SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C. 20549
                                     
                                     
                                 FORM 10-Q
                                     
                                     
               QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
                    THE SECURITIES EXCHANGE ACT OF 1934



                                                                           
For quarter ended June 30, 1997               Commission file number 0-8426



                              FIRSTBANK OF ILLINOIS CO.
          (exact name of registrant as specified in its charter)



          DELAWARE                                            37-6141253
(State of other jurisdiction                              (I.R.S. Employer
of
incorporation of                                         Identification No.)
organization)


     205 S. Fifth Street                                              
    Springfield, Illinois                                           62701
(address of principal executive offices)                         (Zip code)



Registrant's telephone number, including area code (217) 753-7543.


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 and (2) has been subject to the
filing 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.

Common stock, par value $1.00 per share -- 10,473,314 shares outstanding on
June 30, 1997.
Part I.  Financial Information

Item 1.  Financial Statements

FIRSTBANK OF ILLINOIS CO. AND SUBSIDIARIES
INTERIM CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)
(in thousands of dollars except per share data)

                                                  June 30,    December 31,
                                                     1997         1996

ASSETS
Cash and due from banks                         $   79,746   $  110,686
Short-term investments                              13,864       48,815
Investment securities:
  Available-for-sale, at market value              572,591      442,749
  Held-to-maturity, at amortized cost 
      (market values of $30,345 for 1997 
       and $36,531 for 1996)                        29,340       35,435
       Total investment securities                 601,931      478,184

Loans                                            1,377,524    1,300,572
Unearned discount                                  (2,639)      (3,166)
    Loans, net of unearned discount              1,374,885    1,297,406
Reserve for possible loan losses                  (20,208)     (19,103)
    Loans, net                                   1,354,677    1,278,303

Premises and equipment, net                         47,764       43,463
Accrued income receivable                           20,189       18,945
Other assets                                        41,855       29,808
       Total assets                             $2,160,026   $2,005,204

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
Deposits:
  Noninterest-bearing                           $  288,188   $  307,208
  Interest-bearing                               1,562,570    1,431,055
       Total deposits                            1,850,758    1,738,263

Short-term borrowings                               68,133       39,585
Other liabilities                                   18,655       19,717
Long-term borrowings                                     2            3
       Total liabilities                         1,937,548    1,797,568

SHAREHOLDERS' EQUITY
Preferred stock, no par value:
  Authorized and unissued -- 1,000,000 shares          -            -
Common stock, par value $1 per share:
  Authorized -- 20,000,000 shares
  Issued including shares in treasury -- 
    10,529,678 shares in 1997 and 10,352,403 
    shares in 1996                                  10,530       10,352
Capital surplus                                     47,766       42,114
Retained earnings                                  165,510      156,509
Unrealized gains on investment
   securities, net                                     631          527
Less treasury stock at cost:
   56,364 shares in 1997 and 60,048 shares in 1996  (1,959)      (1,866)
       Total shareholders' equity                  222,478      207,636
       Total liabilities and shareholders' 
       equity                                   $2,160,026   $2,005,204



See accompanying notes to interim consolidated condensed financial
statements.

Part I.  Financial Information ... continued

Item 1.  Financial Statements ... continued

FIRSTBANK OF ILLINOIS CO. AND SUBSIDIARIES
INTERIM CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)
(in thousands of dollars except per share data)

                                        Six Months EndedThree Months Ended
                                            June 30,         June 30,
                                        1997      1996     1997     1996

INTEREST INCOME
Loans                                 $57,179   $54,529 $29,060  $27,174
Investment securities:
  Taxable                              16,068    12,301   8,625    6,272
  Exempt from Federal income tax          769     1,037     364      497
Short-term investments                  1,080       987     436      451
     Total interest income             75,096    68,854  38,485   34,394

INTEREST EXPENSE
Deposits                               32,082    28,947  16,507   14,307
Short-term borrowings                   1,607       984     865      529
Long-term borrowings                        -         3       -        1
     Total interest expense            33,689    29,934  17,372   14,837

     Net interest income               41,407    38,920  21,113   19,557
Provision for possible loan losses      1,434     1,434     717      717

     Net interest income after
     provision for possible loan 
     losses                            39,973    37,486  20,396   18,840

NONINTEREST INCOME
Securities gains, net                     187         9     191       -
Service charges on deposit accounts     3,346     3,218   1,735    1,685
Trust services                          2,337     2,197   1,181    1,094
Agricultural services                     905       820     442      470
Investment services                     1,066     1,269     518      739
Mortgage lending activities             1,455     1,414     780      721
Other                                   2,084     2,156   1,094    1,254
     Total noninterest income          11,380    11,083   5,941    5,963

NONINTEREST EXPENSE
Salaries and employee benefits         16,289    15,418   8,316    7,906
Net occupancy                           2,582     2,320   1,293    1,145
Equipment                               2,311     2,295   1,161    1,169
FDIC and other insurance                  348       293     186      160
Postage, printing and supplies          1,292     1,354     665      632
Professional                            1,106     1,080     565      629
Other                                   4,698     4,317   2,550    2,294
     Total noninterest expense         28,626    27,077  14,736   13,935

Net income before income taxes         22,727    21,492  11,601   10,868

Income tax expense                      8,168     7,767   4,227    3,952

Net income                            $14,559   $13,725 $ 7,374  $ 6,916

Earnings per common share             $  1.39   $  1.31 $  0.70  $  0.66



See accompanying notes to interim consolidated condensed financial
statements.

