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 DECEMBER 31, 2001

[ ]     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)


              ----------------------------------------------------
              (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>



<TABLE>
<CAPTION>

PART I - FINANCIAL INFORMATION

ITEM 1. - Financial Statements

THE FIRST CONNECTICUT CAPITAL CORPORATION
-----------------------------------------

BALANCE SHEET, DECEMBER 31, 2001
(Dollars in thousands, except share data)
-----------------------------------------
(Unaudited)
-----------



ASSETS                                                            2001
------                                                            ----
<S>                                                         <C>
Cash and cash equivalents                                          $13
Restricted cash                                                     46
Loans - net of provision for loan losses of  $568                2,148
Loans held for sale                                              1,516
Accrued interest receivable                                          6
Servicing rights                                                    72
Fixed assets                                                        18
Deferred income taxes                                              554
Other assets                                                        57
                                                              ---------
TOTAL ASSETS                                                    $4,430
                                                              =========


LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------

LIABILITIES
-----------
Line of credit                                                  $2,086
Accounts payable and other accrued expenses                        142
                                                              ---------
TOTAL LIABILITIES                                                2,228
                                                              ---------

Commitments and contingencies

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
Additional paid in capital                                       9,253
Accumulated deficit                                             (7,638)
                                                              ---------
TOTAL STOCKHOLDERS' EQUITY                                       2,202
                                                              ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                      $4,430
                                                              =========


</TABLE>


See notes to condensed financial statements.

                                        2



<PAGE>



<TABLE>
<CAPTION>

THE FIRST CONNECTICUT CAPITAL CORPORATION
-----------------------------------------

STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2001 AND 2000
(Dollars in thousands, except share data)
-----------------------------------------
(Unaudited)
-----------                                           Three Months   Nine Months   Three Months     Nine Months
                                                      ------------   -----------   ------------     -----------
                                                          Ended          Ended         Ended         Ended
                                                      Dec. 31, 2001  Dec. 31,2001  Dec. 31, 2000  Dec. 31, 2000
                                                      -------------  ------------  -------------  -------------

INTEREST INCOME:
<S>                                                  <C>          <C>           <C>           <C>
Interest and fees on loans                                  $138         $453          $130          $409
                                                      -----------   ----------    ----------   -----------

INTEREST EXPENSE:
Interest expense on line of credit                            57          180            54           130
Other interest expense                                         4           11             3            11
                                                      -----------   ----------    ----------   -----------

TOTAL INTEREST EXPENSE                                        61          191            57           141


NET INTEREST INCOME                                           77          262            73           268
                                                      -----------   ----------    ----------   -----------


Recovery on provision for loan losses net                    (28)         (16)            -             -
                                                      -----------   ----------    ----------   -----------

NET INTEREST INCOME AFTER RECOVERY OF
   PROVISION FOR LOAN LOSSES                                 105          278            73           268
                                                      -----------   ----------    ----------   -----------

OTHER OPERATING INCOME:
Servicing fees                                               121          372            89           257
Other fees                                                     5           22             7            22
                                                      -----------   ----------    ----------   -----------
    Total other operating income                             126          394            96           279
                                                      -----------   ----------    ----------   -----------

TOTAL INCOME                                                 231          672           169           547
                                                      ===========   ==========    ==========   ===========

OTHER OPERATING EXPENSES:

Officers' salaries                                            46          133            44           115
Other salaries                                                16           41            14            32
Directors' fees                                                -            1             -             1
Professional services                                         89           99             8            23
Collection expenses                                          (11)          (1)            -             0
Miscellaneous taxes                                            3           13             4            11
Employee and general insurance                                11           32            11            33
Rent                                                           7           23             7            23
Amortization of servicng rights                                -            -            (4)            8
Corporate insurance expenses                                   5           15             5            16
Licenses, dues and subscriptions expenses                      2            5             1             4
Communications                                                 2            7             3             8
Advertising and promotions                                     2            4             1             3
Stock record and other financial expenses                      3            9             4            12
Depreciation                                                   1            3             2             7
Equipment and auto rental                                      4           11             3             9
Postage expenses                                               0            5             2             4
Office supplies                                                4            6             -             3
Other                                                          5           12            11            17
                                                      -----------   ----------    ----------   -----------
    Total other operating expenses                           189          418           116           329
                                                      -----------   ----------    ----------   -----------

INCOME BEFORE INCOME TAX (PROVISION) BENEFIT                  42          254            53           218

INCOME TAX (PROVISION) BENEFIT                                 -          (10)           11            42

NET INCOME                                                   $42         $244           $64          $260
                                                      ===========   ==========    ==========   ===========

INCOME PER COMMON SHARE (BASIC AND DILUTED)                $0.04        $0.21         $0.05         $0.22
                                                      ===========   ==========    ==========   ===========

Weighted average number of
  common shares outstanding: basic                     1,173,382    1,173,382     1,173,382     1,173,382
                                                      ===========   ==========    ==========   ===========
  common shares outstanding: diluted)                  1,181,296    1,180,416     1,173,382     1,173,382
                                                      ===========   ==========    ==========   ===========

</TABLE>

See notes to condensed financial statements.

