UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q/A

(Mark One)
[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
         OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 1997.

[   ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
         OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________________to______________________

Commission file number 0-18127

                           AMERICAN BANCORP OF NEVADA
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Nevada                                         94-2792608
-------------------------------             ------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

4425 Spring Mountain Road, Las Vegas, Nevada                 89102
--------------------------------------------              ----------
  (Address of principal executive offices)                (Zip Code)

                                 (702) 362-7222
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by  Sections  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during the preceding 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

_______  Indicate  the  number of  shares  outstanding  of each of the  issuer's
classes of common stock, as of March 31, 1997:

Common stock, $.05 par value                                       3,722,247
----------------------------                                    ----------------
          Class                                                 Number of Shares

<PAGE>


                                      INDEX



PART I - FINANCIAL INFORMATION                                          PAGE NO.
--------------------------------------------------------------------------------

Condensed Consolidated Statements of Income
     Three Months ended March 31, 1997 and 1996                      

Condensed Consolidated Statements of Condition
     March 31, 1997 and December 31, 1996                     

Condensed Consolidated Statements of Cash Flows
     Three Months ended March 31, 1997 and 1996                         

Notes to Condensed Consolidated Financial Statements                   

Management's Discussion and Analysis of Financial
     Condition and Results of Operations                                 


PART II - OTHER INFORMATION

Signatures                                                           
<PAGE>


                         PART I - FINANCIAL INFORMATION

                   AMERICAN BANCORP OF NEVADA AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                   THREE MONTHS ENDED MARCH 31, 1997 AND 1996
              (Dollars in thousands except for earnings per share)
                                   (Unaudited)

                                                                   For the Three
                                                                   Months Ended
                                                                     March 31,
                                                                  --------------
                                                                   1997    1996
                                                                  --------------

INTEREST INCOME
     Interest and Fees on Loans ...............................   $3,749  $2,761
     Interest on Securities ...................................    1,870   1,772
     Interest on Federal Funds Sold ...........................       78     115
     Interest on Other Interest Bearing Accounts ..............       64     126
                                                                  ------  ------

     Total Interest Income ....................................    5,761   4,774
                                                                  ------  ------

INTEREST EXPENSE
     Interest on Deposits .....................................    1,163   1,088
     Interest on Securities Sold Under Agreements to Repurchase      449     357
                                                                  ------  ------

     Total Interest Expense ...................................    1,612   1,445
                                                                  ------  ------
NET INTEREST INCOME ...........................................    4,149   3,329

     Provision for Loan Losses ................................      200       0
                                                                  ------  ------

NET INTEREST INCOME AFTER PROVISION
     FOR LOAN LOSSES ..........................................    3,949   3,329

TOTAL NON-INTEREST INCOME: ....................................      416     532

TOTAL NON-INTEREST EXPENSE: ...................................    3,282   2,162
                                                                  ------  ------

INCOME BEFORE TAXES ...........................................    1,083   1,699

PROVISION FOR INCOME TAXES ....................................      325     477
                                                                  ------  ------

NET INCOME ....................................................   $  758  $1,222
                                                                  ======  ======

NET INCOME PER SHARE ..........................................   $  .20  $  .32
                                                                  ======  ======

The accompanying notes are an integral part of these statements.
<PAGE>


                   AMERICAN BANCORP OF NEVADA AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
                      MARCH 31, 1997 AND DECEMBER 31, 1996
                             (Dollars in Thousands)

                                                     March 31,      December 31,
                                                       1997             1996
                                                    ---------------------------
                                                    (Unaudited)

ASSETS

Cash and Due From Banks ......................       $  24,791        $  36,454
Other Interest Bearing Accounts ..............             816            9,571
Federal Funds Sold ...........................           4,500            8,400
                                                     ---------        ---------
     Total Cash and Cash Equivalents .........          30,107           54,425

Available-for-sale Securities ................       $ 129,310        $ 121,876
Net Loans ....................................         134,193          125,427
Premises and Fixed Assets, Net ...............          12,833           12,846
Other Assets .................................           3,840            3,280
                                                     ---------        ---------
TOTAL ASSETS .................................       $ 310,283        $ 317,854
                                                     =========        =========


LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits .....................................       $ 236,670        $ 248,596
Securities Sold Under
     Agreements to Repurchase ................          39,143           36,440
Other Liabilities ............................           2,562            1,167
                                                     ---------        ---------

TOTAL LIABILITIES ............................         278,375          286,203
                                                     ---------        ---------

STOCKHOLDERS' EQUITY

Common Stock .................................       $     187        $     186
Surplus ......................................          28,328           28,294
Retained Earnings ............................           4,022            3,264
Unrealized Gain (Loss) on
    Available-for-sale Securities ............            (520)              16
                                                     ---------        ---------
                                                        32,017           31,760
                                                     ---------        ---------
Less Treasury Stock, at Cost .................            (109)            (109)
                                                     ---------        ---------

Total Stockholders' Equity ...................          31,908           31,651
                                                     ---------        ---------

TOTAL LIABILITIES AND
     STOCKHOLDERS' EQUITY ....................       $ 310,283        $ 317,854
                                                     =========        =========

The accompanying notes are an integral part of these statements.
<PAGE>



                   AMERICAN BANCORP OF NEVADA AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                             (Dollars in Thousands)
                                   (Unaudited)

                                                                For the Three
                                                                Months Ended
                                                                  March 31,
                                                           --------------------
                                                              1997        1996
                                                           --------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Interest received ......................................   $  5,615    $  4,769
Other income ...........................................        399         326
Interest paid ..........................................     (1,614)     (1,435)
Cash paid to suppliers and employees ...................     (1,967)     (2,097)
Income taxes paid ......................................          0        (242)
                                                           --------------------
Net cash provided by operating activities ..............      2,433       1,321
                                                           --------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales and maturities of securities .......     10,455      29,901
Purchase of securities .................................    (18,771)    (27,597)
Net increase in loans made to customers ................     (9,032)     (5,292)
Capital expenditures ...................................       (215)       (696)
                                                           --------------------
Net cash used in investing activities ..................    (17,563)     (3,684)
                                                           --------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in deposits ....................    (11,926)      4,642
Net increase (decrease) in federal funds purchased
   and securities sold under agreements to repurchase ..      2,703      (5,179)
Other ..................................................         35          57
                                                           --------------------
Net cash used in financing activities ..................     (9,188)       (480)
                                                           --------------------

NET DECREASE IN CASH AND
     CASH EQUIVALENTS ..................................    (24,318)     (2,843)
CASH AND CASH EQUIVALENTS
     AT JANUARY 1 ......................................     54,425      49,573
                                                           --------------------
CASH AND CASH EQUIVALENTS
     AT MARCH 31 .......................................   $ 30,107    $ 46,730
                                                           ====================

RECONCILIATION OF NET INCOME TO NET
     CASH PROVIDED BY OPERATING ACTIVITIES:

Net income .............................................   $    758    $  1,222
Adjustments to reconcile net income to net cash
     provided by operating activities:
     Depreciation and amortization of property and 
          equipment.....................................        227         173
     Amortization of investment security premiums and
         accretion of discounts ........................         73          17
     Provision for loan losses .........................        200           0
     Gain on sale of securities ........................        (16)       (207)
     (Increase) Decrease in other assets ...............       (205)         28
     Increase in other liabilities .....................      1,396          88
                                                           --------------------
NET CASH PROVIDED BY OPERATING ACTIVITIES ..............   $  2,433    $  1,321
                                                           ====================
SUPPLEMENTAL SCHEDULE OF NON-CASH
     INVESTING AND FINANCING ACTIVITIES:
Issuance of Common Stock for Stock Dividend ............   $      0    $     24
                                                           ====================

Conversion of Loans to Other Real Estate Owned .........   $      0    $    766
                                                           ====================

The accompanying notes are an integral part of these statements.
<PAGE>



                   AMERICAN BANCORP OF NEVADA AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 1996

                                   (Unaudited)


NOTE A - PRINCIPLES OF CONSOLIDATION

         The  condensed  consolidated  financial  statements  include the parent
         holding  company,  American  Bancorp  of Nevada,  ("Company"),  and its
         wholly owned subsidiaries,  American Bank of Commerce ("Bank"),  AmBank
         Mortgage  Company  ("Mortgage  Company") and AmBank  Financial  Company
         ("Finance Company").  Material  intercompany  balances and transactions
         have been eliminated.