Part I.  Financial Information ... continued

Item 1.  Financial Statements ... continued

FIRSTBANK OF ILLINOIS CO. AND SUBSIDIARIES
INTERIM CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW (Unaudited)
(in thousands of dollars)

                                                       Six Months Ended
                                                          June 30,
                                                       1997      1996


OPERATING ACTIVITIES
 Net income                                         $ 14,559  $ 13,725
 Adjustments to reconcile net income to net 
  cash provided by operating activities:
   Depreciation and amortization                       3,387     4,873
   Provision for possible loan losses                  1,434     1,434
   Gains incurred on other real estate owned              -       (52)
   Increase in accrued income receivable               (387)     (903)
   Gain on sale of loans                               (713)     (674)
   Other, net                                          (797)   (4,614)
   Originations of loans for sale                   (54,047)  (77,191)
   Proceeds from sale of loans                        53,760    74,411
      Net cash provided by operating activities       17,196    11,009

INVESTING ACTIVITIES
 Purchases of investment securities:
   Available-for-sale                              (363,042) (411,865)
   Held-to-maturity                                    (450)   (3,343)
 Proceeds from sales of investment securities
   Available-for-sale                                 75,750    14,171
 Proceeds from maturities of and principal payments 
   on investment securities:
   Available-for-sale                                189,260   340,742
   Held-to-maturity                                    7,389     8,881
 Purchases of premises and equipment                  (3,722)   (2,758)
 Proceeds from sales of premises and equipment           206        11
 Proceeds from sales of other real estate owned          631       722
 Net loans originated                                (16,943)     (124)
 Cash and cash equivalents acquired, net of cash
   paid in acquisitions                               (2,355)         -
 Net cash used in investing activities              (113,276)  (53,563)
FINANCING ACTIVITIES
 Net increase in noninterest-bearing deposit 
   accounts                                           33,900    10,820
 Net increase in savings, NOW and money market 
   deposits                                           12,249    10,827
 Net increase in certificates of deposit              38,100     8,015
 Net increase in short-term borrowings                27,479    28,618
 Principal payments under capital lease obligations       (1)     (108)
 Payments to retire long-term debt                    (4,600)         -
 Cash dividends paid                                  (5,247)   (4,756)
 Proceeds from exercise of common stock options          882       546
 Proceeds from dividend reinvestment plan                261       303
 Purchase of shares for treasury                      (2,034)   (1,659)
      Net cash provided by financing activities       33,189    52,606

Increase (decrease) in cash and cash equivalents     (62,891)   10,052
Cash and cash equivalents at beginning of year       156,501    97,624
Cash and cash equivalents at end of period          $ 93,610  $107,676

Supplemental information:
  Income taxes paid                                 $  7,940  $  8,198
  Interest paid                                       32,503    29,275
  Noncash transfers of loans to other real estate      1,016       213



See accompanying notes to interim consolidated condensed financial
statements.
  PART I.   FINANCIAL INFORMATION ... Continued
  
  Item 1.        Financial Statement ... Continued
  
  FIRSTBANK OF ILLINOIS CO. AND SUBSIDIARIES
  
  NOTES TO INTERIM CONSOLIDATED CONDENSED FINANCIAL STATEMENTS(unaudited)
  
  June 30, 1997

  1.   The   accompanying   unaudited  interim  consolidated   condensed
       financial  statements have been prepared in accordance  with  the
       instructions to Form 10-Q and, therefore, do not include  all  of
       the   information  and  notes  required  by  generally   accepted
       accounting   principles   for  complete  consolidated   financial
       statements.   In  the  opinion  of  management,  all  adjustments
       (consisting  of  normal recurring accruals) considered  necessary
       for   a  fair  presentation  have  been  included.   For  further
       information,  refer to the Company's Annual Report on  Form  10-K
       for the year ended December 31, 1996.
  
  2.   On  January  2,  1997, the Company purchased  certain  assets  of
       Zemenick & Walker, Inc. ("Z&W"), a registered investment advisory
       firm headquartered in St. Louis, Missouri.  This acquisition  was
       accounted for using the purchase method of accounting, therefore,
       the  operating  results of Z&W are included in  the  consolidated
       condensed financial results beginning January 2, 1997.

  3.   On  June  10,  1997 the Company acquired BankCentral  Corporation
       ("BankCentral") and its wholly-owned subsidiary, Central National
       Bank of Mattoon, Illinois.  BankCentral, with consolidated assets
       of   approximately  $110  million,  operates  four  locations  in
       Mattoon,  Illinois.  The transaction, which involved an  exchange
       of  cash  and  Company common stock totaling approximately  $13.0
       million,  was  recorded using the purchase method of  accounting.
       The  Company recorded a cost in excess of net assets acquired  of
       approximately  $7,136,000, which will be amortized  over  fifteen
       years.   The  operations  of  BankCentral  are  included  in  the
       consolidated condensed financial results beginning June 10, 1997.

