Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Childers Kim M
 2. Date of Event Requiring Statement (Month/Day/Year)
02/13/2006		 3. Issuer Name and Ticker or Trading Symbol
FLAG FINANCIAL CORP [FLAG]
(Last)
(First)
(Middle)
C/O FLAG FINANCIAL CORPORATION, 3475 PIEDMONT ROAD, NE		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EVP, Chief Credit Officer
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

ATLANTA, 2Q 30305		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 218,100
D
 
Common Stock 200
I
Held by Spouse

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option - Right to Buy 02/04/2007(1) 02/04/2014 Common Stock 4,000 $ 12.9 D  
Stock Option - Right to Buy 01/12/2008(1) 01/12/2015 Common Stock 5,000 $ 14.93 D  
Stock Option - Right to Buy 12/28/2006(2) 12/28/2015 Common Stock 15,182 $ 16.36 D  
Stock Option - Right to Buy 12/28/2005(3) 12/28/2015 Common Stock 4,818 $ 16.36 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Childers Kim M
C/O FLAG FINANCIAL CORPORATION
3475 PIEDMONT ROAD, NE
ATLANTA, 2Q 30305		       EVP, Chief Credit Officer  

Signatures

/s/ Kim M. Childers 04/18/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The option will fully vest three years from grant date.
(2) The option vests in equal annual one-third increments, with the first option vesting on the date stated.
(3) The option was fully vested on grant date.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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