SECURITY AND EXCHANGE COMMSSION

                              WASHNGTON, D.C. 20549

                                   FORM IO-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 June 30, 1998

                                       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 June 30, 1998, the Registrant had 859,625 shares of Common Stock, par
value $0.01, issued and outstanding.

                      FIRST ROBINSON FINANCIAL CORPORATION

<PAGE>


                               Index to Form 10QSB

PART 1. FINANCIAL INFORMATION                                              PAGE

     Item 1. Financial Statements

          Consolidated Balance Sheets as of June 30, 1998
             And March 31, 1998                                              3

          Consolidated Statements of Income for the Three-Month
             Periods Ended June 30, 1998 and 1997                            4

          Consolidated Statements of Stockholders' Equity for the
             Three-Month Periods Ended June 30, 1998 and 1997                5

          Consolidated Statements of Cash Flows for the Three-Month
             Periods Ended June 30, 1998 and 1997                            6

          Notes to Consolidated Financial Statements                         8

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

PART II OTHER INFORMATION

     Item 1. Legal Proceedings                                              14

     Item 2. Changes in Securities                                          14

     Item 3. Defaults Upon Senior Securities                                14

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

     Item 5. Other Information                                              14

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


     SIGNATURES                                                             15

             Exhibit 11   Statement Regarding Computation of Earnings       16

             Exhibit 27   Financial Data Schedule                           17

<PAGE>


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

<TABLE>
<CAPTION>
                                                                     Unaudited     Audited
                                                                      June 30,    March 31,
                                                                        1998        1998 
                                                                      --------    ---------
                                                                            (1,000's)
<S>                                                                   <C>         <C>     
                                     ASSETS

Cash and Cash Equivalents:
Cash and due from banks                                               $    506    $    609
Interest bearing deposits                                                2,745       5,965
                                                                      --------    --------
     Total Cash and Cash Equivalents                                     3,251       6,574

Securities available for sale, amortized cost of $8,414 and $4,065
  at June 30, 1998 and March 31, 1998 respectively                       8,394       4,119
Securities held to maturity, estimated market value of $981 and
  $967 at June 30, 1998 and March 31, 1998, respectively                   966         955
Loans receivable, net                                                   64,032      64,234
Accrued interest receivable                                                691         715
Premises and equipment, net                                              2,937       2,897
Foreclosed real estate                                                     160         221
Prepaid income tax                                                           0          29
Other assets                                                               130         224
                                                                      --------    --------

     Total Assets                                                     $ 80,561    $ 79,968
                                                                      --------    --------

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                              $ 63,019    $ 62,630
Advances from Federal Home Loan Bank                                     2,000       2,000
Repurchase agreements                                                    2,071       1,644
Advances from Borrowers for taxes and insurance                            102          75
Accrued interest payable                                                   297         348
Accrued income  taxes                                                       67           0
Deferred income taxes                                                      128         157
Other liabilities                                                          105         219
                                                                      --------    --------
     Total Liabilities                                                  67,789      67,073
                                                                      --------    --------

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
Paid-in capital                                                          8,245       8,232
Retained earnings                                                        5,114       5,223
Accumulated other comprehensive income, net of related tax
  Of ($8) and $19 at June 30, 1998 and March 31, 1998, respectively        (12)         33
Unearned employee stock ownership plan                                    (584)       (602)
                                                                      --------    --------
              Total Stockholders' Equity                                12,772      12,895
                                                                      --------    --------
              Total Liabilities and Stockholders' Equity              $ 80,561    $ 79,968
                                                                      --------    --------
</TABLE>

                                        3

<PAGE>


                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME
                  For the Quarters Ended June 30, 1998 and 1997
                                   (Unaudited)

                                                                 1998      1997
                                                                ------    ------
                                                                    (1,000's)

Interest Income:
  Interest on Loans                                             $1,457    $1,401
  Interest and dividends on securities                             157       124
                                                                ------    ------
    Total interest income                                        1,614     1,525
                                                                ------    ------

Interest expense:
  Interest on deposits                                             737       760
  Interest on FHLB advances                                         25        57
  Interest on repurchase agreements                                 29         1
                                                                ------    ------
  Total interest expense                                           791       818
                                                                ------    ------

    Net interest income                                            823       707

Provision for loan losses                                           70        18
                                                                ------    ------

    Net interest income after provision for loan losses            753       689
                                                                ------    ------

