`                                  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 June 30, 1994  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 St., 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 June 30, 1994

              Class C                              205,738
(Common stock, $100.00 par value)                              

              Class B                              596,708
(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-         
          June 30, 1994 and December 31, 1993 ...........     3

          Consolidated statements of income -
          for the three and six months ended June 30, 1994
          and 1993........................................     4

          Consolidated statements of cash
          flows - for the six months ended June 30,  
          1994 and 1993...................................   5-6

          Condensed notes to the consolidated financial 
          statements - June 30, 1994....................    7-9

Item 2    Management's discussion and analysis of 
          financial condition and results of operations -
          for the three and six months ended June 30, 
          1994 and 1993................................... 10-16


PART II OTHER INFORMATION

Item 4    Submission of Matters to a Vote of Security- Holders


                                       NATIONAL COOPERATIVE BANK
                                     CONSOLIDATED BALANCE SHEETS
                                    JUNE 30, 1994 AND DECEMBER 31, 1993

ASSETS                                  1994                  1993
                                     -----------           ----------
Cash and cash equivalents            $22,022,287           $22,938,795
Restricted cash                        8,348,703             8,361,519
Investment securities
   Available-for sale                 25,993,707            26,406,171
   Held-to-maturity                    2,314,264             3,380,698

Loans and lease financing            416,297,779           417,438,593
Loans held for sale                   20,355,611            40,274,829
  Less: Allowance for loan losses    (12,989,270)          (12,309,359)
                                     ------------          ------------
                                     423,664,120           445,404,063
                                     ------------          ------------
Excess servicing fees receivable      16,682,895            18,124,471
Premises and equipment, net            2,243,381             2,028,044
Other assets                          10,335,161             9,123,215
                                     -----------            ----------
   Total assets                     $511,604,518          $535,766,976
                                    ============          ============

Liabilities and Members' Equity

Liabilities

Deposits                              62,195,534            66,931,434
Patronage dividends payable in cash    2,390,290             3,147,860
Other liabilities                      9,757,841             8,722,495
Borrowings
   Short-term                         35,036,031            31,541,577
   Long-term                         105,287,757           130,354,889
   Other                               1,686,937             2,040,406
                                     -----------           -----------
                                     142,010,725           163,936,872
   Subordinated Class A notes        182,955,071           182,989,162
                                     -----------           -----------
   Total borrowings                  324,965,796           346,926,034
                                     -----------           -----------
   Total liabilities                 399,309,461           425,727,823
                                     -----------           -----------

Members' Equity

Common stock
   Class B                            59,670,818            59,671,095
   Class C                            20,573,753            20,573,753
   Class D                                   300                   300
Retained earnings
   Allocated                          15,776,732            12,844,968
   Unallocated                        17,189,721            16,949,037
   Unrealized loss on investment
    securities available for sale       (916,267)             
                                     ------------          -----------
   Total members' equity             112,295,057           110,039,153
                                     ------------          -----------
Total liabilities and members'
   equity                           $511,604,518          $535,766,976
                                    ============          ============

<TABLE>
                                       NATIONAL COOPERATIVE BANK
                                     CONSOLIDATED STATEMENTS OF INCOME

                               Six months ended June 30,    Three months ended June 30,
                                   1994        1993               1994         1993
                               --------------------------  ---------------------------
<S>                            <C>            <C>          <C>                 <C>

Interest income
  Loans and lease financing    $18,198,900    $18,200,326  $ 8,974,123         $ 8,777,855
  Investment securities          1,299,446      1,327,104      710,005             690,983
                               -----------    -----------   ----------         -----------
   Total interest income        19,498,346     19,527,430    9,684,128           9,468,838

Interest expense
  Deposits                         905,044        974,934      480,531             497,474
  Short-term borrowings            863,941        536,643      437,878             192,688
  Long-term debt, other
   borrowings and 
   Subordinated Class A notes    7,765,597      9,027,072    3,895,861           4,356,508
                                ----------      ---------    ---------           ---------
   Total interest expense        9,534,582     10,538,649    4,814,270           5,046,670
                                ----------     ----------    ---------           ---------
   Net interest income           9,963,764      8,988,781    4,869,858           4,422,168
Provision for loan losses          540,200        614,528       50,100             315,241
                                ----------     ----------    ---------           ---------
  Net interest income after
   provision for loan losses    9,423,564       8,374,253    4,819,758           4,106,927

Non-interest income
   Gain on sale of loans        3,198,997       2,404,084      452,291           1,036,924
   Loan and deposit servicing
     fees                         753,679         614,339      390,734             316,361
   Other                        1,460,932       1,472,915      619,623           1,046,419
                               -----------      ---------    ---------           ---------
  Total non-interst income      5,413,608       4,491,338    1,462,648           2,399,704
                               ----------       ---------    ---------           ---------
Non-interest expenses
  Compensation and employee
    benefits                    4,568,310       3,741,325    2,040,727           1,689,542
  Contractual services          1,542,412       1,447,311      844,417             794,334
  Occupancy and equipment       1,369,954       1,290,599      684,966             608,634
  Contribution to NCB
    Development Corporation                       902,773                          668,988
  Other                         1,070,331         946,104      592,558             584,099
                                ---------       ----------    --------             -------
   Total non-interest 
	   expenses                    8,551,007       8,328,112    4,162,668           4,345,597
                                ---------       ---------    ---------           ---------

Income before income taxes      6,286,165       4,537,479    2,119,738           2,161,034
Provision for income taxes        681,319         412,520      178,012             140,135
                                ---------       ---------    ---------           ---------
Net income                     $5,604,846      $4,124,959   $1,941,726          $2,020,899
                               ==========      ==========   ==========          ==========

Distribution of net income
 Patronage dividends           $5,330,480      $4,400,802   $2,064,450          $2,289,366
 Retained earnings                274,366        (275,843)    (122,724)           (268,467)
                               ----------      -----------  ----------          -----------
                               $5,604,846      $4,124,959   $1,941,726          $2,020,899
                               ==========      ==========   ==========          ===========
</TABLE>

                                     NATIONAL COOPERATIVE BANK
                                CONSOLIDATED STATEMENTS OF CASH FLOWS
                            FOR THE SIX MONTHS ENDED JUNE 30, 1993 AND 1994
 
                                              1994                  1993
                                         ---------------        -----------

