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 DECEMBER 31, 1999

                                       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 in its charter)

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


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

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


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.
                                         YES X                     NO

As of February 8, 1999, the  Registrant had 635,077 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

                                                                        PAGE
PART I.   FINANCIAL INFORMATION

     Item 1.  Financial Statements

         Consolidated Balance Sheet as of December 31, 1999
           And March 31, 1999                                             3

         Consolidated Statements of Income for the Three and
           Nine Month Periods Ended December 31, 1999 and
           December 31, 1998                                              4

         Consolidated Statements of Stockholders' Equity for
           the Nine Month Periods Ended December 31, 1999 and
           December 31, 1998                                              5

         Consolidated Statements of Cash Flows for the Three and
           Nine Month Periods Ended December 31, 1999 and
           December 31, 1998                                              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


<PAGE>





                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                  CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
<TABLE>
<CAPTION>

                                                                                                  Unaudited         Audited
                                                                                                  12/31/99          3/31/99
                                                                                                  ---------         -------
                                     ASSETS                                                                ($1,000's)

Cash and Cash Equivalents:
<S>                                                                                                 <C>              <C>
           Cash and due from banks                                                                  $1,646           $1,007
           Interest bearing deposits                                                                 1,322            4,268
                                                                                                     -----            -----
              Total Cash and Cash Equivalents                                                        2,968            5,275

         Securities available for sale, amortized cost of $16,107 and $11,942
           at December 31, 1999 and March 31, 1999 respectively                                     15,441           11,919
         Securities held to maturity, estimated market value of $149 and
           $195 at December 31, 1999 and March 31, 1999, respectively                                  148              190
         Loans receivable, net                                                                      63,272           62,593
         Accrued interest receivable                                                                   742              698
         Premises and equipment, net                                                                 2,926            2,918
         Foreclosed real estate                                                                         24                0
         Prepaid income tax                                                                              0               97
         Deferred income tax                                                                           182                0
         Other assets                                                                                  123              107
                                                                                                       ---              ---

              Total Assets                                                                         $85,826          $83,797
                                                                                                   -------          -------

                      LIABILITIES AND STOCKHOLDERS' EQUITY

         Deposits                                                                                  $73,259          $67,325
         Advances from Federal Home Loan Bank                                                        1,000            2,000
         Repurchase agreements                                                                       1,580            2,206
         Advances from Borrowers for taxes and insurance                                                66               98
         Accrued interest payable                                                                      269              294
         Accrued income taxes                                                                          113                0
         Deferred income taxes                                                                           0               69
         Accrued expenses                                                                              179              243
                                                                                                    ------           ------
              Total Liabilities                                                                     76,466           72,235
                                                                                                    ------           ------

         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                                                                  8,297            8,277
         Retained earnings                                                                           5,459            5,175
         Treasury stock, at cost                                                                    (3,044)            (747)
         Accumulated other comprehensive income                                                       (406)             (14)
         Common stock acquired by ESOP/RRP                                                            (955)          (1,138)
                                                                                                   -------          -------
                      Total Stockholders' Equity                                                     9,360           11,562
                                                                                                   -------          -------
              Total Liabilities and Stockholders' Equity                                           $85,826          $83,797
                                                                                                   -------          -------

</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 Nine Month Periods
                        Ended December 31, 1999 and 1998
                                   (Unaudited)

<TABLE>
<CAPTION>

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

                                                     1999             1998                  1999              1998
                                                    ------           ------                ------            ------
 Interest income:
<S>                                                 <C>              <C>                   <C>               <C>
     Interest on Loans                              $1,395           $1,445                $4,131            $4,396
     Interest and dividends on securities              267              212                   793               551
                                                    ------           ------                ------            ------
        Total interest income                        1,662            1,657                 4,924             4,947
                                                    ------           ------                ------            ------

   Interest expense:
     Interest on deposits                              720              788                 2,145             2,294
     Interest on FHLB advances                          33               26                    96                77
     Interest on repurchase agreements                  19               32                    73                92
                                                       ---              ---                 -----             -----
      Total interest expense                           772              846                 2,314             2,463
                                                       ---              ---                 -----             -----

