<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q

                                   (Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2003

                                       or

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

                         Commission File Number: 0-20677

                           FIRSTCITY LIQUIDATING TRUST
             (Exact name of registrant as specified in its charter)

                 Texas                                     06-6414468
    (State or other jurisdiction of                     (I.R.S. Employer
    incorporation or organization)                     Identification No.)

1001 Fannin, Suite 1070, Houston, Texas                        77002
(Address of principal executive offices)                    (Zip Code)

       Registrant's telephone number, including area code: (713) 651-7841


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes  X   No
                                       ---     ---

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes      No  X
                                                ---     ---

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: As of March 31, 2003, 2,454,310
units of Class B Beneficial Interests and 725,729 units of Class C Beneficial
Interests were outstanding.


<PAGE>
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q may include "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The opinions,
forecasts, projections, guidance or other statements other than statements of
historical fact, are forward-looking statements. When used in this Form 10-Q,
words such as "will", "would", "should", "plans", "may", "anticipate",
"believe", "estimate", "expect", "intend", "predict", "project" and similar
expressions, as they relate to the Trust or Trust management, identify
forward-looking statements. Such forward-looking statements are based on the
beliefs of Trust management as well as information currently available to the
Trust and assumptions made by Trust management that are subject to changes and
other risks. Although the Trust believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. Certain risks and uncertainties
inherent in the Trust's business are set forth in the filings of the Trust with
the Securities and Exchange Commission. If one or more of these risks or
uncertainties materialize, or if any underlying assumption proves incorrect,
actual results may vary materially from those anticipated, expected or
projected. All subsequent written and oral forward-looking statements
attributable to the Trust or individuals acting on behalf of the Trust are
expressly qualified in their entirety by this paragraph. The Trust does not
undertake any obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

                  FIRSTCITY LIQUIDATING TRUST AND SUBSIDIARIES
              CONSOLIDATED STATEMENTS OF NET ASSETS IN LIQUIDATION
                             (DOLLARS IN THOUSANDS)

<Table>
<Caption>
                                                                       MARCH 31,     DECEMBER 31,
                                                                         2003            2002
                                                                     ------------    ------------
                                                                      (Unaudited)
<S>                                                                 <C>             <C>
               Assets, at estimated fair value
Cash and cash equivalents .......................................    $      4,024    $      4,226
Trust assets, net ...............................................          25,526          27,405
                                                                     ------------    ------------
       Total assets .............................................          29,550          31,631
                                                                     ------------    ------------
               Less liabilities at face or estimated amount

Payables and accrued liabilities ................................           1,450           1,531
                                                                     ------------    ------------
       Total liabilities ........................................           1,450           1,531
                                                                     ------------    ------------
Commitments and contingencies ...................................              --              --
               Trust net asset value attributable to:

Class "B" Certificate, 2,454,310 units outstanding ..............          28,100          30,100
Class "C" Certificate, 725,729 units outstanding ................              --              --
                                                                     ------------    ------------
       Total net asset value ....................................    $     28,100    $     30,100
                                                                     ============    ============
</Table>

See accompanying notes to consolidated financial statements.


                                        1
<PAGE>
                  FIRSTCITY LIQUIDATING TRUST AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF OPERATIONS AND
                    CHANGES IN NET ASSET VALUE IN LIQUIDATION
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)

<Table>
<Caption>
                                                                            THREE MONTHS ENDED MARCH 31,
                                                                            ----------------------------
                                                                              2003                2002
                                                                            --------            --------
<S>                                                                         <C>                 <C>
Changes in fair value of trust assets ..................................    $ (1,679)           $    448
Interest income on short-term investments ..............................          11                  14
Administrative expense .................................................        (332)               (462)
                                                                            --------            --------
       Net income (loss) ...............................................      (2,000)                 --
                                                                            --------            --------
Net asset value, beginning of period ...................................      30,100              36,900
                                                                            --------            --------
Net asset value, end of period .........................................    $ 28,100            $ 36,900
                                                                            ========            ========
</Table>


See accompanying notes to consolidated financial statements.


