SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

                   QUARTERLY REPORT UNDER SECTION 13 0R 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended March 31, 2001                   Commission File Number 0-1437
--------------------------------------------------------------------------------

                    THE FIRST REPUBLIC CORPORATION OF AMERICA
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

         DELAWARE                                     13-1938454
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(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                        Identification No.)

    302 Fifth Avenue, New York, NY                    10001
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(Address of principal executive office)               (Zip Code)

        Registrant's telephone number, including area code (212) 279-6100

--------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last
report:

Indicate by checkmark whether the registrant (1) has filed all reports required
to be filed by Sections 13 and 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days: Yes |X| No |_|

As of May 11, 2001, there were 668,997 shares of common stock outstanding.


                                        1
<PAGE>

                          PART I. FINANCIAL INFORMATION

                    THE FIRST REPUBLIC CORPORATION OF AMERICA

                                AND SUBSIDIARIES

                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                                      March  31,      June 30,
                                                        2001           2000
                                                    ------------   ------------
                                                    (UNAUDITED)      (SEE NOTE
                                                                       BELOW)
Assets

Current Assets
     Cash and Cash Equivalents                      $  3,388,910   $  2,302,713
     Accounts Receivable                               7,852,315      7,074,613
     Inventories (Note 2)                             14,483,780      9,315,724
     Other Current Assets                              4,146,229      3,352,381
                                                    ------------   ------------

          Total Current Assets                        29,871,234     22,045,431
                                                    ------------   ------------

Property, Plant and Equipment                         76,339,812     76,712,511
          Less: Accumulated Depreciation              31,844,732     30,826,778
                                                    ------------   ------------
                Net Property, Plant and Equipment     44,495,080     45,885,733
                                                    ------------   ------------

Other Assets                                          32,007,464     31,797,355
                                                    ------------   ------------

TOTAL ASSETS                                        $106,373,778   $ 99,728,519
                                                    ============   ============

Liabilities and Stockholders' Equity

Current Liabilities - Note 6                        $  7,619,363   $ 15,266,392
                                                    ------------   ------------

Long-Term Debt                                        26,329,871     27,318,488
                                                    ------------   ------------

Other Liabilities                                      1,860,202      2,645,593
                                                    ------------   ------------

Stockholders' Equity:
     Common Stock                                      1,175,261      1,175,261
     Other Stockholders' Equity                       69,389,081     53,322,785
                                                    ------------   ------------
          Total Stockholders' Equity                  70,564,342     54,498,046
                                                    ------------   ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY          $106,373,778   $ 99,728,519
                                                    ============   ============

NOTE: The balance sheet at June 30, 2000 has been derived from the audited
      financial statements at that date and condensed.

       SEE NOTES TO CONDENSED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


                                        2
<PAGE>

                    THE FIRST REPUBLIC CORPORATION OF AMERICA
                                AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                      Nine months ended              Three months ended
                                                         March  31,                      March  31,
                                                   2001            2000            2001            2000
                                               ------------    ------------    ------------    ------------
<S>                                            <C>             <C>             <C>             <C>
Revenues
     Sales-Textile and Seafood                 $ 34,321,485    $ 28,245,953    $ 11,233,877    $ 10,253,461
     Real Estate and Hotel Operations            16,682,721      17,543,675       5,006,878       5,574,159
     Other                                        1,417,178       1,030,678         538,600         537,467
                                               ------------    ------------    ------------    ------------

           Total Revenues                        52,421,384      46,820,306      16,779,355      16,365,087
                                               ------------    ------------    ------------    ------------

Expenses
     Cost of Sales - textile and seafood         33,218,183      26,221,666      10,920,525       9,473,033
     Operating-real estate and hotel              8,978,346       7,924,421       3,221,899       2,862,706
     Selling, general & administrative            6,150,064       5,267,309       2,040,483       1,725,085
     Depreciation and amortization                3,147,511       3,606,567       1,060,932       1,200,134
     Real estate taxes                            1,490,685       1,591,248         497,714         535,050
     Interest                                     1,886,812       2,207,437         557,439         740,130
     Minority interests' share of loss
           of subsidiaries                       (1,165,601)       (841,943)       (366,000)       (307,010)
                                               ------------    ------------    ------------    ------------