       Net interest income                             890              811                 2,610             2,484

   Provision for loan losses                            24               30                   114               145
                                                       ---              ---                 -----             -----

       Net interest income after provision             866              781                 2,496             2,339
                                                       ---              ---                 -----             -----

   Non-interest income:
     Service charges                                   107               70                   303               205
     Loan fees                                          28               14                    72                46
     Other non-interest income                          37               14                   103                45
                                                       ---               --                   ---               ---
      Total other income                               172               98                   478               296

   Non-interest expense:
     Compensation and employee benefits                400              373                 1,225             1,259
     Occupancy and equipment                           114              108                   348               330
     Foreclosed property expense                         0                6                     0                35
     Data Processing                                    23               25                    64                66
     Audit, legal and other professional                24               33                    74               109
     SAIF deposit insurance                             11               14                    36                39
     Advertising                                        36               19                    78                50
     Telephone and postage                              22               22                    70                67
     Other                                              87               90                   251               273
                                                       ---              ---                 -----             -----
      Total other expenses                             717              690                 2,146             2,228
                                                       ---              ---                 -----             -----

       Income (Loss) before income tax                 321              189                   828               407

   Provision for (benefit from) income taxes           116               74                   298               153
                                                      ----             ----                  ----              ----

      Net Income (Loss)                               $205             $115                  $530              $254
                                                      ----             ----                  ----              ----

   Earnings Per Share-Basic                          $0.30            $0.15                 $0.74             $0.33
   Earnings Per Share-Diluted                        $0.30            $0.15                 $0.74             $0.33

</TABLE>

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


                                        4
<PAGE>

<TABLE>
<CAPTION>
                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
           For The Nine Month Periods Ended December 31, 1999 and 1998
                                   (Unaudited)


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

<S>                                 <C>      <C>           <C>            <C>         <C>            <C>          <C>       <C>
Balance at March 31, 1999           $9       $8,277        $5,175         $(747)      $(1,138)       $(14)        $11,562
Net Income                                                    530                                                     530   $530
                                                                                                                            ----

Other Comprehensive Income
   Unrealized gain (loss) on
   Securities, net of related tax                                                                                           (643)
      effects of                                                                                                             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 at cost                                                   (2,297)                                   (2,297)
Dividends paid                                               (247)                                                   (247)
                               ------------------------------------------------------------------------------------------
Balance at December 31, 1999        $9       $8,297        $5,459       $(3,044)          $(955)    $(406)         $9,360
                                    --       ------        ------       --------          ------    ------         ------


                                                                                      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, 1998           $9       $8,232        $5,223            $0           $(602)      $33        $12,895
Net Income                                                    254                                                    254     $254
                                                                                                                             ----

Other Comprehensive Income
   Unrealized gain (loss) on
   Securities, net of related tax                                                                                             (19)
      effects of                                                                                                                7
   Total other comprehensive income                                                                   (12)           (12)     (12)
                                                                                                                             ----
   Total comprehensive income                                                                                                $242
                                                                                                                             ----

Rounding                                                        1                                                      1
Allocation of ESOP shares                        32                                          52                       84
Recognition & Retention Plan                                                               (623)                    (623)
Treasury Stock at cost                                                     (747)                                    (747)
Dividends paid                                              (258)                                                   (258)
                               ------------------------------------------------------------------------------------------
Balance at December 31, 1998        $9       $8,264       $5,220          $(747)        $(1,173)      $21        $11,594
                                    --       ------       ------          ------        --------      ---        -------
</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 Nine Month Periods
                        Ended December 31, 1999 and 1998
                                   (UNAUDITED)


