SECURITY AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-QSB

(Mark One)

OR

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

Commission File Number:           0-29276

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

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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.



As of February 8, 2000, the Registrant had 566,720 shares of Common Stock, par value $0.01, issued and outstanding.
Transitional Small Business Disclosure Format (check one):



FIRST ROBINSON FINANCIAL CORPORATION

Index to Form  10-QSB

|PART 1.   FINANCIAL INFORMATION                                                                                                                  | PAGE
|------------------------------------------------------------------------------------------------------------------------------------------------ | ----
|Item 1.  Financial Statements                                                                                                                   
|Consolidated Balance Sheet as of December 31, 2000        
                
	And March 31, 2000                                                  | 3   
|Consolidated Statements of Income for the Three and Nine Month Periods      
                
	Ended December 31, 2000 and December 31, 1999     | 4   
|Consolidated Statements of Stockholders' Equity for the Nine Month      
                  Periods Ended December 31, 2000 and December 31, 1999 | 5   
|Consolidated Statements of Cash Flows for the Three and Nine Month      
                  Periods Ended December 31, 2000 and December 31, 1999 | 6   
|Notes to Consolidated Financial Statements                                                                                                       | 8   
|Item 2.   Management's Discussion and Analysis of
                      	Financial Condition and Results of Operations                           | 11  
|PART II OTHER INFORMATION                                                                                                                       
|Item 1.  	Legal Proceedings                                                                                                                      | 17  
|Item 2.    	Changes in Securities                                                                                                                | 17  
|Item 3.   	Defaults Upon Senior Securities                                                                                                       | 17  
|Item 4.   	Submission of Matters to a Vote of Security Holders                                                                                   | 17  
|Item 5.  	Other Information                                                                                                                      | 17  
|Item 6.   
	Exhibits and Reports on Form 8-K                                                                                                     | 17  
|SIGNATURES                                                                                                                                       | 18  

|                                                                                                                           | Unaudited12/31/00 | Audited	3/31/00
|-------------------------------------------------------------------------------------------------------------------------- | ----------------- | ---------------
|ASSETS                                                                                                                     | ($1,000's)        |                
|Cash and Cash Equivalents:                                                                                                 |                   |                
|Cash and due from banks                                                                                                    | $689              | $1,269         
|Interest bearing deposits                                                                                                  | 2,384             | 1,390          
|Total Cash and Cash Equivalents                                                                                            | 3,073             | 2,659          
|Securities available for sale, amortized cost of $15,539 and $16,234  at December 31, 2000 and March 31, 2000 respectively | 15,470            | 15,554         
|Securities held to maturity, estimated market value of $99 and$914 at December 31, 2000 and March 31, 2000, respectively   | 99                | 895            
|Loans receivable, net                                                                                                      | 62,968            | 63,982         
|Accrued interest receivable                                                                                                | 697               | 698            
|Premises and equipment, net                                                                                                | 3,078             | 2,994          
|Foreclosed real estate                                                                                                     | 311               | 79             
|Prepaid income tax                                                                                                         | 86                | 0              
|Deferred income tax                                                                                                        | 114               | 242            
|Other assets                                                                                                               | 195               | 152            
|Total Assets                                                                                                               | $86,091           | $87,255        
|LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                      
|Deposits                                                                                                                   | $70,933           | $71,960        
|Advances from Federal Home Loan Bank                                                                                       | 0                 | 3,600          
|Repurchase agreements                                                                                                      | 5,294             | 1,490          
|Advances from Borrowers for taxes and insurance                                                                            | 58                | 112            
|Accrued interest payable                                                                                                   | 311               | 308            
|Accrued income taxes                                                                                                       | 0                 | 228            
|Accrued expenses                                                                                                           | 409               | 251            
|Total Liabilities                                                                                                          | 77,005            | 77,949         
|Commitments and Contingencies                                                                                             
|Stockholders' Equity                                                                                                      
|Common stock, $ .01 par value; authorized 2,000,000 shares    	859,625 shares issued and outstanding                       | 9                 | 9              
|Preferred stock, $.01 par value; authorized 500,000 shares,     No shares issued and outstanding                           |                  
|Additional paid-in capital                                                                                                 | 8,330             | 8,305          
|Retained earnings                                                                                                          | 5,680             | 5,585          
|Treasury stock, at cost                                                                                                    | (4,135)           | (3,243)        
|Accumulated other comprehensive income                                                                                     | (43)              | (414)          
|Common stock acquired by ESOP/RRP                                                                                          | (755)             | (936)          
|Total Stockholders' Equity                                                                                                 | 9,086             | 9,306          
|Total Liabilities and Stockholders' Equity                                                                                 | $86,091           | $87,255        