           Total Expenses                        53,706,000      45,976,705      17,932,992      16,229,128
                                               ------------    ------------    ------------    ------------

     (Loss) Income before income taxes and
       equity in loss of affiliated entities     (1,284,616)        843,601      (1,153,637)        135,959
     Equity in loss of affiliated entities         (542,450)       (810,149)       (106,635)       (321,037)
     Gain on Sale of Real Estate held
       for rental - Note 8                       18,629,597              --              --              --
     Income taxes - Note 3                         (711,000)       (292,000)         (3,000)       (105,000)
                                               ------------    ------------    ------------    ------------

           Net Income (Loss)                   $ 16,091,531    $   (258,548)   $ (1,263,272)   $   (290,078)
                                               ============    ============    ============    ============

     Income per share:
           Net Income (Loss) - basic and
           diluted                             $      24.04    $       (.39)   $      (1.89)   $       (.44)
                                               ============    ============    ============    ============

Average shares outstanding
           basic and diluted                        669,268         669,985         669,049         669,977
</TABLE>

        SEE NOTES TO CONDENSED UNAUDITED CONSOLIDATED FINANCIAL STATEMENT


                                        3
<PAGE>

                    THE FIRST REPUBLIC CORPORATION OF AMERICA

                                AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                   Nine Months Ended
                                                                       March  31,
                                                                  2001            2000
                                                              ------------    ------------
<S>                                                           <C>             <C>
OPERATING ACTIVITIES
      Net Income (Loss)                                       $ 16,091,531    $   (258,548)
          Adjustments to Reconcile Net Income (Loss) to
          Cash Used in Operating Activities:
              Gain on Sale of Real Estate held for Rental      (18,629,597)             --
              Depreciation and Amortization                      3,147,511       3,606,567
              Minority Interests' Share of Loss in
                Subsidiaries                                    (1,165,601)       (841,943)
      Changes in Operating Assets and Liabilities:
              Increase in Accounts Receivable                     (777,702)     (2,219,612)
              Increase in Inventories                           (5,168,056)     (4,981,627)
              (Increase) Decrease in Other Current Assets         (793,848)        470,708
              Increase in Accounts Payable                       1,902,971       1,238,302
              Decrease in Other Liabilities                       (785,391)        (34,413)
                                                              ------------    ------------

              NET CASH USED IN OPERATIONS                       (6,178,182)     (3,020,566)
                                                              ------------    ------------

INVESTING ACTIVITIES
      Purchase of Property, Plant and Equipment                 (3,177,261)     (3,254,802)
      Investment in and Advances to Affiliated Entities-Net        930,257        (549,400)
      Proceeds from Sale of Real Estate held for Rental         20,050,000              --
                                                              ------------    ------------

        NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES     17,802,996      (3,804,202)
                                                              ------------    ------------

FINANCING ACTIVITIES
      Proceeds from Mortgages and Notes Payable to Banks                --         670,000
      Payments on Mortgages and Notes Payable to Banks            (988,617)     (1,234,881)
      Other Financing Activities (Note 6)                       (9,550,000)      7,245,120
                                                              ------------    ------------

        NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES    (10,538,617)      6,680,239
                                                              ------------    ------------

      INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS           1,086,197        (144,529)
      Cash and Cash Equivalents at Beginning of Period           2,302,713       1,506,113
                                                              ------------    ------------

      CASH AND CASH EQUIVALENTS AT END OF PERIOD              $  3,388,910    $  1,361,584
                                                              ============    ============
</TABLE>

       SEE NOTES TO CONDENSED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


                                        4
<PAGE>

                    THE FIRST REPUBLIC CORPORATION OF AMERICA
                                AND SUBSIDIARIES
         NOTES TO CONDENSED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The condensed consolidated balance sheet as of March 31, 2001 and the
consolidated statements of operations and cash flows for the nine month periods
ended March 31, 2001 and 2000, have been prepared by the Company, without audit.
In the opinion of management, all adjustments (which include only normal
recurring adjustments) necessary to present fairly the financial position,
results of operations and cash flows at March 31, 2001 and for all periods
presented, have been made.

