<PAGE>   1
                                 UNITED STATES
                       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 period ended MARCH 27, 1997

[  ]  Transaction report pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934 

      For the transition period from __________ to __________


Commission file number:   1-7467

                     FIRST OF MICHIGAN CAPITAL CORPORATION
      _____________________________________________________________________
             (Exact name of registrant as specified in its charter)


            DELAWARE                                      13-2780197
_______________________________________   ______________________________________
 (State or other jurisdiction of         (I.R.S. Employer Identification Number)
  incorporation or organization)


    100 RENAISSANCE CENTER/26TH FLOOR
          DETROIT, MICHIGAN                                    48243
_________________________________________   ____________________________________
(Address of principal executive offices)                     (Zip Code)



                               (313) 259-2600
        _____________________________________________________________
            (Registrant's telephone number, including area code)

                               NOT APPLICABLE
________________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last
report)

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  [    ]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. YES  [    ]   NO  [    ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

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

Common Stock, $.10 Par Value - 2,497,764 shares as of May 14, 1997


<PAGE>   2




                                     INDEX



                     FIRST OF MICHIGAN CAPITAL CORPORATION




<TABLE>
<S><C>
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements (Unaudited)

         Condensed consolidated balance sheets - March 27, 1997 and September 27, 1996

         Condensed consolidated statements of income - Three months ended March 27, 1997
          and March 29, 1996  and six months ended March 27, 1997 and March 29, 1996

         Condensed consolidated statements of cash flows - Six months ended March 27, 1997
          and March 29, 1996

         Notes to condensed consolidated financial statements -  March 27, 1997 and March 29, 1996

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

PART II.  OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K


SIGNATURES


EXHIBIT INDEX

Exhibits

</TABLE>




<PAGE>   3
                        PART  I.   FINANCIAL INFORMATION

                     FIRST OF MICHIGAN CAPITAL CORPORATION
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                                  (UNAUDITED)


<TABLE>
<CAPTION>
                                                        MARCH 27,            SEPTEMBER 27,  
                                                          1997                   1996       
                                                     --------------        ---------------  
<S>                                                  <C>                   <C>              
ASSETS                                                                                      
Cash and cash equivalents........................... $    4,906,229        $     4,413,970  
Receivable from brokers and dealers.................      1,969,387              2,779,493  
Receivable from customers...........................     81,749,680             76,358,815  
Notes receivable from employees.....................      2,003,717              2,008,716  
Income taxes receivable.............................        108,660              1,072,972  
Other accounts receivable...........................      1,252,624              1,114,085  
Securities owned....................................      6,845,539              6,574,071  
Memberships in exchanges, at cost (market value-                                            
   $  1,431,000 at March 27, 1997 and                                                       
   $  1,212,000 at September 27, 1996)..............        420,453                420,453  
Equipment and leasehold improvements, at                                                    
   depreciated cost.................................      3,012,177              3,063,704  
Other investments...................................        201,531                230,331  
Deferred income taxes...............................        822,000                826,000  
Other assets........................................      2,994,515              2,690,741  
                                                     --------------        ---------------  
                                                     $  106,286,512        $   101,553,351  
                                                     ==============        ===============  
                                                                                            
LIABILITIES AND STOCKHOLDERS' EQUITY                                                        
Liabilities:                                                                                
   Notes payable to banks........................... $   29,700,000        $    18,500,000  
   Payable to brokers and dealers...................     23,193,949             31,630,491  
   Payable to customers.............................     11,447,455              9,410,879  
   Securities sold, not yet purchased...............        252,552                363,666  
   Employee compensation payable....................      6,847,518              7,346,850  
   Income taxes payable.............................        328,943                 42,159  
   Other accounts payable and accrued liabilities...      3,431,302              3,466,958  
   Capital lease obligation.........................        792,547                940,539  
                                                     --------------        ---------------  
                                                         75,994,266             71,701,542  
Contingencies - See note                                                                    
                                                                                            
