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, 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, DECEMBER 31, 1997
(Dollars in thousands,except per share data)
(Unaudited)


<S>                                                                     <C>
ASSETS
Investments:
Loans - net ..................................................          $   464
                                                                        -------

      Investments-net ........................................              464
                                                                        -------

Cash and cash equivalents ....................................              176
Restricted cash ..............................................              279
Loans held for sale ..........................................              161
Accrued interest .............................................               32
Servicing rights .............................................               27
Fixed assets .................................................               37
Notes Receivable .............................................              471
Other assets .................................................               29
                                                                        -------

TOTAL ASSETS .................................................          $ 1,676
                                                                        =======


LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Accounts payable and other accrued expenses ..................              635
                                                                        -------

TOTAL LIABILITIES ............................................              635
                                                                        -------

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 ..........................................           (8,799)
                                                                        -------

TOTAL STOCKHOLDERS' EQUITY ...................................            1,041
                                                                        -------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ...................          $ 1,676
                                                                        =======

</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
THE FIRST CONNECTICUT CAPITAL CORPORATION
STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE  MONTHS  ENDED  DECEMBER  31,  1997 AND 1996  (Dollars in
thousands, except per share data)
(Unaudited)   
 
                                          Three Months    Three Months      Nine Months        Nine Months
                                             Ended            Ended            Ended              Ended
                                          Dec. 31, 1997   Dec. 31, 1996     Dec. 31, 1997     Dec. 31, 1996
                                           ----------      -----------       -----------       ----------  
<S>                                        <C>             <C>               <C>               <C>
INTEREST INCOME:
Interest and fees on loans                 $       23      $        27       $        74       $       76
                                           ----------      -----------       -----------       ----------  
RECOVERY OF INVESTMENT LOSSES                       0                0               205                0
                                           ----------      -----------       -----------       ----------       

NET INTEREST INCOME AFTER
   RECOVERY OF INVESTMENT LOSSES                   23               27               279               76
                                           ----------      -----------       -----------       ----------       

OTHER OPERATING INCOME:
Servicing fees                                     27               42               101              123
Loan Orgination fees                               60               52               111              165
Other fees                                         10                6                13               10
                                           ----------      -----------       -----------       ----------      
    Total Other Operating Income                   97              100               225              298
                                           ----------      -----------       -----------       ----------       
TOTAL INCOME                                      120              127               504              374
                                           ----------      -----------       -----------       ----------        

OTHER OPERATING EXPENSES:
Amortization of servicing rights                    0               36                 0               73
Collection expenses                                 1                3                 0                2
Officers' salaries                                 26               42               103              130
Other salaries                                     19               30                28              100
Directors' fees                                     0                5                 9               14
Professional services                               5                5                24                4
Miscellaneous taxes                                 3                5                15               23
Employee and general insurance                      7               17                24               51
Rent                                                8                3                22               25
Communications                                      2                4                 8               12
Advertising and promotions                          1                1                 4                4
Stock record and other financial expenses           0                1                 3                4
Employees' pension plan                             5                2                 7                4
Depreciation expense                                4                6                11               17
Other operating expenses                           15               35                41               94
                                           ----------      -----------       -----------       ----------      
    Total Other Operating Expenses                 96              195               299              557
                                           ----------      -----------       -----------       ---------- 
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE FIRST CONNECTICUT CAPITAL CORPORATION
STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE  MONTHS  ENDED  DECEMBER  31,  1997 AND 1996  (Dollars in
thousands, except per share data)
(Unaudited)  (continued) 
 
                                          Three Months    Three Months      Nine Months        Nine Months
                                             Ended            Ended            Ended              Ended
                                          Dec. 31, 1997   Dec. 31, 1996     Dec. 31, 1997     Dec. 31, 1996
                                           ----------      -----------       -----------       ----------  
<S>                                        <C>             <C>               <C>               <C>          

NET INCOME (LOSS) BEFORE LOAN LOSSES               24              (68)              205             (183)
                                           ----------      -----------       -----------       ----------   

Loan Losses                                         0                0               156                5
Loss on Asset Management Agreement
  Transaction. Note C                              44                0                54                0
                                           ----------      -----------       -----------       ----------   

NET (LOSS)                                 $       20      $       (68)       $       (5)     $      (188)
                                           ==========      ===========        ==========      =========== 
                                            

(LOSS) PER COMMON SHARE                    $    (0.02)     $     (0.06)       $    (0.00)     $    ( 0.16)
                                           ==========      ===========        ==========      =========== 
                                            

Weighted average number of
  common shares outstanding                 1,173,382        1,173,382         1,173,382        1,173,382
                                           ==========      ===========        ==========      =========== 
                                            
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
THE FIRST CONNECTICUT CAPITAL CORPORATION
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED DECEMBER 31, 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                                                                        (188)            (188)
                                   ---------       ----        ------        -------           ------ 

BALANCE, DECEMBER 31,1996          1,173,382       $587        $9,253        ($8,757)          $1,083
                                   =========       ====        ======        =======           ======
                                   


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

Net Profit                                                                        (5)              (5)
                                   ---------       ----        ------        -------           ------
                                   
BALANCE, DECEMBER 31, 1997         1,173,382       $587        $9,253        ($8,799)          $1,041
                                   =========       ====        ======        =======           ======
                                   
