SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q



[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2003, OR

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM          TO
                                                         ----------


                         Commission File Number: 0-2616



                        CONSUMERS FINANCIAL CORPORATION
             (Exact name of registrant as specified in its charter)


            Pennsylvania                              23-1666392
  (State or other jurisdiction of                 (I.R.S.  Employer
   incorporation or organization)                Identification  No.)


     1525 Cedar Cliff Drive, Camp Hill, PA               17011
    (Address of principal executive offices)           (Zip Code)


                                  717-730-6306
              (Registrant's telephone number, including area code)



     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
filing such requirements for the past 90 days.

                                   Yes    X         No
                                         ---             ---


     Indicate  the  number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.

                                                             Outstanding at
     Class  of  Common  Stock                                August 4, 2003
     ------------------------                               ----------------
        $.01  Stated  Value                                 5,629,781 shares


<PAGE>
                 CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARY
                                TABLE OF CONTENTS



NUMBER                                                                     PAGE
------                                                                     ----

         PART  I.  FINANCIAL  INFORMATION
         --------------------------------

Item 1.  Consolidated  Financial  Statements:

         Balance  Sheets  -  June  30,  2003  and  December  31,  2002        3

         Statements of Operations and Comprehensive Income (Loss) -
           For the Six and Three Months Ended June 30, 2003 and 2002          4

         Statements of Cash Flows - For the Six Months Ended
           June  30,  2003  and  2002                                         5

         Notes  to  Consolidated  Financial  Statements                    6-12

Item 2.  Management's Discussion and Analysis of Financial Condition
             and Results of  Operations                                   13-16

Item 3.  Quantitative and Qualitative Disclosure About Market Risk           17

Item 4.  Controls  and  Procedures                                           17


         PART  II.  OTHER  INFORMATION
         -----------------------------

Item 1.  Legal Proceedings                                                   18

Item 2.  Changes in Securities                                               18

Item 3.  Defaults upon Senior Securities                                     18

Item 4.  Submission of Matters to a Vote of Security Holders                 18

Item 5.  Other Information                                                   18

Item 6.  Exhibits and Reports on Form 8-K                                    19

SIGNATURES


         CERTIFICATIONS
         --------------

Pursuant to Section 302 of Sarbanes-Oxley Act                             21-22

Pursuant  to  Section  906  of  Sarbanes-Oxley  Act                       23-24


Consumers Financial Corporation                                          Page 2
Form 10-Q                                                         June 30, 2003

<PAGE>
<TABLE>
<CAPTION>
                          PART I. FINANCIAL INFORMATION


ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

                      CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARY
                               CONSOLIDATED BALANCE SHEETS

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

                                                                 JUNE  30,   DECEMBER 31,
                                                                   2003          2002
-----------------------------------------------------------------------------------------
                                                               (Unaudited)
<S>                                                            <C>           <C>

ASSETS

Current assets:
  Cash and cash equivalents                                    $       716   $   165,758
  Prepaid expenses                                                   2,920        30,420
-----------------------------------------------------------------------------------------
      Total current assets                                           3,636       196,178

Furniture and equipment, net of accumulated depreciation             2,537
Restricted cash held in escrow account                             302,667       314,225
Prepaid insurance                                                   64,079        87,363
-----------------------------------------------------------------------------------------

      Total assets                                             $   372,919   $   597,766
-----------------------------------------------------------------------------------------

LIABILITIES, REDEEMABLE PREFERRED STOCK AND
    SHAREHOLDERS' EQUITY DEFICIENCY

Current liabilities:
     Accounts payable                                          $    50,468   $    32,168
     Other                                                           6,664        22,134
-----------------------------------------------------------------------------------------

      Total current liabilities                                     57,132        54,302
-----------------------------------------------------------------------------------------

Redeemable preferred stock:
  Series A, 8 1/2% cumulative convertible, authorized 632,500
    shares; issued 75,326 shares; outstanding 2003, 72,226
      shares, 2002, 75,326 shares; redemption amount 2003,
        $722,260, 2002, $753,260; net of treasury stock
         of $8,060 in 2003                                         733,855       739,949
-----------------------------------------------------------------------------------------

Shareholders' equity deficiency:
  Common stock, $.01 stated value, authorized 10,000,000
    shares; issued and outstanding 5,276,781 shares                 52,768        52,768
  Capital in excess of stated value                              8,938,865     8,938,865
  Deficit                                                       (9,409,701)   (9,188,118)
-----------------------------------------------------------------------------------------
      Total shareholders' equity deficiency                       (418,068)     (196,485)
-----------------------------------------------------------------------------------------

      Total liabilities, redeemable preferred stock and
        shareholders' equity deficiency                        $   372,919   $   597,766

-----------------------------------------------------------------------------------------
</TABLE>

                 See Notes to Consolidated Financial Statements


Consumers Financial Corporation                                          Page 3
Form 10-Q                                                         June 30, 2003


<PAGE>
<TABLE>
<CAPTION>
                                  CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARY
                       CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
                                                   (UNAUDITED)

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

                                            SIX  MONTHS      SIX  MONTHS     THREE  MONTHS    THREE  MONTHS
                                               ENDED            ENDED            ENDED            ENDED
                                           JUNE 30, 2003    JUNE 30, 2002    JUNE 30, 2003    JUNE 30, 2002
------------------------------------------------------------------------------------------------------------
                                                             (See Note 2)                      (See Note 2)
<S>                                       <C>              <C>              <C>              <C>

Non-operating revenues:
  Net investment income                   $        1,568   $       37,975   $          680   $       18,337
  Net realized investment gains                                    56,448                            56,448
  Gain on sale of insurance licenses                              178,483                           178,483
  Miscellaneous                                    1,447           48,519            1,418           32,716
------------------------------------------------------------------------------------------------------------
                                                   3,015          321,425            2,098          285,984
------------------------------------------------------------------------------------------------------------

Non-operating expenses:
  Salaries and employee benefits                  49,811           89,573           25,989           45,957
  Professional fees                               71,695           62,133           29,055           22,289
  Other fees                                      18,645           48,673           11,104           40,409
  Insurance                                       23,478           25,807           11,699           13,301
  Taxes, other than income                         5,352           15,955            2,294            8,320
  Provision for loss on loan receivable           27,500
  Miscellaneous                                   26,152           39,284           16,281           20,611
------------------------------------------------------------------------------------------------------------
                                                 222,633          281,425           96,422          150,887
------------------------------------------------------------------------------------------------------------