NOTE B - BASIS OF PRESENTATION

         In the  opinion of  management,  all  adjustments  (consisting  only of
         normal recurring accruals) considered necessary for a fair presentation
         have  been  reflected  in the  financial  statements.  The  results  of
         operations  for the quarter ended March 31, 1997,  are not  necessarily
         indicative of the results to be expected for the full year.

NOTE C - INCOME PER SHARE

         Net Income per common share is based upon the weighted  average  number
         of common and  common  equivalent  shares  outstanding,  3,822,339  and
         3,772,406 for March 31, 1997 and 1996, respectively.

NOTE D - ACCOUNTING PRONOUNCEMENTS

         The Financial  Accounting Standards Board ("FASB") has issued Statement
         No. 125, Accounting for Transfers and Servicing of Financial Assets and
         Extinguishment  of  Liabilities  (as amended by FASB  Statement No. 127
         which defers  implementation  of certain  provisions of FASB No. 125 to
         January 1,  1998).  This  Statement  is  effective  for  transfers  and
         servicing  of  financial  assets  and   extinguishment  of  liabilities
         occurring  after  December  31,  1996,  with  prospective  application.
         Management  of the  Company  does not believe  the  application  of the
         Statement  will  have a  material  affect  on the  Company's  financial
         statements.

         Emerging  Issues  Task Force  (EITF)  Issue No.  96-12  Recognition  of
         Interest Income and Balance Sheet  Classification  of Structured Notes,
         requires the use of the  retrospective  interest  method of recognizing
         income on certain  structured note securities.  The application of this
         consensus  applies  prospectively  to  new  securities  acquired  after
         November 14, 1996.  Management does not believe the application of this
         consensus will materially  affect the Company's  financial  position or
         results of operations.

         Effective for financial  statements issued after December 15, 1997, the
         Company will be required to implement FASB Statement No. 128,  Earnings
         per Share.  The  Statement  establishes  standards  for  computing  and
         presenting  earnings  per share  (EPS) and  applies  to  entities  with
         publicly held common stock or potential  common stock.  It replaces the
         presentation  of primary EPS with a presentation  of basic EPS and also
         requires dual  presentation of basic and diluted EPS on the face of the
         income statement for all entities with complex capital structures.

NOTE E - SIGNIFICANT EVENTS AND DEVELOPMENTS

         On March 17, 1997,  the Company  entered into an agreement  and plan of
         reorganization  (the  "Agreement")  with  First  Security   Corporation
         ("First  Security")  of Salt Lake  City,  Utah.  Under the terms of the
         Agreement, shareholders of the Company will receive a fixed exchange of
         .63  shares  of First  Security  common  stock  for  each  share of the
         Company's stock,  provided that the market value for one share of First
         Security  common  stock is  valued  between  $39 per  share and $33 per
         share. Such fixed exchange is subject to adjustment if the market value
         of First Security  common stock is above $39 per share or below $33 per
         share prior to the closing of the transaction.

         The  agreement  is subject to the approval of the  shareholders  of the
         Company as well as approval of certain regulatory agencies.  Management
         anticipates  all necessary  approvals will be obtained  during the late
         second  quarter of 1997 with the  transaction  being  consummated  soon
         thereafter.

<PAGE>


                                    ITEM II

                   AMERICAN BANCORP OF NEVADA AND SUBSIDIARIES

          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                           AND RESULTS OF OPERATIONS



The following is  management's  discussion  and analysis of certain  significant
factors  which have  affected the  Company's  financial  position and  operating
results during the period in the accompanying  condensed  consolidated financial
statements.

For the Three Months Ended March 31, 1997

Asset Growth

Total assets  decreased  $7,571,000  or 23.82%  during the first three months of
1997. The primary  element of this decline was a $24,318,000 or 44.68%  decrease
in  total  cash  and  cash  equivalents.   Total  securities  available-for-sale
increased $7,434,000 or 6.10% which is the result of purchases of new securities
of  approximately  $18,771,000  offset by proceeds from sales and  maturities of
approximately $10,512,000. Additionally, the Company recorded an unrealized loss
adjustment of approximately $825,000 due to current market conditions. Net Loans
increased  $8,766,000  or  6.99%  which is the  direct  result  of new  loans to
customers.  Total  deposits and securities  sold under  agreements to repurchase
decreased $9,223,000 or 3.2% which is due to normal monthly fluctuations.

