|   |
|--------|

**UNITED      STATESSECURITIES AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

**QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(D)**

**OF      THE SECURITIES EXCHANGE ACT OF 1934**

**For      the quarterly period ended September 30, 2005**

**FIRST      METROPLEX CAPITAL, INC.**

| **Texas**                                                             |   | **71-0919962**                     |
|-----------------------------------------------------------------------|--------|------------------------------------|
| (State                or other jurisdiction of                        |   | (I.R.S.                Employer    |
| incorporation                or organization)                         |   | Identification                No.) |
|                                                                  |   |                               |
| 16000                Dallas Parkway, Suite 125, Dallas, Texas 75248   |
| (Address                of principal executive offices)               |
|                                                                  |
| (972)                720- 9000                                        |
| (Issuer’s                telephone number, including area code) |
|                                                                  |
|                                                                  |

----

**FIRST      METROPLEX CAPITAL, INC.**

|                                           |  PAGE                                                                                                |
|------------------------------------------------|-----------------------------------------------------------------------------------------------------------|
| PART                  I. FINANCIAL INFORMATION |                                                                                                      | 3 |   |
|                                           | ITEM                    1. Financial Statements                                                           |   | 3 |   |
|                                           | ITEM                    2. Management's Discussion and Analysis or Plan of                    Operation   |   | 18 |   |
|                                           | ITEM                    3. Controls and Procedures                                                        |   | 32 |   |
| PART                  II. OTHER INFORMATION    |                                                                                                      | 32 |   |
|                                           | ITEM                    1. Legal Proceedings                                                              |   | 32 |   |
|                                           | ITEM                    2. Unregistered Sales of Equity Securities and Use of                    Proceeds |   | 32 |   |
|                                           | ITEM                    3. Defaults Upon Senior Securities                                                |   | 33 |   |
|                                           | ITEM                    4. Submission of Matters to a Vote of Security Holders                            |   | 33 |   |
|                                           | ITEM                    5. Other Information                                                              |   | 33 |   |
|                                           | ITEM                    6. Exhibits and Reports on Form 8-K                                               |   | 33 |   |

----

**PART      I.**
**FINANCIAL      INFORMATION**

**ITEM      1.**
**Financial      Statements**

| ** FIRST                  METROPLEX CAPITAL, INC.** |
|----------------------------------------------------------|
| **CONSOLIDATED                  BALANCE SHEETS**         |

|                                                                                                                                                               |   |   | SEPTEMBER                  30, 2005  |   |   | DECEMBER                  31,2004 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------|--------|--------|-----------------------------------|--------|
|                                                                                                                                                               |   |   |  (Unaudited)               |   |   |                                   |   |
| ASSETS                                                                                                                                                             |   |   |                                      |   |   |                                   |   |
|                                                                                                                                                               |   |   |                                      |   |   |                              |   |
| Cash                  and due from banks                                                                                                                           |   | $      | 1,997,000                                 |   | $      | 843,000                           |   |
| Federal                  funds sold                                                                                                                                |   |   | 10,415,000                                |   |   | 11,565,000                        |   |
|                                                                                                                                                               |   |   |                                           |   |   |                                   |   |
|  Total                  cash and cash equivalents                                                                                                             |   |   | 12,412,000                                |   |   | 12,408,000                        |   |
|                                                                                                                                                               |   |   |                                           |   |   |                                   |   |
| Investments                  restricted                                                                                                                            |   |   | 420,000                                   |   |   | 420,000                           |   |
| Loans,                  less allowance for credit losses of $356,000 and $100,000                                                                                  |   |   | 24,102,000                                |   |   | 6,559,000                         |   |
| Bank                  premises and equipment, net                                                                                                                  |   |   | 1,125,000                                 |   |   | 1,181,000                         |   |
| Other                  assets                                                                                                                                      |   |   | 28,000                                    |   |   | 115,000                           |   |
|                                                                                                                                                               |   |   |                                           |   |   |                                   |   |
| TOTAL                  ASSETS                                                                                                                                      |   | $      | 38,087,000                                |   | $      | 20,683,000                        |   |
|                                                                                                                                                               |   |   |                                           |   |   |                                   |   |
| LIABILITIES                  AND SHAREHOLDERS' EQUITY                                                                                                              |   |   |                                           |   |   |                                   |   |
|                                                                                                                                                               |   |   |                                           |   |   |                                   |   |
| LIABILITIES                                                                                                                                                        |   |   |                                           |   |   |                                   |   |
| Demand                  deposits                                                                                                                                   |   |   |                                           |   |   |                                   |   |
| Noninterest                  bearing                                                                                                                          |   | $      | 4,284,000                                 |   |   | 1,739,000                         |   |
| Interest                  bearing                                                                                                                             |   |   | 13,674,000                                |   |   | 2,754,000                         |   |
| Time                  deposits $100,000 and over                                                                                                              |   |   | 4,043,000                                 |   |   | 1,200,000                         |   |
| Other                  time deposits                                                                                                                          |   |   | 2,849,000                                 |   |   | 526,000                           |   |
|                                                                                                                                                               |   |   |                                           |   |   |                                   |   |
| Total                  deposits                                                                                                                                    |   |   | 24,850,000                                |   |   | 6,219,000                         |   |
|                                                                                                                                                               |   |   |                                           |   |   |                                   |   |
| Other                  liabilities                                                                                                                                 |   |   | 61,000                                    |   |   | 9,000                             |   |
|                                                                                                                                                               |   |   |                                           |   |   |                                   |   |
| Total                  liabilities                                                                                                                                 |   |   | 24,911,000                                |   |   | 6,228,000                         |   |
|                                                                                                                                                               |   |   |                                           |   |   |                              |   |
| SHAREHOLDERS'                  EQUITY                                                                                                                              |   |   |                                           |   |   |                              |   |
| Common                  stock, $0.01 par value                                                                                                                     |   |   |                                           |   |   |                              |   |
| 10,000,000                  shares authorized                                                                                                                 |   |   |                                      |   |   |                              |   |
| 1,680,150                  and 1,680,000 shares issued and outstanding at September 30, 2005                  and                  December 31, 2004, respectively |   |   | 17,000                                    |   |   | 17,000                            |   |
| Additional                  paid-in capital                                                                                                                        |   |   | 16,382,000                                |   |   | 16,380,000                        |   |
| Retained                  deficit                                                                                                                                  |   |   | (3,223,000                                | )      |   | (1,942,000                        | )      |
|                                                                                                                                                               |   |   |                                           |   |   |                              |   |
| Total                  shareholders' equity                                                                                                                        |   |   | 13,176,000                                |   |   | 14,455,000                        |   |
|                                                                                                                                                               |   |   |                                           |   |   |                              |   |
| TOTAL                  LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                                        |   | $      | 38,087,000                                |   | $      | 20,683,000                        |   |

----

| **FIRST                    METROPLEX CAPITAL, INC.** |
|------------------------------------------------------|
| **STATEMENT                    OF OPERATIONS**       |
| **(Unaudited)**                                      |

