<PAGE>
                       SECURITY AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                  FORM 10-QSB



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

          For the quarterly period ended    July 31, 1997
                                            -------------
                                      OR

   (   )  TRANSITION RE PORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

Commission File Number:      0-29276
                             -------

                     FIRST ROBINSON FINANCIAL CORPORATION
             ---------------------------------------------------
            (Exact name of registrant as specified in its charter)


            DELAWARE                                           36-4145294
--------------------------------                     ---------------------------
   (State or other jurisdiction                      (I.R.S. Employer ID Number)
of incorporation or organization)

 501 EAST MAIN STREET, ROBINSON, ILLINOIS       62454
------------------------------------------------------- 
(Address of principal executive offices)      (Zip code)


Registrant's telephone number, including area code    (618) 544-8621
                                                      --------------


Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 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         NO   X
                                 ----        -----

As of August 31, 1997, the Registrant had 859,625 shares of Common Stock, par
value $0.01, issued and outstanding.



<PAGE>

                     FIRST ROBINSON FINANCIAL CORPORATION

                             Index to Form 10-QSB

<TABLE>
<CAPTION>

PART I.  FINANCIAL INFORMATION                                                              PAGE NO.

          Item 1.  Financial Statements

<S>                                                                                           <C> 
                     Consolidated Balance Sheets as of July 31, 1997
                       and October 31, 1996                                                    3

                     Consolidated Statements of Income for the Three-Month and
                       and Nine-Month Periods Ended July 31, 1997                              4

                     Consolidated Statements of Stockholders' Equity for the
                       Nine-Month Period Ended July 31, 1997                                   5

                     Consolidated Statements of Cash Flows for the Three-Month and
                       and Nine-Month Periods Ended July 31, 1997 and 1996                     6

                     Notes to Consolidated Financial Statements                                8

          Item 2.  Management's Discussion and Analysis of
                       Financial Condition and Results of Operations                          10


PART II OTHER INFORMATION

          Item 1.    Legal Proceedings                                                        14

          Item 2.    Changes in Securities                                                    14

          Item 3.    Defaults Upon Senior Securities                                          14

          Item 4.    Submission of Matters to a Vote of Security Holders                      14

          Item 5.    Other Information                                                        14

          Item 6.    Exhibits and Reports on Form 8-K                                         14


SIGNATURES                                                                                    18

</TABLE>


                                       2


<PAGE>


                     FIRST ROBINSON FINANCIAL CORPORATION

                CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>


                                                                              July 31        October 31
                                                                               1997             1996 
                                                                             -------           -------
                                                                             Unaudited        Audited
                                                                             ---------        --------
                        ASSETS                                                         (1,000's)
                                                                             --------------------------
<S>                                                                          <C>               <C> 
Cash and Cash Equivalents:   
   Cash                                                                      $   348           $   385
   Interest bearing deposits                                                   3,002               868
                                                                             -------           -------
     Total Cash and Cash Equivalents                                           3,350             1,253

Securities available for sale, amortized cost of $3,668 and $4,090
  at July 31, 1997 and October 31, 1996, respectively                          3,710             4,133
Securities held to maturity, estimated market value of $503 and
  $589 at July 31, 1997 and October 31, 1996, respectively                       503               592
Loans receivable, net                                                         62,596            54,448
Accrued interest receivable                                                      624               514
Premises and equipment, net                                                    2,674             2,564
Foreclosed real estate                                                           302               278
Prepaid income taxes                                                               0                19
Other assets                                                                      96                68
                                                                             -------           -------
            Total Assets                                                     $73,855           $63,869
                                                                             =======           =======
    LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                     $60,387           $56,691
Advances from Federal Home Loan Bank                                               0             1,500
Advances from borrowers for taxes and insurance                                   37                35
Accrued interest payable                                                         320               353
Accrued income taxes                                                             213                 0
Deferred income taxes                                                             90                91
Other liabilities                                                                157               541
                                                                             -------           -------
    Total Liabilities                                                         61,204            59,211
                                                                             -------           -------
Commitments and Contingencies

