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): December 17, 2004
                                                  ------------------------------


                            BG FINANCIAL GROUP, INC.
                            ------------------------
               (Exact Name of Registrant as Specified in Charter)


      Tennessee                      000-50771                  20-0307691
--------------------------------------------------------------------------------
(State or Other Jurisdiction of     (Commission              (I.R.S. Employer
Incorporation or Organization)      File Number)          Identification Number)

3095 East Andrew Johnson Highway, Greeneville, Tennessee          37745
--------------------------------------------------------------------------------
    (Address of Principal Executive Offices)                    (Zip Code)

Registrant's telephone number, including area code: (423) 636-1555
                                                    ----------------------------

                                       N/A
--------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)



<PAGE>


Item 5.02   Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers

On  December 13,  2004,  Rance P. Merkel  resigned as  a member of the  Board of
Directors of BG Financial Group, Inc.


<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.


                                        BG FINANCIAL GROUP, INC.

Dated: December 17, 2004                By: /s/ J. Robert Grubbs
                                           -------------------------------------
                                           J. Robert Grubbs
                                           President and Chief Executive Officer
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{"company-data": {"conformed-name": "BG Financial Group, Inc.", "cik": "0001290505", "assigned-sic": "6035", "irs-number": "200307691", "state-of-incorporation": "TN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50771", "film-number": "041211237"}, "business-address": {"street1": "3095 E.ANDREW JOHNSON HWY", "city": "GREENEVILLE", "state": "TN", "zip": "37745", "phone": "423-636-1555"}, "mail-address": {"street1": "3095 E.ANDREW JOHNSON HWY", "city": "GREENEVILLE", "state": "TN", "zip": "37745"}}
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): December 17, 2004
                                                  ------------------------------

                            BG FINANCIAL GROUP, INC.
                            ------------------------
               (Exact Name of Registrant as Specified in Charter)

      Tennessee                      000-50771                  20-0307691
--------------------------------------------------------------------------------
(State or Other Jurisdiction of     (Commission              (I.R.S. Employer
Incorporation or Organization)      File Number)          Identification Number)

3095 East Andrew Johnson Highway, Greeneville, Tennessee          37745
--------------------------------------------------------------------------------
    (Address of Principal Executive Offices)                    (Zip Code)

Registrant's telephone number, including area code: (423) 636-1555
                                                    ----------------------------

                                       N/A
--------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)
Item 5.02   Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers

On  December 13,  2004,  Rance P. Merkel  resigned as  a member of the  Board of
Directors of BG Financial Group, Inc.
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.

                                        BG FINANCIAL GROUP, INC.

Dated: December 17, 2004                By: /s/ J. Robert Grubbs
                                           -------------------------------------
                                           J. Robert Grubbs
                                           President and Chief Executive Officer