SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON D.C. 20549
                                  FORM 10-Q/A-1


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

                 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1996.

[ ]  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: 33-46921-A

                   KELLER FINANCIAL SERVICES OF FLORIDA, INC.

       FLORIDA                                                59-3110610
------------------------                               -----------------------
(State of Incorporation)                               (IRS Employer I.D. No.)

           18167 U.S. HIGHWAY 19 NORTH, CLEARWATER, FLORIDA 34624-6572
           -----------------------------------------------------------
                    (Address of Principal Executive Offices)

                                 (813) 524-1400
               ---------------------------------------------------
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports
required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such other 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
stock, as of March 31, 1996.

                             2,000,000 COMMON SHARES

                                       1


<PAGE>


                                TABLE OF CONTENTS

                                                                 PAGE
PART I    FINANCIAL INFORMATION 

          Item I - Financial Statements                            3

          Item II - Management's Discussion and Analysis     
          of Financial Condition and Results of Operation          9

PART II   OTHER INFORMATION

          Item I - Legal Proceedings                              14

          Item II - Changes in Securities                         14

          Item III - Default upon Senior Securities               14

          Item IV - Submission of Matters to a Vote of 
          Security Holders                                        14
                                              
          Item V - Other Information                              14

          Item VI - Exhibits and Reports on Form 8-K              14

                                       2


<PAGE>


                         PART I - FINANCIAL INFORMATION



ITEM I - FINANCIAL STATEMENTS

                   KELLER FINANCIAL SERVICES OF FLORIDA, INC.
                           CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)

                                                  MARCH 31,       DECEMBER 31,
                                                    1996              1995
                                               -------------      -------------
                     ASSETS

Cash and cash equivalents                      $   5,086,087      $  17,976,477

Finance receivables, principal                   124,731,933        103,048,408
  Nonrefundable acquisition discounts             (3,005,642)        (2,108,093)
  Less allowance for credit losses               (25,399,288)       (10,945,525)
                                               -------------      -------------
   Finance receivables, Net                       96,327,003         89,994,790
                                               -------------      -------------

Marketable equity securities                             -0-                -0-
Due from affiliate                                       -0-                -0-
Deferred issue costs                               9,737,749         10,451,345
Furniture, equipment & leaseholds, net             1,205,237            902,241
Other assets                                       4,580,253          4,210,891
                                               -------------      -------------

    TOTAL ASSETS                               $ 116,936,329      $ 123,535,744
                                               =============      =============

          LIABILITIES AND EQUITY

Accounts payable & accrued exp.                $     784,552      $     171,953
Secured notes                                    132,764,000        132,814,000
Notes payable - related party                         80,000             80,000
Due to affiliate                                     115,203                -0-
                                               -------------      -------------
    TOTAL LIABILITIES                            133,743,755        133,065,953
                                               -------------      -------------


Cumulative Convertible Preferred Stock,
 10,000,0000 shares authorized, 1,329,700         
 and 0 shares issued and outstanding              12,096,144                -0-
 Common stock, $1 par  value, 2,000,000                
 issued and outstanding                                1,000              1,000
Additional paid-in capital                           965,600            965,600
Retained earnings (deficit)                      (29,870,170)       (10,496,809)
Treasury Stock, at cost
 -0- shares at $.0000                                    -0-                -0-
                                               -------------      -------------
    TOTAL EQUITY                                 (16,807,426)        (9,530,209)
                                               -------------      -------------

    TOTAL LIAB. & EQUITY                       $ 116,936,329      $ 123,535,744
                                               =============      =============

                                        3


<PAGE>


                   KELLER FINANCIAL SERVICES OF FLORIDA, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

                                                       THREE MONTHS ENDED
                                                            MARCH 31,
                                                      1996              1995
                                                  ------------      -----------
INTEREST INCOME
  Finance charges, fees, and other income         $  4,825,731      $ 3,599,796
  Interest expense                                  (4,230,358)      (2,610,578)
                                                  ------------      -----------
  Net interest income (loss)                           595,373          989,218

