10-Q/A

                            FORM 10-Q/A

                SECURITIES AND EXCHANGE COMMISSION

                     WASHINGTON, D.C.  20549

                          AMENDMENT NO. 1

                               TO THE

         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
              OF THE SECURITIES EXCHANGE ACT OF 1934




FOR QUARTER ENDED 					             COMMISSION FILE NUMBER
MARCH 31, 1996      	                      0-24630





                    MAHASKA INVESTMENT COMPANY
      (Exact Name of Registrant as Specified in its Charter)




        IOWA						                          42-1003699
(State of Incorporation)		     (I.R.S. Employer Identification No.)



           222 First Avenue East, Oskaloosa, Iowa  52577

                 Telephone Number (515) 673-8448



Indicate by check mark whether the registrant (1) has filed all reports 
required by Section 13 or 15(d) of the Securities Exchange Act of 1934 
during the preceding 12 months and (2) has been subject to such filing 
requirements for the past 90 days.

                        				Yes   X   		No
		
As of April 25, 1996, 2,259,506 shares of common stock $5 par value were 
outstanding.

PART II - ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K.*

     *This Form 10-Q/A is being filed for the sole purpose of designating
the Financial Data Schedule as a separate document (Exhibit 27) within the
EDGAR submission of the Form 10-Q on May 13, 1996, and does not otherwise
amend this information set forth in that submission.				



                           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 thereunto duly authorized.



                                      							MAHASKA INVESTMENT COMPANY   
                                      							(Registrant)



                                           		/s/ David Meinert
Dated:  July 1, 1996                   						---------------------
                                      							David Meinert,
                                      							Executive Vice President

EX-27

 

<ARTICLE> 9
<CIK> 0000741390
<NAME> MAHASKA STATE BANK
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                              JAN-1-1996
<PERIOD-END>                               MAR-31-1996
<EXCHANGE-RATE>                                      1
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<ALLOWANCE>                                    (1,038)
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