Non-interest income:
  Service charges                                                   65        47
  Loan fees                                                         31        46
  Gain on sale of loans                                              0       113
  Other non-interest income                                         41        29
                                                                ------    ------
    Total other income                                             137       235
                                                                ------    ------

Non-interest expense:
  Compensation and employee benefits                               322       305
  Occupancy and equipment                                          109        88
  Foreclosed property expense                                       14        14
  Data Processing                                                   19        15
  Audit, legal and other professional                               26         7
  SAIF deposit insurance                                            10        10
  Advertising                                                       15        16
  Telephone and postage                                             22        22
  Other                                                            109        86
                                                                ------    ------
    Total other expenses                                           646       563
                                                                ------    ------

  Income before income tax                                         244       361

Provision for income taxes                                          95       141
                                                                ------    ------

  Net Income                                                    $  149    $  220
                                                                ------    ------

Earnings Per Share-Basic                                        $  .19       N/A
Earnings Per Share-Diluted                                      $  .19       N/A

                                        4

<PAGE>


                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                  For The Quarters Ended June 30, 1998 and 1997
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                            Unallocated
                                                                              Employee      Accumulated
                                                                                Stock          Other
                                          Common     Paid-in     Retained     Ownership     Comprehensive             Comprehensive
                                          Stock      Capital     Earnings       Plan           Income       Total         Income
                                          ------------------------------------------------------------------------------------------
                                                                              (1,000's)
<S>                                       <C>        <C>         <C>           <C>             <C>          <C>           <C>    
Balance at March 31, 1998                 $     9    $ 8,232     $ 5,223       $  (602)        $    33      $12,895
Comprehensive Income                                                                          
   Net Income                                                        149                                        149       $   149
                                                                                                                          -------
   Other Comprehensive Income
    Unrealized gains (loss) on securities                                                                                     (74)
     Related tax effects                                                                                                       29
                                                                                                                          -------
   Other Comprehensive Income                                                                      (45)         (45)          (45)
                                                                                                                          -------
Comprehensive Income                                                                                                      $   104
                                                                                                                          -------
Allocation of ESOP shares                                 13                        18                           31
Dividends Paid                                                      (258)                                      (258)
                                          ---------------------------------------------------------------------------------------
Balance at June 30, 1998                  $     9    $ 8,245     $ 5,114       $  (584)        $   (12)     $12,772
                                          -------    -------     -------       -------         -------      -------

<CAPTION>
                                                                            Unallocated
                                                                              Employee      Accumulated
                                                                                Stock          Other
                                          Common     Paid-in     Retained     Ownership     Comprehensive             Comprehensive
                                          Stock      Capital     Earnings       Plan           Income       Total         Income
                                          ------------------------------------------------------------------------------------------
                                                                              (1,000's)
<S>                                       <C>        <C>         <C>           <C>             <C>          <C>           <C>    
Balance at March 31, 1997                                        $ 4,851                       $    30      $ 4,880
Issuance of Common Stock                        9      8,178                      (688)                       7,499
Comprehensive Income                                                           
   Net Income                                                        220                                        220       $   220
                                                                                                                          -------
   Other Comprehensive Income
    Unrealized gains (loss) on securities                                                                                      (7)
     Related tax effects                                                                                                        3
                                                                                                                          -------
   Other Comprehensive Income                                                                       (4)          (4)           (4)
                                                                                                                          -------
Comprehensive Income                                                                                                      $   216
                                          ---------------------------------------------------------------------------------------
Balance at June 30, 1997                  $     9    $ 8,178     $ 5,071       $  (688)        $    26     $12,595
                                          -------    -------     -------       -------         -------     -------
</TABLE>

                                        5

<PAGE>


                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                  For the Quarters Ended June 30, 1998 and 1997
                                   (Unaudited)

                                                                1998      1997
                                                               ------    ------
                                                                  (1,000's)

Cash flows from operating activities:
   Net income                                                     149       220
   Adjustments to reconcile net income to net cash
     provided by (used in) operating activities
       Provision for depreciation                                  56        44
       Provision for loan losses                                   70        18
       Net amortization and accretion on investments                6         2
       (Increase) decrease in accrued interest receivable          24       (64)
       (Increase) decrease in prepaid income taxes                 29         0
       Decrease (Increase) in other assets                         94       123
       (Decrease) increase in accrued interest payable            (51)      (12)
       (Decrease) increase in accrued income taxes                 67        96
       (Decrease) increase in deferred income taxes                 0         0
       Increase  (decrease)in accrued expenses                   (114)       88
       Gain on sale of loans                                        0      (113)
       Gain on sale of premises and equipment                       0         0
       Loss on sale of mortgage-backed securities                   0         0
                                                               ------    ------
         Net cash provided by operating activities                330       402
                                                               ------    ------

