SUPPLEMENT DATED OCTOBER 1, 1996
TO
PROSPECTUS DATED MAY 1, 1996
FOR
SBM CERTIFICATE COMPANY
SERIES 503 CERTIFICATES
THIS SUPPLEMENT MODIFIES THE PROSPECTUS
AND SHOULD BE READ AND RETAINED WITH THE PROSPECTUS
_____________________________________________________________________________
SBM FINANCIAL SERVICES, INC., a wholly-owned subsidiary of ARM
Financial Group, Inc. and the principal underwriter of the 503
Certificates, changed its name to ARM FINANCIAL SERVICES, INC.
effective October 1, 1996. All references to SBM Financial
Services, Inc. and SBM Financial Services on page 3 and 4 of the
Prospectus are hereby changed to "ARM Financial Services, Inc."
and "ARM Financial Services", respectively.
