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 September 30, 1995          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                                 (Zip code)
offices)


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 -- 9,835,590 shares outstanding on
September 30, 1995.









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)
                                                    September 30,   December 31,
                                                         1995            1994
ASSETS
Cash and due from banks                              $   73,059       $  72,540
Short-term investments                                   27,325          15,193
Investment securities:
  Available-for-sale, at market value                   385,706         407,238
  Held-to-maturity, at amortized cost (market values
      of $46,105 for 1995 and $51,470 for 1994)          44,399          51,015
       Total investment securities                      430,105         458,253

Loans                                                 1,160,660       1,140,645
Unearned discount                                        (6,267)         (8,606)
    Loans, net of unearned discount                   1,154,393       1,132,039
Reserve for possible loan losses                        (17,480)        (17,801)
    Loans, net                                        1,136,913       1,114,238

Premises and equipment, net                              40,107          41,784
Accrued income receivable                                20,463          17,425
Other assets                                             27,806          33,628
       Total assets                                  $1,755,778      $1,753,061

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
Deposits:
  Noninterest-bearing                                $  237,410      $  252,420
  Interest-bearing                                    1,274,628       1,224,014
       Total deposits                                 1,512,038       1,476,434

Short-term borrowings                                    47,234          92,764
Other liabilities                                        16,050          14,741
Long-term borrowings                                        155          10,638
       Total liabilities                              1,575,477       1,594,577

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--9,838,666 shares
    in 1995 and 9,829,362 shares in 1994                  9,839           9,829
Capital surplus                                          39,326          39,439
Retained earnings                                       132,725         120,711
Unrealized holding losses on investment
   securities available-for-sale                         (1,503)        (11,370)
Less treasury stock at cost:
   3,076 shares in 1995 and 4,868 shares in 1994            (86)           (125)
       Total shareholders' equity                       180,301         158,484
       Total liabilities and shareholders' equity    $1,755,778      $1,753,061

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)

                                          Nine Months Ended   Three Months Ended
                                            September 30,        September 30,
                                           1995      1994       1995      1994

INTEREST INCOME
Interest and fees on loans               $75,613   $67,829    $25,800   $23,541
Interest on investment securities:
  Taxable                                 15,753    18,268      5,148     5,948
  Exempt from Federal income tax           1,878     2,490        602       790
Interest on short-term investments         1,598       546        736       173
     Total interest income                94,842    89,133     32,286    30,452

INTEREST EXPENSE
Interest on deposits                      38,057    28,156     13,675     9,639
Interest on short-term borrowings          1,819     2,483        461     1,128
Interest on long-term borrowings             413     1,040          5       233
     Total interest expense               40,289    31,679     14,141    11,000

     Net interest income                  54,553    57,454     18,145    19,452
Provision for possible loan losses         1,575     2,025        525       675

     Net interest income after
     provision for possible loan losses   52,978    55,429     17,620    18,777

NONINTEREST INCOME
Securities gains, net                         17       136         (3)       (1)
Revenues from fiduciary activities         4,647     3,999      1,579     1,309
Service charges on deposit accounts        4,303     4,582      1,442     1,577
Other                                      6,037     5,587      1,865     2,016
     Total noninterest income             15,004    14,304      4,883     4,901

NONINTEREST EXPENSE
Salaries and employee benefits            21,998    23,543      7,418     7,725
Net occupancy                              3,293     3,381      1,111     1,053
Equipment                                  3,475     3,565      1,168     1,265
Other                                     10,515    13,110      2,993     4,488
     Total noninterest expense            39,281    43,599     12,690    14,531

Net income before income taxes            28,701    26,134      9,813     9,147

Income tax expense                        10,195     8,787      3,508     3,121

Net income                               $18,506   $17,347    $ 6,305   $ 6,026

Earnings per common share                $  1.85   $  1.74    $  0.63   $  0.60



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)
                                                             
                                                             Nine Months Ended
                                                                September 30,
                                                               1995      1994

