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, 1998

[   ]      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, 1998
(Dollars in thousands,except share and per share amounts)
(Unaudited)


<S>                                                                     <C>    
ASSETS
Investments:
Loans - net ..................................................          $   462
                                                                        -------

      Investments-net ........................................              462
                                                                        -------

Cash and cash equivalents ....................................              337
Restricted cash ..............................................              282
Loans held for sale ..........................................                0
Accrued interest .............................................               42
Servicing rights .............................................               14
Fixed assets .................................................               35
Notes Receivable .............................................              422
Other assets .................................................               36
                                                                        -------

TOTAL ASSETS .................................................          $ 1,630
                                                                        =======


LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Accounts payable and other accrued expenses ..................              267
                                                                        -------

TOTAL LIABILITIES ............................................              267
                                                                        -------

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 ..........................................           (8,477)
                                                                        -------

TOTAL STOCKHOLDERS' EQUITY ...................................            1,363
                                                                        -------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ...................          $ 1,630
                                                                        =======
</TABLE>
See notes to financial statements.

                                       -2-
<PAGE>
<TABLE>
<CAPTION>
THE FIRST CONNECTICUT CAPITAL CORPORATION

STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997 
(Dollars in thousands,  except share and per share amounts)
(Unaudited)  
                                                       Three Months    Three Months
                                                          Ended            Ended
                                                      Jun. 30, 1998   Jun. 30, 1997
                                                      -------------   -------------
<S>                                                     <C>              <C>      
INTEREST INCOME:
Interest and fees on loans ........................     $      30        $      25
                                                        ---------        ---------

OTHER OPERATING INCOME:
Servicing fees ....................................            26               42
Loan Origination fees .............................            50               31
Other fees ........................................            19                2
                                                        ---------        ---------

    Total Other Operating Income ..................            95               75
                                                        ---------        ---------

TOTAL INCOME ......................................           125              100
                                                        ---------        ---------
OTHER OPERATING EXPENSES:

Officers' salaries ................................            31               31
Other salaries ....................................             8               10
Directors' fees ...................................             2                5
Professional services .............................             6               13
Miscellaneous taxes ...............................             4                5
Employee and general insurance ....................             9               11
Rent ..............................................             6                7
Communications ....................................             3                3
Advertising and promotions ........................             1                2
Stock record and other financial expenses .........             2                1
Employees' pension plan ...........................            --                1
Depreciation expense ..............................             2                4
Other operating expenses ..........................            17               16
                                                        ---------        ---------
    Total Other Operating Expenses ................            91              109
                                                        ---------        ---------

NET INCOME (LOSS) .................................     $      34        $      (9)
                                                        =========        =========

INCOME (LOSS) PER COMMON SHARE ....................     $    0.03           ($0.01)
                                                        =========        =========
Weighted average number of
  common shares outstanding .......................     1,173,382        1,173,382
                                                        =========        =========
</TABLE>
See notes to financial statements.

                                       -3-
<PAGE>
<TABLE>
<CAPTION>
THE FIRST CONNECTICUT CAPITAL CORPORATION

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
(Dollars in thousands, except share and per share amounts)
(Unaudited)
                                         Common Stock  
                                   ---------------------                                         Total
                                   Number Of                   Paid-In       Accumulated     Stockholders'
                                     Shares       Amount       Surplus        Deficit           Equity
                                    ---------       ----        ------        -------           ------ 
<S>                                 <C>             <C>         <C>           <C>               <C>   
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
                                    =========       ====        ======        =======           ======



BALANCE, MARCH 31, 1998             1,173,382       $587        $9,253        ($8,511)          $1,329

Net Income                                                                          34              34

                                    ---------       ----        ------        -------           ------ 
BALANCE, JUNE 30, 1998              1,173,382       $587        $9,253        ($8,477)          $1,363
                                    =========       ====        ======        =======           ======

</TABLE>
See notes to financial statements.




                                       -4-
<PAGE>
<TABLE>
<CAPTION>
THE FIRST CONNECTICUT CAPITAL CORPORATION

STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
(Dollars in thousands)
(Unaudited)
                                                                                 Three Months                   Three Months
                                                                             Ended Jun 30, 1998             Ended Jun 30, 1997
                                                                             ------------------             ------------------
<S>                                                                                <C>                            <C>         
OPERATING ACTIVITIES
   Net income (loss) ....................................................          $    34                        ($    9)    
   Adjustments to reconcile net income (loss) to net cash                                                                   
     provided by operating activities:                                                                                      
       Depreciation .....................................................                2                              4   
       Amortization of discount on note receivable ......................               (2)                          --     
       Principal collected on note receivable ...........................               30                           --     
       Origination of loans held for sale ...............................           (2,350)                        (1,271)  
       Proceeds from sale of loans held for sale ........................            2,444                          1,551   
       Decrease in Partnership loans ....................................               91                           --     
       Increase in accrued interest receivable ..........................              (21)                            (5)  
       (Increase)  in other assets ......................................               (1)                             3   
       Increase (Decrease) in accounts payable and other accrued expenses              125                            (29)  
       Increase in restricted cash ......................................             (233)                          --     
                                                                                   -------                        -------   
                                                                                                                            