Income (loss) before income taxes               (219,618)          40,000          (94,324)         135,097

Income taxes                                          --               --               --               --
------------------------------------------------------------------------------------------------------------

Net income (loss)                               (219,618)          40,000          (94,324)         135,097

Other comprehensive loss, change
  in unrealized appreciation of debt
  securities                                                      (54,702)                          (39,747)
------------------------------------------------------------------------------------------------------------

Comprehensive income (loss)                    ($219,618)        ($14,702)        ($94,324)  $       95,350
------------------------------------------------------------------------------------------------------------

Per share data:
  Basic and diluted income (loss)
      per common share                            ($0.05)          ($0.06)          ($0.02)  $         0.01


  Weighted average number of
    common shares outstanding                  5,276,781        2,576,781        5,276,781        2,576,781

  Cash dividends declared per
    common share                                    None             None             None            None
------------------------------------------------------------------------------------------------------------
</TABLE>

                 See Notes to Consolidated Financial Statements


Consumers Financial Corporation                                          Page 4
Form 10-Q                                                         June 30, 2003


<PAGE>
<TABLE>
<CAPTION>
                 CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)

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

                                                       SIX MONTHS ENDED  SIX MONTHS ENDED
                                                         JUNE 30, 2003    JUNE 30, 2002
-----------------------------------------------------------------------------------------
<S>                                                     <C>              <C>
                                                                            (See Note 2)

Cash flows from operating activities:

  Net income (loss)                                          ($219,618)  $        40,000
-----------------------------------------------------------------------------------------

  Adjustments to reconcile net income (loss) to
    cash flows used in operating activities:
      Provision for loss on loan receivable                     27,500
      Change in receivables                                                       15,013
      Change in prepaid expenses                                50,784           (25,846)
      Gain on sale of investments                                                (56,448)
      Gain on sale of insurance licenses                                        (178,483)
      Change in other liabilities                                2,831           (24,250)
      Other                                                       (991)             (588)
-----------------------------------------------------------------------------------------

      Total adjustments                                         80,124          (270,602)
-----------------------------------------------------------------------------------------

  Net cash used in operating activities                       (139,494)         (230,602)
-----------------------------------------------------------------------------------------

Cash flows from investing activities:
  Proceeds from sale of investments                                              945,181
  Proceeds from sale of insurance licenses, net of
    selling expenses of $44,767 and liability assumed
    by buyer of $132,120                                                          73,113
  Loan to majority shareholder                                 (27,500)
  Cash withdrawn from preferred stock escrow account            12,958
  Purchase of furniture and equipment                           (2,946)
-----------------------------------------------------------------------------------------
  Net cash provided by (used in) investing activities          (17,488)        1,018,294
-----------------------------------------------------------------------------------------

Cash flows from financing activities:
  Purchase of redeemable preferred stock                        (8,060)
  Option agreement deposit                                                       108,654
  Cash dividends to preferred shareholders                                      (192,361)
-----------------------------------------------------------------------------------------

  Net cash used in financing activities                         (8,060)          (83,707)
-----------------------------------------------------------------------------------------

Net increase (decrease) in cash                               (165,042)          703,985

Cash and cash equivalents at beginning of period               165,758         1,802,265
-----------------------------------------------------------------------------------------

Cash and cash equivalents at end of period              $          716   $     2,506,250
-----------------------------------------------------------------------------------------
</TABLE>

                 See Notes to Consolidated Financial Statements


Consumers Financial Corporation                                          Page 5
Form 10-Q                                                         June 30, 2003


<PAGE>
                 CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                    SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                  (UNAUDITED)


1.   OVERVIEW AND BASIS OF PRESENTATION:

     Since  1998,  the  Company has had no business operations, and its revenues
and expenses have consisted principally of investment income on remaining assets
and  corporate  and other administrative expenses.  In March 1998, the Company's
shareholders  approved  a  Plan  of  Liquidation  and  Dissolution  (the Plan of
Liquidation)  pursuant  to  which  the  Company  began liquidating its remaining
assets  and paying or providing for all of its liabilities. However, in February
2002,  the  Company  entered into an option agreement with CFC Partners, Ltd., a
New  York  investor  group  (CFC Partners), pursuant to which CFC Partners could
obtain  a  majority interest in the Company's common stock.  In August 2002, the
option was exercised and 2,700,000 new common shares (approximately 51.2% of the
total  outstanding  shares)  were  issued  by the Company to CFC Partners.  As a
result  of  the  acquisition  of  the  Company,  the  Plan  of  Liquidation  was
discontinued.  Immediately  prior  to  the  transaction  with  CFC Partners, the
Company  paid  a  substantial  portion  of its remaining assets to its preferred
shareholders  in  connection with a tender offer to those shareholders (see Note
8).

     The  accompanying  consolidated  financial  statements  have  been prepared
assuming that the Company will continue as a going concern. However, as a result
of  the  cumulative  effect of the events discussed above, at June 30, 2003, the
Company had only $716 in cash, a shareholders' equity deficiency of $418,068 and
was  unable  to  pay its existing creditors.  Also, as of that date, the Company
had  not paid its payroll taxes for either the first quarter of 2003 (such taxes
were  paid  in  August 2003 using proceeds from a loan from one of the Company's
officers)  or  for  the  second  quarter  of  2003.

     As of June 30, 2003, the Company had no significant business operations and
no  sources  of  operating  revenues. CFC Partners is currently pursuing various
business  opportunities  for the Company, including strategic alliances, as well
as  the  merger  or combination of existing businesses with the Company. The new
management  of  the  Company  is  initially  focusing  on joint ventures with or
acquisitions  of  companies  in  the  real  estate,  construction management and
medical technology businesses as well as the direct purchase of income-producing
real  estate.  However, there is no assurance that the Company's efforts in this
regard  will be successful.  In fact, given the Company's current cash position,
without  new  revenues  and/or  immediate  financing,  the  Company's efforts to
develop  the  above-referenced  businesses  are  not  likely  to  succeed.

