AMTRUST CAPITAL CORP
8-K, 1997-01-24
SAVINGS INSTITUTION, FEDERALLY CHARTERED
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         SECURITIES AND EXCHANGE COMMISSION
                WASHINGTON, DC 20549
              _______________________

                      FORM 8-K
                          
                          
      Pursuant to Section 13 or 15 (d) of the
          Securities Exchange Act of 1934
                          
  Date of Report (Date of earliest event reported)
                  January 24, 1997
                          
                          
                          
               AMTRUST CAPITAL CORP.
     __________________________________________
(Exact name of registrant as specified in its charter)


DELAWARE                         0-25485                      35-1940250
______________________________________________________________________________
(State or other jurisdiction      (Commission File No.)  (IRS Employer ID No.) 
 of incorporation)

20 W. Fifth Street, Peru, Indiana               46970
_____________________________________________________
(Address of principal executive offices)   (Zip code)

Registrant's telephone number, including area code: (317) 472-1991


                        N/A
  ________________________________________________
(Former name or former address, if changed since last report)


<PAGE>

Item 5.  Other Events

     On January 24, 1997, the Registrant issued the attached press release.

Item 7.  Financial Statements and Exhibits
     
     (a)   Exhibits
          
          99.  Press Release, dated January 24, 1997

<PAGE>

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.

                              AMTRUST CAPITAL CORP.



Date:    January 24, 1997     /s/ Jami L. Cornish
                              _________________________
                              Jami L. Cornish, Treasurer and
                              Chief Financial Officer

<PAGE>

EXHIBIT 99

<PAGE>

               AMTRUST CAPITAL CORP.
20 West 5th Street, P.O. Box 105, Peru, Indiana, 46970, (317) 472-1991


FOR MORE INFORMATION                        FOR IMMEDIATE RELEASE
CONTACT: Bruce M. Borst, President          Date: January 24, 1997
         and Chief Executive Officer
         (317) 472-1991

     AMTRUST CAPITAL CORPORATION DECLARES CASH DIVIDEND

PERU, INDIANA-- AmTrust Capital Corporation, parent corporation of
AmericanTrust Federal Savings Bank, announced that it will pay a quarterly
cash dividend of $0.05 per share for the second fiscal quarter of 1997.  The
dividend will be payable on February 17, 1997 to shareholders of record on
February 3, 1997.

AmericanTrust Federal Savings Bank serves communities located in Howard
and Miami Counties, Indiana through its main office, one branch office, and a
limited service office (which provides all the services of a branch office with
the exception of loan origination).

The Corporation had $72.2 million in assets and $7.4 million in stockholders'
equity as of December 31, 1996.   The Corporation's stock is traded on the
Nasdaq Small-Cap System under the symbol "ATSB".
      


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