  4.   The  Company provides long-term variable and fixed rate financing
       on   residential   real  estate  through  two  of   its   banking
       subsidiaries.   Originated  loans are  sold  into  the  secondary
       market  without  recourse, with $53,760,000 and $74,411,000  sold
       during  the first six months of 1997 and 1996, respectively.   At
       June  30, 1997 and December 31, 1996, the Company serviced  loans
       aggregating  $374,142,000 and $355,220,000,  respectively,  which
       were owned by others.
  
  5.   On  July 18, 1997, the Company's Board of Directors authorized  a
       three-for-two stock split effected in the form of  a  50  percent
       stock   dividend.   One  share  for  each  two  shares  held   by
       shareholders  of  record August 15, 1997 will be  distributed  on
       September  1,  1997.   This  will  result  in  the  issuance   of
       approximately 5,176,000 additional shares of common  stock.   The
       par value of the new shares to be issued will be transferred from
       capital surplus to the common stock account.
  Part I.        Financial Information ... Continued
  
  Item 2.        Management's Discussion and Analysis of Financial
  Condition and Results              of Operations  (dollars in
  thousands, except per share data)
  
  General
  
        Firstbank  provides banking, trust and other financial  services
  through  its  operating subsidiaries in Illinois  and  Missouri.   The
  following discussion and related financial information is presented to
  aid in the understanding of Firstbank's current financial position and
  recent   results  of  operations.   This  analysis  provides  a   more
  comprehensive review than the interim consolidated condensed financial
  statements  and  tables alone, but should be read in conjunction  with
  those  statements  and tables, which are presented elsewhere  in  this
  report.

        On  January  2,  1997, the Company purchased certain  assets  of
  Zemenick & Walker, Inc. ("Z&W"), a registered investment advisory firm
  headquartered in St. Louis, Missouri.  This acquisition was  accounted
  for  using the purchase method of accounting, therefore, the operating
  results  of  Z&W are included in the consolidated condensed  financial
  results beginning January 2, 1997.

        On  June  10, 1997 the Company acquired BankCentral  Corporation
  ("BankCentral") and its wholly-owned subsidiary, Central National Bank
  of  Mattoon,  Illinois.   BankCentral,  with  consolidated  assets  of
  approximately  $110  million,  operates  four  locations  in  Mattoon,
  Illinois.   The transaction, which involved an exchange  of  cash  and
  Company  common  stock  totaling  approximately  $13.0  million,   was
  recorded  using the purchase method of accounting.  The operations  of
  BankCentral  are  included  in  the consolidated  condensed  financial
  results beginning June 10, 1997.


  Consolidated Balance Sheet Analysis

        Total assets at June 30, 1997 were $2,160,026, up $154,822  from
  $2,005,204   at   December  31,  1996.   The  Company,   which   added
  BankCentral's  $110 million in assets during the second  quarter,  has
  also experienced good internal balance sheet growth.  During the first
  six  months  of  1997, investment securities increased  $123,747  with
  funding from a $112,495 increase in deposits and a $28,548 increase in
  short-term borrowings.  In addition to investing new funds, investment
  security maturities of $196,649 were also reinvested during the  first
  six months of 1997.
  
        Average earning assets, as a percentage of average total assets,
  increased  slightly in the first two quarters of 1997 to  92.58%  from
  92.19%  at  December 31, 1996.  The current loan-to-deposit  ratio  of
  74.29%  decreased  from  the  year-end level  of  74.64%  as  deposits
  increased  at  a slightly faster rate than the loan portfolio  in  the
  first half of 1997.
  
       Loan Portfolio

        The Company's banking group operates and substantially all loans
  are  made in the states of Illinois and Missouri.  The following table
  presents the composition of the loan portfolio as of June 30, 1997 and
  December 31, 1996:
  
                               June 30,   % of   December 31, % of
                                 1997     total      1996     total
  
  
  Commercial, financial
    and agricultural        $  329,015    23.88% $  291,706   22.43%
  
  Real estate - construction    81,477     5.91      67,618    5.20
  Real estate - mortgage       733,625    53.26     706,026   54.29
  
  Installment                  233,407    16.95     235,222   18.08
          Total loans       $1,377,524   100.00% $1,300,572  100.00%

        The  Company  manages  exposure  to  credit  risk  through  loan
  portfolio  diversification  by  customer,  industry,  and  loan  type.
  Credit   risk  management  also  includes  pricing  loans   to   cover
  anticipated  future loan losses, funding and servicing  cost,  and  to
  allow for a profit margin.

        The Company's loan portfolio at June 30, 1997, includes $99,903,
  or 7.3% of the total loan portfolio, in loans related to agribusiness.
  Such  loans  are  generally secured by farmland, crops  or  equipment.
  Lending  officers  of  the various subsidiary banks  work  with  their
  agricultural   borrowers  in  preparing  and   analyzing   cash   flow
  information used in the lending decision.