|                                        | Three Month Period | Nine Month Period
|--------------------------------------- | ------------------ | -----------------
|                                        |                    |                  
|                                        | 2000               | 1999             
|Interest income:                       
|Interest on Loans                       | $1,428             | $1,395           
|Interest and dividends on securities    | 258                | 267              
|Total interest income                   | 1,686              | 1,662            
|Interest expense:                      
|Interest on deposits                    | 771                | 720              
|Interest on FHLB advances               | 13                 | 33               
|Interest on repurchase agreements       | 66                 | 19               
|Total interest expense                  | 850                | 772              
|Net interest income                     | 836                | 890              
|Provision for loan losses               | 165                | 24               
|Net interest income after provision     | 671                | 866              
|Non-interest income:                   
|Service charges                         | 117                | 107              
|Loan fees                               | 27                 | 28               
|Other non-interest income               | 50                 | 37               
|Net gain on sale of loans               | 9                  | 0                
|Net gain on sale of investments         | 5                  | 0                
|Net gain on sale of foreclosed property | 6                  | 0                
|Total other income                      | 214                | 172              
|Non-interest expense:                  
|Compensation and employee benefits      | 419                | 400              
|Occupancy and equipment                 | 147                | 114              
|Foreclosed property expense             | 12                 | 0                
|Data Processing                         | 25                 | 23               
|Audit, legal and other professional     | 40                 | 24               
|SAIF deposit insurance                  | 3                  | 11               
|Advertising                             | 29                 | 36               
|Telephone and postage                   | 25                 | 22               
|Other                                   | 99                 | 87               
|Total other expenses                    | 799                | 717              
|Income (Loss) before income tax         | 86                 | 321              
|Provision for income taxes              | 32                 | 116              
|Net Income (Loss)                       | $54                | $205             
|Earnings Per Share-Basic                | $0.10              | $0.30            
|Earnings Per Share-Diluted              | $0.10              | $0.30            

| |                                      |           |         |          |          | Unallocated | Accumulated   |        |        
| | ------------------------------------ | --------- | ------- | -------- | -------- | ----------- | ------------- | ------ | -------
| |                                      |           |         |          |          | ESOP        | Other         |        | Compre-
| |                                      | Common    | Paid-in | Retained | Treasury | and         | Comprehensive |        | hensive
| |                                      | Stock     | Capital | Earnings | Stock    | RRP         | Income        | Total  | Income 
| |                                      | (1,000's)
| | Balance at March 31, 2000            | $9        | $8,305  | $5,585   | $(3,243) | $(936)      | $(414)        | $9,306 |        
| | Net Income                           |           | 290     |          |          |             |               | 290    | 290    
| | Other Comprehensive Income           |           |         |          |          |             |               |        |        
| | Unrealized gain (loss) on securities |           |         |          |          |             |               |        | 617    
| | Realized (gain) loss on sale         |           |         |          |          |             |               |        | (7)    
| | Related tax effects                  |           |         |          |          |             |               |        | (239)  
| | Total other comprehensive income     |           |         |          |          |             | 371           | 371    | 371    
| | Total comprehensive income           |           |         |          |          |             |               |        | $661   
|
| | Rounding                             |           | 1       |          |          |             |               | 1      |        
| | Allocation of ESOP shares            | 25        |         |          |          | 57          |               | 82     |        
| | Allocation of RRP Shares             |           |         |          |          | 124         |               | 124    |        
| | Treasury Stock (61,306 shares)       |           |         |          | (892)    |             |               | (892)  |        
| | Dividends paid                       |           |         | (196)    |          |             |               | (196)  |        
| | Balance at December 31, 2000         | $9        | $8,330  | $5,680   | $(4,135) | $(755)      | $(43)         | $9,086 |        