<TABLE>
<CAPTION>

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

                                                              1999              1998                  1999             1998
                                                              ----              ----                  ----             ----
Cash flows from operating activities:
<S>                                                           <C>               <C>                   <C>               <C>
   Net income                                                 $205              $ 115                 $530              $254
   Adjustments to reconcile net income to net cash
    provided by (used in) operating activities
     Provision for depreciation                                 69                 61                   203              174
     Provision for loan losses                                  24                 30                   114              145
     Net amortization and accretion on investments               6                 14                    21               27
     ESOP shares allocated                                      27                 25                    80               84
     Decrease (increase) in accrued interest receivable         79                 68                   (44)              59
     Decrease (increase) decrease in prepaid income taxes        0                 19                    97              (38)
     Decrease (increase) in other assets                        10                 14                   (16)              50
     (Decrease) increase in accrued interest payable           (22)               (56)                  (25)             (43)
     (Decrease) increase in accrued income taxes                18                  0                   113                0
     (Decrease) increase in deferred income taxes                0                  0                     0                0
     Increase  (decrease) in accrued expenses                   87                 85                   (64)             (36)
     Gain on sale of loans                                       0                  0                     0                0
     Gain on sale of premises and equipment                      0                  0                     0                0
     Loss on sale of mortgage-backed securities                  0                  0                     0                0
                                                               ---                ---                 -----              ---
       Net cash provided by operating activities               503                375                 1,009              676
                                                               ---                ---                 -----              ---

   Cash flows from investing activities:
     Proceeds from sale of securities available for sale         0                  0                     0                0
     Proceeds from maturities of securities available for sale   0                500                     0              500
     Proceeds from sale of mortgage-backed securities
             available for sale                                  0                  0                     0                0
     Proceeds from maturities of securities held to maturity    27                 20                    42               35
     Purchase of securities held to maturity                     0                  0                     0              (35)
     Purchase of securities available for sale                (231)                 0                (1,231)            (741)
     Purchase of mortgage-backed securities
             available for sale                                  0             (2,056)               (4,498)          (8,168)
     FHLB Stock purchased                                        0                (19)                  (45)             (35)
     Repayment of principal- mortgage-backed securities        367                614                 1,587            1,326
     Decrease (increase) in loans receivable                (2,187)               396                (3,260)            (582)
     Purchase of loans and participations                        0               (678)                    0             (678)
     Sale or participation of originated loans               1,410                508                 2,469            1,939
     Decrease (increase) in foreclosed real estate               6                 24                   (24)             221
     Purchase of premises and equipment                        (84)               (46)                 (211)            (213)
                                                             -----             ------                -------          -------
       Net cash used in investing activities                  (692)              (737)               (5,171)          (6,431)
                                                             -----             ------                -------          -------
</TABLE>



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

                                       6

<PAGE>


<TABLE>
<CAPTION>

                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      CONSOLDIATED STATEMENT OF CASH FLOWS
      For The Three and Nine Month Periods Ended December 31, 1999 and 1998
                                   (Unaudited)


                                                          Three Month Period      Nine Month Period
                                                          ------------------      -----------------
                                                                             ($1,000's)


                                                           1999         1998        1999        1998
                                                           ----         ----        ----        ----
<S>                                                      <C>         <C>         <C>         <C>
Cash flows from financing activities:
   Net increase (decrease) in deposits                   $  3,705    $    154    $  5,934    $  6,036
   Increase (decrease) in repurchase agreements                22         283        (626)        660
   Advances from Federal Home Loan Bank                     9,100       1,500      13,100       1,500
   Repayment of FHLB advances                             (12,600)     (1,500)    (14,100)     (1,500)
   Increase in advances from borrowers
      for taxes and insurance                                  26          18         (32)         (9)
   Proceeds from issuance of common stock                       0           0           0           0
   Purchase of employee stock ownership plan                    0           0           0           0
   Dividends paid                                               0           0        (247)       (258)
   Purchase of stock for Recognition & Retention Plan           0           0           0        (746)
   Funding of Recognition & Retention Plan                      0           0         123         123
   Purchase of treasury stock                              (1,546)          0      (2,297)       (747)
                                                         --------    --------    --------    --------
      Net cash (used) provided by financing activities     (1,293)        455       1,855       5,059
                                                         --------    --------    --------    --------