            Net cash provided by operating activities ...................              119                            244   
                                                                                   -------                        -------   
                                                                                                                            
INVESTING ACTIVITIES                                                                                                        
   Principal collected on investments ...................................                4                              7   
                                                                                   -------                        -------   
                                                                                                                            
            Net cash provided by investing activities ...................                4                              7   
                                                                                   -------                        -------   
                                                                                                                            
FINANCING ACTIVITIES                                                                                                        
  Decrease in warehouse line of credit ..................................                0                           (308)  
                                                                                   -------                        -------   
                                                                                                                            
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ....................              123                            (57)  
                                                                                                                            
CASH AND CASH EQUIVALENTS, BEGINNING ....................................              214                            211   
                                                                                   -------                        -------   
                                                                                                                            
CASH AND CASH EQUIVALENTS, ENDING .......................................          $   337                        $   154   
                                                                                   =======                        =======   
</TABLE>
                
See notes to financial statements.


                                       -5-
<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, 1999. 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, 1998.


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

         The Corporation had net income for the three months ended June 30, 1998
of $34,000  compared  to a net loss of $9,000 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

         Interest  and fees on loans has  increased  $5,000 for the three months
ended June 30, 1998 as compared to the three months  ended June 30,  1997.  This
increase is the result of interest collected on Partnership loans and Loans held
for sale.

         Loan origination fees increased $19,000 for the three months ended June
30, 1998 as compared with the comparable period of the prior year. This increase
was  due  to the  increase  of  mortgage  loans  originated  and  funded  by the
Corporation.  Other fee income increased by $17,000 from the prior year due to a
non-recurring management fee of $5,000 and interest earned on idle funds.

         Servicing  fees declined by $16,000 for the three months ended June 30,
1998 as  compared  to the prior  period.  This  decline is due to the  continued
reduction and liquidation of the portfolio sold under the Loan and Real Property
Purchase Agreement dated June 29, 1993 (and amended on October 29, 1993).


                                       -6-

<PAGE>
THE FIRST CONNECTICUT CAPITAL CORPORATION

Other Operating Expense

         Other operating expenses declined $18,000 during the three months ended
June 30,  1998 as  compared  to the  comparable  period  of the  prior  year due
primarily to a decreases in legal and directors  fees, 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.  These loans are predominately
secured  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 held prior to sale and  mortgage
servicing rights. Since January 1996, the Corporation has expanded its Portfolio
Loan Program to include  short-term  mortgages for construction,  remodeling and
additions.

THE FIRST CONNECTICUT CAPITAL CORPORATION

         It is anticipated  that the  Corporation  will continue to increase its
level of activities in these areas creating servicing fees and interest income.

         The Corporation  has  approximately  $337,000 of unrestricted  cash and
cash equivalents and  approximately  $1.363 million of  Stockholders'  Equity at
June 30, 1998.

         The Corporation currently anticipates that during the year ending March
31, 1999,  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 believes that cash on hand and the 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,
1999. The Corporation  took certain action steps during the year ended March 31,
1997 to decrease its cash flow  requirements  for the years ended March 31, 1998
and 1997. Those steps included an overall salary reduction and a restatement and
termination  of the pension plan. As a result of the Note with Walsh  Securities
the  Corporation's  cash flow will increase by $120,000 a year.  Management also
believes additional steps can be taken if necessary.

                                       -7-

<PAGE>
THE FIRST CONNECTICUT CAPITAL CORPORATION

PARTNERSHIP

The  Corporation  has formed a Limited  Partnership  known as First  Connecticut
Capital Mortgage Fund A, Limited Partnership (the "Partnership") as to which the
Corporation  is the  General  Partner.  The intent of this new entity is to sell
units in the 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  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  purchased  by the  Partnership  from the  funds
invested by the limited partner. As of June 30, 1998 the Corporation has sold 33
units.


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:   July 29, 1998                          By: /s/David Engelson
                                                   -----------------
                                                   David Engelson
                                                   President and Chief Financial
                                                   Officer

                                       -8-