        Firstbank had no concentration of loans to any other industry on
  these  dates.  Additionally, the Company has refrained from  financing
  highly  leveraged corporate buy-outs, which management believes  would
  subject Firstbank to an unacceptable level of risk.
  
        The  Company is not aware of any loans classified for regulatory
  purposes at June 30, 1997, that are expected to have a material impact
  on  the  Company's  future operating results,  liquidity,  or  capital
  resources.   The  Company is not aware of any material  credits  about
  which  there is serious doubt as to the ability of borrowers to comply
  with  the loan repayment terms.  There are no material commitments  to
  lend  additional  funds to customers whose loans  were  classified  as
  nonaccrual at June 30, 1997.

       Reserve For Possible Loan Losses

        The  reserve  for  possible loan losses at  June  30,  1997  and
  December  31,  1996, was 1.47% of outstanding loans.   A  reserve  for
  possible  loan  losses  that exceeds the level of  identified  problem
  loans  reflects  management's conservative approach by  providing  for
  other  risks  inherent in the portfolio.  Reserves cover 153%  of  the
  Company's nonperforming loans at June 30, 1997.
  
       The following table summarizes average loans outstanding; changes
  in the reserve for possible loan losses arising from loans charged-off
  and  recoveries on loans previously charged-off, by loan category; and
  additions to the allowance that have been charged to expense:


                                      Six Months Ended  Twelve Months Ended
                                         June 30,          December 31,
                                           1997                1996
        
        Average loans outstanding      $1,303,824          $1,245,104
        
        Reserve at beginning of year   $   19,103          $   18,047
        Balance of purchased subsidiary                      
          bank                                982                   -
        Provision for possible loan 
          losses                            1,434               2,868
        
        Charge-offs:
        Commercial, financial and
          agricultural loans                  736               1,143
        Real estate - mortgage loans          429                 527
        Real estate - construction loans        5                  59
        Installment loans                     719               1,650
                                            1,889               3,379
        Recoveries:
        Commercial, financial and
          agricultural loans                  232                 591
        Real estate - mortgage loans          136                 370
        Real estate - construction loans        -                  15
        Installment loans                     210                 591
                                              578               1,567
        Net charge-offs                     1,311               1,812
        
        Reserve at end of period       $   20,208          $   19,103
        
        Net charge-offs to average loans     0.20%             0.15%
        
        
        In  determining an adequate balance in the reserve for  possible
  loan losses, management places its emphasis as follows:  evaluation of
  the  loan  portfolio  with  regard to  potential  future  exposure  on
  impaired  loans to specific customers and industries; reevaluation  of
  each nonperforming loan or loan classified by supervisory authorities;
  and an overall review of the remaining portfolio in light of past loan
  loss  experience.   Any problems or loss exposure estimated  in  these
  categories was provided for in the total current period reserve.
  
         Loan  portfolio  quality  remains  management's  top  priority.
  Management  believes  the  reserve for possible  loan  losses  remains
  adequate to absorb losses inherent in the consolidated loan portfolio.
  Ongoing reviews of the portfolio, coverage ratios, and trends  in  the
  reserve and net charge-offs support this belief.

       Nonaccrual, Restructured and Past Due Loans

        Nonperforming loans as a percentage of total loans was 0.96%  at
  June 30, 1997, down from 1.05% at March 31, 1997 and up from 0.83%  at
  December 31, 1996.
  
    Nonperforming loans at June 30, 1997 and December 31, 1996 include
  the following:

                                           June 30,        December 31,
                                             1997              1996
        Commercial, financial and
          agricultural                    $ 5,413           $ 4,274
        Real estate - construction          1,260               320
        Real estate - mortgage              5,508             5,534
        Installment                         1,035               676
            Total                         $13,216           $10,804
        
        Nonaccrual loans (1)              $11,320           $ 8,920
        Loans past due 90 days or more(2)   1,784             1,731
        Restructured loans (3) (4)            112               153
        Total nonperforming loans         $13,216           $10,804
        
        Nonperforming loans to
          total loans                         .96%              .83%

     (1)  It  is  the  policy of the Company to periodically review  its
        loans and to discontinue the accrual of interest on any loan for
        which  full collectibility of principal or interest is doubtful.
        Subsequent interest payments received on such loans are  applied
        to  principal if there is any doubt as to the collectibility  of
        such  principal;  otherwise,  these  receipts  are  recorded  as
        interest income.
        
     (2) Excludes loans accounted for on a nonaccrual basis.
        
     (3)  Restructured loans are classified as such only until such time
        as  the terms are substantially equivalent to terms on which new
        loans  with  comparable risks are being made.  For  purposes  of
        this summary, loans renewed on market terms existing at the date
        of renewal are not considered restructured loans.
        
     (4)  Excludes  loans accounted for on a nonaccrual basis and  loans
        contractually  past  due  90 days or  more  as  to  interest  or
        principal payments.