Interest Income

Total interest income  increased  $987,000 or 20.67% during the first quarter of
1997 as compared to the first quarter of 1996. It is  anticipated  that interest
income will  continue to grow  through the  remainder of the year based upon the
continued growth of the Company's loan and investment portfolios. Total interest
income is composed of the following categories:

Interest and fees on loans: Interest and fee income increased $988,000 or 35.78%
during the first  quarter of 1997 compared to the same period of the prior year.
This increase is comprised of an increase in interest income of $829,000 coupled
with an increase in fee income of $159,000.  The increase in interest  income is
due  primarily  to an  increase  in the  average  loan  volume of  approximately
$37,002,000  or 40.14%  offset by a decrease in the average yield from 10.44% in
1996  to  10.02%  in  1997.  The  interest   differential   resulting  from  the
fluctuations  in volume  and yield is  approximately  $966,000  and  ($137,000),
respectively. The increase in fee income is attributable to the overall increase
in loan originations.

Interest on securities: Interest on securities increased $98,000 or 5.53% during
the quarter ended March 31, 1997 compared with the quarter ended March 31, 1996.
This increase is the result of an increase in the average yield to 5.87% in 1997
from 5.47% in 1996,  offset by a decrease in the average volume of approximately
$1,994,000 to $127,485,000.  The tax equivalent yield increased to 6.14% in 1997
from 5.78% in 1996. Whenever possible,  the Company's  investment strategy is to
maintain a portfolio with rather short-term  maturities.  At March 31, 1997, the
portfolio  had an average  maturity  of  approximately  2.07  years.  Management
continually   monitors  current  market  conditions  and  liquidity  needs  when
evaluating investment strategies.

Interest on federal funds sold:  Interest earned on federal funds sold decreased
$37,000 or 32.17%  during the first  three  months of 1997  compared to the same
period of 1996.  This decrease is the result of a decrease in the average volume
of  approximately  $2,598,000  coupled  with a decrease in the average  yield to
5.04% in 1997 from 5.24% in 1996.



<PAGE>


Interest on other interest  bearing  accounts:  Other interest  bearing accounts
consist solely of money market funds and  certificates of deposit whose original
maturity  is less  than 90 days.  Interest  earned on these  accounts  decreased
$62,000 or 49.21% for the first quarter of 1997 compared to the first quarter of
1996.  This  decrease  is the  result of a  decrease  in the  average  volume of
$4,639,000  coupled  with a decrease in the average  yield to 4.75% in 1997 from
5.02% during 1996.

Interest Expense

Total  interest  expense  increased  $167,000  or 11.56%  during the first three
months of 1997 as  compared to the first three  months of 1996.  Total  interest
expense is comprised of the following categories:

Interest on deposits: Interest on deposits increased $75,000 or 6.89% during the
first quarter of 1997  compared to the first  quarter of 1996.  This increase is
the result of an increase in the average volume of interest  bearing deposits of
approximately  $15,499,000 or 13.18%.  The increase in average volume was offset
by a decrease in the average rate to 3.49% in 1997 from 3.70% in 1996.

Interest  on  securities  sold  under  agreements  to  repurchase:  Interest  on
securities  sold under  agreements  to  repurchase  increased  $92,000 or 25.77%
during the first  quarter of 1997  compared to the first  quarter of 1996.  This
increase is attributable to an increase in the average volume of $9,744,000. The
average rate paid of approximately 3.77% did not materially fluctuate during the
quarters under comparison.

Interest Rate Risk

Management  attempts to protect  earnings from wide shifts in interest  rates by
employing the following strategies:

Loans:  Approximately  90%  of  the  Bank's  loan  portfolio  is  written  on an
adjustable  basis that  floats with the Bank's  base rate.  Thus,  approximately
$122,000,000 reprices immediately upon a change in base.