Cash flows from operating activities
  
  Interest received                        $22,777,218           $20,085,639
  Commitment charges and other fees
    received                                 7,410,357             3,729,607
  Proceeds from sales of loans held for
    sale                                    98,271,054           109,740,948
  Loans originated for sale                (77,097,313)          (94,176,643)
  Loss( gain) on hedges of loans held for
    sale                                       170,108            (1,498,847)
  Decrease (increase) in investment
    securities, net                          1,066,434              (148,585)
  Interest paid                            (13,119,799)          (10,996,188)
  Transfer from (to) restricted cash
    account                                     12,816            (1,927,810)   
  Cash paid to suppliers and employees     (11,559,905)          (11,205,520)
                                           ------------          ------------
  Net cash provided by operating activities 27,930,970            13,602,601
                                           ------------          ------------

Cash flows from investing activities
  Proceeds from sales of investments 
    available for sale                      14,100,000
  Purchase of investments available for
    sale                                   (17,924,817)
  Proceeds from maturities of investments
    available for sale                       3,251,673
  Proceeds from sales of portfolio loans     3,153,436            23,114,212
  Net decrease in loans and lease financing (1,138,644)          (43,090,524)
  Capital expenditures                        (487,322)             (127,529)
                                            -----------          ------------
  Net cash provided by (used in) investing
   activities                                  954,326           (20,103,841)
                                            -----------          ------------

Cash flows from financing activities
  Net (decrease) increase in deposits       (4,733,242)              867,257
  Net increase in short-term borrowings      3,494,454            10,894,996
  Repayment of long-term debt              (25,000,000)           (7,083,273)
  Repayment of other borrowings               (353,469)             (325,628)
  Redemption of common stock                   (61,687)              (80,952)
  Repayment of subordinated Class A notes                           (314,622)
  Patronage dividends paid                  (3,147,860)           (2,970,925)
                                           ------------           -----------
  Net cash (used in) provided by 
   financing activities                    (29,801,904)              986,853
                                          -------------           ----------
  Decrease in cash and cash
   equivalents                                (916,508)           (5,514,387)
 
  Cash and cash equivalents, beginning
   of the year                              22,938,795            23,888,148
                                           -----------            -----------
  Cash and cash equivalents, end of period $22,022,287           $18,373,761
                                           ===========           ============


                                    National Cooperative Bank
			                         Reconciliation of Net Income to Net Cash
                                Provided by Operating Activities
                          For the six months ended June 30, 1994 and 1993

                                               1994                 1993
                                           ------------          -----------

Net income                                  $ 5,604,846          $ 4,124,959

Adjustments to reconcile net
  income to net cash provided by
  operating activities
 
   Decrease (increase) in restricted
    cash account                                 12,816           (1,927,810)   
   (Increase) decrease in accrued
    interest receivable                         (88,741)             355,859
   Net investment securities account
    activity                                  1,066,434             (148,585)
   Decrease in loans held for sale           21,173,741           15,564,305
   Increase in other assets, net of
    real estate owned                        (3,715,672)          (4,322,485)
   Increase in accounts payable and
    other accrued expenses                    1,102,729            3,495,323
   Decrease in accrued interest payable         (67,383)            (434,452)
   Provision for loan losses                    540,200              614,528
   Depreciation and amortization, net         3,755,038            1,843,570
   Gain on sale of assets, net               (1,750,994)          (3,244,559)
   Increase (decrease) on hedges of 
    loans held for sale                         170,108           (1,498,847)
   Other, net                                   127,848             (819,205)
                                            -----------          -----------

Net cash provided by operating activities   $27,930,970          $13,602,601
                                            ===========          ===========


                  NATIONAL COOPERATIVE BANK 

                   Condensed Notes to the Consolidated 
                           Financial Statements
                               June 30, 1994
                                (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 NCB, 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 NCB's most
current annual report.

1.   Cash, Cash Equivalents and Investment Securities

          As of June 30, 1994, NCB's portfolio of investment securities, cash
and cash equivalents had an average adjusted maturity of 998 days with interest 
rates in those portfolios varying from  3.8% to 9.4%.
      


<TABLE>
                  Cash and Cash Equivalents   Investment Available for Sale   Investments held to maturity
<S>               <C>                         <C>                             <C>

Cash                           $  7,619,439
Corporate bonds                                                $10,849,342
Federal funds                     8,500,000
Money market 
securities and
commercial paper                  1,966,961
Eurodollar 
certificates and
repurchase agreements             3,935,887                                                      2,314,264
US Treasury and 
agency obligations                                              15,144,365
                               ------------                    -----------                      ----------
                               $ 22,022,287                   $ 25,993,707                     $ 2,314,264
                               ============                   ============                     ============
</TABLE>

          At June 30, 1994, the investments in the available for sale portfolio
were recorded at aggregate market value.  Restricted cash of $8,348,703 is held 
by a trustee for the benefit of certificate holders in the event of loss on
certain loans and will become available to NCB as the principal balance
of the respective loan decreases.  The loans sold have original maturities of
ten to fifteen years.


2.   Loans, Lease Financing and Non-performing Assets

          Loans and leases outstanding by category at June 30, 1994 were:


             Commercial loans            $224,197,950
             Lease financing                6,121,570
             Real estate loans:
              Residential                 195,555,358
              Construction                    347,719
              Commercial                   10,430,793
                                         ------------
                                         $436,653,390
                                         ============


          At June 30, 1994 and December 31, 1993 real estate loans held for
sale were $20.4 million and $40.3 million, respectively.  The loan portfolio
includes loans which were not currently accruing any interest.  The total
outstanding principal of these loans at June 30, 1994 and the effect on 
income for the six months ended June 30, 1994 is shown below:

         Principal outstanding           $1,180,575
                                         ========== 
         Gross amount of income which
           would have been recorded
           under original terms          $   70,345

         Less interest received              11,553
                                         ----------
         Interest not recorded           $   58,792
                                         ==========

          The loan portfolio includes loans that are renegotiated with a 
reduced interest rate or with an extension of payment of interest and 
principal.  The total outstanding principal of these loans at June 30, 1994
and the effect on income for the six months ended June 30, 1994 is shown
below:


         Principal outstanding           $2,193,729
                                         ========== 
         Gross amount of income which    
           would have been recorded
           under original terms          $   98,545

         Less interest received              60,046
                                         ----------
         Interest not recorded           $   38,499
                                         ==========

3.   Allowance for Loan Losses

          The following is a transaction summary of the allowance for loan
 losses during the six months ended June 30, 1994:

        Balance at January 1, 1994                  $12,309,359
        Provision for loan losses                       540,200
        Charge-offs                                    (  4,283)
        Recoveries of loans previously charged off      143,994 
                                                    -----------
        Balance at June 30, 1994                    $12,989,290
                                                    ===========
          The allowance for loan losses as a percentage of loans outstanding
at June 30, 1994 was 3.0%.


