FIRST ALLIANCE CORP /DE/
4, 2000-02-29
ASSET-BACKED SECURITIES
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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM 4

             INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(f) of the Investment Company Act of 1940


________________________________________________________________________________
1.   Name and Address of Reporting Person*

     Nebot                         Francisco
________________________________________________________________________________
   (Last)                           (First)             (Middle)

     17305 Von Karman Avenue
________________________________________________________________________________
                                    (Street)

     Irvine                         California      92614-6203
________________________________________________________________________________
   (City)                           (State)              (Zip)


________________________________________________________________________________
2.   Issuer Name and Ticker or Trading Symbol

     First Alliance Corporation (FACO)
________________________________________________________________________________
3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)


________________________________________________________________________________
4.   Statement for Month/Year

     February 2000
________________________________________________________________________________
5.   If Amendment, Date of Original (Month/Year)


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6.   Relationship of Reporting Person to Issuer
     (Check all applicable)

     [X]  Director                             [_]  10% Owner
     [X]  Officer (give title below)           [_]  Other (specify below)

          President & Chief Financial Officer
________________________________________________________________________________
7.   Individual or Joint/Group Filing (Check applicable line)

     [X]  Form filed by 1 Reporting Person
     [_]  Form filed by more than 1 Reporting Person
________________________________________________________________________________

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           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
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<TABLE>
<CAPTION>
                                                                                                                6.
                                                                 4.                              5.             Owner-
                                                                 Securities Acquired (A) or      Amount of      ship
                                                    3.           Disposed of (D)                 Securities     Form:     7.
                                                    Transaction  (Instr. 3, 4 and 5)             Beneficially   Direct    Nature of
                                      2.            Code         ------------------------------- Owned at End   (D) or    Indirect
1.                                    Transaction   (Instr. 8)                   (A)             of Month       Indirect  Beneficial
Title of Security                     Date          ------------     Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)                            (mm/dd/yy)     Code     V                  (D)             and 4)         (Instr.4) (Instr. 4)
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<S>                                   <C>            <C>      <C>    <C>         <C>    <C>      <C>            <C>       <C>
Class A Common Stock                  02/02/2000     A               2,000       A      2.375    189,042        D
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</TABLE>

Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.

                            (Print or Type Responses)
                                                                          (Over)
                                                                  SEC 1474(3-99)
<PAGE>

FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

================================================================================
<TABLE>
<CAPTION>
                                                                                                                    10.
                                                                                                          9.        Owner-
                                                                                                          Number    ship
                                                                                                          of        Form
                    2.                                                                                    Deriv-    of
                    Conver-                    5.                              7.                         ative     Deriv-   11.
                    sion                       Number of                       Title and Amount           Secur-    ative    Nature
                    or                         Derivative    6.                of Underlying     8.       ities     Secur-   of
                    Exer-             4.       Securities    Date              Securities        Price    Bene-     ity:     In-
                    cise     3.       Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Direct   direct
                    Price    Trans-   action   or Disposed   Expiration Date   ----------------  Deriv-   Owned     (D) or   Bene-
1.                  of       action   Code     of(D)         (Month/Day/Year)            Amount  ative    at End    In-      ficial
Title of            Deriv-   Date     (Instr.  (Instr. 3,    ----------------            or      Secur-   of        direct   Owner-
Derivative          ative    (Month/  8)       4 and 5)      Date     Expira-            Number  ity      Month     (I)      ship
Security            Secur-   Day/     ------   ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)          ity      Year)    Code V    (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)
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<S>                 <C>     <C>        <C> <C>  <C>   <C> <C>        <C>        <C>      <C>     <C>      <C>       <C>      <C>
                                                                                Class A
Stock Options       2.50    12/03/1999 A        15,000    06/03/2000 12/02/2009 Common   15,000  2.50     142,042   D
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                                                                                Class A
Stock Options       2.50    12/03/1999 A        15,000    06/03/2001 12/02/2009 Common   15,000  2.50     157,042   D
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                                                                                Class A
Stock Options       2.50    12/03/1999 A        15,000    06/03/2002 12/02/2009 Common   15,000  2.50     172,042   D
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                                                                                Class A
Stock Options       2.50    12/03/1999 A        15,000    06/03/2003 12/02/2009 Common   15,000  2.50     187,042   D
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====================================================================================================================================
</TABLE>
Explanation of Responses:


        /S/ Francisco Nebot                                   02/25/2000
- ---------------------------------------------            -----------------------
      **Signature of Reporting Person                             Date

             Francisco Nebot
Director, President and Chief Financial Officer


**     Intentional misstatements or omissions of facts constitute Federal
       Criminal Violations.
       See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
       If space provided is insufficient, see Instruction 6 for procedure.

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