|                                                   |   |   | 3                    MONTHS ENDED SEPTEMBER 30, 2005  |   |   | 3                    MONTHS ENDED SEPTEMBER 30, 2004 |   |   | 9                    MONTHS ENDED SEPTEMBER 30, 2005 |   |   | 9                    MONTHS ENDED SEPTEMBER 30, 2004 |   |
|--------------------------------------------------------|--------|--------|------------------------------------------------------------|--------|--------|------------------------------------------------------|--------|--------|------------------------------------------------------|--------|--------|------------------------------------------------------|--------|
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| INTEREST                    INCOME                     |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| Interest                    and fees on loans          |   | $      | 411,000                                                    |   |   |                                                 |   | $      | 867,000                                              |   | $      | —                                              |   |
| Investment                    securities               |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| Restricted                    investments              |   |   | 6,000                                                      |   |   |                                                 |   |   | 19,000                                               |   |   | —                                              |   |
| Federal                    funds sold                  |   |   | 89,000                                                     |   |   |                                                 |   |   | 216,000                                              |   |   | —                                              |   |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| Total                    interest income          |   |   | 506,000                                                    |   |   |                                                 |   |   | 1,102,000                                            |   |   | —                                              |   |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| INTEREST                    EXPENSE                    |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| Deposits                                               |   |   | 120,000                                                    |   |   |                                                 |   |   | 210,000                                              |   |   | —                                              |   |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| Interest                    income, net           |   |   | 386,000                                                    |   |   |                                                 |   |   | 892,000                                              |   |   | —                                              |   |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| PROVISION                    FOR CREDIT LOSSES         |   |   | 106,000                                                    |   |   |                                                 |   |   | 256,000                                              |   |   | —                                              |   |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| Interest                    income after          |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| provision                    for credit losses         |   |   | 280,000                                                    |   |   |                                                 |   |   | 636,000                                              |   |   | —                                              |   |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| OTHER                    INCOME                        |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| Service                    fees                        |   |   | 9,000                                                      |   |   |                                                 |   |   | 19,000                                               |   |   | —                                              |   |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
|                                                   |   |   | 9,000                                                      |   |   |                                                 |   |   | 19,000                                               |   |   | —                                              |   |
| OTHER                    EXPENSES                      |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| Salaries                    and employee benefits      |   |   | 325,000                                                    |   |   |                                                 |   |   | 1,027,000                                            |   |   | —                                              |   |
| Occupancy                    expense                   |   |   | 127,000                                                    |   |   |                                                 |   |   | 347,000                                              |   |   | —                                              |   |
| Professional                    fees                   |   |   | 46,000                                                     |   |   |                                                 |   |   | 135,000                                              |   |   | —                                              |   |
| Other                    operating expenses            |   |   | 145,000                                                    |   |   |                                                 |   |   | 427,000                                              |   |   | —                                              |   |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
|                                                   |   |   | 643,000                                                    |   |   |                                                 |   |   | 1,936,000                                            |   |   | —                                              |   |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
|  Loss                    from operations          |   |   | (354,000                                                   | )      |   |                                                 |   |   | (1,281,000                                           | )      |   | —                                              |   |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| Preopening                    costs                    |   |   | —                                                    |   |   | (344,000                                             | )      |   | —                                              |   |   | (1,028,000                                           | )      |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| NET                    LOSS                            |   |   | (354,000                                                   | )      |   |                                                 |   |   | (1,281,000                                           | )      |   | (1,028,000                                           | )      |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| Net                    loss per weighted average share |   | $      | (0.21                                                      | )      |   |                                                 |   |   |                                                 |   |   |                                                 |   |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |
| Weighted                    average shares outstanding |   |   | 1,680,000                                                  |   |   |                                                 |   |   | 1,680,000                                            |   |   |                                                 |   |
|                                                   |   |   |                                                       |   |   |                                                 |   |   |                                                 |   |   |                                                 |   |

----

| **FIRST                  METROPLEX CAPITAL, INC.**                |
|-------------------------------------------------------------------|
| **STATEMENT                  OF CHANGES IN SHAREHOLDERS' EQUITY** |
| **NINE                  MONTHS ENDED SEPTEMBER 30, 2005**         |
| **(Unaudited)**                                                   |

|                                           |   |   | Common                    Stock       |   |   | Additional                    Paid-in Capital |   |   | RetainedDeficit                      |   |         | Accumulated                    Other Comprehensive Income |   |   | Total      |   |
|------------------------------------------------|--------|--------|--------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|--------------------------------------|--------|--------------|-----------------------------------------------------------|--------|--------|------------|--------|
|                                           |   |   |                                            |   |   |                                               |   |   |                                 |   |         |                                                           |   |   |            |   |
| BALANCE,                    December 31, 2004  |   | $      | 17,000                                     |   | $      | 16,380,000                                    |   | $      | (1,942,000                           | )      | $            | —                                                   |   | $      | 14,455,000 |   |
| Exercise                    of Warrants        |   |   | —                                    |   |   | 2,000                                         |   |   |                                 |   |         |                                                      |   |   | 2,000      |   |
| Comprehensive                    income        |   |   |                                       |   |   |                                          |   |   |                                 |   |         |                                                      |   |   |       |   |
| Net                    loss - YTD         |   |   |                                       |   |   |                                          |   |   | (1,281,000                           | )      |         |                                                      |   |   |       |   |
| Total                    comprehensive loss    |   |   |                        |   |   |                           |   |   |                       |   |         |                                       |   |   | (1,281,000 | )      |
|                                           |   |   |                                       |   |   |                                          |   |   |                                 |   |         |                                                      |   |   |       |   |
| BALANCE,                    September 30, 2005 |   | $      | 17,000                                     |   | $      | 16,382,000                                    |   | $      | (3,223,000                           | )      |    |                                  |   |   | 13,176,000 |   |
|                                           |   |   |                                       |   |   |                                          |   |   |                                 |   |         |                                                      |   |   |       |   |
|                                           |   |   |                                       |   |   |                                          |   |   |                                 |   |         |                                                      |   |   |       |   |

----

| **FIRST                  METROPLEX CAPITAL, INC.** |
|----------------------------------------------------|
| **STATEMENT                  OF CASH FLOWS**       |
| **(Unaudited)**                                    |

|                                                                                                          |   |   | NINE                  MONTHS ENDED SEPTEMBER 30, 2005  |   |   | NINE                  MONTHS ENDED SEPTEMBER 30, 2004 |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------|--------|--------|-------------------------------------------------------|--------|
| CASH                  FLOWS FROM OPERATING ACTIVITIES                                                         |   |   |                                                        |   |   |                                                  |   |
| Net                  loss                                                                                     |   | $      | (1,281,000                                                  | )      | $      | (1,028,000                                            | )      |
| Adjustments                  to reconcile net loss                                                            |   |   |                                                             |   |   |                                                       |   |
| to                  net cash used in operating activities                                                     |   |   |                                                             |   |   |                                                       |   |
|                                                                                                          |   |   |                                                             |   |   |                                                       |   |
| Provision                  for credit losses                                                                  |   |   | 256,000                                                     |   |   | —                                               |   |
| Depreciation                  expense                                                                         |   |   | 146,000                                                     |   |   | 13,000                                                |   |
| Changes                  in operating assets and liabilities:                                                 |   |   |                                                             |   |   |                                                       |   |
| Other                  assets                                                                                 |   |   | 87,000                                                      |   |   | (11,000                                               | )      |
| Other                  liabilities                                                                            |   |   | 52,000                                                      |   |   | (12,000                                               | )      |
|                                                                                                          |   |   |                                                             |   |   |                                                       |   |
| Net                  cash used in operating activities                                                        |   |   | (740,000                                                    | )      |   | (1,038,000                                            | )      |
|                                                                                                          |   |   |                                                        |   |   |                                                       |   |
| CASH                  FLOWS FROM INVESTING ACTIVITIES                                                         |   |   |                                                        |   |   |                                                       |   |
| Net                  change in loans                                                                          |   |   | (17,799,000                                                 | )      |   | —                                               |   |
| Purchases                  of bank premises and equipment                                                     |   |   | (90,000                                                     | )      |   | (849,000                                              | )      |
|                                                                                                          |   |   |                                                        |   |   |                                                  |   |
| Net                  cash used in investing activities                                                        |   |   | (17,889,000                                                 | )      |   | (849,000                                              | )      |
|                                                                                                          |   |   |                                                             |   |   |                                                       |   |
| CASH                  FLOWS FROM FINANCING ACTIVITIES                                                         |   |   |                                                             |   |   |                                                       |   |
| Advances                  from organizers                                                                     |   |   | —                                                     |   |   | 1,544,000                                             |   |
| Cash                  received upon exercise of warrants                                                      |   |   | 2,000                                                       |   |   | —                                               |   |
| Net                  change in demand deposits                                                                |   |   | 13,223,000                                                  |   |   | —                                               |   |
| Net                  change in time deposits                                                                  |   |   | 5,408,000                                                   |   |   | —                                               |   |
|                                                                                                          |   |   |                                                             |   |   |                                                       |   |
| Net                  cash provided by financing activities                                                    |   |   | 18,633,000                                                  |   |   | 1,544,000                                             |   |
|                                                                                                          |   |   |                                                             |   |   |                                                       |   |
| Net                  change in cash and cash equivalents                                                 |   |   | 4,000                                                       |   |   | (343,000                                              | )      |
|                                                                                                          |   |   |                                                             |   |   |                                                       |   |
| CASH                  AND CASH EQUIVALENTS,                                                                   |   |   |                                                             |   |   |                                                       |   |
| beginning                  of period                                                                          |   |   | 12,408,000                                                  |   |   | 343,000                                               |   |
|                                                                                                          |   |   |                                                             |   |   |                                                       |   |
| CASH                  AND CASH EQUIVALENTS,                                                                   |   |   |                                                             |   |   |                                                       |   |
| end                  of period                                                                                |   | $      | 12,412,000                                                  |   | $      | 168,000                                               |   |
|                                                                                                          |   |   |                                                             |   |   |                                                       |   |
| SUPPLEMENTAL                  DISCLOSURE OF                                                                   |   |   |                                                             |   |   |                                                       |   |
| CASH                  FLOW INFORMATION                                                                        |   |   |                                                             |   |   |                                                       |   |
| Interest                  paid                                                                                |   | $      | 210,000                                                     |   | $      | —                                               |   |
| Income                  taxes paid                                                                            |   | $      | —                                                     |   | $      | —                                               |   |
| The                  Notes to Financial Statements are an integral part of these                  statements. |   |   |                                                        |   |   |                                                  |   |