                         NATIONAL COOPERATIVE BANK
                    MANAGEMENT DISCUSSION AND ANALYSIS 
              FOR THE SIX MONTHS ENDED JUNE 30, 1994 AND 1993


SUMMARY

     NCB's net income for the six months ended June 30, 1994 was $5.6
million.  This was a 36.6% or $1.5 million increase over the six months ended
June 30, 1993.  The increase primarily resulted from an increase in non-interest
income of $.9 million, net interest margin of $1.0 million, and non-interest 
expenses of $.3 million.

     Total assets decreased by $24.2 million or 4.5% to $511.6 million at
June 30, 1994 from $535.8 million at December 31, 1993.  The decreases resulted
from real estate loan sales in 1994.  Loans and leases outstanding at June 30,
1994 decreased 4.8% to $436.6 million from $457.7 million at December 31, 1993.

NET INTEREST INCOME

     Net interest income increased $1.0 million to $10.0 million from the
same period the prior year.  As shown on Table 1, the net yield on interest-
earning assets increased to 4.04% from 3.58% as higher yielding warehoused
real estate loans held in the portfolio were funded by interest-bearing 
liabilities that were sensitive to short term interest rate movements.  As 
shown on Table 2, rates caused a positive variance of $1.0 million.  In
comparison to prior year-end and the prior quarter, average commercial
balances have increased due to strengthening originations in the cooperative
loan market. 

     Interest income remained flat at $19.5 million for the six months ended
June 30, 1994.  In general, average rates on interest-earning assets increased
to 7.92% in the 1994 period from 7.77% in the 1993 period due to increasing
rates on new real estate originations and existing variable rate real estate
loans.  Increasing average rates accounted for a $.5 million positive variance.
Average rates on the commercial loan portfolio dropped 11 basis points as
interest sensitive assets in the commercial portfolio reacted to declining
short term market rates.  Real estate rates increased by 49 basis points as
existing portfolio loans repriced at higher rates that occurred during the 
latter quarters in 1993 and the first quarter in 1994.

     Interest expense decreased $ 1.0 million to $9.5 million for the six
months ended June 30, 1994 due to the maturity of $10 million in intermediate
term debt in the third quarter of 1993 and the repricing of a $36.9 tranche of
the US Class A notes during October 1993 at the prevailing US 3 year Treasury
rate.  Average rates on interest bearing liabilities decreased to 4.93% from
5.21%.

<TABLE>
Table 1
Rate Related Assets and Liabilities
( in thousands )
<CAPTION>
                                                           Six months ended June 30,              
                                 -----------------------------------------------------------------------
                                                 1994                             1993                               
                                 ---------------------------------       ------------------------------- 
ASSETS                           Average    Income/        Yields/       Average      Income/    Yields/ 
                                 Balance    Expense        Rates         Balance      Expense    Rates 
                                 -------    -------        ------        
<S>                              <C>        <C>            <C>           <C>          <C>

Interest-earning assets

 Real estate loans               $214,517    $ 9,625          8.97%      $242,399      $10,277      8.48%  
 Commercial loans & leases        224,163      8,574          7.65%       204,076        7,923      7.76% 
                                 --------     ------                     --------      - ------
   Total loans and leases         438,680     18,199          8.30%       446,475       18,200      8.15%            
 Trading,investment securities
  and cash equivalents             53,373      1,299          4.87%        56,254        1,327      4.72%
                                  -------     ------                     --------       ------     
  Total interest-earning assets   492,053     19,498          7.92%       502,729       19,527      7.77%
                                  -------     ------                      -------       ------
Allowance for loan loss           (12,776)                                (10,727)

Non-interest earning assets
  
  Cash                              5,115                                   4,027
  Other assets                     32,951                                  28,460
    Total non-interest earning     ------                                  ------
     assets                        38,066                                  32,487 
                                 --------                                  ------
 Total assets                    $517,343                                $524,489
                                 ========                                ========
LIABILITIES AND MEMBERS' EQUITY

Interest-bearing liabilities
 Subordinated Class A notes       $182,971     4,386         4.79%       $183,151        4,997      5.46%  
 Notes payable                     148,932     4,244         5.70%        169,121        4,567      5.40%
 Deposits                           54,780       905         3.30%         52,336          975      3.73%
                                   -------     -----                      -------        -----
Total interest-bearing liabilities 386,683     9,535         4.93%        404,608       10,539      5.21%
                                   -------     -----                      -------       ------
Other liabilities                   19,316                                 14,261
Members' equity                    111,344                                105,620
    Total liabilities & members'   -------                                -------  
     equity                       $517,343                               $524,489
                                  ========                               ========
Net interest revenue                         $ 9,963                                   $ 8,988
Net interest spread                                          2.99%                                  2.56%
Net yield on interest-earning assets                         4.04%                                  3.58%
</TABLE>

<TABLE>
Table 1A
Rate Related Assets and Liabilities
( in thousands )
<CAPTION>

                                                    Three months ended June 30,            
                                 -------------------------------------------------------------------------
                                                 1994                             1993                               
                                 -----------------------------------      -------------------------------
ASSETS                            Average     Income/        Yields/      Average      Income/    Yields/
                                  Balance     Expense        Rates        Balance      Expense    Rates
                                  -------     -------        -------      -------      -------    -------
<S>                               <C>         <C>            <C>          <C>          <C>        <C>

Interest-earning assets
  Real estate loans              $197,449     $ 4,502         9.12%      $227,390      $ 4,883      8.59%  
  Commercial loans & leases       224,522       4,472         7.97%       204,337        3,895      7.62%
                                  -------       -----                     -------        -----          
   Total loans and leases         421,971       8,974         8.51%       431,727        8,778      8.13%
  Trading, investment securities
   and cash equivalents            59,625         710         4.76%        58,673          691      4.71%
                                  -------       -----                     -------        -----                      
    Total interest-earning assets 481,596       9,684         8.04%       490,400        9,469      7.72%
                                   -------      -----                     -------        -----          
Allowance for loan loss            (12,959)                               (10,809)

