<PAGE>

                         SECURITY AND EXCHANGE COMMSSION

                              WASHNGTON, 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 September 30, 2001
                                    ------------------

                                       OR

      TRANSITION REPORT 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 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 X          NO
                                             -

As of November 13, 2001, the Registrant had 528,902 shares of Common Stock, par
value $0.01, issued and outstanding.




Transitional Small Business Disclosure Format (check one):
                                          YES            NO  X
                                                             ---




<PAGE>

                      FIRST ROBINSON FINANCIAL CORPORATION

                              Index to Form 10-QSB

<TABLE>
<CAPTION>

   PART 1. FINANCIAL INFORMATION
                                                                                          PAGE

       Item 1. Financial Statements

           Consolidated Balance Sheet as of September 30, 2001
<S>                                                                                       <C>
               And March 31, 2001                                                           3

           Consolidated Statements of Income for the Three and Six Month Periods
               Ended September 30, 2001 and September 30, 2000                              4

           Consolidated Statements of Stockholders' Equity for the Six Month Periods
                Ended September 30, 2001 and September 30, 2000                             5

           Consolidated Statements of Cash Flows for the Three and Six Month Periods
                Ended September 30, 2001 and September 30, 2000                             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                                                         16

       Item 2.   Changes in Securities                                                     16

       Item 3.   Defaults Upon Senior Securities                                           16

       Item 4.   Submission of Matters to a Vote of Security Holders                       16

       Item 5.   Other Information                                                         16

       Item 6.   Exhibits and Reports on Form 8-K                                          16


              SIGNATURES                                                                   17

</TABLE>

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                  CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

<TABLE>
<CAPTION>

                                                                                    Unaudited        Audited
                                                                                    9/30/01         3/31/01
                                                                                    -------         --------
ASSETS                                                                                      ($1,000's)
Cash and Cash Equivalents:
<S>                                                                                <C>               <C>
    Cash and due from banks                                                           $769             $954
    Interest bearing deposits in banks                                              13,758            5,925
                                                                                    ------            -----
       Total Cash and Cash Equivalents                                              14,527            6,879

  Securities available for sale, amortized cost of $14,105 and $16,994 at
    Sept. 30, 2001 and March 31, 2001 respectively                                  14,352           17,065
  Securities held to maturity, estimated market value of $80,000 and
    $100,000 at Sept. 30, 2001 and March 31, 2001, respectively                         79               99
  Loans, net of allowance for loan losses of $546,000 and $620,000 at
   Sept. 30, 2001 and March 31, 2001, respectively                                  61,112           60,812
  Foreclosed assets, net                                                                73               51
  Premises and equipment, net                                                        2,860            2,891
  Accrued interest receivable                                                          646              646
  Prepaid income taxes                                                                  41              104
       Other assets                                                                    299              318
                                                                                       ---              ---

       Total Assets                                                                $93,989          $88,865
                                                                                   -------          -------

                             LIABILITIES AND STOCKHOLDERS' EQUITY
  Deposits
   Non-interest-bearing                                                             $5,702           $5,132
   Interest-bearing                                                                 71,393           66,473
                                                                                    ------           ------
       Total Deposits                                                               77,095           71,605

  Advances from Federal Home Loan Bank                                               3,000            3,000
  Repurchase agreements                                                              4,397            4,528
  Advances from Borrowers for taxes and insurance                                       43               85
  Accrued interest payable                                                             271              345
  Deferred income taxes                                                                 55                6
  Accrued expenses                                                                     198              254
                                                                                       ---              ---
       Total Liabilities                                                            85,059           79,823
                                                                                    ======           ======
  Commitments and Contingencies

  Stockholders' Equity
  Preferred stock, $.01 par value; authorized 500,000 shares,
           No shares issued and outstanding
  Common stock, $ .01 par value; authorized 2,000,000 shares
    859,625 shares issued and outstanding                                                9                9
  Additional paid-in capital                                                         8,354            8,338
  Retained earnings                                                                  5,686            5,744
  Treasury stock, at cost (323,492 shares 9/30/01; 300,366 shares 3/31/01)         (4,698)          (4,356)
  Accumulated other comprehensive income                                               154               44
  Common stock acquired by ESOP/RRP                                                  (575)            (737)
                                                                                     -----            -----
       Total Stockholders' Equity                                                    8,930            9,042
                                                                                     -----            -----

       Total Liabilities and Stockholders' Equity                                  $93,989          $88,865
                                                                                   =======          =======
</TABLE>


