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 (Date of earliest event reported): NOVEMBER 19, 1997




                             CHARTER FINANCIAL, INC.
             (Exact name of registrant as specified in its charter)




    DELAWARE                    0-27304                        37-1345386
 (State or other         (Commission File Number)             (IRS Employer
  jurisdiction                                                Identification
 of incorporation)                                                     No.)



114 WEST BROADWAY, SPARTA, ILLINOIS                                 62286-1683
(Address of principal executive offices)                            (Zip Code)

Registrant's telephone number, including area code (618) 443-2166

                                       N/A
         (Former name or former address, if changed since last report.)


<PAGE>


         Forward-Looking Statements

         Statements contained in Exhibit 99 that are not historical facts may be
forward-looking  statements  within the meaning of Section 21E of the Securities
Exchange  Act of 1934 and Section 27A of the  Securities  Act of 1933.  Further,
such statements are subject to important factors that could cause actual results
to differ materially from those in Exhibit 99, including the following: regional
and national  economic  conditions;  changes in levels of market interest rates;
credit risks of real estate,  consumer and other lending activities;  regulatory
factors (including  regulatory approval of the acquisition);  and the ability to
achieve synergies in the acquisition.

Item 5.  Other Events.

         On November 20, 1997, Charter Financial,  Inc., a Delaware  corporation
(the "Company") and Magna Group, Inc., a Delaware corporation ("Magna"),  issued
a joint press  release  announcing  the  execution of an  Agreement  and Plan of
Merger dated as of November  19, 1997 by and between  Magna and the Company (the
"Merger Agreement"). The Merger Agreement provides for the merger of the Company
with and into a wholly-owned  subsidiary of Magna to be organized under the laws
of the State of  Delaware  ("Merger  Sub"),  with  Merger  Sub as the  surviving
corporation (the "Merger").

         Under the Merger  Agreement,  each share of the common stock, par value
$.10 per share, of the Company  ("Company  Common Stock") issued and outstanding
immediately prior to the effective time of the Merger will be converted into the
right to receive  0.5751 of a share of the  common  stock,  par value  $2.00 per
share,  of Magna ("Magna Common Stock") and associated  preferred share purchase
rights, as subject to possible adjustments.

         The Merger is  intended to qualify as a tax-free  reorganization  under
the Internal Revenue Code of 1986, as amended.

         Consummation of the Merger is subject to various conditions, including:
(1) receipt of approval by the  stockholders  of the Company;  (2) the shares of
Magna Common Stock to be issued to the Company stockholders upon consummation of
the Merger having been  authorized  for listing on the New York Stock  Exchange;
(3) receipt of requisite regulatory  approvals;  (4) the registration  statement
having been declared  effective by the Securities and Exchange  Commission;  (5)
receipt by each of the Company and Magna of an opinion of counsel  substantially
to the effect that the Merger will be treated as a tax-free reorganization;  (6)
satisfaction of certain other conditions.

         The Merger  Agreement and the press release issued on November 20, 1997
announcing  the Merger are filed as  exhibits  hereto  and are  incorporated  by
reference herein.  The foregoing  discussion does not purport to be complete and
is qualified in its entirety by reference to such exhibits.

                                       2

<PAGE>


Item 7.  Financial Statements and Exhibits


         (c) Exhibits


         2        Agreement  and Plan of Merger,  dated as of November 19, 1997,
                  by and between Magna Group, Inc. and Charter Financial, Inc.


         99       Joint Press Release, dated November 20, 1997.

                                       3

<PAGE>


                                   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.


                             CHARTER FINANCIAL, INC.



Date: November 25, 1997             By: /s/ JOHN A. BECKER
                                        ------------------
                                        John A. Becker
                                        Chairman, President and Chief
                                        Executive Officer


<PAGE>


                             CHARTER FINANCIAL, INC.

                                  EXHIBIT INDEX


EXHIBIT
NUMBER                              DESCRIPTION

2                 Agreement  and Plan of Merger,  dated as of November 19, 1997,
                  by and between Magna Group, Inc. and Charter Financial, Inc.


