<TABLE>
<CAPTION>
TERM ANNUAL EFFECTIVE
RATE ANNUAL YIELD*
<S> <C> <C>
7.10% 7.35%
3 Months
6 Month 7.15% 7.41%
- --------- ------- --------------
12 Months 8.50% 8.87%
------- --------------
18 Months 8.60% 8.98%
------- --------------
24 Months 8.75% 9.14%
------- --------------
30 Months 9.25% 9.69%
------- --------------
36 Months 9.35% 9.80%
------- --------------
48 Months 9.50% 9.96%
------- --------------
60 Months 10.35% 10.90%
------- --------------
7 Years 10.50% 11.07%
------- --------------
10 Years 10.75% 11.35%
- --------- ------- --------------
</TABLE>
Rate Supplement dated April 22, 1997
FOR MORE INFORMATION CALL 1-800-790-2474
FIRST NATIONS FINANCIAL SERVICES COMPANYS.M.
Christiana Executive Campus
220 Continental Drive, Suite 310
Newark, Delaware 19713
Tel: (302) 292-2100
Fax: (302) 292-2151
An offer can only be made by the Prospectus dated April 22, 1997, delivered in
conjunction with this Rate Supplement dated April 22, 1997. See "Risk
Factors" for a discussion of certain factors which should be considered in
connection with an Investment in the Notes. The Effective Annual Yield
assumes all interest reinvested daily at the stated rate. These rates
available through June 30, 1997.