Non-interest earning assets
  
  Cash                               5,334                                  3,614 
  Other assets                      33,042                                 30,683
    Total non-interest earning      ------                                 ------ 
     assets                         38,376                                 34,297
                                    ------                                 ------
  Total assets                    $507,013                               $513,888
                                  ========                               ========
LIABILITIES AND MEMBERS' EQUITY

Interest-bearing liabilities  
  Subordinated Class A notes      $182,963     2,173        4.75%        $183,045        2,460      5.38%  
  Notes payable                    141,857     2,168        6.12%         158,312        2,089      5.28%
  Deposits                          54,608       473        3.46%          52,760          498      3.78%
                                   -------     -----                      -------        ------                   
Total interest-bearing liabilities 379,428     4,814        5.08%         394,117        5,047      5.12%
                                   ------      -----                      -------        ------           
Other liabilities                   15,438                                 13,521
Members' equity                    112,147                                106,250
    Total liabilities & members' ---------                                -------
     equity                       $507,013                               $513,888
                                 =========                               ========
Net interest revenue                         $ 4,870                                    $ 4,422
Net interest spread                                          2.96%                                  2.60%
Net yield on interest-earning assets                         4.04%                                  3.61%
</TABLE>
<TABLE>
Table 2
Changes in Net Interest Income
( in thousands )
<CAPTION>
                     For the six months ended June 30, 1994 compared to June 30,1993  
                         Increase ( decrease ) due to changes in:  
              
                                 
                                            Average           Average           
                                            Volume            Yield             Net
                                            -------           -------           ------
Interest Income
<S>                                         <C>               <C>               <C>
Cash equivalents and investment securities  $   (69)          $     42          $   (27)
Commercial loans and leases                     770               (119)             651
Real estate loans                            (1,228)               575             (653)
                                             -------          --------          --------
Total interest income                          (527)               498              (29)
                                             -------          --------          --------
Interest expense

Deposits                                         44               (114)             (70)
Notes payable                                  (589)               266             (323)
Subordinated Class A notes                       (5)              (606)            (611)
                                               -----              -----          -------
Total interest expense                         (550)              (454)          (1,004) 
                                            --------          ---------          -------
Net interest income                         $    23           $    952          $   975
                                            ========          =========         ========    
</TABLE>
<TABLE>
Table 2A
Changes in Net Interest Income
( in thousands )
<CAPTION>
                     For the three months ended June 30, 1994 compared to June 30,1993  
                         Increase ( decrease ) due to changes in:  
         
                                            Average          Average           
	                                           Volume           Yield                Net
                                            -------          -------              --------                     
Interest Income
<S>                                         <C>              <C>                 <C>
Cash equivalents and investment securities   $    9          $     9              $  18  
Commercial loans and leases                     357              250                607
Real estate loans                              (722)             312               (410)
                                               -----         -------               -----
Total interest income                          (356)             571                215
                                               =====         =======               =====
Interest expense

Deposits                                         20              (44)               (24)
Notes payable                                  (928)           1,007                 79
Subordinated Class A notes                       (1)            (287)              (288)
                                               -----            ----              -------
Total interest expense                         (909)             676               (233)
                                              ------            -----             -------
Net interest income                          $  553          $  (105)             $ 448   
                                             =======         ========             =======    
</TABLE>


NON-INTEREST INCOME

     Non-interest income increased 20% to $5.4 million for the six months ended
June 30,1994 from $4.5 million for the six months ended June 30, 1993.  Gains
from the sales of loans resulted in an increase of $.8 million from the prior
year.  Servicing fee income and excess servicing fees receivable
accounted for the remaining increase in non-interest income.

     For the three month period ended June 30, non-interest income declined by 
$.9 million from $2.4 million at June 30, 1993 to $1.5 million for the same
period in the current year.  The majority of the decline was related to the
timing of large real estate loan sales during the second quarter of 1993.

NON-INTEREST EXPENSES

     Non-interest expenses for the six months ended June 30, 1994, increased 
3.6% to $8.6 million from $8.3 million for the six months ended June 30, 1993.
Non-interest expenses as a percentage of average assets increased to 3.3% for 
six months ended June 30, 1994 from 2.8% for the six months ended June 30, 1993
due to an increase in salary and benefit expenses during the first quarter of
1994 which was offset with no contribution to NCBDC.
     
     Salaries and benefits expenses increased due to the accrual of
employee and senior management incentive bonuses.

     For the three month period ended June 30, non-interest expenses declined 
by $.1 million to $4.2 million at June 30, 1994 from $4.3 million at June 30, 
1993.  The decrease is attributable to NCB's discontinuance of its contribution
to NCBDC for 1994.

PROVISION FOR INCOME TAXES

     The provision for income taxes is driven by taxes due on non- member 
income earned by NCB and by state and local income taxes owed by NCB's 
subsidiaries.  The federal income tax provision for the six months ended
June 30 increased by $270 thousand from the prior year reflecting additional
non-member income generated by NCB Mortgage Corporation and NCB Savings Bank.

LOANS AND LEASE PORTFOLIO

Consolidated Loans and Leases Outstanding (millions)
                                                         %
                         6/30/94        12/31/93       Change
                        --------        --------       ------
     Commercial          $224.2          $223.7           .1%
     Real estate          206.3           227.2         -9.2
     Leases                 6.1             6.8        -10.3     
                         ------          ------
          Total:         $436.6          $457.7        - 4.6%    
                         ======          ======
      Total loans and leases outstanding at June 30, 1994, were $436.6 
million, down 4.6% from $457.7 million at December 31, 1993.   Real estate loans
decreased by $20.9 million or 9.8% from year-end due to $88.9 million loan sales
during the first half of 1994.  Commercial loans and leases increased slightly
due to originations on commercial accounts.


CASH, CASH EQUIVALENTS AND INVESTMENT SECURITIES

     Cash, cash equivalents and investment securities decreased 3.9% to $58.7
million at June 30, 1994 from $61.1 million at year- end 1993.  NCB used 
$27.9 million of funds generated from operating activities to repay a $25 
million intermediate term debt obligation during the second quarter of 
1994.  As a percentage of earning assets, cash, cash equivalents, and investment
securities increased slightly to 11.9% from 11.2% at December 31, 1993.