99                Joint Press Release, dated November 20, 1997.
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 5490}]
{"company-data": {"conformed-name": "CHARTER FINANCIAL INC", "cik": "0000947122", "assigned-sic": "6036", "irs-number": "371345386", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27304", "film-number": "97728107"}, "business-address": {"street1": "114 W BROADWAY", "street2": "PO BOX 238", "city": "SPARTA", "state": "IL", "zip": "62286", "phone": "6184432166"}, "mail-address": {"street1": "114 W BROADWAY", "street2": "PO BOX 238", "city": "SPARTA", "state": "IL", "zip": "62286"}}
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 (Date of earliest event reported): NOVEMBER 19, 1997

                             CHARTER FINANCIAL, INC.
             (Exact name of registrant as specified in its charter)

    DELAWARE                    0-27304                        37-1345386
 (State or other         (Commission File Number)             (IRS Employer
  jurisdiction                                                Identification
 of incorporation)                                                     No.)

114 WEST BROADWAY, SPARTA, ILLINOIS                                 62286-1683
(Address of principal executive offices)                            (Zip Code)

Registrant's telephone number, including area code (618) 443-2166

                                       N/A
         (Former name or former address, if changed since last report.)
Forward-Looking Statements

         Statements contained in Exhibit 99 that are not historical facts may be
forward-looking  statements  within the meaning of Section 21E of the Securities
Exchange  Act of 1934 and Section 27A of the  Securities  Act of 1933.  Further,
such statements are subject to important factors that could cause actual results
to differ materially from those in Exhibit 99, including the following: regional
and national  economic  conditions;  changes in levels of market interest rates;
credit risks of real estate,  consumer and other lending activities;  regulatory
factors (including  regulatory approval of the acquisition);  and the ability to
achieve synergies in the acquisition.

Item 5.  Other Events.

         On November 20, 1997, Charter Financial,  Inc., a Delaware  corporation
(the "Company") and Magna Group, Inc., a Delaware corporation ("Magna"),  issued
a joint press  release  announcing  the  execution of an  Agreement  and Plan of
Merger dated as of November  19, 1997 by and between  Magna and the Company (the
"Merger Agreement"). The Merger Agreement provides for the merger of the Company
with and into a wholly-owned  subsidiary of Magna to be organized under the laws
of the State of  Delaware  ("Merger  Sub"),  with  Merger  Sub as the  surviving
corporation (the "Merger").

         Under the Merger  Agreement,  each share of the common stock, par value
$.10 per share, of the Company  ("Company  Common Stock") issued and outstanding
immediately prior to the effective time of the Merger will be converted into the
right to receive  0.5751 of a share of the  common  stock,  par value  $2.00 per
share,  of Magna ("Magna Common Stock") and associated  preferred share purchase
rights, as subject to possible adjustments.

         The Merger is  intended to qualify as a tax-free  reorganization  under
the Internal Revenue Code of 1986, as amended.

         Consummation of the Merger is subject to various conditions, including:
(1) receipt of approval by the  stockholders  of the Company;  (2) the shares of
Magna Common Stock to be issued to the Company stockholders upon consummation of
the Merger having been  authorized  for listing on the New York Stock  Exchange;
(3) receipt of requisite regulatory  approvals;  (4) the registration  statement
having been declared  effective by the Securities and Exchange  Commission;  (5)
receipt by each of the Company and Magna of an opinion of counsel  substantially
to the effect that the Merger will be treated as a tax-free reorganization;  (6)
satisfaction of certain other conditions.

         The Merger  Agreement and the press release issued on November 20, 1997
announcing  the Merger are filed as  exhibits  hereto  and are  incorporated  by
reference herein.  The foregoing  discussion does not purport to be complete and
is qualified in its entirety by reference to such exhibits.

                                       2
Item 7.  Financial Statements and Exhibits

         (c) Exhibits

         2        Agreement  and Plan of Merger,  dated as of November 19, 1997,
                  by and between Magna Group, Inc. and Charter Financial, Inc.

         99       Joint Press Release, dated November 20, 1997.

                                       3
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.

                             CHARTER FINANCIAL, INC.

Date: November 25, 1997             By: /s/ JOHN A. BECKER
                                        ------------------
                                        John A. Becker
                                        Chairman, President and Chief
                                        Executive Officer
CHARTER FINANCIAL, INC.

                                  EXHIBIT INDEX

EXHIBIT
NUMBER                              DESCRIPTION

2                 Agreement  and Plan of Merger,  dated as of November 19, 1997,
                  by and between Magna Group, Inc. and Charter Financial, Inc.

99                Joint Press Release, dated November 20, 1997.