     The  Company's  ability  to continue as a going concern is dependent on its
success  in  developing new cash revenue sources or, alternatively, in obtaining
short-term  financing  while  its  new  businesses  are  being  developed.  The
consolidated  financial  statements  do  not  include any adjustments that might
result  from  the  outcome  of  this  uncertainty.

     The  consolidated  financial  statements  include the accounts of Consumers
Financial  Corporation  and  its  former wholly-owned subsidiary, Consumers Life
Insurance  Company  (Consumers Life) until June 19, 2002 when Consumers Life was
sold.  At  June 30, 2003, the Company owned a 51% interest in Spartan Properties
LLC,  an  Illinois limited liability company formed to manage the Company's real
estate  operations  (Spartan).  The  financial  statements for the six and three
months  ended  June 30, 2003 do not include the revenues and expenses of Spartan
because  such  amounts were not material to the Company's results of operations.

     In  the  opinion  of  management,  the  accompanying unaudited consolidated
financial  statements  contain  all  adjustments  (consisting  only  of  normal
recurring items) necessary to present fairly the Company's financial position as
of  June  30,  2003 and the results of its operations and its cash flows for the
six  months  ended  June  30,  2003  and  2002.


Consumers Financial Corporation                                          Page 6
Form 10-Q                                                         June 30, 2003


<PAGE>
                 CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARY
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                    SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                  (UNAUDITED)

1.   OVERVIEW AND BASIS OF PRESENTATION (CONTINUED):

     Certain information and footnote disclosures normally included in financial
statements  prepared in accordance with generally accepted accounting principles
have  been  condensed  or  omitted. These financial statements should be read in
conjunction  with  the  financial  statements  and notes thereto included in the
Company's  2002  Form  10-K.

     The  results of operations for the six and three months ended June 30, 2003
are  not necessarily indicative of the results to be expected for the full year.

2.   RESTATEMENT  OF  FINANCIAL  STATEMENTS:

     In connection with the acquisition of the Company by CFC Partners on August
28,  2002  and  the  related termination of the Plan of Liquidation, the Company
re-adopted accounting principles applicable to going-concern entities as of that
date.  The Company's consolidated financial statements had been prepared using a
liquidation  basis  of  accounting  since  March  25,  1998  when  the  Plan  of
Liquidation  was  approved  by  the Company's shareholders.  In order to provide
comparative  financial  information,  the  Company  has  restated  its
liquidation-basis  financial  statements  for  prior  periods  to conform to the
current  presentation  which  utilizes  accounting  principles  applicable  to
going-concern entities.  Accordingly, in the accompanying consolidated financial
statements,  the  Statement  of Changes in Net Assets in Liquidation for the six
and  three  months  ended June 30, 2002, as originally prepared on a liquidation
basis  of  accounting,  has  been  replaced  by  a Statement of Operations and a
Statement  of  Cash  Flows.

     For  the  six  and three months ended June 30, 2002, the Company originally
reported  an  excess  of  expenses  over  revenues  of  $138,483  and  $43,386,
respectively.

3.   ACQUISITION  OF  THE  COMPANY:

     On  August 28, 2002, CFC Partners exercised its option to acquire 2,700,000
shares  of  the  Company's common stock.  The option was granted to CFC Partners
through  an  option  agreement  dated  February  13,  2002.  The option price of
$108,000  had  previously  been deposited by CFC Partners into an escrow account
held  by  the Company.  The newly issued shares represent approximately 51.2% of
the  outstanding  common  stock  of  the  Company.

     In  connection  with  the  issuance  of the new shares to CFC Partners, the
Board  of  Directors  also  terminated  the  Plan of Liquidation.  The Board had
previously  determined  that  selling  the  Company  for  its value as a "public
company  shell"  was  a better alternative for the shareholders than the Plan of
Liquidation,  inasmuch  as  the common shareholders were not expected to receive
any  distribution  in  a liquidation of the Company.  The preferred shareholders
were  given  an  opportunity to exchange their shares for cash in a tender offer
completed  by  the  Company  on  August  23,  2002  (see  Note  8).

     The  new  management  of the Company is currently pursuing various business
opportunities for the Company.  Management's efforts have initially been focused
on  joint  ventures  with  or  acquisitions  of  companies  in  the real estate,
construction  management and medical technology businesses as well as the direct
purchase  of  income-producing  real  estate  (see  Note  4).


Consumers Financial Corporation                                          Page 7
Form 10-Q                                                         June 30, 2003


<PAGE>
                 CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARY
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                    SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                  (UNAUDITED)

4.   BUSINESS  DEVELOPMENT  ACTIVITIES:

     With  respect  to  the  real  estate  business, in April 2003, the Company,
through  its  majority  shareholder, entered into agreements to acquire a garden
apartment  complex in Springfield, Illinois and a high-rise residential building
in  Chicago,  Illinois.   In June 2003, the Company entered into an agreement to
acquire  a  200-unit  garden  apartment  complex in the Tampa, Florida area.  In
addition,  the  Company  is  negotiating  the  acquisition of several additional
garden  apartment complexes in other locations and is negotiating with a town in
Long  Island,  New  York  to  acquire  property  for  the  purpose of developing
condominiums  and  townhouses.

     In  May  2003,  Vaughn Partners LLC (Vaughn), an Illinois limited liability
company  in  which the Company and Spartan each own a 30% interest, acquired the
Springfield,  Illinois  real  estate  referred  to  above.  Vaughn acquired this
property  with  cash  contributed  by  the  third  party  investors  who own the
remaining 40% of Vaughn, a $4,050,000 bank loan secured by a first mortgage lien
on  the  property and a $1,200,000 second mortgage on the property.  Vaughn also
obtained but has not yet utilized a $600,000 construction loan from the bank for
the  purpose  of  completing certain renovations to the property.  In connection
with  the  acquisition,  Spartan  also  entered into an agreement with Vaughn to
manage  the  property  for  a  fee.