Increase (decrease) in cash and cash equivalents           (1,482)         93      (2,307)       (696)

Cash and cash equivalents at beginning of period            4,450       5,785       5,275       6,574
                                                         --------    --------    --------    --------

Cash and cash equivalents at end of period               $  2,968    $  5,878    $  2,968    $  5,878
                                                         --------    --------    --------    --------


Supplemental Disclosures:
 Additional Cash Flows Information:
   Cash paid for:
     Interest on deposits, advances and
       repurchase agreements                             $    794    $    902    $  2,339    $  2,506
     Income taxes:
      Federal                                                  39          52          68         180
      State                                                     6           5          22          22

Schedule of Non-Cash Investing Activities:
   Change in unrealized gain on securities
       available for sale                                    (169)        (87)       (643)        (19)
   Change in deferred income taxes attributed to
      unrealized gain on securities available for sale         66          34         251           7

</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 21, 1999. 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, 1999 and the results of its  operations  and cash
flows for the three month and nine month  periods  ended  December  31, 1999 and
1998. The results of operations for those months ended December 31, 1999 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 682,290 and 760,768 for the three month periods and 716,756 and 779,864 for
the nine month  periods  ending  December  31, 1999 and 1998  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 $11,000 for the three months  ended  December 31, 1999
and $7,000 for the three  months ended  December  31,  1998.  For the nine month
periods  ESOP  compensation  expense  amounted to $64,000  for the period  ended
December 31, 1999 and $65,000 for the period ended December 31, 1998.

The ESOP shares at December 31, 1999 and 1998 were as follows:

                                                  1999                 1998
                                                 ------               ------
      Allocated shares                           23,168               15,197
      Shares released for allocation                  0                    0
      Unallocated shares                         45,602               53,573
                                                 ------               ------
      Total ESOP shares                          68,770               68,770

      Fair value of unallocated shares         $607,077             $622,786



(5) DISCLOSURES ABOUT SEGMENTS OF AN ENTERPRISE AND RELATED INFORMATION

In June, 1997, the FASB issued SFAS No. 131,  "Disclosures  about Segments of an
Enterprise and Related Information".  SFAS 131 establishes standards for the way
that public business  enterprises  report  information about opening segments in
financial  statements  and  requires  that those  enterprises  report  selective
information  about  operating  segments in interim  financial  reports issued to
shareholders.  It also  establishes  standards  for  related  disclosures  about
products and services,  geographic areas, and major customers. This statement is
effective for financial  statements  for periods  beginning  after  December 15,
1997.  The Company has adopted the  appropriate  provisions of the statement for
the year  ended  March 31,  1999.  The  principal  business  of the  Company  is
overseeing  the  business  of the  Bank and  investing  the  portion  of the net
proceeds  from its initial  public  offering  retained by it. The Company has no
significant  assets  other than its  investment  in the Bank, a loan to the ESOP
plan,  and certain  investment  securities  and cash and cash  equivalents.  The
Bank's  principle  business  consists of  attracting  deposits  from the general
public  and  investing  these  deposits  in loans to its  customers.  The Bank's
operating facilities are contained in Crawford County, Illinois, and its lending
is  concentrated  within  Crawford  and  contiguous  counties.  The  Bank has no
customers from which it derives 10% or more of its revenue.  With these facts in
mind,  The Company's  management  believes that the Company is comprised of only
one reportable operating segment, and that the consolidated financial statements
adequately reflect the financial condition and operations of that segment.

                                       9

<PAGE>


                  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, 1999 and 1998 are as follows:

                                       Three Month Period  Nine Month Period
                                       ------------------  -----------------
                                           1999     1998     1999     1998
                                                      ($1,000's)

Net Income (Loss)                         $ 205    $ 115    $ 530    $ 254
                                          -----    -----    -----    -----
Other Comprehensive Income
Unrealized gains (losses) on securities    (169)     (87)    (643)     (19)
Related tax effects                          66       34      251        7
                                          -----    -----    -----    -----
Other Comprehensive Income (Losses)        (103)     (53)    (392)     (12)
                                          -----    -----    -----    -----
Comprehensive Income                      $ 102    $  62    $ 138    $ 242



                                       10

<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  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.