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
THE FIRST CONNECTICUT CAPITAL CORPORATION
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 1997 AND 1996
(Dollars in thousands)
(Unaudited)
                                                                            Nine Months     Nine Months
                                                                           Ended Dec 31,   Ended Dec 31,  
                                                                                1997           1996
                                                                              -------      -------
<S>                                                                           <C>          <C>
OPERATING ACTIVITIES
   Net income (loss) ....................................................     $    (5)     ($  188)
   Adjustments to reconcile net income (loss) to net cash
     provided by (used in) operating activities:
       Investment (gains) losses ........................................         (49)           5
       Loss on Asset Management Agreement transaction Note C.............          54                
       Depreciation .....................................................          11           17
       Decrease in servicing rights .....................................         311           73
       Increase in notes receivable .....................................        (471)           0
       Orgination of loans held for sale ................................      (4,979)      (1,857)
       Proceeds from sale of loans held for sale ........................       5,198        1,629
       Decrease( Increase) in accrued interest receivable ...............           8          (12)
       Decrease (Increase) in other assets ..............................         216          (25)
       Decrease (Increase) in accounts payable and other accrued expenses         151          (79)
       Increase in restricted cash ......................................        (234)           0
                                                                              -------      -------

            Net cash provided by (used in) operating activities .........         211         (437)
                                                                              -------      -------

INVESTING ACTIVITIES
   Principal collected on investments ...................................          71           12
                                                                              -------      -------

            Net cash provided by investing activities ...................          71           12
                                                                              -------      -------

FINANCING ACTIVITIES
   (Decrease) increase in warehouse line of credit ......................        (317)         145
                                                                              -------      -------

DECREASE IN CASH AND CASH EQUIVALENTS ...................................         (35)        (280)

CASH AND CASH EQUIVALENTS, BEGINNING ....................................         211          430
                                                                              -------      -------

CASH AND CASH EQUIVALENTS, ENDING .......................................     $   176      $   150
                                                                              =======      =======
</TABLE>
See notes to financial statements.
<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.

NOTE C - TERMINATION OF SERVICING RIGHTS

         On October 27 1997, Walsh  Securities  assigned the balance of the loan
portfolio  serviced  by  First  Connecticut  under  the  Asset  Management  Loan
Servicing  Agreement  dated  12/15/93  (the  "Agreement')  to Greenwich  Capital
Financial  Products,  Inc. As a result of this transaction,  the "Agreement" was
terminated. Walsh Securities issued a promissory note dated November 12, 1997 in
the amount of $560,000.00 to fulfill their obligation to First Connecticut under
the  "Agreement".  Since the note is not  interest  bearing,  interest  has been
imputed at 8.5% resulting in an original issue discount  ("OID") of $471,000.00.
This OID will be amortized to interest income over the life of the note.

         The discounted  value of the note of $471,000.00  was exchanged for the
amortized  balance of the servicing  rights of  $311,000.00  and a receivable of
$214,000.00 for the reimbursable fees and expenses resulting in a $54,000.00 net
loss  on the  transaction.  

         The note requires  monthly  payments of $10,000  beginning  December 1,
1997 through December 1, 2000 with a lump sum payment of $200,000.00 on December
31, 2000.

         First Connecticut will continue to service the remaining loan portfolio
for Greenwich Capital under a new servicing agreement.
<PAGE>
THE FIRST CONNECTICUT CAPITAL CORPORATION

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


         The  Corporation  had a net loss for the nine months ended December 31,
1997 of $5,000  compared to a net loss of $188,000 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  $54,000 for the nine  months  ended
December 31, 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 $73,000 from the
prior year due to the  decrease  in loan  originations  and a decrease  in loans
serviced.  First  Connecticut  has  over  reserved  on  a  loan  that  has  been
liquidated, thus resulting in a gain of $49,000.


Other Operating Expense

         Other operating expenses declined $258,000 during the nine months ended
December  31, 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.


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 and remodeling. These loans are predominately secured
by first  mortgage  liens on  residential  properties  and are sold to qualified
investors with orgination and servicing fees retained by the Corporation.

         It is anticipated  that the  Corporation  will continue to increase its
level of activities in these areas creating servicing fees and interest income.
<PAGE>
THE FIRST CONNECTICUT CAPITAL CORPORATION

LIQUIDITY AND FINANCIAL CONDITION

         The Corporation  has  approximately  $176,000 of unrestricted  cash and
cash equivalents and  approximately  $1,041 million of  Stockholders'  Equity at
December 31, 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.  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  continues  to  monitor  the  cash  on  hand  and  the
internally  generated  funds  and  believes  it 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  also
continues to decrease its cash flow requirements by monitoring all expenses.  As
a result of the Note with Walsh  Securities this will increase the  corporations
cash flow by $120,000.00 a year.  Management also believes  additional steps can
be taken if necessary.


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.  To date the  Corporation has sold 25 units. A copy of the
offering memo is available upon request.
<PAGE>


THE FIRST CONNECTICUT CAPITAL CORPORATION

PART II. OTHER INFORMATION



Item 6.           Exhibits and Reports on Form 8-K

                  NONE


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  13, 1998                   By:  /s/David Engelson
                                                 -----------------
                                                 David Engelson
                                                 President and Chief Financial
                                                 Officer