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

                                        3

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF INCOME
      For the Three and Six Month Periods Ended September 30, 2001 and 2000
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                           THREE MONTH PERIOD                   SIX MONTH PERIOD
                                                           ------------------                   -----------------
                                                                                ($1,000's)
                                                      2001             2000                  2001              2000
                                                      ----             ----                  ----              ----

 Interest income:
<S>                                                 <C>              <C>                   <C>               <C>
     Interest on loans, including fees              $1,349           $1,414                $2,704            $2,853
     Taxable                                           251              228                   512               482
     Tax-exempt                                         16               20                    32                40
     Dividends                                          10               13                    21                23
                                                        --               --                    --                --
        Total interest income                        1,626            1,675                 3,269             3,398
                                                     -----            -----                ------             -----

   Interest expense:
     Interest on deposits                              699              743                 1,405             1,485
     Interest on FHLB advances                          41               59                    82               129
     Interest on repurchase agreements                  44               56                    92                80
                                                        --               --                    --                --
      Total interest expense                           784              858                 1,579             1,694
                                                       ---              ---                 -----             -----

       Net interest income                             842              817                 1,690             1,704

   Provision for loan losses                           130              115                   210               130
                                                       ---              ---                   ---               ---

       Net interest income after provision             712              702                 1,480             1,574

   Non-interest income:
     Charges and fees on deposit accounts              112              123                   222               225
     Charges and other fees on loans                    20               12                    35                22
     Other non-interest income                          21               44                    45                79
     Net gain on sale of loans                          16                0                    23                 5
     Net realized gain on sale of investments            0                2                    10                 2
                                                         -                -                    --                 -
  Total other income                                   169              181                   335               333

   Non-interest expense:
     Compensation and employee benefits                459              438                   906               865
     Occupancy and equipment                           129              143                   251               265
     Foreclosed property expense                        17                0                    17                 2
     Data Processing                                    34               28                    67                53
     Audit, legal and other professional                31               21                    70                42
     SAIF deposit insurance                              4                4                     7                 8
     Advertising                                        25               23                    48                55
     Telephone and postage                              24               27                    54                51
     Loss on sale of foreclosed property                 0                0                    25                 0
     Other                                             107               94                   201               188
                                                       ---               --                   ---               ---
      Total other expenses                             830              778                 1,646             1,529
                                                       ---              ---                 -----             -----

       Income before income tax                         51              105                   169               378

   Provision for income taxes                            2               40                    46               142
                                                        --               --                    --               ---

      Net Income                                       $49              $65                  $123              $236
                                                       ===              ===                  ====              ====

   Earnings Per Share-Basic                          $0.10            $0.12                 $0.24             $0.42
   Earnings Per Share-Diluted                        $0.10            $0.12                 $0.24             $0.42
</TABLE>


The accompanying notes are an integral part of these consolidated statements.
                                        4

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
               For The Quarters Ended September 30, 2001 and 2000
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                       Unallocated    Accumulated
                                                                                          ESOP          Other
                               Common       Paid-in       Retained       Treasury         and       Comprehensive
                                 Stock      Capital       Earnings       Stock            RRP           Income       Total
                                 -------------------------------------------------------------------------------------------
                                                                       ($1,000's)

<S>                                 <C>      <C>           <C>          <C>             <C>              <C>       <C>
Balance at March 31, 2001           $9       $8,338        $5,744       $(4,356)        $(737)           $44       $9,042
Net Income                                                    123                                                     123
                                                                                                                        -

Other Comprehensive Income
   Unrealized gain (loss) on securities                                                                              186
   Realized (gain) loss on sale of securities                                                                        (10)
   Related tax effects                                                                                               (66)
                                                                                                                     ----
Total other comprehensive income                                                                         110          110
                                                                                                                      ---
   Total comprehensive income                                                                                        $233

 Allocation of ESOP shares                       16                                        36                          52
Allocation of RRP shares                                                                  126                         126
Treasury Stock at cost (23,126 shares)                                     (342)                                     (342)
Dividends paid                                               (181)                                                   (181)
                               ---------------------------------------------------------------------------------------------
Balance at Sept. 30, 2001           $9       $8,354        $5,686       $(4,698)        $(575)          $154       $8,930
                                    ==       ======        ======       ========        ======          ====       ======
</TABLE>