Cash flows from investing activities:
   Proceeds for sale of securities available for sale               0         0
   Proceeds from maturities of securities available for sale        0         0
   Proceeds from sale of mortgage-backed securities
     Available for sale                                             0         0
   Proceeds from maturities of securities held to maturity         15        15
   Purchase of securities held to maturity                        (35)     (176)
   Purchase of securities available for sale                   (4,653)        0
   Repayment of principal on mortgage-backed securities           307       103
   Increase in loans receivable                                (1,299)   (2,320)
   Purchase of loans and participations                             0         0
   Sale or participation of originated loans                    1,431     1,180
   Decrease (increase) in foreclosed real estate                   61        21
   Purchase of premises and equipment                             (96)      (88)
                                                               ------    ------
         Net cash used in investing activities                 (4,269)   (1,265)
                                                               ------    ------

                                        6

<PAGE>


                  FIRST ROBINSON FINANCIAL CORP. AND SUBSIDIARY
                      CONSOLDIATED STATEMENT OF CASH FLOWS
                  For the Quarters Ended June 30, 1998 and 1997
                                   (Unaudited)

                                                                1998      1997
                                                               ------    ------
                                                                  (1,000's)
Cash flows from financing activities:
   Net increase (decrease) in deposits                            389       461
   Increase (decrease) in repurchase agreements                   427      (414)
   Advances from Federal Home Loan Bank                             0     1,750
   Repayment of FHLB advances                                       0    (5,500)
   Increase in advances from borrowers
     for taxes and insurance                                       27         8
   Proceeds from issuance of common stock                           0     8,187
   Purchase of employee stock ownership plan                               (688)
   ESOP shares released                                            31         0
   Dividends paid                                                (258)        0
                                                               ------    ------
       Net cash provided by financing activities                  616     3,804
                                                               ------    ------

Increase (decrease) in cash and cash equivalents                3,323     2,941

Cash and cash equivalents at beginning of period                6,574     4,169
                                                               ------    ------

Cash and cash equivalents at end of period                      3,251     7,110
                                                               ------    ------


Supplemental Disclosures:
   Additional Cash Flows Information:
     Cash paid for:
       Interest on deposits, advances and other borrowings        842       830
     Income taxes:
       Federal                                                     56        37
       State                                                       13         7

Schedule of Non-Cash Investing Activities:
   Change in unrealized gain on securities available for sale     (74)       (7)
   Change in deferred income taxes attributed to
      Unrealized gain on securities available for sale             29         3

                                        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 22, 1998. 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 June 30,  1998 and the results of its  operations  and cash flows for
the three months  ended June 30, 1998 and 1997.  The results of  operations  for
those months ended June 30, 1998 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
at June 30, 1998 was 800,311 for both basic and diluted.


                                        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,
based on the  proportion of debt service paid in the year. The Bank accounts for
its ESOP in accordance with Statement of Position 93-6. Accordingly, the debt of
the ESOP is recorded as debt and the shares  pledged as collateral  are reported
as  unearned  ESOP  shares in the  consolidated  balance  sheets.  As shares are
released from  collateral,  the Bank reports  compensation  expense equal to the
current  market  price of the  shares,  and the shares  become  outstanding  for
earnings-per-share calculations. Dividends on allocated shares are recorded as a
reduction  of  retained  earnings;  dividends  on  unallocated  ESOP  shares are
recorded as a reduction of debt or accrued interest.  ESOP compensation  expense
for the three months ended June 30, 1998 was $42,000.

The ESOP shares at June 30, 1998 were as follows:

          Allocated shares                                 6,877
          Shares released for allocation                   3,438
          Unallocated shares                              58,455

          Total ESOP shares                               68,770

          Fair value of  unallocated shares           $1,008,349



(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.


                                        9


<PAGE>


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


General

     The  principal  business  of  First  Robinson  Financial  Corporation  (the
"Company"),  through its wholly-owned  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.  The Company's loans consist primarily of loans
secured by residential  real estate  located in its market area,  consumer loans
and commercial loans.

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

     The  operations  of the Company 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 the
Company's market area.

