U. S. Securities and Exchange Commission
                              Washington, DC 20549
                                   FORM 10-QSB
(Mark One)

[ X ]      QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
           ACT OF 1934
                        
           For the  quarterly  period  ended June 30, 1997 

[   ]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

                              
         For the transition period from  _____________  to  ______________

                         Commission file number 811-0969


                   The First Connecticut Capital Corporation
--------------------------------------------------------------------------------
                    (Exact name of small business issuer as)
                           (specified in its charter)

          Connecticut                                       06-0759497
--------------------------------------------------------------------------------
 (State or other jurisdiction                          (IRS Employer 
of incorporation or organization)                      Identification No.)

               1000 Bridgeport Avenue, Shelton, Connecticut 06484
                    (Address of principal executive offices)

                                 (203) 944-5400
                           (Issuer's telephone number)

             1000 Lafayette Boulevard, Bridgeport, Connecticut 06604
--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes [ X ] No [   ]

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the  registrant  filed all  documents  and reports  required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the  distribution  of
securities under a plan confirmed by court. Yes [   ] No  [   ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 1,173,382

Transitional Small Business Format:  Yes [   ] No  [ X ]
<PAGE>
Item 1.  Financial Statements
<TABLE>
<CAPTION>
THE FIRST CONNECTICUT CAPITAL CORPORATION

BALANCE SHEET, JUNE 30, 1997
(Dollars in thousands,except per share data)
(Unaudited)

<S>                                                                     <C>
ASSETS
Investments:
Loans - net ..................................................          $   474
                                                                        -------

      Investments-net ........................................              474
                                                                        -------

Cash and cash equivalents ....................................              154
Restricted cash ..............................................               45
Loans held for sale ..........................................              100
Accrued interest .............................................               46
Servicing rights .............................................              347
Fixed assets .................................................               44
Other assets .................................................              246
                                                                        -------

TOTAL ASSETS .................................................          $ 1,456
                                                                        =======


LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Warehouse line of credit .....................................                9
Accounts payable and other accrued expenses ..................              410
                                                                        -------

TOTAL LIABILITIES ............................................              419
                                                                        -------

Commitments and contingencies (Note B)

STOCKHOLDERS' EQUITY:
Common stock, no par value, stated value $.50
   per share, authorized 3,000,000 shares,
   issued and outstanding 1,173,382 shares ...................              587
Paid-in surplus ..............................................            9,253
Accumulated deficit ..........................................           (8,803)
                                                                        -------

TOTAL STOCKHOLDERS' EQUITY ...................................            1,037
                                                                        -------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ...................          $ 1,456
                                                                        =======


See notes to financial statements.
</TABLE>
<PAGE>
THE FIRST CONNECTICUT CAPITAL CORPORATION
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996 
(Dollars in thousands,  except per share data)
(Unaudited)     
                                                       Three Months  Three Months
                                                          Ended         Ended
                                                      June 30, 1997  June 30, 1996
                                                        ---------     ----------
<S>                                                    <C>           <C>
INTEREST INCOME:
Interest and fees on loans ........................    $       25    $       25
                                                       ----------    ---------- 
OTHER OPERATING INCOME:
Servicing fees ....................................            42            41
Loan Orgination fees ..............................            31            77
Other fees ........................................             2             1
                                                       ----------    ---------- 

    Total Other Operating Income ..................            75           119
                                                       ----------    ---------- 

TOTAL INCOME ......................................           100           144
                                                       ----------    ---------- 

OTHER OPERATING EXPENSES:
Amortization of servicing rights ..................             0            37
Collection expenses ...............................             0             7
Officers' salaries ................................            31            41
Other salaries ....................................            10            33
Directors' fees ...................................             5             5
Professional services .............................            13            (7)
Miscellaneous taxes ...............................             5             6
Employee and general insurance ....................            11            17
Rent ..............................................             7            10
Communications ....................................             3             4
Advertising and promotions ........................             2             3
Stock record and other financial expenses .........             1             2
Employees' pension plan ...........................             1             1
Depreciation expense ..............................             4             6
Other operating expenses ..........................            16            24
                                                       ----------    ---------- 

    Total Other Operating Expenses ................           109           189
                                                       ----------    ---------- 

NET LOSS ..........................................    $       (9)   $      (45)
                                                       ==========    ========== 

LOSS PER COMMON SHARE .............................        ($0.01)       ($0.04)
                                                       ==========    ==========
Weighted average number of
  common shares outstanding .......................     1,173,382     1,173,382
                                                       =========     ==========

