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 September 30, 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)

Registrants'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 - 7,175,427 shares as of September 30, 2000.




                     PART  I - FINANCIAL INFORMATION
                         NBC CAPITAL CORPORATION
                  CONSOLIDATED STATEMENTS OF INCOME FOR
              NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999

                              (Unaudited)


(Amounts in thousands, except per share data)


                                                      2000     1999
                                                     _______  _______
INTEREST INCOME:
     Interest and Fees on Loans                      $42,466  $38,935
     Interest And Dividends On Investment
        Securities                                    10,393    9,166
     Other Interest Income                               739    2,009
                                                     _______  _______
           Total Interest Income                      53,598   50,110

INTEREST EXPENSE:
     Interest on Deposit                              22,924   21,327
     Interest on Borrowed Funds                        2,556    1,741
                                                     _______  _______
           Total Interest Expense                     25,480   23,068
                                                     _______  _______
        Net Interest Income                           28,118   27,042
     Provision for Loan Losses                         1,047    1,729
                                                     _______  _______
        Net Interest Income After Provision for
           Loan Losses                                27,071   25,313
                                                     _______  _______
NON-INTEREST INCOME:
     Income from Fiduciary Activities                  1,128      990
     Service Charge on Deposit Accounts                3,954    3,658
     Insurance Commission and Fee Income               2,469    2,355
     Other Non-Interest Income                         2,947    2,630
                                                     _______  _______

           Total Non-Interest Income                  10,498    9,633
     Gains (Losses) on Securities                        (20)      37

NON-INTEREST EXPENSE:
     Salaries and Employee Benefits                   12,132   12,945
     Expense of Premises and Fixed Assets              3,392    3,407
        Other Non-Interest Expense                     6,941    9,053
                                                     _______  _______
           Total Non-Interest Expense                 22,465   25,405
                                                     _______  _______
Income Before Income Taxes                            15,084    9,578
Income Taxes                                           4,213    1,978
                                                     _______  _______

NET INCOME                                           $10,871  $ 7,600
                                                     =======  =======
Net Earnings Per Share:
     Basic                                           $  1.51  $  1.05
     Diluted                                         $  1.51  $  1.05


                         NBC CAPITAL CORPORATION
                 CONSOLIDATED STATEMENTS OF INCOME FOR
              QUARTERS ENDED SEPTEMBER 30, 2000 AND 1999

                               (Unaudited)


(Amounts in thousands, except per share data)

                                                          2000     1999
                                                        _______   _______
INTEREST INCOME:
      Interest and Fees on Loans                        $14,570   $12,805
      Interest And Dividends On Investment Securities     3,565     3,544
      Other Interest Income                                 270       569
                                                        _______   _______
         Total Interest Income                           18,405    16,918

INTEREST EXPENSE:
     Interest on Deposit                                  8,213     7,029
     Interest on Borrowed Funds                             838       728
                                                        _______   _______
         Total Interest Expense                           9,051     7,757
                                                        _______   _______

         Net Interest Income                              9,354     9,161
     Provision for Loan Losses                              282     1,099
                                                        _______   _______

        Net Interest Income After Provision for
           Loan Losses                                    9,072     8,062
                                                        _______   _______

NON-INTEREST INCOME:
      Income from Fiduciary Activities                      376       330
      Service Charge on Deposit Accounts                  1,333     1,247
      Insurance Commission and Fee Income                   785       719
      Other Non-Interest Income                             945       975
                                                        _______   _______
        Total Non-Interest Income                         3,439     3,271
        Gains (Losses) on Securities                          0        20
                                                        _______   _______

NON-INTEREST EXPENSE:
      Salaries and Employee Benefits                      4,356     4,764
      Expense of Premises and Fixed Assets                1,164     1,164
      Other Non-Interest Expense                          2,441     4,271
                                                        _______   _______
         Total Non-Interest Expense                       7,961    10,199
                                                        _______   _______

Income Before Income Taxes                                4,550     1,154
Income Taxes                                              1,182       105
                                                        _______   _______

NET INCOME                                              $ 3,368   $ 1,049
                                                        =======   =======
Net Earnings Per Share
      Basic                                             $  0.47   $  0.15
                                                        =======   =======
      Diluted                                           $  0.47   $  0.15
                                                        =======   =======


