FORM 10-Q
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

           QUARTERLY REPORT UNDER SECTION 13 or 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended September 30, 1999 Commission file number 2-
99779

                    National Consumer Cooperative Bank
           (Exact name of registrant as specified in its charter)

   United States of America                    52-1157795
(12 U.S.C. Section 3001 et seq.)            (I.R.S. Employer
(State or other jurisdiction of              Identification No.)
      incorporation or organization)

     1401 Eye Street, NW, Suite 700, Washington, D.C.  20005
            (Address of principal executive offices)

Registrant's telephone number, including area code (202)336-7700

     Indicate by check mark whether the registrant (1) has  filed
all  reports required to be filed by Section 13 or 15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for shorter period that the registrant was required to  file
such   reports),  and  (2)  has  been  subject  to  such   filing
requirements for the past 90 days. Yes   x    No        .

     Indicate  the number of shares outstanding of  each  of  the
issuer's  classes  of common stock, as of the latest  practicable
date.

                                  Outstanding at September 30, 1999

     Class C                                        223,807
(Common stock, $100.00 par value)

     Class B                                      1,000,005
(Common stock, $100.00 par value)

     Class D                                              3
(Common stock, $100.00 par value)




               National Consumer Cooperative Bank
          (doing business as National Cooperative Bank)
                        and Subsidiaries

                             INDEX

PART I  FINANCIAL INFORMATION                                      Page No.

Item 1         Consolidated balance sheets - September 30,
          1999 and December 31, 1998 .............                    4

          Consolidated statements of income - for
          the three and nine months ended September 30,  1999
          and 1998...............................                     5

          Consolidated statements of comprehensive
          income - for the nine months ended
          September 30, 1999 and 1998.................                6

          Consolidated statements of cash flows -
          for the nine months ended
          September 30, 1999 and 1998.................                7-8

          Condensed notes to the consolidated
          financial statements - September 30,
          1999....................................                    9-17

Item 2    Management's discussion and analysis
          of financial condition and results of
          operations - for the three and nine months
          ended September 30,  1999 and 1998...........               18-29

Item 3    Quantitative and qualitative disclosures
          about market risk............................               29

                    PART II OTHER INFORMATION

Item 6    Exhibits .............................                      29

          Exhibit 10-17 - Second Amendment Agreement to Note
          Purchase Agreement with Lutheran Brotherhood et al.
          (June 1999)

          Exhibit 10-24 - First Amendment Agreement to Note
          Purchase Agreement with First AUSA Life Insurance et
          al. (June 1999)

          Exhibit 27 - Financial Data Schedule


                    NATIONAL COOPERATIVE BANK
                   CONSOLIDATED BALANCE SHEETS
            September 30, 1999 and December 31, 1998
                          (Unaudited)

                                    September 30,     December 31,
Assets                                   1999            1998
Cash and cash equivalents          $   32,338,731    $ 66,563,160
Restricted cash                         9,817,546      13,202,725
Investment securities
  Available-for-sale                   47,773,573      39,127,948
  Held-to-maturity                      2,726,716       2,892,312

Loans held for sale                   157,532,038     184,000,331

Loans and lease financing             858,508,831     611,174,140
 Less: Allowance for loan losses      (18,503,652)    (17,426,450)
 Net loans and lease financing        840,005,179     593,747,690

Other assets                           38,242,355      33,881,044

  Total assets                     $1,128,436,138    $933,415,210

Liabilities and Member's Equity
Liabilities
Deposits                           $  131,200,651    $123,419,544
Patronage dividends payable in
  cash                                  6,154,283       5,275,325
Other liabilities                      25,601,113      29,872,655
Borrowings
  Short-term                          377,793,600     220,652,186
  Long-term                           256,330,228     231,193,174
                                      634,123,828     451,845,360

  Subordinated debt                   182,647,172     182,706,417

  Total borrowings                    816,771,000     634,551,777

  Total liabilities                   979,727,047     793,119,301

Members' equity
Common stock
  Class B                             100,000,463      92,209,648
  Class C                              22,380,663      22,199,604
  Class D                                     300             300
Retained earnings
  Allocated                             6,204,971       7,245,656
  Unallocated                          18,199,497      17,097,102
Accumulated other comprehensive
  income                                1,923,197       1,543,599

   Total members' equity              148,709,091     140,295,909

   Total liabilities and
     members' equity               $1,128,436,138    $933,415,210



                                  NATIONAL COOPERATIVE BANK
                              CONSOLIDATED STATEMENTS OF INCOME
                                         (Unaudited)

                                 Nine Months Ended         Three Months Ended
                                    September 30,              September 30,
                                  1999        1998           1999        1998
Interest income
  Loans and lease financing   $54,839,740  $49,219,198  $19,410,026  $16,961,818
  Investments securities        3,986,922    4,407,079    1,280,051    1,392,289

   Total interest income       58,826,662   53,626,277   20,690,077   18,354,107

Interest expense
  Deposits                      4,178,962    3,465,479    1,338,652    1,343,115
  Short-term borrowings        11,223,800   11,014,736    4,044,890    4,325,657
  Long-term debt, other
    borrowings and
    subordinated debt          20,746,179   19,623,263    7,426,518    6,452,345

   Total interest expense      36,148,941   34,103,478   12,810,060   12,121,117

   Net interest income         22,677,721   19,522,799    7,880,017    6,232,990

Provision for loan losses         877,535      812,881       42,499       30,000
   Net interest income after
    provision for loan losse   21,800,186   18,709,918    7,837,518    6,202,990

Non-interest income
  Gain on sale of loans         7,650,038    4,017,035    3,893,675       95,680
  Loan and deposit servicing
    fees                        2,043,597    1,891,524      723,989      639,341
  Other                         3,284,674    3,571,969      706,851    1,168,414

   Total non-interest income   12,978,309    9,480,528    5,324,515    1,903,435

Non-interest expense
  Compensation and
   employee benefits           10,680,740   11,218,378    3,202,212    3,378,087
  Contractual services          3,263,969    3,085,029    1,158,627    1,146,493
  Occupancy and equipment       3,507,983    3,157,296    1,226,056    1,023,399
  Contribution to NCB
   Development Corporation        350,000         -         150,000        -
  Other                         2,023,425    2,011,133      623,209      697,510
   Total non-interest
     expense                   19,826,117   19,471,836    6,360,104    6,245,489

Income before income
  taxes                        14,952,378    8,718,610    6,801,929    1,860,936

Provision for income taxes      1,136,679    1,074,328      409,083      404,454

Net income                    $13,815,699  $ 7,644,282  $ 6,392,846  $ 1,456,482

Distribution of net income
  Patronage dividends         $13,815,699  $ 7,644,282  $ 6,392,846  $ 1,456,482
  Retained earnings                -            -            -            -
                              $13,815,699  $ 7,644,282  $ 6,392,846  $ 1,456,482



                  NATIONAL COOPERATIVE BANK
         CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                           (Unaudited)

For the nine months ended September 30,       1999        1998


Net income                                 $13,815,699 $7,644,282

Other comprehensive income, net of tax:
  Net unrealized holding
   gains before tax                            379,598    310,820

Comprehensive income                       $14,195,297 $7,955,102



                    NATIONAL COOPERATIVE BANK
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (Unaudited)

For the nine months ended September 30,                1999           1998

Cash flows from operating activities
Net income                                        $  13,815,699  $   7,644,282
Adjustments to reconcile net income to net cash
 provided by (used in) operating activities
  Provision for loan losses                             877,535        812,881
  Depreciation and amortization                       4,949,394      4,161,146
  Gain on sale of loans                              (7,650,038)    (4,017,035)
  Loans originated for sale                        (234,002,641)  (496,969,928)
  Proceeds from sale of loans held for sale         268,120,970    510,044,276
  Increase in other assets                           (6,423,224)    (3,271,561)
  (Decrease) increase in other liabilities           (4,271,541)    14,223,887

Net cash used in operating activities                35,416,154     32,627,948

Cash flows from investing activities
  Redemption of restricted cash                        3,385,179      1,220,192
  Purchases of premise and equipment                    (608,391)        -
  Purchase of investment securities
   Available-for-sale                                (18,400,000)        -
  Proceeds from maturities of investments
   securities
   Available-for-sale                                  7,698,534     16,586,761
   Held-to-maturity                                      165,596         -
  Net increases in loans and lease financing        (257,143,975)   (12,000,764)
  Proceeds from sale of portfolio loans               10,483,123      8,156,399

Net cash (used in) provided by investing
  activities                                        (254,419,934)    13,962,588

Cash flows from financing activities
  Net increase in deposits                             7,781,108     30,137,741
  Net increase (decrease) in short-term
    borrowings                                       157,141,414     (4,098,138)
  Proceeds from issuance of long-term debt            45,000,000     34,800,078
  Repayment on long term debt                        (20,000,000)   (48,000,000)
  Dividends paid                                        (246,861)      (256,961)
  Patronage dividends paid                            (4,896,310)    (5,620,332)

Net cash provided by financing
 activities                                           184,779,351     6,962,388

(Decrease) increase in cash and cash equivalents      (34,224,429)   53,552,924

Cash and cash equivalents, beginning of year           66,563,160    21,689,245

Cash and cash equivalents, end of period            $  32,338,731 $  75,242,169



                    NATIONAL COOPERATIVE BANK
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (Unaudited)


Supplemental schedule of investing and financing activities:

For the nine months ended September 30,          1999           1998

Unrealized gain on investment
   available-for-sale                        $   397,598     $   310,820

Interest paid                                $34,811,752     $32,201,761

Income taxes paid                            $ 1,104,268     $   890,000

Loans charged off                            $    52,989     $ 1,111,172




                    NATIONAL COOPERATIVE BANK
               CONDENSED NOTES TO THE CONSOLIDATED
                      FINANCIAL STATEMENTS
                       September 30, 1999
                           (Unaudited)

    The  accompanying  financial statements  have  been  prepared
without  audit  and reflect all adjustments (consisting  only  of
normal  recurring  adjustments) which were,  in  the  opinion  of
management, necessary to a fair statement of the results  of  the
interim  period  presented.   Certain  information  and  footnote
disclosures normally included in financial statements prepared in
accordance  with  generally accepted accounting  principles  have
been   condensed   or  omitted.   Accordingly,  these   condensed
financial  statements  should be read  in  conjunction  with  the
financial  statements and the notes thereto included in  National
Cooperative  Bank's  (NCB's)  most  current  annual  report.  The
results of operations for the interim periods are not necessarily
indicative of the results of the entire year.

1.  Cash, Cash Equivalents and Investment Securities

  As  of  September  30,  1999, NCB's  portfolios  of  investment
securities,  cash  and cash equivalents had an  average  adjusted
maturity  of  approximately three years  and  three  months  with
interest rates in those portfolios varying from 4.15% to 8.38%.