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

<TABLE>
<CAPTION>

                                                                                       Unallocated   Accumulated
                                                                                          ESOP         Other
                               Common       Paid-in       Retained       Treasury         and       Comprehensive
                                 Stock      Capital       Earnings       Stock            RRP          Income        Total
                                 -------------------------------------------------------------------------------------------
                                                                      ($1,000's)

<S>                                 <C>      <C>           <C>          <C>              <C>            <C>      <C>
Balance at March 31, 2000           $9       $8,305        $5,585       $(3,243)         $(936)        $(414)      $9,306
Net Income                                                    236                                                     236

Other Comprehensive Income
   Unrealized gain (loss) on securities                                                                              254
   Realized (gain) loss on sale of securities                                                                         (2)
Related tax effects                                                                                                 (105)
                                                                                                                    -----
Total other comprehensive income                                                                         147          147
                                                                                                                      ---
   Total comprehensive income                                                                                        $383

Rounding                                                        1                                                       1
Allocation of ESOP shares           16                                                      38                         54
Allocation of RRP shares                                                                   124                        124
Treasury Stock at cost (20,433shares)                                      (655)                                     (655)
Dividends paid                                              (196)                                                    (196)
                               ---------------------------------------------------------------------------------------------
Balance at Sept. 30, 2000           $9       $8,321        $5,626       $(3,898)         $(774)        $(267)      $9,017
                                    ==       ======        ======       ========         =====-        ======      ======
</TABLE>


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

                                        5

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
     For the Three and Six Month Periods Ended September 30, 2001 and 2000
                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                                              THREE MONTH PERIOD                SIX MONTH PERIOD
                                                              ------------------                 ----------------
                                                                                   ($1,000's)

                                                              2001           2000              2001         2000
                                                              ----           ----              ----         ----
Cash flows from operating activities:
<S>                                                            <C>           <C>               <C>          <C>
   Net income                                                  $49           $ 65              $123         $236

   Adjustments to reconcile net income to net cash
    provided by (used in) operating activities
     Provision for depreciation                                 75             91               146           163
     Provision for loan losses                                 130            115               210           130
     Net amortization and accretion on investments              16              2                29             6
     ESOP shares allocated                                      26             27                52            54
     (Increase) in accrued interest receivable                (108)            (6)                0           (47)
     Decrease (increase) in prepaid income taxes                19           (139)               63          (139)
     (Increase) decrease in other assets                       (32)          (383)               19          (366)
     Increase (decrease) in accrued interest payable             2             14               (74)            1
     (Decrease)  in accrued income taxes                         0            (62)                0          (228)
     Decrease in accrued expenses                             (165)          (166)              (56)          (82)
     FHLB Stock dividends                                       (8)            (8)              (17)          (15)
     Gain on sale of securities available for sale               0             (2)              (10)           (2)
     Gain on sale of loans                                     (16)             0               (23)           (5)
     Loss on sale of foreclosed assets                           0              0                25             0
                                                                 -              -                --             -
       Net cash provided by (used in) operating activities     (12)          (452)              487          (294)
                                                               ----          -----              ---          -----

   Cash flows from investing activities:
     Proceeds from maturities of securities held to maturity     0               0               20            20
     Proceeds from sale of securities available for sale         0             502              233           502
     Proceeds from sale of mortgage-backed securities
             available for sale                                  0           1,204              760         1,204

     Purchase of mortgage-backed securities
               available for sale                                0               0                0          (468)
     FHLB Stock purchased                                        0               0                0           (76)
     Federal Reserve Bank Stock purchased                        0               0                0          (140)
     Federal Reserve Bank Stock sold                             0               0              135             0
     Repayment of principal- mortgage-backed securities        903             391            1,749           745
     Increase in loans receivable                             (827)         (1,052)          (3,314)       (2,730)
     Proceeds from sale or participation of originated loans 1,424           2,419            2,744         2,740
     Proceeds from sale of foreclosed assets                     0               0               29             0
     Purchase of premises and equipment                        (47)            (65)            (115)         (297)
                                                               ----            ----            -----         -----
       Net cash provided by investing activities              1,453          3,399            2,241         1,500
                                                              -----          -----            -----         -----
</TABLE>




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


                                        6

<PAGE>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      CONSOLDIATED STATEMENT OF CASH FLOWS
      For The Three and Six Month Periods Ended September 30, 2001 and 2000
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                              THREE MONTH PERIOD                     SIX MONTH PERIOD
                                                              ------------------                     -----------------
                                                                                     ($1,000's)