----

**FIRST      METROPLEX CAPITAL, INC.**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE      1.**
**SUMMARY      OF SIGNIFICANT ACCOUNTING POLICIES**

**Organization      and Nature of Operations**

**Cash      Equivalents and Statement of Cash Flows**

**Loans**

----

**Allowance      for Credit Losses**

**Investment      Securities**

**Leasehold      improvements, Furniture and Equipment**

**Income      Taxes**

**Use      of Estimates**

**Stock      Based Compensation**

----

**Earnings      Per Share**

**Comprehensive      Income**

**New      Accounting Pronouncements**

**NOTE      2.**
**LOANS**

| Commercial                                    |   | $      | 9,676,000  |   |
|-----------------------------------------------|--------|--------|------------|--------|
| Consumer                installment           |   |   | 752,000    |   |
| Real                estate                    |   |   | 14,030,000 |   |
|                                          |   |   | 24,458,000 |   |
| Less                allowance for loan losses |   |   | 356,000    |   |
|                                          |   | $      | 24,102,000 |   |
|                                          |   |   |       |   |

----

| Balance                at beginning of year               |   | $      | 100,000 |   |
|-----------------------------------------------------------|--------|--------|---------|--------|
| Provision                charged to operations            |   |   | 256,000 |   |
| Loans                charged off                          |   |   | — |   |
| Recoveries                of loans previously charged off |   |   | — |   |
| Balance                at September 30, 2005              |   | $      | 356,000 |   |
|                                                      |   |   |    |   |

| Commercial                                       |   | $      | 3,415,000 |   |
|-------------------------------------------------------|--------|--------|-----------|--------|
| Consumer                  installment                 |   |   | 176,000   |   |
| Real                  estate                          |   |   | 3,068,000 |   |
|                                                  |   |   | 6,659,000 |   |
|  Less                  allowance for loan losses |   |   | 100,000   |   |
|                                                  |   | $      | 6,559,000 |   |

**NOTE      3.**
**SECURITIES**

|                                      |   |   | Amortized                Cost  |   |   | GrossUnrealizedGains |   |   | Gross                Unrealized (Losses) |   |   | Estimated                Fair Value |   |
|-------------------------------------------|--------|--------|-------------------------------------|--------|--------|----------------------|--------|--------|------------------------------------------|--------|--------|-------------------------------------|--------|
|                                      |   |   |                                |   |   |                 |   |   |                                     |   |   |                                |   |
| Federal                Reserve Bank Stock |   | $      | 420,000                             |   | $      | —              |   | $      | —                                  |   | $      | 420,000                             |   |
|                                      |   |   |                                |   |   |                 |   |   |                                     |   |   |                                |   |

**NOTE      4.**
**RELATED      PARTIES**

----

**NOTE      5.**
**BANK      PREMISES AND EQUIPMENT**

|                                         |   |   | September                30, 2005  |   |   | December                31, 2004 |   |
|----------------------------------------------|--------|--------|-----------------------------------------|--------|--------|----------------------------------|--------|
|                                         |   |   |                                    |   |   |                             |   |
| Leasehold                improvements        |   | $      | 505,000                                 |   | $      | 504,000                          |   |
| Furniture                and equipment       |   |   | 787,000                                 |   |   | 698,000                          |   |
|                                         |   |   |                                    |   |   |                             |   |
|                                         |   |   | 1,292,000                               |   |   | 1,202,000                        |   |
| Less                accumulated depreciation |   |   | 167,000                                 |   |   | 21,000                           |   |
|                                         |   |   |                                         |   |   |                             |   |
|                                         |   | $      | 1,125,000                               |   | $      | 1,181,000                        |   |
|                                         |   |   |                                    |   |   |                             |   |

**NOTE      6.**
**DEPOSITS**

|                                                        |   |   | Amount  |   |   | Percent |   |
|-------------------------------------------------------------|--------|--------|--------------|--------|--------|---------|--------|
| Noninterest                bearing demand                   |   | $      | 4,284,000    |   |   | 17      | %      |
| Interest                bearing demand (NOW)                |   |   | 764,000      |   |   | 3       | %      |
| Money                market accounts                        |   |   | 12,910,000   |   |   | 52      | %      |
| Savings                accounts                             |   |   | 248,000      |   |   | 1       | %      |
| Certificates                of deposit, less than $100,000  |   |   | 2,601,000    |   |   | 10      | %      |
| Certificates                of deposit, $100,000 or greater |   |   | 4,043,000    |   |   | 17      | %      |
|                                                        |   |   |         |   |   |         |   |
|                                                        |   | $      | 24,850,000   |   |   | 100     | %      |
|                                                        |   |   |         |   |   |    |   |

| Noninterest                bearing demand                   |   | $      | 1,739,000 |   |   | 28  | %      |
|-------------------------------------------------------------|--------|--------|-----------|--------|--------|-----|--------|
| Interest                bearing demand (NOW)                |   |   | 758,000   |   |   | 12  | %      |
| Money                market accounts                        |   |   | 1,996,000 |   |   | 32  | %      |
| Savings                accounts                             |   |   | 242,000   |   |   | 4   | %      |
| Certificates                of deposit, less than $100,000  |   |   | 284,000   |   |   | 5   | %      |
| Certificates                of deposit, $100,000 or greater |   |   | 1,200,000 |   |   | 19  | %      |
|                                                        |   |   |           |   |   |     |   |
|                                                        |   | $      | 6,219,000 |   |   | 100 | %      |

----

| 2005   |   | $      | 806,000   |
|--------|--------|--------|-----------|
| 2006   |   |   | 3,472,000 |
| 2007   |   |   | 694,000   |
| 2008   |   |   | 50,000    |
| 2009   |   |   | 0         |
| 2010   |   |   | 1,622,000 |
|        |   |   |      |
| Total  |   | $      | 6,644,000 |
|   |   |   |      |