                       Cash and      Investments   Investments
                         Cash        Available-    Held-to-
                      Equivalents     for-Sale     Maturity

Cash                  $ 7,640,818    $    -        $    -
Federal funds          13,250,371         -             -
Money market
  securities           11,097,542       721,581         -
Private debt
  security                 -              -           784,404
Mutual funds               -          1,533,346         -
Certificates of
  deposits                350,000         -             -
Mortgage-backed
  securities               -              -         1,942,312
Corporate bonds            -           6,806,225       -
U.S. Treasury and
  Agency obligations       -          14,981,966       -
Interest-only
  receivables              -          23,730,455       -

                      $32,338,731    $47,773,573   $2,726,716


     As of December 31, 1998, NCB's portfolios of investment
securities, cash and cash equivalent were comprised of the
following:

                         Cash and      Investments Investments
                           Cash        Available-    Held-to-
                        Equivalents     for-Sale     Maturity

Cash                    $ 9,416,039    $    -      $    -
Federal funds            33,570,870         -           -
Money market
  securities                 -           1,016,838      -
Private debt
  security                   -              -          950,000
Mutual funds                 -           1,192,934      -
Overnight investments    23,576,251         -           -
Mortgage-backed
  securities                 -              -        1,942,312
Corporate bonds              -           7,332,741      -
U.S. Treasury and
  Agency obligations         -           4,172,651      -
Interest-only
  receivables                -          25,412,784      -

                        $66,563,160    $39,127,948  $2,892,312


     At September 30, 1999 and December 31, 1998, the investments
in  the  available-for-sale portfolio were recorded at  aggregate
fair value.

    Of  the  restricted cash totalling $9,817,546, $4,887,213  is
held  by a trustee for the benefit of certificate holders in  the
event  of  a  loss on certain loans sold in 1992  and  1993.  The
remaining balance of $4,907,028 is held by a trustee in the event
of  a  loss on certain loans sold in July 1999. At September  30,
1999, the remaining balances of the loans sold in 1992,  1993 and
1999   totalled   approximately  $24,700,000,   $49,150,000   and
$122,600,000  ,  respectively. The restricted  cash  will  become
available to NCB and NCB I, Inc. as the principal balance of  the
respective   loans  decreases.  The  loans  sold  have   original
maturities of ten to fifteen years.

   In January 1999, $7,512,630 of the restricted cash account was
replaced by a letter of credit.

   Interest-only  receivables substantially  pertain  to  blanket
loans to cooperative housing corporations.

2.  Loans and Lease Financing

  Loans and leases outstanding, including loans held for sale,
by category were as follows:

                       September 30, 1999  December 31, 1998

     Commercial loans     $  508,129,808     $353,768,337
     Lease financing          52,973,185       47,490,749
     Real estate loans
       Residential           447,816,713      386,565,503
       Commercial              7,121,163        7,349,882

                          $1,016,040,869     $795,174,471

  At  September  30, 1999 and December 31, 1998  loans  held  for
sale were $157.5 million and $184.0 million, respectively.

3.    Impaired Assets

  Impaired  loans, representing the nonaccrual loans at September
30, 1999 and December 31, 1998, totalled $684,934 and $2,384,691,
respectively, and averaged $1,254,000 and $3,097,000  during  the
respective periods ending on these dates. Specific allowances  of
$267,846 and $557,267 were established at September 30, 1999  and
December  31,  1998,  respectively. During  1999  and  1998,  the
interest collected on the nonaccrual loans was applied to  reduce
the outstanding principal.

  At  September  30, 1999 and December 31, 1998,  there  were  no
commitments to lend additional funds to borrowers whose loans are
impaired.

  At  September  30,  1999 and December 31, 1998,  NCB  had  real
estate acquired through foreclosure of $2,893,489 and $4,342,739,
respectively, which is classified as other assets.

4.    Allowance for Loan Losses

  The  following  is a summary of the activity in  the  allowance
for loan losses during the nine months ended September 30, 1999:

  Balance at December 31, 1998         $17,426,450
  Provision for loan losses                877,535
  Charge-offs                              (52,989)
  Recoveries of loans previously
    charged-off                            252,656

  Balance at September 30, 1999        $18,503,652

  The  allowance  for loan losses as a percentage  of  loans  and
lease financing at September 30, 1999 was 2.2%.

5.   Statement of Changes in Members' Equity

  The following is a summary of the activity in members' equity at September
30, 1999:
<TABLE>

                                          Retained    Retained                  Total
                                Common    Earning     Earning      Unrealized  Members
                                 Stock    Allocated   Unallocated  Gain(Loss)   Equity

<S>    <C>        <C> <C>    <C>          <C>         <C>          <C>         <C>
Balance, December 31, 1998   $114,409,552 $ 7,245,656 $17,097,102  $1,543,599  $140,295,909

Net income                         -           -       13,815,699       -        13,815,699

1998 patronage dividends
  distributed in common
  stock                        7,971,874   (7,745,438)     -            -           226,436

Other dividends                   -            -         (250,885)      -          (250,885)

1999 patronage dividends
  To be distributed in cash       -            -       (5,757,666)      -        (5,757,666)
  Retained in form of equity      -         6,704,753  (6,704,753)      -            -

Unrealized gain on investment
  securities available-for-
  sale                            -            -           -          379,598       379,598


Balance, September 30, 1999 $122,381,426  $ 6,204,971 $18,199,497  $1,923,197  $148,709,091
</TABLE>

6. SEGMENT REPORTING

   NCB's  reportable segments are strategic business units  that
provide  diverse  products  and services  within  the  financial
services  industry. NCB has four reportable segments: commercial
lending,  real estate lending, NCB Savings Bank and  other.  The
commercial  lending  segment  provides  financial  services   to
cooperative and member-owned businesses. The real estate lending
segment  originates,  sells  and  services  real  estate   loans
nationally, with a concentration in New York City.  NCB  Savings
Bank  segment  provides  traditional banking  services  such  as
lending   and   deposit  gathering  to  retail,  corporate   and
commercial  customers.  "Other" consists  of  NCB's  unallocated
parent company income and expense, and net interest income  from
investments and corporate debt after allocations to segments.

   NCB  evaluates segment performance based on net income before
taxes. The accounting policies of the segments are substantially
the  same  as  those  described in the  summary  of  significant
accounting  policies in the most recent annual report.  Overhead
and  support  expenses are allocated to each  operating  segment
based  on  number  of employees, and other factors  relevant  to
expenses  incurred.  Also included in overhead  and  support  is
depreciation allocated based on equipment usage.


    The following is the segment reporting for the nine months
ended September 30, 1999 and 1998 (dollars in thousands):

<TABLE>
<S>                        <C>         <C>           <C>        <C>     <C> <C>
   1999                 Commercial   Real Estate                             NCB
                          Lending      Lending      NCBSB      Other    Consolidated

Net interest income
 Interest income        $ 28,127    $ 17,766      $  8,304   $  4,631
 Allocated interest
   expense                20,363      12,112          -       (32,474)
 Interest expense           -           -            4,894     31,255
Net interest income        7,764       5,654         3,410      5,850   $   22,678

Provision for loan
  losses                    (771)        253           128      1,268          878

Non-interest income-
  external                 2,546       9,623           682        127       12,978

Non-interest expense
 Direct expense            3,806       3,294         2,243     10,483       19,826
 Overhead and support        605         257          -          (862)        -

Total non-interest
  expense                  4,411       3,551         2,243      9,621       19,826

Income (loss) before
  taxes                 $  6,670    $ 11,473       $ 1,721   $ (4,912)  $   14,952

Total average assets    $431,224    $323,402      $149,041   $127,453   $1,031,120


   1998                 Commercial  Real Estate                              NCB
                         Lending    Lending       NCBSB      Other      Consolidated

Net interest income
 Interest income        $ 22,186    $ 20,042      $  6,287   $ 5,112
 Allocated interest
  expense                 16,750      14,232          -      (30,982)
 Interest expense           -           -            3,467    30,637
Net interest income        5,436       5,810         2,820     5,457    $ 19,523

Provision for loan
  losses                  (1,456)       (171)           95     2,345         813

Non-interest income
  (expense)-external       2,586       9,405           669    (3,179)      9,481

Non-interest expense
 Direct expense            3,724       3,533         1,997    10,218      19,472
 Overhead and support        491         266          -         (757)       -  -

Total non-interest
  expense                  4,215       3,799         1,997     9,461      19,472

Income (loss) before
  taxes                 $  5,263    $ 11,587      $  1,397  $ (9,528)   $  8,719

Total average assets    $351,798    $335,598      $109,148  $113,101    $909,645
</TABLE>


 The following is the segment reporting for the three months
ended September 30, 1999 and 1998 (dollars in thousands):
<TABLE>
   1999                 Commercial  Real Estate                              NCB
 <S>                       <C>         <C>          <C>        <C>      <C>  <C>
                         Lending     Lending        NCBSB      Other    Consolidated

Net interest income
 Interest income        $ 10,628    $  6,037     $  3,025   $  1,590
 Allocated interest
   expense                 8,098       3,760         -       (11,858)
 Interest expense           -           -           1,842     10,968
 Net interest income       2,530       2,277        1,183      2,480    $    8,470

Provision for loan
  losses                    (818)         70           43        747            42

Non-interest income
  (expense)-external         895       4,835          198     (1,193)        4,735

Non-interest expense
 Direct expense            1,234         982          747      3,397         6,360
 Overhead and support        202          86         -          (288)         -

Total non-interest
  expense                  1,436       1,068          747      3,109         6,360

Income (loss) before
  taxes                 $  2,807    $  5,974     $    591   $ (2,569)   $    6,803

Total average assets    $342,325    $280,874     $163,815   $232,796    $1,019,810
</TABLE>

<TABLE>
   1998                 Commercial  Real Estate                                NCB
<S>                        <C>         <C>            <C>       <C>     <C>
                        Lending     Lending       NCBSB       Other     Consolidated
Net interest income
 Interest income        $  7,605    $  6,954     $  2,210    $  1,584
 Allocated interest
   expense                 6,095       5,139         -        (11,234)
 Interest expense           -           -           1,343      10,778
Net interest income        1,510       1,815          867       2,040   $  6,232

Provision for loan
  losses                    (950)        (81)          30       1,031         30

Non-interest income
  (expense)-external         912       3,813          302      (3,123)     1,904

Non-interest expense
 Direct expense            1,350       1,008          720       3,168      6,246
 Overhead and support        218         118         -           (336)      -

Total non-interest
  expense                  1,568       1,126          720       2,832      6,246

Income (loss) before
  taxes                 $  1,804    $  4,583     $    419    $ (4,946)  $  1,860

Total average assets    $362,094    $360,701     $122,179    $ 98,549   $943,523
</TABLE>


7. SUBSEQUENT EVENT

    In October 1999, $4,907,028 of the restricted cash account
was replaced by a letter of credit.

    Additionally, in October 1999, NCB sold approximately $59.5 million of
blanket mortgages. The gain on these sales will be reflected in
the fourth quarter results.

