
   Eddie Y. Francis
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U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report
December 9, 1996

Commission File Number 1-8662

GOLDEN ISLES FINANCIAL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)

Georgia                     58-1756713
(State of Incorporation) (IRS Employer
Identification No.)

200 Plantation Chase
St. Simons Island, Georgia       31522
(Address of Principal Executive Offices)      (Zip Code)

Registrant's telephone number, including area code:
(912) 638-0667

Item 4    Changes in Registrant's Certifying
          Accountant

On December 8, 1996, the certifying accountant for
Golden Isles Financial Holdings, Inc. (the "Company"),
Francis & Company, of Marietta, Georgia, notified the
Company that it did not wish to be engaged as the
Company's certifying accountant for the year ended
December 31, 1996. The report of Francis & Company
accompanying the Company's financial statements as of
and for the years ended December 31, 1995 and December
31, 1994, did not contain an adverse opinion, or a
disclaimer of opinion, and was not modified with
respect to any uncertainty, audit scope or accounting
principles. 
 
On December 9, 1996, the Company engaged Mauldin &
Jenkins LLC of Albany, Georgia as its new certifying
accountant.  The Company did not consult with Mauldin
& Jenkins LLC regarding the application of accounting
principles to a specific completed or contemplated
transaction or the type of audit opinion that might be
rendered on the Company's financial statements.

The decision of the Company to engage new certifying
accountants was approved by its Board of Directors. 
The Company is not aware of any unresolved
disagreements with Francis & Company with regard to
any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or
procedure.

Item 7    Financial Statements, Pro Forma Financial
          Information and Exhibits

          Exhibit 1 -  Letter from Francis & Company

SIGNATURES

Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the
undersigned hereunto duly authorized.

GOLDEN ISLES FINANCIAL HOLDINGS, INC.

Date:   January 8, 1997            By:/s/ J. Thomas Whelchel 
                        J. Thomas Whelchel 
                        Chairman
EXHIBIT 1

FRANCIS 
&
COMPANY

January 8, 1996

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549

RE:  Golden Isles Financial Holdings, Inc.
     File Ref. No. 0-27448

Dear Sirs:

We were previously the principal accountant for Golden
Isles Financial Holdings, Inc. and Subsidiaries (the
"Company"), and on February 23, 1996, we reported on
the Company's consolidated financial statements as of
and for the years ended December 31, 1995 and December
31, 1994.  On December 8, 1996, we informed the
Company that we do not wish to be appointed as the
Company's principal accountant for the year ended
December 31, 1996.  We have read the Company's 
statements included under Item 4 of its Form 8-K dated
January 8, 1997, and we agree with such statements.

Very truly yours,

FRANCIS & COMPANY

By:/s/ Eddie Y. Francis
   Eddie Y. Francis