FIRST MUTUAL INC
10-Q/A, 1995-12-20
SOCIAL SERVICES
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SECURITIES AND  EXCHANGE COMMISSION 

WASHINGTON , D.C. 20549



FORM 10-Q/A 



Quarterly Report Under Section 13 or 15 (d) of  the 

Securities Exchange Act  Of  1934



For  Quarter  Ended     December  31, 1994     Commission File
Number 0-4328 



FIRST  MUTUAL , INC.

(formerly  MUTUAL ENTERPRISES, INC.)



STATE OF INCORPORATION:     DELAWARE

IRS  EMPLOYER  IDENTIFICATION NUMBER:  04-2434444





120 BOLYSTON STREET

BOSTON, MA 02116

TELEPHONE :  (617) 426 - 4020





Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
and (2) has been subject to such filing requirements for the
past 90 days.  

Yes _____    No     X__ 





As of     December  31, 1994     there were 910,209 shares of
common stock (par value $.10 per share) of the Company issued
including 63,951 shares in the treasury of the Company.  





















Part II. - Other Information



Financial Data



      Exhibits - Financial Data Schedule EX-27

















































































SIGNATURES





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







FIRST MUTUAL, INC.

( Formerly Mutual Enterprises, Incorporated)

(Registrant)









DATE: November 17, 1995                          David B. Slater       

                                                    David B. Slater

                                                               
                     Director and Principal 

                                       Executive Officer



                                                                

                                                               
           



DATE: November 17, 1995                     Diane M. Fleming                   
                        
         Diane M.
Fleming

                                                               
                      Clerk and Director

                                                               
                
































<TABLE> <S> <C>


<ARTICLE>  5

       

  <S>                                                          
<C>

<PERIOD-TYPE>                                           3-MOS

<FISCAL-YEAR-END>                                 SEP-30-1995 

<PERIOD-END>                                           
DEC-31-1994

<CASH>                                                         
85,691

<SECURITIES>                                                   
0  

<RECEIVABLES>                                         101,425

<ALLOWANCES>                                                   0

<INVENTORY>                                                    
0

<CURRENT-ASSETS>                                  196,846

<PP&E>                                                        
108,506

<DEPRECIATION>                                      (108,506)

<TOTAL-ASSETS>                                        214,054

<CURRENT-LIABILITIES>                          732,667

<BONDS>                                                     
694,266

<COMMON>                                                  
91,021

                             0  

                                                    
0

<OTHER-SE>                                            (1,303,900)

<TOTAL-LIABILITY-AND-EQUITY>        214,054

<SALES>                                                        
0

<TOTAL-REVENUES>                                 787,015

<CGS>                                                          
 0

<TOTAL-COSTS>                                          587,924

<OTHER-EXPENSES>                                    67,745

<LOSS-PROVISION>                                               0

<INTEREST-EXPENSE>                                 16,832

<INCOME-PRETAX>                                    114,514

<INCOME-TAX>                                                   
0

<INCOME-CONTINUING>                           114,514

<DISCONTINUED>                                                 0

<EXTRAORDINARY>                                            0

<CHANGES>                                                      
0

<NET-INCOME>                                            114,514

<EPS-PRIMARY>                                                
 .14

<EPS-DILUTED>                                                 
 .14

        


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