     On November 5, 1999, NCB filed Form S-3 with the Securities and
Exchange Commission to register $350.0 million of debt securities and
preferred stock.



                   NATIONAL COOPERATIVE BANK
              MANAGEMENT'S DISCUSSION AND ANALYSIS
      FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998


SUMMARY

  NCB's  net income for the nine months ended September 30,  1999
was  $13.8  million. This was an 80.7% or $6.2  million  increase
compared  with  $7.6 million for the nine months ended  September
30,  1998.  The variance resulted primarily from $3.2 million and
$3.5  million  increases in net interest income and  non-interest
income,  respectively, which was partially offset by  a  combined
increase in provisions for loan losses and income taxes and  non-
interest expense of $481.3 thousand. For the three month  period,
net  income increased $4.9 million or 338.9% due to increases  in
net  interest income and non-interest income of $1.6 million  and
$3.4 million, respectively.

  Total  assets were $1.1 billion at September 30, 1999, up 21.0%
or  $195.0 million from $933.4 million at December 31, 1998. This
resulted  from  an increase in net loans and lease financing  and
other assets of $250.6 million partially offset by a decrease  in
cash   and  cash  equivalents,  restricted  cash  and  investment
securities and loan held for sale of $55.6 million.

  The  annualized return on average total assets  was  1.79%  for
the  first nine months of 1999 compared with 1.60% for  the  same
period in 1998.  The annualized return on average equity for  the
periods  ended September 30, 1999 and 1998 was 11.98% and 10.73%,
respectively.

NET INTEREST INCOME

  Net  interest  income for the nine months ended  September  30,
1999  increased 16.2% or $3.2 million over the same period a year
ago.  As  shown on Table 1, the net interest spread  increased  9
basis  points  to 2.15% from 2.06% while  net  interest yield on
interest earning  assets  was 3.08% and 2.96% for the nine months
ended September 30, 1999  and 1998, respectively. Table 2 contains
more detailed information on the $3.2 million increase.

   For  the  three months ending September 30, 1999, net interest
income  increased 26.4% or $1.6 million from the same  period  in
1998.   As shown on Table 2A, the increase was largely due to  an
increase in volume of commercial loans and leases.

  For  the nine months ending September 30, 1999, interest income
increased  9.7%  or  $5.2  million to $58.8  million  from  $53.6
million  for  the prior year's period. As shown on Table  2,  the
increase  in  interest income is attributable to an  increase  in
average volume due to growth in real estate loans (most of  which
were  held  for  sale)  and  in the  commercial  loan  and  lease
portfolio, which was partially offset by a drop in average  yield
on real estate loans.

  For  the  three month period ended September 30, 1999, interest
income  rose  12.7% or $2.3 million from $18.4 million  to  $20.7
million.   The increase in interest income was mostly  due  to  a
higher  average  balance of the interest earning assets  for  the
time period.

   Interest  expense  increased $2.0 million  or  6.0%  to  $36.1
million  for  the nine months ended September 30,  1999  compared
with  $34.1 million for the nine months ended September 30, 1998.
The interest expense was up as a result of higher levels of notes
payable  and  deposits.   The average rate  on  interest  bearing
liabilities decreased from 5.72% to 5.83%. As shown on Table 2, a
$4.03  million  increase in interest expense was  volume  related
while a $2.0 million decrease was due to interest rates.

   For  the  quarter  ended September 30, 1999, interest  expense
increased 5.7% or $688.9 thousand to $12.8 million compared  with
$12.1  million  for the third quarter of the prior  year  due  to
increased funding of loans.  The average rate on interest bearing
liabilities  decreased to 5.86% compared with 6.11% in  the  same
quarter a year ago.

NON-INTEREST INCOME

  Non-interest  income  for the nine months ended  September  30,
1999  of $13.0 million increased 36.9% or $3.5 million from  $9.5
million  for  the same period last year. Non-interest  income  is
composed of gains from sales of blanket mortgages and share loans
to  secondary market investors, servicing fees, origination fees,
management  fees and advisory and debt placement  fees.  Gain  on
sale  of  loans totalled $7.7 million compared with $4.0  million
for the nine months ended September 30, 1998. Loans sold totalled
$290.1  million  compared  with $493.8 million  during  the  nine
months  ended  September 30, 1998. Servicing fee income  for  the
period ended September 30, 1999 increased 8.0% or $152.1 thousand
to  $2.0  million compared with $1.9 million for the same  period
ended  September 30, 1998 based on loans serviced for  others  of
$2.0  billion  and $1.5 billion at September 30, 1999  and  1998,
respectively.

  Other  income  for  the nine months ended  September  30,  1999
decreased  8.0% to $3.3 million from $3.6 million  for  the  same
nine  months in the prior year due primarily to a write  down  to
appraised value of a real estate owned property.

  For  the  three  month period ended September  30,  1999,  non-
interest  income  increased  179.7% or  $3.4  million  from  $1.9
million  for  the  same  period in 1998.   The  majority  of  the
increase  was  related  to the sale of  loans  to  the  secondary
markets net of a write down of a real estate owned property.


NON-INTEREST EXPENSE

  Non-interest  expense for the nine months ended  September  30,
1999  increased 1.8% or $354.3 thousand to $19.8 million compared
with  $19.5 million for the nine months ended September 30, 1998.
Compensation  and benefits, the largest component of non-interest
expense,  decreased  4.8%  or $537.6  thousand  due  to  a  lower
employee  base and lower bonus accruals than in the  year-earlier
period. Contractual services, occupancy and equipment, and  other
expenses  increased  6.6%  or $541.9 thousand  primarily  due  to
equipment   and   technology  costs,  corporate   and   marketing
development, placement and compensation survey fees.

  Excluding   the  voluntary  contributions  to  NCB  Development
Corporation,  which was $350 thousand and zero during  the  first
three  quarters  of  1999  and  1998, respectively,  non-interest
expense  as a percentage of average assets decreased to 1.9%  for
the  nine months ended September 30, 1999 compared with 2.1%  for
the same period a year ago.

   For  the  three months ended September 30, 1999,  non-interest
expense  increased 1.8% or $114.6 thousand from $6.2 million  for
the  same  period in 1998.  The increase, primarily  due  to  the
voluntary contributions to NCB Development Corporation of  $150.0
thousand, was partially offset by a decrease of $35.4 thousand of
the other components of non-interest expense.
<TABLE>
Table 1
RATE RELATED ASSETS AND LIABILITIES
(dollars in thousands)

                                          Nine Months Ended September 30,
 <S>                     <C>          <C>       <C>      <C>       <C>      <C>
                                         1999                         1998
ASSETS                     Average    Income/   Yields/  Average   Income/  Yields/
                           Balance    Expenses  Rates    Balance   Expense  Rates
Interest earning assets
 Real estate loans       $  457,761   $ 25,855  7.53%    $417,481  $25,497  8.14%
 Commercial loans
  and leases                436,938     28,984  8.84%     358,380   23,722  8.83%

 Total loans and
  leases                    894,699     54,839  8.17%     775,861   49,219  8.46%

 Investment securities
  and cash equivalents       88,398      3,987  6.01%     103,231    4,407  5.69%

 Total interest earning
  assets                    983,097     58,826  7.98%     879,092   53,626  8.13%

 Allowance for loans
  losses                    (18,187)                      (17,799)

 Non-interest earning assets
  Cash                        7,125                         2,026
  Other assets               59,085                        46,326

 Total non-interest
  earning assets             66,210                        48,352

 Total assets            $1,031,120                      $909,645

LIABILITIES AND MEMBER'S EQUITY
Interest bearing liabilities
 Subordinated debt       $  182,676    $ 7,750  5.66%    $182,542  $ 8,207  5.99%
 Notes payable              537,017     24,220  6.01%     465,814   22,431  6.42%
 Deposits                   123,443      4,179  4.51%     101,368    3,465  4.56%

 Total interest bearing
  liabilities               843,136     36,149  5.72%     749,724   34,103  6.07%

 Other liabilities           34,271                        23,948
 Member's equity            153,713                       135,973

 Total liabilities and
  members' equity        $1,031,120                      $909,645

 Net interest earning
   assets                $  139,961                      $129,368

 Net interest revenues
   and spread                          $22,677  2.15%              $ 19,523 2.06%

 Net yield on interest earning
  assets                                        3.08%                       2.96%
</TABLE>

<TABLE>
Table 1A
RATE RELATED ASSETS AND LIABILITIES
(dollars in thousands)
 <S>                     <C>         <C>        <C>     <C>        <C>      <C>

                                         Three Months Ended September 30,
                                       1999                          1998
ASSETS                     Average   Income/    Yields/ Average    Income/  Yields/
                           Balance   Expenses   Rates   Balance    Expense  Rates
Interest earning assets
 Real estate loans       $  435,048  $  8,178   7.52%   $442,468   $ 8,851  8.00%
 Commercial loans
  and leases                505,229    11,232   8.89%    367,968     8,111  8.82%

 Total loans and
  leases                    940,277    19,410   8.26%    810,436    16,962  8.37%

 Investment securities
  and cash equivalents       88,289     1,280   5.81%    108,549     1,392  5.13%

 Total interest earning
   assets                 1,028,566    20,690   8.05%    918,985    18,354  7.99%

Allowance for loans
  losses                    (18,487)                     (17,667)

Non-interest earning assets
  Cash                        1,538                          804
  Other assets               44,541                       41,401

 Total non-interest
  earning assets             46,079                       42,205

 Total assets            $1,056,158                     $943,523

LIABILITIES AND MEMBER'S EQUITY
Interest bearing liabilities
 Subordinated debt       $  182,694    $ 2,630  5.76%   $182,542   $ 2,922  6.40%
 Notes payable              572,682      8,841  6.18%    497,786     7,856  6.31%
 Deposits                   119,217      1,339  4.49%    113,176     1,343  4.75%

 Total interest bearing
  liabilities               874,593     12,810  5.86%    793,504    12,121  6.11%

Other liabilities            33,126                       13,547
Member's equity             148,439                      136,472

 Total liabilities and
  members' equity        $1,056,158                     $943,523

Net interest earning
  assets                 $  153,973                     $125,481

Net interest revenues
  and spread                          $ 7,880  2.19%              $  6,233  1.88%

Net yield on interest earning
  assets                                       3.06%                        2.71%

</TABLE>
Table 2

Changes in Net Interest Income
(dollars in thousands)

For the nine months ended September 30, 1999 compared to 1998

                                  Increase (decrease) due to  change in:

                                   Average    Average
                                   Volume*     Yield      Net**
Interest Income

Cash equivalents and
 investment securities             $ (659)   $   239     $  (420)
Commercial loans and leases         5,211         51       5,262
Real estate loans                   2,356     (1,998)        358

Total interest income               6,908     (1,708)      5,200

Interest expense

Deposits                              748        (34)        714
Notes payable                       3,275     (1,486)      1,789
Subordinated debt                       6       (463)       (457)

 Total interest expense             4,029     (1,983)      2,046

Net interest income                $2,879    $   275     $ 3,154


* Average monthly balances
**Changes in interest income and interest expense due to changes in
rate and volume have been allocated to "change in average volume" and
"change in average rate" in proportion to the absolute dollar amounts in
each.