                                        3


<PAGE>


<TABLE>
<CAPTION>

THE FIRST CONNECTICUT CAPITAL CORPORATION

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED DECEMBER 31, 2001
(Dollars in thousands, except share data)
(Unaudited)
                                          Common Stock                                         Total
                                          ------------                                         -----
                                   Number Of                   Additional     Accumulated    Stockholders'
                                     Shares       Amount    Paid-In Capital     Deficit        Equity
                                     ------       ------    ----------------    --------       ------

<S>                             <C>             <C>         <C>            <C>              <C>
BALANCE, April 1, 2001             1,173,382       $587        $9,253         ($7,882)         $1,958

Net Loss                                                                          244            244

                                   -----------   ---------    ----------    -------------   -------------
BALANCE, December 31, 2001         1,173,382       $587        $9,253         ($7,638)         $2,202
                                   ===========   =========    ==========    =============   =============

</TABLE>

See notes to condensed financial statements.



























                                       4


<PAGE>


<TABLE>
<CAPTION>

THE FIRST CONNECTICUT CAPITAL CORPORATION

STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2001 AND 2000
(Dollars in thousands)
----------------------
(Unaudited)
-----------
                                                                            2001             2000
                                                                            ----             ----
OPERATING ACTIVITIES
--------------------
<S>                                                                     <C>              <C>
   Net income                                                               $244             $260
   Adjustments to reconcile net income to net cash
       provided by (used in) operating activities:
       Recover of provision for loan losses                                  (16)
       Deferred taxes                                                          -              (60)
       Depreciation                                                            3                7
       Amortization of servicing rights                                        -                8
       Origination of loans held for sale                                (12,826)          (9,520)
       Proceeds from sales of loans held for sale                         12,273            9,091
       Changes in assets and liabilities:
         Increase in restricted cash                                          (2)              (1)
         Increase in accrued interest receivable                              (2)              (2)
         Increase in other assets                                             (9)             (10)
         Increase in accounts payable and other accrued expenses             112                1
                                                                      -----------    -------------

            Net cash used in operating activities                           (223)            (226)
                                                                      -----------    -------------

INVESTING ACTIVITIES
--------------------
      Principal collected on loans                                           244              186
      Purchase of fixed assets                                                (6)              (5)
                                                                      -----------    -------------

            Net cash provided by investing activities                        238              181
                                                                      -----------    -------------

FINANCING ACTIVITIES
--------------------
     Decrease in line of credit borrowings                                  (234)            (167)
                                                                      -----------    -------------

            Net cash used in financing activities                           (234)            (167)
                                                                      -----------    -------------

DECREASE IN CASH AND CASH EQUIVALENTS                                       (219)            (212)

CASH AND CASH EQUIVALENTS, BEGINNING                                         232              327
                                                                      -----------    -------------

CASH AND CASH EQUIVALENTS, ENDING                                            $13             $115
                                                                      ===========    =============


</TABLE>

See notes to condensed financial statements.










                                       5


<PAGE>



<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 known as The
First Connecticut Small Business Investment Company, have been prepared in
accordance with accounting principles generally accepted in the United States of
America ("GAAP") 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 notes required by GAAP 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, 2002. For further information,
refer to the financial statements and notes thereto included in the
Corporation's Annual Report on Form 10-KSB/A for the year ended March 31, 2001.

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

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

           The Corporation had net income of $244,000 for the nine months ended
December 31, 2001 as compared to the net income of $260,000 for the nine months
ended December 31, 2000. This decrease of $16,000 is due to the increase of
$115,000 in the collection of servicing fees and the increase of $44,000 of
interest and fees earned on loans. This was offset by an increase of $50,000 of
interest paid on the line of credit, the increase of $18,000 in officers'
salaries and the increase of $76,000 in professional fees due to the
professional cost incurred by the Corporation to assist the Corporation in
maximizing shareholder value.

INTEREST INCOME AND OTHER OPERATING INCOME

           Interest and fees on loans increased $44,000 for the nine months
ended December 31, 2001, as compared to the nine months ended December 31, 2000.
This increase was primarily due to an increase in the number of mortgage loans
originated and funded by the Corporation. Management attributes the increase to
its successful marketing of its knowledge of construction and real estate
lending, its ability to service loan demand from homebuilders, remodelers and
developers and the generally favorable climate for the construction industries.
We continue to provide construction financing to a segment of the market whose
price range is less affected by economic conditions.

           Servicing fees increased by $115,000 for the nine months ended
December 31, 2001, as compared to the same period in the prior year. This
increase is due to an increase in servicing fees earned on the Corporation's
short-term construction and remodeling mortgage loans, the increase in the
Limited Partnership portfolios and the decrease of the interest rate paid on the
Corporation's line of credit.