ALLOWANCE FOR LOAN LOSSES

     The allowance for loan losses at June 30, 1994 increased 5.7% to $13.0 
million from $12.3 million at December 31, 1993.  The allowance was impacted
primarily by the $.5 million loan loss provision taken during the first six
months of the year.  The provision for loan losses decreased to $.5 million for
the six months ended June 30, 1994 from $.6 million for the six months ended 
June 30, 1993.  NCB's provision for loan losses as a percentage of average loans
and leases outstanding has remained flat at .2%.

     The allowance as a percentage of loans outstanding at June 30, 1994 
increased from  2.69% at June 30, 1993 and December 31, 1993, respectively to
2.97% at June 30, 1994.  The increase is primarily due to declining real estate
assets as compared to the prior year and year end 1993.


     As shown in Table 3, total nonperforming assets (renegotiated and 
non-accruing loans, REO, and in-substance foreclosures) increased slightly to
$3.5 million at June 30, 1994 from December 31, 1993.  Nonperforming assets as a
percentage of loans and leases outstanding plus REO and in-substance 
foreclosures increased slightly to .8% at June 30, 1994 from .7% at December
31, 1993.  The allowance for loan loss as a percentage of nonperforming loans
has increased to 386% at June 30, 1994 from 384% at December 31, 1993.

<TABLE>
Table 3
Nonperforming assets 
( in thousands )
<CAPTION>

                    




                                    June 30,      Mar. 31,          Dec. 31,      Sept. 30,     June 30,
                                     1994           1994              1993          1993          1993
                                    -------       --------          --------      ---------     --------
Nonaccrual loans
<S>                                 <C>           <C>              <C>            <C>           <C>
Commercial                          $  341        $     20         $     10       $    17       $    431
Real estate- construction                0               0                0             0              0
Real estate- commercial                  0               0                0             0              0
Real estate- residential               839             855              876         1,592          1,574
                                     -----             ---              ---         ------         ------     
  Total nonaccrual loans             1,180             875              886         1,609          2,005
                                     -----             ---             ----         -----          ------
Restructured loans                   2,194           2,273            2,283         2,309          2,339
                                     -----           -----            -----         -----          ------
  Total nonperforming loans          3,374           3,148            3,169         3,918          4,344

Real estate acquired through
foreclosure and in-substance
foreclosure                            170             171              172           217            341
                                   -------          ------          -------       -------        -------
Total nonperforming assets         $ 3,544          $3,319          $ 3,341       $ 4,315        $ 4,685
                                   =======          ======          =======       =======        =======

Non-performing assets/Loans 
plus REO and in-substance 
foreclosure                            .8%            .8%              .7%           1.1%           1.0%
Allowance/ non performing loans       385%           416%             384%           298%           235%

</TABLE>


INTEREST-BEARING LIABILITIES



     Interest-Bearing Liabilities                          %
       (millions)                  06/30/94  12/31/93    Change  
                                   --------  --------   -------
          Class A notes            $182.96    $182.99     -0.8%
          Short-term                 35.04     31.54      11.0                 
          Deposits                   62.20     66.93      -7.1
          Non-current term debt      75.33      75.35     -0.1 
          Current term debt          30.00      55.00    -45.5 
          Other borrowings            1.69       2.04    -17.2   
                                   -------    -------    
               Totals              $387.22    $413.85     -6.4%
                                   =======    =======
          
     Interest-bearing liabilities decreased by $26.6 million to $387.2 million 
at June 30, 1994.  As noted earlier, NCB retired $25 million of intermediate 
term debt in April 1994.  NCB increased usage of its short term lines of credit
to support existing asset balances.  Unused capacity under the line of credit
( $145 million ) is sufficient to meet anticipated commitments.  The decrease
in deposits is due to large demand deposits that occurred at year-end 1993 that 
were subsequently liquidated in the first quarter of 1994,


Part II

Item 4    Submission of Matters to a Vote of Security- Holders
     
     NCB held its annual meeting on April 21, 1994.  Shareholders elected the 
following persons to terms as directors:

          Leo Barlow
          Mary Ann Rothman

     The following terms of office of the directors continued after the meeting:

          Richard G. Biernacki
          Harry J. Bowie
          Jerry W. Davis
          Edward J. Dirkswager, Jr.
          Jeremiah J. Foley
          Thomas D. Henrion
          Terry Lewis
          Gordon E. Lindquist
          Wally Smith
          Frank B. Sollars
          John K. Stewart
          Robert L. Thompson     


                                        Signatures


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                         NATIONAL CONSUMER COOPERATIVE BANK    

Date: August 15, 1994               

                     By:    /s/ Richard L. Reed          
                          (Richard L. Reed,   
                           Chief Financial Officer)


                            /s/ Marietta J. Orcino          
                          (Marietta J. Orcino, Controller/Principal 
                           Accounting Officer)
[{"type": "10-Q", "sequence": "1", "description": "NATIONAL COOPERATIVE BANK 10Q", "secsgml_size_bytes": 45957}]
{"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": "94544534"}, "business-address": {"street1": "1401 EYE ST N W", "city": "WASHINGTON", "state": "DC", "zip": "20005", "phone": "2023367700"}, "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 June 30, 1994  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 St., 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 June 30, 1994

              Class C                              205,738
(Common stock, $100.00 par value)                              

              Class B                              596,708
(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-         
          June 30, 1994 and December 31, 1993 ...........     3

          Consolidated statements of income -
          for the three and six months ended June 30, 1994
          and 1993........................................     4

          Consolidated statements of cash
          flows - for the six months ended June 30,  
          1994 and 1993...................................   5-6

          Condensed notes to the consolidated financial 
          statements - June 30, 1994....................    7-9

Item 2    Management's discussion and analysis of 
          financial condition and results of operations -
          for the three and six months ended June 30, 
          1994 and 1993................................... 10-16

PART II OTHER INFORMATION

Item 4    Submission of Matters to a Vote of Security- Holders

                                       NATIONAL COOPERATIVE BANK
                                     CONSOLIDATED BALANCE SHEETS
                                    JUNE 30, 1994 AND DECEMBER 31, 1993