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

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.

     The Company  wishes 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 the Company's  financial  performance and could cause the
Company's  actual  results for future  periods to differ  materially  from those
anticipated or projected.

     The Company does 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.


                                       10


<PAGE>


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


Impact of the Year 2000

     The Company has conducted a comprehensive review of its computer systems to
identify  applications  that could be affected by the "Year 2000" issue, and has
developed  an  implementation  plan to address  the issue.  The  Company's  data
processing  is  performed  primarily  in-house;  however  software  and hardware
utilized is under maintenance agreements with third party vendors,  consequently
the Company is very  dependent  on those  vendors to conduct its  business.  The
Company has already  contacted  each vendor to request time tables for year 2000
compliance  and expected  costs,  if any, to be passed along to the Company.  To
date,  the  Company  has  been  informed  that  its  primary  service  providers
anticipate  that all  reprogramming  efforts  will be  completed by December 31,
1999, allowing the Company adequate time for testing. Certain other vendors have
not yet responded,  however, the Company will pursue other options if it appears
that these  vendors will be unable to comply.  Management  does not expect these
costs to have a  significant  impact on its  financial  position  or  results of
operations  however,  there can be no assurance that the vendors systems will be
2000  compliant,  consequently  the  Company  could incur  incremental  costs to
convert to another vendor.  The Company  identified  certain of its hardware and
software  equipment that was not Year 2000 compliant.  The Company purchased new
equipment and software totaling approximately  $90,000.  However the Company has
budgeted an  additional  $140,000 for capital  expenditures  as a safeguard  for
future  contingencies.  The Company  projects  that  expenses  should not exceed
$50,000  for the  fiscal  year  ending  March 31,  1999.  The  Company  has also
contacted its commercial borrowers, with indebtedness to the Company of $100,000
or more concerning their compliance with the "Year 2000" issue.

 Business Strategy

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

Financial Condition  - Comparison at June 30, 1998 and March 31, 1998

     The Company's total assets increased by approximately  $593,000 or 0.8%, to
$80.6  million at June 30,  1998 from  $80.0  million  at March 31,  1998.  This
increase in total assets was primarily the result of a $4.3 million  increase in
securities available for sale offset by a $3.3 million decrease in cash and cash
equivalents  and a  $202,000  decrease  in loans  receivable,  net and a $94,000
decrease in other  assets.  The overall  increase in assets was primarily due to
the  purchase of  additional  securities,  and the  attraction  of new  customer
relationships.  This increase was primarily  funded by increases in deposits and
repurchase agreements.

     Liabilities  increased  approximately  $716,000 or 1.1% to $67.8 million at
June 30, 1998 from $67.1 million at March 31, 1998. This increase in liabilities
was primarily the result of a $389,000 increase in deposits, a $427,000 increase
in repurchase  agreements and a $67,000  increase in accrued income taxes offset
by a $51,000  decrease in accrued  interest  payable and a $114,000  decrease in
other liabilities.

     Stockholders' equity decreased $123,000 or 1.0% to $12.8 million as of June
30, 1998 from $12.9  million as of March 31, 1998.  This  decrease was primarily
from the payment of $258,000 in dividends offset by earnings for the quarter.


                                       11


<PAGE>


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


Results of Operations - Comparison at June 30, 1998 and 1997

Net Income

     The Company  reported net income of $149,000  during the three months ended
June 30, 1998 as compared to  $220,000  during the three  months  ended June 30,
1997.  The $71,000 or 32.3% decrease in net income during the three months ended
June 30, 1998,  as compared to the same period in the prior year,  was primarily
attributable  to an increase  of $64,000 or 9.3% in net  interest  income  after
provision  for loan losses and a decrease of $46,000 or 32.6% in  provision  for
income taxes offset by a decrease of $98,000 or 41.7% in non-interest income and
an increase of $83,000 or 14.7% in non-interest expense.

Net Interest Income

     Net interest income increased by $116, 000 or 16.4% during the three months
ended June 30,  1998,  as compared  to the same  period in the prior  year.  The
increase was caused by an increase of $89,000 or 5.8% in total  interest  income
and a decrease of $27,000 or 3.3% in total  interest  expense.  The  increase in
interest  income was from a $56,000 or 4.0% increase in loan interest income and
a $33,000 or 26.6% increase in investment interest income. The decrease in total
interest  expense was due primarily  from a decrease of $32,000 or 56.1% on FHLB
advances and a decrease of $23,000 or 3.0% on interest on deposits  offset by an
increase of $28,000 or 2800% on interest on repurchase agreements. These changes
were the result of the use of the  proceeds  of the stock  conversion.  Interest
rate spread for the three months ended June 30, 1998 was 3.46% compared to 3.67%
for the same period in 1997.

