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)	January 24, 2005

Flag Financial Corporation.
(Exact Name of Registrant as Specified in its Charter)

Georgia	000-24532	58-209417
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

3475 Piedmont Road
Atlanta, GA 30305
(Address of Principal Executive Offices)

Registrant’s telephone number, including area code	(404) 760-7700

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02

Results of Operations and Financial Condition

On January 24, 2005, Flag Financial Corporation issued a press release reporting its fourth quarter 2004 results of operations. A copy of the press release is attached as an exhibit to this report.

Item 9.01

Financial Statements and Exhibits

(c)

Exhibits

No.

Description

99.1

Press Release dated January 24, 2005.

The information furnished in the attached press release shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section.

SIGNATURE

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.

January 24, 2005	FLAG FINANCIAL CORPORATION


By:	/s/ J. Daniel Speight
	J. Daniel Speight
	Vice Chairman, Chief Financial Officer and Secretary

EXHIBIT INDEX

No.		Description
99.1		Press Release dated January 24, 2005.

FLAG FINANCIAL CORP 8-K