Stockholders' Equity
   Common stock, $0.01 par value; authorized 2,000,000 shares
     859,625 shares issued and outstanding                                         9                 0
   Paid-in capital                                                             8,184                 0
   Retained earnings                                                           5,120             4,631
   Unrealized gain on securities held available for sale                          26                27
   Unearned employee stock ownership plan                                    (   688)
                                                                             -------           -------
     Total Stockholders' Equity                                               12,651             4,658
                                                                             -------           -------
     Total Liabilities and Stockholders' Equity                              $73,855           $63,869
                                                                             =======           =======
</TABLE>


                                       3


<PAGE>
                     FIRST ROBINSON FINANCIAL CORPORATION

                       CONSOLIDATED STATEMENTS OF INCOME
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                      Three Months Ended                Nine Months Ended
                                                            July 31                           July 31
                                                   -----------------------           -----------------------
                                                     1997             1996            1997             1996
                                                   ------           ------           ------           ------
                                                                            (1,000's)
                                                   ---------------------------------------------------------
<S>                                                <C>              <C>              <C>              <C>   
Interest income:
  Interest on loans                                $1,429           $1,148           $4,032           $3,217
  Interest on mortgage-backed securities               60               72              182              187
  Interest and dividends on securities                 66               29              144              114
                                                   ------           ------           ------           ------
    Total interest income                           1,555            1,249            4,358            3,518
                                                   ------           ------           ------           ------
Interest expense:
  Interest on deposits                                767              655            2,208            1,914
  Interest on Federal Home
   Loan Bank advances                                  35               19              124               28
                                                   ------           ------           ------           ------
    Total interest expense                            802              674            2,332            1,942
                                                   ------           ------           ------           ------
    Net interest income                               753              575            2,026            1,576

Provision for loan losses                              48               30               78               83
                                                   ------           ------           ------           ------
    Net interest income after
      provision for loan losses                       705              545            1,948            1,493
                                                   ------           ------           ------           ------
Non-interest income:
  Service charges                                      46               46              131              126
  Loan fees                                            24               44               99              115
  Gain on sale of loans                               113                0              113               45
  Other non-interest income                            17                3               39                8
                                                   ------           ------           ------           ------
    Total other income                                200               93              382              294
                                                   ------           ------           ------           ------
Non-interest expense:
  Compensation and employee benefits                  311              236              836              685
  Occupancy and equipment                              92               81              250              230
  Data processing                                      16               13               43               36
  Audit, legal and other professional                   7                7               20               20
  SAIF deposit insurance                               10               29               36               82
  Advertising                                          24               14               54               37
  Other                                                87               73              290              225
                                                   ------           ------           ------           ------
                                                      547              453            1,529            1,315
                                                   ------           ------           ------           ------
   Income before income taxes                         358              185              801              472

Provision for income taxes                            138               72              311              184
                                                   ------           ------           ------           ------
   Net Income                                      $  220           $  113           $  490           $  288
                                                   ------           ------           ------           ------
Earnings Per Share:                                $ 0.06           $  N/A           $ 0.06           $  N/A
                                                   ------           ------           ------           ------
</TABLE>
                                       4


<PAGE>


                     FIRST ROBINSON FINANCIAL CORPORATION

                CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                                                  Unrealized
                                                                                                     Gain
                                                                                    Unearned      (Loss) on
                                                                                    Employee      Securities
                                                                                      Stock        Available
                                         Common       Paid-in        Retained       Ownership        For
                                         Stock        Capital        Earnings         Plan         Sale, Net       Total
                                       -------        -------          -------       -------       -------        -------
                                                                              (1,000's)
                                       ----------------------------------------------------------------------------------
<S>                                    <C>            <C>             <C>           <C>            <C>            <C>    
Balance at October 31, 1996,
  bank only                            $     0        $     0         $ 4,630       $     0        $    28        $ 4,658

Net income                                   0                            490             0              0            490

Change in unrealized gain on
  securities available for sale              0              0               0             0       (      2)      (      2)

Stock issued                                 9          8,184               0             0              0          8,193

ESOP shares acquired                         0              0               0       (   688)             0       (    688)
                                       -------        -------          -------       -------       -------        -------

Balance at July 31, 1997               $     9        $ 8,184         $ 5,120       ($  688)       $    26        $12,651
                                       =======        =======          =======       =======       =======        =======
</TABLE>