Stockholders' equity:                                                                       
   Common stock, $.10 par value 10,000,000                                                  
   shares authorized,  2,891,558 issued.............        289,156                289,156  
Capital in excess of par value......................      3,676,635              3,676,635  
Retained earnings...................................     29,948,213             28,362,180  
                                                     --------------        ---------------  
                                                         33,914,004             32,327,971  
Less treasury stock, at cost ( 393,794 shares at                                            
   March 27, 1997 and 258,025 at                    
   September 27, 1996...............................     (3,621,758)            (2,476,162) 
                                                     --------------        ---------------  
                                                         30,292,246             29,851,809  
                                                     --------------        ---------------  
                                                     $  106,286,512        $   101,553,351  
                                                     ==============        ===============  
</TABLE>


Note:  The balance sheet at September 27, 1996 has been derived from the    
audited financial statements at that date but does not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. See notes to condensed consolidated
financial statements.




                                     I-1
<PAGE>   4
                     FIRST OF MICHIGAN CAPITAL CORPORATION
                  CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                  (UNAUDITED)


<TABLE>
<CAPTION>
                                                    THREE MONTHS ENDED                 SIX MONTHS ENDED
                                                    ------------------                 ----------------

                                                   MARCH 27,     MARCH 29,          MARCH 27,     MARCH 29,
                                                      1997          1996              1997           1996
                                                 ------------  ------------      -------------  -------------
<S>                                              <C>           <C>                <C>           <C>
REVENUES:
   Commissions.................................  $ 11,400,679  $ 11,051,925      $  22,029,361  $ 20,771,876
   Principal transactions......................     1,227,320     1,123,049          2,550,593     2,138,815
   Investment banking..........................     1,658,816     2,420,177          3,575,580     4,722,058
   Interest....................................     1,644,893     1,854,992          3,290,566     3,730,793
   Insurance commissions.......................       949,763       680,018          1,984,544     1,320,354
   Other.......................................     1,107,152     1,333,959          2,303,158     2,787,831
                                                 ------------  ------------      -------------  ------------ 
   Total revenues..............................  $ 17,988,623  $ 18,464,120         35,733,802    35,471,727
                                                 ------------  ------------      -------------  ------------ 

EXPENSES:
   Employee compensation and benefits..........  $  9,715,499  $ 11,204,051         19,256,114    20,582,257
   Floor brokerage, exchange, clearance and
       other fees..............................     1,567,256     1,271,037          2,812,449     2,514,383
   Communications..............................       250,195       267,889            506,656       579,876
   Interest....................................       600,000       797,103          1,162,649     1,654,146
   Occupancy and equipment rental..............     1,447,048     1,315,969          2,823,292     2,599,846
   Taxes, other than income taxes..............     1,011,039       958,368          1,557,067     1,540,642
   Office supplies and expenses................     1,020,395     1,136,265          2,003,432     2,164,057
   Other operating expenses....................     1,539,183     2,107,489          3,135,110     3,794,240
                                                 ------------  ------------      -------------  ------------ 
   Total expenses..............................    17,150,615    19,058,171         33,256,769    35,429,447
                                                 ------------  ------------      -------------  ------------ 

Income  before income taxes....................       838,008      (594,051)         2,477,033        42,280
Provision  for income taxes....................       296,000      (210,000)           891,000        10,000
                                                 ------------  ------------      -------------  ------------ 
Net income ....................................  $    542,008  $   (384,051)     $   1,586,033  $     32,280
                                                 ============  ============      =============  ============

Net income  per share..........................         $ .21        $ (.14)            $  .61        $  .01

Average number of common and common
  equivalent shares outstanding for income
  per share....................................     2,567,905     2,662,015          2,600,174     2,708,427

Cash dividends per share.......................          ---           ---                 ---           ---

</TABLE>

See notes to condensed consolidated financial statements.