2. INVENTORIES

                                                     March 31,         June 30,
                                                      2001               2000
                                                   -----------       -----------
Work-in process and
  raw materials                                    $ 1,925,396       $ 1,511,915
Finished goods                                      12,558,384         7,803,809
                                                   -----------       -----------
                                                   $14,483,780       $ 9,315,724
                                                   -----------       -----------

3. INCOME TAXES

                                                          Nine Months Ended
                                                              March 31,
                                                       2001              2000
                                                   -----------       -----------

Federal                                            $   400,000       $    30,000
State                                                  311,000           262,000
                                                   -----------       -----------
                                                   $   711,000       $   292,000
                                                   -----------       -----------

4. EARNINGS PER SHARE

Earnings per share are based upon the weighted average shares outstanding and
the Company does not have any dilutive securities.

5. INDUSTRY SEGMENTS

                                                          Nine months ended
                                                              March 31,

                                                       2001              2000
                                                   -----------       -----------
Revenues:
     Real Estate                                   $11,914,244       $12,823,072
     Hotel                                           4,768,477         4,720,603
     Seafood                                        24,787,936        20,243,569
     Textile                                         9,533,549         8,002,384
     Corporate and Other                             1,417,178         1,030,678
                                                   -----------       -----------
                                                   $52,421,384       $46,820,306
                                                   ===========       ===========


                                        5
<PAGE>

                    THE FIRST REPUBLIC CORPORATION OF AMERICA
                                AND SUBSIDIARIES
         NOTES TO CONDENSED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

INDUSTRY SEGMENTS (Continued)

                                                        Nine months ended
                                                            March 31,

                                                    2001                 2000
                                               ------------         ------------
Identifiable Assets:
    Real Estate                                $ 33,862,671         $ 41,476,389
    Hotel                                         5,549,173            6,491,849
    Seafood                                      35,528,636           28,120,984
    Textile                                      10,134,965            9,880,093
    Corporate                                    21,298,333           18,212,346
                                               ------------         ------------
                                               $106,373,778         $104,181,661
                                               ============         ============

Results of operations are shown in Managements Discussion and Analysis of
Financial Condition and Results of Operations.

6. RELATED PARTY TRANSACTION

On October 4, 2000 the Company repaid outstanding loans from related parties,
including accrued interest, of $9,688,000. Proceeds from the loans had been used
to finance Bluepoints expanded importation and sale of lobster tails. The loans,
which bore interest at 8%, had no fixed repayment terms or maturity dates.

7. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Statement of Financial Accounting Standard No. 133, "Accounting for Derivative
Instruments and Hedging Activities" became effective for all fiscal years
beginning after June 15, 2000. This pronouncement does not have any effect on
the Company's consolidated financial statements and it is not expected that it
will have a material effect in the future due to the Company's limited use of
derivative instruments or hedges.

8. GAIN ON SALE OF REAL ESTATE HELD FOR RENTAL

On October 4, 2000 the Company sold its office building on West 39th Street in
New York City for $20,800,000. The Company recognized a gain of approximately
$18,630,000 and received net proceeds of approximately $20,050,000. The Company
used $9,688,000 of proceeds to repay its indebtedness to related parties.


                                        6
<PAGE>

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS
                                 (IN THOUSANDS)

Liquidity and Capital Resources

Working capital for the nine months ended March 31, 2001 increased by
approximately $15,473. Net cash used in operating activities was approximately
$6,178. Net cash used in financing activities was approximately $10,539. Net
cash of approximately $17,803 was provided by investing activities.