ASSETS                                  1994                  1993
                                     -----------           ----------
Cash and cash equivalents            $22,022,287           $22,938,795
Restricted cash                        8,348,703             8,361,519
Investment securities
   Available-for sale                 25,993,707            26,406,171
   Held-to-maturity                    2,314,264             3,380,698

Loans and lease financing            416,297,779           417,438,593
Loans held for sale                   20,355,611            40,274,829
  Less: Allowance for loan losses    (12,989,270)          (12,309,359)
                                     ------------          ------------
                                     423,664,120           445,404,063
                                     ------------          ------------
Excess servicing fees receivable      16,682,895            18,124,471
Premises and equipment, net            2,243,381             2,028,044
Other assets                          10,335,161             9,123,215
                                     -----------            ----------
   Total assets                     $511,604,518          $535,766,976
                                    ============          ============

Liabilities and Members' Equity

Liabilities

Deposits                              62,195,534            66,931,434
Patronage dividends payable in cash    2,390,290             3,147,860
Other liabilities                      9,757,841             8,722,495
Borrowings
   Short-term                         35,036,031            31,541,577
   Long-term                         105,287,757           130,354,889
   Other                               1,686,937             2,040,406
                                     -----------           -----------
                                     142,010,725           163,936,872
   Subordinated Class A notes        182,955,071           182,989,162
                                     -----------           -----------
   Total borrowings                  324,965,796           346,926,034
                                     -----------           -----------
   Total liabilities                 399,309,461           425,727,823
                                     -----------           -----------

Members' Equity

Common stock
   Class B                            59,670,818            59,671,095
   Class C                            20,573,753            20,573,753
   Class D                                   300                   300
Retained earnings
   Allocated                          15,776,732            12,844,968
   Unallocated                        17,189,721            16,949,037
   Unrealized loss on investment
    securities available for sale       (916,267)             
                                     ------------          -----------
   Total members' equity             112,295,057           110,039,153
                                     ------------          -----------
Total liabilities and members'
   equity                           $511,604,518          $535,766,976
                                    ============          ============

                                       NATIONAL COOPERATIVE BANK
                                     CONSOLIDATED STATEMENTS OF INCOME

                               Six months ended June 30,    Three months ended June 30,
                                   1994        1993               1994         1993
                               --------------------------  ---------------------------
Interest income
  Loans and lease financing    $18,198,900    $18,200,326  $ 8,974,123         $ 8,777,855
  Investment securities          1,299,446      1,327,104      710,005             690,983
                               -----------    -----------   ----------         -----------
   Total interest income        19,498,346     19,527,430    9,684,128           9,468,838

Interest expense
  Deposits                         905,044        974,934      480,531             497,474
  Short-term borrowings            863,941        536,643      437,878             192,688
  Long-term debt, other
   borrowings and 
   Subordinated Class A notes    7,765,597      9,027,072    3,895,861           4,356,508
                                ----------      ---------    ---------           ---------
   Total interest expense        9,534,582     10,538,649    4,814,270           5,046,670
                                ----------     ----------    ---------           ---------
   Net interest income           9,963,764      8,988,781    4,869,858           4,422,168
Provision for loan losses          540,200        614,528       50,100             315,241
                                ----------     ----------    ---------           ---------
  Net interest income after
   provision for loan losses    9,423,564       8,374,253    4,819,758           4,106,927

Non-interest income
   Gain on sale of loans        3,198,997       2,404,084      452,291           1,036,924
   Loan and deposit servicing
     fees                         753,679         614,339      390,734             316,361
   Other                        1,460,932       1,472,915      619,623           1,046,419
                               -----------      ---------    ---------           ---------
  Total non-interst income      5,413,608       4,491,338    1,462,648           2,399,704
                               ----------       ---------    ---------           ---------
Non-interest expenses
  Compensation and employee
    benefits                    4,568,310       3,741,325    2,040,727           1,689,542
  Contractual services          1,542,412       1,447,311      844,417             794,334
  Occupancy and equipment       1,369,954       1,290,599      684,966             608,634
  Contribution to NCB
    Development Corporation                       902,773                          668,988
  Other                         1,070,331         946,104      592,558             584,099
                                ---------       ----------    --------             -------
   Total non-interest 
	   expenses                    8,551,007       8,328,112    4,162,668           4,345,597
                                ---------       ---------    ---------           ---------

Income before income taxes      6,286,165       4,537,479    2,119,738           2,161,034
Provision for income taxes        681,319         412,520      178,012             140,135
                                ---------       ---------    ---------           ---------
Net income                     $5,604,846      $4,124,959   $1,941,726          $2,020,899
                               ==========      ==========   ==========          ==========

Distribution of net income
 Patronage dividends           $5,330,480      $4,400,802   $2,064,450          $2,289,366
 Retained earnings                274,366        (275,843)    (122,724)           (268,467)
                               ----------      -----------  ----------          -----------
                               $5,604,846      $4,124,959   $1,941,726          $2,020,899
                               ==========      ==========   ==========          ===========
NATIONAL COOPERATIVE BANK
                                CONSOLIDATED STATEMENTS OF CASH FLOWS
                            FOR THE SIX MONTHS ENDED JUNE 30, 1993 AND 1994
 
                                              1994                  1993
                                         ---------------        -----------

Cash flows from operating activities
  
  Interest received                        $22,777,218           $20,085,639
  Commitment charges and other fees
    received                                 7,410,357             3,729,607
  Proceeds from sales of loans held for
    sale                                    98,271,054           109,740,948
  Loans originated for sale                (77,097,313)          (94,176,643)
  Loss( gain) on hedges of loans held for
    sale                                       170,108            (1,498,847)
  Decrease (increase) in investment
    securities, net                          1,066,434              (148,585)
  Interest paid                            (13,119,799)          (10,996,188)
  Transfer from (to) restricted cash
    account                                     12,816            (1,927,810)   
  Cash paid to suppliers and employees     (11,559,905)          (11,205,520)
                                           ------------          ------------
  Net cash provided by operating activities 27,930,970            13,602,601
                                           ------------          ------------

