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 September 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, SEPTEMBER 30, 1997
                  (Dollars in thousands,except per share data)
                                  (Unaudited)


<S>                                                                     <C>
ASSETS
Investments:
Loans - net ..................................................          $   463
                                                                        -------

      Investments-net ........................................              463
                                                                        -------

Cash and cash equivalents ....................................              364
Restricted cash ..............................................               45
Loans held for sale ..........................................              116
Accrued interest .............................................               37
Servicing rights .............................................              337
Fixed assets .................................................               40
Other assets .................................................              246
                                                                        -------

TOTAL ASSETS .................................................          $ 1,648
                                                                        =======


LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Warehouse line of credit .....................................                9
Accounts payable and other accrued expenses ..................              578
                                                                        -------

TOTAL LIABILITIES ............................................              587
                                                                        -------

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 ..........................................           (8,779)
                                                                        -------

TOTAL STOCKHOLDERS' EQUITY ...................................            1,061
                                                                        -------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ...................          $ 1,648
                                                                        =======
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
                                      THE FIRST CONNECTICUT CAPITAL CORPORATION

                                              STATEMENTS OF OPERATIONS
                                FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                                    (Dollars in thousands, except per share data)
                                                     (Unaudited)

                                                   Three Months       Six Months      Three Months      Six Months
                                                      Ended             Ended            Ended            Ended
                                                   Sep. 30, 1997     Sep. 30, 1997    Sep. 30, 1996    Sep. 30, 1996
                                                   -------------     -------------    -------------    -------------
<S>                                                <C>               <C>              <C>              <C>
INTEREST INCOME:
Interest and fees on loans                         $         26      $        51      $         24     $         49
                                                   -------------     ------------     -------------    -------------

RECOVER OF INVESTMENT LOSSES                                205              205                 0                0
                                                   -------------     ------------     -------------    -------------
NET INTEREST INCOME AFTER
   RECOVERY OF INVESTMENT LOSSES                            231              256                24               49
                                                   -------------     ------------     -------------    -------------
OTHER OPERATING INCOME:
Servicing fees                                               32               74                40               81
Loan Orgination fees                                         20               51                36              113
Other fees                                                    1                3                 3                4
                                                   -------------     ------------     -------------    -------------
    Total Other Operating Income                             53              128                79              198
                                                   -------------     ------------     -------------    -------------

TOTAL INCOME                                                284              384               103              247
                                                   -------------     ------------     -------------    -------------
OTHER OPERATING EXPENSES:
Amortization of servicing rights                             10               10                 0               37
Collection expenses                                          (1)              (1)               (8)              (1)
Officers' salaries                                           46               77                47               88
Other salaries                                               (1)               9                37               70
Directors' fees                                               4                9                 4                9
Professional services                                         6               19                 6               (1)
Miscellaneous taxes                                           7               12                12               18
Employee and general insurance                                6               17                17               34
Rent                                                          7               14                12               22
Communications                                                3                6                 4                8
Advertising and promotions                                    1                3                 0                3
Stock record and other financial expenses                     2                3                 1                3
Employees' pension plan                                       1                2                 1                2
Depreciation expense                                          3                7                 5               11
Other operating expenses                                     10               26                36               59
                                                   -------------     ------------     -------------    -------------
    Total Other Operating Expenses                          104              213               174              362
                                                   -------------     ------------     -------------    -------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                      THE FIRST CONNECTICUT CAPITAL CORPORATION

                                               STATEMENTS OF OPERATIONS
                                 FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                                    (Dollars in thousands, except per share data)
                                               (Unaudited) (continued)

                                                   Three Months       Six Months      Three Months     Six Months
                                                      Ended             Ended            Ended            Ended
                                                   Sep. 30, 1997     Sep. 30, 1997    Sep. 30, 1996    Sep. 30, 1996
                                                   -------------     -------------    -------------    -------------
<S>                                                <C>               <C>              <C>              <C>

NET PROFIT (LOSS) BEFORE LOAN LOSSES                        180              171               (71)            (115)
                                                   -------------     ------------     -------------    -------------

Loan Losses                                                 156              156                 5                5
                                                   -------------     ------------     -------------    -------------

NET PROFIT (LOSS)                                  $         24      $        15      $        (76)    $       (120)
                                                   =============     ============     =============    =============

LOSS PER COMMON SHARE                              $       0.02      $      0.01      $      (0.06)    $      (0.10)
                                                   =============     ============     =============    =============

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 SIX MONTHS ENDED SEPTEMBER 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.......................                                                   (120)            (120)
                                     ---------       -----       ------        -------           ------ 

BALANCE, SEPTEMBER 30, 1996....      1,173,382       $587        $9,253        ($8,689)          $1,151
                                     =========       ====        ======        =======           ====== 



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

Net Profit.....................                                                     15               15

                                     ---------       -----       ------        -------           ------ 
BALANCE, SEPTEMBER 30, 1997....      1,173,382       $587        $9,253        ($8,779)          $1,061
                                     =========       ====        ======        =======           ====== 

</TABLE>

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

                                    STATEMENTS OF CASH FLOWS
                      FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                                     (Dollars in thousands)
                                          (Unaudited)
                                      Six Months Six Months
                                                                       Ended          Ended
                                                                    Sep 30, 1997   Sep 30, 1996
                                                                    ------------   ------------
<S>                                                                   <C>           <C>
OPERATING ACTIVITIES
   Net loss ....................................................      $    15       ($  120)
   Adjustments to reconcile net loss to net cash
     provided by (used in) operating activities:
       Investment (gains) losses ...............................          (49)            5
       Depreciation ............................................            7            12
       Amortization of servicing rights ........................           10            38
       Orgination of loans held for sale .......................       (2,241)         (682)
       Proceeds from sale of loans held for sale ...............        2,505           688
       Decrease( Increase) in accrued interest receivable ......            4            (6)
       Decrease (Increase) in other assets .....................            2           (24)
       Increase in accounts payable / other accrued expenses ...          140            13
                                                                      -------       -------

            Net cash provided by (used in) operating activities           393           (76)
                                                                      -------       -------

INVESTING ACTIVITIES
   Principal collected on investments ..........................           68             8
                                                                      -------       -------

            Net cash  (used in) provided by investing activities           68             8
                                                                      -------       -------

FINANCING ACTIVITIES
   Decrease in warehouse line of credit ........................         (308)         (169)
                                                                      -------       -------

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ...............          153          (237)

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

CASH AND CASH EQUIVALENTS, ENDING ..............................      $   364       $   193
                                                                      =======       =======
</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.


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


         The Corporation had a net profit for the six months ended September 30,
1997 of $15,000 compared to a net loss of $120,000 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  $62,000  for the six  months  ended
September  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 $70,000 from the
prior year due to the decrease in loan originations.

Other Operating Expense

         Other operating  expenses declined $149,000 during the six months ended
September  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  $364,000 of unrestricted  cash and
cash equivalents and  approximately  $1.061 million of  Stockholders'  Equity at
September 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


ELECTION OF DIRECTOR

On  September  16, 1997 Alan Rosen was elected to the Board of  Directors of the
corporation.  Alan Rosen a former  Director  of the  company  also acts as legal
counsel.




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:   October 27, 1997                     By: /s/ David Engelson
                                                 ------------------
                                                 David Engelson
                                                 President and Chief Financial
                                                 Officer