  Provision for credit losses                      (17,773,265)             -0-
                                                  ------------      -----------
  Net interest income (loss) after
   provision for credit losses                     (17,177,892)         989,218

EXPENSES
  Administrative & marketing - paid to
   related party                                     1,853,501          780,621
  Other operating expenses                             155,167           18,510
                                                  ------------      -----------

NET INCOME (LOSS) BEFORE INCOME TAXES              (19,186,560)         190,087

  Provision for income taxes                               -0-              -0-
                                                  ============      ===========

NET INCOME (LOSS)                                 $(19,186,560)     $   190,087
                                                  ============      ===========

  Preferred Dividends                                  186,801              -0-
                                                  ------------      -----------

NET INCOME (LOSS)
 applicable to common shareholders                 (19,373,361)    $    190,087
                                                  ============      ===========

NET INCOME (LOSS)PER SHARE                        $      (9.69)     $      0.10
                                                  ============      ===========

WEIGHTED AVERAGE SHARES OUTSTANDING                  2,000,000        2,000,000
                                                  ============      ===========

                                        4


<PAGE>


                   KELLER FINANCIAL SERVICES OF FLORIDA, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                          THREE MONTHS ENDED MARCH 31,
                                  (UNAUDITED)

                                                       1996            1995
                                                   ------------    ------------

CASH FLOWS FROM OPERATING ACTIVITIES
 Net income (loss)                                 $(19,186,560)   $    190,087
 Adjustments to reconcile net income
  to cash provided by operating activities:
 Depreciation                                            75,000           5,000
 Provision for credit losses                         17,773,265             -0-
 Amortization of deferred issue costs                   713,596         416,118
 Net increase (decrease) in discounts                   897,549       2,316,550
 Net increase in other assets                          (369,362)       (955,727)
 Net (increase) decrease in due from
  (to) affiliate                                        115,203             -0-
 Net increase (decrease) in accrued
  expenses and other liabilities                        612,599         140,690
                                                   ------------    ------------
                                                        631,290       2,112,718
                                                   ------------    ------------

CASH FLOWS FROM INVESTING ACTIVITIES
 Finance receivables originated, net
  of charge-offs                                    (38,443,511)    (26,755,874)
 Finance receivables repaid                          13,440,484       7,931,368
 Purchase of furniture, fixtures, and
  equipment, net of minor disposals                    (377,996)       (130,261)
                                                   ------------    ------------
                                                    (25,381,023)    (18,954,767)
                                                   ------------    ------------
CASH FLOWS FROM FINANCING ACTIVITIES
 Repayments of notes payable - related party                -0-        (250,000)
 Net proceeds (repayments) of secured notes             (50,000)     16,546,000
 Net proceeds from issuance of preferred stock       12,096,144             -0-
 Preferred dividends                                   (186,801)            -0-
 Increase in deferred issue costs                           -0-      (1,637,577)
 Common shareholder distributions                           -0-        (400,000)
                                                   ------------    ------------
                                                     11,859,343      14,258,423
                                                   ------------    ------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS                                    (12,890,390)     (2,583,626)

CASH AND CASH EQUIVALENTS,
 BEGINNING OF PERIOD                                 17,976,477      21,198,721
                                                   ------------    ------------
CASH AND CASH EQUIVALENTS, END
 OF PERIOD                                         $  5,086,087    $ 18,615,095
                                                   ============    ============

SUPPLEMENTAL DISCLOSURES
 Interest paid to creditors                        $  3,543,320    $  2,194,460
                                                   ============    ============

                                        5


<PAGE>


                   KELLER FINANCIAL SERVICES OF FLORIDA, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


1. STATEMENT OF INFORMATION FURNISHED

The financial information included herein is unaudited, such information
reflects all normal and recurring adjustments, which are, in the opinion of
management, necessary for a fair presentation of the results of operations and
cash flows for the interim periods.

These unaudited financial statements should be read in conjunction with the most
recent audited financial statements, for the period ended December 31, 1995, of
the Company and the affiliates consolidated with the Company under the exchange
of shares transaction described in Note 4, below.