                                                              2001           2000                  2001          2000
                                                              ----           ----                  ----          ----
   Cash flows from financing activities:
<S>                                                          <C>             <C>                   <C>          <C>
      Net increase (decrease) in deposits                    $6,316          $1,130                $5,490       $(1,238)

      Increase (decrease) in repurchase agreements            1,674            (451)                 (131)        1,694
      Advances from Federal Home Loan Bank                        0          11,500                     0        28,700
      Repayment of FHLB advances                                  0         (15,500)                    0       (29,100)
      (Decrease) increase in advances from borrowers
         for taxes and insurance                                (76)             (2)                  (42)           21
      Dividends paid                                              0               0                  (181)         (196)
      Funding of Recognition & Retention Plan                   126             124                   126           124
      Purchase of treasury stock                               (268)           (364)                 (342)         (655)
                                                              -----           -----                 ----          ----
         Net cash provided by (used in) financing activities  7,772          (3,563)                4,920          (650)
                                                              -----          -------                -----          ----

   Increase (decrease) in cash and cash equivalents           9,213            (616)                7,648           556

   Cash and cash equivalents at beginning of period           5,314           3,831                 6,879         2,659
                                                              -----           -----                 -----         -----

   Cash and cash equivalents at end of period               $14,527          $3,215               $14,527        $3,215
                                                            =======-         ======                =======-      ======


   Supplemental Disclosures:
    Additional Cash Flows Information:
      Cash paid for:
        Interest on deposits, advances and
          repurchase agreements                                $777            $843                $1,653        $1,692

        Income taxes:
         Federal                                                  0             221                     0           437
         State                                                    0              19                     0            72

    Schedule of Non-Cash Investing Activities:
      Transfers to foreclosed real estate                        33             250                    73           250
      Refinanced other real estate owned                          0              56                     0            56

      Held to maturity securities transferred
          to available for sale                                   0             767                     0           767
</TABLE>





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




                                        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 annual report dated April 27, 2001. 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 September 30, 2001 and the
  results of its operations and cash flows for the three month and six month
  periods ended September 30, 2001 and 2000. The results of operations for those
  months ended September 30, 2001 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 503,332 and 555,440 for the three-month
  periods and 508,202 and 564,838 for the six-month periods ending September 30,
  2001 and 2000 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.













                                        8

<PAGE>

                  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 $27,000 for the three months ended September 30, 2001
and $28,000 for the three months ended September 30, 2000. For the six- month
periods ESOP compensation expense amounted to $53,000 for the period ended
September 30, 2001 and $55,000 for the period ended September 30, 2000.

The ESOP shares at September 30, 2001 and 2000 were as follows:
<TABLE>
<CAPTION>

                                                                2001              2000
                                                                ----              ----
<S>                                                            <C>               <C>
              Allocated shares                                 30,781            23,168
              Shares released for allocation                    5,432             5,710
              Unallocated shares                               32,557            39,892
                                                               ------            ------
              Total ESOP shares                                68,770            68,770

              Fair value of unallocated shares               $455,798          $580,927
</TABLE>


(5) 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 six month periods ended
September 30, 2001 and 2000 are as follows:

<TABLE>
<CAPTION>

                                                          THREE MONTH PERIOD            SIX MONTH PERIOD
                                                          ------------------            ----------------
                                                          2001         2000             2001          2000
                                                          ----         ----             ----          ----
                                                                             ($1,000)

<S>                                                        <C>          <C>             <C>           <C>
Net Income (Loss)                                          $49          $65             $123          $236
Other Comprehensive Income
Unrealized gains (losses) on securities                    208          132             186            254
Realized (gains) losses on securities                        0          (2)             (10)            (2)
Related tax effects                                        (78)         (48)            (66)          (105)
                                                           ----          ----            ----          ----
Other Comprehensive Income (Losses)                        130           82              110           147
                                                           ---           --              ---           ---

Comprehensive Income                                      $179         $147             $233          $383
                                                          ====         ====             ====          ====
</TABLE>




                                        9

<PAGE>

                  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 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, ("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 its 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.