                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (DOLLARS IN THOUSANDS)
                                  (UNAUDITED)

<Table>
<Caption>
                                                                            THREE MONTHS ENDED MARCH 31,
                                                                            ----------------------------
                                                                              2003                2002
                                                                            --------            --------
<S>                                                                         <C>                 <C>
Cash flows from operating activities:
    Net income (loss) ..................................................    $ (2,000)           $     --
    Adjustments to reconcile net income (loss)  to net cash used in
    operating activities:
       Changes in fair value of trust assets ...........................       1,679                (448)
       Collections on trust assets, net of advances ....................         149                 381
       Decrease in payables and accrued liabilities ....................         (30)                (75)
                                                                            --------            --------
          Net cash used in operating activities ........................        (202)               (142)
                                                                            --------            --------
    Net decrease in cash and cash equivalents ..........................    $   (202)           $   (142)
    Cash and cash equivalents, beginning of period .....................       4,226               3,265
                                                                            --------            --------
    Cash and cash equivalents, end of period ...........................    $  4,024            $  3,123
                                                                            ========            ========
</Table>


See accompanying notes to consolidated financial statements.


                                        2
<PAGE>


                  FIRSTCITY LIQUIDATING TRUST AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2003


(A) Basis of Presentation

         The unaudited consolidated financial statements of FirstCity
Liquidating Trust (the "Trust", formerly the "Debtor") reflect, in the opinion
of management, all adjustments, consisting only of normal and recurring
adjustments, necessary to present fairly the Trust's net assets in liquidation
at March 31, 2003, and its changes in net asset value in liquidation and cash
flows for the three month periods ended March 31, 2003 and 2002.

         Management of the Trust has made certain estimates and assumptions
relating to the reporting of assets and liabilities and the disclosure of
contingent assets and liabilities to prepare these consolidated financial
statements in conformity with accounting principles generally accepted in the
United States of America. Actual results could differ from those estimates.

(B) Trust Assets

         Trust assets are comprised of the following (dollars in thousands):

<Table>
<Caption>
                                                           March 31,      December 31,
Estimated Gross Cash Flow by Type of Asset                   2003             2002
------------------------------------------               ------------     ------------
                                                          (unaudited)
<S>                                                      <C>              <C>
Borrowers' obligation on outstanding balance of:
    Performing loans ................................    $        409     $        438
    Nonperforming loans .............................               6                6
Real estate and other assets ........................          29,490           31,616
                                                         ------------     ------------
    Total ...........................................          29,905           32,060
                                                         ------------     ------------
    Discount required to reflect trust assets at
         estimated fair value .......................          (4,379)          (4,655)
                                                         ------------     ------------
Trust assets, net ...................................    $     25,526     $     27,405
                                                         ============     ============
</Table>


         For each asset, estimates of income, expense and net cash flow on a
monthly basis through the expected final disposition date are prepared by
management of the Trust. The individual asset budget is developed based upon
factors which include physical inspection of the asset or the collateral
underlying the related loan, local market conditions, contractual payments or
rents, and discussions with the relevant borrower. The Trust's management and
the Portfolio Committee periodically reevaluate and revise projected monthly
cash flows on an asset by asset basis. At March 31, 2003 and December 31, 2002,
the projected monthly cash flows were discounted at 7% to reflect the Trust
assets at estimated fair value. The Trust assets are highly concentrated in
Texas.


                                        3
<PAGE>


                  FIRSTCITY LIQUIDATING TRUST AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2003


         On March 15, 2002, two subsidiaries of the Trust settled all existing
litigation with UIDC Management, Inc. ("UIDC") et al. The Trust and UIDC are
partners in FC Tower Property Partners, L.P., an entity which owns the First
City Tower building in Houston, Texas. The dispute between the parties traces to
a "right of first refusal" issue occurring in 1997.