The results of operations for the three months ended March 31, 1996 are not
necessarily indicative of the results to be expected for the full year.


2. FINANCE CHARGES -- REVENUE RECOGNITION METHOD CHANGE

Revenue from Finance Charges is recognized using procedures that approximate the
interest (actuarial) method.


3. RECALCULATION OF FINANCE CHARGE REVENUE RECOGNITION AND RESTATEMENT OF 1995
   FINANCIAL STATEMENTS 

Following the January 1997 installation of a reporting module in the Company's
recently installed new loan servicing system, which provided information not
previously known, the Company reviewed and revised its procedures for
calculating finance charge revenue on the interest (actuarial) method. Based
upon a recalculation, the Company determined that the December 1995 and March
1995 financial statements, based on the old procedures and under the old system,
overstated finance charge revenue recognition by a cumulative $1,825,238 as of
December 1995, of which $268,967 applied to the three months ended March 31,
1995. The December 1995 and March 1995 financial statements have been so
restated.


4. PRINCIPLES OF CONSOLIDATION

Effective April 29, 1996, the Company's Board adopted a plan to exchange shares
of the Company for all the shares of several of its affiliates; Keller Financial
Services of Tampa Bay, Inc., Keller Financial Services of St. Petersburg, Inc.,
Keller Financial Services of Clearwater, Inc., Keller Financial Services of
Pinellas, Inc., Keller Financial Services of Central Florida, Inc., Keller
Financial Services of West Florida, Inc., Keller Financial Services of the Sun
Coast, Inc., Keller Financial Services of North Florida, Inc., Keller Financial
Services of Mid-Florida, Inc., related entities by common ownership and control.
The transaction was accounted for as a combination of interests in a manner
similar to a pooling-of-interest. No company recognized a gain or loss as a
result of the transaction.

The consolidated financial statements of the Company include the accounts of its
wholly-owned subsidiaries. All significant inter-company transactions have been 
eliminated in consolidation.


5. FINANCE RECEIVABLES ALLOWANCE FOR CREDIT LOSSES; NON-REFUNDABLE ACQUISITION 
   DISCOUNTS

Finance receivables as of March 31, 1996 and December 31, 1995 consist of the 
following:

                                     MARCH 31,      DECEMBER 31,
                                       1996             1995
                                   ------------     ------------

Finance receivables, gross         $165,648,006     $131,772,130
Less unearned finance charges       (40,916,073)     (28,723,722)
                                   ------------     ------------
Finance receivables, principal     $124,731,933     $103,048,408
                                   ============     ============

                                        6


<PAGE>


Changes in the allowance for credit losses and the non-refundable acquisition
discount for the three months ended March 31, 1996 and 1995 were as follows:

ALLOWANCE FOR CREDIT LOSSES:

                                            1996          1995
                                        ------------  -----------
Beginning balance                       $ 10,945,525  $       -0-
Provision for credit losses               17,773,265          -0-
Finance receivables charged               (3,319,502)         -0-
off                                     ------------  -----------
Ending balance                          $ 25,399,288  $       -0-
                                        ============  ===========

NON-REFUNDABLE ACQUISITION DISCOUNT:

Beginning balance                       $ 2,108,093   $ 3,466,430
Discounts acquired                        3,034,170     2,910,083
Discounts accreted to income                    -0-           -0-
Finance receivables charged off          (2,136,621)     (593,533)
                                        -----------   -----------
Ending balance                          $ 3,005,642   $ 5,782,980
                                        ===========   ===========

During the First Quarter of 1996, the Company increased its provision for credit
losses through a charge to earnings of $17,773,265 and in response to increasing
levels of finance receivables delinquencies and significantly higher losses on
the disposition of repossessed assets than previously experienced.


6. CAPITAL STOCK

On January 22, 1996, the Company registered and began receiving subscriptions
for 1,500,000 shares of 9% Cumulative Convertible Preferred Stock - Class A. The
Shares are redeemable for cash at any time after December 31, 1996, in whole or
in part, at the option of the Company at redemption prices declining to par on
December 31, 2001. They are convertible into shares of the Company's common
stock twelve months after the completion of an initial public offering of the
Company's common stock. Through March 31, 1996, 1,329,700 shares had been sold
with net proceeds of $12,096,144.