                                     I-2

<PAGE>   5
                     FIRST OF MICHIGAN CAPITAL CORPORATION
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                               SIX  MONTHS ENDED                            
                                                                               -----------------

                                                                        MARCH 27,              MARCH 29,          
                                                                          1997                    1996       
                                                                    ---------------        ----------------
<S>                                                                 <C>                    <C>                    
CASH FLOWS FROM OPERATING ACTIVITIES                                                                              
Net income...................................................       $     1,586,033        $         32,280       
Noncash items included in net income:                                                                             
   Depreciation and amortization.............................               518,156                 422,059       
   Deferred income taxes.....................................                 4,000                (189,000)      
   Loss (gain) on sale of fixed assets.......................                  (251)                     83       
                                                                    ---------------        ----------------
                                                                          2,107,938                 265,422       
                                                                    ---------------        ----------------
(Increase) decrease in operating receivables:                                                                     
   Customers.................................................            (5,390,865)             (5,214,743)      
   Brokers and dealers.......................................               810,106               2,185,130       
   Employees.................................................                 4,999                 422,147       
   Other.....................................................               825,773                 549,972       
Increase (decrease) in operating payables:                                                                        
   Customers.................................................             2,036,576              (1,487,880)      
   Brokers and dealers.......................................            (8,436,542)             (3,340,638)      
   Employee compensation.....................................              (499,332)             (6,706,333)      
   Income taxes..............................................               286,784                (193,504)      
   Other.....................................................               (35,656)                901,241       
(Increase) decrease in:                                                                                           
   Securities inventory......................................              (271,468)               (191,843)      
   Other assets..............................................              (303,774)              1,389,664       
Increase (decrease) in:                                                                                           
   Securities sold, not yet purchased........................              (111,114)                 35,347       
                                                                    ---------------        ----------------
                                                                        (11,084,513)            (11,651,440)      
                                                                    ---------------        ----------------
CASH USED FOR OPERATING ACTIVITIES...........................            (8,976,575)            (11,386,018)      
                                                                    ---------------        ----------------
                                                                                                                  
CASH FLOWS FROM FINANCING ACTIVITIES:                                                                             
   Increase in short-term borrowings.........................            11,200,000              13,250,000       
   Payments on capital lease obligation......................              (147,992)               (141,417)      
   Employee stock transactions...............................                  ---                   17,609       
   Repurchases of common stock...............................            (1,145,596)             (1,421,150)      
                                                                    ---------------        ----------------
CASH PROVIDED BY FINANCING ACTIVITIES........................             9,906,412              11,705,042       
                                                                    ---------------        ----------------
                                                                                                                  
CASH FLOWS FROM INVESTING ACTIVITIES:                                                                             
   Net payments for equipment and leasehold improvements.....              (466,378)               (777,933)      
   Purchases, advances and other activity in other                                                                
     investments - net.......................................                28,800                 455,290       
                                                                    ---------------        ----------------
CASH USED FOR INVESTING ACTIVITIES...........................              (437,578)               (322,643)      
                                                                    ---------------        ----------------
                                                                                                                  
INCREASE ( DECREASE ) IN CASH AND CASH EQUIVALENTS...........               492,259                  (3,619)      
                                                                    
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR...............             4,413,970               2,995,513       
                                                                    ---------------        ----------------
CASH AND CASH EQUIVALENTS AT END OF YEAR.....................       $     4,906,229        $      2,991,894       
                                                                    ===============        ================

Income tax payments..........................................       $       600,216        $        392,554       
Interest payments............................................       $     1,143,444        $      1,609,718       

</TABLE>

See notes to condensed consolidated financial statements.



                                     I-3
<PAGE>   6


                     FIRST OF MICHIGAN CAPITAL CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (UNAUDITED)

                       MARCH 27, 1997 AND MARCH 29, 1996


SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

The condensed consolidated financial statements include the accounts and
operations of First of Michigan Capital Corporation and its subsidiary
companies (the Company) including First of Michigan Corporation, a registered
securities broker-dealer and a member organization of the New York Stock
Exchange, Inc., after elimination of all significant inter-company accounts and
transactions.

Securities owned and securities sold, not yet purchased, are valued at market
and unrealized gains and losses are reflected in revenues.

Investment account securities are carried at the lower of cost or market.
Certain other investments are accounted for on the equity method.  The
Company's equity in such operations was not material in amount during the
periods ended March 27, 1997 and March 29, 1996.