**NOTE      7.**
**INCOME      TAXES**

**NOTE      8.**
**STOCK      OPTIONS**

**NOTE      9.**
**STOCK      WARRANTS**

**NOTE      10.**
**ADVANCES      FROM ORGANIZERS**

----

**NOTE      11.**
**COMMITMENTS      AND CONTINGENCIES**

**Employment      Agreements**

**NOTE      12.**
**REGULATORY      MATTERS**

----

|                                                    |   | Actual  | For                Capital Adequacy Purposes | To                Be Well Capitalized Under Prompt Corrective Action                Provisions |
|---------------------------------------------------------|--------|--------------|----------------------------------------------|------------------------------------------------------------------------------------------------|
|                                                    |   |         | Amount                                  |                                                                                           |   | Ratio |   |   | Amount |   |   | Ratio |   |   | Amount |   |   | Ratio |   |
|                                                    |   |         | (000’s)                           |                                                                                           |   |  |   |   | (000’s) |   |   |  |   |   | (000’s) |   |   |  |   |
| **As                of September 30, 2005**             |   |         |                                              |                                                                                           |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Total                Capital (to Risk Weighted Assets)  |   | $            | 12,838                                       |                                                                                           |   | 46.8 | % |   | 2,193 |   |   | 38.00 | % | $ | 2,742 |   |   | 310.00 | % |
|                                                    |   |         |                                         |                                                                                           |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
| Tier                I Capital (to Risk Weighted Assets) |   |         | 12,495                                       |                                                                                           |   | 45.5 | % |   | 1,096 |   |   | 34.00 | % |   | 1,645 |   |   | 36.00 | % |
|                                                    |   |         |                                              |                                                                                           |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
| Tier                I Capital (to Average Assets)       |   |         | 12,495                                       |                                                                                           |   | 36.6 | % |   | 1,365 |   |   | 34.00 | % |   | 1,706 |   |   | 35.00 | % |

|                                                    |   | Actual  | For                Capital Adequacy Purposes | To                Be Well Capitalized Under Prompt Corrective Action                Provisions |
|---------------------------------------------------------|--------|--------------|----------------------------------------------|------------------------------------------------------------------------------------------------|
|                                                    |   |         | Amount                                  |                                                                                           |   | Ratio |   |   | Amount |   |   | Ratio |   |   | Amount |   |   | Ratio |   |
|                                                    |   |         | (000’s)                           |                                                                                           |   |  |   |   | (000’s) |   |   |  |   |   | (000’s) |   |   |  |   |
| **As                of December 21, 2004**              |   |         |                                              |                                                                                           |   |  |   |   |   |   |   |  |   |   |  |   |   |  |   |
| Total                Capital (to Risk Weighted Assets)  |   | $            | 14,555                                       |                                                                                           |   | 147.98 | % | $ | 787 |   |   | 38.00 | % | $ | 984 |   |   | 310.00 | % |
|                                                    |   |         |                                         |                                                                                           |   |  |   |   |   |   |   |  |   |   |   |   |   |  |   |
| Tier                I Capital (to Risk Weighted Assets) |   |         | 14,455                                       |                                                                                           |   | 146.96 | % |   | 393 |   |   | 34.00 | % |   | 590 |   |   | 36.00 | % |
|                                                    |   |         |                                              |                                                                                           |   |  |   |   |  |   |   |  |   |   |   |   |   |  |   |
| Tier                I Capital (to Average Assets)       |   |         | 14,455                                       |                                                                                           |   | 82.94 | % |   | 669 |   |   | 34.00 | % |   | 836 |   |   | 35.00 | % |
|                                                    |   |         |                                         |                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

**NOTE      13.**
**PREOPENING      EXPENSES**

|                                         |   |   | Three Months                  Ended September                  30, 2004 |   | Nine                Months Ended September                30, 2004 |
|----------------------------------------------|--------|--------|------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|
| Regulatory                fees               |   | $      | 0                                                                            |   | $                                                                  | 0 |   |
| Professional                fees             |   |   | 25,000                                                                       |   |                                                               | 319,000 |   |
| Consulting                fees               |   |   | 26,000                                                                       |   |                                                               | 409,000 |   |
| Preoffering                consulting fees   |   |   | 0                                                                            |   |                                                               | 0 |   |
| Preopening                operation expenses |   |   | 293,000                                                                      |   |                                                               | 300,000 |   |
|                                         |   |   |                                                                         |   |                                                               |   |   |
|                                         |   | $      | 344,000                                                                      |   | $                                                                  | 1,028,000 |   |
|                                         |   |   |                                                                         |   |                                                               |   |   |

----

**NOTE      14.**
**PARENT      COMPANY CONDENSED FINANCIAL STATEMENTS**

| ASSETS                                       |   |   |       |   |
|----------------------------------------------|--------|--------|------------|--------|
| Cash                and due from banks       |   | $      | 696,000    |   |
| Fixed                assets                  |   |   | 12,000     |   |
| Investment                in subsidiary      |   |   | 12,468,000 |   |
| Total                Assets                  |   | $      | 13,176,000 |   |
|                                         |   |   |       |   |
| LIABILITIES                AND CAPITAL       |   |   |       |   |
| Capital                                      |   |   | 13,176,000 |   |
| Total                Liabilities and Capital |   |   | 13,176,000 |   |
|                                         |   |   |       |   |

|                                                    |   |   | Three                Months  |   |   | Nine                Months |   |
|---------------------------------------------------------|--------|--------|-----------------------------------|--------|--------|----------------------------|--------|
| Equity                in loss from Bank                 |   | $      | (334,000                          | )      | $      | (1,158,000                 | )      |
| Noninterest                expense:                     |   |   |                              |   |   |                            |   |
| Professional                and administrative expenses |   |   | 20,000                            |   |   | 123,000                    |   |
| Total                                                   |   |   | 20,000                            |   |   | 123,000                    |   |
| Net                Loss                                 |   | $      | (354,000                          | )      | $      | (1,281,000                 | )      |
|                                                    |   |   |                              |   |   |                            |   |

----

| FIRST                  METROPLEX CAPITAL, INC.CONDENSED                  STATEMENT OF CASH FLOWSFOR                  THE NINE MONTHS ENDED SEPTEMBER 30,                  2005 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Cash                  Flows from Operating Activities:            |
|-------------------------------------------------------------------|
| Net                  Loss                                         |   |   | (1,281,000 | ) |
| Adjustments                  to reconcile net loss                |   |   |  |   |
| To                  net cash provided by operating activities     |   |   |  |   |
| Equity                  in loss of Bank                           |   |   | 1,158,000 |   |
|                                                              |   |   |  |   |
| Changes                  in operating assets and liabilities:     |   |   |  |   |
| Other                  assets                                     |   |   | 721,000 |   |
|                                                              |   |   |  |   |
| Net                  cash provided by operating activities        |   |   | 598,000 |   |
|                                                              |   |   |  |   |
| Cash                  Flows from Investing Activities             |   |   |  |   |
|                                                              |   |   |   |   |
| Net                  cash provided by investing activities        |   |   | — |   |
|                                                              |   |   |  |   |
| Cash                  Flows from Financing Activities             |   |   |   |   |
|                                                              |   |   |   |   |
| Cash                  received upon exercise of warrants          |   |   | 2,000 |   |
|                                                              |   |   |  |   |
| Net                  cash provided from financing activities      |   |   | 2,000 |   |
|                                                              |   |   |  |   |
| Net                  change in cash and cash equivalents          |   |   | 600,000 |   |
|                                                              |   |   |  |   |
| Cash                  and cash equivalents, beginning of year     |   |   | 96,000 |   |
|                                                              |   |   |  |   |
| Cash                  and cash equivalents, end of period         |   | $ | 696,000 |   |
|                                                              |   |   |  |   |
| Supplemental                  Disclosure of Cash Flow Information |   |   |  |   |
| Interest                  paid                                    |   | $ | — |   |
| Income                  tax paid                                  |   | $ | — |   |
|                                                              |   |   |   |   |

| FIRST                  METROPLEX CAPITAL, INC.CONDENSED                  BALANCE SHEETDECEMBER                  31, 2004 |
|--------------------------------------------------------------------------------------------------------------------------|

| ASSETS                                            |
|---------------------------------------------------|
| Cash                  and due from banks          |   | $ | 96,000 |   |
| Bank                  premises and equipment, net |   |   | 457,000 |   |
| Accounts                  receivable              |   |   | 276,000 |   |
| Other                  assets                     |   |   | 13,626,000 |   |
| Total                  Assets                     |   | $ | 14,445,000 |   |
|                                              |   |   |  |   |
| LIABILITIES                  AND CAPITAL          |   |   |  |   |
| Capital                                           |   |   | 14,455,000 |   |
| Total                  Liabilities and Capital    |   | $ | 14,455,000 |   |