                                       10

<PAGE>

                  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 community banking services to residents and businesses of Crawford
County, Illinois, our primary market area. We also offer fixed rate mortgage
products through the Federal Home Loan Bank of Chicago and USDA Rural
Development. These programs continue to grow and have provided additional
non-interest income to our Bank. We have introduced a new preferred checking
account as we continue to see excellent growth in the number of new checking and
savings accounts. The growth and push for new low interest bearing accounts fits
well within our strategic plan of lowering our overall cost of funds. We offer
Internet banking to customers with a cash management package available.
PrimeVest Financial Services provides investment brokerage services to our
customers. We continue to see growth in that service. 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 SEPTEMBER 30, 2001 AND MARCH 31, 2001

        Total assets increased by approximately $5.1 million or 5.8% to $94.0
million at September 30, 2001 from $88.9 million at March 31, 2001. This
increase in total assets was primarily the result of a $7.6 million or 111.2%
increase in cash and cash equivalents. Loans receivable, net had a slight
increase of $300,000 or .5%. The increase in cash and cash equivalents and loans
receivable was offset by a $2.7 million or 15.9% decrease in securities
available for sale. Due to low loan demand and unattractive rates on
investments, the cash received from repayments of securities and from an
increase in deposits is at the present time being held in an interest bearing
deposit account.

       Liabilities increased approximately $5.2 million or 6.6% to $85.0 million
at September 30, 2001 from $79.8 million at March 31, 2001. A $5.5 million, or
7.7%, increase in deposits was the primary reason for the increase in our
liabilities. The increase in deposits was offset by a decrease of $131,000 or
2.9% in repurchase agreements, a $74,000 or 21.4% decrease in accrued interest
payable and a decrease of $56,000 or 22.0% in accrued expenses. The significant
increase in deposits was primarily due to an increase in public funds deposited.

       Stockholders' equity decreased $112,000 or 1.2% to $8.9 million as of
September 30, 2001 from $9.0 million on March 31, 2001. The primary factor
associated with the decrease in stockholders' equity was the purchase an
additional $342,000 of treasury stock or 23,126 shares, bringing the total
amount of treasury stock to $4.7 million, or 323,500 shares as of September 30,
2001. The payment of a $0.33 per share dividend to stockholders of record as of
June 1, 2001 amounted to a total of $181,000 being paid from retained earnings.
However, this payment was offset in part by the addition of six months of
earnings of $123,000 to retained earnings. The release for allocation of $52,000
in Employee Stock Ownership Plan shares, the allocation of $126,000 in
Recognition and Retention Plan shares and the increase of $110,000 in
accumulated other comprehensive income offset the decrease of stockholders'
equity due to the purchase of treasury shares.








                                       11

<PAGE>

                  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 SEPTEMBER 30, 2001 AND 2000

PERFORMANCE SUMMARY

       Net income was $49,000 for the second quarter of the fiscal year. For the
same quarter in fiscal 2000, we reported net income of $65,000. The $16,000 or
24.6% decrease in net income was primarily due to an increase of $52,000 or 6.7%
in non-interest expense and a decrease of $12,000 or 6.6% in non-interest
income, offset by an increase of $10,000 or 1.4% in net interest income after
provision for loan losses and a decrease of $38,000 or 95.0% in provision for
income taxes.

NET INTEREST INCOME

       Net interest income increased by $10,000 or 1.4% to $712,000 during the
three months ended September 30, 2001, as compared to $702,000 during the same
period in the prior year. Interest income decreased by $49,000 or 2.9%. However,
interest expense decreased by $74,000 or 8.6% from $858,000 for the quarter
ended September 30, 2000 to $784,000 in comparison for the quarter ended
September 30, 2001. During the quarter, we adjusted our rates to reflect the
current trend in the economy. The average rate paid on interest-bearing
liabilities during the quarter ended September 30, 2001 is approximately 60
basis points below the average rate paid during the same quarter the previous
year.

NON-INTEREST INCOME

       Total non-interest income decreased by $12,000 or 6.6% to $169,000 during
the three months ended September 30, 2001, as compared to $181,000 during the
same period in the prior year. The decrease in total non-interest income was due
to a decrease of $11,000 or 8.9% in charges and fees on deposit accounts, a
decrease of $23,000 or 52.3% in other non-interest income, and a decrease of
$2,000 in net realized gain on sale of investments. These decreases were offset
in part by an increase of $8,000 or 66.7% in charges and other fees on loans and
an increase of $16,000 in gain on loans sold. With the decrease in mortgage
rates, the demand for our fixed rate mortgages offered through the Federal Home
Loan Bank of Chicago MPF program contributed 9.5% of our non-interest income for
the quarter.