Investments:  The majority of the investment portfolio of the Bank is of a fixed
rate nature.  This enables  management to provide an underlying  level of income
irrespective  of changes in rates.  Additionally,  the  average  maturity of the
portfolio  is  approximately  2.07 years.  This  strategy of  maintaining  short
maturities  provides maximum  flexibility in dealing with  fluctuating  interest
rates.

Deposits:  Management  discourages  use of long term  Certificates of Deposit by
consistently  paying at or below market rates and not offering  greater than one
year  maturities.  Offering rates for  Certificates of Deposit over $100,000 and
less than one year maturity are reviewed  weekly for  adjustments.  At March 31,
1997, approximately 42% of time deposits had a maturity of three months or less.

The above  factors,  taken into  consideration  together  with the fact that the
Bank's  non-interest  bearing customer  deposits are  approximately 42% of total
deposits, provides management the opportunity to maintain favorable net interest
margins under most normal interest rate scenarios.

Loans

The composition of the Company's loan portfolio is as follows:

                                                        March 31     December 31
                                                          1997           1996
                                                        --------     -----------
Real Estate Loans:
         Construction ............................      $ 30,522       $ 24,106
         Residential .............................         7,409         11,595
         Commercial ..............................        48,667         48,274
                                                        -----------------------
                                                          86,598         83,975
Commercial, financial and industrial loans .......        42,123         35,429
Commercial receivables financing .................         3,570          3,329
Loans to individuals .............................         4,310          4,978
                                                        -----------------------
                                                         136,601        127,711
Less unearned net loan fees ......................        (1,038)          (973)
                                                        -----------------------
Total Loans ......................................      $135,563       $126,738
                                                        =======================
<PAGE>


Maturities and Sensitivity of Loans to Changes in Interest Rates

The following  table shows the balances of commercial,  financial and industrial
loans and real estate - construction  loans  outstanding as of March 31, 1997 by
maturities, based on remaining scheduled repayments of principal. Also shown are
the balance of loans due after one year,  classified according to sensitivity to
changes in interest rates.

                                    MATURITY

                                                   One
                                                 Through      After
                                    One Year      Five        Five
                                    Or Less       Years       Years       Total
                                    --------------------------------------------

Commercial, Financial and 
     Industrial ................     $32,000     $ 9,523     $   600     $42,123
Real Estate-Construction .......      29,951         571           0      30,522
                                     -------------------------------------------
Total ..........................     $61,951     $10,094     $   600     $72,645
                                     ===========================================

The maturity of certain loans may vary due to the Bank's  rollover  policy.  The
Bank will  consider  extending  the  maturity of a loan upon  receipt of current
financial  information  and  evaluation of the loan  performance,  the financial
performance  of the  business,  and  overall  economic  conditions.  Loans  with
maturities so affected have been revised as appropriate in the above table.

                              INTEREST SENSITIVITY

The following  table  represents the total amount of  commercial,  financial and
industrial loans and real estate-construction loans due after one year which (a)
have predetermined  interest rates and (b) have floating or adjustable  interest
rates.

Loans Due After One Year                             1997
--------------------------------------             -------
Fixed or Predetermined Rate ..........             $ 1,296
Floating or Adjustable Rate ..........               9,398
                                                   -------
        Total ........................             $10,694
                                                   =======

Provision for Loan Losses

The provision for loan losses was $200,000 for the quarter ended March 31, 1997,
compared to $0 for the quarter  ended March 31,  1996.  The  allowance  for loan
losses  stands at 1.01% of total  loans at March 31,  1997  compared to 1.03% at
December 31,  1996.  Management  believes  the current  allowance is adequate to
satisfy any unanticipated  loan losses based upon the historical  performance of
the loan portfolio.

Net charged off loans and leases were  approximately  $141,000  and ($1,000) for
the quarters ended March 31, 1997 and 1996 respectively.