                     NBC CAPITAL CORPORATION
                   CONSOLIDATED BALANCE SHEETS


                                            Sep. 30, 2000  Dec. 31, 1999
                                               ________      ________
                                              (Unaudited)    (Audited)
   ASSETS:
Cash and Balances Due From Banks:
   Noninterest -Bearing Balances               $ 29,763      $ 80,288
   Interest-bearing Balances                      2,238         1,895
                                               ________      ________
     Total Cash and Due From Banks               32,001        82,183
Held-To-Maturity Securities (Market value of
   $52,989 at September 30, 2000 and $31,406
   at December 31, 1999)                         50,425        29,824
Available-For-Sale Securities                   197,911       200,456
                                               ________      ________
   Total Securities                             248,336       230,280
Federal Funds Sold and Securities Purchased
   Under Agreement to Resell                      6,871           201
Loans                                           637,118       623,751
Less: Reserve for Loan Losses                    (9,948)      (10,194)
                                               ________      ________
   Net Loans                                    627,170       613,557
Bank Premises and Equipment (Net)                16,692        16,757
Interest Receivable                               9,752         8,847
Other Assets                                     22,661        21,745
                                               ________      ________

      TOTAL ASSETS                             $963,483      $973,570
                                               ========      ========
   LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
   Non-Interest Bearing                        $ 93,724      $ 92,506
   Interest Bearing Deposits                    683,935       660,304
                                               ________      ________
      Total Deposits                            777,659       752,810
Federal Funds Purchased and Securities Sold
   Under Agreements to Repurchase                15,693        28,666
Other Borrowed Funds                             35,879        66,857
Interest Payable                                  3,513         2,813
Other Liabilities                                13,677        11,173
                                               ________      ________

      TOTAL LIABILITIES                         846,421       862,319
                                               ________      ________
Shareholders' Equity:
   Common Stock $1 par Value, Authorized
      10,000,000 shares, Issued 7,212,662         7,213         7,213
Surplus and Undivided Profits                   112,641       107,255
Accumulated Other Comprehensive Income           (1,750)       (2,638)
Treasury Stock, at cost                          (1,042)         (579)
                                               ________      ________
   TOTAL SHAREHOLDERS' EQUITY                   117,062       111,251
                                               ________      ________
   TOTAL LIABILITIES & SHAREHOLDERS' EQUITY    $963,483      $973,570
                                               ========      ========



                   CONSOLIDATED STATEMENTS OF CASH FLOWS

           FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999

                               (Unaudited)


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

   Net Income                                  $ 10,871      $  7,600
   Adjustments to Reconcile Net Income
     to Net Cash
       Depreciation and Amortization              1,760         1,764
       Deferred Income Taxes (Credits)               38        (1,578)
       Provision for Loan Losses                  1,047         1,729
       Loss (Gain) on Sale of Securities             20           (37)
       (Increase) Decrease in Interest
         Receivable                                (905)          624
       (Increase) Decrease in Other Assets       (2,076)       (3,002)
       Increase (Decrease) in Interest
         Payable                                    700           (35)
       Increase (Decrease) in Other
         Liabilities                              2,504        (1,064)
                                               ________      ________
   Net Cash Provided by Operating Activities     13,959         6,001

CASH FLOWS FROM INVESTING ACTIVITIES

   Proceeds from Maturities of Securities        12,575        30,009
   Proceeds from Sale of Securities               1,826        12,333
   Purchase of Securities                       (31,132)      (56,167)
   (Increase) Decrease in Loans                 (14,660)      (16,875)
   (Additions) Disposal of Bank Premises
     and Equipment                               (1,285)       (1,510)
   Other Investing Activities                      (510)         (168)
                                               ________      ________
   Net Cash Used in Investing Activities        (33,186)      (32,378)

CASH FLOWS FROM FINANCING ACTIVITIES

   Increase (Decrease) in Deposits               24,849       (20,020)
   Dividend Paid on Common Stock                 (5,183)       (1,020)
   Increase (Decrease) in Borrowed Funds        (43,951)       26,738
   Other Financing Activities                         0             0
                                               ________      ________
   Net Cash Provided by Financing Activities    (24,285)        5,698
                                               ________      ________
Net Increase (decrease) in Cash and Cash
   Equivalents                                  (43,512)      (20,679)

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

Cash and Cash Equivalents at End of Period     $ 38,872      $ 68,341
                                               ========      ========
Interest                                       $ 24,780      $ 23,103
                                               ========      ========
Income Taxes                                   $  3,888      $  2,838
                                               ========      ========



                        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, certain 1999 Financial Statements,
included in this report, have been restated to include balances and results
of Operations for these acquired Companies.