|                                      | CommonStock | Paid-inCapital | RetainedEarnings | TreasuryStock | UnallocatedESOPandRRP | AccumulatedOtherComprehensiveIncome | Total   | Compre-hensiveIncome
|------------------------------------- | ----------- | -------------- | ---------------- | ------------- | --------------------- | ----------------------------------- | ------- | --------------------
|                                      | ($1,000's) 
|Balance at March 31, 1999             | $9          | $8,277         | $5,175           | $(747)        | $(1,138)              | $(14)                               | $11,562 |                     
|                                      |             |                | 530              |               |                       |                                     | 530     | $530                
|Other Comprehensive Income            |             |                |                  |               |                       |                                     |         |                     
|Unrealized gain (loss) on securities, |             |                |                  |               |                       |                                     |         | (643)               
|net of related tax effects            |             |                |                  |               |                       |                                     |         | 251                 
|Total other comprehensive income      |             |                |                  |               |                       | (392)                               | (392)   | (392)               
|Total comprehensive income            |             |                |                  |               |                       |                                     |         | $138                
|Rounding                              |             |                |                  | 1             |                       |                                     | 1       |                     
|Allocation of ESOP shares             |             | 20             |                  |               | 60                    |                                     | 80      |                     
|Allocation of RRP Shares              |             |                |                  |               | 123                   |                                     | 123     |                     
|Treasury Stock (167,046 shares)       |             |                | (2,297)          |               |                       |                                     | (2,297) |                     
|Dividends paid                        |             |                |                  | (247)         |                       |                                     | (247)   |                     
|Balance at December 31, 1999          | $9          | $8,297         | $5,459           | $(3,044)      | $(955)                | $(406)                              | $9,360  |                     

The accompanying notes are an integral part of these consolidated financial statements.

5

FIRST ROBINSON FINANCIAL CORP.  AND SUBSIDIARYCONSOLIDATED STATEMENTS OF CASH FLOWSFor the Three and Nine Month Periods Ended December 31, 2000 and 1999(Unaudited)

|                                                                                                | Three Month Period | Nine Month Period
|----------------------------------------------------------------------------------------------- | ------------------ | -----------------
|                                                                                                | ($1,000's)        
|                                                                                                | 2000               | 1999             
|Cash flows from operating activities:                                                          
|Net income                                                                                      | $    54            | $   205          
|Adjustments to reconcile net income to net cash
     provided by (used in) operating activities
|Provision for depreciation                                                                      | 89                 | 69               
|Provision for loan losses                                                                       | 165                | 24               
|Net amortization and accretion on investments                                                   | 5                  | 6                
|ESOP shares allocated                                                                           | 28                 | 27               
|Decrease (increase) in accrued interest receivable                                              | 48                 | 79               
|Decrease (increase) in prepaid income taxes                                                     | 53                 | 0                
|Decrease (increase) in other assets                                                             | 323                | 10               
|(Decrease) increase in accrued interest payable                                                 | 2                  | (22)             
|(Decrease) increase in accrued income taxes                                                     | 0                  | 18               
|(Decrease) increase in deferred income taxes                                                    | 111                | 0                
|(Decrease) increase in accrued expenses                                                         | 240                | 87               
|Stock dividends on FHLB Stock                                                                   | (9)                | 0                
|Gain on sale of loans                                                                           | 9                  | 0                
|Gain on sale of mtg-backed securities and investments                                           | 5                  | 0                
|Gain on sale of foreclosed property                                                             | 6                  | 0                
|Net cash provided by (used in) operating activities                                             | 1,129              | 503              
|Cash flows from investing activities:                                                          
|Proceeds from sale of securities available for sale                                             | 500                | 0                
|Proceeds from sale of mortgage-backed securities         	available for sale                    | 0                  | 0                
|Proceeds from maturities of securities held to maturity                                         | 29                 | 27               
|Purchase of securities available for sale                                                       | 0                  | (231)            
|Purchase of mortgage-backed securities
   	    	available for sale                              | (1,374)            | 0                
|FHLB Stock purchased                                                                            | 0                  | 0                
|Federal Reserve Bank Stock purchased                                                            | 0                  | 0                
|Repayment of principal- mortgage-backed securities                                              | 562                | 367              
|Decrease (increase) in loans receivable                                                         | (858)              | (2,181)          
|Sale or participation of originated loans                                                       | 1,100              | 1,410            
|Purchase of premises and equipment                                                              | (39)               | (84)             
|Net cash provided by (used in) investing activities                                             | (80)               | (692)            

The accompanying notes are an integral part of these consolidated financial statements.

FIRST ROBINSON FINANCIAL CORP.  AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
For The Three and Nine Month Periods Ended December 31, 2000 and 1999
(Unaudited)