The Company's credit agreement with its principal lender provides for a $9,000
term loan with an interest rate of 7.5% per annum and a $3,000 revolving line of
credit with an interest rate equal to either (a) LIBOR plus 2% or, (b) the
Alternate Base Rate (as defined) plus 0.50%. These loans are also collateralized
by a mortgage on the East Newark Industrial Center. The term loan requires
amortization payments of $359 per annum. The term loan matures on October 21,
2002 and the revolving line of credit matures on October 21, 2001. At March 31,
2001 the term loan balance was $7,804 and no amount was outstanding under the
revolving line of credit.

The Company borrowed funds from related parties to finance expanded importation
and sale of lobster tails. At October 4, 2000 the balance, including accrued
interest was $9,688. This balance was repaid from proceeds from the sale of the
West 39th Street property.

On August 31, 1998, the Company obtained a $4,000 construction loan from a bank
for its property at 260 Merrimac Street in Newburyport, Massachusetts. The loan
was obtained for the purpose of converting the vacant property, formerly
occupied by Towle Manufacturing Company into commercial space suitable for
rental. Initially $2,685 was borrowed, with $1,315 available to be borrowed when
additional space is rented. An additional $670 was borrowed on August 25, 1999.
The construction loan, which matured on August 31, 2000 has been extended in
anticipation of its conversion to a five year term loan. Interest on the
construction loan is at the bank's prime rate from time to time, or at LIBOR
plus 1.75% for one to twelve month periods, elected by the Company. Interest on
the term loan will be based upon the five year United States Treasury Bond rate
plus 1.75%.


                                        7
<PAGE>

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS - CONTINUED
                                 (IN THOUSANDS)

Results of Operations

      Nine months ended March 31, 2001 and 2000

Income from operations before income taxes, minority interests and gain on sale
of real estate decreased $2,185. The components are as follows:

                                                                      (Decrease)
                                         2001             2000         Increase
                                      -------          -------         -------

Real Estate                           $ 2,793          $ 4,156         $(1,363)
Hotel                                     206              413            (207)
Seafood                                (3,277)          (2,322)           (955)
Textiles                                   10             (268)            278
Corporate                              (2,725)          (2,787)             62
                                      -------          -------         -------
                                      $(2,993)         $  (808)        $(2,185)
                                      -------          -------         -------

REAL ESTATE

      Revenues decreased $909 as a result of the sale of the Company's office
building at 39th Street on October 4, 2000 and its Miami Beach property on May
1, 2000. Earnings decreased $1,363 primarily due to reduced revenues and
increased repairs and maintenance at Nyanza $(555). There were no significant
variations in any other expense category. Operating profits were substantially
the same at all of the other properties.

HOTEL

      Revenues increased $48 over last year. Hotel earnings decreased $207 as a
result of higher operating costs of $255.

SEAFOOD

      Revenues increased $4,544 primarily due to an expansion at the Company's
Florida operations to include the sale and processing of shrimp and an increase
in the sale of fresh seafood products at our Bluepoints Long Island operation.
Losses are continuing in the seafood division due primarily to curtailed
production at the Company's clam operation, continuing losses in Ecuador due to
lower than anticipated shrimp production and a lack of Calico scallops at our
Cape Canaveral Florida operation. Losses in Ecuador were $1,984 this year as
compared to last years loss of $1,689 due principally to the continuation of
White Spot Virus in Ecuador that has decimated that country's shrimp production.
Operations in Florida lost $1,150 as compared to a loss last year of $624.
Bluepoints Long Island operations had a loss of $143 as compared to a loss of $9
last year.

TEXTILES

      Hanora Spinning's earnings increased $137 to $385 due to higher revenues.
Hanora South and J & M Dyers recognized a combined loss of $259 compared to last
years combined loss of $371 due to higher revenues. Whitlock Combing incurred a
loss of $116 in the current period as compared to a loss of $145 last year
relating to its property in South Carolina which is being offered for sale.
Overall, textile revenues increased $1,531.

CORPORATE/OTHER

      Corporate expenses, including interest on the Company's term loan and
revolving line of credit, decreased by $62.