         The settlement allows the Trust to market its interest in the
partnership. UIDC will retain its right of first refusal and may exercise that
right at a discount from the purchase price. The discount is equal to 50% of the
amount by which a third party offer might exceed $31 million. The Trust's share
of any sale proceeds would be $31 million plus 50% of the price in excess of $31
million. Further, if the Trust is unsuccessful in (a) obtaining a qualified
offer by June 2003 and (b) executing on a sale of the interest by December 2003,
its 67% interest in the partnership will be reduced to 45% and UIDC's 33%
interest will increase to 55%.

         In April 2003, the Trust entered into an agreement to sell the
partnership interest to a third party for $29 million. Before a sale of the
interest to a third party can proceed, UIDC has a right of first refusal to
match the offered price and purchase the 67% interest. Management of the Trust
made official notification of the $29 million offer to UIDC, which has until May
30, 2003 to exercise its right of first refusal. If UIDC exercises its right of
first refusal, it has ninety days to complete the purchase. If UIDC does not
exercise its right of first refusal, the sale to the third party may proceed.
The agreement with the third party specifies a closing date of June 18, 2003.

         The value of the partnership interest was adjusted to $29 million at
March 31, 2003 from $31 million at December 31, 2002. The consolidated
statements of net assets in liquidation have never reflected any value for the
Class C Certificates, and it is highly unlikely that the Class C Certificates
will have any value.

(C) Distribution Priorities

         The Trust is required to apply all proceeds from liquidation and
disposition of the Trust's assets first to payment of normal operating expenses.
Second, Trust proceeds totaling $188 million were distributed to FirstCity
Financial Corporation ("FirstCity") to retire the Class A Certificate in
December 1997. The third order of distribution of Trust proceeds is payments
pursuant to employment and bonus agreements with certain former employees of the
Debtor. The bonus pool and executive long-term incentive plan provides for the
payment of bonuses equal to 4.76% of additional distributions to Class B
Certificate holders and (if any) Class C Certificate holders.

         Fourth, Class B Certificate holders are entitled to distributions up to
the Pour-Over Level. The Pour-Over Level (approximately $56 million at March 31,
2003) is the liquidation preference on July 3, 1995 of the Debtor's Series B and
Series E preferred stock, less the nominal stated value of FirstCity special
preferred stock and the book value of FirstCity common stock issued to the
Series


                                        4
<PAGE>


                  FIRSTCITY LIQUIDATING TRUST AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2003


B and Series E holders, plus interest at an annual rate of 6.5% from July 3,
1995. The Pour-Over Level is reduced for distributions to Class B Certificate
holders.

         Lastly, Class C Certificate holders receive distributions, if any,
after any remaining payments to Class B Certificate holders up to the Pour-Over
Level (approximately $22.78 per unit as of March 31, 2003).

         The ultimate amounts to be distributed to the holders of the B and C
Certificates will result from the cash flow actually realized from the
liquidation of the non-cash Trust assets (principally the partnership interest
discussed in Note B). The determination of the net asset value of the Trust in
the accompanying consolidated statements of net assets in liquidation is based
upon estimates of future cash flows. The actual cash flows and the timing of
such cash flows may vary significantly from those estimates, thus affecting the
final distributions to the Certificate holders.

