UNITED STATES

                 SECURITIES AND EXCHANGE COMMISSION

                       Washington, D. C.  20549

                               FORM 10-Q



Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934.

For the quarterly period ended March 31, 2000.

Commission File Number  2-89900

                           NBC CAPITAL CORPORATION
          (Exact name of registrant as specified in its charter.)


    Mississippi                              64-0694775
(State of other jurisdiction of          (I. R. S. Employer
incorporation or organization)           Identification No.)


NBC Plaza, P. O. Box 1187, Starkville, Mississippi            39760
(Address of principal executive offices)                    (Zip Code)

Registrant's telephone number, including area code:  (662) 323-1341

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

                            YES [X]      NO [ ]

Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practical date:

Common Stock, $1 Par Value - 7,195,192 shares as of March 31, 2000.



                       PART  I - FINANCIAL INFORMATION

                           NBC CAPITAL CORPORATION

                    CONSOLIDATED STATEMENTS OF INCOME FOR

                  THREE MONTHS ENDED MARCH 31, 2000 AND 1999

                                 (Unaudited)


(Amounts in thousands, except per share data)




                                                         2000     1999
                                                       _______   _______
INTEREST INCOME:

     Interest and Fees on Loans                        $13,787   $12,958
     Interest And Dividends On Investment Securities     3,317     2,771
     Other Interest Income                                 253       786
                                                       _______   _______

         Total Interest Income                          17,357    16,515

INTEREST EXPENSE:

     Interest on Deposit                                 7,113     7,185
     Interest on Borrowed Funds                            835       492
                                                       _______   _______
         Total Interest Expense                          7,948     7,677
                                                       _______   _______

       Net Interest Income                               9,409     8,838
     Provision for Possible Loan Losses                    383       315
                                                       _______   _______
       Net Interest Income After Provision for
         Loan Losses                                     9,026     8,523
                                                       _______   _______
NON-INTEREST INCOME:
     Income from Fiduciary Activities                      376       330
     Service Charge on Deposit Accounts                  1,260     1,146
     Insurance Commissions and Fee Income                  897     1,006
     Other Noninterest Income                              959       833
                                                       _______   _______
       Total Noninterest Income                          3,492     3,315
         Gains (Losses) on Securities                        0         0

NON-INTEREST EXPENSE:
     Salaries and Employee Benefits                      3,672     4,071
     Expense of Premises and Fixed Assets                1,088     1,131
     Other Non-interest Expense                          2,226     2,376
                                                       _______   _______
     Total Noninterest Expense                           6,986     7,578
                                                       _______   _______

Income Before Income Taxes                               5,532     4,260
Applicable Income Taxes                                  1,643       836
                                                       _______   _______

NET INCOME                                             $ 3,889   $ 3,424
                                                       =======   =======

Net Earnings Per Share:
    Basic                                              $  0.54   $  0.48
    Diluted                                            $  0.54   $  0.48



                         NBC CAPITAL CORPORATION

                       CONSOLIDATED BALANCE SHEETS


                                                      Mar. 31,   Dec. 31,
                                                        2000       1999
                                                      ________   ________
                                                     (Unaudited) (Audited)
ASSETS:
Cash and Balances Due From Banks:
   Noninterest -Bearing Balances                      $ 27,115   $ 80,288
   Interest-bearing Balances                             2,180      1,895
                                                      ________   ________
     Total Cash and Due From Banks                      29,295     82,183
Held-To-Maturity Securities  (Market value of
   $34,739 at March 31, 2000 and $31,406 at
   December 31, 1999)                                   33,279     29,824
Available-For-Sale Securities                          207,969    200,456
                                                      ________   ________

   Total Securities                                    241,248    230,280
Federal Funds Sold and Securities Purchased
   Under Agreement to Resell                            16,510        201
Loans                                                  630,378    623,751
Less: Reserve for Loan Losses                          (10,196)   (10,194)
                                                      ________   ________

   Net Loans                                           620,182    613,557
Bank Premises and Equipment (Net)                       16,121     16,757
Interest Receivable                                      8,875      8,847
Other Assets                                            20,421     21,745
                                                      ________   ________

   TOTAL ASSETS                                       $952,652   $973,570
                                                      ========   ========