----

| FIRST                  METROPLEX CAPITAL, INC.CONDENSED                  INCOME STATEMENTFOR                  THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30,                  2004 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                  |   |   | Three                  Months  |   |   | Nine                  Months |   |
|---------------------------------------|--------|--------|-------------------------------------|--------|--------|------------------------------|--------|
| Noninterest                  expense: |   |   |                                |   |   |                         |   |
| Preopening                  expenses  |   | $      | 344,000                             |   | $      | 1,028,000                    |   |
| Total                                 |   |   | 344,000                             |   |   | 1,028,000                    |   |
| Net                  Loss             |   | $      | (344,000                            | )      | $      | (1,028,000                   | )      |

| FIRST                  METROPLEX CAPITAL, INC.CONDENSED                  STATEMENT OF CASH FLOWSFOR                  THE NINE MONTHS ENDED SEPTEMBER 30,                  2004 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Cash                  Flows from Operating Activities:            |
|-------------------------------------------------------------------|
| Net                  Loss                                         |   | $ | (1,028,000 | ) |
| Adjustments                  to reconcile net loss                |   |   |  |   |
| To                  net cash provided by operating activities     |   |   |  |   |
|  Depreciation                  expense                       |   |   | 13,000 |   |
| Changes                  in operating assets and liabilities:     |   |   |  |   |
| Other                  assets                                     |   |   | (11,000 | ) |
| Other                  liabilities                                |   |   | (12,000 | ) |
|                                                              |   |   |  |   |
| Net                  cash used in operating expenses              |   |   | (1,038,000 | ) |
|                                                              |   |   |  |   |
| Cash                  Flows from Investing Activities             |   |   |  |   |
| Purchases                  of bank premises and equipment         |   |   | (849,000 | ) |
|                                                              |   |   |  |   |
| Net                  cash used in investing activities            |   |   | (849,000 | ) |
|                                                              |   |   |  |   |
| Cash                  Flows from Financing Activities:            |   |   |  |   |
| Advance                  from organizers                          |   |   | 1,544,000 |   |
| Net                  cash provided from financing activities      |   |   | 1,544,000 |   |
| Net                  decrease in cash and cash equivalents        |   |   | (343,000 | ) |
| Cash                  and cash equivalents, beginning of period   |   |   | 343,000 |   |
| Cash                  and cash equivalents, end of period         |   | $ | 0 |   |
|                                                              |   |   |   |   |
| Supplemental                  Disclosure of Cash Flow Information |   |   | — |   |
| Income                  tax paid                                  |   |   | — |   |
|                                                              |   |   |  |   |

----

**ITEM      2.**
**Management’s      Discussion and Analysis or Plan of Operation**

| ·   | we                have limited operating history upon which to base an estimate of                our                future financial performance; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | we                have incurred substantial start-up expenses associated with our                organization and our recent public offering and expect to sustain                losses                or achieve minimal profitability during our initial years of                operations; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | if                we are unable to implement our business plan and strategies, we will                be                hampered in our ability to develop business and serve or customers,                which,                in turn, could have an adverse effect on our financial                performance; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | if                we fail to retain our key employees, growth and profitability could                be                adversely affected; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | we                face substantial competition in our primary market                area; |
|--------------------|-------------------------------------------------------------------------------------------|

| ·   | the                Bank’s current legally mandated lending limits are lower than those of                our                competitors, which may impair our ability to attract                borrowers; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | an                economic downturn, especially one affecting our primary service area,                may                have an adverse effect on our financial                performance; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | changes                in governmental economic and monetary policies, the Internal Revenue                Code                and banking and credit regulations, as well as other factors, will                affect                the demand for loans and the ability of the Bank to attract                deposits; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | changes                in the general level of interest rates and other economic factors                can                affect the Bank’s interest income by affecting the spread between                interest-earning assets and interest-bearing                liabilities; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | we                have no current intentions of paying cash                dividends; |
|--------------------|---------------------------------------------------------------------------------------|

----

| ·   | we                are subject to significant government regulation and legislation                that                increases the cost of doing business and inhibits our ability to                compete; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | we                may not be able to raise additional capital on terms favorable to                us;                and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------|

| ·   | our                directors and executive officers beneficially own a significant portion                of                our outstanding common stock. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

**Executive      Overview**

***Introduction***

***Key      Performance Indicators at***
**September      30, 2005**

| ·   | our                total assets grew to $38.1 million at the end of the third quarter                of                2005, representing an increase of 84%, from $20.7 million at the                end of                2004 and an increase of 28% from $29.7 million at the end of the                second                quarter of 2005; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | our                total loans grew to $24.1 million at the end of the third quarter                of 2005,                representing an increase of 265%, from $6.6 million at the end of                2004 and                an increase of 46% from $16.4 million at the end of the second quarter                of                2005; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | our                total deposits grew to $24.9 million at the end of the third quarter                of                2005, representing an increase of 301%, from $6.2 million at the                end of                2004 and an increase of 54% from $16.1 million at the end of the                second                quarter of 2005; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | our                total revenue grew to $515,000 in the third second quarter of 2005                compared to $378,000 in the second quarter of 2005, representing                an                increase of 36%; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | our                net loss was $354,000 in the third quarter of 2005, representing                a                decrease of 22%, from $455,000 in the second quarter of                2005. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Results      of Operations**

***Net      Interest Income and Net Interest Margin***

----

| **QUARTERLY                  FINANCIAL SUMMARY - UNAUDITED**                   |
|--------------------------------------------------------------------------------|
| Consolidated                  Daily Average Balances, Average Yields and Rates |
| (Dollars                  in thousands except per share data)                  |

|                                                                          |  For                                the three months ended September 30, 2005 |               |  For                                the nine months ended September 30, 2005 |    | For                                the three months ended December 31, 2004 |
|-------------------------------------------------------------------------------|------------------------------------------------------------------------------------|--------------------|-----------------------------------------------------------------------------------|---------|-----------------------------------------------------------------------------|
|                                                                          | Average                                Balance                                     |               | Revenue                                Expense                                    |    | Yield                                Rate                                   |   | Average                                Balance |   | Revenue                                Expense |   | Yield                                Rate |   | Average                                Balance |   | Revenue                                Expense |   | Yield                                Rate |
|                                                                          |                                                                               |               |                                                                              |    |                                                                        |   |   |   |   |   |   |
| **Assets**                                                                    |                                                                               |               |                                                                              |    |                                                                        |   |   |   |   |   |   |
| Interest-earning                                assets:                       |                                                                               |               |                                                                              |    |                                                                        |   |   |   |   |   |   |
| Loans                                                                         | $21,018                                                                            | $411               | 7.8%                                                                              | $14,985 | $868                                                                        | 7.7% | $4,903 | $56 | 6.9% |
| Less                                reserve for loan loss                     | 293                                                                                |               |                                                                              |    | 209                                                                         |   |   |   | 39 |   |   |
| Loans                                net of reserve                           | 20,725                                                                             |               |                                                                              |    | 14,776                                                                      |   |   |   | 4,864 |   |   |
| Federal                                funds sold                             | 10,400                                                                             | 89                 | 3.4%                                                                              | 10,023  | 216                                                                         | 2.9% | 9,074 | 31 | 2.0% |
| Securities                                                                    | 420                                                                                |               | 6                                                                                 | 5.7%    | 420                                                                         | 19 | 6.0% | 577 | 5 | 5.2% |
| Total                                earning assets                           | 31,545                                                                             | 506                | 6.4%                                                                              | 25,219  | 1,103                                                                       | 5.8% | 14,515 | 92 | 3.8% |
| Cash                                and other assets                          | 2,626                                                                              |               |                                                                              |    | 2,213                                                                       |   |   |   | 1,405 |   |   |
| Total                                assets                                   | $34,171                                                                            |               |                                                                              |    | $27,432                                                                     |   |   |   | $15,920 |   |   |
| **Liabilities                                and Shareholders’ Equity** |                                                                               |               |                                                                              |    |                                                                        |   |   |   |   |   |   |
| NOW                                accounts                                   | $786                                                                               | $1                 | 0.5%                                                                              | $822    | $3                                                                          | 0.5% | $441 | $0 | 0.5% |
| Money                                market accounts                          | 10,286                                                                             | 68                 | 2.6%                                                                              | 6,641   | 121                                                                         | 2.4% | 701 | 2 | 1.7% |
| Savings                                accounts                               | 232                                                                                |               | 1                                                                                 | 1.7%    | 230                                                                         |   | 2 | 1.2% | 131 | 0 | 1.8% |
| Certificates                                of deposit                        | 2,116                                                                              |               | 19                                                                                | 3.6%    | 1,131                                                                       |   | 29 | 3.4% | 165 | 1 | 2.9% |
| Certificates                                of deposit $100,000 or more       | 3,261                                                                              | 29                 | 3.6%                                                                              | 2,238   | 55                                                                          | 3.3% | 405 | 2 | 2.5% |
| Total                                interest bearing deposits                | 16,681                                                                             | 118                | 2.8%                                                                              | 11,062  | 210                                                                         | 2.5% | 1,843 | 5 | 1.7% |
| Noninterest                                bearing deposits                   | 4,774                                                                              |               |                                                                              |    | 3,308                                                                       |   |   |   | 644 |   |   |
| Other                                liabilities                              | 64                                                                                 |               |                                                                              |    | 40                                                                          |   |   |   | — |   |   |
| Shareholders’                                equity                     | 12,652                                                                             |               |                                                                              |    | 13,022                                                                      |   |   |   | 13,433 |   |   |
| Total                                liabilities and shareholders' equity     | $34,171                                                                            |               |                                                                              |    | $27,432                                                                     |   |   |   | $15.920 |   |   |
|  Net                                interest Income                      |                                                                               |  388          |                                                                              |    |  893                                                                   |   |   | 87 |   |
| Net                                interest spread                            |                                                                               |               |                                                                              | 3.6%    |                                                                        |   |   | 3.3% |   |   | 2.1% |
| Net                                interest margin                            |                                                                               |               |                                                                              | 4.9%    |                                                                        |   |   | 4.7% |   |   | 3.6% |
|  Provision                                for loan loss                  |                                                                               |  106          |                                                                              |    |  256                                                                   |   |   | 100 |   |
| Non-interest                                income                            |                                                                               |               | 8                                                                                 |    |                                                                        | 19 |   |   | 1 |   |
| Non-interest                                expense                           |                                                                               | 623                |                                                                              |    | 1,814                                                                       |   |   | 363 |   |
| Income                                (loss) before Income taxes              |                                                                               | (333)              |                                                                              |    | (1,158)                                                                     |   |   | (375) |   |
| Income                                taxes expense (benefit)                 |                                                                               |               | —                                                                           |    |                                                                        |   | — |   |   | — |   |
|  Net                                income                               |                                                                               |  -$333        |                                                                              |    |  -$1,158                                                               |   |   | -$375 |   |
|   Earnings                                (Loss) per share          |                                                                               |   (0.20) |                                                                              |    |   (0.69)                                                          |   |   | (0.22) |   |
| Return                                on average equity                       |                                                                               | -10.5%             |                                                                              |    | -11.9%                                                                      |   |   | -16.8% |   |