                                       5


<PAGE>


                     FIRST ROBINSON FINANCIAL CORPORATION

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                       Three Months Ended                 Nine Months Ended
                                                                             July 31                           July 31
                                                                -----------------------------      -----------------------------
                                                                      1997            1996             1997            1996
                                                                -------------    -------------     ------------    -------------
                                                                                              (1,000's)
                                                                ----------------------------------------------------------------
<S>                                                             <C>              <C>               <C>            <C>      
Operating activities:     
   Net income                                                   $         220    $         113     $        490   $          288
   Adjustments to reconcile net income to net
    cash provided by operating activities
      Provision for depreciation                                           44               40              124              106
      Provision for loan losses                                            48               30               78               83
      Premiums and discounts on securities                                  2                6                9               13
      Decrease (increase) in accrued interest receivable       (          131)  (           49)   (         110)  (          124)
      Decrease (increase) in other assets                                 156   (           47)   (          28)  (           22)
      Increase (decrease) in accrued interest payable          (            7)              42    (          33)              76
      Increase (decrease) in accrued expenses                  (          129)  (          149)   (         384)  (          165)
      Increase (decrease) in income taxes                                 134               23              232               18
                                                                -------------    -------------     ------------    -------------

        Net cash provided by operating activities                         337                9              378              273
                                                                -------------    -------------     ------------    -------------

Investing activities:
   Proceeds from sales of available-for-sale securities                     0                0                0                0
   Proceeds from securities held to maturity
     and certificates of deposit                                           15               10               35              520
   Proceeds from matured securities available for sale                      0                0                0                0
   Purchase of securities available for sale                   (          123)               0    (         176)  (        2,258)
   Proceeds from sales and participation of loans                       1,100                0            2,153              713
   Repayment of mortgage-backed securities                                137              310              643              919
Increase in loans receivable                                   (        2,132)  (        4,619)   (      10,405)  (        9,746)
   Purchase of premises and equipment                          (          116)  (           55)   (         234)  (          167)
                                                                -------------    -------------     ------------    -------------

       Net cash used in investing activities                   (        1,119)  (        4,354)   (       7,984)  (       10,019)
                                                                -------------    -------------     ------------    -------------
</TABLE>






                                       6


<PAGE>
                     FIRST ROBINSON FINANCIAL CORPORATION

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                       Three Months Ended                 Nine Months Ended
                                                                            July 31                            July 31
                                                               -------------------------------    ------------------------------
                                                                      1997             1996              1997          1996
                                                               --------------    -------------     ------------    -------------
                                                                                             (1,000's)
                                                               -----------------------------------------------------------------
<S>                                                            <C>               <C>               <C>             <C>    
Financing activities:      
   Net increase (decrease) in deposits                         ($       1,035)   $       1,801     $      3,696    $       6,989
   Net advances from Federal Home Loan Bank                    (        5,500)           1,000    (       1,500)           1,000
   Proceeds from stock conversion                                       8,193                0            8,193                0
ESOP shares purchased                                          (          688)               0    (         688)               0
   Increase (decrease) in advances from borrowers
     for taxes and insurance                                   (           24)  (           23)               2   (            5)
                                                                -------------    -------------     ------------    -------------

      Net cash provided by financing activities                           946            2,778            9,703            7,984
                                                                -------------    -------------     ------------    -------------

      Increase (decrease) in cash and cash equivalents                    164   (        1,567)           2,097   (        1,762)

Cash and cash equivalents at beginning of period                        3,186            2,579            1,253            2,774
                                                                -------------    -------------     ------------    -------------

Cash and cash equivalents at end of period                      $       3,350    $       1,012     $      3,350    $       1,012
                                                                =============    =============     ============    =============


Supplemental Disclosures:
  Additional Cash Flows Information:
    Cash paid for:
      Interest on deposits, advances and
       other borrowings                                         $         809    $         632     $      2,365    $       1,866
   Income taxes:
      Federal                                                   $      45,520    $      49,675     $    119,911    $     166,427
      State

  Schedule of Noncash investing activities:
    Unrealized gain on securities available for sale           ($           8)  ($           7)   ($          1)   $          20
    Deferred tax on unrealized gain on
      securities available for sale                             $           4    $           3     $          0   ($           8)
    Transfers to foreclosed real estate                         $           0    $          23     $         24    $          51