     Because  neither the Company nor Spartan invested any funds in exchange for
their  interests  in Vaughn and neither has any obligation to fund any operating
or  other deficiencies incurred by Vaughn, the accompanying financial statements
do not include any equity in the net loss of Vaughn, which totaled approximately
$97,000.  The  operating  results  of  Vaughn  in  May  and  June were adversely
impacted  by reduced rental income due to vacancies associated with the need for
major  renovations  which  are  expected  to  begin  in  August  2003.

     In  connection  with  its  construction  management  business,  the Company
intends  to  manage  all  of  its  real estate development and other real estate
activities  and  will  selectively  pursue the management of outside projects as
well.

     With regard to the medical technology business, in April 2003, CFC Partners
entered  into  a  letter  of  intent  with a leading radiologist and operator of
several radiology centers in the metropolitan New York area to purchase, develop
and operate positron emission tomography (PET) imaging centers, initially in the
New  York  area.  CFC  Partners  also  intends  to  assign all of its rights and
obligations  in  this  joint  venture  to  the  Company.

5.   LOAN  RECEIVABLE

     During  the  first  quarter  of  2003,  the  Company made payments totaling
$27,500  to  certain individuals who had previously loaned funds to CFC Partners
so  that  CFC  Partners  could  purchase  its majority interest in the Company's
common  stock. Since any obligation to repay these individuals, one of whom is a
director  of  the  Company,  is  the  responsibility of CFC Partners and not the
Company,  CFC Partners has agreed to repay this amount to the Company.  However,
because CFC Partners currently has no ability to repay the amount borrowed, this
loan  has been fully reserved in the Company's consolidated financial statements
through  a  charge  to  non-operating  expenses.


Consumers Financial Corporation                                          Page 8
Form 10-Q                                                         June 30, 2003


<PAGE>
                 CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARY
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                    SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                  (UNAUDITED)

6.   RESTRICTED  ASSETS

     As  required  by  the  terms of the option agreement with CFC Partners, the
Company deposited $331,434 (representing the tender price of $4.40 multiplied by
the  75,326  shares  of preferred stock not tendered) into a bank escrow account
for  the  benefit  of  the  remaining preferred shareholders.  The funds in this
account, including any earnings thereon, are restricted in that they may only be
used  by  the  Company  to  pay  dividends  or  make  other distributions to the
preferred  shareholders.  At  June  30, 2003 and December 31, 2002, these assets
consisted  entirely  of  money market funds.  However, in June 2003, $12,958 was
withdrawn  from  the  escrow account to purchase 3,100 shares of preferred stock
for  $8,060.  The remaining $4,898 was deposited into the Company's general cash
account.

7.   INCOME  TAXES:

     The Company follows the asset and liability method of accounting for income
taxes. Under this method, deferred tax assets and liabilities are recognized for
the  future  tax  consequences  attributable  to  differences  between financial
statement  carrying  amounts  of  existing  assets  and  liabilities  and  their
respective  tax  bases.  Valuation  allowances are established, if necessary, to
reduce the deferred income tax asset account to the amount that will more likely
than  not  be  realized.

     At  June  30,  2003  and December 31, 2002, the Company's only deferred tax
assets  consisted of (i) $100,000 and $2,038,000, respectively, arising from net
operating  loss  carry  forwards and (ii) $4,457,000 arising from a capital loss
carry  forward  related  to  the  sale  of  the  stock of Consumers Life.  These
deferred  tax  assets  have  been  fully  offset  by  a valuation allowance. The
Company's  deferred tax assets at June 30, 2003 do not include any net operating
losses  generated  by Consumers Life since that subsidiary was sold in June 2002
and  its prior losses are no longer available to offset future taxable income of
the  Company.  At  June  30,  2003  and  December  31,  2002, the Company had no
material  deferred  tax  liabilities.

     No  provision  for income taxes has been made in the consolidated financial
statements because of the above-referenced operating loss and capital loss carry
forwards,  which  have  been  fully  offset  by  a  valuation  allowance.


Consumers Financial Corporation                                          Page 9
Form 10-Q                                                         June 30, 2003


<PAGE>
                 CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARY
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                    SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                  (UNAUDITED)


8.   REDEEMABLE  PREFERRED  STOCK:

     On  August  23,  2002,  the  Company completed a tender offer to all of its
preferred  shareholders,  pursuant  to  which  it  purchased  377,288  shares
(approximately  83.4% of the shares outstanding) at $4.40 per share plus accrued
dividends.  The  tender  offer  was  completed  in  conjunction  with  and was a
condition  to  the  exercise  of  the  option by CFC Partners.  Since all of the
Company's  remaining  assets  would  have  been  distributed  to  the  preferred
shareholders if the Company had been liquidated, the Board of Directors believed
that  the  exercise  of  the  option (and the related termination of the Plan of
Liquidation)  should  not  take  place until the preferred shareholders had been
given  a  chance  to  exchange  their  shares  for  cash.

     The  terms  of  the  redeemable preferred stock require the Company to make
annual payments to a sinking fund.  Such payments were to have commenced on July
1,  1998.  The preferred stock terms also provide that any purchase of preferred
shares  by  the  Company  will reduce the sinking fund requirements by an amount
equal  to  the  redemption  value  ($10 per share) of the shares acquired.  As a
result  of  the Company's purchases of preferred stock in the open market and in
the  tender  offer  described  above,  no sinking fund payment for the preferred
stock  is  due  until July 1, 2006.  However, in connection with the exercise of
the  option  by  CFC Partners, the Company deposited $331,434 into a bank escrow
account  for  the benefit of the remaining preferred shareholders  (see Note 6).
In June 2003, $12,958 was withdrawn from the escrow account, of which $8,060 was
used  to  purchase  3,100  shares  of  preferred  stock  in  the  open  market.

     Dividends  at  an  annual  rate  of  $.85 per share are cumulative from the
original  issue date of the preferred stock.  Dividends are payable quarterly on
the  first  day  of  January, April, July and October.  The dividends payable on
January  1,  April  1  and  July  1,  2003 have not been declared or paid by the
Company.  When  the  Company  is  in  arrears  as  to  dividends or sinking fund
appropriations  for  the  preferred stock, dividends to holders of the Company's
common stock as well as purchases, redemptions or acquisitions by the Company of
shares  of  the  Company's  common  stock  are  restricted. If the Company is in
default  with  respect  to  the payment of preferred dividends and the aggregate
amount  of  the  deficiency is equal to four quarterly dividends, the holders of
the  preferred  stock  shall  be  entitled, only while such arrearage exists, to
elect  two  additional  members  to  the  then  existing  Board  of  Directors.

