January 1, 1994

         SUPPLEMENT TO PROSPECTUS DATED DECEMBER 29, 1993


Effective January 1, 1994, the following sentence is hereby
substituted for the first sentence of the second paragraph of the
section entitled "DETERMINATION OF THE CERTIFICATE INTEREST RATE"
located on Page 12 of the Prospectus.

     On the effective date of this supplement the CIR is
     6.25% on Five-Year, 7.00% on Ten-Year and 7.75% on
     Twenty-Year Subordinated Capital Investment
     Certificate; 6.75% on Five-Year, and 7.50% on Ten-Year
     Subordinated Monthly Income Capital Investment
     Certificates; and 3.75% on Demand Loan Certificates.