       In the normal course of business, the practice is to consider and
  act  upon  borrowers' requests for renewal of loans at their maturity.
  Evaluation of such requests includes a review of the borrower's credit
  history,  the collateral securing the loan, and the purpose  for  such
  request.   In  general,  loans which the Company  renews  at  maturity
  require  payment of accrued interest, a reduction in the loan balance,
  and/or   the  pledging  of  additional  collateral  and  a   potential
  adjustment  of  the interest rate to reflect changes in  the  economic
  conditions.
  
     Potential Problem Loans

        As  of  June 30, 1997, sixteen loan relationships with  a  total
  principal   balance  of  approximately  $2,622  were   identified   by
  management as having possible credit problems that raise doubts as  to
  the  ability  of  the borrowers to comply with the  current  repayment
  terms.  While these commercial or commercial real estate borrowers are
  currently  meeting  all the terms of the applicable  loan  agreements,
  their  financial condition has caused management to believe that their
  loans may result in disclosure at some future time as nonaccrual, past
  due or restructured.

     Foreign Outstandings

        The Company had no loans to any foreign countries on any of  the
  dates specified in the tables.

  Liquidity and Interest Rate Sensitivity
  
        Interest  rate  sensitivity  is closely  monitored  through  the
  Company's asset-liability management procedures.  At the end  of  this
  discussion is a table reflecting Firstbank's interest rate  gap  (rate
  sensitive  assets minus rate sensitive liabilities) analysis  at  June
  30,   1997,  individually  and  cumulatively,  through  various   time
  horizons.

        At  June 30, 1997 and December 31, 1996, the static gap analyses
  indicated  substantial  liability sensitivity  over  a  one-year  time
  horizon.  Generally, such a position indicates that an overall rise in
  interest  rates would result in an unfavorable impact on the Company's
  net  interest  margin, as liabilities would reprice more quickly  than
  assets.   Conversely,  the net interest margin would  be  expected  to
  improve  with  an overall decline in interest rates.  As savings,  NOW
  and  money  market accounts are subject to withdrawal on demand,  they
  are  presented in the analysis as immediately repriceable.   Based  on
  the Company's experience, pricing on such deposits is not expected  to
  change  in  direct  correlation with changes in the general  level  of
  short-term  interest rates.  Accordingly, management believes  that  a
  gradual increase in the general level of interest rates will not  have
  a material effect on the Company's net interest income.
  
       This traditional method of measuring interest rate risk does not,
  in  management's opinion, adequately assess many of the variables that
  affect  the  Company's  net interest margin.  As  a  result  Firstbank
  places  more emphasis on the use of simulation analysis.   Using  this
  technique,   the  impact  of  various  interest  rate   scenarios   on
  Firstbank's net interest margin are analyzed and management strategies
  adjusted  to  maintain  the interest margin within  certain  tolerance
  ranges.
  
        The  Company's simulation analysis evaluates the effect  on  net
  interest  income  of  alternative  interest  rate  scenarios   against
  earnings in a stable interest rate environment.  At December 31, 1996,
  the  analysis projected net interest income to decrease 2.2%  and  the
  net interest margin to contract 9 basis points if the general level of
  interest  rates  increased by 2 percentage points  over  the  next  12
  months  (.50%  each quarter).  Conversely, the analysis projected  net
  interest income to increase 4.9% and the net interest margin to expand
  by  20 basis points if the general level of interest rates fell  by  2
  percentage  points over the next 12 months (.50% each  quarter).   The
  June  30,  1997  simulation analysis, using the assumptions  described
  above,  projected  net interest income to decrease 3.5%  and  the  net
  interest  margin  to contract by 15 basis points if rates  increase  2
  percentage  points in the next 12 months.  If rates fall 2  percentage
  points, the net interest income was projected to increase 1.7% and the
  net interest margin projected to expand 8 basis points.
  
       At the present time, Company management is not aware of any known
  trends,  events  or  uncertainties that will have  or  are  reasonably
  likely  to have a material effect on the Company's liquidity,  capital
  resources  or  results  of  operations.  Company  management  is  also
  unaware  of  any current recommendations by the regulatory authorities
  which, if they were to be implemented, would have such an effect.

        The  Company has over 95% of its investment portfolio designated
  as  available-for-sale.  The unrealized gains, net  of  tax,  on  that
  portfolio  were $631 and $527 at June 30, 1997 and December 31,  1996,
  respectively,  and are reflected as an increase in the equity  section
  of  the  balance  sheet.   The  current  unrealized  gain,  which  has
  increased to approximately 0.1% of the total available-for-sale market
  value, is an indication that the aggregate yield remains very close to
  current market rates.

  Capital Resources

        The Company believes that a strong capital position is vital  to
  continued   profitability  and  to  promote  depositor  and   investor
  confidence.  The Company's consolidated capital levels are a result of
  its  capital  policy which establishes guidelines for each  subsidiary
  based  on industry standards, regulatory requirements, perceived  risk
  of the various businesses, and future growth opportunities.
  