At March 31, 1997, two loans totaling  approximately $508,000 were accounted for
on a non-accrual basis. Approximately $19,000 of interest income would have been
recorded during the three months ended March 31, 1997 had the loans been current
in  accordance  with the  original  terms.  Additionally,  four  loans  totaling
approximately  $17,000  were  contractually  past  due 90  days  or  more  as to
principal  or  interest.   No  loans  were   accounted  for  as  "troubled  debt
restructurings"  as  defined in SFAS No.  15.  Loans are  placed on  non-accrual
status when they go over 90 days delinquent or when circumstances  indicate that
timely  collection  of interest is  doubtful.  Loans over 90 days may be left on
accrual  status if a repayment  plan has been  negotiated  and it appears likely
that all  interest  will be paid.  All  significant  impaired  loans  have  been
evaluated in accordance with FASB Statement No. 114 as amended by FASB Statement
No. 118.

As of March 31, 1997, there are no loans outstanding, excluding those identified
above,  which causes  management to have serious doubts as to the ability of the
borrower to comply with the loan repayment terms.
<PAGE>



Management  reviews  portfolio  concentration  levels  on a  regular  basis  and
appraisal reviews are performed to support the values at which loans are carried
in the portfolio.  Construction  lending is generally focused on entry level and
first move-up homes. Lending for larger, speculative homes is tightly limited to
financially sound borrowers. Commercial real estate lending is generally limited
to owner-occupied properties.

Management  reviews the loan loss analysis on a quarterly basis. A percentage of
the  allowance is allocated to pass  credits,  substandard,  doubtful,  loss and
accounts  receivable  factoring.  Management  believes the current  allowance of
$1,370,000 is adequate and there is sufficient  unallocated  allowance to handle
unexpected problems within the portfolio.

The table below details changes in the allowance for loan losses:

                                                        Quarter Ended March 31,
                                                        ------------------------
                                                           1997          1996
                                                        ----------    ----------

Balance, beginning .................................    $1,311,000    $1,243,000
         Provision charged to operating expense ....       200,000             0
         Recoveries of amounts charged off .........         9,000         1,000
         Less amounts charged off ..................       150,000             0
                                                        ----------    ----------
Balance, ending ....................................    $1,370,000    $1,244,000
                                                        ==========    ==========

The schedule below shows the major categories of loan charge-offs and recoveries
for the quarters ended March 31, 1996 and 1995:

NET CHARGE-OFFS                                           1997           1996
---------------                                          --------      --------
Charge-Offs:
     Real estate loans
         Construction .............................      $      0      $      0
         Residential ..............................             0             0
         Commercial ...............................             0             0
     Commercial, financial and industrial .........       150,000             0
     Commercial receivables financing .............             0             0
     Loans to individuals .........................             0             0
                                                         --------      --------
     Total ........................................       150,000             0
                                                         ========      ========

Less Recoveries:
     Real estate loans
         Construction .............................      $      0      $      0
         Residential ..............................             0             0
         Commercial ...............................             0             0
     Commercial, financial and industrial .........         2,000         1,000
     Commercial receivables financing .............             0             0
     Loans to individuals .........................         7,000             0
                                                         --------      --------
     Total ........................................         9,000         1,000
                                                         --------      --------

Net Charge-Offs ...................................      $141,000      ($ 1,000)
                                                         ========      ========

The table below  details the  allocation  by loan type of the allowance for loan
losses at March 31, 1997:

                                                          Amount      Percentage
                                                        ----------    ----------
Real estate loans
     Construction ...............................       $  311,984       22.94%
     Residential ................................           26,324        1.19%
     Commercial .................................          480,488       35.33%
Commercial, financial and industrial ............          466,480       34.30%
Commercial receivables financing ................           42,568        3.13%
Loans to individuals ............................           42,156        3.11%
                                                        ----------      -------
Total ...........................................       $1,370,000      100.00%
                                                        ==========      =======
<PAGE>


Non-Interest Income

Total non-interest  income for the first three months of 1997 decreased $116,000
or 21.80%,  over the same  period of 1996.  This  decrease is due  primarily  to
realized gains on sales of securities  that were recorded during the prior year.
This decrease was offset by increases in trust income and voucher control fees.

Non-Interest Expense

Total  non-interest  expense  increased $1,120,000 or 51.80%,  during the first
quarter of 1997 as  compared  to the first  quarter of 1996.  This  increase  is
attributable to increased salaries, wages and employee benefits, advertising and
public relations costs, professional fees and an 845,000 increase in expense 
relating to stock appreciation rights due to an increase in the trading price of
the company's common stock.

