JAM PARTNERS LP
SC 13D, 1997-04-07
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<PAGE>

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

SCHEDULE 13D
Under the Securities Exchange Act of 1934

Amendment No.:  *

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)

                         March 26, 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 [   ].

Check the following line if a fee is being paid with this
statement  .  (A fee is not required only if the filing person:
(1) has a previous statement on file reporting beneficial
ownership of more than five percent of the class of securities
described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of
class.  See Rule 13d-7).

*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).



<PAGE>

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:

         319,200

9.  Sole Dispositive Power:

         

10. Shared Dispositive Power:

         319,200

11. Aggregate Amount Beneficially Owned by Each Reporting Person

         319,200


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)

         5.73%

14. Type of Reporting Person

         PN














































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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:

         319,200

9.  Sole Dispositive Power:


10. Shared Dispositive Power:

         319,200

11. Aggregate Amount Beneficially Owned by Each Reporting Person

         319,200

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)

         5.73%

14. Type of Reporting Person

         IN














































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<PAGE>

The purpose of this Schedule 13D is to report 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") of 5.73% of the Shares outstanding.

Item 1.  Security and Issuer

         The title of the class of equity securities to which
         this statement relates is:  Common Stock, par value
         $.001 per share, of First Investors Financial Services
         Group, Inc.

         The name and address of the principal executive and
         business office of the Issuer is:

         First Investors Financial Services Group, Inc.
         675 Bering Drive
         Suite 710
         Houston, Texas 77057

Item 2.  Identity and Background

         This statement is being filed on behalf of JAM Partners,
         L.P.  (the "Partnership"), a Delaware limited
         partnership, and Sy Jacobs, the general partner of the
         Partnership.  The Reporting Persons' principal office is
         located at One 5th Avenue, New York, New York 10003. 

         Neither of the Reporting Persons has, during the last
         five years, been convicted in a criminal proceeding
         (excluding traffic violations or similar misdemeanors).
         Neither of the Reporting Persons has, during the last
         five years, been a party to a civil proceeding of a
         judicial or administrative body of competent
         jurisdiction which resulted in a judgment, decree or
         final order enjoining future violations of, or
         prohibiting or mandating activities subject to, federal
         or state securities laws or finding any violations with
         respect to such laws.

         Sy Jacobs is a citizen of the United States of America.

Item 3.  Source and Amount of Funds or Other Consideration

         As of the date hereof, the Reporting Persons are deemed
         to beneficially own 319,200 Shares.  All 319,200 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
         $2,361,848.30.  The funds for the purchase of the Shares


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         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

         The Shares beneficially owned by the Reporting Persons
         were acquired for, and are being held for, investment
         purposes.  The Reporting Persons have no plan or
         proposal which relates to, or would result in, any of
         the actions enumerated in Item 4 of the instructions to
         Schedule 13D.

Item 5.  Interest in Securities of Issuer

         As of the date hereof, the Reporting Persons are deemed
         to be the beneficial owners of 319,200 Shares.  Based on
         the Issuer's filing on Form 10-Q on March 14, 1997, as
         of March 3, 1997 there were 5,566,669 Shares
         outstanding.  Therefore, the Reporting Persons are
         deemed to beneficially own 5.73% 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 March 26, 1997
         through the date of this filing were effected in open-
         market transactions and are set forth in Exhibit B
         hereto.

Item 6.  Contracts, Arrangements, Understandings or
         Relationships with Respect to Securities of the Issuer

         The Reporting Persons have no contract, arrangement,
         understanding or relationship with any person with
         respect to the Shares.

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.







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         2.   A description of the transactions in the
              Shares and Bonds that were effected by the
              Reporting Persons during the 60 days prior to
              March 26, 1997 through the date of this filing
              is filed herewith as Exhibit B.


         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

April 7, 1997






















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01252001.AF2



<PAGE>

                                                        Exhibit A





                         AGREEMENT

         The undersigned agree that this Schedule 13D dated

April 7, 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.AF2



<PAGE>

                                                        Exhibit B


                    SCHEDULE OF TRANSACTIONS

                                          Price Per Share
  Date     Shares Purchased or (Sold) (excluding commission)
  ____      ________________________     _________________
1/27/97               9,300                    $7.89

1/28/97               5,000                     8.12

2/27/97               4,700                     7.87

2/28/97               2,500                     7.87

3/4/97                2,500                     7.82

3/7/97                1,500                     7.70

3/18/97               3,000                     7.19

3/25/97               3,900                     7.12

3/26/97               5,000                     7.07

3/27/97               2,000                     6.95

3/31/97               3,000                     6.90

4/2/97               10,800                     6.86

4/4/97               25,000                     6.8125




















01252001.AF2



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