7.  RELATED PARTY TRANSACTIONS

KFS is an affiliate of the Company and manages the operations of the Company.
Direct operating and overhead costs are allocated monthly to the Company and its
subsidiaries. Administration and marketing costs associated with servicing
finance receivables and obtaining additional funds are allocated prorata on the
number of finance receivables outstanding and prorata based on the amount of
monthly funds obtained. Loan origination costs are allocated prorata on the
number of finance receivables originated. Deferred issuance costs related to the
issuance of debt and certain taxes are directly allocated to the Company and its
subsidiaries. Total general and administrative and marketing reimbursements
of $1,858,501 and $780,621 were paid to KFS during the three months ended March
31, 1996 and 1995. On December 31, 1995, $80,000 was outstanding on a note to an
individual related to the Chairman of the Company. The note was unsecured, paid
interest monthly at a 12% annual interest rate and was callable at any time.


8. LIQUIDITY AND CAPITAL RESOURCES

The Company believes that its capital resources are sufficient to fund its
day-to-day operations and to make all interest payments on the secured notes and
dividend payments on the Convertible Preferred Stock when due and payable for
the foreseeable future. Management believes that with the implementation of its
new business plan and the continued improvements resulting from its process
reengineering program, if the Company can obtain the funds necessary to acquire
approximately $6.5 million in finance receivables per month under its new
operating program, the Company will return to a level of profitability
sufficient to meet all other obligations. This belief is consistent with the
results of a financial model. Management believes the Company, through the
acquisition of such volume of finance receivables or other options which
management is continuing to explore, can meet its objectives. Among

                                        7


<PAGE>


others, management is exploring the options of securitizing part of its existing
portfolio (a form of refinancing at a lower effective rate of interest) and
securing a line of credit. The Company is also exploring earning origination
fees by originating contracts for acquisition by other lenders and selling whole
loan pools while retaining servicing and/or origination fees.

                                        8


<PAGE>


ITEM II - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
          RESULTS OF OPERATION


Keller Financial Services of Florida, Inc. and subsidiaries (the "Company") are
in the business of purchasing retail motor vehicle installment sales contracts
("finance receivables" or "loans") originated in connection with the financing
of new and used automobiles and light-duty trucks, including the right to
receive payments thereunder and security interests in vehicles, and to collect
the principal and interest payments due on such contracts.

The Company transacts business primarily in the State of Florida and operations
are managed by KFS. The Company's loans range from 12 to 60 months at annual
interest rates of 15% to 30%. All loans are currently repayable in monthly
installments. The majority of loans are purchased at a discount from principal
amount owed and the discount is held as a reserve for possible future loan
losses.

The Company also intends to extend, from time to time, limited amounts of dealer
floor plan financing to finance automobiles and motorcycles offered for retail
sale by certain dealers that are a source of significant amounts of finance
receivables to the Company.


GENERAL

Management of KFS has recognized that, due to the extremely competitive nature
of the industry, successful companies in the sub-prime lending industry will be
those which are best able to do the following: (i) Hire and retain a
professional operations management team which is capable of recruiting,
training, leading and motivating their respective units, (ii) Deliver a product
that is consistently superior in both loan underwriting and service quality,
(iii) Accurately measure operational and financial performance and make timely,
responsive changes to plans or programs as necessary, and (iv) Leverage current
and evolving technologies to achieve a competitive advantage.

KFS embarked upon a process reengineering program to accomplish the foregoing.
Process reengineering involves reviewing, at a significant level of detail, the
basic businesses and work flows of a company to determine the most efficient use
of human and financial resources, and to restructure, or "reengineer," the
organization and its business processes to assure efficiency, consistency,
control, profitability, financial stability and the future health of the
organization.

