<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM JUNE 30,
1998 QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             APR-01-1998
<PERIOD-END>                               JUN-30-1998
<CASH>                                           7,776
<SECURITIES>                                   198,775
<RECEIVABLES>                                    3,251
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               202,090
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 209,866
<CURRENT-LIABILITIES>                          191,213
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        18,985
<OTHER-SE>                                       (732)
<TOTAL-LIABILITY-AND-EQUITY>                   209,866
<SALES>                                              0
<TOTAL-REVENUES>                                 2,799
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                   124
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               2,318
<INCOME-PRETAX>                                    357
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                357
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       357
<EPS-PRIMARY>                                      .15
<EPS-DILUTED>                                      .15