     The difference between the fair value of the preferred stock at the date of
issue  and  the  mandatory  redemption  value is being recorded through periodic
accretions  with  an  offsetting charge to the deficit.  Such accretions totaled
$1,966  and  $8,887  in  the  first  six  months of 2003 and 2002, respectively.


Consumers Financial Corporation                                          Page 10
Form 10-Q                                                          June 30, 2003


<PAGE>
                 CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARY
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                    SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                  (UNAUDITED)

9.   PER SHARE INFORMATION:

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
                                                      SIX MONTHS      SIX MONTHS      THREE MONTHS    THREE MONTHS
                                                        ENDED            ENDED           ENDED            ENDED
                                                    JUNE 30, 2003    JUNE 30, 2002   JUNE 30, 2003    JUNE 30, 2002

<S>                                                 <C>             <C>              <C>             <C>
  Net income (loss)                                     ($219,618)  $       40,000        ($94,324)  $      135,097

  Preferred stock dividend requirement                    (32,014)        (192,361)        (16,007)         (96,181)

  Accretion of carrying value of  preferred stock          (1,966)          (8,887)         (1,227)          (4,443)
--------------------------------------------------------------------------------------------------------------------

  Numerator for basic income (loss) per share -
    income (loss) attributable to common
      shareholders                                       (253,598)        (161,248)       (111,558)          34,473

  Effect of dilutive securities                                 0                0               0                0
--------------------------------------------------------------------------------------------------------------------

  Numerator for diluted income (loss) per share         ($253,598)       ($161,248)      ($111,558)  $       34,473
--------------------------------------------------------------------------------------------------------------------

  Denominator for basic income (loss) per share -
      weighted average shares outstanding               5,276,781        2,576,781       5,276,781        2,576,781
  Effect of dilutive securities                                 0                0               0                0
--------------------------------------------------------------------------------------------------------------------

  Denominator for diluted income (loss) per share       5,276,781        2,576,781       5,276,781        2,576,781
--------------------------------------------------------------------------------------------------------------------

  Basic and diluted income (loss) per common
share                                                      ($0.05)          ($0.06)         ($0.02)  $         0.01
--------------------------------------------------------------------------------------------------------------------
</TABLE>

10.  SUBSEQUENT  EVENTS:

     On  July  1,  2003,  the  Company  filed  a Registration Statement with the
Securities  and  Exchange  Commission  to  register 353,000 shares of its common
stock,  which  the  Company subsequently issued to three consultants pursuant to
certain  agreements  entered  into  between  the  Company  and  the  respective
consultants.  Each  of  these  agreements  terminates  on December 31, 2003.  In
exchange  for  receipt  of  the  shares  of  common stock, such consultants will
provide  various  services  to  the  Company,  principally  relating  to  the
identification  of suitable merger or acquisition partners for the Company.  The
cost  of  these services, measured by the market value of the shares at the time
of  issue,  is  approximately  $105,900.  This  cost  will  be  amortized  on  a
straight-line  basis  over  the  term  of  the  agreements.

     On  August  7,  2003,  the  Company  mailed an Information Statement to its
shareholders  in connection with a special meeting of shareholders to be held on
August 27, 2003 (the Special Meeting).  At the Special Meeting, the shareholders
will  be  asked  to  consider  and  vote  upon a proposal to amend the Company's
Articles  of Incorporation (i) to effect a one-for-10 reverse stock split of the
Company's  common  stock by reducing the number of issued and outstanding shares
of  common  stock  from 5,276,781 to approximately 527,678, (ii) to authorize 50
million  shares of capital stock of the Company, of which 40 million shares will
relate  to common stock and 10 million shares will relate to preferred stock and
(iii) to permit action upon the written consent of less than all shareholders of
the  Company,  pursuant to section 2524 of the Pennsylvania Business Corporation
Law  of  1988.  CFC  Partners  owns  a  majority  of  the  Company's  issued and
outstanding  shares  of common stock and intends to vote to approve the proposal
presented  above,  thereby  assuring  the  approval  of  such  proposal.


Consumers Financial Corporation                                          Page 11
Form 10-Q                                                          June 30, 2003


<PAGE>
                 CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARY
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                    SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                  (UNAUDITED)

10.  SUBSEQUENT  EVENTS  (CONTINUED):

     On  August  11, 2003, the Company's Board of Directors approved the payment
of  broker's  fees to the Company's majority shareholder, CFC Partners, for real
estate and other contracts obtained by CFC Partners and assigned to the Company.
The Board agreed to pay CFC Partners an amount equal to 5% of the contract price
following  the completion of each transaction.  Such payments may be in the form
of  cash  or  common stock of the Company.  In that regard, the Board authorized
the  issuance to CFC Partners of approximately 1,227,000 shares of the Company's
common  stock  in connection with the acquisition of the Springfield real estate
referred to in Note 4.  The cost of this transaction to the Company, as measured
by  the  market  value  of  the shares at the time of issuance, is approximately
$270,000.  The  Company  will  report this charge in its third quarter operating
results


Consumers Financial Corporation                                          Page 12
Form 10-Q                                                          June 30, 2003


<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF  OPERATIONS

     A  review of the significant factors which affected the Company's financial
condition  at  June 30, 2003 and its results of operations for the six and three
month  periods  then ended is presented below.  Information relating to the same
periods  in  2002  is  also  presented  for comparative purposes.  This analysis
should be read in conjunction with the Consolidated Financial Statements and the
related  Notes  appearing  elsewhere in this Form 10-Q and in the Company's 2002
Form  10-K.

     The  Private  Securities  Litigation  Reform  Act  of 1995 provides a "safe
harbor"  for  forward-looking  statements.  This  Form  10-Q  may  include
forward-looking  statements  which  reflect  the  Company's  current  views with
respect  to  future  events  and  financial  performance.  These forward-looking
statements  are  identified by their use of such terms and phrases as "intends",
"intend",  "intended",  "goal",  "estimate",  "estimates",  "expects", "expect",
"expected",  "project",  "projected",  "projections",  "plans",  "anticipates",
"anticipated",  "should",  "designed  to",  "foreseeable  future",  "believe",
"believes"  and  "scheduled" and similar expressions.  Readers are cautioned not
to  place undue reliance on these forward-looking statements which speak only as
of  the  date  the  statement was made.  The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result of
new  information,  future  events  or  otherwise.