----

***Provision      for Loan Losses***

***Noninterest      Income***

***Noninterest      Expense***

|                                            |   |   | Three                  months endedSeptember                  30, 2005  |   |   | Nine                  months ended September 30,2005  |   |   | Three                  months ended December                  31, 2004  |   |
|-------------------------------------------------|--------|--------|------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------|--------|
|                                            |   |   |                                                                         |   |   |                                                       |   |   |                                                                         |   |
| Salaries                  and employee benefits |   | $      | 325,000                                                                      |   | $      | 1,027,000                                                  |   | $      | 239,000                                                                      |   |
| Net                  occupancy expense          |   |   | 127,000                                                                      |   |   | 347,000                                                    |   |   | 60,000                                                                       |   |
| Office                  expenses                |   |   | 36,000                                                                       |   |   | 83,000                                                     |   |   | 13,000                                                                       |   |
| Data                  processing                |   |   | 45,000                                                                       |   |   | 118,000                                                    |   |   | 23,000                                                                       |   |
| Professional                  fees              |   |   | 28,000                                                                       |   |   | 65,000                                                     |   |   | 8,000                                                                        |   |
| Advertising                  and promotional    |   |   | 19,000                                                                       |   |   | 53,000                                                     |   |   | 4,000                                                                        |   |
| Other                  expenses                 |   |   | 43,000                                                                       |   |   | 119,000                                                    |   |   | 16,000                                                                       |   |
| Total                  noninterest expenses     |   | $      | 623,000                                                                      |   | $      | 1,814,000                                                  |   | $      | 363,000                                                                      |   |

***Income      Taxes***

----

**Financial      Condition**

***Short-Term      Investments and Interest-bearing Deposits in Other Financial      Institutions***

***Investment      Securities***

***Loan      Portfolio***

|                                                     |   |   | **As                of** **September                30, 2005**  |   |   | **As                of****December                31, 2004** |   |
|----------------------------------------------------------|--------|--------|---------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------|--------|
| Real                estate - mortgage                    |   | $      | 10,834,000                                                                |   | $      | 1,732,000                                                    |   |
| Commercial                and industrial                 |   |   | 9,676,000                                                                 |   |   | 3,415,000                                                    |   |
| Consumer                                                 |   |   | 752,000                                                                   |   |   | 176,000                                                      |   |
| Real                estate - construction                |   |   | 3,196,00                                                                  |   |   | 1,336,000                                                    |   |
| Other                loans                               |   |   | 0                                                                         |   |   | 0                                                            |   |
| Gross                loans and leases                    |   | $      | 24,458,000                                                                |   | $      | 6,659,000                                                    |   |
|                                                     |   |   |                                                                           |   |   |                                                              |   |
| Less:                Allowance for loan and lease losses |   |   | 356,000                                                                   |   |   | 100,000                                                      |   |
| Loans,                net                                |   | $      | 24,102,000                                                                |   | $      | 6,559,000                                                    |   |
|                                                     |   |   |                                                                      |   |   |                                                         |   |

----

|                                              |   |   | **As                  of September 30, 2005**               |   |
|---------------------------------------------------|--------|--------|----------------------------------------------------------------------------|--------|
|                                              |   |   | **Over                  1 Year****through                  5 Years**  |   |   | **Over                  5 Years**  |   |
|                                              |   |   | **One                  Year****or                  Less**             |   |   | **Fixed****Rate** |   |   | **Floating                  or Adjustable Rate** |   |   | **Fixed****Rate** |   |   | **Floating                  or Adjustable Rate** |   |   | **Total** |   |
|                                              |   |   |                                                                            |   |   |  |   |   |  |   |   |   |   |   |  |   |   |  |   |
| Real                  estate — construction |   | $      | 2,986,000                                                                  |   | $ | 210,000 |   | $ | 0 |   | $ | 0 |   | $ | 0 |   | $ | 3,196,000 |   |
| Real                  estate — secured      |   |   | 3,624,000                                                                  |   |   | 5,210,000 |   |   | 2,000,000 |   |   | 0 |   |   | 0 |   |   | 10,834,000 |   |
| Commercial                  and industrial        |   |   | 5,229,000                                                                  |   |   | 2,939,000 |   |   | 137,000 |   |   | 1,371,000 |   |   | 0 |   |   | 9,676,000 |   |
| Consumer                                          |   |   | 161,000                                                                    |   |   | 401,000 |   |   | 0 |   |   | 190,000 |   |   | 0 |   |   | 752,000 |   |
| Leases                                            |   |   | 0                                                                          |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |
| Other                  loans                      |   |   | 0                                                                          |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |
| Total                                             |   | $      | 12,000,000                                                                 |   | $ | 8,760,000 |   | $ | 2,137,000 |   | $ | 1,561,000 |   | $ | 0 |   | $ | 24,458,000 |   |
|                                              |   |   |                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