        The Company's June 30, 1997 equity-to-asset and tangible equity-
  to-asset  ratios were 10.30% and 9.22% and consistent with 10.35%  and
  9.73% ratios, respectively, at the end of 1996.  The stability in  the
  equity  ratios  is attributable to the consistent growth  in  retained
  earnings  and  the overall balance sheet in the first  half  of  1997.
  Tangible  equity  declined slightly upon completion  of  two  purchase
  transactions, Zemenick & Walker and BankCentral, during the first  six
  months  of  1997.   The June 30, 1997 equity-to-asset ratio  excluding
  investment security unrealized holding gains is 10.28%.

        At  June 30, 1997, the Company and its banking subsidiaries each
  exceed  their  minimum  capital requirements  for  "well  capitalized"
  institutions.  Tier 1, Total Capital and Tier 1 Leverage  ratios  were
  15.02%,  16.27% and 9.58%, respectively at June 30, 1997.  The minimum
  capital ratios for "well capitalized" institutions are 6%, 10% and  5%
  for Tier 1, Total Capital and Tier 1 Leverage ratios, respectively.

        Shareholders'  equity represents book value  and  tangible  book
  value per common share of $21.24 and $18.78, respectively, at June 30,
  1997, as compared to $20.17 and $18.83, respectively, at December  31,
  1996.

  Consolidated Income Statement Analysis

       Net income for the three months ended June 30, 1997 was $7,374 as
  compared to net income for the corresponding period of 1996 of $6,916.
  The  improvement in earnings is attributable to increased net interest
  income  as  average  earning assets for the  second  quarter  of  1997
  increased  9.9% over the comparable 1996 quarter.  Earnings per  share
  for the three month period was $0.70 as compared to the 1996 amount of
  $0.66, an increase of 6.1%.
  
        Net income for the six months ended June 30, 1997 was $14,559 as
  compared  to  net  income  for the corresponding  period  of  1996  of
  $13,725.  The improvement in the Company's six month earnings can also
  be  attributable  to  the  increased net interest  income  as  average
  earning  assets for the six months ended June 30, 1997 increased  8.2%
  over the comparable 1996 period.  Earnings per share for the six month
  period  was $1.39 as compared to the 1996 amount of $1.31, an increase
  of 6.1%.

       Net Interest Income

       Net interest income for the first six months of 1997 was $41,407,
  or $2,487 above the first six months of 1996.  Net interest income for
  the  second  quarter  of 1997 was $21,113, or $1,556  above  the  1996
  quarter.   Interest  rates  have remained  relatively  stable  on  the
  Company's  funding while earning asset yields have increased slightly.
  Net  interest  income (on a tax-equivalent basis) as a  percentage  of
  average earning assets for the second quarter was 4.46% as compared to
  4.57%  for  the same period a year ago.  Average earning  assets  have
  increased $173 million, or nearly 10%, compared to the second  quarter
  last  year.   Because more than half of the growth in  earning  assets
  were  in  categories  other than loans, the net  interest  margin  has
  narrowed  slightly  as a percent of average earning  assets.   Average
  balance  sheets and yields are included for each of those quarters  at
  the end of this discussion.
  
       Provision For Possible Loans Losses

       The provision for possible loan losses of $1,434 and $717 for the
  first  six  months and second quarter of 1997 remained  constant  with
  1996.   Low nonperforming loan levels, low net charge-offs and  strong
  reserve  coverage  levels  have allowed  the  Company  to  maintain  a
  relatively low provision for possible loan losses in 1997.

       Noninterest Income

        Noninterest  income for the first six months of  1997  increased
  2.7%  compared  to  the  corresponding period in  1996.   The  Company
  sustained  a  consistent level of noninterest  income  in  the  second
  quarter of 1997 as compared to the same 1996 period.
  
        The Company provides long-term variable and fixed rate financing
  on  residential  real estate through two of its banking  subsidiaries.
  Originated loans are typically sold into the secondary market  without
  recourse while continuing to service the loans for investors.   Income
  from  mortgage lending activities also increased 3% in the first  half
  of 1997 compared to the prior year period.
  
       Noninterest Expense

        Noninterest expense increased 5.7% for the first six  months  of
  1997  compared  to  the  same  period of  1996.   Noninterest  expense
  increased  5.8% for the current quarter of 1997 as compared  with  the
  second  quarter of 1996.  Current year expense increases have resulted
  primarily from costs associated with strategic initiatives designed to
  provide comprehensive investment advisory services, discount brokerage
  services, and five new supermarket branch locations.

       Income Taxes

        Income  taxes of $8,168 and $4,227 for the first six months  and
  current quarter of 1997 exceeded the corresponding 1996 period amounts
  by  5.2% and 7.0%, respectively.  The primary differences between  the
  two  years were higher pre-tax earnings and lower levels of tax-exempt
  interest income in the current year.  The Company's effective tax rate
  for the second quarter of 1997 and 1996 was 36.4%.
  
