SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549


SCHEDULE 13-G
Rule 13d - 102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULES 13d-1(b) AND (c) AND AMENDMENTS
THERETO FILED PURSUANT TO 13d-2(B)

 
(Amendment No. __)

BUTTON GWINNETT FINANCIAL CORPORATION
      (Name of Issuer)

COMMON STOCK, $0.01 PAR VALUE PER SHARE
    (Title of Class of Securites)

 124-212-101
(CUSIP Number)


*The remainder of this cover page shall be filled out for a reporting person's 
initial filing on this form with respect to the subject class of securities, 
and for any subsequent amendment contining information which would alter the 
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be 
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange 
Act of 1934 or otherwise subject to the liabilities of that Section of the 
Act but shall be subject to all other provisions of the Act (however, see the 
Notes).

1.  Name of Reporting Person
    S. S. or I. R. S. identification No. of Above Person

    John D. Stephens
    ###-##-####

2.  Check the appropriate box if a member of a group*
	 _
    (a) |_|

	 _
    (b) |_|

3.  SEC Use Only

4.  Citizenship or Place of Organiztion

    United States of America

5.  Sole Voting Power
 
    562,562

6.  Shares Voting Power
    -0-

7.  Sole Dispositive Power
    562,562

8.  Shared Dispositive Power
    -0-

9.  Aggregate Amount Beneficially Owned by Each Reporting Person

    562,562

10. Check Box if the Aggregate Amount in Row (9) excludes Certain Shares 
      _
     |_|

11. Percent of Class Represented by Amount in Row 9

    37.4%

12. Type of Reporting Person*
 
    IN
    
Item 1(a).  Name of Issuer:

     Button Gwinnett Financial Corporation

Item 1(b).  Address of Issuer's Principal Executive Offices:

     150 South Perry Street
     Lawrenceville, Georgia 30045

Item 2(a).  Name of Person Filing:

     John D. Stephens

Item 2(b).  Address of Principal Business office, or if None,
	    Residence:

     150 South Perry Street
     Lawrenceville, Georgia 30045

Item 2(c).  Citizenship:

    United States of America

Item 2(d).  Title of Class of Securities:

     Common Stock, $0.01 par value

Item 2(e).  CUSIP Number:

     124-212-101

Item 3.    If this statement is filed pursuant to Rules 13d-1(b),
	   or 13d-2(b), check whether the person filing is a:

     Inapplicable

Item 4.   Ownership:

     (a)  Amount beneficially owned: 562,562

     (b)  Percent of class: 37.4%

     (c)  Number of shares as to which such person has

	  (i)  sole power to vote or direct the vote: 562,562;

	 (ii)  shared power to vote or direct the vote: 0;

	(iii)  sole power to dispose or to direct the 
	       disposition of: 562,562;

	 (iv)  shared power to dispose or direct the disposition
	       of: 0.

Item 5.  Ownership of Five Percent or Less of a Class:

     Inapplicable

Item 6.   Ownership of More than Five Percent on Behalf of 
	  Another Person:

     Inapplicable

Item 7.   Identification and Classification of the Subsidiary
	  Which Acquired the Security Being Reported on by the 
	  Parent Holding Company:

     Inapplicable

Item 8.   Identification and Classification of the Members of the
	  Group:

     Inapplicable

Item 9.  Notice of Dissolution of Group:

     Inapplicable

Item 10.  Certification:

     Inapplicable


			   SIGNATURE





After reasonable inquiry and to the best of my knowledge and belief, I certify 
that the information set forth in this statement, is true, complete and 
correct.


     Date:          February 12, 1998

     Signature:     /s/

     Name:          John D. Stephens