(D) Commitments and Contingencies

         In July 2002, Gordonville Corporation, N.V., New Coronado Investment
Corp., N.V. and Corona Investments, N.V., companies which claim to own
approximately 46% of the 725,729 Class C Certificates (acquired in various
tender offers at prices varying from approximately $1.00 to $1.50) filed a
lawsuit against the Trustee and individual members of the Portfolio Committee of
the Trust in the U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division (Gordonville Corporation, et al. Vs. State Street Bank and Trust
Company et al., Case No. 392-39474-HCA-11). The complaint alleges, among other
things, that the Trustee and the individual members of the Portfolio Committee
breached their fiduciary duties to the Class C Certificate holders in a manner
which would prevent the Class C Certificate holders from realizing any value.
The complaint seeks $14 million in actual damages, plus punitive damages and
attorneys' fees. Management of the Trust and the members of the Portfolio
Committee believe that the lawsuit is entirely without merit and intend to
vigorously defend against the action. In November 2002, the Bankruptcy Court
granted the Trust's motion to dismiss the lawsuit without prejudice. In February
2003, the lawsuit was re- filed in the District Court of Harris County, Texas.

         The Trust is involved in various legal proceedings in the ordinary
course of business. In the opinion of management of the Trust, the resolution of
such matters will not have a material adverse impact on the consolidated
financial position, results of operations or liquidity of the Trust.

         In 1996 the FDIC closed the receiverships of the Debtor's banks and
distributed the remaining surplus of those receiverships to the Trust. In
accordance with a conveyance and indemnification agreement, the Trust is
required, among other things, to provide indemnity to the FDIC against any known
or unknown liabilities, obligations or actual expenses associated with the
receiverships, in an aggregate amount up to $10 million until the termination of
the Trust. Management of the Trust does not believe that, to the extent the
Trust is obligated to pay certain claims or expenses associated with


                                        5
<PAGE>


                  FIRSTCITY LIQUIDATING TRUST AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                 March 31, 2003


the past obligations of the Debtor's banks, such payments will have a material
adverse impact on the consolidated financial position, results of operations or
liquidity of the Trust.


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

         The operations of the Trust for the first quarter of 2003 and 2002 are
summarized below (dollars in thousands):

<Table>
<Caption>
                                                   First Quarter    First Quarter
                                                        2003            2002
                                                   -------------    -------------
<S>                                                <C>              <C>
Changes in fair value of trust assets .........    $      (1,679)   $         448
Interest income on short-term investments .....               11               14
Administrative expense ........................             (332)            (462)
                                                   -------------    -------------
       Net income (loss) .......................   $      (2,000)   $          --
                                                   =============    =============
</Table>

         The estimated fair value of the Trust's assets decreased $1.7 million
in the first quarter of 2003 as compared to an increase of $.4 million in the
first quarter of 2002. The 2003 decrease was attributable to a $2 million
reduction in the value of the 67% partnership interest in First City Tower.
Offsetting factors which contributed to the enhancement of the net asset value
of the Trust's assets in the first quarters of 2003 and 2002 include: (i) the
appreciation in value of certain assets attributable to a favorable interest
rate environment and the effect of such favorable interest rates on the
marketability of real estate and (ii) the increase in the estimated market value
of the Trust's assets that naturally occurs as the remaining life of the Trust
(and concomitantly the discount factor applied in calculating net asset value)
decreases.

         Interest income on short-term investments decreased in 2003 as compared
to 2002 due to lower money market yields.

         Administrative expense totaled $.3 million in the first quarter of 2003
as compared to $.5 million in 2002. Professional fees totaled $.1 million in
2003 as compared to $.2 million in 2002.

         Net collections on Trust assets in the first quarter of 2003 totaled
$.1 million as compared to $.4 million in 2002. The Class B Beneficial Interests
were valued at $28.1 million at March 31, 2003.