Table 2A
Changes in Net Interest Income
(dollars in thousands)

For the three months ended September 30, 1999 compared to 1998

                                  Increase (decrease) due to  change in:
                                   Average    Average
                                   Volume*     Yield       Net**
Interest Income

Cash equivalents and
 investment securities             $ (280)   $   168     $  (112)
Commercial loans and leases         3,051         70       3,121
Real estate loans                    (146)      (526)       (672)
Total interest income               2,625       (288)      2,337

Interest expense

Deposits                               70        (74)        (4)
Notes payable                       1,160       (174)       986
Subordinated debt                       2       (295)      (293)

 Total interest expense             1,232       (543)       689

Net interest income                $1,393    $   255     $1,648


* Average monthly balances
**Changes in interest income and interest expense due to changes in
rate and volume have been allocated to "change in average volume" and
"change in average rate" in proportion to the absolute dollar amounts in
each.

PROVISION FOR INCOME TAXES

 The  federal income tax provision is determined on the basis  of
non-member income generated by NCB Savings Bank, FSB (NCBSB)  and
reserves  set  aside  for the retirement of  Class  A  notes  and
dividends  on Class C stock. NCB's subsidiaries are also  subject
to  varying  levels of state taxation.  The income tax  provision
for  the  nine months ended September 30, 1999 was $1.14  million
compared with the prior year's provision of $1.07 million.

CASH, CASH EQUIVALENTS AND INVESTMENT SECURITIES

 Cash,  cash equivalents and investment securities totalled $82.8
million  at  September 30, 1999, a decrease of $25.7  million  or
23.7% from $108.6 million at year-end 1998. This decrease was due
mostly  to  the  funding  of loans and  lease  financing.   As  a
percentage   of  earning  assets,  cash,  cash  equivalents   and
investment  securities decreased to 7.5% at  September  30,  1999
from 13.5% at December 31, 1998.

ALLOWANCE FOR LOAN LOSSES

 The  allowance  for loan losses at September 30, 1999  increased
6.2%  to  $18.5 million from $17.4 million at December 31,  1998.
The allowance during the period was impacted by loans charged-off
amounting  to  $53.0  thousand, recoveries  of  loans  previously
charged-off  of  $252.7  thousand and  the  provision  of  $877.5
thousand.  Overall, loan portfolio quality remained  both  strong
and stable at the end of the nine months of 1999 and 1998.  NCB's
annualized  provision for loan losses as a percentage of  average
loans  and leases outstanding remained at .1% for the nine months
ended September 30, 1999 and 1998.

 The  loan  loss allowance as a percentage of average  loans  and
leases  decreased  to 2.1% at September 30,  1999  from  2.2%  at
December 31, 1998. Management considers the current allowance  to
be  adequate  to  absorb known and inherent  risks  in  the  loan
portfolio.

 As  shown in Table 3, total impaired assets (non-accruing  loans
and  real  estate  owned) decreased 46.8% from  $6.7  million  at
December  31,  1998  to  $3.6  million  at  September  30,  1999.
Impaired  assets as a percentage of loans and leases  outstanding
plus  real  estate owned decreased to .4% at September  30,  1999
compared  with  .8%  at year-end 1998.  The  allowance  for  loan
losses  as a percentage of impaired assets increased to  517%  at
September 30, 1999 from 259% at December 31, 1998.

INTEREST BEARING LIABILITIES

Interest Bearing liabilities
(dollars in thousands)
                             9/30/99     12/31/98       % Change

Deposits                    $131,201     $123,420          6.3%
Short-term debt              377,794      220,652         71.2%
Long-term debt               256,330      231,193         10.9%
Subordinated debt            182,647      182,706          0.0%

 Total                     $947,972     $757,971          25.1%

 Interest bearing liabilities increased $190.0 million to  $948.0
million at September 30, 1999 from $758.0 million at December 31,
1998.

 For  the  nine months of 1999, deposits at NCBSB increased  6.3%
to  $131.2  million compared with $123.4 million at December  31,
1998.  The increase was due to an increase in local and  national
deposit accounts and deposits from cooperative customers. Average
maturity  of  the certificates of deposits is 14.1 months.  Funds
generated  by  the  increased  deposit  activity  were  used   to
originate  single-family loans and increase  liquidity.  Although
NCB  relies heavily on funds raised through the capital  markets,
deposits  are  a major portion of interest bearing liabilities  -
13.9%  and  16.3%  at  September 30, 1999 and  December  31,1998,
respectively.

 At   September   30,  1999,  total  short-term   and   long-term
borrowings  (including  subordinated  debt)  increased  28.7%  or
$182.2  million to $816.8 million in comparison to prior year-end
1998  of $634.6 million.  Proceeds from the borrowings were  used
to  fund growth in loans and leases. At September 30, 1999, NCBSB
had advances of $39.0 million from the Federal Home Loan Bank and
NCB had $338.8 million, net of discount, outstanding on its short-
term  facilities.   Included  in the short-term  borrowings  were
revolving  lines  of credit of $120.5 million;  commercial  paper
with  a  face  value of $177.0 million and $41.9 million  in  the
short  term  borrowing  program, which are from  NCB  Development
Corporation  and cooperative customers. Long-term debt  increased
$25.1 million or 10.9% from year-end 1998 due to the issuance  of
$45.0  million  of  medium term notes and the maturity  of  $20.0
million  under  long-  term facilities.  At September  30,  1999,
there  was  unused  capacity under the short-term  facilities  of
approximately $63.0 million.

 In  April  1999,   NCB received Board approval to  increase  the
size  of several funding programs. The new maximum amounts  under
NCB's programs are as follows:

    Short term facilities to $500.0 million
    Commercial paper program to $250.0 million*
    Medium term note program to $300.0 million
    Long term facilities to $275.0 million

 In  August  1999, NCB received Board approval for an  additional
increase  in the medium term note program from $300.0 million  to
$400.0  million. NCB also received approval to issue  up  to  $50
million  in  trust  preferred  securities,  preferred  stock   or
subordinated debt.

 On  November 5, 1999, NCB filed Form S-3 with the Securities
and  Exchange  Commission  to register  $350.0  million  of  debt
securities and preferred stock.

 *  NCB  maintains available committed capacity, under its  short
term  facilities,  in  an amount not less  than  the  outstanding
commercial paper balance.


TABLE 3
Impaired assets
(dollars in thousands)

                   Sept. 30,  June 30,   March 31,  Dec. 31,   Sept. 30,
                      1999     1999        1999       1998       1998

Real estate owned   $2,893    $3,334     $3,355     $4,343     $4,155

Non-accruing           685       701      2,371      2,385        819

                    $3,578    $4,035     $5,726     $6,728     $4,974


YEAR 2000

     A significant challenge facing NCB, its subsidiaries and NCB
Development  Corporation  as  well  as  all  companies,  is   the
readiness of its computer systems for the next millennium. NCB is
dependent  upon  its internal computer systems and  has  external
interdependencies   with   other   financial   institutions   and
customers.

     NCB has surveyed all mission critical internal software  and
systems   (See  Table  (A))  and  has  determined  a  remediation
strategy.   Table (B) reflects the phase completion with  respect
to all mission critical systems. All testing was completed by May
31, 1999.

     With respect to "non-information technology items", NCB  has
surveyed  the vendors/providers with the results shown  in  Table
(C).

      NCB   has  surveyed  all  associated  banks  and  financial
institutions   with  which  a  mission  critical  interdependence
exists.   Based upon the results of this survey, NCB took actions
which  involved  testing  of  key  systems  or  transitioning  to
alternative  institutional systems.  All  associated  respondents
indicated that they were already Year 2000 compliant by  December
31, 1998.

     To date, direct costs relative to the Year 2000 efforts have
totalled  less than $100,000.  NCB does not anticipate  exceeding
this  amount in addressing all associated Year 2000 issues.   All
costs  to  date  are  and in the future will  be  funded  through
operating  income and are not considered material. NCB  converted
to  a  new Year 2000 compliant loan accounting system in November
1998  which replaced its existing systems that were not Year 2000
compliant.  The cost of this replacement was less than $500,000.

     NCB  has surveyed the major portion of its customer base  to
determine  the ability of its customers to continue debt  service
coverage  and  will  follow  with a  specific  review  of  annual
financial statements for Year 2000 disclosure. A primary risk for
NCB lies in the ability of its customers to continue debt service
payment  on  schedule in the Year 2000.  To date, survey  results
indicated that the issue is being addressed.

     NCB  has  substantially completed all core systems  testing.
Test  results to date have indicated the systems to be Year  2000
ready.   Management completed and the Board approved  a  business
continuity plan in April 1999. The plan was tested in August  and
September  1999.  The plan was complete and  supportive  of  core
business  process by individual units throughout  NCB.  The  plan
will be updated as the year progresses.

Table (A)

Total Mission Critical Systems (MCS)   61

            Number of MCS:

                      Repaired          6
                      Replaced          0
                      Retired           0
                      Vendor Upgraded  55
                      Tested Only       0
                      Outsourced        0

Table (B)
Phase Completion Status As of September 30, 1999:

  Phase        Percent Complete        Estimate or Actual    #of MCS in Phase

Awareness          100.0%                       A                   61
Assessment         100.0%                       A                   61
Renovation         100.0%                       A                   61
Validation         100.0%                       A                   61
Implementation     100.0%                       A                   61

Table (C)
Non-Information Technology Items (Infrastructure Items)

                           Compliant (Y=Yes)
Kastle System                   Y
Montgomery Kone(HVAC)           Y
TRANE(Elevators)                Y
Willtel(Phone)                  Y
PEPCO                           Y
Sungard Business Recovery       Y


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     No material changes in NCB's market risk profile occurred
from December 31, 1998 to September 30, 1999.


ITEM 6. EXHIBITS

 (a)  The following exhibits are filed as part of this report:

         Exhibit  10-17  -  Second Amendment  Agreement  to  Note Purchase
         Agreement with Lutheran Brotherhood et al. (June 1999)

         Exhibit  10-24  -  First  Amendment  Agreement  to  Note Purchase
         Agreement  with First AUSA Life Insurance et  al.  (June 1999)

         Exhibit 27 - Financial Data Schedule






                            SIGNATURE


 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 there unto duly authorized.


