U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10-QSB

     (Mark One)

          X    Quarterly report pursuant to Section 13 or 15 (d) of the
               Securities Exchange Act of 1934

               For the quarterly period ended September 30, 1996

               Transition report under Section 13 or 15 (d) of the Exchange Act

               For the transition period from _____________ to ______________

               Commission file number             0-2456


                                CARNEGIE BANCORP
- --------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

               New Jersey                              22-3257100
     -------------------------------     ------------------------------------
     (State or other jurisdiction of     (I.R.S. Employer Identification No.)
     incorporation or organization)

                 619 Alexander Road, Princeton, New Jersey 08540
- --------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (609) 520-0601
- --------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceeding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
                                        Yes   X           No


                      APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date.

Common Stock, No Par - 1,845,026 shares outstanding as of November 1, 1996



                                 SIGNATURES



Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.




                                                  CARNEGIE BANCORP
                                                  ----------------
                                                    (Registrant)






Date: December 27, 1996                 By:         RICHARD P. ROSA
                                           --------------------------------
                                                 Senior Vice President
                                               and Chief Financial Officer