NON-INTEREST EXPENSE

       Total non-interest expense increased by $52,000 or 6.7% to $830,000
during the three months ended September 30, 2001, as compared to $778,000 during
the same period in the prior year. This increase was due primarily to an
increase of $21,000 or 4.8% in compensation and employee benefits, an increase
of $17,000 in foreclosed property expense, an increase of $6,000 or 21.4% in
data processing expense, a $10,000 or 47.6% increase in legal and professional
fees, an increase of $2,000 or 8.7% in advertising expense and an increase of
$13,000 or 13.8% in other operating expenses. These increases were offset by a
decrease of $14,000 or 9.8% in occupancy and equipment expense and a decrease of
$3,000 or 11.1% in telephone and postage expenses. The increase in compensation
expense is primarily from cost of living adjustments to current staff. Legal and
other professional expenses are increased due to extensive collection efforts
relating to a large agricultural credit.

PROVISION FOR LOAN LOSSES

       During the three months ended September 30, 2001, we recorded provision
for loan losses of $130,000 as compared to $115,000 for the same period of the
prior year. This represents an increase of $15,000 or 13.0%. 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 .40% at
September 30, 2001, as compared to 1.95% at September 30, 2000. The allowance
for loan and lease losses as a percentage of total assets was .58% as of
September 30, 2001 and .83% at September 30, 2000.



                                       12

<PAGE>

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


PROVISION FOR INCOME TAXES

       The Company recognized a provision for federal and state income taxes of
$2,000 for the three months ended September 30, 2001 as compared to a provision
for income taxes of $40,000 for the same period in the prior year. The effective
tax rate during the three months ended September 30, 2001 was 3.9% due to
effects on annualizing taxable income as compared to 38.1% during the quarter
ended September 30, 2000.

COMPARISON OF THE SIX MONTH PERIODS ENDED SEPTEMBER 30, 2001 AND 2000

NET INCOME

       Net income was $123,000 during the six months ended September 30, 2001 as
compared to $236,000 for the same period in the prior year. The $113,000 or
47.9% decrease in net income was primarily attributable to an increase in
provision for loan losses of $80,000 or 61.5% and an increase of $117,000 or
7.7% in non-interest expense partially offset by a decrease of $2,000 or 0.6% in
non-interest income and a decrease of $96,000 or 67.6% in provision for income
taxes.

NET INTEREST INCOME

                  Net interest income decreased by $14,000 or 0.8% for the
six-month period ended September 30, 2001 as compared to the same period in the
previous year. For the six-months ended September 30, 2001, interest income
decreased by $129,000 or 3.8% from the six months ended September 30, 2000.
However, the decrease in interest income was partially offset by a decrease in
interest expense of $115,000 or 6.8% from the September 30, 2000 period. We have
$7.2 million of agriculture and commercial loans that adjust daily with the
prime rate as published in the Wall Street Journal. The 200 basis point drop in
the prime rate during this six month period had a direct effect on our interest
income.

NON-INTEREST INCOME

         Our non-interest income increased by $2,000 or 0.6% to $335,000 for the
six month period in this fiscal year as compared to $333,000 for the same period
in the prior year. The increase was a result of increases in charges and other
fees on loans of $13,000 or 59.1%, net gains from the sale of loans of $18,000
or 360.0% and the realized gain on the sale of investments held available for
sale of $8,000 or 400.0%. These increases were offset by a $34,000 or 43.0%
decrease in other non-interest income and a $3,000 or 1.3% decrease in charges
and fees on deposit accounts. The decrease in other non-interest income is a
result selling our Internet Service provider service, a decision management
believes was justified given the long-term costs of keeping up with changes in
technology and staffing requirements.

NON-INTEREST EXPENSE

         Non-interest expense increased by $117,000 or 7.7% from $1.5 million
for September 30, 2000 to $1.6 million as of September 30, 2001. The increase in
non-interest expense is primarily from a $41,000 or 4.7% increase in
compensation and employee benefits, a $15,000 or 750.0% increase in foreclosed
property expense, a $14,000 increase or 26.4% in data processing expenses, an
increase of $28,000 or 66.7% increase in audit, legal and other professional
fees, a $3,000 or 5.9% increase in telephone and postage expense, a $13,000 or
6.9% increase in other expenses and the increase of $25,000 in the loss on the
sale of foreclosed property. The increases are offset by decreases of $14,000 or
5.3% in occupancy and equipment expenses, $7,000 or 12.7% in advertising and
$1,000 or 12.5% in deposit insurance fees.