In order to effect process reengineering to achieve these desired performance
standards, Greg Stiff, Executive Vice President Operations, and Michael Nixon,
President, were hired by the Company and charged with the following
responsibilities: (i) Assure that formal, written communications within the
Company, including management reporting, bulletins, policies and procedures are
in place, current and under constant review and scrutiny for improvement, (ii)
Assure that all KFS branch offices were necessary and that operational units are
in compliance with current KFS policies and procedures by means of periodic
reviews and audits, (iii) Assure that appropriate performance goals are set for
each KFS operational unit and associates, (iv) Implement consistent, accurate
control tools and reporting to assure the stated objectives are achieved, (v)
Assure that each KFS associate clearly understands his or her job assignments,
has been properly trained, knows the expected level of their performance, and
understands their personal responsibility for achieving their performance
objectives, and (vi) Assure that the operations organization is efficiently
structured and that the flow of work within and between each unit and other KFS
departments facilitates the ultimate objective of booking quality, profitable
automobile finance receivables.

Under the process reengineering program, KFS successfully commenced the
implementation of a new business plan in the Second and Third quarters of 1996
by: (i) Centralizing certain operations, (ii) Introducing, in the Third Quarter,

                                       9
<PAGE>

a new three tiered loan acquisition program, (iii) Implementing new credit
underwriting guidelines, including a computerized borrower scoring analysis,
(iv) Installing new computer hardware and software utilized for contract
servicing, including collections and repossessions, and for accounting, (v)
Reviewing Dealer relationships, and (vi) Implementing a revised marketing
program. As an extension of the reengineering program, the Company subsequently
announced the closing of all twenty-one KFS branch offices and the complete
centralization of operations in the Third Quarter 1996. The closings were
subsequently completed in the Fourth Quarter 1996 and resulted the displacement
of approximately eighty employees.


RESULTS OF OPERATIONS

The Company acquired 4,350 contracts through its twenty-one branch network in
the First Quarter 1996, the highest volume ever acquired by the Company in any
fiscal quarter. Many of the contracts were originated through non-franchised
auto dealers who sold primarily older model high-mileage vehicles. Management
now realizes that unlike the First Quarter of 1995, when losses began to abate
late in the quarter, the loss trend continued throughout the entire First
Quarter 1996, and thereafter. Management believes a significant portion of the
unanticipated losses relate to loan activity in the First Quarter 1996. Based
upon the results of the previously reported financial model prepared under the
direction of Mr. Nixon, and previously unavailable data from the Company's new
loan servicing computer system installed in April, 1996, management became able,
in January 1997, to estimate that as of March 31, 1996 the future credit losses
on the loan portfolio would be $28.4 million.

Based upon the foregoing, the Company increased its Allowance for Credit Losses
by $17.8 million through the Provision for Losses as a charge to earnings in the
First Quarter 1996. As of March 31, 1996, the Company had $28.4 million total
reserves for future credit losses comprised of a $25.4 million Allowance for
Credit Losses reserve and $3.0 million of Non-refundable Acquisition Discounts.

Following the January 1997 installation of a reporting module in the Company's
recently installed new loan servicing system, which provided information not
previously known, the company reviewed and revised its procedures for
calculating finance charge revenue on the interest (actuarial) method. Based
upon a recalculation, the Company determined that the December 1995 and March
1995 financial statements, based on the old procedures and under the old system,
overstated finance charge revenue recognition by a cumulative $1,825,238 as of
December 1995, of which $268,967 applied to the three months March 31, 1995. The
December 1995 and March 1995 financial statements have been so restated.

The changes implemented as a result of the process reengineering program
resulted in significantly fewer contracts being acquired commencing the Second
Quarter of 1996. Although the number of Contracts acquired thereafter has
continued to increase, the volume of contracts acquired in 1996 continues to
remain lower than the comparable periods for 1995.

The Company purchased $59,001,821 finance receivables in the First Quarter which
represented 4,350 contracts.