               NATIONAL CONSUMER COOPERATIVE BANK


Date:

                                  By:/s/ Richard L. Reed
                                         Richard L. Reed,
                                         Managing Director,
                                         Chief Financial Officer



                                  By:/s/ Marietta J. Orcino
                                         Marietta J. Orcino
                                         Vice President, Tax &
                                         Regulatory Compliance
[{"type": "10-Q", "sequence": "1", "secsgml_size_bytes": 52620}]
{"company-data": {"conformed-name": "NATIONAL CONSUMER COOPERATIVE BANK /DC/", "cik": "0000356801", "assigned-sic": "6141", "irs-number": "521157795", "state-of-incorporation": "DC", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "002-99779", "film-number": "99745453"}, "business-address": {"street1": "1401 EYE ST N W", "city": "WASHINGTON", "state": "DC", "zip": "20005", "phone": "2023367731"}, "mail-address": {"street1": "1401 EYE ST NW", "city": "WASHINGTON", "state": "DC", "zip": "20005"}, "former-company": [{"former-conformed-name": "NATIONAL COOPERATIVE BANK", "date-changed": "19890808"}, {"former-conformed-name": "NATIONAL CONSUMER COOPERATIVE BANK", "date-changed": "19880804"}]}
FORM 10-Q
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

           QUARTERLY REPORT UNDER SECTION 13 or 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended September 30, 1999 Commission file number 2-
99779

                    National Consumer Cooperative Bank
           (Exact name of registrant as specified in its charter)

   United States of America                    52-1157795
(12 U.S.C. Section 3001 et seq.)            (I.R.S. Employer
(State or other jurisdiction of              Identification No.)
      incorporation or organization)

     1401 Eye Street, NW, Suite 700, Washington, D.C.  20005
            (Address of principal executive offices)

Registrant's telephone number, including area code (202)336-7700

     Indicate by check mark whether the registrant (1) has  filed
all  reports required to be filed by Section 13 or 15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for shorter period that the registrant was required to  file
such   reports),  and  (2)  has  been  subject  to  such   filing
requirements for the past 90 days. Yes   x    No        .

     Indicate  the number of shares outstanding of  each  of  the
issuer's  classes  of common stock, as of the latest  practicable
date.

                                  Outstanding at September 30, 1999

     Class C                                        223,807
(Common stock, $100.00 par value)

     Class B                                      1,000,005
(Common stock, $100.00 par value)

     Class D                                              3
(Common stock, $100.00 par value)

               National Consumer Cooperative Bank
          (doing business as National Cooperative Bank)
                        and Subsidiaries

                             INDEX

PART I  FINANCIAL INFORMATION                                      Page No.

Item 1         Consolidated balance sheets - September 30,
          1999 and December 31, 1998 .............                    4

          Consolidated statements of income - for
          the three and nine months ended September 30,  1999
          and 1998...............................                     5

          Consolidated statements of comprehensive
          income - for the nine months ended
          September 30, 1999 and 1998.................                6

          Consolidated statements of cash flows -
          for the nine months ended
          September 30, 1999 and 1998.................                7-8

          Condensed notes to the consolidated
          financial statements - September 30,
          1999....................................                    9-17

Item 2    Management's discussion and analysis
          of financial condition and results of
          operations - for the three and nine months
          ended September 30,  1999 and 1998...........               18-29

Item 3    Quantitative and qualitative disclosures
          about market risk............................               29

                    PART II OTHER INFORMATION

Item 6    Exhibits .............................                      29

          Exhibit 10-17 - Second Amendment Agreement to Note
          Purchase Agreement with Lutheran Brotherhood et al.
          (June 1999)

          Exhibit 10-24 - First Amendment Agreement to Note
          Purchase Agreement with First AUSA Life Insurance et
          al. (June 1999)

          Exhibit 27 - Financial Data Schedule

                    NATIONAL COOPERATIVE BANK
                   CONSOLIDATED BALANCE SHEETS
            September 30, 1999 and December 31, 1998
                          (Unaudited)

                                    September 30,     December 31,
Assets                                   1999            1998
Cash and cash equivalents          $   32,338,731    $ 66,563,160
Restricted cash                         9,817,546      13,202,725
Investment securities
  Available-for-sale                   47,773,573      39,127,948
  Held-to-maturity                      2,726,716       2,892,312

Loans held for sale                   157,532,038     184,000,331

Loans and lease financing             858,508,831     611,174,140
 Less: Allowance for loan losses      (18,503,652)    (17,426,450)
 Net loans and lease financing        840,005,179     593,747,690

Other assets                           38,242,355      33,881,044

  Total assets                     $1,128,436,138    $933,415,210

Liabilities and Member's Equity
Liabilities
Deposits                           $  131,200,651    $123,419,544
Patronage dividends payable in
  cash                                  6,154,283       5,275,325
Other liabilities                      25,601,113      29,872,655
Borrowings
  Short-term                          377,793,600     220,652,186
  Long-term                           256,330,228     231,193,174
                                      634,123,828     451,845,360

  Subordinated debt                   182,647,172     182,706,417

  Total borrowings                    816,771,000     634,551,777

  Total liabilities                   979,727,047     793,119,301

Members' equity
Common stock
  Class B                             100,000,463      92,209,648
  Class C                              22,380,663      22,199,604
  Class D                                     300             300
Retained earnings
  Allocated                             6,204,971       7,245,656
  Unallocated                          18,199,497      17,097,102
Accumulated other comprehensive
  income                                1,923,197       1,543,599

   Total members' equity              148,709,091     140,295,909

   Total liabilities and
     members' equity               $1,128,436,138    $933,415,210

                                  NATIONAL COOPERATIVE BANK
                              CONSOLIDATED STATEMENTS OF INCOME
                                         (Unaudited)

                                 Nine Months Ended         Three Months Ended
                                    September 30,              September 30,
                                  1999        1998           1999        1998
Interest income
  Loans and lease financing   $54,839,740  $49,219,198  $19,410,026  $16,961,818
  Investments securities        3,986,922    4,407,079    1,280,051    1,392,289

   Total interest income       58,826,662   53,626,277   20,690,077   18,354,107

Interest expense
  Deposits                      4,178,962    3,465,479    1,338,652    1,343,115
  Short-term borrowings        11,223,800   11,014,736    4,044,890    4,325,657
  Long-term debt, other
    borrowings and
    subordinated debt          20,746,179   19,623,263    7,426,518    6,452,345

   Total interest expense      36,148,941   34,103,478   12,810,060   12,121,117

   Net interest income         22,677,721   19,522,799    7,880,017    6,232,990

Provision for loan losses         877,535      812,881       42,499       30,000
   Net interest income after
    provision for loan losse   21,800,186   18,709,918    7,837,518    6,202,990

Non-interest income
  Gain on sale of loans         7,650,038    4,017,035    3,893,675       95,680
  Loan and deposit servicing
    fees                        2,043,597    1,891,524      723,989      639,341
  Other                         3,284,674    3,571,969      706,851    1,168,414

   Total non-interest income   12,978,309    9,480,528    5,324,515    1,903,435

Non-interest expense
  Compensation and
   employee benefits           10,680,740   11,218,378    3,202,212    3,378,087
  Contractual services          3,263,969    3,085,029    1,158,627    1,146,493
  Occupancy and equipment       3,507,983    3,157,296    1,226,056    1,023,399
  Contribution to NCB
   Development Corporation        350,000         -         150,000        -
  Other                         2,023,425    2,011,133      623,209      697,510
   Total non-interest
     expense                   19,826,117   19,471,836    6,360,104    6,245,489

Income before income
  taxes                        14,952,378    8,718,610    6,801,929    1,860,936

Provision for income taxes      1,136,679    1,074,328      409,083      404,454

Net income                    $13,815,699  $ 7,644,282  $ 6,392,846  $ 1,456,482

Distribution of net income
  Patronage dividends         $13,815,699  $ 7,644,282  $ 6,392,846  $ 1,456,482
  Retained earnings                -            -            -            -
                              $13,815,699  $ 7,644,282  $ 6,392,846  $ 1,456,482

                  NATIONAL COOPERATIVE BANK
         CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                           (Unaudited)

For the nine months ended September 30,       1999        1998

Net income                                 $13,815,699 $7,644,282

Other comprehensive income, net of tax:
  Net unrealized holding
   gains before tax                            379,598    310,820

Comprehensive income                       $14,195,297 $7,955,102

                    NATIONAL COOPERATIVE BANK
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (Unaudited)

For the nine months ended September 30,                1999           1998

Cash flows from operating activities
Net income                                        $  13,815,699  $   7,644,282
Adjustments to reconcile net income to net cash
 provided by (used in) operating activities
  Provision for loan losses                             877,535        812,881
  Depreciation and amortization                       4,949,394      4,161,146
  Gain on sale of loans                              (7,650,038)    (4,017,035)
  Loans originated for sale                        (234,002,641)  (496,969,928)
  Proceeds from sale of loans held for sale         268,120,970    510,044,276
  Increase in other assets                           (6,423,224)    (3,271,561)
  (Decrease) increase in other liabilities           (4,271,541)    14,223,887

Net cash used in operating activities                35,416,154     32,627,948

Cash flows from investing activities
  Redemption of restricted cash                        3,385,179      1,220,192
  Purchases of premise and equipment                    (608,391)        -
  Purchase of investment securities
   Available-for-sale                                (18,400,000)        -
  Proceeds from maturities of investments
   securities
   Available-for-sale                                  7,698,534     16,586,761
   Held-to-maturity                                      165,596         -
  Net increases in loans and lease financing        (257,143,975)   (12,000,764)
  Proceeds from sale of portfolio loans               10,483,123      8,156,399

Net cash (used in) provided by investing
  activities                                        (254,419,934)    13,962,588

Cash flows from financing activities
  Net increase in deposits                             7,781,108     30,137,741
  Net increase (decrease) in short-term
    borrowings                                       157,141,414     (4,098,138)
  Proceeds from issuance of long-term debt            45,000,000     34,800,078
  Repayment on long term debt                        (20,000,000)   (48,000,000)
  Dividends paid                                        (246,861)      (256,961)
  Patronage dividends paid                            (4,896,310)    (5,620,332)

Net cash provided by financing
 activities                                           184,779,351     6,962,388

(Decrease) increase in cash and cash equivalents      (34,224,429)   53,552,924

Cash and cash equivalents, beginning of year           66,563,160    21,689,245

Cash and cash equivalents, end of period            $  32,338,731 $  75,242,169

                    NATIONAL COOPERATIVE BANK
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (Unaudited)

Supplemental schedule of investing and financing activities:

For the nine months ended September 30,          1999           1998

Unrealized gain on investment
   available-for-sale                        $   397,598     $   310,820

Interest paid                                $34,811,752     $32,201,761

Income taxes paid                            $ 1,104,268     $   890,000

Loans charged off                            $    52,989     $ 1,111,172

                    NATIONAL COOPERATIVE BANK
               CONDENSED NOTES TO THE CONSOLIDATED
                      FINANCIAL STATEMENTS
                       September 30, 1999
                           (Unaudited)

    The  accompanying  financial statements  have  been  prepared
without  audit  and reflect all adjustments (consisting  only  of
normal  recurring  adjustments) which were,  in  the  opinion  of
management, necessary to a fair statement of the results  of  the
interim  period  presented.   Certain  information  and  footnote
disclosures normally included in financial statements prepared in
accordance  with  generally accepted accounting  principles  have
been   condensed   or  omitted.   Accordingly,  these   condensed
financial  statements  should be read  in  conjunction  with  the
financial  statements and the notes thereto included in  National
Cooperative  Bank's  (NCB's)  most  current  annual  report.  The
results of operations for the interim periods are not necessarily
indicative of the results of the entire year.