                                       11

<PAGE>


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


IMPACT OF THE YEAR 2000

       Prior to December  31,  1999,  we had  completed  testing of our computer
systems,  which were conducted for the purpose of identifying  applications that
could be affected by the Year 2000 issue.  To date,  no problems  were  incurred
with  equipment  or data  before,  during  or after  the  century  date  change.
Regulators  have  identified two more dates to monitor;  February 29, 2000, leap
year  and  March  31,  2000,  the  first  quarter-end  date.  We do  not  expect
significant  increases in future data processing costs or other expenses related
to Year 2000  compliance.  For the nine months ended  December 31, 1999, we have
expended $2,000 related to Year 2000 compliance.

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.  The  Board of  Directors  and  management  meet  periodically  to
strategically  plan for our  future.  We review and  discuss  new  products  and
services to determine their effect on our  profitability  and customer  service.
Our fixed  rate  mortgage  program  through  Federal  Home Loan Bank of  Chicago
continues to grow and has produced additional  non-interest income for the Bank.
We continue to  emphasize  our checking  and savings  accounts in our  marketing
area.  The excellent  growth in the number of new checking and savings  accounts
has helped reduce our cost of funds. Our Internet  service,  which covers all of
Crawford County, now serves over 1,350 customers.  PrimeVest  Financial Services
was  added  in  April  1999 to  provide  investment  brokerage  services  to our
customers.  As of December 1999, the service has provided an additional  $23,000
net, to non-interest income. The Board of Directors has approved the purchase of
Internet  banking  services and  management  anticipates  those services will be
operational by the end of September 2000. We intend to stay focused on providing
excellent  customer  service and maintaining a strong presence in our community.
We are the only independent  community bank in Robinson,  Oblong, and Palestine,
Illinois.

FINANCIAL CONDITION

COMPARISON AT DECEMBER 31, 1999 AND MARCH 31, 1999

       Our total assets  increased  by  approximately  $2.0 million or 2.4%,  to
$85.8  million at December 31, 1999 from $83.8  million at March 31, 1999.  This
increase in total  assets was  primarily  the result of a $3.5  million or 29.6%
increase in securities available for sale and an increase of $679,000 or 1.1% in
loans  receivable,  net offset by a $2.3  million or 43.7%  decrease in cash and
cash equivalents. Foreclosed real estate increased to $24,000 as of December 31,
1999 from a zero balance at the end of March 31, 1999.  Another factor  relating
to the increase in total assets is FASB 115 and the valuation of our  securities
held available for sale,  deferred income tax decreased  $251,000.  At March 31,
1999 deferred  income taxes were recorded on the balance sheet as a liability of
$69,000 and as of December 31, 1999  deferred  income taxes are being carried on
the balance sheet as an asset of $182,000.


       Liabilities increased approximately $4.2 million or 5.9% to $76.5 million
at December  31, 1999 from $72.2  million at March 31,  1999.  A $5.9 million or
8.8% increase,  for the same period,  in deposits was the primary reason for the
increase in our  liabilities.  The significant  increase in deposits was derived
from an  increase in the amount of  certificates  of deposit of $100,000 or more
invested with us. Total  certificates of deposit of $100,000 or more as of March
31, 1999 were $11.0  million and $15.3  million as of December  31,  1999.  This
represents  an increase of $4.3  million or 39.1%.  The increase in deposits was
used to repay  Federal  Home  Loan  Bank  advances,  to fund  loans  and to fund
investments. The deposit total increase was offset by a decrease of $1.0 million
or 50.0% in Federal Home Loan Bank advances and a $626,000 or 28.4%  decrease in
repurchase agreements.