                                        6
<PAGE>

         Non-cash trust assets at March 31, 2003 and December 31, 2002 were
comprised of the following (dollars in thousands):

<Table>
<Caption>
                                                          March 31,      December 31,
Estimated Gross Cash Flow by Type of Asset                   2003            2002
------------------------------------------              ------------     ------------
<S>                                                     <C>              <C>
Borrowers' obligation on outstanding balance of:
    Performing loans ...............................    $        409     $        438
    Nonperforming loans ............................               6                6
Real estate and other assets .......................          29,490           31,616
                                                        ------------     ------------
    Total ..........................................          29,905           32,060
                                                        ------------     ------------
    Discount required to reflect trust assets at
         estimated fair value ......................          (4,379)          (4,655)
                                                        ------------     ------------
Trust assets, net ..................................    $     25,526     $     27,405
                                                        ============     ============
</Table>


         For each asset, estimates of income, expense and net cash flow on a
monthly basis through the expected final disposition date are prepared by
management of the Trust. The individual asset budget is developed based upon
factors which include physical inspection of the asset or the collateral
underlying the related loan, local market conditions, contractual payments or
rents, and discussions with the relevant borrower. The Trust's management and
the Portfolio Committee periodically reevaluate and revise projected monthly
cash flows on an asset by asset basis. At March 31, 2003 and December 31, 2002,
the projected monthly cash flows were discounted at 7% to reflect the Trust
assets at estimated fair value. The Trust assets are highly concentrated in
Texas.

         On March 15, 2002, two subsidiaries of the Trust settled all existing
litigation with UIDC Management, Inc. ("UIDC") et al. The Trust and UIDC are
partners in FC Tower Property Partners, L.P., an entity which owns the First
City Tower building in Houston, Texas. The dispute between the parties traces to
a "right of first refusal" issue occurring in 1997.

         The settlement allows the Trust to market its interest in the
partnership. UIDC will retain its right of first refusal and may exercise that
right at a discount from the purchase price. The discount is equal to 50% of the
amount by which a third party offer might exceed $31 million. The Trust's share
of any sale proceeds would be $31 million plus 50% of the price in excess of $31
million. Further, if the Trust is unsuccessful in (a) obtaining a qualified
offer by June 2003 and (b) executing on a sale of the interest by December 2003,
its 67% interest in the partnership will be reduced to 45% and UIDC's 33%
interest will increase to 55%.

         In April 2003, the Trust entered into an agreement to sell the
partnership interest to a third party for $29 million. Before a sale of the
interest to a third party can proceed, UIDC has a right of first refusal to
match the offered price and purchase the 67% interest. Management of the Trust
made official notification of the $29 million offer to UIDC, which has until May
30, 2003 to exercise its right of first refusal. If UIDC exercises its right of
first refusal, it has ninety days to complete the purchase. If UIDC does not
exercise its right of first refusal, the sale to the third party may proceed.
The agreement with the third party specifies a closing date of June 18, 2003.


                                        7
<PAGE>


         The value of the partnership interest was adjusted to $29 million at
March 31, 2003 from $31 million at December 31, 2002. The consolidated
statements of net assets in liquidation have never reflected any value for the
Class C Certificates, and it is highly unlikely that the Class C Certificates
will have any value.

Item 4. Controls and Procedures.

         As of March 31, 2003, management of the Trust performed an evaluation
of disclosure controls and procedures. Based on that evaluation, management of
the Trust concluded that the disclosure controls and procedures of the Trust
were effective. There have been no significant changes in the Trust's internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of their evaluation.


                                        8
<PAGE>


PART II - OTHER INFORMATION

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

         (a) Exhibits.

<Table>
<Caption>
         Exhibit
           No.                          Description
         -------                        -----------
<S>               <C>
         2.1(1)   Joint Plan of Reorganization for First City Bancorporation of
                  Texas, Inc., as modified, under Chapter 11 of the United
                  States Bankruptcy Code, as confirmed by the U.S. Bankruptcy
                  Court for the Northern District of Texas, Dallas Division, on
                  May 31, 1995.

         2.2(5)   Order To Extend Term of FirstCity Liquidating Trust, dated
                  June 11, 2001.

         3.1(1)   The Liquidating Trust Agreement, dated as of July 3, 1995, by
                  and between First City Bancorporation of Texas, Inc. and
                  Shawmut Bank Connecticut, National Association (subsequently
                  Fleet National Bank, State Street Bank and Trust Company, now
                  U.S. Bank National Association), as Trustee.