Cash flows from investing activities
  Proceeds from sales of investments 
    available for sale                      14,100,000
  Purchase of investments available for
    sale                                   (17,924,817)
  Proceeds from maturities of investments
    available for sale                       3,251,673
  Proceeds from sales of portfolio loans     3,153,436            23,114,212
  Net decrease in loans and lease financing (1,138,644)          (43,090,524)
  Capital expenditures                        (487,322)             (127,529)
                                            -----------          ------------
  Net cash provided by (used in) investing
   activities                                  954,326           (20,103,841)
                                            -----------          ------------

Cash flows from financing activities
  Net (decrease) increase in deposits       (4,733,242)              867,257
  Net increase in short-term borrowings      3,494,454            10,894,996
  Repayment of long-term debt              (25,000,000)           (7,083,273)
  Repayment of other borrowings               (353,469)             (325,628)
  Redemption of common stock                   (61,687)              (80,952)
  Repayment of subordinated Class A notes                           (314,622)
  Patronage dividends paid                  (3,147,860)           (2,970,925)
                                           ------------           -----------
  Net cash (used in) provided by 
   financing activities                    (29,801,904)              986,853
                                          -------------           ----------
  Decrease in cash and cash
   equivalents                                (916,508)           (5,514,387)
 
  Cash and cash equivalents, beginning
   of the year                              22,938,795            23,888,148
                                           -----------            -----------
  Cash and cash equivalents, end of period $22,022,287           $18,373,761
                                           ===========           ============

                                    National Cooperative Bank
			                         Reconciliation of Net Income to Net Cash
                                Provided by Operating Activities
                          For the six months ended June 30, 1994 and 1993

                                               1994                 1993
                                           ------------          -----------

Net income                                  $ 5,604,846          $ 4,124,959

Adjustments to reconcile net
  income to net cash provided by
  operating activities
 
   Decrease (increase) in restricted
    cash account                                 12,816           (1,927,810)   
   (Increase) decrease in accrued
    interest receivable                         (88,741)             355,859
   Net investment securities account
    activity                                  1,066,434             (148,585)
   Decrease in loans held for sale           21,173,741           15,564,305
   Increase in other assets, net of
    real estate owned                        (3,715,672)          (4,322,485)
   Increase in accounts payable and
    other accrued expenses                    1,102,729            3,495,323
   Decrease in accrued interest payable         (67,383)            (434,452)
   Provision for loan losses                    540,200              614,528
   Depreciation and amortization, net         3,755,038            1,843,570
   Gain on sale of assets, net               (1,750,994)          (3,244,559)
   Increase (decrease) on hedges of 
    loans held for sale                         170,108           (1,498,847)
   Other, net                                   127,848             (819,205)
                                            -----------          -----------

Net cash provided by operating activities   $27,930,970          $13,602,601
                                            ===========          ===========

                  NATIONAL COOPERATIVE BANK 

                   Condensed Notes to the Consolidated 
                           Financial Statements
                               June 30, 1994
                                (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 NCB, 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 NCB's most
current annual report.

1.   Cash, Cash Equivalents and Investment Securities

          As of June 30, 1994, NCB's portfolio of investment securities, cash
and cash equivalents had an average adjusted maturity of 998 days with interest 
rates in those portfolios varying from  3.8% to 9.4%.
      

                  Cash and Cash Equivalents   Investment Available for Sale   Investments held to maturity
Cash                           $  7,619,439
Corporate bonds                                                $10,849,342
Federal funds                     8,500,000
Money market 
securities and
commercial paper                  1,966,961
Eurodollar 
certificates and
repurchase agreements             3,935,887                                                      2,314,264
US Treasury and 
agency obligations                                              15,144,365
                               ------------                    -----------                      ----------
                               $ 22,022,287                   $ 25,993,707                     $ 2,314,264
                               ============                   ============                     ============
At June 30, 1994, the investments in the available for sale portfolio
were recorded at aggregate market value.  Restricted cash of $8,348,703 is held 
by a trustee for the benefit of certificate holders in the event of loss on
certain loans and will become available to NCB as the principal balance
of the respective loan decreases.  The loans sold have original maturities of
ten to fifteen years.

2.   Loans, Lease Financing and Non-performing Assets

          Loans and leases outstanding by category at June 30, 1994 were:

             Commercial loans            $224,197,950
             Lease financing                6,121,570
             Real estate loans:
              Residential                 195,555,358
              Construction                    347,719
              Commercial                   10,430,793
                                         ------------
                                         $436,653,390
                                         ============

          At June 30, 1994 and December 31, 1993 real estate loans held for
sale were $20.4 million and $40.3 million, respectively.  The loan portfolio
includes loans which were not currently accruing any interest.  The total
outstanding principal of these loans at June 30, 1994 and the effect on 
income for the six months ended June 30, 1994 is shown below:

         Principal outstanding           $1,180,575
                                         ========== 
         Gross amount of income which
           would have been recorded
           under original terms          $   70,345

         Less interest received              11,553
                                         ----------
         Interest not recorded           $   58,792
                                         ==========

          The loan portfolio includes loans that are renegotiated with a 
reduced interest rate or with an extension of payment of interest and 
principal.  The total outstanding principal of these loans at June 30, 1994
and the effect on income for the six months ended June 30, 1994 is shown
below:

         Principal outstanding           $2,193,729
                                         ========== 
         Gross amount of income which    
           would have been recorded
           under original terms          $   98,545

         Less interest received              60,046
                                         ----------
         Interest not recorded           $   38,499
                                         ==========

3.   Allowance for Loan Losses

          The following is a transaction summary of the allowance for loan
 losses during the six months ended June 30, 1994:

        Balance at January 1, 1994                  $12,309,359
        Provision for loan losses                       540,200
        Charge-offs                                    (  4,283)
        Recoveries of loans previously charged off      143,994 
                                                    -----------
        Balance at June 30, 1994                    $12,989,290
                                                    ===========
          The allowance for loan losses as a percentage of loans outstanding
at June 30, 1994 was 3.0%.

                         NATIONAL COOPERATIVE BANK
                    MANAGEMENT DISCUSSION AND ANALYSIS 
              FOR THE SIX MONTHS ENDED JUNE 30, 1994 AND 1993

SUMMARY

     NCB's net income for the six months ended June 30, 1994 was $5.6
million.  This was a 36.6% or $1.5 million increase over the six months ended
June 30, 1993.  The increase primarily resulted from an increase in non-interest
income of $.9 million, net interest margin of $1.0 million, and non-interest 
expenses of $.3 million.