                          PART I.  ITEM 2

                MANAGEMENT'S DISCUSSION AND ANALYSIS

                        SEPTEMBER 30, 2000


The following provides a narrative discussion and analysis of significant
changes in the Corporation's results of operations and financial condition.
This discussion should be read in conjunction with the consolidated
financial statements included in this Form 10-Q.

Certain information included in this discussion contains forward-looking
statements and information that are based on Management's conclusions,
drawn from certain assumptions and information currently available to
Management.  The Private Securities Litigation Act of 1995 encourages the
disclosure of forward-looking information by Management by providing safe
harbor for such information.  Although management believes that the
expectations reflected in such forward-looking statements are reasonable
and based on Management's best judgements, it can give no assurance that
such expectations will prove to be correct.  Such forward-looking
statements are subject to certain risk that assumptions will change and
uncertainties will materialize.  Should this happen, then underlying
assumptions may prove to be significantly different and actual results may
vary materially from those anticipated or projected


RESULTS OF OPERATIONS

First three quarters of 2000 compared to the first three quarters of 1999

Earnings for the first three quarters of 2000 grew 43.0% to $10.87 million
or $1.51 per share. This compares to $7.60 million or $1.05 per share for
the first three quarters of 1999.  These 2000 totals equate to a 1.5%
return on average assets and a 12.7% return on average equity.

Net interest income for the first three quarters of 2000 was $28.1 million
compared to $27.0 million for 1999.  This represents an increase of 4.0%.
This increase resulted in a 6 basis point increase in the net interest
margin and a $27.0 million increase in average earning assets.

The provision for loan losses for the first three quarters of 2000 was $1.0
million compared to $1.7 million for the same period of 1999.  This
represents a decrease of 39.4%.  A special provision of $784,000 was made
during the third quarter of 1999 resulting from the acquisition of FFBS
Bancorp, Inc., as of August 31, 1999.

Non-interest income grew from $9.6 million in 1999 to $10.5 million in
2000. This 9.0% increase was paced by a 13.9% increase in income from
Fiduciary Activities and a 8.1% increase in income from deposit accounts.
The increase in income from Fiduciary Activities resulted from growth in
the level of assets under management and the increase in income from
service charge on deposit accounts resulted from an overall growth in the
deposit accounts and from improvements in collecting the fees earned on
these accounts.  Additionally, other non-interest income increased by
$317,000 or 12.1% while insurance commissions and fee income increased by
$114,000 or 4.8%. 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 products sold during these periods.

Non-interest expenses decreased 11.8% from $25.4 million to $22.5 million
for the periods reported.  This decrease resulted from a 6.3% decrease in
the expenses associated with salaries and employee benefits. This decrease
represents the benefits derived from the successful integration of FFBS
Bancorp and Galloway-Chandler-McKinney Insurance Agency acquired during the
third quarter of 1999.  Other non-interest expenses also decreased by
23.3%.  This decrease resulted from the decrease in merger related expenses
from 1999 to 2000.

The effective tax rate for the nine month period increased from 20.7% in
1999 to 27.9% in 2000.  This increase resulted from restating the 1999
numbers for the acquisitions completed during the third quarter of 1999.
FFBS Bancorp, Inc., incurred heavy merger expenses prior to the completion
of the merger on August 31, 1999 and Galloway-Chandler-McKinney Insurance
Agency was a Sub S corporation prior to the acquisition; therefore, had no
income tax expense to be included in the restatement.