         10.1(3)  Employment Agreement, effective as of July 3, 1995, by and
                  between FCLT Loans Asset Corp. and Robert W. Brown, as amended
                  May 1, 1996.

         10.2(2)  Settlement Agreement, dated as of June 22, 1994, as amended as
                  of January 30, 1995, by and among FDIC-Corporate, the
                  FDIC-Receivers and the First City Parties.

         10.3(3)  Conveyance and Indemnification Agreement, dated December 23,
                  1996, between FDIC-Corporate, the FDIC-Receivers, FCLT Loans,
                  L.P. and the Trust.

         10.4(4)  Extension of Conveyance and Indemnification Agreement, dated
                  in April 1999, between FDIC-Corporate, the FDIC-Receivers,
                  FCLT Loans, L.P. and the Trust.

         99.1     Principal Executive Officer Certification pursuant to 18
                  U.S.C. Section 1350, as adopted pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002.

         99.2     Principal Financial Officer Certification pursuant to 18
                  U.S.C. Section 1350, as adopted pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002.
</Table>

---------

         (1) Filed as the exhibit indicated to the Registration Statement on
         Form 10 filed with the Securities and Exchange Commission on May 1,
         1996 and incorporated herein by reference.

         (2) Filed as the exhibit indicated to the Registration Statement on
         Form 10/A filed with the Securities and Exchange Commission on July 10,
         1996 and incorporated herein by reference.

         (3) Filed as the exhibit indicated to the Form 10-K for the fiscal year
         ended December 31, 1996 filed with the Securities and Exchange
         Commission and incorporated herein by reference.

         (4) Filed as the exhibit indicated to the Form 10-Q for the quarter
         ended March 31, 1999 filed with the Securities and Exchange Commission
         and incorporated herein by reference.

         (5) Filed as the exhibit indicated to the Form 10-Q for the quarter
         ended June 30, 2001 filed with the Securities and Exchange Commission
         and incorporated herein by reference.

         (b) Reports on Form 8-K. No report on Form 8-K was filed by the
         Registrant with the Commission during the quarterly period ended
         March 31, 2003.


                                       9
<PAGE>


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                                 U.S. BANK NATIONAL ASSOCIATION,
                                                 as Trustee


Date: May 7, 2003                                /s/ Cauna Silva
                                                 ------------------------------
                                                 Name: Cauna Silva
                                                       ------------------------
                                                 Title: Vice President
                                                        -----------------------

                                 CERTIFICATIONS

I, Robert W. Brown, Principal Executive Officer of FirstCity Liquidating Trust,
certify that:

1.       I have reviewed this quarterly report on Form 10-Q of FirstCity
         Liquidating Trust;

2.       Based on my knowledge, this quarterly report does not contain any
         untrue statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this quarterly report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this quarterly report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the registrant as of, and for, the periods presented in
         this quarterly report;

4.       The registrant's other certifying officers and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         we have:

         a)       Designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;

         b)       Evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this quarterly report (the "Evaluation
                  Date"); and


                                       10
<PAGE>

         c)       Presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

5.       The registrant's other certifying officers and I have disclosed, based
         on our most recent evaluation, to the registrant's auditors and the
         audit committee of registrant's board of directors (or persons
         performing the equivalent functions):

         a)       All significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

         b)       Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

6.       The registrant's other certifying officers and I have indicated in this
         quarterly report whether or not there were significant changes in
         internal controls or in other factors that could significantly affect
         internal controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.