See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE FIRST CONNECTICUT CAPITAL CORPORATION

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
(Dollars in thousands)
(Unaudited)
                                         Common Stock 
                                   ---------------------                                       Total
                                   Number Of                  Paid-In       Accumulated     Stockholders'
                                     Shares       Amount      Surplus         Deficit          Equity
                                   ---------       ----        ------        --------          ------ 
<S>                                <C>             <C>         <C>           <C>               <C>

BALANCE, MARCH 31,1996             1,173,382       $587        $9,253        ($8,569)          $1,271

Net Loss                                                                         (45)            (45)
                                   ---------       ----        ------        --------          ------ 
BALANCE, JUNE 30,1996              1,173,382       $587        $9,253        ($8,614)          $1,226
                                   =========       ====        ======        ========          ======


BALANCE, MARCH 31,1997             1,173,382       $587        $9,253        ($8,794)          $1,046

Net Loss                                                                          (9)            (9)
                                   ---------       ----        ------        --------          ------ 
BALANCE, JUNE 30, 1997             1,173,382       $587        $9,253        ($8,803)          $1,037
                                   =========       ====        ======        ========          ======


See notes to financial statements.
</TABLE>
<PAGE>
THE FIRST CONNECTICUT CAPITAL CORPORATION
<TABLE>
<CAPTION>
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
(Dollars in thousands)
(Unaudited)
                                                                          Three Months     Three Months
                                                                         Ended June 30,   Ended June 30,  
                                                                              1997             1996
                                                                            -------          -------
<S>                                                                         <C>              <C>
OPERATING ACTIVITIES
   Net loss .......................................................         ($    9)         ($   45)
   Adjustments to reconcile net loss to net cash
     provided by (used in) operating activities:
       Depreciation ...............................................               4                6
       Amortization of servicing rights ...........................              (0)              37
       Orgination of loans held for sale ..........................          (1,271)            (220)
       Proceeds from sale of loans held for sale ..................           1,551              220
       Increase in accrued interest receivable ....................              (5)              (8)
       Decrease (Increase) in other assets ........................               3              (47)
       Decrease in accounts payable / other accrued expenses ......             (28)             (54)
                                                                            -------          -------

            Net cash provided by (used in) operating activities ...             244             (111)
                                                                            -------          -------

INVESTING ACTIVITIES
   Principal collected on investments .............................               7                6
                                                                            -------          -------

            Net cash  (used in) provided by investing activities ..               7                6
                                                                            -------          -------

FINANCING ACTIVITIES
   Decrease in warehouse line of credit ...........................            (308)            (226)
                                                                            -------          -------

DECREASE IN CASH AND CASH EQUIVALENTS .............................             (57)            (105)

CASH AND CASH EQUIVALENTS, BEGINNING ..............................             211              415

                                                                            -------         --------

CASH AND CASH EQUIVALENTS, ENDING .................................         $   154         $     96
                                                                            =======         ========

See notes to financial statements.
</TABLE>
<PAGE>
THE FIRST CONNECTICUT CAPITAL CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS

NOTE A - BASIS OF PRESENTATION

         The accompanying  unaudited condensed financial statements of The First
Connecticut  Capital  Corporation  (the   "Corporation"),   formerly  The  First
Connecticut Small Business Investment Company,  have been prepared in accordance
with generally accepted accounting  principles for interim financial information
and with the  instructions  to Form 10-QSB and Article 10-01 of Regulation  S-X.
Accordingly,  they do not include all of the information and footnotes  required
by generally accepted accounting  principles for complete financial  statements.
In the opinion of management,  all adjustments  (consisting of normal  recurring
accruals)  considered  necessary for a fair  representation  have been included.
Operating  results are not  necessarily  indicative  of the results  that may be
expected for the year ending March 31, 1998. For further  information,  refer to
the financial  statements and footnotes  thereto  included in the  Corporation's
annual report filed on Form 10-KSB for the year ended March 31, 1997.

NOTE B - COMMITMENTS AND CONTINGENCIES

         The   Corporation   is  involved  in  litigation   and   administrative
proceedings  primarily  arising in the  normal  course of its  business.  In the
opinion of management,  the Corporation's  liability,  if any, under any pending
litigation  or  administrative   proceeding  would  not  materially  affect  its
financial condition or results of operations.


Item 2.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
               CONDITION AND RESULTS OF OPERATIONS


         The Corporation had a net loss for the three months ended June 30, 1997
of $9,000  compared  to a net loss of $45,000 for the  comparable  period of the
prior year.