***Nonperforming      Loans, Leases and Assets***

***Allowance      for Loan Losses***

----

|                                                         |   |   | **As                  of September 30,****2005**  |   |   | **As                  of December 31,****2004**  |   |
|--------------------------------------------------------------|--------|--------|--------------------------------------------------------|--------|--------|-------------------------------------------------------|--------|
|                                                         |   |   | **Amt.**                                          |   |   | **Loan                  Category to Gross Loans**     |   |   | **Amt.** |   |   | **Loan                  Category to Gross Loans** |   |
| **Allocated:**                                               |   |   |                                                   |   |   |                                                  |   |   |   |   |   |   |   |
| Real                  estate — construction            |   | $      | 48,000                                                 |   |   | 13                                                    | %      | $ | 20,000 |   |   | 20 | % |
| Real                  estate 3⁄4                  secured |   |   | 162,000                                                |   |   | 46                                                    |   |   | 26,000 |   |   | 26 |   |
| Commercial                  and industrial                   |   |   | 135,000                                                |   |   | 38                                                    |   |   | 51,000 |   |   | 51 |   |
| Consumers                                                    |   |   | 11,000                                                 |   |   | 3                                                     |   |   | 3,000 |   |   | 3 |   |
| Leases                                                       |   |   | 0                                                      |   |   |                                                       |   |   | 0 |   |   |  |   |
| Other                  loans                                 |   |   | 0                                                      |   |   |                                                       |   |   | 0 |   |   |  |   |
|                                                         |   |   |                                                   |   |   |                                                       |   |   |  |   |   |  |   |
| Total                  allowance for loan and lease losses   |   | $      | 356,000                                                |   |   | 100                                                   | %      | $ | 100,000 |   |   | 100 | % |
|                                                         |   |   |                                                   |   |   |                                                  |   |   |   |   |   |   |   |

***Nonearning      Assets***

***Deposits***

|                                                                                                     |   |   | **Three                    Months Ended****September                    30**  |   |   | **Nine                    Months Ended****September                    30,**  |   |   | **Year                    Ended December 31,**  |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------|--------|
|                                                                                                     |   |   | **2005**                                                       |   |   |  **2004**                                                                |   |
|                                                                                                     |   |   | **Average                    Balance**                                             |   |   | **Percent                    of Deposits**                                         |   |   | **Average                    Rate**                  |   |   | **Average                    Balance** |   |   | **Percent                    of Deposit** |   |   | **Average                    Rate** |   |   | **Average                    Balance** |   |   | **Percent                    of Deposit** |   |   | **Average                    Rate** |   |
| Noninterest-bearing                    demand deposits                                                   |   | $      | 4,774,000                                                                          |   |   | 22                                                                                 | %      |   | 0.0                                                  | %      | $ | 3,308,000 |   |   | 23 | % |   | 0.0 | % | $ | 644,000 |   |   | 26 | % |   | 0.0 | % |
| Money                    market deposits                                                                 |   |   | 10,286,000                                                                         |   |   | 48                                                                                 | %      |   | 2.6                                                  | %      |   | 6,641,000 |   |   | 45 | % |   | 2.4 | % |   | 701,000 |   |   | 28 | % |   | 1.7 | % |
| NOW                    deposits                                                                          |   |   | 786,000                                                                            |   |   | 4                                                                                  | %      |   | 0.5                                                  | %      |   | 822,000 |   |   | 6 | % |   | 0.5 | % |   | 441,000 |   |   | 18 | % |   | 0.5 | % |
| Savings                    deposits                                                                      |   |   | 232,000                                                                            |   |   | 1                                                                                  | %      |   | 1.7                                                  | %      |   | 230,000 |   |   | 2 | % |   | 1.2 | % |   | 131,000 |   |   | 5 | % |   | 1.3 | % |
| Time                    certificates of deposits in denominations of $100,000 or                    more |   |   | 3,261,000                                                                          |   |   | 15                                                                                 | %      |   | 3.6                                                  | %      |   | 2,238,000 |   |   | 16 | % |   | 3.3 | % |   | 404,000 |   |   | 16 | % |   | 2.7 | % |
| Other                    Time Deposits                                                                   |   |   | 2,116,000                                                                          |   |   | 10                                                                                 | %      |   | 3.6                                                  | %      |   | 1,131,000 |   |   | 8 | % |   | 3.4 | % |   | 165,000 |   |   | 7 | % |   | 2.7 | % |
|                                                                                                     |   |   |                                                                               |   |   |                                                                               |   |   |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                    Deposits                                                                        |   | $      | 21,455,000                                                                         |   |   | 100                                                                                | %      |   | 2.2                                                  | %      | $ | 14,370,000 |   |   | 100 | % |   | 1.95 | % | $ | 2,486,000 |   |   | 100 | % |   | 1.2 | % |
|                                                                                                     |   |   |                                                                               |   |   |                                                                               |   |   |                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                  |   |   | **September                  30,****2005**  |   |   | **December                  31,****2004**  |   |
|-------------------------------------------------------|--------|--------|--------------------------------------------------|--------|--------|-------------------------------------------------|--------|
|                                                  |   |   |                                             |   |   |                                            |   |
| Three                  months or less                 |   | $      | 459,000                                          |   | $      | 250,000                                         |   |
| Over                  three months through six months |   |   | 337,000                                          |   |   | 950,000                                         |   |
| Over                  six months through 12 months    |   |   | 1,813,000                                        |   |   | 0                                               |   |
| Over                  12 months                       |   |   | 1,434,000                                        |   |   | 0                                               |   |
| Total                                                 |   | $      | 4,043,000                                        |   | $      | 1,200,000                                       |   |
|                                                  |   |   |                                             |   |   |                                            |   |

***Return      on Equity and Assets***

|                                        |   |   | At                      September 30, 2005  |   |   | At                      December 31, 2004  |   |
|---------------------------------------------|--------|--------|--------------------------------------------------|--------|--------|-------------------------------------------------|--------|
|                                        |   |   |                                             |   |   |                                            |   |
| Return                      on assets       |   |   | (4.5                                             | )%     |   | (8.3                                            | )%     |
| Return                      on equity       |   |   | (12.9                                            | )%     |   | (11.9                                           | )%     |
| Dividend                      payout ratio  |   |   | 0                                                | %      |   | 0                                               | %      |
| Equity                      to assets ratio |   |   | 34                                               | %      |   | 70                                              | %      |

***Off-Balance      Sheet Arrangements***

***Borrowings***

----

|                                |   |   | **As                    of September 30, 2005**   |   |
|-------------------------------------|--------|--------|-------------------------------------------------------------|--------|
|                                |   |   | **Less                    than One Year**              |   |   | **One                    Year to Three Years**  |   |   | **Over                    Three Years to Five Years**  |   |   | **Over                    Five Years**  |   |
| Time                    deposits    |   | $      | 4,519,000                                                   |   | $ | 751,000 |   | $ | 1,622,000 |   | $ | 0 |   |
| Operating                    leases |   |   | 164,000                                                     |   |   | 301,000 |   |   | 289,000 |   |   | 521,000 |   |
| Total                               |   | $      | 4,683,000                                                   |   | $ | 1,052,000 |   | $ | 1,911,000 |   | $ | 521,000 |   |
|                                |   |   |                                                        |   |   |   |   |   |   |   |   |   |   |

***Capital        Resources and Capital Adequacy Requirements***

|                                                      |   |   | **Actual**  |   |   | **For                  Capital Adequacy Purposes**  |   |   | **To                  Be Well Capitalized UnderPrompt CorrectiveAction                  Problems**  |   |
|-----------------------------------------------------------|--------|--------|------------------|--------|--------|----------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------------------|--------|
|                                                      |   |   | **Amount**  |   |   | **Ratio**                                           |   |   | **Amount**                                                                                          |   |   | **Ratio**  |   |   | **Amount**  |   |   | **Ratio**  |   |
| **As                  of September 30, 2005**        |   |   |             |   |   |                                                     |   |   |                                                                                                     |   |   |   |   |   |   |   |   |   |   |
| Total                  Capital (to risk-weighted assets)  |   | $      | 12,838,000       |   |   | 46.8                                                     | %      | $      | 2,193,000                                                                                                |   |   | >8 | % | $ | 2,742,000 |   |   | >10 | % |
| Tier                  1 capital (to risk-weighted assets) |   |   | 12,495,000       |   |   | 45.5                                                     | %      |   | 1,096,000                                                                                                |   |   | >4 | % |   | 1,645,000 |   |   | >6 | % |
| Tier                  1 capital (to average assets)       |   |   | 12,495,000       |   |   | 36.6                                                     | %      |   | 1,365,000                                                                                                |   |   | >4 | % |   | 1,706,000 |   |   | >5 | % |
| **As                  of December 31, 2004**              |   |   |                  |   |   |                                                          |   |   |                                                                                                          |   |   |  |   |   |  |   |   |  |   |
| Total                  Capital (to risk-weighted assets)  |   | $      | 14,555,000       |   |   | 147.9                                                    | %      | $      | 787,000                                                                                                  |   |   | >8 | % | $ | 984,000 |   |   | >10 | % |
| Tier                  1 capital (to risk-weighted assets) |   | $      | 14,455,000       |   |   | 146.9                                                    | %      | $      | 393,000                                                                                                  |   |   | >4 | % | $ | 590,000 |   |   | >6 | % |
| Tier                  1 capital (to average assets)       |   | $      | 14,455,000       |   |   | 82.9                                                     | %      | $      | 669,000                                                                                                  |   |   | >4 | % | $ | 836,000 |   |   | >5 | % |
|                                                      |   |   |             |   |   |                                                     |   |   |                                                                                                     |   |   |   |   |   |   |   |   |   |   |