Net income per share is computed on the basis of the weighted average number of
common shares outstanding, assuming dilutive stock options were exercised at
the beginning of the quarter or at the date of issuance, if later, with the
applicable proceeds used to acquire additional treasury shares at the average
market price for the period.

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
about amounts in the financial statements and accompanying notes.  Actual
results could differ.

In February 1997, the Financial Accounting Standards Board issued Statement No.
128, Earnings per Share, which is required to be adopted on December 31, 1997. 
At that time, the Company will be required to change the method currently
used to compute earnings per share and to restate all prior periods.  Under the
new requirements for calculating primary earnings per share, the dilutive effect
of stock options will be excluded. The impact resulted in no change in primary
earnings per share for the three months and six months ended March 27, 1997 and
March 29, 1996, respectively.  The impact of Statement 128 on the calculation of
fully diluted earnings per share for these periods is not expected to be
material.

INCOME TAXES
The provision for income taxes consists of the following:
         
                                        SIX  MONTHS ENDED
                                        -----------------

                             MARCH 27, 1997              MARCH 29, 1996
                             --------------              --------------

                         FEDERAL    STATE & LOCAL     FEDERAL     STATE & LOCAL
                         -------    -------------     ---------   -------------
Current ..............  $ 862,000     $ 25,000        $ 189,000      $  10,000
Deferred..............      4,000          ---         (179,000)       (10,000) 
                        ---------     --------        ---------      ---------
Total.................  $ 866,000     $ 25,000        $  10,000      $     ---
                        =========     ========        =========      =========

Deferred income taxes arise principally arise from retirement benefits expense
(and deferred compensation expense for 1996).

CONTINGENCIES

In the normal course of business, First of Michigan Corporation enters into
underwriting commitments.  Transactions relating to such underwriting
commitments which were open at March 27, 1997 and subsequently settled, had no
material effect on the financial statements as of that date.

                                     I-4


<PAGE>   7


As is the case with many firms in the securities industry, First of Michigan
Corporation is a defendant or co-defendant in a  number of lawsuits or
arbitration's alleging damages, which are ordinary and routine litigation and
arbitration, incidental to the securities and investment banking business.  The
Company is contesting the allegations of the complaints in these cases
and believes that there are meritorious defenses in each of these lawsuits.
Some of the proceedings relate to public underwriting of securities in which
First of Michigan Corporation participated as a member of the underwriting
syndicate.

In view of the number and diversity of claims against the Company and the
inherent difficulty of predicting the outcome of litigation and other claims,
the Company cannot state with certainty what the eventual outcome of pending
litigation or other claims will be.  The Company provides for costs relating to
these matters when a loss is probable and the amount can be reasonably
estimated.  The effect of the outcome of these matters on the Company's future
results of operations cannot be predicted because any such effects depends on
future results of operations and the amount and timing of the resolution of
such matters.  While it is not possible to predict with certainty, management
believes that the ultimate resolution of such matters will not have a material
adverse effect on the consolidated financial position of the Company.


CAPITAL REQUIREMENTS

First of Michigan Corporation is subject to the uniform net capital rule (Rule
15c3-1) of the Securities and Exchange Commission and the capital rules of the
New York Stock Exchange, Inc., of which it is a member, and elects to compute
its net capital requirements in accordance with the alternative method.

Under this method, the Corporation is required to maintain minimum net capital,
as defined, equal to 2 percent of aggregate debit balances arising from
customer transactions, as defined.  The net capital rules also provide that
equity capital may not be withdrawn or cash dividends paid if the resulting net
capital would be less than 5 percent of aggregate debits.  At March 27, 1997
First of Michigan Corporation's net capital of $17,529,019 was 21 percent of
aggregate debit balances, and was $15,840,833 in excess of the 2 percent
minimum net capital required and $13,308,554 in excess of the 5 percent
dividend restriction.