OPERATING ACTIVITIES
 Net income                                                 $ 18,506   $ 17,347
 Adjustments to reconcile net income to net cash provided
  by operating activities:
   Depreciation and amortization                               8,397      8,202
   Provision for possible loan losses                          1,575      2,025
   Losses incurred on other real estate owned                      2         84
   Increase in accrued income receivable                      (3,038)    (1,342)
   Gain on sale of loans                                          -        (268)
   Other, net                                                   1,204    (2,029)
   Originations of loans for sale                             (69,099)  (86,876)
   Proceeds from sale of loans                                 66,146    84,743
      Net cash provided by operating activities                23,693    21,886

INVESTING ACTIVITIES
 Purchases of investment securities:
   Available-for-sale                                         (72,976) (181,897)
   Held-to-maturity                                                -       (837)
 Proceeds from sales of investment securities
   Available-for-sale                                          51,000    42,283
 Proceeds from maturities of and principal payments on
   investment securities:
   Available-for-sale                                          54,635    78,239
   Held-to-maturity                                             6,238    12,117
 Purchases of premises and equipment                           (2,053)   (4,222)
 Proceeds from sales of premises and equipment                     52        35
 Proceeds from sales of other real estate owned                 1,427     3,979
 Net loans originated                                         (22,600)  (32,047)
 Other, net                                                       -         117
   Net cash provided by (used in) investing activities         15,723   (82,233)

FINANCING ACTIVITIES
 Net decrease in noninterest-bearing deposit accounts         (15,010)  (11,554)
 Net increase (decrease) in savings, NOW and                           
  money market deposits                                       (32,537)    9,966
 Net increase (decrease) in certificates of deposit            83,151   (21,063)
 Net increase (decrease) in short-term borrowings             (45,530)   75,090
 Principal payments under capital lease obligations              (133)     (120)
 Payments to retire long-term debt                            (10,350)   (6,826)
 Cash dividends paid                                           (6,307)   (5,789)
 Proceeds from exercise of common stock options                   266       434
 Proceeds from dividend reinvestment plan                         377       340
 Purchase of shares for treasury                                 (692)     (175)
      Net cash provided by (used in) financing activities     (26,765)   40,303

Increase (decrease) in cash and cash equivalents               12,651   (20,044)
Cash and cash equivalents at beginning of year                 87,733   105,856
Cash and cash equivalents at end of period                   $100,384  $ 85,812

Supplemental information:
  Income taxes paid                                          $  8,955  $  9,300
  Interest paid                                                38,973    31,697
  Noncash transfers of loans to other real estate               1,303     1,406

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)
  
  September 30, 1995

  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, 1994.
  
  2.   On  March 2, 1994, the Company acquired Rowe, Henry & Deal,  Inc.
       (RHD),  an independent registered securities dealer headquartered
       in  Jacksonville, Illinois.  The transaction was an  exchange  of
       13,379  shares of Company common stock for all of the issued  and
       outstanding  common stock of RHD.  During 1995, this subsidiary's
       name  was  changed to FFG Investments Inc.  This acquisition  was
       accounted  for as a pooling-of-interests; however,  prior  period
       financial statements have not been restated due to immateriality.
  
  3.   On April 25, 1994, the Company acquired Colonial Bancshares, Inc.
       (Colonial).   Colonial, with total assets of  approximately  $165
       million  and  headquartered  in  Des  Peres,  Missouri,  operates
       Colonial  Bank  in  Des  Peres  and  Ellisville,  Missouri.   The
       transaction,  an  exchange of 505,376 shares  of  Company  common
       stock  for  all  of the issued and outstanding  common  stock  of
       Colonial,  was recorded under the pooling-of-interests method  of
       accounting   on  the  date  of  acquisition.   The   consolidated
       condensed financial statements included herein have been restated
       to include Colonial's operating results.
       
  4.   On  January 25, 1995, 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 on March 17, 1995 was distributed on April
       1,  1995.   This resulted in the issuance of 3,279,106 additional
       shares  of common stock.  The par value of the new shares  issued
       totaled $3,279,106, which was transferred from capital surplus to
       the  common stock account.  In addition, all references to number
       of  shares,  per share amounts, and common stock outstanding  for
       all  periods  presented prior to that time have been restated  to
       reflect the stock split.
  