                                       12

<PAGE>



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

FINANCIAL CONDITION - CONTINUED


       Stockholders'  equity  decreased $2.2 million or 19.0% to $9.4 million as
of December  31, 1999 from $11.6  million on March 31,  1999.  The  decrease was
primarily  attributed to three major  factors.  First,  as of December 31, 1999,
compared to March 31,  1999,  we had  purchased  an  additional  $2.3 million of
treasury  stock,  bringing the total amount of treasury stock to be $3.0 million
as of December  31, 1999.  This  represents  the purchase of 167,000  additional
shares of treasury  stock  since  March 31, 1999 for a total  amount of treasury
shares held to 210,000 as of December 31, 1999.  Second,  the payment of a $0.31
per share  dividend to  stockholders  of record as of June 2, 1999 amounted to a
total of  $247,000.  Finally,  there was a  $392,000  decrease  after tax in the
valuation  of  our   securities   held  available  for  sale.  The  decrease  in
stockholders'  equity for the quarter  ended  December  31, 1999,  however,  was
offset by the addition of nine months of earnings of $530,000.

RESULTS OF OPERATIONS

COMPARISON OF THE THREE MONTH PERIODS ENDED DECEMBER 31, 1999 AND 1998

PERFORMANCE SUMMARY

       We are  reporting  net income of  $205,000  for the third  quarter of the
fiscal year.  For the quarter ended December 31, 1998, we reported net income of
$115,000.  The  $90,000 or 78.3%  increase  in net income was  attributed  to an
increase of $85,000 or 10.9% in net  interest  income after  provision  for loan
losses and an increase of $74,000 or 75.5% in  non-interest  income  offset by a
$27,000 or 3.9% increase in non-interest expense and a $42,000 or 56.8% increase
in  provision  for taxes for the three  month  period  ended  December  31, 1999
compared to the same period in 1998.

NET INTEREST INCOME

       Net interest  income  increased by $79,000 or 9.7% to $890,000 during the
three month period ended  December 31, 1999, as compared to $811,000  during the
same period in the prior year.  Interest  expense  decreased  by $74,000 or 8.7%
from $846,000 for the quarter ended  December 31, 1998 to $772,000 in comparison
of the quarter  ended  December 31, 1999.  The average rate on interest  bearing
liabilities  for the quarter ended December 31, 1999 was 4.26% compared to 4.78%
for the December 31, 1998 quarter.  Interest income  increased by $5,000 or 0.3%
for the quarter  ended  December  31,  1999 as  compared  to the  quarter  ended
December 31, 1998.

NON-INTEREST INCOME

       Total  non-interest  income  increased  by $74,000  or 75.5% to  $172,000
during the three months ended  December 31, 1999, as compared to $98,000  during
the same period in the prior year. The increase in total non-interest income was
the result of an increase of $37,000 or 52.9% in service charges, an increase of
$23,000 or 164.3% in income  from other  sources  and an  increase of $14,000 or
100.0 % in loan fees.

                                       13

<PAGE>


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


NON-INTEREST EXPENSE

       Total  non-interest  expense  increased  by $27,000  or 3.9% to  $717,000
during the three months ended December 31, 1999, as compared to $690,000  during
the same period in the prior  year.  This  increase  was due  primarily  from an
increase of $27,000 or 7.2% in compensation and employee  benefits,  an increase
of $17,000 or 89.5% in  advertising  expense  and a $6,000 or 5.6%  increase  in
occupancy and equipment  expense.  These  increases  were offset by decreases of
$9,000 or 27.3% in audit, legal and other professional fees, $6,000 or 100.0% in
foreclosed property expense,  $3,000 or 21.4% in Savings  Association  Insurance
Fund deposit insurance  premiums,  $3,000 or 3.3% in other non-interest  expense
and $2,000 or 8.0% in data  processing  expenses.  The increase in  compensation
expense  is the  result of the  addition  of staff to  provide  better  customer
service  and to help  better  manage  the  existing  and future  loan  portfolio
underwriting.