</TABLE>




                                       7


<PAGE>
              FIRST ROBINSON FINANCIAL CORPORATION AND SUBSIDIARY

                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(1)   Basis of Presentation
      ---------------------

      The consolidated financial statements include the accounts of First
      Robinson Financial Corporation (the Company) and its wholly owned
      subsidiary, First Robinson Savings Bank, National Association (the
      Bank). All significant intercompany accounts and transactions have been
      eliminated in consolidation. The accompanying consolidated financial
      statements are unaudited and should be read in conjunction with the
      consolidated financial statements and notes thereto included in the
      Company's prospectus dated May 14, 1997. The accompanying unaudited
      consolidated financial statements have been prepared in accordance with
      the instructions for Form 10-QSB and, therefore, do not include
      information or footnotes necessary for a complete presentation of
      financial condition, results of operations, and cash flows in conformity
      with generally accepted accounting principles. In the opinion of
      management of the Company the unaudited consolidated financial
      statements reflect all adjustments (consisting only of normal occurring
      accruals) necessary to present fairly the financial position of the
      Company at July 31, 1997, and the results of its operations and cash
      flows for the three months and nine months ended July 31, 1997 and 1996.

      Information for the year ended October 31, 1996 and prior periods is for
      the Bank only. Information for the nine months ended July 31, 1997 is
      for the Company and the Bank. Operating results for the nine months
      ended July 31, 1997 are not necessarily indicative of the results that
      may be expected for the year ending October 31, 1997.

(2)   Stock Conversion
      ----------------

      On June 27, 1997, First Robinson Savings and Loan, F.A. (the Bank)
      completed its conversion from a Federally-chartered mutual savings bank
      to a National Bank and was simultaneously acquired by First Robinson
      Financial Corporation (the Company), a Delaware corporation, which was
      formed to act as the holding company of the Bank. At the date of the
      conversion, the Company completed the sale of 859,625 shares of common
      stock, $.01 par value, to its Eligible Account Holders and Employee
      Stock Ownership Plan (ESOP), at $10.00 per share. Net proceeds from the
      above transactions, after deducting offering expenses, underwriting
      fees, and amounts retained to fund the ESOP, totaled $7,504,657.

(3)   Earnings Per Share
      ------------------

      Earnings per share of common stock has been calculated based on the
      shares outstanding less the shares owned by the ESOP. ESOP shares are
      considered outstanding when they have been allocated or committed to be
      released. With the conversion being completed on June 27, 1997, the
      earnings per shares amount contained in the consolidated income
      statement was calculated for the one month period ended July 31, 1997.
      The average shares outstanding used in this calculation was 790,855 for
      all periods. See Exhibit II for the earnings per share calculation.


                                       8


<PAGE>
                     FIRST ROBINSON FINANCIAL CORPORATION

                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(4)   Employee Stock Ownership Plan
      -----------------------------

      In connection with the conversion to the stock form of ownership, the
      Board of Directors established an employee stock ownership plan (ESOP)
      for the exclusive benefit of participating employees. Employees age 21
      or older who have completed one year of service are eligible to
      participate. Upon the issuance of the common stock, the ESOP acquired
      68,770 shares of $0.01 par value common stock at the subscription price
      of $10.00 per share. The Bank makes contributions to the ESOP equal to
      the ESOP's debt service less dividends received by the ESOP. All
      dividends received by the ESOP are used to pay debt service. As the debt
      is repaid, shares are released from collateral and allocated to active
      employees, based on the proportion of debt service paid in the year. The
      Bank accounts for its ESOP in accordance with Statement of Position
      93-6. Accordingly, the debt of the ESOP is recorded as debt and the
      shares pledged as collateral are reported as unearned ESOP shares in the
      consolidated balance sheets. As shares are released from collateral, the
      Bank reports compensation expense equal to the current market price of
      the shares, and the shares become outstanding for earnings-per-share
      calculations. Dividends on allocated shares are recorded as a reduction
      of retained earnings; dividends on unallocated ESOP shares are recorded
      as a reduction of debt or accrued interest. ESOP compensation expense
      was $0 for the nine months ended July 31, 1997 and 1996, respectively.

