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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No.: 1
Name of Issuer: First Investors Financial Services Group, Inc.
Title of Class of Securities: Common Stock
CUSIP Number: 32058A101
(Name, Address and Telephone Number of Person
Authorized To Receive Notices and Communications)
Sy Jacobs, c/o JAM Partners, L.P.,
One 5th Avenue, New York, New York 10003
(Date of Event which Requires Filing of this Statement)
December 24, 1997
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of
Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits,
should be filed with the Commission. See Rule 13d-1(a) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No.: 32058A101
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
JAM Partners, L.P.
2. Check the Appropriate Box if a Member of a Group
a.
b. x
3. SEC Use Only
4. Source of Funds
WC
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
6. Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
8. Shared Voting Power:
387,700
9. Sole Dispositive Power:
10. Shared Dispositive Power:
387,700
11. Aggregate Amount Beneficially Owned by Each Reporting Person
387,700
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares
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13. Percent of Class Represented by Amount in Row (11)
6.96%
14. Type of Reporting Person
PN
3
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CUSIP No.: 32058A101
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Sy Jacobs
2. Check the Appropriate Box if a Member of a Group
a.
b. x
3. SEC Use Only
4. Source of Funds
WC
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
6. Citizenship or Place of Organization
U.S.A.
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
8. Shared Voting Power:
387,700
9. Sole Dispositive Power:
10. Shared Dispositive Power:
387,700
11. Aggregate Amount Beneficially Owned by Each Reporting Person
387,700
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares
4
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13. Percent of Class Represented by Amount in Row (11)
6.96%
14. Type of Reporting Person
IN
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The purpose of this Amendment No. 1 to the previously filed
Schedule 13D is to report that the ownership of JAM Partners,
L.P. and Sy Jacobs (together, the "Reporting Persons") in the
Common Stock, par value $.001 per share (the "Shares"), of First
Investors Financial Services Group, Inc. (the "Issuer") has
increased from 5.73% to 6.96% of the Shares outstanding.
Item 1. Security and Issuer
No change.
Item 2. Identity and Background
No change.
Item 3. Source and Amount of Funds or Other Consideration
As of the date hereof, the Reporting Persons are deemed
to beneficially own 387,700 Shares. All 387,700 Shares
are held by the Partnership. All the Shares were
purchased in open market transactions. The Shares were
purchased for an aggregate purchase price of
$2,740,885.80. The funds for the purchase of the Shares
held in the Partnership have come from the working
capital of the Partnership. The working capital of the
Partnership includes the proceeds of margin loans
entered into in the ordinary course of business with
Montgomery Securities, such loans being secured by the
securities owned by the Partnership.
Item 4. Purpose of Transactions
No change.
Item 5. Interest in Securities of Issuer
As of the date hereof, the Reporting Persons are deemed
to be the beneficial owners of 387,700 Shares. Based on
the Issuer's filing on Form 10-Q on December 12, 1997,
as of November 28, 1997 there were 5,566,669 Shares
outstanding. Therefore, the Reporting Persons are
deemed to beneficially own 6.96% of the outstanding
Shares. The Reporting Persons have the power to vote,
direct the vote, dispose of or direct the disposition of
all the Shares that they are deemed to beneficially own.
All transactions in the Shares effected by the Reporting
Persons during the sixty days prior to December 24, 1997
through the date of this filing were effected in open-
market transactions and are set forth in Exhibit B
hereto.
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Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
No change.
Item 7. Material to be Filed as Exhibits
1. An agreement relating to the filing of a joint
statement as required by Rule 13d-1(f) under
the Securities Exchange Act of 1934 is filed
herewith as Exhibit A.
2. A description of the transactions in the
Shares that were effected by the Reporting
Persons during the 60 days prior to
December 24, 1997 through the date of this
filing is filed herewith as Exhibit B.
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Signature
The undersigned, after reasonable inquiry and to
the best of their knowledge and belief, certify that the
information set forth in this statement is true, complete
and correct.
JAM PARTNERS, L.P.
By: /s/ Sy Jacobs
_____________________________
Sy Jacobs, General Partner
/s/ Sy Jacobs
_________________________________
Sy Jacobs
December 30, 1997
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01252001.AG4
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Exhibit A
AGREEMENT
The undersigned agree that this Schedule 13D dated
December 30, 1997 relating to the Common Stock of First
Investors Financial Services Group, Inc. shall be filed on
behalf of the undersigned.
JAM PARTNERS, L.P.
By: /s/ Sy Jacobs
_____________________________
Sy Jacobs, General Partner
/s/ Sy Jacobs
_________________________________
Sy Jacobs
01252001.AG4
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Exhibit B
SCHEDULE OF TRANSACTIONS
Price Per Share
Date Shares Purchased or (Sold) (excluding commission)
____ ________________________ _________________
12/8/97 5,000 $7.13
12/9/97 3,000 7
12/24/97 75,000 6.13
01252001.AG4