                                       13

<PAGE>

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

PROVISION FOR LOAN LOSSES

         The provision for loan losses for the six-month period ending September
30, 2001 increased by $80,000 or 61.5% from the six months ended September 30,
2000. We recorded a provision for loan losses of $210,000 for this six-month
period in comparison to $130,000 for the six months in the previous year. We
adjusted our provision for loan losses after assessing a large agricultural
borrower who has filed bankruptcy. The loan has been placed on non-accrual.
Economic conditions in our market area, industry standards, past due loans and
any other factors related to the collection of our loan portfolio also affected
the level of provisions. Our non-performing assets as a percentage of total
assets was .40% at September 30, 2001 as compared to .90% at March 31, 2001. The
allowance for loan and lease losses as a percentage of total assets was .58% as
of September 30, 2001 and .70% as of March 31, 2001.

 PROVISION FOR INCOME TAXES

         We recognized provision for income taxes of $46,000 for the six months
ended September 30, 2001 as compared to $142,000 for the six months in the prior
year. The effective tax rate for this six-month period was 27.2% do to the
decreased income level in the current year and 37.6% for the six months ended
September 30, 2000.

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 September 30, 2001 we had $3.0 million in fixed-rate fixed-term
advances from the FHLB of Chicago outstanding resulting in no change from March
31, 2001. 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 September 30, 2001, we had
outstanding commitments to extend credit, which amounted to $3.6 million
(including $2.8 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.

       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.









                                       14

<PAGE>

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

REGULATORY CAPITAL

       The Company and the Bank are subject to capital requirements of the
federal bank regulatory agencies which requires the Bank to maintain minimum
ratios of Tier I capital to total risk-weighted assets and total capital to
risk-weighted assets of 4% and 8% respectively. Tier I capital consists of total
stockholders' equity calculated in accordance with generally accepted accounting
principals less intangible assets, and total capital is comprised of Tier I
capital plus certain adjustments, the only one of which is applicable to the
Bank is the allowance for loan losses. Risk-weighted assets refer to the on- and
off-balance sheet exposures of the Bank adjusted for relative risk levels using
formulas set forth by federal regulations. The Bank is also subject to a
leverage capital requirement, which calls for a minimum ratio of Tier I capital
to quarterly average total assets of 3% to 5%, depending on the institution's
composite ratings as determined by its regulators.

         At September 30, 2001, both the Bank and the Company were in compliance
with the capital requirements. The Bank's requirements are summarized below:

<TABLE>
<CAPTION>

                                                                                                    September 30,  2001
                                                                                                    -------------------
                                                                                                         (1,000'S)
Tier I Capital:
<S>                                                                                                           <C>
         Common stockholders' equity                                                                          8,437
         Unrealized loss (gain) on securities available for sale                                              (154)
         Less disallowed intangible assets                                                                      (5)

           Total Tier I Capital                                                                               8,278

Tier II Capital:
         Total Tier I capital                                                                                 8,278
         Qualifying allowance for loan losses                                                                   546

           Total capital                                                                                      8,824

Risk-weighted assets                                                                                         55,826
Quarter average assets                                                                                       89,016

<CAPTION>

                                                                                                       To be Well Capitalized
                                                                                                           Under the Prompt
                                                                               For Capital                 Corrective Action
                                                ACTUAL                      ADEQUACY PURPOSES                 PROVISIONS
                                                ------                      -----------------                 ----------
                                         AMOUNT         RATIO             AMOUNT          RATIO           AMOUNT          RATIO
                                         ------         -----             ------          -----           ------          -----
  As of September 30, 2001:
     Total Risk-Based Capital
<S>                                       <C>          <C>                 <C>            <C>               <C>          <C>
       (to Risk-Weighted Assets)          8,824        15.81%              4,466          8.00%             5,583        10.00%
     Tier I Capital
      (to Risk-Weighted Assets)           8,278        14.83%              2,233          4.00%             3,350         6.00%
     Tier I Capital
      (to Average Assets)                 8,278         9.30%              3,561          4.00%             4,451         5.00%
</TABLE>

At the time of the conversion of the Bank to a stock organization, a special
liquidation account was established for the benefit of eligible account holders
and the supplemental account holders in an amount equal to the net worth of the
Bank. This special liquidation account will be maintained for the benefit of
eligible account holders and the supplemental account holders who continue to
maintain their accounts in the Bank after the conversion on June 27, 1997. In
the unlikely event of a complete liquidation, each eligible and the supplemental
eligible account holders will be entitled to receive a liquidation distribution
from the liquidation account in an amount proportionate to the current adjusted
qualifying balances for accounts then held. The Bank may not declare or pay cash
dividends on or repurchase any of its common stock if stockholders' equity would
be reduced below applicable regulatory capital requirements or below the special
liquidation account.