  5.   On  June  12,  1995,  the  Company announced  the  signing  of  a
       definitive agreement to acquire Confluence Bancshares Corporation
       (Confluence)  and  its  wholly owned  subsidiary,  Duchesne  Bank
       (Duchesne).   Duchesne,  headquartered in St.  Peters,  Missouri,
       also   operates  a  separate  branch  facility  in  St.  Charles,
       Missouri.  Duchesne had total assets of approximately $82 million
       at  September  30, 1995.  The acquisition calls  for  payment  of
       500,000 shares of Firstbank common stock in exchange for all  the
       outstanding common stock of Confluence.  The Company expects this
       transaction to be recorded under the pooling-of-interests  method
       of accounting and close in the fourth quarter of 1995.
  
  6.   The  Company  retired its unsecured term credit facility  (credit
       facility)  with  a remaining principal balance of $10,350,000  on
       June  26, 1995.  The credit facility, which had an original  term
       of  five  years,  required semiannual principal payments  with  a
       final  installment due September 30, 1996.  The Company  obtained
       the  $30,000,000 credit facility on April 25, 1991 to finance the
       acquisitions of PBM Bancorp, Inc. and Central Banc System, Inc.

  7.   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 $66,146,000 and $84,743,000  sold
       during the first nine months of 1995 and 1994, respectively.   At
       September  30,  1995 and December 31, 1994, the Company  serviced
       loans  aggregating  $317,922,000 and $322,405,000,  respectively,
       which were owned by others.

  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
  
        The  acquisition  of Colonial Bancshares, Inc.  was  consummated
  during April of 1994.  The transaction was accounted for as a pooling-
  of-interests  and,  accordingly,  all  previously  reported  financial
  information has been restated to reflect its addition.
  
        As  discussed  in  note 4 to the interim consolidated  condensed
  financial statements included herein, the Company's Board of Directors
  authorized a three-for-two stock split effected in the form  of  a  50
  percent  stock dividend distributed April 1, 1995.  All references  to
  number of shares, per share amounts, and common stock outstanding  for
  all periods presented prior to that time have been restated to reflect
  the stock split.
  
  Consolidated Balance Sheet Analysis

        Total  assets at September 30, 1995 were $1,755,778,  up  $2,717
  from $1,753,061 at December 31, 1994.  During the first nine months of
  1995, the Company has reduced its reliance on short-term and long-term
  borrowings.   Short-term borrowings were reduced $45,530 from  $92,764
  at  December  31, 1994, as a result of an increase in interest-bearing
  deposits  of $50,614.  Proceeds from investment securities  sales  and
  maturities, net of investment securities purchases, of $38,897  during
  that  period provided the liquidity necessary to fund $22,600  in  net
  loan  growth  and  as discussed in note 6 to the interim  consolidated
  condensed  financial  statements included  herein,  the  Company  also
  retired  the  remaining $10,350 in long-term borrowings under  a  1991
  credit facility.
  
        Average earning assets, as a percentage of average total assets,
  increased slightly in the third quarter of 1995 to 92.05% from  91.88%
  at  December  31, 1994.  The current loan-to-deposit ratio  of  76.35%
  decreased  from  the  year-end  level of  76.67%  as  interest-bearing
  deposits  replaced short-term borrowings and loans,  net  of  unearned
  discount, increased $22,354.
  
       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  September  30,
  1995 and December 31, 1994:
  
                            September 30,   % of      December 31,   % of
                                1995       total          1994      total
  
  
  Commercial, financial
    and agricultural        $  277,683     24.05%     $  265,754    23.48%
                                                    
  Real estate-construction      45,342      3.93          36,983     3.27
  Real estate-mortgage         615,508     53.32         620,801    54.84
  
  Installment                  215,860     18.70         208,501    18.41
          Total loans       $1,154,393    100.00%     $1,132,039   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 September 30,  1995,  includes
  $99,842,  or  8.65% 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 September 30, 1995, 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 September 30, 1995.
  
       Reserve For Possible Loan Losses

        The  reserve for possible loan losses at September 30, 1995  was
  1.51%  of outstanding loans as compared to 1.57% at December 31, 1994.
  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 143% of the Company's nonperforming loans at September 30, 1995.
  