         The Corporation is currently  licensed in the States of Connecticut and
Massachusetts to operate as Mortgage Lender/Broker.

Interest Income and Other Operating Income

         Loan origination fees decreased $46,000 for the three months ended June
30, 1997 as compared with the comparable period of the prior year. This decrease
was due to the reduction of mortgage loans  originated and sold in the secondary
market.  Total other operating  income  decreased by $44,000 from the prior year
due to the decrease in loan originations.

Other Operating Expense

         Other operating expenses declined $80,000 during the three months ended
June 30,  1997 as  compared  to the  comparable  period  of the  prior  year due
primarily  to  decreases in officers  and  clerical  salaries,  amortization  of
servicing rights and an overall reduction in all operating expenses.
<PAGE>
THE FIRST CONNECTICUT CAPITAL CORPORATION

Plan of Operation

         The  Corporation  is engaged in the mortgage  banking  business,  which
involves the origination, purchase, sale and servicing of mortgage loans secured
by  residential  properties  and other real  estate.  Since  January  1996,  the
Corporation  has  expanded  its  portfolio  Loan  Program to include  short-term
mortgages  for   construction,   remodeling  and  additions.   These  loans  are
predominately secured by first mortgage liens on residential  properties and are
sold to qualified investors with fees retained for servicing.

         It is anticipated  that the  Corporation  will continue to increase its
level of activities in these areas creating  servicing fees and interest income.
It is too early to  evaluate  the results as the  Corporation  is in a period of
strong competition and the real estate market remains in a state of flux.


LIQUIDITY AND FINANCIAL CONDITION

         The Corporation  has  approximately  $154,000 of unrestricted  cash and
cash equivalents and  approximately  $1.037 million of  Stockholders'  Equity at
June 30, 1997.

         The Corporation currently anticipates that during the year ending March
31, 1998,  its  principal  financing  needs will consist of funding its mortgage
loans held for sale and the ongoing net cost of mortgage loan  originations  and
cash flow used in operations.  Although the  Corporation  anticipates  increased
activities in originating  mortgage loans, the difficulties  experienced  within
the  relevant  economic  markets  still exist and there are no  assurances  that
increased activity will occur. Consequently,  as a means to provide further cash
flow, the Corporation has expressed a willingness to liquidate certain assets in
its portfolio  and believes  that a market exists for those assets.  Future cash
flow  requirements  will  depend  primarily  on the  level of the  Corporation's
activities  in  originating  and selling  mortgage  loans,  as well as cash flow
required by its operations.

         The  Corporation  continues to investigate  and pursue  alternative and
supplementary methods to finance its operations and to support the growth of the
Corporation.

         The Corporation believes that the cash on hand and internally generated
funds will be  sufficient  to meet its  corporate,  general  and  administrative
working  capital and other cash  requirements  during the year ending  March 31,
1998.  The  Corporation  took certain steps during the year ended March 31, 1997
and  continues to decrease its cash flow  requirements.  These steps  included a
management  salary  reduction and a restatement  and  termination of the pension
plan. Management also believes additional steps can be taken if necessary.
<PAGE>
THE FIRST CONNECTICUT CAPITAL CORPORATION

NEW OFFERING

The  Corporation  has formed a Limited  Partnership  known as First  Connecticut
Capital Mortgage Fund A, Limited  Partnership as to which the Corporation is the
General  Partner.  The intent of this new entity is to sell units in the Limited
Partnership to investors in a private  placement,  up to a maximum of $5 million
in $50,000 units for the purpose of funding a short-term  Portfolio Loan Program
for the Limited  Partnership.  The limited partners will be limited to investors
who qualify as  "Accredited  Investors" as defined in Regulation D,  promulgated
under the  Securities  Act of 1933.  This program would  generate  income to the
Corporation in the form of loan origination fees and servicing fees in excess of
a guaranteed  income return to the limited  partners in connection with mortgage
loans that would be made by the Limited  Partnership  from the funds invested by
the limited partner. A copy of the offering memo is available upon request.


PART II. OTHER INFORMATION

Item 6.      Exhibits and Reports on Form 8-K

             NONE
<PAGE>

                                   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 duly authorized.

                                                   THE FIRST CONNECTICUT CAPITAL
                                                   CORPORATION
                                                            (Registrant)


Date:   August  4, 1997                     By:    /s/David Engelson
                                                   -----------------
                                                   David Engelson
                                                   President and Chief Financial
                                                   Officer