8-K/A

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C. 20549

                                    FORM 8-K
                                 CURRENT REPORT
   
                                 Amendment No. 1
    


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



Date of Report:  August 26, 1996




                              EMERGENT GROUP, INC. 
             (Exact name of registrant as specified in its charter)



South Carolina             0-8909               57-0513287     
(State or other           (Commission         (I.R.S. Employer
jurisdiction of          File Number)            Identification
incorporation)                                      Number)



Suite 750, 15 South Main Street, Greenville, South Carolina  29601
(Address of principal executive offices)                  (Zip Code)


Registrant's telephone number including area code (803) 235-8056


                   The Exhibit Index appears on page 4 hereof.

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Item 4.  Changes in Registrant's Certifying Accountant

         On August 26, 1996, Emergent Group, Inc. (the "Company")  determined to
dismiss  Elliott  Davis & Company,  LLP ("ED&C") and to engage KPMG Peat Marwick
LLP  ("KPMG") as the  Company's  independent  auditors for the 1996 fiscal year.
ED&C has served as the Company's principal accountants since 1993. The change in
auditors resulted from the Company's  decision that it was in the Company's best
interest  to  utilize a  national  accounting  firm,  with its  attendant  size,
experience and expertise.

   
         In connection with its audits for the past two fiscal years and for 
the interim period through August 26, 1996, there have been no disagreements 
between the Company and ED&C on any matter of accounting principles or 
practices,  financial statement  disclosure,  or auditing scope or procedure, 
which  disagreements,  if not  resolved to the  satisfaction  of the auditors,
would have caused it to make reference to the subject matter of the disagreement
in connection with its report.  Moreover, ED&C reports as principal auditor of 
the financial statements of the Company for the past two fiscal years did not 
contain an adverse  opinion or a  disclaimer  of opinion,  nor were they
qualified or modified as to uncertainty, audit scope or accounting principles.
    

         The  Audit  Committee  of the  Board  of  Directors  and the  Board  of
Directors of the Company have approved this change of accounting firms.

   
         ED&C has furnished to the Company a letter  addressed to the Commission
stating that it agrees with the above statements.  A copy of that letter,  dated
September 5, 1996, is filed as Exhibit 16.1 to this Amendment No. 1 of Form 8-K.
    

Item 7.  Financial Statements and Exhibits

(c)     Exhibits

   
        16.1  Letter from Elliott, Davis & Company, LLP dated September 5, 1996.
    

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                                   SIGNATURES

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


   
Date:       September 6, 1996          BY: /s/ Kevin J. Mast
                                               Kevin J. Mast
                                              Vice President, Treasurer &
                                              Chief Financial Officer
    

                                        3




                                  Exhibit Index



16.1     Letter of Elliott, Davis & Company, LLP


                                      4

EX-16

                                                              Exhibit 16.1




Securities and Exchange Commission
Washington, DC 20549

Gentlemen:

   
We were previously principal accountants for Emergent Group, Inc. and
Subsidiaries and on January 31, 1996, we reported on the consolidated financial
statements of Emergent Group, Inc. and Subsidiaries as of December 31, 1994 and
1995, for each of the two years in the period ended December 31, 1995. On
August 26, 1996, we were dismissed as principal accountants of Emergent Group,
Inc. We have read Emergent Group, Inc.'s statements included under Item 4 of its
Amendment No. 1 to Form 8-K dated August 26, 1996, and we agree with such 
statements.




                                          /s/ ELLIOTT, DAVIS & COMPANY, L.L.P.

                                          ELLIOTT, DAVIS & COMPANY, L.L.P.

    




Greenville, SC
September 5, 1996