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits:
   Non-Interest Bearing                               $ 96,007   $ 92,506
   Interest Bearing Deposits                           674,940    660,304
                                                      ________   ________
     Total Deposits                                    770,947    752,810
Federal Funds Purchased and Securities Sold
   Under Agreements to Repurchase                       14,056     28,666
Other Borrowed Funds                                    41,828     66,857
Interest Payable                                         2,772      2,813
Other Liabilities                                       10,068     11,173
                                                      ________   ________
   TOTAL LIABILITIES                                   839,671    862,319
                                                      ________   ________
Stockholders' Equity:
   Common Stock $1 par Value, Authorized
    10,000,000 shares, Issued 7,212,662                  7,213      7,213
Surplus and Undivided Profits                          109,413    107,255
Accumulated Other Comprehensive Income                  (3,066)    (2,638)
Treasury Stock, at cost                                   (579)      (579)
                                                      ________   ________
   TOTAL STOCKHOLDERS' EQUITY                          112,981    111,251
                                                      ________   ________

   TOTAL LIABILITIES & STOCKHOLDERS' EQUITY           $952,652   $973,570
                                                      ========   ========

                            NBC CAPITAL CORPORATION

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999

                                   (Unaudited)


(Amounts in thousands)
                                                        2000       1999
                                                      ________   ________
CASH FLOWS FROM OPERATING ACTIVITIES

  Net Income                                          $  3,889   $  3,424
  Adjustments to Reconcile Net Income to Net Cash
    Depreciation and Amortization                          582        707
    Deferred Income Taxes (Credits)                         26        (22)
    Provision for Loan Losses                              383        357
    Loss (Gain) on Sale of Securities                        0          0
    (Increase) Decrease in Interest Receivable             (28)       852
    (Increase) Decrease in Other Assets                  1,376        162
    Increase (Decrease) in Interest Payable                (41)      (217)
    Increase (Decrease) in Other Liabilities            (1,105)    (2,774)
                                                      ________   ________
   Net Cash Provided by Operating Activities             5,082      2,489

CASH FLOWS FROM INVESTING ACTIVITIES

   Proceeds from Maturities of Securities                2,496     28,479
   Proceeds from Sale of Securities                          0          0
   Purchase of Securities                              (14,112)   (36,599)
   (Increase) Decrease in Loans                         (7,008)    (3,337)
   (Additions) Disposal of Bank Premises and
     Equipment                                             196       (693)
   Other Investing Activities                                0       (165)
                                                      ________   ________
  Net Cash Used in Investing Activities                (18,428)   (12,315)

CASH FLOWS FROM FINANCING ACTIVITIES

   Increase (Decrease) in Deposits                      18,137      1,333
   Dividend Paid on Common Stock                        (1,731)      (473)
   Increase (Decrease) in Borrowed Funds               (39,639)    (1,065)
   Other Financing Activities                                0          0
                                                      ________   ________

  Net Cash Provided by Financing Activities            (23,233)      (205)
                                                      ________   ________
  Net Increase (decrease) in Cash and Cash

    Equivalents                                        (36,579)   (10,031)

  Cash and Cash Equivalents at Beginning of Year        82,384     89,020
                                                       ________   ________


  Cash and Cash Equivalents at End of Quarter         $ 45,805   $ 78,989
                                                      ========   ========

  Interest                                            $  7,989   $  7,894
                                                      ========   ========
  Income Taxes                                        $    -     $    705
                                                      ========   ========




                        NBC CAPITAL CORPORATION
              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


The accompanying unaudited consolidated financial statements include the
accounts of NBC Capital Corporation (NBC) and its subsidiaries, National
Bank of Commerce and First National Finance Company.  All significant
intercompany accounts and transactions have been eliminated.  In the normal
decision making process, management makes certain estimates and assumptions
that affect the reported amounts that appear in these statements.  Although
management believes that the estimates and assumptions are reasonable and
are based on the best information available, actual results could differ.

Certain information and footnote disclosures normally included in financial
statements prepared in accordance with Generally Accepted Accounting
Principles have been condensed or omitted.

In the opinion of management, all adjustments necessary for the fair
presentation of the financial statement presented in this report have been
made.  Such adjustments were of a normal recurring nature.

As previously reported, during the quarter ended September 30, 1999, NBC
completed the acquisitions of FFBS Bancorp, Inc., the parent company for
First Federal Bank for Savings and Galloway-Chandler-McKinney Insurance
Agency, Inc.  All the outstanding shares of the two companies were acquired
in exchange for shares of the Corporation's common stock.