1.  Cash, Cash Equivalents and Investment Securities

  As  of  September  30,  1999, NCB's  portfolios  of  investment
securities,  cash  and cash equivalents had an  average  adjusted
maturity  of  approximately three years  and  three  months  with
interest rates in those portfolios varying from 4.15% to 8.38%.

                       Cash and      Investments   Investments
                         Cash        Available-    Held-to-
                      Equivalents     for-Sale     Maturity

Cash                  $ 7,640,818    $    -        $    -
Federal funds          13,250,371         -             -
Money market
  securities           11,097,542       721,581         -
Private debt
  security                 -              -           784,404
Mutual funds               -          1,533,346         -
Certificates of
  deposits                350,000         -             -
Mortgage-backed
  securities               -              -         1,942,312
Corporate bonds            -           6,806,225       -
U.S. Treasury and
  Agency obligations       -          14,981,966       -
Interest-only
  receivables              -          23,730,455       -

                      $32,338,731    $47,773,573   $2,726,716

     As of December 31, 1998, NCB's portfolios of investment
securities, cash and cash equivalent were comprised of the
following:

                         Cash and      Investments Investments
                           Cash        Available-    Held-to-
                        Equivalents     for-Sale     Maturity

Cash                    $ 9,416,039    $    -      $    -
Federal funds            33,570,870         -           -
Money market
  securities                 -           1,016,838      -
Private debt
  security                   -              -          950,000
Mutual funds                 -           1,192,934      -
Overnight investments    23,576,251         -           -
Mortgage-backed
  securities                 -              -        1,942,312
Corporate bonds              -           7,332,741      -
U.S. Treasury and
  Agency obligations         -           4,172,651      -
Interest-only
  receivables                -          25,412,784      -

                        $66,563,160    $39,127,948  $2,892,312

     At September 30, 1999 and December 31, 1998, the investments
in  the  available-for-sale portfolio were recorded at  aggregate
fair value.

    Of  the  restricted cash totalling $9,817,546, $4,887,213  is
held  by a trustee for the benefit of certificate holders in  the
event  of  a  loss on certain loans sold in 1992  and  1993.  The
remaining balance of $4,907,028 is held by a trustee in the event
of  a  loss on certain loans sold in July 1999. At September  30,
1999, the remaining balances of the loans sold in 1992,  1993 and
1999   totalled   approximately  $24,700,000,   $49,150,000   and
$122,600,000  ,  respectively. The restricted  cash  will  become
available to NCB and NCB I, Inc. as the principal balance of  the
respective   loans  decreases.  The  loans  sold  have   original
maturities of ten to fifteen years.

   In January 1999, $7,512,630 of the restricted cash account was
replaced by a letter of credit.

   Interest-only  receivables substantially  pertain  to  blanket
loans to cooperative housing corporations.

2.  Loans and Lease Financing

  Loans and leases outstanding, including loans held for sale,
by category were as follows:

                       September 30, 1999  December 31, 1998

     Commercial loans     $  508,129,808     $353,768,337
     Lease financing          52,973,185       47,490,749
     Real estate loans
       Residential           447,816,713      386,565,503
       Commercial              7,121,163        7,349,882

                          $1,016,040,869     $795,174,471

  At  September  30, 1999 and December 31, 1998  loans  held  for
sale were $157.5 million and $184.0 million, respectively.

3.    Impaired Assets

  Impaired  loans, representing the nonaccrual loans at September
30, 1999 and December 31, 1998, totalled $684,934 and $2,384,691,
respectively, and averaged $1,254,000 and $3,097,000  during  the
respective periods ending on these dates. Specific allowances  of
$267,846 and $557,267 were established at September 30, 1999  and
December  31,  1998,  respectively. During  1999  and  1998,  the
interest collected on the nonaccrual loans was applied to  reduce
the outstanding principal.

  At  September  30, 1999 and December 31, 1998,  there  were  no
commitments to lend additional funds to borrowers whose loans are
impaired.

  At  September  30,  1999 and December 31, 1998,  NCB  had  real
estate acquired through foreclosure of $2,893,489 and $4,342,739,
respectively, which is classified as other assets.

4.    Allowance for Loan Losses

  The  following  is a summary of the activity in  the  allowance
for loan losses during the nine months ended September 30, 1999:

  Balance at December 31, 1998         $17,426,450
  Provision for loan losses                877,535
  Charge-offs                              (52,989)
  Recoveries of loans previously
    charged-off                            252,656

  Balance at September 30, 1999        $18,503,652

  The  allowance  for loan losses as a percentage  of  loans  and
lease financing at September 30, 1999 was 2.2%.

5.   Statement of Changes in Members' Equity

  The following is a summary of the activity in members' equity at September
30, 1999:

                                          Retained    Retained                  Total
                                Common    Earning     Earning      Unrealized  Members
                                 Stock    Allocated   Unallocated  Gain(Loss)   Equity
Balance, December 31, 1998   $114,409,552 $ 7,245,656 $17,097,102  $1,543,599  $140,295,909

Net income                         -           -       13,815,699       -        13,815,699

1998 patronage dividends
  distributed in common
  stock                        7,971,874   (7,745,438)     -            -           226,436

Other dividends                   -            -         (250,885)      -          (250,885)

1999 patronage dividends
  To be distributed in cash       -            -       (5,757,666)      -        (5,757,666)
  Retained in form of equity      -         6,704,753  (6,704,753)      -            -

Unrealized gain on investment
  securities available-for-
  sale                            -            -           -          379,598       379,598

Balance, September 30, 1999 $122,381,426  $ 6,204,971 $18,199,497  $1,923,197  $148,709,091
6. SEGMENT REPORTING

   NCB's  reportable segments are strategic business units  that
provide  diverse  products  and services  within  the  financial
services  industry. NCB has four reportable segments: commercial
lending,  real estate lending, NCB Savings Bank and  other.  The
commercial  lending  segment  provides  financial  services   to
cooperative and member-owned businesses. The real estate lending
segment  originates,  sells  and  services  real  estate   loans
nationally, with a concentration in New York City.  NCB  Savings
Bank  segment  provides  traditional banking  services  such  as
lending   and   deposit  gathering  to  retail,  corporate   and
commercial  customers.  "Other" consists  of  NCB's  unallocated
parent company income and expense, and net interest income  from
investments and corporate debt after allocations to segments.

   NCB  evaluates segment performance based on net income before
taxes. The accounting policies of the segments are substantially
the  same  as  those  described in the  summary  of  significant
accounting  policies in the most recent annual report.  Overhead
and  support  expenses are allocated to each  operating  segment
based  on  number  of employees, and other factors  relevant  to
expenses  incurred.  Also included in overhead  and  support  is
depreciation allocated based on equipment usage.

    The following is the segment reporting for the nine months
ended September 30, 1999 and 1998 (dollars in thousands):
1999                 Commercial   Real Estate                             NCB
                          Lending      Lending      NCBSB      Other    Consolidated

Net interest income
 Interest income        $ 28,127    $ 17,766      $  8,304   $  4,631
 Allocated interest
   expense                20,363      12,112          -       (32,474)
 Interest expense           -           -            4,894     31,255
Net interest income        7,764       5,654         3,410      5,850   $   22,678

Provision for loan
  losses                    (771)        253           128      1,268          878

Non-interest income-
  external                 2,546       9,623           682        127       12,978

Non-interest expense
 Direct expense            3,806       3,294         2,243     10,483       19,826
 Overhead and support        605         257          -          (862)        -

Total non-interest
  expense                  4,411       3,551         2,243      9,621       19,826

Income (loss) before
  taxes                 $  6,670    $ 11,473       $ 1,721   $ (4,912)  $   14,952

Total average assets    $431,224    $323,402      $149,041   $127,453   $1,031,120

   1998                 Commercial  Real Estate                              NCB
                         Lending    Lending       NCBSB      Other      Consolidated

Net interest income
 Interest income        $ 22,186    $ 20,042      $  6,287   $ 5,112
 Allocated interest
  expense                 16,750      14,232          -      (30,982)
 Interest expense           -           -            3,467    30,637
Net interest income        5,436       5,810         2,820     5,457    $ 19,523

Provision for loan
  losses                  (1,456)       (171)           95     2,345         813

Non-interest income
  (expense)-external       2,586       9,405           669    (3,179)      9,481

Non-interest expense
 Direct expense            3,724       3,533         1,997    10,218      19,472
 Overhead and support        491         266          -         (757)       -  -

Total non-interest
  expense                  4,215       3,799         1,997     9,461      19,472

Income (loss) before
  taxes                 $  5,263    $ 11,587      $  1,397  $ (9,528)   $  8,719

Total average assets    $351,798    $335,598      $109,148  $113,101    $909,645
The following is the segment reporting for the three months
ended September 30, 1999 and 1998 (dollars in thousands):

   1999                 Commercial  Real Estate                              NCB
Lending     Lending        NCBSB      Other    Consolidated

Net interest income
 Interest income        $ 10,628    $  6,037     $  3,025   $  1,590
 Allocated interest
   expense                 8,098       3,760         -       (11,858)
 Interest expense           -           -           1,842     10,968
 Net interest income       2,530       2,277        1,183      2,480    $    8,470

Provision for loan
  losses                    (818)         70           43        747            42

Non-interest income
  (expense)-external         895       4,835          198     (1,193)        4,735

Non-interest expense
 Direct expense            1,234         982          747      3,397         6,360
 Overhead and support        202          86         -          (288)         -

Total non-interest
  expense                  1,436       1,068          747      3,109         6,360

Income (loss) before
  taxes                 $  2,807    $  5,974     $    591   $ (2,569)   $    6,803

Total average assets    $342,325    $280,874     $163,815   $232,796    $1,019,810
1998                 Commercial  Real Estate                                NCB
Lending     Lending       NCBSB       Other     Consolidated
Net interest income
 Interest income        $  7,605    $  6,954     $  2,210    $  1,584
 Allocated interest
   expense                 6,095       5,139         -        (11,234)
 Interest expense           -           -           1,343      10,778
Net interest income        1,510       1,815          867       2,040   $  6,232

Provision for loan
  losses                    (950)        (81)          30       1,031         30

Non-interest income
  (expense)-external         912       3,813          302      (3,123)     1,904

Non-interest expense
 Direct expense            1,350       1,008          720       3,168      6,246
 Overhead and support        218         118         -           (336)      -

Total non-interest
  expense                  1,568       1,126          720       2,832      6,246

Income (loss) before
  taxes                 $  1,804    $  4,583     $    419    $ (4,946)  $  1,860

Total average assets    $362,094    $360,701     $122,179    $ 98,549   $943,523
7. SUBSEQUENT EVENT

    In October 1999, $4,907,028 of the restricted cash account
was replaced by a letter of credit.