  EFFECT OF NEW ACCOUNTING STANDARDS
  
        In  February  1997,  the  FASB  issued  Statement  of  Financial
  Accounting Standards No. 128, "Earnings per Share" ("SFAS 128").  SFAS
  128  establishes standards for computing and presenting  earnings  per
  share (EPS).  SFAS 128 simplifies existing standards for computing EPS
  and makes them comparable to international standards.  It replaces the
  presentation of primary EPS with a presentation of basic EPS.  It also
  requires dual presentation of basic and diluted EPS on the face of the
  income statement for all entities with complex capital structures  and
  requires a reconciliation of the components of basic and diluted  EPS.
  Basic  EPS  excludes  dilution  and is  computed  by  dividing  income
  available  to  common shareholders by the weighted-average  number  of
  common  shares outstanding for the period.  Diluted EPS  reflects  the
  potential  dilution that could occur if securities or other  contracts
  to issue common stock were exercised or converted into common stock or
  resulted  in  the  issuance of common stock that then  shared  in  the
  earnings  of  the  Company.   SFAS  128  is  effective  for  financial
  statements  issued  for  periods  ending  after  December  15,   1997,
  including  interim  periods, and requires restatement  of  all  prior-
  period  EPS data presented.  The adoption of SFAS 128 will not have  a
  material  effect on the Company's financial condition  or  results  of
  operations.

         In  June  1997,  the  FASB  issued  SFAS  No.  130,  "Reporting
  Comprehensive  Income" ("SFAS 130"),  which establishes standards  for
  reporting  and  display  of comprehensive income  and  its  components
  (revenues,  expenses,  gains, and losses) in a full  set  of  general-
  purpose  financial statements.  SFAS 130 requires that all items  that
  are required to be recognized under accounting standards as components
  of  comprehensive income be reported in a financial statement that  is
  displayed with the same prominence as other financial statements,  and
  requires  an  enterprise to (a) classify items of other  comprehensive
  income  by  their nature in a financial statement and (b) display  the
  accumulated  balance  of  other comprehensive income  separately  from
  retained earnings and additional paid-in capital in the equity section
  of  a  statement  of financial position.  SFAS 130  is  effective  for
  fiscal  years beginning after December 15, 1997.  Reclassification  of
  financial  statements  for  earlier periods provided  for  comparative
  purposes is required.  Management is currently considering the  impact
  of  SFAS  130, but does not believe it will have a material effect  on
  the financial statements.
  
        In  June 1997, the FASB issued SFAS No. 131, "Disclosures  about
  Segments of an Enterprise and Related Information" ("SFAS 131"), which
  establishes  standards  for the way that public  business  enterprises
  report  information  about  operating  segments  in  annual  financial
  statements  and  requires  that  those  enterprises  report   selected
  information about operating segments in interim financial  reports  to
  shareholders.   It also establishes standards for related  disclosures
  about  products  and services, geographic areas, and major  customers.
  Operating  segments  are  components  of  an  enterprise  about  which
  separate   financial  information  is  available  that  is   evaluated
  regularly  by  the chief operating decision maker in deciding  how  to
  allocate resources and in assessing performance.  Generally, financial
  information is required to be reported on the basis that  it  is  used
  internally  for  evaluating segment performance.   This  Statement  is
  effective  for  financial  statements  for  periods  beginning   after
  December  15,  1997.  In the initial year of application,  comparative
  information  for earlier yeas is to be restated.  This Statement  need
  not be applied to interim financial statements in the initial year  of
  its  application, but comparative information for interim  periods  in
  the  initial  year  of  application is to  be  reported  in  financial
  statements  for  interim periods in the second  year  of  application.
  Management is currently considering the impact of SFAS 131,  but  does
  not   believe  it  will  have  a  material  effect  on  the  financial
  statements.

  EFFECTS OF INFLATION
  
        Persistent high rates of inflation can have a significant effect
  on  the reported financial condition and results of operations of  all
  industries.   However, the asset and liability  structure  of  a  bank
  holding  company is substantially different from that of an industrial
  company,  in  that  virtually all assets and  liabilities  of  a  bank
  holding  company  are  monetary in nature.   Accordingly,  changes  in
  interest  rates  also  have a significant impact  on  a  bank  holding
  company's performance.  Interest rates do not necessarily move in  the
  same direction, or in the same magnitude, as the prices of other goods
  and services.
  
        Inflation does have an impact on the growth of total  assets  in
  the  banking  industry, often resulting in a need to  increase  equity
  capital at higher than normal rates to maintain an appropriate  equity
  to assets ratio.
  
       Although it is obvious that inflation affects the growth of total
  assets,  it  is difficult to measure the impact precisely.   Only  new
  assets  acquired  in  each year are directly  affected,  so  a  simple
  adjustment  of  asset  totals by use of  an  inflation  index  is  not
  meaningful.   The  results of operations also have  been  affected  by
  inflation, but again there is no simple way to measure the  effect  on
  the various categories of income and expense.
  