These acquisitions were accounted for as poolings of interest.  As a
result, Generally Accepted Accounting Principles required that the balances
and results of operations of these acquired companies be included in the
Balance Sheets and Statements of Income for NBC from the beginning of the
earliest period reported.  Therefore, the 1999 Balance Sheet and Statement
of Income have been restated to include balances and results of Operations
for both FFBS Bancorp, Inc., and Galloway-Chandler-McKinney Insurance
Agency, Inc.



                    INDEPENDENT ACCOUNTANTS' REPORT


Board of Directors
NBC Capital Corporation
Starkville, Mississippi


We have reviewed the accompanying condensed consolidated balance sheet and
the related condensed consolidated statements of income and cash flows of
NBC Capital Corporation and consolidated subsidiaries as of March 31, 2000,
and for the three month period then ended. These financial statements are
the responsibility of the Company's management.

We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants.  A review of interim
financial information consists principally of applying analytical
procedures to financial data and making inquiries of persons responsible
for financial and accounting matters.  It is substantially less in scope
than an audit conducted in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion regarding
the financial statements taken as a whole.  Accordingly, we do not express
such an opinion.

Based on our review, we are not aware of any material modifications that
should be made to the accompanying financial statements for them to be in
conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally auditing
standards, the consolidated balance sheet as of December 31, 1999, and the
related consolidated statements of income, stockholders' equity, and cash
flows for the year then ended (not presented herein) and in our report
dated January 21, 2000, we expressed an unqualified opinion on those
consolidated financial statements.  In our opinion, the information set
forth in the accompanying condensed consolidated balance sheet as of
December 31, 1999, is fairly stated, in all material respects, in relation
to the consolidated balance sheet from which it has been derived.


                                    /S/ T. E. LOTT & COMPANY

Columbus, Mississippi
May 5, 2000




                              PART I.  ITEM 2

                   MANAGEMENT'S DISCUSSION AND ANALYSIS

                              MARCH 31, 2000


RESULTS OF OPERATIONS

First quarter of 2000 compared to the first quarter of 1999

Earnings for the first quarter of 2000 increased by 13.6% to $3.89 million
or $.54 per share. This compares to $3.42 million or $.48 per share for the
first quarter of 1999.  These 2000 totals equate to a 1.6% return on
average assets and a 13.9% return on average equity. For this same period
in 1999, return on average assets was 1.5% and return on average equity was
12.1%.

Net interest income for the first quarter of 2000 was $9.41 million
compared to $8.84 million for 1999.  This represents an increase of 6.4%.
This increase resulted from a twenty-one basis point increase in the net
interest margin and a $400,000 increase in average earning assets.

Non-interest income grew 6.5% resulting from a 13.9% increase in income
from the Company's Trust and Financial Management activities and a 9.9%
increase in income from deposit accounts.  Additionally, other non-interest
income increased by $162,000 or 20.3% while insurance commissions and fee
income declined by $109,000 or 10.8%.  The change in other non-interest
income is made up of small changes in several of the accounts included in
this category. The change in insurance commission and fee income relates
directly to the volume of insurance product sold during these periods.

Non-interest expenses decreased 7.8% for the period reported.  This
decrease resulted from a 9.8% decrease in salaries and employment benefits,
a 3.8% decrease in the expenses associated with premises and fixed assets
and a 6.3% decrease in other non-interest expenses.  These decreases are
primarily the result of efficiencies gained as the acquisitions made during
1999 have been absorbed into the organization over the last six months.


FINANCIAL CONDITION

The Company's balance sheet shows a decrease in total assets from $974
million to $953 million during the first quarter of 2000.  During this
period, deposits increased by $18 million. During this same period, the
Federal Home Loan Bank borrowings and Securities Sold Under Agreements to
Repurchase decreased $25.0 million and $14.6 million, respectively. These
changes resulted in a net decrease in available funds.  Also during this
period, Fed Funds Sold increased by $16.3 million, the investment
securities portfolio increased by $11.0 million and net loans increased by
$6.6 million. The funds for these changes came from a redeployment of cash
reserves that were on hand at December 31, 1999, in anticipation of
potential customer demand relating to Y2K, which did not materialize. Loan
quality remains good. At the end of the first quarter, the ratio of
non-performing loans to total loans remained low at .38%.  Management is
committed to not relaxing its underwriting standards.