                                    OVERVIEW

     At  a special meeting of shareholders held on March 24, 1998, the Company's
preferred and common shareholders approved a Plan of Liquidation and Dissolution
(the Plan of Liquidation), pursuant to which the Company would be liquidated and
dissolved.  The Plan of Liquidation permitted the Board of Directors to continue
to  consider  other alternatives to liquidating the Company.  Because the common
shareholders  would not receive a distribution under the plan of liquidation and
dissolution,  and  the  preferred  shareholders would receive less than the full
liquidation  value  of  their  shares,  the  Board  of  Directors  subsequently
determined  that  selling  the Company for its value as a "public company shell"
was  a  better  alternative  for  the  common  and  preferred  shareholders than
liquidating  the  Company.

     In  October 2001, the Board of Directors met to consider three offers which
were received regarding the potential purchase of the Company.  One of the three
offers was from CFC Partners, Ltd. (CFC Partners).  Following its review of each
offer, the Board determined that the offer from CFC Partners was the best offer.
In  February 2002, the Company and CFC Partners entered into an option agreement
which  permitted CFC Partners to acquire a 51.2% interest in the Company at $.04
per  share.  The  option  held  by  CFC  Partners  was exercisable following the
completion  by the Company of a tender offer to its preferred shareholders.  The
completion  of  this  tender  offer  was,  in turn, dependent on the sale of the
Company's  remaining  insurance  subsidiary,  since  substantially  all  of  the
Company's  assets were held by the subsidiary and state insurance laws would not
permit  the  withdrawal  of  those  assets.

     In  June  2002, the Company completed the sale of the insurance subsidiary.
In  July  2002,  the Board of Directors approved a tender offer to the Company's
preferred  shareholders  at  a  price  of $4.40 per share, and on July 19, 2002,
tender  offer  materials  were mailed to the holders of the preferred stock.  On
August  23,  2002,  the  Company purchased 377,288 shares of preferred stock, or
83.4%  of  the  total  preferred shares outstanding, from those shareholders who
elected  to  tender  their  shares.

     On  August  28,  2002,  the  Board  of  Directors  terminated  the  Plan of
Liquidation  and  authorized the issuance of 2,700,000 shares of common stock to
CFC  Partners.  Donald  J.  Hommel,  the  president  of  CFC  Partners, was also
appointed as a Director of the Company to fill an existing vacancy on the Board.
Following  such  appointment,  the  Company's  officers  resigned  and the Board
elected  Mr.  Hommel as the Company's President and Chief Executive Officer.  In
addition,  James  C.  Robertson and John E. Groninger, who had been Directors of
the  Company  for  more  than  30  years,  also  resigned.


Consumers Financial Corporation                                          Page 13
Form 10-Q                                                          June 30, 2003


<PAGE>
     In  October  2002,  the  Board of Directors appointed Shalom S. Maidenbaum,
Esq. as an additional Director of the Company to fill an existing vacancy on the
Board.  In addition, the Directors elected Mr. Hommel as the Company's Treasurer
and  Mr.  Maidenbaum  as  the  Company's Vice President and Secretary.  In March
2003,  the  Board  of  Directors appointed William T. Konczynin as an additional
Director  to  fill  an  existing  vacancy.

     As a result of the approval of the Plan of Liquidation, the Company adopted
a  liquidation  basis of accounting for the period from March 25, 1998 to August
28, 2002.  Under this basis of accounting, assets were stated at their estimated
net  realizable  values  and  liabilities  were  stated  at  their  anticipated
settlement  amounts.  As  a  result of the transaction with CFC Partners and the
related  termination  of the Plan of Liquidation, effective August 29, 2002, the
Company  re-adopted  accounting principles applicable to going concern entities.
Furthermore,  as  discussed  in  Note  2  of the notes to consolidated financial
statements  appearing  elsewhere in this Form 10-Q, the Company has restated its
liquidation-basis  financial  statements  for  prior  periods  to  conform  such
statements  to  the  current  presentation.

     At  June  30,  2003,  the  Company  had no significant business operations;
however,  the  Company's  new  management is currently pursuing various business
ventures.  Their  initial  focus  is  on  joint ventures with or acquisitions of
companies  in  the  real  estate, construction management and medical technology
businesses.  As  discussed  in  Note  4  of  the notes to consolidated financial
statements  appearing  elsewhere  in this Form 10-Q, in April 2003, the Company,
through  its  majority  shareholder, entered into agreements to acquire a garden
apartment  complex in Springfield, Illinois and a high-rise residential building
in  Chicago,  Illinois.   In June 2003, the Company entered into an agreement to
acquire  a  200-unit  garden  apartment  complex in the Tampa, Florida area.  In
addition,  the  Company  is  negotiating  the  acquisition of several additional
garden  apartment complexes in other locations and is negotiating with a town in
Long  Island,  New  York  to  acquire  property  for  the  purpose of developing
condominiums  and  townhouses.

     In  May  2003,  Vaughn Partners LLC (Vaughn), an Illinois limited liability
company  in which the Company and a subsidiary each own a 30% interest, acquired
the  Springfield,  Illinois real estate referred to above.  Vaughn acquired this
property  with  cash  contributed  by  the  third  party  investors  who own the
remaining 40% of Vaughn, a $4,050,000 bank loan secured by a first mortgage lien
on  the  property and a $1,200,000 second mortgage on the property.  Vaughn also
obtained but has not yet utilized a $600,000 construction loan from the bank for
the  purpose  of  completing certain renovations to the property.  In connection
with  the  acquisition,  Spartan  Properties  LLC,  a  newly  acquired 51%-owned
subsidiary  of the Company, also entered into an agreement with Vaughn to manage
the  property  for  a  fee.