Date:    May 7, 2003

                                                     /s/ Robert W. Brown
                                                     ---------------------------
                                                     Robert W. Brown
                                                     Principal Executive Officer



I, Stephen J. Barta, Principal Financial Officer of FirstCity Liquidating Trust,
certify that:

1.       I have reviewed this quarterly report on Form 10-Q of FirstCity
         Liquidating Trust;

2.       Based on my knowledge, this quarterly report does not contain any
         untrue statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this quarterly report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this quarterly report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the registrant as of, and for, the periods presented in
         this quarterly report;


                                       11
<PAGE>


4.       The registrant's other certifying officers and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         we have:

         a)       Designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;

         b)       Evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this quarterly report (the "Evaluation
                  Date"); and

         c)       Presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

5.       The registrant's other certifying officers and I have disclosed, based
         on our most recent evaluation, to the registrant's auditors and the
         audit committee of registrant's board of directors (or persons
         performing the equivalent functions):

         a)       All significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

         b)       Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

6.       The registrant's other certifying officers and I have indicated in this
         quarterly report whether or not there were significant changes in
         internal controls or in other factors that could significantly affect
         internal controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.

Date:    May 7, 2003

                                                     /s/ Stephen J. Barta
                                                     ---------------------------
                                                     Stephen J. Barta
                                                     Principal Financial Officer


                                       12
<PAGE>
                                 EXHIBIT INDEX

<Table>
<Caption>
         Exhibit
           No.                          Description
         -------                        -----------
<S>               <C>
         2.1(1)   Joint Plan of Reorganization for First City Bancorporation of
                  Texas, Inc., as modified, under Chapter 11 of the United
                  States Bankruptcy Code, as confirmed by the U.S. Bankruptcy
                  Court for the Northern District of Texas, Dallas Division, on
                  May 31, 1995.

         2.2(5)   Order To Extend Term of FirstCity Liquidating Trust, dated
                  June 11, 2001.

         3.1(1)   The Liquidating Trust Agreement, dated as of July 3, 1995, by
                  and between First City Bancorporation of Texas, Inc. and
                  Shawmut Bank Connecticut, National Association (subsequently
                  Fleet National Bank, State Street Bank and Trust Company, now
                  U.S. Bank National Association), as Trustee.

         10.1(3)  Employment Agreement, effective as of July 3, 1995, by and
                  between FCLT Loans Asset Corp. and Robert W. Brown, as amended
                  May 1, 1996.

         10.2(2)  Settlement Agreement, dated as of June 22, 1994, as amended as
                  of January 30, 1995, by and among FDIC-Corporate, the
                  FDIC-Receivers and the First City Parties.

         10.3(3)  Conveyance and Indemnification Agreement, dated December 23,
                  1996, between FDIC-Corporate, the FDIC-Receivers, FCLT Loans,
                  L.P. and the Trust.

         10.4(4)  Extension of Conveyance and Indemnification Agreement, dated
                  in April 1999, between FDIC-Corporate, the FDIC-Receivers,
                  FCLT Loans, L.P. and the Trust.

         99.1     Principal Executive Officer Certification pursuant to 18
                  U.S.C. Section 1350, as adopted pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002.

         99.2     Principal Financial Officer Certification pursuant to 18
                  U.S.C. Section 1350, as adopted pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002.
</Table>

---------

         (1) Filed as the exhibit indicated to the Registration Statement on
         Form 10 filed with the Securities and Exchange Commission on May 1,
         1996 and incorporated herein by reference.

         (2) Filed as the exhibit indicated to the Registration Statement on
         Form 10/A filed with the Securities and Exchange Commission on July 10,
         1996 and incorporated herein by reference.

         (3) Filed as the exhibit indicated to the Form 10-K for the fiscal year
         ended December 31, 1996 filed with the Securities and Exchange
         Commission and incorporated herein by reference.

         (4) Filed as the exhibit indicated to the Form 10-Q for the quarter
         ended March 31, 1999 filed with the Securities and Exchange Commission
         and incorporated herein by reference.

         (5) Filed as the exhibit indicated to the Form 10-Q for the quarter
         ended June 30, 2001 filed with the Securities and Exchange Commission
         and incorporated herein by reference.