AMTRUST CAPITAL CORP
8-K, 1998-02-03
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 23, 1998
                          
                          
                          
               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: (765) 472-1991


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

<PAGE>


Item 5.  Other Events

     On January 23, 1998, the Registrant issued the attached press releases.

Item 7.  Financial Statements and Exhibits
     
     (a)   Exhibits
          
          99.  Press Releases, dated January 23, 1998

<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 23, 1998     \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 (765) 472-1991






AMTRUST NEWS RELEASE


FOR IMMEDIATE RELEASE
Date: January 23, 1998


FOR MORE INFORMATION CONTACT:
Bruce M. Borst, President and Chief Executive Officer
(765) 472-1991



    AMTRUST CAPITAL CORP. DECLARES CASH DIVIDEND

PERU, INDIANA - - AmTrust Capital Corp., the parent corporation of
AmericanTrust Federal Savings Bank, announced that it will pay a quarterly
cash dividend of $0.05 per share.  The dividend will be payable February 20,
1998 to shareholders of record on February 6, 1998.

AmericanTrust Federal Savings Bank serves communities located in Howard
and Miami Counties, Indiana through its main office and one branch office.

AmTrust Capital Corp. had $69.9 million in assets and $7.6 million in
stockholders' equity at September 30, 1997.  The corporation's stock is traded
on the Nasdaq Small-Cap Sytem under the symbol "ATSB".





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