       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:


                                         Nine Months Ended  Twelve Months Ended
                                           September 30,       December 31,
                                               1995                1994
        
    Average loans outstanding               $1,138,686          $1,100,872
        
    Reserve at beginning of year            $   17,801          $   17,861
    Provision for possible loan losses           1,575               2,700
                                                            
    Charge-offs:
    Commercial, financial and
      agricultural loans                         1,065               1,895
    Real estate - mortgage loans                   693               1,169
    Real estate - construction loans                 2                   -
    Installment loans                            1,217                 938
                                                 2,977               4,002
    Recoveries:
    Commercial, financial and
      agricultural loans                           312                 608
    Real estate - mortgage loans                   295                 305
    Real estate - construction loans                29                   -
    Installment loans                              445                 329
                                                 1,081               1,242
    Net charge-offs                              1,896               2,760
    
    Reserve at end of period                $   17,805          $   17,801
       
    Net charge-offs to average loans              0.17%               0.25%
        
        
        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 1.06%  at
  September 30, 1995, down slightly from 1.07% at June 30, 1995  and  up
  from  .61%  at December  31, 1994 .  After declining modestly  in  the
  first quarter, the Company's level of nonperforming loans increased in
  the  second quarter of 1995 as a result of placing a $5,700 commercial
  loan  relationship  on nonaccrual status.  While equipment  collateral
  liquidations continue to reduce this amount, settlement of  a  lawsuit
  brought by the borrower will ultimately resolve this situation.   This
  nonaccrual relationship is currently responsible for approximately $42
  per month in lost interest income.
    
    Nonperforming loans at September 30, 1995 and December 31, 1994
  include the following:

                                             September 30,      December 31,
                                                  1995              1994
        Commercial, financial and
          agricultural                          $ 4,911           $ 1,591
        Real estate - construction                  217               124
        Real estate - mortgage                    5,948             4,477
        Installment                               1,148               767
            Total                               $12,224           $ 6,959
        
        Nonaccrual loans (1)                    $ 9,501           $ 4,657
        Loans past due 90 days or more (2)        2,347             1,972
        Restructured loans (3)(4)                   376               330
          Total nonperforming loans             $12,224           $ 6,959
        
        Nonperforming loans to
          total loans                              1.06%              .61%

     (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 September 30, 1995, nine loan relationships with a  total
  principal   balance  of  approximately  $2,303  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
  September  30,  1995, individually and cumulatively,  through  various
  time horizons.

        At  December  31, 1994 and September 30, 1995,  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, 1994,
  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 1.8% and the net interest margin to expand
  by  8  basis points if the general level of interest rates fell  by  2
  percentage  points over the next 12 months (.50% each  quarter).   The
  September   30,  1995  simulation  analysis,  using  the   assumptions
  described above, projected net interest income to decrease by 3.4% 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
  4.2% and the net interest margin projected to expand 19 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 approximately 90% of its investment  portfolio
  designated as available-for-sale.  The unrealized losses, net of  tax,
  on  that  portfolio were $1,503 and $11,370 at September 30, 1995  and
  December  31, 1994, respectively, and are reflected as a reduction  in
  the equity section of the balance sheet.  The current unrealized loss,
  which  has  declined to approximately .4% of the total  available-for-
  sale  market value, is an indication that the aggregate yield is  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 September 30, 1995 equity-to-asset  and  tangible
  equity-to-asset ratios were 10.27% and 9.48% up from 9.04% and  8.19%,
  respectively,  at the end of 1994.  The increase in the equity  ratios
  is  attributable to the growth in retained earnings and a reduction of
  unrealized holding losses on investment securities available-for-sale.
  The  September  30,  1995 equity-to-asset ratio  excluding  investment
  security unrealized holding losses is 10.34%.

        At  September 30, 1995, the Company and its banking subsidiaries
  all  exceed  their minimum capital requirements for "well capitalized"
  institutions.  Tier 1, Total Capital and Tier 1 Leverage  ratios  were
  14.46%,  15.52% and 9.68%, respectively at September  30,  1995.   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  $18.33  and  $16.78,  respectively,  at
  September 30, 1995, as compared to $16.13 and $14.48, respectively, at
  December 31, 1994.

  Consolidated Income Statement Analysis

        Net  income  for the three months ended September 30,  1995  was
  $6,305 as compared to net income for the corresponding period of  1994
  of  $6,026.   The  improvement  in earnings  is  attributable  to  the
  successful  efforts  to reduce the Company's net  noninterest  expense
  through a combination of increased revenues and various cost reduction
  measures.  Earnings per share for the three month period was  $.63  as
  compared to the 1994 amount of $.60, an increase of 5.0%.
  