    Additionally, in October 1999, NCB sold approximately $59.5 million of
blanket mortgages. The gain on these sales will be reflected in
the fourth quarter results.

     On November 5, 1999, NCB filed Form S-3 with the Securities and
Exchange Commission to register $350.0 million of debt securities and
preferred stock.

                   NATIONAL COOPERATIVE BANK
              MANAGEMENT'S DISCUSSION AND ANALYSIS
      FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998

SUMMARY

  NCB's  net income for the nine months ended September 30,  1999
was  $13.8  million. This was an 80.7% or $6.2  million  increase
compared  with  $7.6 million for the nine months ended  September
30,  1998.  The variance resulted primarily from $3.2 million and
$3.5  million  increases in net interest income and  non-interest
income,  respectively, which was partially offset by  a  combined
increase in provisions for loan losses and income taxes and  non-
interest expense of $481.3 thousand. For the three month  period,
net  income increased $4.9 million or 338.9% due to increases  in
net  interest income and non-interest income of $1.6 million  and
$3.4 million, respectively.

  Total  assets were $1.1 billion at September 30, 1999, up 21.0%
or  $195.0 million from $933.4 million at December 31, 1998. This
resulted  from  an increase in net loans and lease financing  and
other assets of $250.6 million partially offset by a decrease  in
cash   and  cash  equivalents,  restricted  cash  and  investment
securities and loan held for sale of $55.6 million.

  The  annualized return on average total assets  was  1.79%  for
the  first nine months of 1999 compared with 1.60% for  the  same
period in 1998.  The annualized return on average equity for  the
periods  ended September 30, 1999 and 1998 was 11.98% and 10.73%,
respectively.

NET INTEREST INCOME

  Net  interest  income for the nine months ended  September  30,
1999  increased 16.2% or $3.2 million over the same period a year
ago.  As  shown on Table 1, the net interest spread  increased  9
basis  points  to 2.15% from 2.06% while  net  interest yield on
interest earning  assets  was 3.08% and 2.96% for the nine months
ended September 30, 1999  and 1998, respectively. Table 2 contains
more detailed information on the $3.2 million increase.

   For  the  three months ending September 30, 1999, net interest
income  increased 26.4% or $1.6 million from the same  period  in
1998.   As shown on Table 2A, the increase was largely due to  an
increase in volume of commercial loans and leases.

  For  the nine months ending September 30, 1999, interest income
increased  9.7%  or  $5.2  million to $58.8  million  from  $53.6
million  for  the prior year's period. As shown on Table  2,  the
increase  in  interest income is attributable to an  increase  in
average volume due to growth in real estate loans (most of  which
were  held  for  sale)  and  in the  commercial  loan  and  lease
portfolio, which was partially offset by a drop in average  yield
on real estate loans.

  For  the  three month period ended September 30, 1999, interest
income  rose  12.7% or $2.3 million from $18.4 million  to  $20.7
million.   The increase in interest income was mostly  due  to  a
higher  average  balance of the interest earning assets  for  the
time period.

   Interest  expense  increased $2.0 million  or  6.0%  to  $36.1
million  for  the nine months ended September 30,  1999  compared
with  $34.1 million for the nine months ended September 30, 1998.
The interest expense was up as a result of higher levels of notes
payable  and  deposits.   The average rate  on  interest  bearing
liabilities decreased from 5.72% to 5.83%. As shown on Table 2, a
$4.03  million  increase in interest expense was  volume  related
while a $2.0 million decrease was due to interest rates.

   For  the  quarter  ended September 30, 1999, interest  expense
increased 5.7% or $688.9 thousand to $12.8 million compared  with
$12.1  million  for the third quarter of the prior  year  due  to
increased funding of loans.  The average rate on interest bearing
liabilities  decreased to 5.86% compared with 6.11% in  the  same
quarter a year ago.

NON-INTEREST INCOME

  Non-interest  income  for the nine months ended  September  30,
1999  of $13.0 million increased 36.9% or $3.5 million from  $9.5
million  for  the same period last year. Non-interest  income  is
composed of gains from sales of blanket mortgages and share loans
to  secondary market investors, servicing fees, origination fees,
management  fees and advisory and debt placement  fees.  Gain  on
sale  of  loans totalled $7.7 million compared with $4.0  million
for the nine months ended September 30, 1998. Loans sold totalled
$290.1  million  compared  with $493.8 million  during  the  nine
months  ended  September 30, 1998. Servicing fee income  for  the
period ended September 30, 1999 increased 8.0% or $152.1 thousand
to  $2.0  million compared with $1.9 million for the same  period
ended  September 30, 1998 based on loans serviced for  others  of
$2.0  billion  and $1.5 billion at September 30, 1999  and  1998,
respectively.

  Other  income  for  the nine months ended  September  30,  1999
decreased  8.0% to $3.3 million from $3.6 million  for  the  same
nine  months in the prior year due primarily to a write  down  to
appraised value of a real estate owned property.

  For  the  three  month period ended September  30,  1999,  non-
interest  income  increased  179.7% or  $3.4  million  from  $1.9
million  for  the  same  period in 1998.   The  majority  of  the
increase  was  related  to the sale of  loans  to  the  secondary
markets net of a write down of a real estate owned property.

NON-INTEREST EXPENSE

  Non-interest  expense for the nine months ended  September  30,
1999  increased 1.8% or $354.3 thousand to $19.8 million compared
with  $19.5 million for the nine months ended September 30, 1998.
Compensation  and benefits, the largest component of non-interest
expense,  decreased  4.8%  or $537.6  thousand  due  to  a  lower
employee  base and lower bonus accruals than in the  year-earlier
period. Contractual services, occupancy and equipment, and  other
expenses  increased  6.6%  or $541.9 thousand  primarily  due  to
equipment   and   technology  costs,  corporate   and   marketing
development, placement and compensation survey fees.

  Excluding   the  voluntary  contributions  to  NCB  Development
Corporation,  which was $350 thousand and zero during  the  first
three  quarters  of  1999  and  1998, respectively,  non-interest
expense  as a percentage of average assets decreased to 1.9%  for
the  nine months ended September 30, 1999 compared with 2.1%  for
the same period a year ago.

   For  the  three months ended September 30, 1999,  non-interest
expense  increased 1.8% or $114.6 thousand from $6.2 million  for
the  same  period in 1998.  The increase, primarily  due  to  the
voluntary contributions to NCB Development Corporation of  $150.0
thousand, was partially offset by a decrease of $35.4 thousand of
the other components of non-interest expense.

Table 1
RATE RELATED ASSETS AND LIABILITIES
(dollars in thousands)

                                          Nine Months Ended September 30,
1999                         1998
ASSETS                     Average    Income/   Yields/  Average   Income/  Yields/
                           Balance    Expenses  Rates    Balance   Expense  Rates
Interest earning assets
 Real estate loans       $  457,761   $ 25,855  7.53%    $417,481  $25,497  8.14%
 Commercial loans
  and leases                436,938     28,984  8.84%     358,380   23,722  8.83%

 Total loans and
  leases                    894,699     54,839  8.17%     775,861   49,219  8.46%

 Investment securities
  and cash equivalents       88,398      3,987  6.01%     103,231    4,407  5.69%

 Total interest earning
  assets                    983,097     58,826  7.98%     879,092   53,626  8.13%

 Allowance for loans
  losses                    (18,187)                      (17,799)

 Non-interest earning assets
  Cash                        7,125                         2,026
  Other assets               59,085                        46,326

 Total non-interest
  earning assets             66,210                        48,352

 Total assets            $1,031,120                      $909,645

LIABILITIES AND MEMBER'S EQUITY
Interest bearing liabilities
 Subordinated debt       $  182,676    $ 7,750  5.66%    $182,542  $ 8,207  5.99%
 Notes payable              537,017     24,220  6.01%     465,814   22,431  6.42%
 Deposits                   123,443      4,179  4.51%     101,368    3,465  4.56%

 Total interest bearing
  liabilities               843,136     36,149  5.72%     749,724   34,103  6.07%

 Other liabilities           34,271                        23,948
 Member's equity            153,713                       135,973

 Total liabilities and
  members' equity        $1,031,120                      $909,645

 Net interest earning
   assets                $  139,961                      $129,368

 Net interest revenues
   and spread                          $22,677  2.15%              $ 19,523 2.06%

 Net yield on interest earning
  assets                                        3.08%                       2.96%
Table 1A
RATE RELATED ASSETS AND LIABILITIES
(dollars in thousands)
Three Months Ended September 30,
                                       1999                          1998
ASSETS                     Average   Income/    Yields/ Average    Income/  Yields/
                           Balance   Expenses   Rates   Balance    Expense  Rates
Interest earning assets
 Real estate loans       $  435,048  $  8,178   7.52%   $442,468   $ 8,851  8.00%
 Commercial loans
  and leases                505,229    11,232   8.89%    367,968     8,111  8.82%

 Total loans and
  leases                    940,277    19,410   8.26%    810,436    16,962  8.37%

 Investment securities
  and cash equivalents       88,289     1,280   5.81%    108,549     1,392  5.13%

 Total interest earning
   assets                 1,028,566    20,690   8.05%    918,985    18,354  7.99%

Allowance for loans
  losses                    (18,487)                     (17,667)

Non-interest earning assets
  Cash                        1,538                          804
  Other assets               44,541                       41,401

 Total non-interest
  earning assets             46,079                       42,205

 Total assets            $1,056,158                     $943,523

LIABILITIES AND MEMBER'S EQUITY
Interest bearing liabilities
 Subordinated debt       $  182,694    $ 2,630  5.76%   $182,542   $ 2,922  6.40%
 Notes payable              572,682      8,841  6.18%    497,786     7,856  6.31%
 Deposits                   119,217      1,339  4.49%    113,176     1,343  4.75%

 Total interest bearing
  liabilities               874,593     12,810  5.86%    793,504    12,121  6.11%

Other liabilities            33,126                       13,547
Member's equity             148,439                      136,472

 Total liabilities and
  members' equity        $1,056,158                     $943,523

Net interest earning
  assets                 $  153,973                     $125,481

Net interest revenues
  and spread                          $ 7,880  2.19%              $  6,233  1.88%

Net yield on interest earning
  assets                                       3.06%                        2.71%
Table 2

Changes in Net Interest Income
(dollars in thousands)

For the nine months ended September 30, 1999 compared to 1998

                                  Increase (decrease) due to  change in:

                                   Average    Average
                                   Volume*     Yield      Net**
Interest Income

Cash equivalents and
 investment securities             $ (659)   $   239     $  (420)
Commercial loans and leases         5,211         51       5,262
Real estate loans                   2,356     (1,998)        358

Total interest income               6,908     (1,708)      5,200

Interest expense

Deposits                              748        (34)        714
Notes payable                       3,275     (1,486)      1,789
Subordinated debt                       6       (463)       (457)

 Total interest expense             4,029     (1,983)      2,046

Net interest income                $2,879    $   275     $ 3,154

* Average monthly balances
**Changes in interest income and interest expense due to changes in
rate and volume have been allocated to "change in average volume" and
"change in average rate" in proportion to the absolute dollar amounts in
each.