PROVISION FOR LOAN LOSSES

       During the three months ended  December 31, 1999,  we recorded  provision
for loan  losses of $24,000 as  compared  to $30,000  for the same period of the
prior year, a decrease of $6,000 or 20.0%. 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 0.70% at December
31, 1999, as compared to 0.56% at December 31, 1998.

PROVISION FOR INCOME TAXES

       We  recognized a provision for federal and state income taxes of $116,000
for the three  months  ended  December  31, 1999 as compared to a provision  for
income taxes of $74,000 for the same period in the prior year. The effective tax
rate during the three  months  ended  December 31, 1999 was 36.1% as compared to
39.2% during the quarter ended December 31, 1998.

COMPARISON OF THE NINE MONTH PERIODS ENDED DECEMBER 31, 1999 AND 1998

NET INCOME

       We  reported  a net  income of  $530,000  during  the nine  months  ended
December 31, 1999 as compared to $254,000 for the same period in the prior year.
The $276,000 or 108.7%  increase in net income was  primarily  attributed  to an
increase of $157,000 or 6.7% in net  interest  income after  provision  for loan
losses,  an increase of $182,000 or 61.5% in non-interest  income and a decrease
of $82,000 or 3.7% in non-interest  expense offset by an increase of $145,000 or
94.8% in the provision for income taxes.

NET INTEREST INCOME

       Net  interest  income  increased  by  $126,000 or 5.1% for the nine month
period  ended  December  31, 1999 as compared to the same period in the previous
year.  For the nine  months  ended  December  31,  1999,  interest  expense  had
decreased  by $149,000 or 6.0% from the nine months  ended  December  31,  1998.
However,  the decrease in interest expense was partially offset by a decrease in
interest  income of $23,000  or 0.5% from the  December  31,  1998  period.  The
interest  rate  spread for the nine  months  ended  December  31, 1999 was 3.70%
compared to 3.36% for the same period in the prior year.

NON-INTEREST INCOME

       Our  non-interest  income  increased by $182,000 or 61.5% to $478,000 for
the nine month  period in this fiscal year as compared to $296,000  for the nine
month period in the prior year. The increase was a direct result of increases in
service charges,  loan fees and other  non-interest  income.  Service charges on
deposit  accounts  increased  by  $98,000  or 47.8% for this nine  month  period
compared to the nine months ending December 31, 1998.  Non-interest  income from
loan fees  resulted in a $26,000 or 56.5%  increase  over the same period in the
prior year and income from other sources increased by $58,000 or 128.9% from the
nine month period ended December 31, 1998.


                                       14

<PAGE>


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


NON-INTEREST EXPENSE

       Non-interest  expense for this nine month period ended  December 31, 1999
was $82,000 or 3.7% below that of the same nine month  period in the prior year.
The decrease was the result of a $34,000 or 2.7%  decrease in  compensation  and
employee  benefits,  a  decrease  of  $35,000 or  100.0%in  foreclosed  property
expense,  a decrease of $35,000 or 32.1% in audit,  legal and other professional
fees, a $22,000 or 8.1% decrease in other  non-interest  expense,  a decrease of
$3,000 or 7.7% in Savings Association Insurance Fund deposit insurance premiums,
and a  decrease  of  $2,000  or 3.0% in data  processing  expenses  offset by an
increase of $18,000 or 5.5% in occupancy and  equipment,  an increase of $28,000
or 56.0% in  advertising  expense and a $3,000 or 4.5% increase in telephone and
postage expense.

PROVISION FOR LOAN LOSSES

       The provision  for loan losses for the nine month period ending  December
31, 1999  decreased by $31,000 or 21.4% from the nine months ended  December 31,
1998.  We recorded a provision  for loan losses of $114,000  for this nine month
period in  comparison  to $145,000 for the nine months in the previous  year. We
adjusted our provision for loan losses to an appropriate  level after  assessing
the volume and types of lending we were presently  conducting.  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 0.70% at  December  31, 1999 as compared to 0.18% at March 31,
1999.

