FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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

For the quarterly period ended: September 30, 1997

Commission File Number: 0-20806



                                 FIRSTMARK CORP.

             (Exact name of registrant as specified in its charter)





Maine                                                   01-0389195         
(State or other jurisdiction of                         (I.R.S. Employer   
incorporation or organization)                          Identification No.)
                                                                             
222 Kennedy Memorial Drive, Waterville, ME              04901                
(Address of principal executive                         (Zip Code)           
offices)                                                

Registrant's telephone number, including area code      (207)873-6362    

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 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 practicable date.

         Class                          Outstanding at September 30, 1997
-------------------------------------------------------------------------------

Common stock, $.20 par value                       2,069,590


<PAGE>



                        FIRSTMARK CORP. AND SUBSIDIARIES

                                      INDEX

                                                                       Page No.

Part I            Financial Information

         Condensed Consolidated Balance Sheets -
            September 30, 1997 and December 31, 1996                         1

         Condensed Consolidated Statements of Operations -
            Nine Months Ended September 30, 1997 and 1996 and
            Three Months Ended September 30, 1997 and 1996                   2

         Condensed Consolidated Statements of Cash Flows -
            Nine Months Ended September 30, 1997 and 1996                    3

         Notes to Condensed Consolidated Financial Statements                4

         Management's Discussion and Analysis of Financial
                  Condition and Results of Operations                      5-6

Part II           Other Information

         Item 1.           Legal Proceedings                                 7

         Item 2.           Changes in Securities                             7

         Item 3.           Defaults upon Senior Securities                   7

         Item 4.           Submission of Matters to a Vote of Security
                           Holders                                           7

         Item 5.           Other Information                                 7

         Item 6.           Exhibits and Reports on Form 8-K                  7


<PAGE>

PART I - FINANCIAL INFORMATION
                        FIRSTMARK CORP. AND SUBSIDIARIES
                      Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>

                                    ASSETS
                                                                          September 30, 1997    December 31,
                                                                              (Unaudited)          1996 *
<S>                                                                           <C>             <C>         
Cash and cash equivalents                                                     $  2,205,705    $  1,832,681
Accounts and notes receivables - trade, net                                      1,078,635       1,063,926
Accounts and notes receivables - related parties                                   174,628         210,413
Income taxes receivable                                                            130,015         330,372
Marketable securities:
     Trading                                                                        66,806         125,750
     Held for sale                                                                 489,114         900,666
     Held to maturity                                                            1,698,686       1,867,343
Venture capital investments, net                                                 1,697,318       1,836,540
Real estate and other investments                                                1,047,221       1,624,121
Title plant                                                                      3,563,008       3,544,243
Property, plant and equipment, net                                                 864,275       1,005,806
Excess of cost over fair value                                                     981,120       1,013,696
Deferred tax asset                                                               1,540,808       1,468,518
Other assets                                                                       173,339         246,320
                                                                              ------------    ------------
                                                                              $ 15,710,678    $ 17,070,395
                                                                              ============    ============

                                       LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
     Accounts payable and other liabilities                                   $    515,566    $    571,383
     Borrowed funds                                                              1,073,398       1,749,435
     Reserve for title policy claims                                               842,055         972,703
     Deferred tax liability                                                      1,137,200       1,127,659
                                                                              ------------    ------------

                                   Total Liabilities                             3,568,219       4,421,180
                                                                              ------------    ------------

MANDATORILY  REDEEMABLE  PREFERRED  STOCK
     Series B, $0.20 par value - authorized 188,000
     shares; issued 40,000 shares (liquidation preference
     $8,000,000                                                                  8,750,000       8,750,000
                                                                              ------------    ------------

