<PAGE> 1


                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-Q

(Mark One)

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

                For the quarterly period ended December 31, 1996

                                       or

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

For the transition period from                 to 
                               ---------------    --------------

                         Commission File Number 1-12305


                         FIRSTFED AMERICA BANCORP, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)



DELAWARE                                                              04-3331237
--------------------------------------------------------------------------------
(State or other jurisdiction of incorporation                   (I.R.S. Employer
or organization)                                             Identification No.)

ONE NORTH MAIN STREET, FALL RIVER, MASSACHUSETTS                           02720
--------------------------------------------------------------------------------
(Address of principal executive offices)                              (Zip Code)


                                 (508) 679-8181
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)


                                 Not Applicable
--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changes since last report)




         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
                                                               ----        ----
                                                           Yes  X      No 
                                                               ----        ----

                      APPLICABLE ONLY TO CORPORATE ISSUERS.

         Indicate  the  number of  shares  outstanding  of each of the  issuer's
classes of common stock, as of the latest  practicable  date:  8,712,630  shares
were outstanding as of February 13, 1997.



<PAGE> 2



                          PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements.
         --------------------

         FIRSTFED  AMERICA  BANCORP,  INC.  (the  "Company")  is a newly  formed
savings and loan holding company, formed for the purpose of acquiring all of the
common stock of First  Federal  Savings Bank of America (the "Bank")  concurrent
with the  Bank's  conversion  from  mutual to stock  form of  organization.  The
conversion of the Bank,  acquisition  of the Bank by the Company and issuance of
8,712,630  shares of the Company's  common stock,  including  shares sold in the
conversion and shares contributed to the FIRSTFED AMERICA CHARITABLE FOUNDATION,
were  consummated  on January 15,  1997.  Accordingly,  as of December 31, 1996,
FIRSTFED AMERICAN BANCORP,  INC. was a noncapitalized  shell corporation with no
business  activities  or  operations  and no  assets.  In  connection  with  the
conversion of the Bank and issuance of common stock by the Company,  the Company
raised  $77,645,972  of net  proceeds of which  $43,408,898  was utilized by the
Company to acquire all of the outstanding stock of the Bank.

         For a further discussion of FIRSTFED AMERICA BANCORP,  INC.'s formation
and intended  operations see the Company's Form S-1 Registration  Statement,  as
amended,  initially  filed on  September  27,  1996 and  declared  effective  on
November 12, 1996. The description of FIRSTFED  AMERICA  BANCORP,  INC. in these
filings is herein incorporated by reference.

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

                  See Item 1.

                           PART II. OTHER INFORMATION

Item 1.  Legal Proceedings.
         ----------------- 

                  None.

Item 2.  Changes in Securities.
         ---------------------

                  None.

Item 3.  Defaults Upon Senior Securities.
         -------------------------------

                  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 (ss.249.308 of this Chapter).
        -------------------------------------------------------------
                  None.


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<TABLE>
<CAPTION>

                                                              FIRSTFED AMERICA BANCORP, INC.
                                                                  STATEMENTS OF CONDITION

                                                                                      December 31,                  March 31,
                                                                                          1996                        1996
                                                                                    -------------------         ----------------
<S>                                                                                      <C>                        <C>   
Assets................................................                                   $ --                       NA
Expenses..............................................                                   $ --                       NA
See accompanying notes to financial statements
</TABLE>


<TABLE>
<CAPTION>

                                                               STATEMENTS OF OPERATIONS


                                                                                         Three Months and Nine Months
                                                                                              Ended December 31,
                                                                                    --------------------------------------------
                                                                                         1996                       1996
                                                                                    ----------------------     -----------------
<S>                                                                                      <C>                        <C>
Income................................................                                   $ --                       NA
Expenses..............................................                                   $ --                       NA
         Net income...................................                                   $ --                       NA
See accompanying notes to financial statements
</TABLE>

<TABLE>
<CAPTION>

                                                     STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

                                                                                       Nine Months Ended December 31, 1996
                                                                                    --------------------------------------------
                                                                                                  Additional
                                                                                      Common       Paid-in    Retained
                                                                                       Stock       Capital    Earnings   Total
                                                                                    ----------    ----------  ---------- -------
<S>                                                                                     <C>          <C>        <C>       <C>    
Balance March 31, 1996...............                                                   $ --         $ --       $ --      $ --
Balance December 31, 1996............                                                   $ --         $ --       $ --      $ --

See accompanying notes to financial statements.
</TABLE>


<TABLE>
<CAPTION>

                                                           STATEMENTS OF CHANGE IN CASH FLOW

                                                                                           Nine Months Ended December 31,
                                                                                   -------------------------------------------
                                                                                           1996                      1995
                                                                                   -------------               ---------------
<S>                                                                                     <C>                          <C>
Funds provided................................................                          $ --                         NA
Funds used....................................................                          $ --                         NA


See accompanying notes to financial statements.
</TABLE>



<PAGE> 4


                         FIRSTFED AMERICA BANCORP, INC.
                          NOTES TO FINANCIAL STATEMENTS

1.       General
         -------

         FIRSTFED  AMERICA  BANCORP,  INC.  is a newly  formed  savings and loan
holding  company  formed for the purpose of acquiring all of the common stock of
First Federal  Savings Bank of America,  Fall River,  Massachusetts,  concurrent
with the  Bank's  conversion  from  mutual  to stock  form of  organization.  At
December 31, 1996,  FIRSTFED AMERICA BANCORP,  INC. was a shell corporation with
no business activities or operations and no assets.


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                                   SIGNATURES

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


                                          FIRSTFED AMERICA BANCORP, INC.


Dated:   February 13, 1996                By:  /s/ Robert F. Stoico
      ----------------------                  ----------------------------------
                                              Robert F. Stoico
                                              Chairman of the Board, Chief
                                              Executive Officer and President

Dated:   February 13, 1996                By: /s/ Terrence M. Tyrell
      ----------------------                  ----------------------------------
                                              Terrence M. Tyrell
                                              Chief Financial Officer
                                              and Treasurer