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) ~~July~~ August 2523, 2005 (~~July~~August 2119, 2005)

Illini Corporation

(Exact name of registrant as specified in its charter)

Illinois

(State or other jurisdiction of incorporation)

0-13343		37-1135429
(Commission File Number)		(IRS Employer Identification No.)
3200 West Iles Avenue Springfield, Illinois		~~62707~~62711
(Address of Principal Executive Offices)		(Zip Code)
Registrant’s telephone number, including area code		(217) 787-5111

Registrant’s telephone number, including area code (217) 787-5111

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:

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

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

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

o 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.

ITEM 8.01		OTHER EVENTS.

On August 19, 2005, Illini Corporation announced the Board of Directors’ preliminary approval of a going private merger transaction and its intent to de-register as a public reporting company with the Securities and Exchange Commission.

A copy of the press release is attached hereto as an exhibit and is incorporated herein by reference.

ITEM 9.01		FINANCIAL STATEMENTS AND EXHIBITS

	(c)	Exhibits

		Exhibit Number

		99.1	Illini Corporation Press Release dated August 19, 2005

The following information, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934.

Illini Corporation issued a news release to report its financial results for the quarter and six-month periods ended June 30, 2005. The release and certain unaudited financial information for the above-referenced period are furnished as Exhibit 99.1 hereto.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

Exhibit Number 99.1 Illini Corporation Earnings Release dated July 21, 2005

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 hereunto duly authorized.

	ILLINI CORPORATION
	(Registrant)
	By:	/s/ Gaylon E. Martin
			Gaylon E. Martin, President and Chief Executive Officer
			Gaylon E. Martin, President and Chief
Dated: July 25, 2005
			Executive Officer
Dated: August 23, 2005

EXHIBIT INDEX

Exhibit Number		Description
99.1		Illini Corporation ~~Earnings~~Press Release dated ~~July~~August 2119, 2005

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