Stockholders' Equity:
     Preferred  stock,  Series A,  $0.20 par value
       authorized 250,000 shares; issued 57,000
       shares (liquidation  preference $2,280,000)                                  11,400          11,400
     Common stock, $0.20 par value - authorized
       30,000,000 shares; issued 2,271,144                                         454,229         454,229
     Additional paid-in capital - preferred                                      2,162,889       2,162,889
     Additional paid-in capital - common                                         3,394,388       3,394,388
     Retained earnings (deficit)                                                (1,625,926)     (1,143,812)
     Treasury stock, at cost - 201,554 shares                                     (818,773)       (818,773)
     Net unrealized gain (loss) on marketable
       equity securities available for sale, net of taxes                         (185,748)       (161,106)
                                                                              ------------    ------------
                   Total Stockholders' Equity                                    3,492,459       3,899,215
                                                                              ------------    ------------
                                                                              $ 15,710,678    $ 17,070,395
                                                                              ============    ============
</TABLE>

*Condensed from audited financial statements
The  accompanying  notes  are an  integral  part of  these  condensed  financial
statements.

                                        1


<PAGE>



                        FIRSTMARK CORP. AND SUBSIDIARIES
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                Three Months                              Nine Months        
                                               Ended September 30                      Ended September 30    
                                               1997           1996                    1997           1996    
                                               ----           ----                    ----           ----    
<S>                                         <C>            <C>                    <C>            <C>         
Revenues                                                                                                     
     Title insurance                        $ 2,961,204    $ 2,915,185            $ 7,662,828    $ 3,718,220 
     Commissions and fees                             0        285,902                  5,261      1,053,877 
     Investment gains (losses)                  112,582        (93,641)               361,143       (153,286)
     Interest and dividends                      85,062         91,555                307,017        190,122 
     Other revenues                              99,687            352                198,016         24,966 
                                            -----------    -----------            -----------    ----------- 
                                                                                                             
         Total revenues                       3,258,535      3,199,353              8,534,265      4,833,899 
                                            -----------    -----------            -----------    ----------- 
 Expenses                                                                                                    
     Employee compensation and benefits       1,133,395        997,783              3,342,610      1,675,830 
     Commissions and fee expense                980,000      1,525,330              2,616,937      2,319,585 
     Write-offs of investments                        0              0                100,000      1,099,347 
     General and administrative expenses      1,118,340        926,517              2,858,224      1,324,364 
                                            -----------    -----------            -----------    ----------- 
                                                                                                             
         Total expenses                       3,231,735      3,449,630              8,917,771      6,419,126 
                                            -----------    -----------            -----------    ----------- 
                                                                                                             
Earnings (losses) before income taxes            26,800       (250,277)              (383,506)    (1,581,186)
                                                                                                             
Income tax (benefit) expense                      9,112       (100,353)              (130,392)      (600,878)
                                            -----------    -----------            -----------    ----------- 
                                                                                                             
Net earnings (loss)                              17,688       (149,924)              (253,114)      (980,308)
                                                                                                             
Preferred stock dividends                        34,200         34,200                229,000        105,000 
                                            -----------    -----------            -----------    ----------- 
                                                                                                             
Net earnings (loss) applicable to                                                                            
     common shares                          $   (16,512)   $  (184,124)           $  (482,114)   $(1,085,308)
                                            ===========    ===========            ===========    =========== 
                                                                                                             
                                                                                                             
Earnings (loss) per common share            $      (.01)   $      (.09)           $      (.24)   $      (.52)
                                            ===========    ===========            ===========    =========== 
                                                                                                             
Weighted-average number of shares                                                                            
     outstanding                              2,069,590      2,074,191              2,069,590      2,077,621 
                                            ===========    ===========            ===========    =========== 
                                                                                                             
</TABLE>                                                                        


The  accompanying  notes  are an  integral  part of  these  condensed  financial
statements.