        Net  income  for the nine months ended September  30,  1995  was
  $18,506 as compared to net income for the corresponding period of 1994
  of  $17,347.  The improvement in the Company's nine month earnings can
  also  be attributable to reduction of net noninterest expense  and  to
  the performance of our newest subsidiary, Colonial Bank.  Earnings per
  share  for  the nine month period was $1.85 as compared  to  the  1994
  amount of $1.74, an increase of 6.3%.
  
       Net Interest Income

        Net  interest  income  for the first nine  months  of  1995  was
  $54,553,  or $2,901 below the first nine months of 1994.  Net interest
  income for the third quarter of 1995 was $18,145, or $1,307 below  the
  1994  quarter.   Interest rates have risen on the  Company's  funding,
  most  notably in the time deposit categories, adding pressure  to  the
  Company's  interest margin.  Net interest income (on a  tax-equivalent
  basis) as a percentage of average earning assets for the third quarter
  was  4.52% versus 4.89% for the same period a year ago as the  average
  cost  of  time  deposits increased from 4.05% to 5.63%  for  the  same
  periods.  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 $1,575 and $525 for the
  first  nine months and third quarter of 1995, respectively, represents
  a  decrease  from  $2,025  and $675 reported in  the  comparable  1994
  periods.   Low  nonperforming loan levels,  low  net  charge-offs  and
  strong  reserve coverage levels have allowed the Company  to  maintain
  its reduced provision for possible loan losses in 1995.

       Noninterest Income

        Noninterest income for the first nine months of 1995 was up 4.9%
  as  compared to the corresponding period in 1994.  Noninterest  income
  in  the third quarter of 1995 decreased .4% from last year largely due
  to  gains on loans and loan servicing sold during the third quarter of
  1994.   Revenues  from fiduciary activities, which includes  fees  for
  trust  and agriculture services, reported increases of 16.2% and 20.6%
  for the first nine months and third quarter of 1995 as compared to the
  same  periods  of  1994.  Company-wide activities  in  this  area  are
  coordinated by FFG Trust, Inc., a state-chartered trust company formed
  during 1994 to expand these services.
  
        The  Company  also 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.  The Company periodically sells off loan servicing.  A sale
  of  approximately  $25,000  in mortgage servicing  during  the  second
  quarter  of 1995 resulted in a gain of $270.  The sale will result  in
  the  reduction of approximately $60 in annual servicing income in  the
  first year following the sale.
  
       Noninterest Expense

        Noninterest expense declined 9.9% for the first nine  months  of
  1995  compared  to  the  same period of 1994.  Similarly,  noninterest
  expense  was  down 12.7% for the current quarter of 1995  as  compared
  with the third quarter of 1994.  Current year expense reductions  have
  resulted  from  continued  emphasis on  operational  efficiency.   The
  consolidation   of   operations,  including  item   processing,   data
  processing  and  retail loan collections, contributed to  the  expense
  reduction.  The integration of Colonial Bank, acquired in April  1994,
  into the Company also resulted in significant cost savings.

        On  August 8, 1995, the FDIC Board of Directors voted to  reduce
  the  deposit  insurance  premiums paid by most  members  of  the  Bank
  Insurance Fund (BIF).  As a result, the Company's banking subsidiaries
  received  refunds, including interest, totaling $927  for  the  period
  June  1,  1995  to  September 30, 1995.  These refunds  were  recorded
  during  the  third  quarter  of  1995.  Additionally,  under  the  new
  assessment  rate  schedule  established for  the  BIF,  the  Company's
  banking  subsidiaries will pay an annual rate of four  cents  per  one
  hundred dollars in assessable deposits; down from the previous rate of
  23 cents per hundred.

       Income Taxes

        Income taxes of $10,195 and $3,508 for the first nine months and
  current quarter of 1995 exceeded the corresponding 1994 period amounts
  by 16.0% and 12.4%, 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 third quarter of 1995 was 35.7% as compared to 34.1%  in  the
  same period of 1994.
  