      The ESOP shares at July 31, 1997 were as follows:

        Allocated shares                                              0
        Shares released for allocation                                0
        Unallocated shares                                       68,770
                                                          -------------

        Total ESOP shares                                        68,770
                                                          -------------
        Fair value of unallocated shares                  $   1,134,705
                                                          =============




                                       9


<PAGE>
                     FIRST ROBINSON FINANCIAL CORPORATION
                Management Discussion and Analysis of Financial
                      Condition and Results of Operations


General

        The principal business of First Robinson Financial Corporation
(Company), through its operating subsidiary, First Robinson Savings Bank,
National Association (Bank), consists of accepting deposits from the general
public and investing these funds primarily in loans, mortgage-backed
securities and other securities. The Bank's loans consist of primarily of
loans secured by residential real estate located in its market area, consumer
loans and commercial loans.

        The Bank's net income is dependent primarily on its net interest
income, which is the difference between interest earned on interest-earning
assets and the interest paid on interest-bearing liabilities. Net interest
income is a function of the Bank's "interest rate spread," which is the
difference between the average yield earned on interest-earning assets and the
average rate paid on interest-bearing liabilities. The interest rate spread is
affected by regulatory, economic and competitive factors that influence
interest rates, loan demand and deposit flows. To a lesser extent, the Bank's
net income also is affected by the level of general and administrative
expenses and the level of other income, which primarily consists of service
charges and other fees.

        The operations of the Bank are significantly affected by prevailing
economic conditions, competition and the monetary, fiscal and regulatory
policies of government agencies. Lending activities are influenced by the
demand for and supply of housing, competition among lenders, the level of
interest rates and the availability of funds. Deposit flows and costs of funds
are influenced by prevailing market rates of interest, primarily on competing
investments, account maturities and the levels of personal income and savings
in the Bank's market area.

        Historically, the Bank's mission has been to originate loans on a
profitable basis to the communities it serves. In seeking to accomplish its
mission, the Board of Directors and management have adopted a business
strategy designed (I) to maintain the Bank's capital level in excess of
regulatory requirements; (ii) to maintain the Bank's asset quality; (iii) to
maintain, and if possible, increase the Bank's earnings; and (iv) to manage
the Bank's exposure to changes in interest rates.


Business Strategy

        First Robinson's business strategy is to continue to be a
community-oriented, locally-owned financial institution offering financial
services to residents and businesses of Crawford County, Illinois (the primary
market area). The Board of Directors and management are strategically planning
the Bank's future. New products and services are being discussed and reviewed
for their effect on profitability and customer service. In the past quarter,
the Bank opened a new drive-up facility in Oblong and two new drive-up ATM's,
one in Robinson and one in Oblong. The Board of Directors intends to maintain
a strong presence in the one-to-four family real estate market and plans are
to institute new programs to increase the Bank's market share.

The Board of Directors approved changing the Bank's fiscal year from October
31 to March 31, effective March 31, 1998.



                                      10
<PAGE>


                     FIRST ROBINSON FINANCIAL CORPORATION
                Management Discussion and Analysis of Financial
                      Condition and Results of Operations


Financial Condition

Comparison at July 31, 1997 and October 31, 1996

        The Company's total assets increased by approximately $10.0 million or
15.6%, to $73.9 million at July 31, 1997 from $63.9 million at October 31,
1996. This increase in total assets was primarily the result of a $2.1 million
increase in cash and cash equivalents and a $8.1 million increase in loans
receivable, net. This increase was primarily due to competitive rates and
terms, the conversion to stock form of ownership and to a national bank
charter, growing customer desire to do business with a locally-owned
institution, and attracting new customer relationships. These increases were
funded by an increase in deposits of approximately $3.7 million and the net
proceeds from the sale of stock.

        Liabilities increased approximately $2.0 million or 3.4% to $61.2
million at July 31, 1997 from $59.2 million at October 31, 1996. This increase
in liabilities was primarily the result of a $3.7 million or 6.5% increase in
deposits to $60.4 million at July 31, 1997 from $56.7 million at October 31,
1996 and an increase of $213,000 in accrued income taxes which was partially
offset by decrease in FIILB advances to none at July 31, 1997 from $1.5
million at October 31, 1996 and a decrease in accrued expense of $384,000.
Deposits have increased due to the Bank's focus on providing competitive
pricing and service in its market area. FHLB advances in the amount of $3.8
million were paid off from the proceeds of the stock conversion.