|                                                                      | Three Month Period | Nine Month Period
|--------------------------------------------------------------------- | ------------------ | -----------------
|                                                                      | ($1,000's)        
|                                                                      | 2000               | 1999             
|Cash flows from financing activities:                                
|Net increase (decrease) in deposits                                   | $211               | $3,705           
|Increase (decrease) in repurchase agreements                          | 2,110              | 22               
|Advances from Federal Home Loan Bank                                  | 4,150              | 9,100            
|Repayment of FHLB advances                                            | (7,350)            | (12,600)         
|Increase in advances from borrowers
         for taxes and insurance  | (75)               | 26               
|Dividends paid                                                        | 0                  | 0                
|Funding of Recognition & Retention Plan                               | 0                  | 0                
|Purchase of treasury stock                                            | (237)              | (1,546)          
|Net cash provided by (used in) financing activities                   | (1,191)            | (1,293)          
|Increase (decrease) in cash and cash equivalents                      | (142)              | (1,482)          
|Cash and cash equivalents at beginning of period                      | 3,215              | 4,450            
|Cash and cash equivalents at end of period                            | $3,073             | $2,968           
|Supplemental Disclosures:                                            
|Additional Cash Flows Information:                                   
|Cash paid for:                                                       
|Interest on deposits, advances and
          	  repurchase agreements | $848               | $794             
|Income taxes:                                                        
|Federal                                                               | 55                 | 39               
|State                                                                 | 35                 | 6                
|Schedule of Non-Cash Investing Activities:                           
|Transfers to foreclosed real estate                                   | 97                 | 24               
|Refinanced other real estate owned                                    | 59                 | 30               
|Held to maturity securities transferred                              
|To available for sale                                                 | 0                  | 0                

The accompanying notes are an integral part of those consolidated financial statements.

FIRST ROBINSON FINANCIAL CORPORATION AND SUBSIDIARYNOTES 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 annual report dated April 20, 2000.  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 of normal recurring accruals) necessary to present fairly
the financial position of the Company at December 31, 2000 and the results of its operations and cash flows for the three month and nine
month periods ended December 31, 2000 and 1999.  The results of operations for those months ended December 31, 2000 are not
necessarily indicative of the results to be expected for the full year.

(2)     Stock Conversion

On June 27, 1997, the predecessor of the Bank, First Robinson Savings and Loan, F.A. completed its conversion from a Federally
chartered mutual savings and loan to a National Bank and was simultaneously acquired by the Company, 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

The Company has adopted Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share," which requires
entities with complex capital structures to present both basic earnings per share ("EPS") and diluted EPS.  Basic EPS excludes
dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares
outstanding for the period.  Diluted EPS reflects the potential dilution that could occur if securities of other contracts to issue
common stock (such as stock options) were exercised or converted into common stock or resulted in the issuance of common stock
that would then share in the earnings of the entity.  Diluted EPS is computed by dividing net income by the weighted average
number of common shares outstanding for the period, plus common-equivalent shares computed using the treasury stock method.
The Company's weighted average common shares outstanding were 538,867 and 682,290 for the three month periods and 556,218
and 716,756 for the nine month periods ending December 31, 2000 and 1999 respectively.    The Company approved a stock option
plan during the quarter ended September 30, 1998.  This plan had no dilutive effect on the earnings per share since current stock
price was less than option price.

FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY

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.  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 $12,000 for the three months ended December 31, 2000 and $11,000 for the three months ended December 31, 1999.  For
the nine month periods ESOP compensation expense amounted to $67,000 for the period ended December 31, 2000 and $64,000 for the
period ended December 31, 1999.

The ESOP shares at December 31, 2000 and 1999 were as follows:

| |  |                                  | 2000     | 1999    
| |  | -------------------------------- | -------- | --------
| |  | Allocated shares                 | 30,781   | 23,168  
| |  | Shares released for allocation   | 0        | 0       
| |  | Unallocated shares               | 37,989   | 45,602  
| |  | Total ESOP shares                | 68,770   | 68,770  
| |  | Fair value of unallocated shares | $555,443 | $607,077

(5)   Accounting for Derivative Instruments and Hedging Activities

In June 1998, The FASB issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities,"  establishes accounting
and reporting standards for derivative instruments and hedging activities and requires recognition of all derivatives as either assets or
liabilities measured at fair value.  The accounting for changes in the fair value of a derivative depends on the intended use of the derivative
and the resulting designation.  SFAS No. 137, "Accounting for Derivative Instruments and Hedging Activities - Deferral of the Effective
Date of FASB Statement No. 133," amended Statement No. 133 to be effective for all fiscal years beginning after June 15, 2000.   The
Company has completed its evaluation of SFAS No. 133, as amended, the adoption of the statement did not have a material effect on the
consolidated financial statements.

FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(6)   Comprehensive Income

The Company has adopted FASB Statement No. 130, Reporting Comprehensive Income.  The statement establishes standards for reporting
and display of comprehensive income and its components.  Comprehensive income includes net income and other comprehensive income,
which for the Company includes unrealized gains and losses on securities available for sale.