     At  June  30,  2003,  the Company's shareholders' equity deficiency totaled
$418,068  compared  to a shareholders' equity deficiency of $196,485 at December
31, 2002.  The Company's net loss for the six months ended June 30, 2003 totaled
$219,618  compared  to  net  income  of  $40,000  for  the  same period in 2002.

                              RESULTS OF OPERATIONS

     A  discussion  of the material factors which affected the Company's results
of  operations  for  the  six  and  three months ended June 30, 2003 and 2002 is
presented  below.

SIX MONTHS ENDED JUNE 30, 2003 AND 2002

     For  the six months ended June 30, 2003, the Company reported a net loss of
$219,618  ($.05  per  share) compared to net income of $40,000 (which translates
into  a  loss  of  $.06  per  share  after  deducting  the  preferred  dividend
requirement)  in  the  first  half  of 2002.  The 2,700,000 new shares of common
stock  issued  to  CFC  Partners  in  August 2002 has significantly impacted the
comparison  of  per  share amounts between 2003 and 2002.  Since the Company now
has  only  a  nominal amount of revenues, the current year net loss is primarily
the  result of expenses incurred while the Company is developing new businesses.
During  the  first  six  months  of  2003,  these costs consisted principally of
salaries  to  two individuals, audit, legal and consulting fees, insurance and a
$27,500  provision  for  loss  on  a  receivable  from  the  Company's  majority
shareholder.


Consumers Financial Corporation                                          Page 14
Form 10-Q                                                          June 30, 2003


<PAGE>
     In  2002,  the  Company's net income was the result of a $179,000 gain from
the  sale of the state insurance licenses of Consumers Life, as part of the sale
of  that subsidiary, and a $56,000 gain on the sale of certain bonds held by the
subsidiary.  During  this  period, the Company incurred approximately $62,000 in
professional  fees,  principally legal and accounting fees, including $17,000 in
legal  fees related to the tender offer to the Company's preferred shareholders.
The  Company also incurred a $29,000 fee in connection with the termination of a
guaranteed  investment contract held by the Company's retirement plan custodian.

THREE MONTHS ENDED JUNE 30, 2003 AND 2002

     The Company's net loss for the second quarter of 2003 was $94,324 ($.02 per
share).  Since  the Company only had $2,098 in revenues for the quarter, the net
loss is attributable to ongoing expenses incurred  in connection with developing
new  business  operations.  These  costs  consisted  primarily  of  salaries,
professional  fees  and  insurance.

     For  the  three months ended June 30, 2002, the Company reported net income
of  $135,097  ($.01 per share) as a result of the gains arising from the sale of
Consumers  Life.  During the quarter, the Company incurred approximately $46,000
in  salaries  and  related  benefits  as  well as professional and other fees of
$63,000.

                              FINANCIAL CONDITION

CAPITAL  RESOURCES

     The  Company  currently  has  no  commitments for any capital expenditures.
However,  if  the  Company  develops  certain  planned  strategic  alliances  or
identifies a target company to be merged or otherwise combined with the Company,
the  Company's  plans regarding capital expenditures and related commitments are
likely  to  change.

     For  the  six  months  ended  June  30,  2003,  the Company's cash and cash
equivalents  decreased  by  $165,042 to only $716 at the end of the period.  The
decrease  is  principally  the  result  of the cash expenses paid by the Company
during  the  period  and  the $27,500 loan made to CFC Partners, as discussed in
Note  4 of the notes to consolidated financial statements appearing elsewhere in
this  Form  10-Q.  The  Company  currently  has no ability to pay any additional
expenses until it either develops new revenue sources or obtains financing.

LIQUIDITY

     In  connection  with  the  acquisition  of  the  Company  by  CFC Partners,
substantially all of the Company's remaining liquid assets were used to complete
a  tender offer to the preferred shareholders in August 2002.  At June 30, 2003,
the  Company  had  only $716 in cash.  Furthermore, as of that date, the Company
had  no significant business operations and no sources of operating revenues and
cash  flows.  As  indicated  above,  the  Company  is currently pursuing various
business  opportunities, including strategic alliances, as well as the merger or
combination  of  existing businesses with the Company.  The Company's management
is initially focusing on joint ventures with or acquisitions of companies in the
real  estate,  construction management and medical technology business segments.
However, there is no assurance that the Company's efforts in this regard will be
successful.

     As  indicated  above,  the  Company  currently  has  no  ability to pay any
additional  expenses  until  it  either  develops new revenue sources or obtains
financing.  Without  new  revenues  and/or  immediate  financing,  management's
efforts  to  develop  the  Company's  real  estate,  construction management and
medical  technology  businesses  are  not  likely  to  succeed.


Consumers Financial Corporation                                          Page 15
Form 10-Q                                                          June 30, 2003


<PAGE>
REDEEMABLE  PREFERRED  STOCK

     As previously indicated, on August 23, 2002, the Company completed a tender
offer  to  all  of  its  preferred  shareholders, pursuant to which it purchased
377,288  shares  (approximately  83.4%  of  the shares outstanding) at $4.40 per
share  plus  $47,445  in  accrued  dividends.  The tender offer was completed in
conjunction  with  and  was  a  condition  to  the exercise of the option by CFC
Partners.  Since  all  of  the  Company's  remaining  assets  would  have  been
distributed  to  the  preferred  shareholders  if  the  Company  had  been
liquidated,  the  Board  of  Directors  believed that the exercise of the option
(and  the  related termination of the Plan of Liquidation) should not take place
until  the  preferred  shareholders  had  been  given a chance to exchange their
shares  for  cash.

     The  terms  of  the  redeemable preferred stock require the Company to make
annual payments to a sinking fund.  Such payments were to have commenced on July
1,  1998.  The preferred stock terms also provide that any purchase of preferred
shares  by  the  Company  will reduce the sinking fund requirements by an amount
equal  to  the  redemption  value  ($10 per share) of the shares acquired.  As a
result  of  the Company's purchases of preferred stock in the open market and in
the  tender  offer, no sinking fund payment for the preferred stock is due until
July  1,  2006.  However,  in  connection with the exercise of the option by CFC
Partners,  the  Company  deposited  $331,434  into a bank escrow account for the
benefit  of  the  remaining  preferred  shareholders (see Note 6 of the notes to
consolidated financial statements appearing elsewhere in this Form 10-Q).