----

***Liquidity      Management***

*i.e*

***Quantitative      and Qualitative Disclosure About Market Risks***

----

|                                                   |   |   | Change                  in Future Net Interest Income At                  September 30, 2005  |   |
|--------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------------|--------|
|                                                   |   |   | Dollar                  Change                                                                |   |   | PercentageChange  |   |
|                                                   |   |   |                                                                                               |   |   |   |   |
| +200                  basis points over one year       |   |   | 112,000                                                                                            |   |   | 5.8 | % |
| +100                  basis points over one year       |   |   | 58,000                                                                                             |   |   | 3.0 | % |
| —100                  basis points over one year |   |   | (128,000                                                                                           | )      |   | (6.7 | )% |
| —200                  basis points over one year |   |   | (259,000                                                                                           | )      |   | (13.5 | )% |

----

|                                                                                                             |   | **As                of September 30, 2005****Volumes                Subject to Repricing Within**  |
|------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------|
|                                                                                                             |   |                                                                                                    | **0-1                Days**  |   |   | **2-90Days** |   |   | **91-365                Days** |   |   | **1-3                Years** |   |   | **Over                3 Years** |   |   | **Non-Interest                Sensitive** |   |   | **Total** |   |
| **Assets:**                                                                                                      |   |                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                             |   |                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Short-term                investments and federal funds sold                                                     |   | $                                                                                                       | 10,415,000 |   | $ | 0 |   | $ | 0 |   | $ | 0 |   | $ | 0 |   | $ | 0 |   | $ | 10,415,000 |   |
| Investment                securities                                                                             |   |                                                                                                    | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 420,000 |   |   | 0 |   |   | 420,000 |   |
| Loans                                                                                                            |   |                                                                                                    | 9,023,000 |   |   | 2,663,000 |   |   | 6,086,000 |   |   | 3,489,000 |   |   | 3,197,000 |   |   | 0 |   |   | 24,458,000 |   |
| Fixed                and other assets                                                                            |   |                                                                                                    | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 2,794,000 |   |   | 2,794,000 |   |
| Total                Assets                                                                                      |   | $                                                                                                       | 19,438,000 |   | $ | 2,663,000 |   | $ | 6,086,000 |   | $ | 3,489,000 |   | $ | 3,617,000 |   | $ | 2,794,000 |   | $ | 38,087,000 |   |
|                                                                                                             |   |                                                                                                    |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| **Liabilities                and Shareholders’ Equity:**                                                   |   |                                                                                                    |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Non-interest-bearing,                interest-bearing checking, savings and money market                accounts |   |                                                                                                    | 5,874,000 |   |   | 0 |   |   | 0 |   |   | 7,800,000 |   |   | 0 |   |   | 4,284,000 |   |   | 17,958,000 |   |
| Certificates                of deposit                                                                           |   |                                                                                                    | 0 |   |   | 1,030,000 |   |   | 3,463,000 |   |   | 75,000 |   |   | 1,648,000 |   |   | 0 |   |   | 6,892,000 |   |
| Borrowed                funds                                                                                    |   |                                                                                                    | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |
| Other                liabilities                                                                                 |   |                                                                                                    | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 61,000 |   |   | 61,000 |   |
| Shareholders’                equity                                                                        |   |                                                                                                    | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 0 |   |   | 13,176,000 |   |   | 13,176,000 |   |
| Total                liabilities and shareholders’ equity                                                  |   |                                                                                                    | 5,874,000 |   |   | 1,030,000 |   |   | 3,463,000 |   |   | 8,551,000 |   |   | 1,648,000 |   |   | 17,521,000 |   |   | 38,087,000 |   |
| Period                gap                                                                                        |   |                                                                                                    | 13,564,000 |   |   | 1,633,000 |   |   | 2,623,000 |   |   | (5,062,000 | ) |   | 1,969,000 |   |   |   |   |   |   |   |
| Cumulative                gap                                                                                    |   |                                                                                                    | 13,564,000 |   |   | 15,197,000 |   |   | 17,820,000 |   |   | 12,758,000 |   |   | 14,727,000 |   |   |   |   |   |   |   |
| Period                gap to total assets                                                                        |   |                                                                                                    | 36 | % |   | 4 | % |   | 7 | % |   | (13 | )% |   | 5 | % |   |   |   |   |   |   |
| Cumulative                gap to total assets                                                                    |   |                                                                                                    | 36 | % |   | 40 | % |   | 47 | % |   | 34 | % |   | 39 | % |   |   |   |   |   |   |
|                                                                                                             |   |                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

***Aggregate      Contractual Obligations***

----

|                                  |   |   |
|---------------------------------------|--------|--------|
|                                  |   |   | **As                of September                30, 2005**   |   |
|                                  |   |   | **Less                than One Year**  |   |   | **One                Year to Three Years** |   |   | **Over                Three Years to Five Years** |   |   | **Over                Five Years** |   |
|                                  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Operating                Leases  |   | $      | 164,000 |   | $ | 301,000 |   | $ | 289,000 |   | $ | 521,000 |   |
|                                  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Total                                 |   | $      | 164,000 |   | $ | 301,000 |   | $ | 289,000 |   | $ | 521,000 |   |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |

**ITEM      3.**
**Controls      and Procedures**

**PART      II.**
**OTHER      INFORMATION**

**ITEM      1.**
**Legal      Proceedings**

**ITEM      2.**
**Unregistered      Sales of Equity Securities and Use of Proceeds**

----

| Gross                proceeds from sale of shares      |   | $      | 16,800,000 |   |
|--------------------------------------------------------|--------|--------|------------|--------|
| Less:                                             |   |   |            |   |
| Offering                expenses                       |   | $      | 403,000    |   |
| Organizational                expenses                 |   | $      | 1,568,000  |   |
| Contribution                to the capital of the Bank |   | $      | 14,000,000 |   |
| Holding                company operating expenses      |   | $      | 133,000    |   |
|                                                   |   |   |            |   |
| Remaining                net proceeds                  |   | $      | 696,000    |   |
|                                                   |   |   |       |   |

**ITEM      3.**
**Defaults      Upon Senior Securities**

**ITEM      4.**
**Submission      of Matters to a Vote of Security Holders**

**ITEM      5.**
**Other      Information**

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

|  **Exhibit                Number** |   | **Description                of Exhibit**                                                                                                                            |
|-----------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                    |   |                                                                                                                                                                 |
| 31.1                                    |   | Rule                13a-14(a) Certification of Chief Executive Officer.                                                                                              |
|                                    |   |                                                                                                                                                                 |
| 31.2                                    |   | Rule                13a-14(a) Certification of Chief Financial Officer.                                                                                              |
|                                    |   |                                                                                                                                                                 |
| 32                                      |   | Certification                pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section                906 of                the Sarbanes-Oxley Act of 2002. |
|                                    |   |                                                                                                                                                                 |

----

**SIGNATURES**

|                              |                                                                                      |                                                                                                                                                                                                                                                                                                                       |
|----------------------------------------|-------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                   | FIRST                METROPLEX CAPITAL, INC.                                              |
|                              |                                                                                 |                                                                                                                                                                                                                                                                                                                  |
| Date:                November 14, 2005 | By:                                                                             | /s/                Patrick G.                Adams                                             |
|                                   |  Patrick                G. AdamsPresident                and Chief Executive Officer |
|                                   |                                                                                      |

----