Comprehensive income, unaudited, for the three and nine month periods ended December 31, 2000 and 1999 are as follows:

|                                        | Three Month Period | Nine Month Period
|--------------------------------------- | ------------------ | -----------------
|                                        | 2000               | 1999             
|                                        | ($1,000's)        
|Net Income (Loss)                       | $54                | $205             
|Other Comprehensive Income             
|Unrealized gains (losses) on securities | 363                | (169)            
|Realized (gains) losses on securities   | (5)                | 0                
|Related tax effects                     | (134)              | 66               
|Other Comprehensive Income (Losses)     | 224                | (103)            
|Comprehensive Income                    | $278               | $102             

FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
Management Discussion and Analysis of Financial
Condition and Results of Operations

**Forward-Looking Statements**

When used in this filing and in future filings by First Robinson Financial Corporation (the "Company") with the Securities and
Exchange Commission, in the Company's press releases or other public or shareholder communications, or in oral statements made with
the approval of an authorized executive officer, the words or phrases "would be," "will allow," "intends to," "will likely result," "are
expected to," "will continue," "is anticipated," "estimate," "project" or similar expressions are intended to identify "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements are subject to risks and
uncertainties, including but not limited to changes in economic conditions in the Company's market area, changes in policies by regulatory
agencies, fluctuations in interest rates, demand for loans in the Company's market area and competition, all or some of which could cause
actual results to differ materially from historical earnings and those presently anticipated or projected.   References in this filing to "we",
"us", and "our" refer to the Company and/or the Bank, as the content requires.

We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date
made, and advises readers that various factors, including regional and national economic conditions, substantial changes in levels of market
interest rates, credit and other risks of lending and investment activities and competitive and regulatory factors, could affect our financial
performance and could cause our actual results for future periods to differ materially from those anticipated or projected.

We do not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences
or unanticipated events or circumstances after the date of such statements.

**General**

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

Our net income is dependent primarily on our net interest income, which is the difference between interest earned on interest-eaming assets and the interest paid on interest-bearing liabilities.  Net interest income is a function of
our "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, our 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.

Our operations 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, competing investments, account maturities and the levels of personal income and savings in our market area.

Historically, our mission has been to originate loans on a profitable basis to the communities we serve.  In seeking to
accomplish our 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 asset quality, (iii) to maintain, and if possible, increase our earnings;
and (iv) to manage our exposure to changes in interest rates.

FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
Management Discussion and Analysis of Financial
Condition and Results of Operations

**Business Strategy**

We are a community-oriented, locally owned financial institution offering services to residents and businesses of Crawford
County, Illinois, our primary market area.  We offer fixed rate mortgage products through the Federal Home Loan Bank of Chicago and
USDA Rural Development which help us serve our customers and add non-interest income to our bottom line. Our bank continues to be
the premier real estate lender in Crawford County.  We are now offering direct deposit and payroll services for business customers.  This
along with new checking products and services has helped us to see excellent growth in the number of new checking and savings accounts.
The growth and push for new low interest bearing accounts continues to fit well within our strategic plan of lowering our overall cost of
funds.  Our Internet service continues to grow and management is evaluating how that service fits in the Company's long term strategic
plans.  We offer Internet banking to customers and will soon add a bill paying service.  PrimeVest Financial Services provides investment
brokerage services to our customers.  We continue to see growth in that service.  Management and the Board of Directors continue to
research and evaluate products, services and opportunities that would add strength to the Company.  We maintain a strong presence in
the community and are the only independent community bank in Robinson, Palestine and Oblong, Illinois.

**Financial Condition**

**Comparison at December 31, 2000 and March 31, 2000**

Our total assets decreased by approximately $1.2 million or 1.3% to $86.1 million at December 31, 2000 from $87.3 million at
March 31, 2000.  This decrease in total assets was primarily the result of a $1.0 million or 1.6% decrease in loans receivable, net and a
decrease of $796,000 or 88.9% in securities held to maturity.  The decrease in securities held to maturity was from current maturities and
the reclassification of a $767,000 security to available for sale by implementing the Statement of Financial Accounting Standards No. 133.
 These decreases were offset by a $414,000 or 15.6% increase in cash and cash equivalents and an increase of $232,000 or 293.7% in
foreclosed real estate.  A $214,000 farm loan with an 80% guarantee by Illinois Farm Development Authority ("IFDA") was repossessed
due to bankruptcy of the owner.  Offers to purchase must be approved by IFDA.    We anticipate the property to be sold by the end of June
2001.

Liabilities decreased $944,000 or 1.2% to $77.0 million at December 31, 2000 from $77.9 million at March 31, 2000. The primary
reasons for the decrease in our liabilities were a $3.6 million or 100.0% decrease in Federal Home Loan Bank Advances and a decrease
of $1.0 million or 1.4% in deposits and a $228,000 or 100.0% decrease in accrued income taxes. However, these decreases were offset
by an increase of $3.8 million or 255.3% in repurchase agreements and a $158,000 or 62.9% increase in accrued expenses.