                                        6


<PAGE>


THE FIRST CONNECTICUT CAPITAL CORPORATION

OTHER OPERATING EXPENSE
-----------------------

           Total other operating expenses increased by $89,000 during the nine
months ended December 31, 2001, as compared to the comparable period of the
prior year. This increase is due to the increase of $76,000 in professional
services, an increase of $27,000 in officers' salaries, and other salaries,
offset by the decrease of $5,000 in other operating cost and the $8,000
amortization of servicing rights record in the prior year.

INCOME TAX PROVISION (BENEFIT)
------------------------------

           A net income tax provision of $10,000 was recorded for the nine
months ended December 31, 2001, as compared to $42,000 tax benefit for the nine
months ended December 31, 2000, which primarily reflects the current provision
and the reduction of the valuation allowance against net operating loss
carryforwards (NOLS), based on management's assessment of the amount of NOLS
that will more likely than not be realized based on current and projected
profitability.

PROVISION FOR LOAN LOSSES
-------------------------

           The Corporation for the nine months ended December 31, 2001 has
recorded a recovery of $16,000 on the provision for loan losses, due to the
payoff of a loan previously included in the provision. There was no such
recovery recorded for the nine months ended December 31, 2001.

PLAN OF OPERATION
-----------------

           The Corporation is engaged in the mortgage banking business, which
involves the origination, purchase, sale and servicing of mortgage loans
collateralized by residential properties and commercial real estate. These loans
are predominately collateralized by first mortgage liens on residential
properties and are sold to qualified investors, with origination and servicing
fees retained by the Corporation. The Corporation's revenues consist of loan
servicing fees, loan origination fees, interest on mortgage loans and mortgage
servicing rights.

           Attractive long-term mortgage rates are expected to encourage more
spec building, which should result in increased construction loan demand. Based
upon the continuing favorable climate in the construction industry in
Connecticut, the Corporation will expect to increase its present level of
activities in this area. Management is cognizant that residential construction
is seasonal in nature, as well as sensitive to changing interest rates. Loan
demand, in general however, remains steady and despite the lowest rates in
years, the Corporation has been able to maintain its current rate schedule.

           We continue to experience "repeat business" from our growing list of
contractors/borrowers primarily due to our streamlined application and closing
process. We continue to provide prompt, professional and personalized service
which is extremely attractive, as well as unique, in today's lending
environment.
                                        7




<PAGE>

THE FIRST CONNECTICUT CAPITAL CORPORATION
-----------------------------------------

           The Letter of Intent filed on December 5, 2001 with The Security and
Exchange Commission has been terminated. The Corporation continues to seek ways
to reduce expenses while at the same time increase market activity of its
products and services. Management is continuing to actively pursue strategic
acquisitions or mergers of other finance companies in order to implement its
business plan. The Corporation has also engaged the service of an investment
advisor to assist in maximizing stockholders value. In connection with the
above, certain members of the Corporation's management (including certain
members of the board of directors) have indicated they may be interested in
purchasing the operating assets of the Corporation. The Board of Directors has
indicated that it would consider such a proposal when and if specific proposed
terms and conditions are present.

LINE OF CREDIT
--------------

           On December 15, 2000 the Corporation closed its third Commercial Line
of Credit with Hudson United Bank. This $3,000,000 line of credit is for a term
of one year at an interest rate of 2.5% over the Wall Street Prime Rate and will
expire on December 1, 2001. The line of credit agreement has been extended to
April 1, 2002, and the Corporation is currently in negotiations with the bank
and renewal is expected by the end of February 2002. This line is collateralized
by an assignment of notes and mortgages equal to the amount of the loan. At
December 31, 2001, and December 31, 2000 there was $2,086,000 and $1,551,000
advanced on this line of credit, respectively. The Corporation is hopeful that
this established long-term conventional banking relationship will continue to
grow and enable the Corporation to increase its volume of business.

FINANCIAL RESOURCES
-------------------

           As of December 31, 2001, the Corporation had $13,000 of unrestricted
cash and cash equivalents and approximately $2,202,000 of Stockholders' Equity.

           The Corporation currently anticipates that during the year ending
March 31, 2002, its principal financing needs will consist of funding its
mortgage loans held for sale and the ongoing net cost of mortgage loan
originations. The Corporation believes that cash on hand, internally generated
funds and availability of its line of credit will be sufficient to meet its
corporate, general and administrative working capital and other cash
requirements during the year ending March 31, 2002.

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. If construction loan demand increases, the
Corporation will require additional cash to service those requirements. The
Corporation continues to monitor its cash flow requirements. Due to the
aforementioned line of credit, the Corporation feels it will be able to meet
these cash requirements. The Corporation also continues to decrease its cash
flow requirements by monitoring all expenses.



                                        8


<PAGE>


THE FIRST CONNECTICUT CAPITAL CORPORATION

PART II.   OTHER INFORMATION

Item 6.              Exhibits and Reports on Form 8-K

           Form 8K filed December 5, 2001

           Form 8K filed February 11, 2002


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:   February 12,2001             By: _________________________________
                                                Lawrence R. Yurdin
                                                   President


                                        9