                                        2

<PAGE>

                        FIRSTMARK CORP. AND SUBSIDIARIES
                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                     Nine Months Ended September 30
                                                          1997           1996

<S>                                                   <C>            <C>         
Cash flows from Operating Activities
     Net earnings (loss)                              $  (253,114)   $  (980,308)
     Adjustments to reconcile net income to net
       cash provided by operating activities:
       Gain on receipt and sale of Intercel shares       (479,465)             0
       Deferred income taxes                             (130,392)      (270,527)
       Depreciation and amortization                      175,751        131,407
       Collection of income taxes receivable              303,385              0
       Marketable securities - trading account            (58,944)        85,511
       Changes in assets and liabilities                  173,826       (454,557)
                                                       -----------    -----------

       Net cash used by operating activities             (371,781)      (366,905)
                                                       -----------    -----------

Cash flows from Investing Activities
     Acquisition of business, net of cash acquired              0      1,012,322
     Acquisition costs                                          0        (52,355)
     Decrease in real estate                              526,199              0
     Decrease (increase) in notes receivable              122,984        (16,048)
     (Additions to) reductions in other investments       139,222     (1,677,260)
     Proceeds from sale of securities held for sale       658,629      1,323,334
     Purchase of property and equipment                   (34,220)       (56,966)
                                                       -----------    -----------

     Net cash provided by investing activities          1,412,814        533,027
                                                       -----------    -----------

Cash flows from Financing Activities
     Issuance (purchase) of common stock                        0        154,907
     Purchase of preferred stock                                0        (81,000)
     Purchase of treasury stock                                 0       (233,625)
     Preferred stock dividends                           (229,000)      (105,000)
     Proceeds from borrowings                             150,000        158,084
     Repayments of borrowed funds                        (826,037)       (64,769)
                                                       -----------    -----------

     Net cash used by financing activities               (870,837)      (171,403)
                                                       -----------    -----------

Net change in cash and cash equivalents                   373,024         (5,281)

Cash and cash equivalents, beginning of period          1,832,681      1,762,498
                                                       -----------    -----------

Cash and cash equivalents, end of period              $ 2,205,705    $ 1,757,217
                                                      ===========    ===========

Cash payments for:
     Interest                                         $    83,707    $    62,416
                                                      ===========    ===========

     Income taxes                                     $         0    $   209,113
                                                      ===========    ===========
</TABLE>



The  accompanying  notes  are an  integral  part of  these  condensed  financial
statements.


                                        3

<PAGE>
                         PART I - FINANCIAL INFORMATION

                        FIRSTMARK CORP. AND SUBSIDIARIES

              Notes to Condensed Consolidated Financial Statements
                                   (Unaudited)

BASIS OF PRESENTATION

1.   The accompanying unaudited consolidated financial statements, which are for
     interim  periods,  do not  include all  disclosures  provided in the annual
     consolidated  financial statements.  These unaudited consolidated financial
     statements  should be read in conjunction with the  consolidated  financial
     statements and the footnotes thereto contained in the Annual Report on Form
     10-KSB for the transition  period from July 1, 1996 to December 31, 1996 of
     Firstmark Corp. (the "Company"),  as filed with the Securities and Exchange
     Commission.  The  December  31, 1996  balance  sheet was  derived  from the
     audited  consolidated  financial  statements,  but  does  not  include  all
     disclosures required by generally accepted accounting principles.

2.   In the opinion of the  Company,  the  accompanying  unaudited  consolidated
     financial  statements  contain  all  adjustments  (which  are  of a  normal
     recurring  nature)  necessary  for a fair  presentation  of  the  financial
     statements.  The results of operations for the nine months ended  September
     30, 1997 are not  necessarily  indicative of the results to be expected for
     the full year.

3.   Earnings (Loss) Per Share

     Earnings  (loss) per share are computed by dividing  net  earnings  (loss),
     after  reduction for preferred  stock  dividends,  by the weighted  average
     number of common shares and share equivalents  assumed  outstanding  during
     the  period.  Earnings  (loss)  per share is  equivalent  to fully  diluted
     earnings per share.