  EFFECT OF NEW ACCOUNTING STANDARDS
  
        Effective  January  1, 1995, the Company  adopted  Statement  of
  Financial  Accounting Standards No. 114, "Accounting by Creditors  for
  Impairment of a Loan" (SFAS 114) and Statement of Financial Accounting
  Standards No. 118 "Accounting by Creditors for Impairment of a Loan  -
  Income Recognition and Disclosures" (SFAS 118), which amends SFAS 114.
  
        SFAS  114  (as  amended  by SFAS 118)  defines  the  recognition
  criteria  for loan impairment and the measurement methods for  certain
  impaired  loans  and  loans  for which terms  have  been  modified  in
  troubled  debt restructurings (a restructured loan).  Specifically,  a
  loan  is  considered impaired when it is probable a creditor  will  be
  unable  to  collect all amounts due - both principal  and  interest  -
  according  to  the  contractual terms of  the  loan  agreement.   When
  measuring  impairment, the expected future cash flows of  an  impaired
  loan  are  required to be discounted at the loan's effective  interest
  rate.   Alternatively, impairment can be measured by reference  to  an
  observable  market  price, if one exists, or the  fair  value  of  the
  collateral  for  a  collateral-dependent  loan.   Regardless  of   the
  historical  measurement method used, SFAS 114 requires a  creditor  to
  measure impairment based on the fair value of the collateral when  the
  creditor determines foreclosure is probable.  Additionally, impairment
  of  a  restructured loan is measured by discounting the total expected
  future  cash flows at the loan's effective rate of interest as  stated
  in the original loan agreement.

        SFAS  118  amends SFAS 114 to allow a creditor to  use  existing
  methods  for  recognizing interest income on an  impaired  loan.   The
  Company has elected to continue to use its existing nonaccrual methods
  for recognizing interest on impaired loans.  The Company continues  to
  apply  all  payments  received on impaired loans  to  the  outstanding
  balance of the loan until such time as the loan balance is reduced  to
  zero,  after which payments are applied to interest income until  such
  time  as the forgone interest is recovered, or until such time  as  an
  improvement  in  the  condition of the loan has occurred  which  would
  warrant resumption of interest accruals.

        As  of  the  adoption date of January 1, 1995, the  Company  had
  impaired  loans  in the amount of $4,657 which is represented  by  the
  loans  on nonaccrual status at December 31, 1994.  No specific reserve
  was  allocated to impaired loans at January 1, 1995.  The adoption  of
  SFAS  114  and SFAS 118 resulted in no prospective adjustment  to  the
  provision for possible loan losses.

        In  May  1995, the FASB issued Statement of Financial Accounting
  Standard  No.  122, "Accounting for Mortgage Servicing  Rights"  (SFAS
  122)  which  requires that a mortgage banking enterprise recognize  as
  separate assets the rights to service mortgage loans for others at the
  origination  or purchase date of the loan, when the enterprise  has  a
  definitive  plan  to  sell  or securitize the  loans  and  retain  the
  mortgage  servicing rights, assuming the fair value of the  loans  and
  servicing  rights may be practically estimated.  Otherwise,  servicing
  rights  should  be recognized when the underlying loans  are  sold  or
  securitized, using an allocation of total cost of the loans  based  on
  the  relative fair values at the date of sale.  SFAS 122 also requires
  an  assessment of capitalized mortgage servicing rights for impairment
  to  be  based on the current fair value of those rights.  SFAS 122  is
  required  to be applied prospectively in fiscal years beginning  after
  December  31,  1995.  The Company is currently studying  the  expected
  impact of this statement on its financial position.
  
  
  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
<TABLE>
FIRSTBANK OF ILLINOIS CO. AND SUBSIDIARIES
INTERIM CONSOLIDATED CONDENSED AVERAGE BALANCE SHEETS (Unaudited)
(in thousands of dollars)
<CAPTION>