Table 2A
Changes in Net Interest Income
(dollars in thousands)

For the three months ended September 30, 1999 compared to 1998

                                  Increase (decrease) due to  change in:
                                   Average    Average
                                   Volume*     Yield       Net**
Interest Income

Cash equivalents and
 investment securities             $ (280)   $   168     $  (112)
Commercial loans and leases         3,051         70       3,121
Real estate loans                    (146)      (526)       (672)
Total interest income               2,625       (288)      2,337

Interest expense

Deposits                               70        (74)        (4)
Notes payable                       1,160       (174)       986
Subordinated debt                       2       (295)      (293)

 Total interest expense             1,232       (543)       689

Net interest income                $1,393    $   255     $1,648

* Average monthly balances
**Changes in interest income and interest expense due to changes in
rate and volume have been allocated to "change in average volume" and
"change in average rate" in proportion to the absolute dollar amounts in
each.

PROVISION FOR INCOME TAXES

 The  federal income tax provision is determined on the basis  of
non-member income generated by NCB Savings Bank, FSB (NCBSB)  and
reserves  set  aside  for the retirement of  Class  A  notes  and
dividends  on Class C stock. NCB's subsidiaries are also  subject
to  varying  levels of state taxation.  The income tax  provision
for  the  nine months ended September 30, 1999 was $1.14  million
compared with the prior year's provision of $1.07 million.

CASH, CASH EQUIVALENTS AND INVESTMENT SECURITIES

 Cash,  cash equivalents and investment securities totalled $82.8
million  at  September 30, 1999, a decrease of $25.7  million  or
23.7% from $108.6 million at year-end 1998. This decrease was due
mostly  to  the  funding  of loans and  lease  financing.   As  a
percentage   of  earning  assets,  cash,  cash  equivalents   and
investment  securities decreased to 7.5% at  September  30,  1999
from 13.5% at December 31, 1998.

ALLOWANCE FOR LOAN LOSSES

 The  allowance  for loan losses at September 30, 1999  increased
6.2%  to  $18.5 million from $17.4 million at December 31,  1998.
The allowance during the period was impacted by loans charged-off
amounting  to  $53.0  thousand, recoveries  of  loans  previously
charged-off  of  $252.7  thousand and  the  provision  of  $877.5
thousand.  Overall, loan portfolio quality remained  both  strong
and stable at the end of the nine months of 1999 and 1998.  NCB's
annualized  provision for loan losses as a percentage of  average
loans  and leases outstanding remained at .1% for the nine months
ended September 30, 1999 and 1998.

 The  loan  loss allowance as a percentage of average  loans  and
leases  decreased  to 2.1% at September 30,  1999  from  2.2%  at
December 31, 1998. Management considers the current allowance  to
be  adequate  to  absorb known and inherent  risks  in  the  loan
portfolio.

 As  shown in Table 3, total impaired assets (non-accruing  loans
and  real  estate  owned) decreased 46.8% from  $6.7  million  at
December  31,  1998  to  $3.6  million  at  September  30,  1999.
Impaired  assets as a percentage of loans and leases  outstanding
plus  real  estate owned decreased to .4% at September  30,  1999
compared  with  .8%  at year-end 1998.  The  allowance  for  loan
losses  as a percentage of impaired assets increased to  517%  at
September 30, 1999 from 259% at December 31, 1998.

INTEREST BEARING LIABILITIES

Interest Bearing liabilities
(dollars in thousands)
                             9/30/99     12/31/98       % Change

Deposits                    $131,201     $123,420          6.3%
Short-term debt              377,794      220,652         71.2%
Long-term debt               256,330      231,193         10.9%
Subordinated debt            182,647      182,706          0.0%

 Total                     $947,972     $757,971          25.1%

 Interest bearing liabilities increased $190.0 million to  $948.0
million at September 30, 1999 from $758.0 million at December 31,
1998.

 For  the  nine months of 1999, deposits at NCBSB increased  6.3%
to  $131.2  million compared with $123.4 million at December  31,
1998.  The increase was due to an increase in local and  national
deposit accounts and deposits from cooperative customers. Average
maturity  of  the certificates of deposits is 14.1 months.  Funds
generated  by  the  increased  deposit  activity  were  used   to
originate  single-family loans and increase  liquidity.  Although
NCB  relies heavily on funds raised through the capital  markets,
deposits  are  a major portion of interest bearing liabilities  -
13.9%  and  16.3%  at  September 30, 1999 and  December  31,1998,
respectively.

 At   September   30,  1999,  total  short-term   and   long-term
borrowings  (including  subordinated  debt)  increased  28.7%  or
$182.2  million to $816.8 million in comparison to prior year-end
1998  of $634.6 million.  Proceeds from the borrowings were  used
to  fund growth in loans and leases. At September 30, 1999, NCBSB
had advances of $39.0 million from the Federal Home Loan Bank and
NCB had $338.8 million, net of discount, outstanding on its short-
term  facilities.   Included  in the short-term  borrowings  were
revolving  lines  of credit of $120.5 million;  commercial  paper
with  a  face  value of $177.0 million and $41.9 million  in  the
short  term  borrowing  program, which are from  NCB  Development
Corporation  and cooperative customers. Long-term debt  increased
$25.1 million or 10.9% from year-end 1998 due to the issuance  of
$45.0  million  of  medium term notes and the maturity  of  $20.0
million  under  long-  term facilities.  At September  30,  1999,
there  was  unused  capacity under the short-term  facilities  of
approximately $63.0 million.

 In  April  1999,   NCB received Board approval to  increase  the
size  of several funding programs. The new maximum amounts  under
NCB's programs are as follows:

    Short term facilities to $500.0 million
    Commercial paper program to $250.0 million*
    Medium term note program to $300.0 million
    Long term facilities to $275.0 million

 In  August  1999, NCB received Board approval for an  additional
increase  in the medium term note program from $300.0 million  to
$400.0  million. NCB also received approval to issue  up  to  $50
million  in  trust  preferred  securities,  preferred  stock   or
subordinated debt.

 On  November 5, 1999, NCB filed Form S-3 with the Securities
and  Exchange  Commission  to register  $350.0  million  of  debt
securities and preferred stock.

 *  NCB  maintains available committed capacity, under its  short
term  facilities,  in  an amount not less  than  the  outstanding
commercial paper balance.

TABLE 3
Impaired assets
(dollars in thousands)

                   Sept. 30,  June 30,   March 31,  Dec. 31,   Sept. 30,
                      1999     1999        1999       1998       1998

Real estate owned   $2,893    $3,334     $3,355     $4,343     $4,155

Non-accruing           685       701      2,371      2,385        819

                    $3,578    $4,035     $5,726     $6,728     $4,974

YEAR 2000

     A significant challenge facing NCB, its subsidiaries and NCB
Development  Corporation  as  well  as  all  companies,  is   the
readiness of its computer systems for the next millennium. NCB is
dependent  upon  its internal computer systems and  has  external
interdependencies   with   other   financial   institutions   and
customers.

     NCB has surveyed all mission critical internal software  and
systems   (See  Table  (A))  and  has  determined  a  remediation
strategy.   Table (B) reflects the phase completion with  respect
to all mission critical systems. All testing was completed by May
31, 1999.

     With respect to "non-information technology items", NCB  has
surveyed  the vendors/providers with the results shown  in  Table
(C).

      NCB   has  surveyed  all  associated  banks  and  financial
institutions   with  which  a  mission  critical  interdependence
exists.   Based upon the results of this survey, NCB took actions
which  involved  testing  of  key  systems  or  transitioning  to
alternative  institutional systems.  All  associated  respondents
indicated that they were already Year 2000 compliant by  December
31, 1998.

     To date, direct costs relative to the Year 2000 efforts have
totalled  less than $100,000.  NCB does not anticipate  exceeding
this  amount in addressing all associated Year 2000 issues.   All
costs  to  date  are  and in the future will  be  funded  through
operating  income and are not considered material. NCB  converted
to  a  new Year 2000 compliant loan accounting system in November
1998  which replaced its existing systems that were not Year 2000
compliant.  The cost of this replacement was less than $500,000.

     NCB  has surveyed the major portion of its customer base  to
determine  the ability of its customers to continue debt  service
coverage  and  will  follow  with a  specific  review  of  annual
financial statements for Year 2000 disclosure. A primary risk for
NCB lies in the ability of its customers to continue debt service
payment  on  schedule in the Year 2000.  To date, survey  results
indicated that the issue is being addressed.

     NCB  has  substantially completed all core systems  testing.
Test  results to date have indicated the systems to be Year  2000
ready.   Management completed and the Board approved  a  business
continuity plan in April 1999. The plan was tested in August  and
September  1999.  The plan was complete and  supportive  of  core
business  process by individual units throughout  NCB.  The  plan
will be updated as the year progresses.

Table (A)

Total Mission Critical Systems (MCS)   61

            Number of MCS:

                      Repaired          6
                      Replaced          0
                      Retired           0
                      Vendor Upgraded  55
                      Tested Only       0
                      Outsourced        0

Table (B)
Phase Completion Status As of September 30, 1999:

  Phase        Percent Complete        Estimate or Actual    #of MCS in Phase

Awareness          100.0%                       A                   61
Assessment         100.0%                       A                   61
Renovation         100.0%                       A                   61
Validation         100.0%                       A                   61
Implementation     100.0%                       A                   61

Table (C)
Non-Information Technology Items (Infrastructure Items)

                           Compliant (Y=Yes)
Kastle System                   Y
Montgomery Kone(HVAC)           Y
TRANE(Elevators)                Y
Willtel(Phone)                  Y
PEPCO                           Y
Sungard Business Recovery       Y

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     No material changes in NCB's market risk profile occurred
from December 31, 1998 to September 30, 1999.

ITEM 6. EXHIBITS

 (a)  The following exhibits are filed as part of this report:

         Exhibit  10-17  -  Second Amendment  Agreement  to  Note Purchase
         Agreement with Lutheran Brotherhood et al. (June 1999)

         Exhibit  10-24  -  First  Amendment  Agreement  to  Note Purchase
         Agreement  with First AUSA Life Insurance et  al.  (June 1999)

         Exhibit 27 - Financial Data Schedule

                            SIGNATURE

 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 there unto duly authorized.

               NATIONAL CONSUMER COOPERATIVE BANK

Date:

                                  By:/s/ Richard L. Reed
                                         Richard L. Reed,
                                         Managing Director,
                                         Chief Financial Officer

                                  By:/s/ Marietta J. Orcino
                                         Marietta J. Orcino
                                         Vice President, Tax &
                                         Regulatory Compliance