Stockholders' equity decreased $220,000 or 2.4% to $9.1 million as of December 31, 2000 from $9.3 million on March 31, 2000.
 The primary factor associated with the decrease in stockholders' equity was the purchase an additional $892,000 of treasury stock or
61,306 shares, bringing the total amount of treasury stock to  $4.1 million, as of December 31, 2000.  The payment of a $0.32 per share
dividend to stockholders of record as of June 2, 2000 amounted to a total of $196,000 being paid from retained earnings.  However, this
payment was offset by the addition of nine months of income of  $290,000 to retained earnings. The release for allocation and valuation
of $82,000 in Employee Stock Ownership Plan shares, the allocation of $124,000 in Recognition and Retention Plan shares and the
increase of $371,000 in accumulated other comprehensive income offset the decrease of stockholders' equity due to the purchase of
treasury shares.

FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
Management Discussion and Analysis of Financial
Condition and Results of Operations

**Results of Operations**

**Comparison of the Three Month Periods ended December 31, 2000 and 1999**

**Performance Summary**

We are reporting net income of $54,000 for the third quarter of the fiscal year.  For the quarter ended December 31, 1999, we
reported net income of $205,000.  The $151,000 or 73.7% decrease in net income was attributed to a decrease of $195,000 or 22.5% in
net interest income after provision for loan losses and an increase of $82,000 or 11.4% in non-interest expense offset by a $42,000 or
24.4% increase in non-interest income and an $84,000 or 72.4% decrease in provision for taxes for the three-month period ended
December 31, 2000 compared to the same period in 1999.

**Net Interest Income**

Net interest income decreased by $54,000 or 6.1% to $836,000 during the three-month period ended December 31, 2000, as
compared to $890,000 during the same period in the prior year. Interest income increased by $24,000 or 1.4% for the quarter ended
December 31, 2000 as compared to the quarter ended December 31, 1999. Interest income has been reduced by approximately $25,000
for the quarter ended December 31, 2000 due to the two large agricultural credits on non-accrual.  The rate on the average interest earning
assets for the December 31, 2000 quarter was 8.39% in comparison to 8.22% for the quarter ended December 31, 1999.  However, an
increase of $78,000 or 10.1% in interest expense offset the increase in interest income.  For the quarter ended December 31, 2000, interest
expense was $850,000 in comparison to $772,000 for the quarter ended December 31, 1999.  The rate on average interest bearing liabilities
for the quarter ended December 31, 2000 was 4.85% compared to 4.42% for the December 31, 1999 quarter.

**Non-Interest Income**

Total non-interest income increased by $42,000 or 24.4% to $214,000 during the three months ended December 31, 2000, as
compared to $172,000 during the same period in the prior year.  The increase in total non-interest income was the result of an increase
of $10,000 or 9.4% in service charges, an increase of $13,000 or 35.1% in income from other sources such as our Internet Service Provider
and our brokerage service, and an increase of $20,000 in net gain on sales of loans, investments and foreclosed real estate.  These earnings
were offset by a decrease of $1,000 or 3.6% in loan fees.

**Non-Interest Expense**

Total non-interest expense increased by $82,000 or 11.4% to $799,000 during the three months ended December 31, 2000, as
compared to $717,000 during the same period in the prior year.  This increase was due primarily from increases of $19,000 or 4.8% in
compensation and employee benefits, $33,000 or 28.9% in occupancy and equipment costs, $12,000 in foreclosed real estate expenses,
$16,000 or 66.7% in audit, legal and other professional fees, $3,000 or 13.6% in telephone and postage,  $2,000 or 8.7% in data processing
related expenses and $12,000 or 13.8% in other miscellaneous expenses.  These increases were offset by a decrease of $7,000 or 19.4%
in advertising costs and an $8,000 or 72.7% decrease in Savings Association Insurance Fund deposit insurance premiums**.**Legal fees
increased as a result of vigorous collection efforts involving two large agricultural credits that filed bankruptcy.  In an effort to monitor
our loan underwriting, we have also engaged in a contract with an outside audit group to review loans causing our audit expenses to be
increased.  However, these additional expenses are felt to be necessary to the long term growth and well being of the Company.

******Provision for Loan Losses**

During the three months ended December 31, 2000, we recorded provision for loan losses of $165,000 as compared to $24,000
for the same period of the prior year, an increase of $141,000 or 587.5%.   We recorded such provisions to adjust our 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 our market area generally and other factors related to the collectability of the
loan portfolio. Our non-performing assets as a percentage of total assets was 1.71% at December 31, 2000, as compared to 0.70% at
December 31, 1999.  The increase in the provision for loan losses and the increase in non-performing assets are the direct result of two
large agricultural customers that have filed bankruptcy.

FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
Management Discussion and Analysis of Financial
Condition and Results of Operations

**Provision for Income Taxes**

We recognized a provision for federal and state income taxes of $32,000 for the three months ended December 31, 2000 as
compared to a provision for income taxes of  $116,000 for the same period in the prior year.  The effective tax rate during the three months
ended December 31, 2000 was 37.2% as compared to 36.1% during the quarter ended December 31, 1999.

**Comparison of the Nine Month Periods ended December 31, 2000 and 1999**

**Net Income**

****We reported a net income of $290,000 during the nine months ended December 31, 2000 as compared to $530,000 for the same
period in the prior year.  The $240,000 or 45.3% decrease in net income was primarily attributed to a decrease of $273,000 or 10.9% in
net interest income after provision for loan losses and an increase of $182,000 or 8.5% in non-interest expense offset by an increase of
$91,000 or 19.0% in non-interest income and a decrease of $124,000 or 41.6% in provision for income taxes.

**Net Interest Income**

Net interest income decreased by $92,000 or 3.5% for the nine month period ended December 31, 2000 as compared to the same
period in the previous year.  For the nine months ended December 31, 2000, interest expense had increased by $230,000 or 9.9% from
the nine months ended December 31, 1999.  However, the increase in interest expense was partially offset by an increase in interest income
of $138,000 or 2.8% from the December 31, 1999 period. Interest income for the nine-month period ended December 31, 2000 has been
reduced by approximately $75,000 due to the non-accrual status of two large agricultural customers that have filed bankruptcy.  The
interest rate spread for the nine months ended December 31, 2000 was 3.49% compared to 3.70% for the same period in the prior year.

**Non-Interest Income**

****Our non-interest income increased by $91,000 or 19.0% to $569,000 for the nine-month period in this fiscal year as compared
to $478,000 for the nine-month period in the prior year.  The increase was a direct result of increases in all non-interest income areas of
the Company.  Service charges on deposit accounts increased by $39,000 or 12.9% for this nine-month period compared to the nine months
ending December 31, 1999.  Non-interest income from loan fees resulted in a $2,000 or 2.8% increase over the same period in the prior
year and income from other sources increased by $26,000 or 25.2% from the nine-month period ended December 31, 1999.

With the fixed rate home mortgage program that we have through the Federal Home Loan Bank of Chicago, we have had a net gain on
sale of loans of $11,000.  During the course of restructuring our fixed rate long-term investments to adjustable rate investments we have
made a net gain on sale of investments of $7,000.  We have also had a net gain on the sale of foreclosed property of $6,000.

**Non-Interest Expense**

****Total non-interest expense increased by $182,000 or 8.5% to $2.3 million during the nine months ended December 31, 2000, as compared
to $2.1 million during the same period in the prior year.  This increase was due primarily from an increase of $59,000 or 4.8% in
compensation and employee benefits, an increase of $64,000 or 18.4% in occupancy and equipment expense, an increase of $14,000 or
21.9% in data processing

FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
Management Discussion and Analysis of Financial
Condition and Results of Operations

expense, an increase of $8,000 or 10.8% in audit, legal and other professional fees, an increase of $6,000 or 7.7%
in advertising expense, an increase of $6,000 or 8.6% in postage and telephone expense, an increase of $36,000 or  14.3% in other operating expenses and an increase of $14,000 in foreclosed property expenses from $0 for the nine months ended
December 31, 1999.  These increases are offset by a decrease of $25,000 or 69.4% in Savings Association Insurance Fund deposit insurance premiums.  The increase in compensation expense is primarily from cost of living adjustments to current staff.
Occupancy
and equipment expense increased this quarter in comparison to the same quarter in the previous year due to the remodeling of our
Robinson facility.  In order to offer Internet banking to our customers and add additional teller terminals to our current system, we had
to increase the capacity of our in-house computer system.    A larger computer system requires a more extensive service contract
which in turn increased our data processing expenses when comparing this nine-month period ended December 31, 2000 to the same
period in the prior year.  The increase in advertising expense is a result of our intent for name recognition and push for growing our
customer base.  It is our belief the more involved we are in the community, the rewards will outweigh the costs.  Other operating
expenses increased this nine-month period compared to the same period in the prior year due to an increase in check processing costs
and training costs.