                     _____________________________________



The preceding information is unaudited and accordingly, does not include all of
the information and footnotes required by generally accepted accounting
principles for complete financial statements.  In the opinion of management,
all adjustments (consisting only of normal recurring accruals) considered
necessary for a fair presentation of the results of the period have been
included.  The results for the interim period are not necessarily indicative of
the results to be expected for the full year.  For further information, refer
to the financial statements and footnotes thereto included in the Company's
annual report on Form 10-K for the year ended September 27, 1996.




                                      I-5

<PAGE>   8

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

Second quarter and six months of  fiscal 1997 compared to second quarter and
six months of fiscal 1996.


GENERAL

First of Michigan Capital Corporation's principal subsidiary is First of
Michigan Corporation, a member of the New York Stock Exchange Inc., and
Michigan's largest full-service securities firm.  Founded more than 60 years
ago, First of Michigan Corporation specializes in a wide range of financial
services that include investment products such as stocks, bonds, unit trusts
and mutual funds; investment services such as retirement plans, money
management, underwriting and trading and investment banking.  First of Michigan
offers these services through its 553 employees located in 33 offices
throughout Michigan, as well as an office at 100 Wall Street, New York.

The Company's profitability, to a large degree, is sensitive to the volume of
trading in securities and the volatility and general level of securities market
prices.  While the Company places emphasis on controlling fixed costs, many of
its activities have high operating costs which do not decrease proportionately
with reduced levels of activity.  Sustained periods of reduced volume, or loss
of clients, could have adverse effects upon profitability.


RESULTS OF OPERATIONS

During the quarter ended March 27, 1997,  the U.S. financial markets continued
their upward movement due to low inflation and interest rates as well as a
growing economy.  Retail trade volume at First of Michigan Corporation for the
six months was up 5% versus the same period last year.  Total revenues for the
three months and six months were down slightly compared to the prior year.  Net
income for the three months increased $.9 million (241%) to $.21 per share
compared to a loss of $.15 per share last year.  Net income for the six months
increased $1.6 million (4813%) to $.61 per share compared to $.01 per share
last year.

Commission revenues which includes revenues from listed and over-the-counter
equity transactions as well as mutual fund transactions showed a modest
increase for the quarter and an increase of $1.3 million (6%) for the six
months.  The Company is a market-maker in both equity and fixed income products
and maintains inventory of varying amounts in these products. Revenues from
these principal transactions favored equities, however, demand for fixed income
products remains strong.  Investment banking revenues decreased for both the
three months and six months primarily in the area of equity underwriting (IPO).
Revenues from municipal and corporate underwritings as well as revenues from
financial consulting engagements also decreased.  Interest income, primarily
derived from customer borrowings on margin, declined as short-term rates were
down approximately 25 basis points ( .25%) from this same time last year.
Average customer borrowings were also down for both the three month and six
month periods.  Insurance commissions increased $.3 million (40%) for the
quarter and $.7 million (50%) for the six months primarily in the area of
tax-favored variable annuities.  Other revenues decreased due to our
discontinuance as distributor for certain proprietary money market funds for a
local bank.

Total expenses decreased approximately $2 million for both the three months and
six months partially reflecting the Company's continuing cost containment
efforts.  The largest expense category, employee compensation and benefits,
decreased $1.5 million for both the quarter and six months due to a charge in
the second quarter of fiscal 1996 of approximately  $1 million resulting from a
realignment of the Company's operations and management structure.  Floor
brokerage, exchange, clearance and other fees decreased for the quarter due to
fees paid to fully-disclosed brokers based upon revenues generated by those
firms.  Interest expense decreased primarily due to the decline in interest
rates.  Other expenses decreased $.6 million for both the three months and six
months due to a reduction in outside legal costs resulting from a staff
addition to our internal legal department as well as a reduction in settlement
costs and also partially due to a decrease in the use of outside computer 
consultants.  The provision for income taxes was up proportionately to the 
increase in pre-tax earnings.


