<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MARCH 31,
1999 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-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               MAR-31-1999
<CASH>                                           2,889
<SECURITIES>                                   167,169
<RECEIVABLES>                                    1,213
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                 4,099
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 171,268
<CURRENT-LIABILITIES>                          153,225
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        18,824
<OTHER-SE>                                       (813)
<TOTAL-LIABILITY-AND-EQUITY>                   171,268
<SALES>                                              0
<TOTAL-REVENUES>                                 2,404
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                    90
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               2,036
<INCOME-PRETAX>                                    278
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                278
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       278
<EPS-PRIMARY>                                      .12
<EPS-DILUTED>                                      .12