     The  January 1, April 1 and July 1, 2003 dividends payable on the Company's
redeemable  preferred stock have not been declared or paid by the Company.  When
the Company is in arrears as to dividends or sinking fund appropriations for the
preferred  stock,  dividends to holders of the Company's common stock as well as
purchases, redemptions or acquisitions by the Company of shares of the Company's
common  stock  are restricted.  If the Company is in default with respect to the
payment  of  preferred  dividends  and the aggregate amount of the deficiency is
equal  to  four quarterly dividends, the holders of the preferred stock shall be
entitled,  only  while such arrearage exists, to elect two additional members to
the  then  existing  Board  of  Directors.


Consumers Financial Corporation                                          Page 16
Form 10-Q                                                          June 30, 2003


<PAGE>
ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

     The  requirements for certain market risk disclosures are not applicable to
the  Company  because,  at  June  30,  2003  and  December 31, 2002, the Company
qualifies  as  a  "small  business  issuer"  under Regulation S-B of the Federal
Securities  Laws.  A  small  business  issuer is defined as any United States or
Canadian  issuer  with  revenues  or  public  float  of  less  than $25 million.

ITEM 4.  CONTROLS  AND  PROCEDURES

     Within  the  90  days prior to the date of this report, the Company carried
out  an  evaluation,  under  the  supervision  and with the participation of the
Company's  management,  including  the President and Chief Executive Officer and
the  Chief  Financial Officer of the Company, of the effectiveness of the design
and  operation  of  the Company's disclosure controls and procedures pursuant to
Exchange  Act  Rule  13-a14. Based upon that evaluation, the principal executive
officers  and  chief  financial  officer concluded that the Company's disclosure
controls  and  procedures  are  effective  in  timely  alerting them to material
information  relating  to  the Company (including its consolidated subsidiaries)
required  to  be  included  in  the  Company's  periodic  SEC  filings.

     Subsequent to the evaluation, there were no significant changes in internal
controls  or  other  factors  that could significantly affect internal controls,
including  any  corrective  actions  with regard to significant deficiencies and
material  weaknesses.


Consumers Financial Corporation                                          Page 17
Form 10-Q                                                          June 30, 2003


<PAGE>
                           PART II. OTHER INFORMATION


ITEM 1.  LEGAL  PROCEEDINGS

     The  registrant is not involved in any pending legal proceedings other than
routine litigation incidental to the conduct of its previous business.

ITEM 2.  CHANGES  IN  SECURITIES

     During the three months ended June 30, 2003, there have been no limitations
or  qualifications,  through  charter  documents,  loan agreements or otherwise,
placed upon the holders of the registrant's common or preferred stock to receive
dividends,  except  as  described  in  Item  3  below.

ITEM 3.  DEFAULTS  UPON  SENIOR  SECURITIES

     The  January  1,  2003, April 1, 2003 and July 1, 2003 dividends payable on
the  registrant's  redeemable  preferred stock have not been declared or paid by
the  registrant.  The  amount  of  these  dividends  totals  $48,021.  When  the
registrant  is in arrears as to dividends or sinking fund appropriations for the
preferred  stock,  dividends to holders of the registrant's common stock as well
as  purchases,  redemptions  or  acquisitions by the registrant of shares of its
common  stock  are  restricted.  If the registrant is in default with respect to
the payment of preferred dividends and the aggregate amount of the deficiency is
equal  to  four quarterly dividends, the holders of the preferred stock shall be
entitled,  only  while such arrearage exists, to elect two additional members to
the  then  existing  Board  of  Directors.

ITEM 4.  SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS

     No  matters  were submitted to a vote of the shareholders of the registrant
during the three months ended June 30, 2003.

     A special meeting of shareholders was held on March 15, 2003, at which time
the  registrant's  common  shareholders were asked to approve proposals to amend
the  registrant's  Articles of Incorporation to (i) effect a one-for-ten reverse
stock  split, (ii) increase the registrant's authorized shares to 50 million and
(iii)  permit  action  upon the written consent of less than all shareholders of
the registrant, pursuant to the Pennsylvania Business Corporation Law.  However,
no action was taken at the March 15 meeting because the registrant had not fully
complied  with  Regulation  14C  of  the  Securities  Exchange Act of 1934 as it
relates to the dissemination of information required by Schedule 14C.  The March
15  meeting  will  be  reconvened  on  August  27,  2003.

ITEM 5.  OTHER  INFORMATION

     None


Consumers Financial Corporation                                          Page 18
Form 10-Q                                                          June 30, 2003


<PAGE>
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits:
                31.1  Certification of Chief Executive Officer (Section 302 of
                      Sarbanes-Oxley Act)
                31.2  Certification of Chief Financial Officer (Section 302 of
                      Sarbanes-Oxley Act)
                32    Certification  of  Chief  Executive  Officer  and  Chief
                      Financial Officer (Section 906 of Sarbanes-Oxley Act)

     (b)  Reports  on  Form  8-K

               On  April 28, 2003, the registrant filed a Form 8-K to report (i)
          that  the  registrant's  majority shareholder had entered into certain
          agreements  to acquire two residential apartment complexes in Illinois
          and  that  the  majority  shareholder intends to assign its rights and
          obligations  to  the  registrant,  (ii)  that  the  registrant  was
          negotiating  the acquisition of additional apartment complexes as well
          as  the  purchase  of  a  parcel  of  land in New York for development
          purposes  and  (iii)  that the registrant had entered into a letter of
          intent  with  a  New  York  radiologist who operates several radiology
          centers  to purchase, develop and operate positron emission tomography
          imaging  (P.E.T.)  centers  in  the  New  York  area.


Consumers Financial Corporation                                          Page 19
Form 10-Q                                                          June 30, 2003


<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.



                                      CONSUMERS  FINANCIAL  CORPORATION
                                      ---------------------------------
                                      Registrant




Date  August 18, 2003                 By   /S/ Donald J. Hommel
      ---------------                      --------------------
                                           Donald  J.  Hommel
                                           President and Chief Executive Officer



Date  August 18, 2003                 By   /S/ Donald J. Hommel
      ---------------                      --------------------
                                           Donald J. Hommel
                                           Chief Financial Officer


<PAGE>