<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM JUNE 30,
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>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               JUN-30-1999
<CASH>                                           3,441
<SECURITIES>                                   172,386
<RECEIVABLES>                                    1,175
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                 4,659
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 177,045
<CURRENT-LIABILITIES>                          159,695
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        18,765
<OTHER-SE>                                     (1,415)
<TOTAL-LIABILITY-AND-EQUITY>                   177,045
<SALES>                                              0
<TOTAL-REVENUES>                                 4,615
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                   184
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               3,852
<INCOME-PRETAX>                                    579
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                579
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       579
<EPS-BASIC>                                      .25
<EPS-DILUTED>                                      .25