SBM CERTIFICATE CO, 497, 1996-11-21

SBM CERTIFICATE CO
497, 1996-11-21

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                    SUPPLEMENT DATED NOVEMBER 29, 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 SECURITIES CORPORATION effective November 29, 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 Securities 
Corporation" and "ARM Securities", respectively.