                                                   Three Months Ended                 Three Months Ended
                                                   September 30, 1995                 September 30, 1994
                                                         Interest  Average                  Interest Average
                                               Average    Income/   Yield/        Average    Income/  Yield/
                                               Balance    Expense    Rate         Balance    Expense   Rate
<S>                                          <C>          <C>        <C>        <C>          <C>       <C>
ASSETS
Earning assets:
  Loans                                      $1,149,705   $25,857    8.92%      $1,109,373   $23,643   8.46%
  Investment securities:
    Taxable                                     377,513     5,148    5.41          429,673     5,877   5.43
    Nontaxable                                   40,171       812    8.02           57,857     1,174   8.05
  Short-term investments:
    Federal funds sold                           49,571       730    5.84           14,380       168   4.63
    Other short-term investments                    333         6    7.15              434         5   4.57
      Total earning assets                    1,617,293    32,553    7.99        1,611,718    30,867   7.60

Nonearning assets:
  Cash and due from banks                        70,233                             67,551
  Premises and equipment                         40,457                             43,117
  Reserve for possible loan losses              (17,805)                           (18,386)
  Other assets                                   46,799                             46,734
      Total nonearning assets                   139,684                            139,017

      Total assets                           $1,756,977                         $1,750,735

LIABILITIES
Interest-bearing liabilities:
Interest-bearing deposits:
  Savings, NOW and money market accounts     $  601,076   $ 3,902    2.58%      $  659,772   $ 3,772   2.27%
  Time deposits                                 689,119     9,773    5.63          574,838     5,867   4.05
Federal funds purchased and securities
   sold under repurchase agreements              34,568       453    5.20           92,244     1,121   4.82
Other short-term borrowings                       1,056         8    3.01              595         7   4.67
Long-term borrowings                                181         5   10.96           14,460       233   6.39
     Total interest-bearing liabilities       1,326,000    14,141    4.23        1,341,909    11,000   3.25

Noninterest-bearing deposits                    236,922                            237,468
Other liabilities                                17,604                             17,059

Total liabilities                             1,580,526                          1,596,436

SHAREHOLDERS' EQUITY                            176,451                            154,299

Total liabilities and
  shareholders' equity                       $1,756,977                         $1,750,735

Net interest income/net yield
   on earning assets                                      $18,412    4.52%                   $19,867   4.89%
</TABLE>


Part I.  Financial Information

Item 2.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations...continued
<TABLE>
FIRSTBANK OF ILLINOIS CO. AND SUBSIDIARIES
INTERIM CONSOLIDATED INTEREST RATE GAP ANALYSIS (Unaudited)
(in thousands of dollars)
<CAPTION>
                                                             September 30, 1995
                                                      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
<S>                                    <C>           <C>           <C>          <C>            <C>
INTEREST-EARNING ASSETS
Loans                                  $ 367,427     $ 262,547     $ 494,209    $  30,210      $1,154,393
Investment securities                     30,702        95,809       277,867       25,727         430,105
Other interest-earning assets             27,325          -             -            -             27,325
Total interest-earning assets          $ 425,454     $ 358,356     $ 772,076    $  55,937      $1,611,823

INTEREST-BEARING LIABILITIES

Savings, NOW, Money Markets            $ 588,751     $    -        $    -       $    -         $  588,751
C.D.'s over $100,000                      33,881        57,571         6,188         -             97,640
All other time deposits                  136,874       321,938       128,978          447         588,237
Nondeposit interest-bearing
   liabilities                            47,279           110          -            -             47,389
Total interest-bearing liabilities     $ 806,785     $ 379,619     $ 135,166    $     447      $1,322,017


GAP by Period                          $(381,331)    $ (21,263)    $ 636,910    $  55,490      $  289,806

Cumulative GAP                         $(381,331)    $(402,594)    $ 234,316    $ 289,806      $  289,806



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



                        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:     November 14, 1995

Exhibit 11

FIRSTBANK OF ILLINOIS CO.

Computation of Net Earnings per Common Share

                                   Nine Months Ended        Three Months Ended
                                     September 30,             September 30,
                                   1995        1994          1995        1994

Net Income                     $18,506,000  $17,347,000   $6,305,000  $6,026,000


Weighted average common
  shares outstanding             9,833,114    9,817,416    9,833,559   9,826,887

Plus weighted average
  common share equivalents:
   Assuming exercise of
     employee stock options        143,420      126,624      152,409     134,861

Weighted average common shares
  and common share equivalents
  outstanding                    9,976,534    9,944,040    9,985,968   9,961,748


Net earnings per common share  $      1.85  $      1.74   $     0.63  $     0.60