                                       15

<PAGE>

                            PART II OTHER INFORMATION


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
             ---------------------------------------------------

               (a)  On July 26, 2001, the Company held its Annual Meeting of
                    Stockholders.

               (b)  At the meeting, Scott F. Pulliam and William K. Thomas
                    were elected as directors for terms to expire in 2004.

               (c)  Stockholders voted on the following matters:

                    (i)  The election of the following three directors of the
                         Corporation;

<TABLE>
<CAPTION>

                                                                                       BROKER
             VOTES:                    FOR         WITHHELD        ABSTAIN       NON-VOTES
             ------                    ---         --------        -------      ---------

<S>                                    <C>            <C>                 <C>             <C>
             Scott F. Pulliam        381,202        28,155              0               0

             William K. Thomas       404,992         4,365              0               0
</TABLE>


               (ii) The ratification of the appointment of Larsson,
                      Woodyard & Henson, LLP as auditors for the Company for
                      the fiscal year ending March 31, 2002.
<TABLE>
<CAPTION>

                                                                                        BROKER
             VOTES:                    FOR          AGAINST        ABSTAIN       NON-VOTES
             ------                    ---          -------        -------       ---------

<S>                                  <C>             <C>             <C>                 <C>
                                     406,932         1,200           1,225               0
</TABLE>

Item 5.      Other Information
             ------------------
              None

Item 6.      Exhibits and Reports On Form 8-K
             --------------------------------

               (a)  The following exhibits are filed herewith:

                    1.   Exhibit 11: Statement Regarding Computation of
                         Earnings.


               (b)  Reports Form 8-K:

                    No reports on Form 8-K were filed during the quarter ended
                    September 30, 2001




                                       16

<PAGE>

                                   SIGNATURES

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

                                      FIRST ROBINSON FINANCIAL
                                      CORPORATION



Date:    November 13, 2001            /S/ Rick L. Catt
         -----------------            ----------------
                                      Rick L. Catt
                                      President and Chief Executive Officer

Date:    November 13, 2001            /s/ Jamie E. Mcreynolds
         -----------------            -----------------------
                                      Jamie E. McReynolds
                                      Chief Financial Officer and Vice President



















                                       17

<PAGE>

                                   EXHIBIT 11

              STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE

                        AS OF SEPTEMBER 30, 2001 AND 2000

<TABLE>
<CAPTION>

                                                                       THREE MONTH PERIOD               SIX MONTH PERIOD

                                                                   2001             2000              2001             2000 (1)
                                                                   ----             ----              ----             ----

<S>                                                                 <C>              <C>              <C>              <C>
Net Earnings (in thousands)                                         $49              $65              $123             $236

  Basic earnings per share:
    Weighted average shares outstanding                         859,625          859,625           859,625          859,625


    Less unearned employee stock ownership plan shares         (33,462)         (40,844)          (34,368)         (41,795)

    Less shares repurchased                                   (322,831)        (263,341)         (317,055)        (252,992)

    Average option shares granted                                     0                0                 0                0

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

  Common and common equivalent shares outstanding               503,332          555,440           508,202          564,838
                                                                =======          =======           =======          =======

  Earnings per common share - basic                               $0.10           $0.12              $0.24            $0.42
                                                                  -----           ------             -----            -----

  Diluted earnings per share:
    Weighted average shares outstanding                         859,625         859,625            859,625          859,625

    Less unearned employee stock ownership plan shares         (33,462)        (40,844)           (34,368)         (41,795)

    Less shares repurchased                                   (322,831)        (263,341)         (317,055)        (252,992)

    Average option shares granted  (2)                           70,151           52,613            70,151           52,613

    Less assumed purchase of shares using treasury method      (70,151)         (52,613)          (70,151)         (52,613)
                                                               --------         --------          --------         --------

  Common and common equivalent shares outstanding               503,332          555,440           508,202          564,838
                                                                =======          =======           =======          =======

  Earnings per common share - diluted                             $0.10           $0.12              $0.24            $0.42
                                                                  -----           ------             -----            -----
</TABLE>



(1)      See page 8 for Earnings per Share
(2)      Option price exceeds market price









                                       18