-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 RQnGyy2qADUmkdDfSeSJE6SSCUnL158hQS7EtMSPX3041RJoImuLLQjhMyT5v17x
 pB0uh+/tF7x1FyC1Bl3mOA==

<SEC-DOCUMENT>0000709386-10-000002.txt : 20100106
<SEC-HEADER>0000709386-10-000002.hdr.sgml : 20100106
<ACCEPTANCE-DATETIME>20100106133335
ACCESSION NUMBER:		0000709386-10-000002
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 505
FILED AS OF DATE:		20100106
DATE AS OF CHANGE:		20100106
EFFECTIVENESS DATE:		20100106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST GRAHAM BANCORP INC
		CENTRAL INDEX KEY:			0000709386
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-123195
		FILM NUMBER:		10510765

	BUSINESS ADDRESS:	
		STREET 1:		2ND & ELM STREET
		CITY:			GRAHAM
		STATE:			TX
		ZIP:			76046
		BUSINESS PHONE:		8175492040
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0000709386</cik>
        <entityName>FIRST GRAHAM BANCORP INC</entityName>
        <issuerAddress>
            <street1>623 Elm Street</street1>
            <city>GRAHAM</city>
            <stateOrCountry>TX</stateOrCountry>
            <zipCode>76450</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>940-549-2040</issuerPhoneNumber>
        <jurisdictionOfInc>TEXAS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Donna</firstName>
                <middleName>L.</middleName>
                <lastName>Goray</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>623 Elm Street</street1>
                <city>Graham</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>76450</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Charles</firstName>
                <middleName>A.</middleName>
                <lastName>Rosebrough</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>623 Elm Street</street1>
                <city>Graham</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>76450</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bruce</firstName>
                <lastName>Stephens</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>623 Elm Street</street1>
                <city>Graham</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>76450</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <middleName>Kyle</middleName>
                <lastName>Peavy</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>623 Elm Street</street1>
                <city>Graham</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>76450</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial Banking</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>$1,000,001 - $5,000,000</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>05</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-12-22</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>75495</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>N/A</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>N/A</street1>
                    <city>N/A</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <zipCode>76450</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>TX</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>3774750</totalOfferingAmount>
            <totalAmountSold>2610466</totalAmountSold>
            <totalRemaining>1164284</totalRemaining>
            <clarificationOfResponse>No remaining sales will be made.  Offer ended December 22, 2009.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>6</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The proceeds will be used to inject operating capital into the banks owned by the holding company.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>FIRST GRAHAM BANCORP INC</issuerName>
                <signatureName>Kristin Limehouse</signatureName>
                <nameOfSigner>Kristin Limehouse</nameOfSigner>
                <signatureTitle>Attorney in Fact</signatureTitle>
                <signatureDate>2010-01-06</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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