        Stockholders' equity increased $8.0 million to $12.7 million as of
July 31, 1997 from $4.7 million as of October 31, 1996. This increase was
primarily from the net proceeds from the sale of the Company's stock.

Regulatory Capital

        At July 31, 1997, the Bank exceeded all regulatory capital
requirements, with tangible capital of $9.3 million (12.5% of adjusted total
assets), core capital of $9.3 million (12.5% of adjusted total assets) and
risk-based capital of $9.7 million (17.9% of risk-weighted assets).

Results of Operation Net Income

        The Company reported net income of $220,000 and $490,000 during the
three and nine months ended July 31, 1997, respectively, as compared to
$113,000 and $288,000 during the three and nine months ended July 31, 1996.
The $107,000 or 94.7% increase in net income during the three months ended
July 31, 1997, as compared to the same period in the prior year, was primarily
attributable to an increase of $160,000 or 29.4% in net interest income after
provision for loan losses and an increase of $107,000 or 115.1% in
non-interest income offset by an increase of $94,000 or 20.8% in non-interest
expense and an increase of $66,000 or 91.7% in provision for income tax. The
Company reported a $202,000 or 70.1% increase in net income during the nine
months ended July 31, 1997, as compared to the same period in the prior year.
This increase was primarily attributable to an increase of $455,000 or 30.5%
in net interest income after provision for loan losses and an increase of
$88,000 or 29.9% in non-interest income offset by an increase in non-interest
expense of $214,000 or 16.3% and an increase of $127,000 or 69.0% in provision
for income tax.

                                      11
<PAGE>
                     FIRST ROBINSON FINANCIAL CORPORATION
                Management Discussion and Analysis of Financial
                      Condition and Results of Operations


Net Interest Income

        Net interest income increased by $178,000 or 31.0% during the three
months ended July 31, 1997, as compared to the same period in the prior year.
Interest rate spread for the three months ended July 31, 1997 was 4.04%
compared to 3.84% for the same period in 1996. The increase was caused by an
increase $306,000 or 24.5% in total interest income, which was partially
offset by an increase of $128,000 or 19.0% in total interest expense. Net
interest income increased by $450,000 or 28.5% during the nine months ended
July 31, 1997, as compared to the same period in the prior year. Interest rate
spread for the nine months ended July 31, 1997 was 3.92% compared to 3.67% for
the same period in 1996. The increase in total net interest income during such
period was attributable to an increase of $840,000 or 23.9% in total interest
income which was offset by an increase of $390,000 or 20.1% in total interest
expense.

Non-Interest Income

        Total non-interest income increased by $107,000 or 115.1% during the
three months ended July 31, 1997, as compared to the same period in the prior
year. This increase was due primarily from a $113,000 gain on the sale of a
government guaranteed loan. Total non-interest income increased by $88,000 or
29.9% during the nine months ended July 31, 1997, as compared to the same
period in the prior year. This increase was primarily due to the gain on the
sale of a government guaranteed loan offset by expenses on other real estate
owned.

Non-Interest Expense

        Total non-interest expense increased by $94,000 or 20.8% during the
three months ended July 31, 1997, as compared to the same period in the prior
year. This increase was due primarily from additional compensation and
employee benefits and office occupancy and equipment expense. Total
non-interest expense increased by $214,000 or 16.3% during the nine months
ended July 31, 1997, as compared to the same period in the prior year. This
increase was primarily due to additional compensation and employee benefits
and office occupancy expense and equipment expense.

Provision for Loan Losses

        During the three and nine months ended July 31, 1997, the Bank
recorded provision for loan losses of $48,000 and $78,000, respectively, as
compared to $30,000 and $83,000 for the same respective periods of the prior
year. The Bank recorded such provisions to adjust the Bank's allowance for
loan losses to a level deemed appropriate based on an assessment of the volume
and lending presently being conducted by the Bank, industry standards, past
due loans, economic conditions in the Bank's market area generally and other
factors related to the collectibility of the Bank's loan portfolio. The Bank's
non-performing assets as a percentage of total assets was .63% at July 31,
1997, as compared to .60% at April 30, 1997 and .61% at October 31, 1996.