        Interest  rates  in  particular are  significantly  affected  by
  inflation,  but  neither the timing nor the magnitude of  the  changes
  coincides with changes in standard measurements of inflation  such  as
  the consumer price index.  Additionally, changes in interest rates  on
  some types of consumer deposits may be delayed.  These factors in turn
  affect  the composition of sources of funds by reducing the growth  of
  deposits that are less interest sensitive and increasing the need  for
  funds that are more interest sensitive.
Part I.  Financial Information
Item 2.  Management's Discussion and Analysis of Financial Condition and
Results of Operations...continued

FIRSTBANK OF ILLINOIS CO. AND SUBSIDIARIES
INTERIM CONSOLIDATED CONDENSED AVERAGE BALANCE SHEETS (Unaudited)
(in thousands of dollars)


                                Three Months Ended    Three Months Ended
                                  June 30, 1997         June 30, 1996
                                       Interest Average      Interest Average
                                Average Income/ Yield/ Average Income/ Yield/
                                Balance Expense Rate   Balance Expense Rate
ASSETS
Earning assets:
  Loans                       $1,303,824 $29,114 8.96% $1,224,883 $27,232 8.94%
  Investment securities:
    Taxable                      558,943   8,625 6.19     452,291   6,272 5.58
    Nontaxable                    23,744     497 8.40      32,903     686 8.38
  Short-term investments          30,402     436 5.75      33,499     451 5.41
      Total earning assets     1,916,913  38,673 8.09   1,743,576  34,641 7.09

Nonearning assets:
  Cash and due from banks         73,145                   80,892
  Premises and equipment          45,313                   41,633
  Reserve for possible loan 
    losses                       (19,279)                 (18,484)
  Other assets                    54,514                   45,927
      Total nonearning assets    153,693                  150,968

      Total assets            $2,070,606               $1,894,544

LIABILITIES                                         
Interest-bearing liabilities:
Interest-bearing deposits:
  Savings, NOW and money market
    accounts                  $  665,323 $ 4,793 2.89% $  618,066 $ 4,091 2.66%
  Time deposits                  842,210  11,714 5.58     760,537  10,216 5.40
Federal funds purchased and
   securities sold under repurchase
   agreements                     67,407     860 5.12      43,397     521 4.83
Other short-term and long-term              
   borrowings                        621       5 3.23         448       9 8.08
     Total interest-bearing 
     liabilities               1,575,561  17,372 4.42   1,422,448  14,837 4.20

Noninterest-bearing deposits     263,859                  257,472
Other liabilities                 18,568                   19,111

Total liabilities              1,857,988                1,699,031

SHAREHOLDERS' EQUITY             212,618                  195,513

Total liabilities and
  shareholders' equity        $2,070,606               $1,894,544

Net interest income/net yield
   on earning assets                     $21,301 4.46%            $19,804 4.57%



Part I.  Financial Information

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

FIRSTBANK OF ILLINOIS CO. AND SUBSIDIARIES
INTERIM CONSOLIDATED INTEREST RATE GAP ANALYSIS (Unaudited)
(in thousands of dollars)

                                            June 30, 1997
                                  Remaining Maturity if Fixed Rate;
                        Earliest Possible Repricing Interval if Floating Rate



                                 3       Over 3    Over 1
                              months     months -   year -     Over
                                or         12        5          5
                               less      months    years      years     Total

INTEREST-EARNING ASSETS
Loans                      $ 428,340 $ 273,961 $  628,625 $  43,959 $1,374,885
Investment securities         50,449    91,987    448,547    10,948    601,931
Other interest-earning 
  assets                      13,864         -          -         -     13,864
Total interest-earning 
  assets                   $ 492,653 $ 365,948 $1,077,172 $  54,907 $1,990,680

INTEREST-BEARING LIABILITIES

Savings, NOW, Money 
  Markets                  $ 675,876 $       - $        - $       - $  675,876
Time deposits over $100,000   95,607    69,457     56,498     1,387    222,949
All other time deposits      141,463   327,265    194,263       754    663,745
Nondeposit interest-bearing
   liabilities                62,523     4,624        988         -     68,135
Total interest-bearing 
   liabilities             $ 975,469 $ 401,346 $  251,749 $   2,141 $1,630,705


GAP by Period              $(482,816)$  35,398 $  825,423 $  52,766 $  359,975

Cumulative GAP             $(482,816)$(518,214)$  307,209 $ 359,975 $  359,975


NOTE:      Loans  scheduled  to  reprice are  reported  in  the  earliest
     possible repricing interval for this analysis.



                                     
                        PART II.  OTHER INFORMATION


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

          None

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

          None


          A.   Exhibit 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 duly authorized.


     Firstbank of Illinois Co.

By:   /s/  Chris R.
Zettek
     Executive Vice President and
     Chief Financial Officer

     Date:     August 12, 1997

Exhibit 11

FIRSTBANK OF ILLINOIS CO.

Computation of Net Earnings per Common Share

                                 Six Months Ended     Three Months Ended
                                     June 30,              June 30,
                                  1997      1996        1997      1996

Net Income                   $14,559,000 $13,725,000 $ 7,374,000 $ 6,916,000


Weighted average common
  shares outstanding          10,317,441  10,337,118  10,338,545  10,337,361

Plus weighted average
  common share equivalents:
   Assuming exercise of
     employee stock options      176,423     162,327     182,187     159,849

Weighted average common shares
  and common share equivalents            
  outstanding                 10,493,864  10,520,732  10,520,732  10,497,210


Net earnings per common share $     1.39 $      1.31 $      0.70 $      0.66