                                        8
<PAGE>

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS - CONTINUED
                                 (IN THOUSANDS)

Results of Operations

      Three months ended March 31, 2001 and 2000

Income from operations before income taxes and minority interests decreased
$1,135. The components are as follows:

                                                                      (Decrease)
                                         2001             2000        Increase
                                      -------          -------         -------

Real Estate                           $   399          $ 1,070         $  (671)
Hotel                                    (156)              --            (156)
Seafood                                (1,155)            (537)           (618)
Textiles                                   63               28              35
Corporate                                (778)          (1,053)            275
                                      -------          -------         -------
                                      $(1,627)         $  (492)        $(1,135)
                                      -------          -------         -------

REAL ESTATE

      Revenues decreased $482 and earnings decreased $671. The earnings decrease
was primarily due to lower revenues as a result of the sale of the Company's
office building at 39th Street and its Miami Beach property, increased repairs
and maintenance at the Nyanza Building of $49 and an increase in snow removal
costs of $106. There were no significant variations in any expense category.

HOTEL

      Revenues decreased $85 over last year. Hotel earnings decreased $156 as a
result of higher operating costs and lower revenues.

SEAFOOD

      Revenues increased $513 primarily due to an expansion at the Company's
Florida operations to include the selling and processing of shrimp and an
increase in sales of fresh seafood products at our Bluepoints Long Island
operation. Losses are continuing in the seafood division due primarily to
curtailed production at the Company's clam operation, continuing losses in
Ecuador due to lower than anticipated shrimp production and a lack of Calico
scallops at our Florida operation. Losses in Ecuador were $558 this quarter as
compared to last years loss of $694 due principally to the White Spot virus in
Ecuador that has decimated that country's shrimp production. Scallop operations
in Florida lost $577 as compared to a profit last year of $12. Bluepoints Long
Island operations had a loss of $20 as compared to a profit last year of $145.


                                        9
<PAGE>

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS - CONTINUED
                                 (IN THOUSANDS)

TEXTILES

      Hanora Spinning's earnings decreased $35 to $138 for the quarter. Hanora
South and J & M Dyers recognized a combined loss of $33 compared to last years
loss of $100. Whitlock Combing incurred a loss of $42 in the current period as
compared to a loss of $45 last year relating to its property in South Carolina
which is being offered for sale. Overall, textile revenues increased $467.

CORPORATE/OTHER

      Corporate expenses, including interest on the Company's term loan and
revolving line of credit, decreased by $275 due principally to a reduction in
interest costs of $98 and reduced professional fees of $86.

FORWARD-LOOKING STATEMENTS

Certain statements made in this report may constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21B of the Securities Act of 1934, as amended. Such
forward-looking statements include statements regarding the intent, belief or
current expectations of the Company and its management and involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among other things, the
following: the ability of the Company to increase production at its Ecuadorian
shrimp farms and to address the virus problem that is effecting shrim p
production in Ecuador, the clam inventory in the Great South Bay, the
availability of scallops in the area covered by the Company's Cape Canaveral,
Florida operations, demand for the Company's textile services, and general
economic and business conditions, which will, among other things, affect the
demand for space and rooms at the Company's real estate and hotel properties,
the availability and creditworthiness of prospective tenants, lease rents and
terms and availability of financing; and adverse changes in the real estate
markets, including, among other things, competition with other companies, risk
of real estate development and acquisition, governmental actions and initiatives
and environmental safety requirements.


                                       10
<PAGE>

PART II. OTHER INFORMATION

ITEM 6. Exhibits and Reports on Form 8-K.

      Exhibits: None

      Reports:  There were no reports on Form 8-K filed during the quarter ended
                March 31, 2001.

                                   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.

                    THE FIRST REPUBLIC CORPORATION OF AMERICA
                                   Registrant


Date:     May 21, 2001                            /s/  Norman A. Halper
                                                  -----------------------------
                                                       Norman A. Halper
                                                            President


Date:     May 21, 2001                            /s/    Harry Bergman
                                                  -----------------------------
                                                         Harry Bergman
                                                            Treasurer