                                      12
<PAGE>

                     FIRST ROBINSON FINANCIAL CORPORATION
                Management Discussion and Analysis of Financial
                      Condition and Results of Operations

Provision for Income Taxes

        The Bank recognized provision for income taxes of $138,000 and
$311,000 for the three and nine months ended July 31, 1997, respectively, as
compared to $72,000 and $184,000 for the same period in the prior year. The
effective tax rate during the three and nine months ended July 31, 1997 was
38.5% and 38.8% (federal and state), respectively, as compared to 38.9% and
39.0% during the same respective periods in the prior year.

Liquidity and Capital Resources

        The Company's principal sources of funds are deposits and principal
and interest payments collected on loans, investments and related securities.
While scheduled loan repayments and maturing investments are relatively
predictable, deposit flows and early loan prepayments are more influenced by
interest rates, general economic conditions and competition. Additionally, the
Company may borrow funds from the FHLB of Chicago or utilize other borrowings
of funds based on need, comparative costs and availability at the time.

        At July 31, 1997, the Company had no advances from the FHLB of Chicago
outstanding down from $3.8 million at April 30, 1997. The Company uses its
liquidity resources principally to meet ongoing commitments, to fund maturing
certificates of deposit and deposit withdrawals and to meet operating
expenses. The Company anticipates that it will have sufficient funds available
to meet current loan commitments. At July 31, 1997, the Company had
outstanding commitments to extend credit which amounted to $3.3 million
(including $1.4 million, in available revolving commercial lines of credit).
Management believes that loan repayments and other sources of funds will be
adequate to meet the Company's foreseeable liquidity needs.

        Liquidity management is both a daily and long-term responsibility of
management. The Company adjusts its investments in liquid assets based upon
management's assessment of (i) expected loan demand, (ii) expected deposit
flows, (iii) yields available on interest-bearing investments and (iv) the
objectives of its asset/liability management program. Excess liquidity
generally is invested in interest-earning overnight deposits and other
short-term government and agency obligations.


                                      13
<PAGE>


                          PART II - OTHER INFORMATION

Item 1. Legal Proceedings
        -----------------

        None.

Item 2. Changes in Securities
        ---------------------

        None.

Item 3. Defaults Upon Senior Securities
        -------------------------------

        None.

Item 4. Submission of Matters to a Vote of Security Holders
        ---------------------------------------------------

        Not applicable.

Item 5. Other Information
        -----------------
       
Item 6. Exhibits and Reports on Form  8-K
        ----------------------------------

        Exhibits:    I.  Statement Regarding Computation of Earnings

                   II.  Financial Data Schedule

        Reports on Form 8-K:

        None







                                      14


<PAGE>
                                   EXHIBIT I

             Statement Regarding Computation of Earnings per Share

<TABLE>
<CAPTION>

                                                                                                            One Month
                                                                                                              Ended
                                                                                                             7-31-97
                                                                                                         --------------
<S>                                                                                                      <C>           
     Net Earnings (in thousands)                                                                         $           50
                                                                                                         ==============

     Primary earnings per share:
        Weighted average shares outstanding                                                              $      859,625
        Less unearned employee stock ownership plan shares                                              (        68,770)

        Average option shares granted                                                                                 0

        Less assumed purchase of shares using treasury method
                                                                                                         --------------
     Common and common equivalent shares outstanding                                                     $      790,855
                                                                                                         ==============

     Earnings per common share - primary                                                                 $         0.06
                                                                                                         ==============
     Fully - diluted earnings per share:
        Weighted average shares outstanding                                                              $      859,625
        Less unearned employee stock ownership plan shares                                              (        68,770)

        Average option shares granted                                                                                 0

        Less assumed purchase of shares using treasury method                                                         0
                                                                                                         --------------

     Common and common equivalent shares outstanding                                                     $      790,855
                                                                                                         ==============

     Earnings per common share - fully diluted                                                           $         0.06
                                                                                                         ==============
</TABLE>


     The conversion to stock form was on June 27, 1997. For the period June 28
     to June 30, 1997 was considered immaterial and the earnings per share
     computation is based on one month of operations (July, 1997).




                                      15