                        1996                1995
                 -----------------   ------------------
                     $       UNITS        $       UNITS
                 ----------  -----   ----------   -----

First Quarter    59,001,821  4,350   39,338,705   3,361
                                      

As a result of the foregoing, the Company's net interest income before provision
for loan losses decreased 39.8% for the three months ended March 31, 1996 to
$595,373 from $989,218 during the same period ended 1995. As mentioned above,
the Company charged First Quarter 1996 earnings with a $17,773,265 provision for
estimated future credit losses. See "Credit Loss and Delinquency Experience."

Interest expense increased to $4,230,358 from $2,610,578 during the three month
period ended March 31, 1996 on the secured notes which bear interest at rates
ranging from 9% to 12% per annum. These increases are a result of the issuance
of additional secured notes and subsequent purchase of additional installment
sales contracts, throughout 1995 and 1996. The installment sales contracts bear
interest at rates ranging from 15% to 30%.

                                       10

<PAGE>

Expenses, increased 151.4% during the three months ended March 31, 1996 to
$2,008,668 from $799,131 for the same period in 1995. This is a result of a
higher number of branch offices and increased servicing costs associated with
increased delinquencies and defaults and a larger portfolio of loans.

As a result of the foregoing and those factors described in "Industry Trends"
and "Credit Loss and Delinquency," below, net income for the three month period
ended March 31, 1996 decreased to a net loss of $19,186,560 compared to net
income of $190,087 for the same period in 1995.


INDUSTRY TRENDS

Over the past several years, lenders in the sub-prime market have experienced
increased rates of delinquency, default and credit losses. Management believes
this is due in part to the maturation of the young sub-prime lending industry,
the current weakening trend of the consumer credit market, attempts by lenders
which lack effective knowledgeable management to determine the correct balance
between risk and reward, and the effect of additional competition on the
marketplace. If these trends continue, the Company may experience credit losses.

The automobile finance business is highly competitive. The Company believes that
there are numerous competitors providing, or capable of providing, financing
through Dealers to purchasers of Vehicles. Because the Company purchases finance
receivables from Dealers that provide financing to borrowers who do not qualify
for traditional financing, the Company does not believe that it competes with
most commercial banks, savings and loans, credit unions and other consumer
lenders that apply more traditional lending criteria to the credit approval
process. Historically, these traditional sources of automobile financing (some
of which are larger, have significantly greater financial resources and have
relationships with captive dealer networks) have not consistently served the
Company's sub-prime market segment. If such a competitor were to enter the
Company's market segment, the Company could be materially adversely affected.
The sub-prime market is highly fragmented and is served by many non-traditional
consumer finance sources. During the past few years, numerous other finance
companies operating in the sub-prime have completed public offerings of
securities to enable them to finance lending activities in the sub-prime market.
To the extent that these and other companies expand or continue to expand their
activities in the market served by the Company, the competition for dealer
relationships and suitable finance receivables in that market will continue to
intensify, which could have an adverse effect on the Company.


CREDIT LOSS AND DELINQUENCY EXPERIENCE

In conjunction with the financing of installment sales contracts, agreements are
entered into with dealers, whereby non-refundable acquisition discounts are
established. These discounts represent the difference between the amount
financed and the amount advanced to the dealer. All or a portion of these
negotiated discounts are available to absorb credit losses, or to be taken into
income at the term of the contract. Conversely, if the Company determines that
the amount of non-refundable acquisition discount is not sufficient to offset
potential credit losses, the Company may seek to increase the amount of
non-refundable acquisition discount on future finance receivables purchases. The
Allowance for Credit Losses reserve may also be increased to cover future
expected credit losses by a charge to current earnings through the Provision for
Credit Losses. Credit loss experience, contractual delinquency of loans
receivable, the value of underlying collateral, and current economic conditions
are factors management use in negotiating the discounts and assessing the
overall adequacy of the discounts to absorb losses.

