SECURITIES AND EXCHANGE COMMISSION

                     WASHINGTON, D. C. 20549



                            FORM 8-K

                         CURRENT REPORT



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





Date of Report (Date of earliest event reported) May 8, 1996




                    FIRST COLONY CORPORATION
     (Exact name of registrant as specified in its charter)



   VIRGINIA               1-11482             54-1200334
(State or other          (Commission         (I.R.S. Employer
jurisdiction of           File Number)       Identification No.)
incorporation)

RIVERFRONT PLAZA, WEST TOWER SUITE 1350
901 EAST BYRD STREET
RICHMOND, VIRGINIA                                    23219
(Address of principal executive offices)            (Zip Code)



Registrant's telephone number including area code  (804) 775-0300



(Former name or former address, if changed since last report)
 Not applicable




Item 5.   Other Events

     Registrant has submitted a supplemental financial report
concurrent with the press release of the current quarter's
operating results for the period ended March 31, 1996. 



Item 7.   Exhibits

  EX-99.1  First Colony Corporation - Press Release

  EX-99.2  First Colony Corporation - Financial Supplement

  EX-27.0  Financial Data Schedule




      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.

                                         FIRST COLONY CORPORATION
                                                  (Registrant)


     Date:  May 8, 1996          By:     s/Ronald V. Dolan
                                 President 

     Date:  May 8, 1996          By:     s/Peter W. Karras, CPA
                                 Secretary and Treasurer