                                        4



<PAGE>
                        FIRSTMARK CORP. AND SUBSIDIARIES

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS

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

     The Company is engaged in title insurance and makes real estate and venture
capital  investments.  In June 1996,  Southern  Capital  Corp.  was merged  into
Southern  Capital  Acquisition  Corporation  which was  acquired by The Company.
Southern  Capital Corp.  was engaged in venture  capital  investments  and owned
Southern  Title  Insurance  Corporation,  a  title  insurance  underwriter.  The
Company's  results of  operations  for the nine months ended  September 30, 1997
include the results of Southern  Capital  Corp.  while the results of operations
for the nine months  ended  September  30, 1996  include the results of Southern
Capital Corp. only for the period from June 7, 1996.

RESULTS OF OPERATIONS:
                  Nine Months ended September 30, 1997 Compared
                   to the Nine Months ended September 30, 1996

     Total  revenue  during the nine  months  ended  September  30, 1997 was
approximately $8,534,000,  an increase of approximately $3,700,000,  compared to
total revenue of $4,834,000 during the comparable nine-month period of the prior
year.  The increase is  attributable  to the  inclusion  of the title  insurance
revenues  of  $7,663,000  in  the  current  nine-month  period  as  compared  to
$3,718,000 in the comparable period of the prior year. Title insurance  revenues
are  expected to  continue  to be the largest  source of revenues in the future.
Revenues from commissions and fees decreased approximately $1,049,000 during the
current  nine-month  period  primarily  due to  Management's  decision  to close
certain business operations, which were not considered profitable, in the latter
part of 1996 and to transfer several  subsidiaries to the former chief financial
officer in January 1997 in exchange for the surrender of certain  employment and
compensation  benefits (see "Part I Recent  Developments"  of the Company's Form
10-KSB  filed  May  5,  1997).   Interest  and   dividends   revenue   increased
approximately $117,000 to $307,000 for the nine-month period ended September 30,
1997 as compared to $190,000 for the comparable  period of the prior year.  This
again  was a result  of the  inclusion  of the title  insurance  operations  and
consists  primarily of the interest  and  dividends  earned on the funds held to
cover reserves for policyholders. Net investment gains amounted to approximately
$361,000 for the  nine-month  period ended  September  30, 1997  compared to net
investment  losses of $153,000 in the prior year period.  This was primarily the
result of a gain (approximately $381,000) recognized on the receipt of shares of
Intercel stock previously held in escrow and an additional gain of approximately
$98,000 when these and other shares of Intercel were ultimately sold, which were
partially  offset by losses on the  sales of  certain  investments,  principally
small  cap  stocks,  due to  Management's  continued  review  of  the  Company's
investments with an increased focus on their liquidity and future value.

     Operating  expenses and general and  administrative  expenses  increased by
approximately  $3,498,000  during the current  nine-month period compared to the
comparable  period  of the prior  year.  This  increase  also  results  from the
inclusion of the title insurance operations, which are very labor intensive, for
the full  nine-month  period as compared to a period of less than four months in
the comparable period of the prior year.  Writeoffs of approximately  $1,099,000
in the prior year period relate  principally to  investments in venture  capital
investments and loans in several startup  companies,  where the future value and
collectibility  of such amounts were  uncertain.  The writeoff of investments of
$100,000 in the current period ended Septembere 30, 1997 relates to Management's
decision to continue to provide an allowance for certain investments,  where the
ultimate realization of the Company's investment is in doubt.


                 Three Months ended September 30, 1997 Compared
                  to the Three Months ended September 30, 1996

     Total  revenue  during  the  three  months  ended  September  30,  1997 was
approximately  $3,258,000,  an increase of  approximately  $59,000,  compared to
total revenue of  $3,199,000  during the  comparable  quarter of the prior year.
Title insurance  revenues increased  approximately  $46,000 to $2,961,000 in the
current quarter as compared to $2,915,000 in the comparable quarter of the prior
year. Revenues from commissions and fees decreased approximately $286,000 during
the current quarter primarily due to Management's decision to close certain

                                        5


<PAGE>

business operations, which were not considered profitable, in the latter part of
1996 and to transfer several  subsidiaries to the former chief financial officer
in January 1997 (see "Part I - Recent Developments" of the Company's Form 10-KSB
filed May 5, 1997).  Interest and dividends  revenue  amounted to  approximately
$85,000 in the current  quarter ended September 30, 1997 compared to $92,000 for
the  comparable  quarter of the prior year.  Net  investment  gains  amounted to
approximately $113,000 for the current quarter compared to net investment losses
of $94,000 in the prior year quarter.  This was primarily the result of the gain
(approximately $98,000) on sale of shares of Intercel discussed above.