Non-Interest Income

     Total  non-interest  income  decreased by $98,000 or 41.7% during the three
months  ended June 30,  1998,  as compared to the same period in the prior year.
The decrease in other non-interest income was primarily the result of a one-time
sale of the  government  guaranteed  portion of commercial  loans in the quarter
ending  June 30,  1997at a $113,000  gain.  Total  non-interest  income was also
affected  by an  increase  of $18,000 or 38.3% in service  charge  income and an
increase of $12,000 or 41.4% in other  non-interest  income offset by a decrease
of $15,000 or 32.6% in loan fees.

Non-Interest Expense

     Total  non-interest  expense increased by $83,000 or 14.7% during the three
months  ended June 30,  1998,  as compared to the same period in the prior year.
This  increase  was  due  primarily  from  an  increase  of  $17,000  or 5.6% in
compensation and employee benefits, an increase of $21,000 or 23.9% in occupancy
and equipment and an increase of $23,000 or 26.7% in operating  expenses and the
costs of being a publicly traded company.

Provision for Loan Losses

     During the three months ended June 30, 1998, the Company recorded provision
for loan  losses of $70,000 as  compared  to $18,000  for the same period of the
prior  year.  The  Company  recorded  such  provisions  to adjust the  Company's
allowance for loan losses to a level deemed  appropriate  based on an assessment
of the volume and lending  presently  being  conducted by the Company,  industry
standards,  past due loans,  economic  conditions in the  Company's  market area
generally and other factors related to the  collectibihty  of the Company's loan
portfolio.  The  Company  intends to take a more  conservative  approach  to its
provision for loan losses in the coming  months.  The  Company's  non-performing
assets as a percentage  of total assets was 0.51 % at June 30, 1998, as compared
to 0.55% at March 31, 1998.


                                       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  provision for income taxes of $95,000 for the three
months  ended June 30, 1998 as  compared to $141,000  for the same period in the
prior year.  The  effective tax rate during the three months ended June 30, 1998
was 38.9%  (federal  and state) as compared to 39% during the same period in the
prior year.

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 June 3 0, 1998 the  Bank's  Tier I capital  was $9.4  million  and total
capital was $10.1 million.  The risk-weighted  assets were $55.9 million and the
quarterly  average  assets were $80.9 million.  Tier I capital to  risk-weighted
assets was 16.8% and total  capital to  risk-weighted  assets was 18.1%.  Tier I
capital to average assets for the quarter was 11.6%.  The Bank exceeds the OCC's
capital requirements.

Liquidity and Capital Resources

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

     At June 30, 1998 the Company had $2.0 million in advances  from the FHLB of
Chicago  outstanding  with no change from the amount of advances as of March 31,
1998. The Company uses its liquidity  resources  principally to meet outstanding
commitments  on loans,  to fund  maturing  certificates  of deposit  and deposit
withdrawals and to meet operating expenses. The Company anticipates that it will
have sufficient  funds available to meet current loan  commitments.  At June 30,
1998, the Company had outstanding commitments to extend credit which amounted to
$2.9 million (including $2.0 million, in available revolving commercial lines of
credit).  Management  believes that loan  repayments  and other sources of funds
will be adequate to meet the Company's foreseeable liquidity needs.

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


                                       13


<PAGE>


                            PART II OTHER INFORMATION


Item 1. Legal Proceedings

        None


Item 2. Changes in Securities

        None.


Item 3. Defaults Upon Senior Executives

        None.


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

        Not Applicable


Item 5. Other Information


Item 6. Exhibits and Reports on Form 8-K

         Exhibits:  I.  Statement Regarding Computation of Earnings
                   II.  Financial Data Schedule


        Reports on Form 8-K

        None


                                       14

<PAGE>


                                   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: August 13, 1998                /s/ Rick L. Catt
                                     ------------------------------------------
                                     Rick L. Catt
                                     President and Chief Executive Officer


Date: August 13, 1998                /s/ Jamie E. McReynolds
                                     ------------------------------------------
                                     Jamie E. McReynolds
                                     Chief Financial Officer and Vice President




                                       15