Liquidity

Management of the Company strives to obtain the highest possible  earnings while
maintaining  a sound  liquidity  position.  The  Company's  primary  sources  of
liquidity  are its cash and due from banks,  other  interest  bearing  accounts,
federal funds sold,  and its  investment  portfolio.  The  Company's  investment
portfolio  had an  average  balance  of  approximately  $127,485,000  during the
quarter  ended March 31,  1997.  The average  maturity of the  portfolio is 2.07
years at March 31, 1997.  Federal funds sold  maintained  an average  balance of
approximately  $6,185,000 during the quarter ended March 31, 1997. The Company's
liquidity  position is further  enhanced by its core  deposits  which  represent
approximately  80% of total  deposits at March 31, 1997. The Bank avoids the use
of highly sensitive  short-term funds such as brokered deposits and believes its
deposits  represent funding sources with safety in respect to both liquidity and
earnings.  The Company continues to meet the cash flow requirements of customers
who are  depositors  desiring  to  withdraw  funds  and of  borrowers  requiring
assurance  that  sufficient  funds will be available to meet their credit needs.
The measures of solid liquidity practices such as Total Deposits to Total Assets
and Loans to Deposits are monitored constantly for any adverse trends.

Historically,  the Bank's  loan to deposit  ratio has been low when  compared to
industry norms and, conversely,  its liquidity ratio has been high. At March 31,
1997, the net loan to deposit ratio was approximately  55%. The liquidity ratio,
which  is  comprised  of cash  and  cash  equivalents,  federal  funds  sold and
unpledged   securities  as  a  percent  of  total  demand   deposits   stood  at
approximately  56%  at  March  31,  1997.   Management   continuously   monitors
outstanding  loan  commitments and letters of credit for funding needs. At March
31, 1997,  outstanding loan commitments and letters of credit were approximately
$70,022,000 and $1,758,000, respectively.

Cash flows from operations  remains positive primarily due to favorable interest
rate  yields  and  continued  growth  in the  loan  and  investment  portfolios.
Management expects this trend to continue.  Cash flows from investing activities
were negative for the quarter ended March 31, 1997  primarily due to an increase
in loans to customers,  coupled with  purchases of  securities.  Cash flows from
financing  activities  were negative for the quarter ended March 31, 1997 as the
decrease in deposits of  approximately  $11,926,000 was offset by an increase in
securities sold under agreements to repurchase of approximately $2,703,000.

Capital Resources

Stockholders'  equity  (exclusive of the net unrealized  gain/loss of securities
available for sale) as a percentage of total assets was approximately  10.45% at
March 31, 1997 as compared to 9.95% at December 31, 1996.

At March 31, 1997,  the Bank's Tier 1 Core Capital to risk  weighted  assets was
16.71%,  Total Capital to risk weighted assets was 17.43% and the leverage ratio
was  10.04%,  all  above  the  current  minimum  guidelines  of 4%,  8% and  4%,
respectively, as established and defined by regulatory authorities.

In addition,  the Federal Deposit Insurance Corporation  Improvement Act of 1991
(FDICIA)   defined   five   levels  of  capital  for   financial   institutions:
Well-capitalized,   Adequately  capitalized,   Undercapitalized,   Significantly
undercapitalized and Critically undercapitalized. A bank falls into one of these
levels based on its risk-based  ratio and leverage ratio. At March 31, 1997, the
Bank falls in the Well-capitalized category.


PART II - OTHER INFORMATION

Item 6.a.   Exhibits

           (27)    Financial Data Schedule
<PAGE>






                                   SIGNATURES

Pursuant to the  requirement  of the  Securities  and Exchange Act of 1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                           AMERICAN BANCORP OF NEVADA



DATED: May 16, 1997                        /s/ Bruce E. Hendricks
                                           -------------------------------------
                                           Bruce E. Hendricks
                                           President and Chief Operating Officer



DATED: May 16, 1997                        /s/ Patricia L. Kirkwood
                                           -------------------------------------
                                           Patricia L. Kirkwood
                                           Executive Vice President and Cashier