                                       11


<PAGE>


                                     AS OF AND FOR THE PERIOD ENDED
                                               MARCH 31,
                                   ----------------------------------
                                       1996                  1995
                                   ------------           -----------

Gross finance receivables          $165,648,006           $91,764,850
Number of contracts                      16,601                10,285
Monthly delinquent Contracts
  31-60 Days                              1,102   6.6%            913  8.9%
  61-90 Days                                410   2.5%            204  2.0%
  91 Days or more                           742   4.5%            531  5.2%
Repossessions                      $  4,580,253   2.8%    $ 3,626,712  4.0%
Non-refundable acquisition
 discounts & Allowance for             
 credit losses                     $ 28,404,930  17.1%    $ 5,782,980  6.3%
Net charge-offs                       5,456,123   3.3%        593,533  0.7%

(1) Gross finance receivables includes the total of all future payments due
under the Contracts. 
(2) Net charge-offs includes the remaining principal balance, after the
application of the net proceeds from the liquidation of the vehicle, excluding
accrued and unpaid interest. Also included are post liquidation recoveries on
previously charged off accounts.

As a result of trends discussed above, the delinquency ratio at month-end March
1996 was 13.6%, down from 16.7% in the corresponding period in 1995. However,
net charge-offs for the three months ending March 1996 increased to $5.4
million, or 3.3% of gross finance receivables, compared to $.6 million, or 0.7%,
in the corresponding period for 1995.


LIQUIDITY AND CAPITAL RESOURCES

The Company believes that its capital resources are sufficient to fund its
day-to-day operations and to make all interest payments on the secured notes and
dividend payments on the Convertible Preferred Stock when due and payable for
the foreseeable future. Management believes that with the implementation of its
new business plan and the continued improvements resulting from its process
reengineering program, if the Company can obtain the funds necessary to acquire
approximately $6.5 million in finance receivables per month under its new
operating program, the Company will return to a level of profitability
sufficient to meet all other obligations. This belief is consistent with the
results of a financial model. Management believes the Company, through the
acquisition of such volume of finance receivables or other options which
management is continuing to explore, can meet its objectives. Among others,
management is exploring the options of securitizing part of its existing
portfolio (a form of refinancing at a lower effective rate of interest) and
securing a line of credit. The Company is also exploring earning origination
fees by originating contracts for acquisition by other lenders and selling whole
loan pools while retaining servicing and/or origination fees.

During the three months ending March 31, 1996, net proceeds of $12.1 million of
new issue Convertible Preferred Stock, $13.4 million finance receivables
repayments and cash flow from operations of $.6 million provided funding for 68%
of the $38.4 million new finance receivable principal purchased during the
period. Cash and equivalents were reduced $12.9 million during the period
primarily to fund the remaining portion of new receivables purchased, a $.4
million increase in fixed assets and $.2 million preferred dividends. Cash and
equivalents were $5,086,087 at March 31, 1996.

                                       12

<PAGE>

BUSINESS COMBINATION

Effective April 29, 1996, the Company's Board adopted a plan to exchange shares
of the Company for all the shares of several of its affiliates; Keller Financial
Services of Tampa Bay, Inc., Keller Financial Services of St. Petersburg, Inc.,
Keller Financial Services of Clearwater, Inc., Keller Financial Services of
Pinellas, Inc., Keller Financial Services of Central Florida, Inc., Keller
Financial Services of West Florida, Inc., Keller Financial Services of the Sun
Coast, Inc., Keller Financial Services of North Florida, Inc., Keller Financial
Services of Mid-Florida, Inc., related entities by common ownership and control.
The transaction was accounted for as a combination of interests in a manner
similar to a pooling-of-interest. No company recognized a gain or loss as a
result of the transaction.

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<PAGE>


                KELLER FINANCIAL SERVICES OF FLORIDA, INC.
                           PART II - OTHER INFORMATION

Item I - Legal Proceedings

   None.

Item II - Changes in Securities

   None.

Item III - Default upon Senior Securities

   None.

Item IV - Submission of Matters to a Vote of Security Holders

   None.

Item V - Other Information

   None.

Item VI - Exhibits and Reports on Form 8-K

   Exhibit 27 - Financial Data Schedule (for SEC use only)


                                    SIGNATURE

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

Date:                                         By: /s/ MICHAEL NIXON
January 29, 1997
----------------                              ----------------------
                                              Michael Nixon
                                              President and Chief
                                              Executive Officer

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