Third quarter of 2000 compared to the third quarter of 1999

Earnings for the third quarter of 2000 increased by 221.1% to $3.37 million
or $.47 per share. This compares to $1.05 million or $.15 per share for the
third quarter of 1999.  These 2000 totals equate to a 1.4% return on
average assets and a 11.7% return on average equity for the quarter.

Net interest income for the third quarter of 2000 was $9.35 million
compared to $9.16 million for 1999.  This represents an increase of 2.1%.
This increase resulted from a one basis point increase in the net interest
margin and a $51.6 million increase in average earning assets.

The provision for loan losses for the third quarter of 2000 was $282,000
compared to $1,099,000 for the same period of 1999.  This represents a
decrease of 74.3%.  A special provision of $784,000 was made during the
third quarter of 1999 resulting from the acquisition of FFBS Bancorp, Inc.,
as of August 31, 1999.

Non-interest income grew 5.1% resulting from a 13.9% increase in income
from the Company's Trust and Financial Management activities and a 6.9%
increase in income from deposit accounts. The increase in income from
Fiduciary Activities resulted from growth in the level of assets under
management and the increase in income from service charge on deposit
accounts resulted from an overall growth in deposit accounts and from
improvements in collecting the fees earned on these accounts.
Additionally, other non-interest income decreased by $30,000 or 3.1% while
insurance commissions and fee income increased by $66,000 or 9.2%.  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
products sold during these periods.

Non-interest expenses decreased 21.9% from $10.2 million to $8.0 million.
This decrease resulted from a 8.6% decrease in the expenses associated with
salaries and employee benefits. This decrease represents the benefits
derived from the successful integration of FFBS Bancorp and
Galloway-Chandler-McKinney Insurance Agency acquired during the third
quarter of 1999.  Other non-interest expenses also decreased by 42.8%.
This decrease resulted from the decrease in merger related expenses from
1999 to 2000.

The effective tax rate for the third quarter increased from 9.1% in 1999 to
26.0% in 2000.  This increase resulted from restating the 1999 numbers for
the acquisitions completed during the third quarter of 1999.  FFBS Bancorp,
Inc., incurred heavy merger expenses during the third quarter 1999,
resulting in a loss for the quarter and Galloway-Chandler-McKinney
Insurance Agency was a Sub S corporation prior to the acquisition;
therefore, had no income tax expense to be included in the restatement.


FINANCIAL CONDITION

The Company's balance sheet shows a decrease in total assets from $974
million to $963 million during the first three quarters of 2000.  During
this period, deposits increased by $24.8 million. During this same period,
the Federal Home Loan Bank borrowings and Securities Sold Under Agreements
to Repurchase decreased $31.0 million and $13.0 million, respectively.
These changes resulted in a net decrease in available funds.  Also during
this period, Fed Funds Sold increased by $6.7 million, the investment
securities portfolio increased by $18.1 million and net loans increased by
$13.6 million. The major portion of 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 third quarter,
the ratio of non-performing loans to total loans remained low at .54%.
Management is committed to not relaxing its underwriting standards.

Shareholders' equity increased from $111.3 million to $117.0 million during
the first three quarters of 2000.  This represented a 5.2% increase. During
this period there was an increase 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 changing from an unrealized loss of $2,638,000 at
December 31, 1999, to an unrealized loss of $1,750,000 at September 30,
2000.  Also, during the first three quarters of the year, the Company
declared dividends of approximately $5,183,000.

Upon formation of the Corporation's ESOP, the Corporation was required by
IRS regulations to provide a put option to the plan participants in order
to provide liquidity to the participants who received Corporation common
stock.  During the first three quarters of 2000, the Corporation acquired,
as treasury shares, 37,235 shares of its common stock as a result of the
exercise of these put options.

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 September 30, 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
September 30, 2000, this amounted to approximately $16.9 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.


                         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 predicated 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

         None

Item 5.  Other Information

         None

Item 6.  Exhibits and Reports on Form 8-K

         (a)   Exhibits

               11   Statement re computation of per-share earnings

               27   Financial Data Schedule

         (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 nine month period ended September 30, 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



November 8, 2000                         /s/ Richard T. Haston
Date                                     Richard T. Haston
                                         Executive Vice President, Chief
                                         Financial Officer and Treasurer