Shareholders' equity increased from $111.2 million to $113.0 million during
the first quarter of 2000.  This represented a 1.6% increase.  During this
period there was a decrease in the market value of the available-for-sale
portion of the investment securities portfolio.  This resulted in the
Accumulated Other Comprehensive Income component of Shareholders' Equity
decreasing from an unrealized loss of $2,638,000 at December 31, 1999, to
an unrealized loss of $3,066,000 at March 31, 2000.  Also, during the first
quarter of the year the Company declared a dividend of approximately
$1,731,000, payable on April 3, 2000.

The Company's bank subsidiary is required to maintain a minimum amount of
capital to total risk weighted assets as defined by the banking regulators.
At March 31, 2000, the bank's Tier I, Tier II and Total Capital Ratios
exceeded the well-capitalized standards developed under the referenced
regulatory guidelines.

Dividends paid by the Company are provided from dividends received from the
subsidiary bank.  Under the regulations controlling national banks, the
payment of dividends by the bank without prior approval from the
Comptroller of the Currency is limited in amount to the current year's net
profit and the retained net earnings of the two preceding years. At March
31, 2000, this amounted to approximately $12.7 million.  Also, under
regulations controlling national banks, the bank is limited in the amount
it can lend to the Company and such loans are required to be on a fully
secured basis.



YEAR 2000 COMPLIANCE

All the dates that were identified as critical that have already passed
have not caused the Corporation any problems. However, management will
continue to monitor the remainder of the identified dates until they pass.
The dates that remain to be monitored are December 31, 2000 and January 1,
2001.  Based on the fact that all of the critical dates have passed without
any significant problems and the fact that the contingency plans
established are still in place, management is of the opinion that the
remaining critical dates will pass without material incident.  Although
this is Management's opinion, there are no guarantees and actual results
could differ materially from planned results.



                            PART II.  OTHER INFORMATION


Item 1.   Legal Proceedings

          National Bank of Commerce is a defendant in a legal action
          involving the placement of collateral protection insurance
          (CPI).  The litigation is a class action brought on behalf of
          "borrowers of National Bank of Commerce" who were charged for
          CPI premiums.  The Bank intends to vigorously defend its
          position.  Because the ultimate outcome of this legal matter
          cannot be predicted with any certainty, management is unable
          to determine the estimated loss or costs, if any, related to
          this litigation and, therefore, no provision for an anticipated
          loss has been provided for in the accompanying financial
          statements.

Item 2.   Changes in Securities

          None

Item 3.   Defaults Upon Senior Debt

          None

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

The 2000 Annual Meeting of Shareholders was held on April 11, 2000.   The
only item submitted for shareholder vote was the election of directors.
Since the proxies were solicited under Regulation 14A, there were no
solicitations in opposition to the Board of Directors' nominees and all
nominees were elected, no additional information is required to be
disclosed.

Item 5.  Other Information

         On April 7, 2000, NBC Capital Corporation entered into a Merger
Agreement with Heritage Insurance Agency, LTD. Heritage, which is located
in Starkville, Mississippi, offers a full array of insurance services.
Heritage was acquired for a combination of cash and Common Stock of NBC
Capital Corporation.  The transaction was accounted for as a purchase.  The
transaction was completed as of the close of business on April 28, 2000.
Subsequent to the closing, Heritage became part of Galloway-Chandler-
McKinney Insurance Agency, Inc., a wholly-owned subsidiary of National Bank
of Commerce, which is a wholly-owned subsidiary of NBC Capital Corporation.
The transaction was accounted for as a purchase.

Item 6.  Exhibits and Reports on Form 8-K

         (a)   Exhibits

               11   Statement re computation of per-share earnings

               27   Financial Data Schedule

               99.1 Press Release regarding the acquisition of Heritage
                    Insurance Agency, LTD. by NBC Capital Corporation,
                    dated April 11, 2000.

               99.2 Press Release reporting First Quarter Earnings of NBC
                    Capital Corporation and disclosing its successful
                    listing on the American Stock Exchange.

               99.3 Merger Agreement between NBC Capital Corporation and
                    Heritage Insurance Agency, LTD.


          (b)  Form 8-K

               None




The financial information furnished herein has not been audited by
independent accountants; however, in the opinion of management, all
adjustments necessary for a fair presentation on the results of operations
for the three month period ended March 31, 2000, have been included.

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


                                         NBC CAPITAL CORPORATION
                                         Registrant



May 10, 2000                             /s/ Richard T. Haston
Date                                     Richard T. Haston
                                         Executive Vice President,
                                          Chief Financial Officer and
                                          Treasurer