     Operating  expenses and general and  administrative  expenses  decreased by
approximately  $218,000  during the current  quarter  compared to the comparable
quarter of the prior year.

LIQUIDITY AND CAPITAL RESOURCES:

     The Company's cash and cash  equivalents were  approximately  $2,206,000 at
September 30, 1997 as compared to $1,833,000  at December 31, 1996.  However,  a
significant portion of the cash and cash equivalents  (approximately  $1,291,000
at  September  30,  1997 and  $1,136,000  at  December  31,  1996) was held by a
subsidiary,  Southern Title Insurance  Corporation  ("STIC"),  and is subject to
certain regulatory requirements as to use.

     The Company intends to satisfy its obligations  using cash on hand,  income
tax  refunds,  sales of  marketable  securities  and other  assets and  payments
received  on  loans  receivable.  Management  believes  that its  available  and
expected sources of cash will be sufficient to enable the Company to satisfy its
obligations as they come due. Additionally, the Company has an available line of
credit of  $500,000  as of  September  30,  1997,  for which no  borrowings  are
outstanding at that date.

     Effective October 22, 1997, all of the issued and outstanding shares of the
Company's  Series B Cumulative  Non Voting  Preferred  Stock were converted into
shares of the  Company's  Common  Stock.  The  effect of the  conversion  was to
increase  stockholders'  equity by  $8,750,000  and  increase  the number of the
issued and outstanding shares of the Company's Common Stock by 3,230,286 shares.

     Reference is made to the "Description of Business - Regulation" and "Recent
Developments" sections included in the Form 10-KSB filed on May 5, 1997.


                                        6


<PAGE>

                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

On June 20, 1997,  the  beneficiaries  of the DiBello Loving Trust filed a civil
lawsuit against James Vigue, former President and Chief Executive Officer of the
Company,  Ivy  Gilbert,  former  Treasurer  and Chief  Financial  Officer of the
Company, and the Company. The lawsuit is pending in the Maine Superior Court for
Kennebec County.

The beneficiaries  allege that James Vigue, as trustee of the trust,  mismanaged
the trust,  breached his duties as trustee,made  misrepresentations to them, was
negligent in the  management of the trust and violated the Maine  Securities Act
and the  Maine  Unfair  Trade  Practices  Act.  They  allege  that  Ivy  Gilbert
participated in the breach of trust.  They allege that the Company is liable for
Mr.  Vigue's  actions and is liable as a trustee and for  violation of the Maine
Securities Act and the Maine Unfair Trade Practices Act. The beneficiaries claim
compensatory  damages  in a range  of  $500,000  to $1  million,  plus  punitive
damages.

Pretrial  discovery  is in its initial  stages.  Thus,  the Company is unable to
assess the likelihood of an adverse result. The Company has denied all liability
and it intends to defend the lawsuit vigorously.

Item 2.  Changes in Securities

Not Applicable

Item 3.  Defaults upon Senior Securities

Not Applicable

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

Not Applicable

Item 5.  Other Information

Not Applicable

Item 6.  Exhibits and Reports of Form 8-K

(A)  Exhibits

     NONE

(B) Reports on Form 8-K

     NONE

                                        7



<PAGE>

                                   SIGNATURES

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


                                        FIRSTMARK CORP.



                                        /s/ Donald V. Cruickshanks
                                        ---------------------------------------
                                        Donald V. Cruickshanks
                                          President and Chief Executive Officer



                                        /s/ Ronald C. Britt        
                                        ---------------------------------------
                                        Ronald C. Britt
                                          Chief Financial Officer



                                        8