**Provision for Loan Losses**

The provision for loan losses for the nine-month period ending December 31, 2000 increased by $181,000 or 158.8% from the
nine months ended December 31, 1999.    We recorded a provision for loan losses of $295,000 for this nine-month period in comparison
to $114,000 for the nine months in the previous year.  We adjusted our provision for loan losses to an appropriate level after assessing
the situation involving one large agricultural borrower who has filed bankruptcy and been placed on non-accrual.  Also influencing the
provision for loan losses was the economic conditions of our market area, industry standards, past due loans and any other factors related
to the collection of our loan portfolio.  Our non-performing assets as a percentage of total assets was 1.71% at December 31, 2000 as
compared to 1.31% at March 31, 2000.

**Provision for Income Taxes**

We recognized provision for income taxes of $174,000 for the nine months ended December 31, 2000 as compared to $298,000
for the nine months in the prior year.  The effective tax rate for this nine-month period was 37.5% and 36.0% for the nine months ended
December 31, 1999.

**Liquidity and Capital Resources**

Our 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, we may borrow funds from the FHLB
of Chicago, our correspondent banks, Cole Taylor Bank located in Chicago and Independent Bankers Bank located in Springfield, Illinois
and the Discount Window of the Federal Reserve of St. Louis or utilize other borrowings of funds based on need, comparative costs and
availability at the time.

At December 31, 2000 we had no borrowings from the FHLB of Chicago outstanding resulting in a decrease of $3.6 million in
advances from the amount as of March 31, 2000.  We did however have $5.3 million in repurchase agreements.   We use our liquidity
resources principally to meet outstanding commitments on loans, to fund maturing certificates of deposit and deposit withdrawals and to
meet operating expenses.  We anticipate no foreseeable problems in meeting current loan commitments.  At December 31, 2000, we had
outstanding commitments to extend credit, which amounted to $3.3 million (including $2.6 million, in available revolving commercial
and agricultural lines of credit).  Management believes that loan repayments and other sources of funds will be adequate to meet any
foreseeable liquidity needs.

Liquidity management is both a daily and long-term responsibility of management.  We adjust our 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.

|                                                        | December 31, 2000(1,000's)
|------------------------------------------------------- | --------------------------
|Tier I Capital:                                         |                           
|Common stockholders' equity                             | 7,923                     
|Unrealized loss (gain) on securities available for sale | 43                        
|Less disallowed intangible assets                       | (2)                       
|                                                        |                           
|Total Tier I Capital                                    | 7,964                     
|                                                        |                           
|Tier II Capital:                                        |                           
|Total Tier I capital                                    | 7,964                     
|Qualifying allowance for loan losses                    | 688                       
|                                                        |                           
|Total Risk-Based Capital                                | 8,652                     
|                                                        |                           
|Risk-Weighted Assets                                    | 55,742                    
|Quarter Average Assets                                  | 85,767                    

|                                                              | Actual | For CapitalAdequacy Purposes | To be Well CapitalizedUnder the PromptCorrective ActionProvision
|------------------------------------------------------------- | ------ | ---------------------------- | ----------------------------------------------------------------
|                                                              | Amount | Ratio                        | Amount                                                          
|As of December 31, 2000:                                      |        |                              |                                                                 
|Total Risk-Based Capital            (to Risk-Weighted Assets) | 8,652  | 15.52%                       | 4,459                                                           
|Tier I Capital            (to Risk-Weighted Assets)           | 7,964  | 14.29%                       | 2,230                                                           
|Tier I Capital            (to Average Assets)                 | 7,964  | 9.29%                        | 3,431                                                           

|Item 1. | Legal Proceedings                                  
|------- | ---------------------------------------------------
|        | None.                                              
|        |                                                    
|Item 2. | Changes in Securities                              
|        | None.                                              
|        |                                                    
|Item 3. | Defaults Upon Senior Executives                    
|        | None.                                              
|        |                                                    
|Item 4. | Submission of Matters to a Vote of Security Holders
|        | None.                                              
|        |                                                    
|Item 5. | Other Information                                  
|        | None.                                              
|        |                                                    
|Item 6. | Exhibits and Reports on Form 8-K                   
|        |                                                    
|        |                                                    
|        |                                                    
|        |                                                    
|        |                                                    

|      |                   |  | FIRST ROBINSON FINANCIALCORPORATION                                                  
|----- | ----------------- |  | -------------------------------------------------------------------------------------
|      |                   |  |                                                                                      
|Date: | February 12, 2001 |  | /s/  Rick L. CattRick L. CattPresident and Chief Executive Officer                   
|      |                   |  |                                                                                      
|Date: | February 12, 2001 |  | /s/  Jamie E. McReynoldsJamie E. McReynoldsChief Financial officer and Vice President