 PROVISION FOR INCOME TAXES

       We recognized  provision for income taxes of $298,000 for the nine months
ended December 31, 1999 as compared to $153,000 for the nine months in the prior
year.  The effective tax rate for this nine month period was 36.0% and 37.6% for
the nine months ended December 31, 1998.

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 bank, Cole Taylor Bank located in Chicago 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, 1999 we had $1.0  million in advances  from the FHLB of
Chicago outstanding resulting in a decrease of $1.0 million in advances from the
amount as of March 31, 1999. 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,  1999,  we had
outstanding  commitments  to  extend  credit,  which  amounted  to $4.6  million
(including  $2.1 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.


                                       15

<PAGE>


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

REGULATORY CAPITAL

       The  Bank  is  subject  to  capital  requirements  of the  Office  of the
Comptroller  of the  Currency  ("OCC").  The OCC  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 OCC regulations.  The Bank is also subject to an OCC
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  December  31,  1999,  the  Bank  was in  compliance  with  all of the
aforementioned capital requirements as summarized below:

<TABLE>
<CAPTION>
                                                                                                 DECEMBER 31, 1999
                                                                                                         (1,000'S)
<S>                                                                                                           <C>
Tier I Capital:
         Common stockholders' equity                                                                          8,221
         Unrealized loss (gain) on securities available for sale                                                407

           Total Tier I Capital                                                                               8,628

Tier II Capital:
         Total Tier I capital                                                                                 8,628
         Qualifying allowance for loan losses                                                                   625

           Total capital                                                                                      9,253

Risk-weighted assets                                                                                         54,103
Quarter average assets                                                                                       85,916

</TABLE>


<TABLE>
<CAPTION>
                                                                                                       To be Well Capitalized
                                                                                                           Under the Prompt
                                                                               For Capital                 Corrective Action
                                                ACTUAL                      ADEQUACY PURPOSES                 PROVISIONS
                                         AMOUNT         RATIO             AMOUNT          RATIO           AMOUNT          RATIO
<S>                                       <C>          <C>                 <C>            <C>               <C>          <C>
As of December 31, 1999:
     Total Risk-Based Capital
       (to Risk-Weighted Assets)          9,253        17.10%              4,328          8.00%             5,410        10.00%
     Tier I Capital
      (to Risk-Weighted Assets)           8,628        15.95%              2,164          4.00%             3,246         6.00%
     Tier I Capital
      (to Average Assets)                 8,628        10.04%              3,437          4.00%             4,296         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 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. With the reorganization completed on
June 27, 1997, this liquidation account became part of stockholders'  equity for
the Company under the same terms and conditions as if the reorganization had not
occurred. 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.

                                       16

<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
                   None

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.

                                    2.   Exhibit 27:  Financial Data Schedule.

                         (b)        Reports Form 8-K:

                                    The Company  filed a Current  Report on Form
                                    8-K  dated  December  6,  1999  with the SEC
                                    announcing its intention to repurchase up to
                                    5% of  its  outstanding  shares.  The  stock
                                    repurchase  began on December 6, 1999 and is
                                    to  conclude on June 6, 2000.  In  addition,
                                    the Registrant announced the completion of a
                                    stock  repurchase  program  began August 16,
                                    1999.

                                    The Company  also filed a Current  Report on
                                    Form 8-K dated  December  23,  1999 with the
                                    SEC  announcing  its intention to repurchase
                                    up to  5% of  its  outstanding  shares.  The
                                    stock  repurchase began on December 20, 1999
                                    and is to  conclude  on June  20,  2000.  In
                                    addition,   The  Registrant   announced  the
                                    completion  of a  stock  repurchase  program
                                    began December 6, 1999.


                                       17

<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:    February 14, 2000           /s/ Rick L. Catt
         -----------------           ----------------
                                     Rick L. Catt
                                     President and Chief Executive Officer

Date:    February 14, 2000           /s/ Jamie E. Mcreynolds
         -----------------           -----------------------
                                     Jamie E. McReynolds
                                     Chief Financial Officer and Vice President