                                      I-6

<PAGE>   9


LIQUIDITY AND CAPITAL RESOURCES

Cash used for operating activities showed a net decrease for the three month
period.  The largest source of cash resulted from an increase in payables to
customers.  The greatest use of cash resulted from a reduction in payables to
other broker and dealers.  Due to the nature of the Company's business, the
changes in operating asset and liability account balances for any particular
accounting period can be quite large and, therefore, are not useful indicators
of long-term trends in the sources on uses of cash.  Cash provided  by
financing and investing activities showed a net increase due to an increase in
short-term bank borrowings.  At March 27, 1997, approximately 90% of the
Company's assets were liquid, consisting mainly of cash or assets readily
convertible into cash.  The Company's largest asset is its receivables from
customers, representing borrowings by customers to finance the purchase of
securities on margin.  Such receivables from customers are substantially
financed by equity capital, short-term borrowings under established lines of
credit with several banking institutions as well as from stock loan activities. 
A total of $122,000,000 in approved lines of credit was available to the
Company at March 27, 1997, of which $29,700,000 was outstanding.
        
Under separate agreements, First of Michigan Capital Corporation had available
short-term lines of credit on an unsecured basis, aggregating $8,000,000.
There were no borrowings against these lines of credit at March 27, 1997.

The Company is subject to the net capital requirements of the Securities and
Exchange Commission and the New York Stock Exchange Inc., which are designed to
measure the general financial soundness and liquidity of broker-dealers.  The
Company has consistently operated well in excess of the minimum requirements.
At March 27,  1997,  the Company's net capital of $17,529,019 exceeded the
minimum requirement by $15,840,833.

Management believes that funds provided by net cash earnings combined with the
liquidity of its assets, its existing capital base and its available lines of
credit are fully adequate to meet the Company's financing needs for the
foreseeable future.

The Company does not engage in any derivative trading that would result in any
additional off-balance sheet risk.

CONTINGENT MATTERS

First of Michigan Corporation is the subject of claims made in several civil
actions arising out of its business as a broker-dealer and as an investment
banker.  The company provides for costs related to contingencies when a loss is
probable and the amount is reasonably determinable.  While these actions in the
aggregate seek substantial amounts, management believes that their ultimate
resolution, to the extent not previously provided for, will not have a material
adverse effect on the financial condition, liquidity, or results of operations
of the Company.  However, depending on the amount and timing of an unfavorable
resolution to a contingency, it is possible that the Company's future results
of operations or cash flows could be materially affected in a particular
quarter.

OUTLOOK

The Company  is focusing on growing its business in the State of Michigan and
on generating a consistent level of profitability.  Recruiting efforts for
experienced investment executives is continuing as well as the development of
new financial products and services.  The Company is monitoring the level of
all expenses closely and making adjustments wherever beneficial savings can be
achieved.  Due to the recent purchase by General Motors of the building in
which the Company's headquarters is located, its lease expiring on August 31,
1997 will not be renewed.  The Company has signed a lease for approximately
43,000 square feet, under a ten-year arrangement, at Stroh River Place - one
mile east of its current location, and will be moving to the new location
approximately August 1997.

The Company wishes to caution readers not to place undue reliance on any
forward-looking statements, which speak only as of the date of this Report, and
to advise readers that various factors, including national and regional
economic conditions and competitive 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 this Report.


                                      I-7


<PAGE>   10

PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

         (a)    The following exhibits are included herein:

                (11)  Computation of Per Share Earnings

                (27)  Financial Data Schedule


         (b)    Reports on Form 8-K:

                The Company did not file any reports on Form 8-K during the
                three months ended March 27, 1997.




                                      II-1




<PAGE>   11
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 OF MICHIGAN CAPITAL CORPORATION




May 14, 1997                      /s/ Conrad W. Koski
                                  _____________________________________
                                  CONRAD W. KOSKI
                                  PRESIDENT AND CHIEF EXECUTIVE OFFICER
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
May 14, 1997                      /s/ Charles M. Grimley
                                  _____________________________________
                                  CHARLES M. GRIMLEY
                                  TREASURER AND CHIEF FINANCIAL OFFICER
                                 
                            







                                      S-1
<PAGE>   12


EXHIBIT INDEX


(11)      Computation of Per Share Earnings

(27)      Financial Data Schedule