     Total assets decreased by $24.2 million or 4.5% to $511.6 million at
June 30, 1994 from $535.8 million at December 31, 1993.  The decreases resulted
from real estate loan sales in 1994.  Loans and leases outstanding at June 30,
1994 decreased 4.8% to $436.6 million from $457.7 million at December 31, 1993.

NET INTEREST INCOME

     Net interest income increased $1.0 million to $10.0 million from the
same period the prior year.  As shown on Table 1, the net yield on interest-
earning assets increased to 4.04% from 3.58% as higher yielding warehoused
real estate loans held in the portfolio were funded by interest-bearing 
liabilities that were sensitive to short term interest rate movements.  As 
shown on Table 2, rates caused a positive variance of $1.0 million.  In
comparison to prior year-end and the prior quarter, average commercial
balances have increased due to strengthening originations in the cooperative
loan market. 

     Interest income remained flat at $19.5 million for the six months ended
June 30, 1994.  In general, average rates on interest-earning assets increased
to 7.92% in the 1994 period from 7.77% in the 1993 period due to increasing
rates on new real estate originations and existing variable rate real estate
loans.  Increasing average rates accounted for a $.5 million positive variance.
Average rates on the commercial loan portfolio dropped 11 basis points as
interest sensitive assets in the commercial portfolio reacted to declining
short term market rates.  Real estate rates increased by 49 basis points as
existing portfolio loans repriced at higher rates that occurred during the 
latter quarters in 1993 and the first quarter in 1994.

     Interest expense decreased $ 1.0 million to $9.5 million for the six
months ended June 30, 1994 due to the maturity of $10 million in intermediate
term debt in the third quarter of 1993 and the repricing of a $36.9 tranche of
the US Class A notes during October 1993 at the prevailing US 3 year Treasury
rate.  Average rates on interest bearing liabilities decreased to 4.93% from
5.21%.

Table 1
Rate Related Assets and Liabilities
( in thousands )
Six months ended June 30,              
                                 -----------------------------------------------------------------------
                                                 1994                             1993                               
                                 ---------------------------------       ------------------------------- 
ASSETS                           Average    Income/        Yields/       Average      Income/    Yields/ 
                                 Balance    Expense        Rates         Balance      Expense    Rates 
                                 -------    -------        ------
Interest-earning assets

 Real estate loans               $214,517    $ 9,625          8.97%      $242,399      $10,277      8.48%  
 Commercial loans & leases        224,163      8,574          7.65%       204,076        7,923      7.76% 
                                 --------     ------                     --------      - ------
   Total loans and leases         438,680     18,199          8.30%       446,475       18,200      8.15%            
 Trading,investment securities
  and cash equivalents             53,373      1,299          4.87%        56,254        1,327      4.72%
                                  -------     ------                     --------       ------     
  Total interest-earning assets   492,053     19,498          7.92%       502,729       19,527      7.77%
                                  -------     ------                      -------       ------
Allowance for loan loss           (12,776)                                (10,727)

Non-interest earning assets
  
  Cash                              5,115                                   4,027
  Other assets                     32,951                                  28,460
    Total non-interest earning     ------                                  ------
     assets                        38,066                                  32,487 
                                 --------                                  ------
 Total assets                    $517,343                                $524,489
                                 ========                                ========
LIABILITIES AND MEMBERS' EQUITY

Interest-bearing liabilities
 Subordinated Class A notes       $182,971     4,386         4.79%       $183,151        4,997      5.46%  
 Notes payable                     148,932     4,244         5.70%        169,121        4,567      5.40%
 Deposits                           54,780       905         3.30%         52,336          975      3.73%
                                   -------     -----                      -------        -----
Total interest-bearing liabilities 386,683     9,535         4.93%        404,608       10,539      5.21%
                                   -------     -----                      -------       ------
Other liabilities                   19,316                                 14,261
Members' equity                    111,344                                105,620
    Total liabilities & members'   -------                                -------  
     equity                       $517,343                               $524,489
                                  ========                               ========
Net interest revenue                         $ 9,963                                   $ 8,988
Net interest spread                                          2.99%                                  2.56%
Net yield on interest-earning assets                         4.04%                                  3.58%
Table 1A
Rate Related Assets and Liabilities
( in thousands )
Three months ended June 30,            
                                 -------------------------------------------------------------------------
                                                 1994                             1993                               
                                 -----------------------------------      -------------------------------
ASSETS                            Average     Income/        Yields/      Average      Income/    Yields/
                                  Balance     Expense        Rates        Balance      Expense    Rates
                                  -------     -------        -------      -------      -------    -------
Interest-earning assets
  Real estate loans              $197,449     $ 4,502         9.12%      $227,390      $ 4,883      8.59%  
  Commercial loans & leases       224,522       4,472         7.97%       204,337        3,895      7.62%
                                  -------       -----                     -------        -----          
   Total loans and leases         421,971       8,974         8.51%       431,727        8,778      8.13%
  Trading, investment securities
   and cash equivalents            59,625         710         4.76%        58,673          691      4.71%
                                  -------       -----                     -------        -----                      
    Total interest-earning assets 481,596       9,684         8.04%       490,400        9,469      7.72%
                                   -------      -----                     -------        -----          
Allowance for loan loss            (12,959)                               (10,809)

Non-interest earning assets
  
  Cash                               5,334                                  3,614 
  Other assets                      33,042                                 30,683
    Total non-interest earning      ------                                 ------ 
     assets                         38,376                                 34,297
                                    ------                                 ------
  Total assets                    $507,013                               $513,888
                                  ========                               ========
LIABILITIES AND MEMBERS' EQUITY

Interest-bearing liabilities  
  Subordinated Class A notes      $182,963     2,173        4.75%        $183,045        2,460      5.38%  
  Notes payable                    141,857     2,168        6.12%         158,312        2,089      5.28%
  Deposits                          54,608       473        3.46%          52,760          498      3.78%
                                   -------     -----                      -------        ------                   
Total interest-bearing liabilities 379,428     4,814        5.08%         394,117        5,047      5.12%
                                   ------      -----                      -------        ------           
Other liabilities                   15,438                                 13,521
Members' equity                    112,147                                106,250
    Total liabilities & members' ---------                                -------
     equity                       $507,013                               $513,888
                                 =========                               ========
Net interest revenue                         $ 4,870                                    $ 4,422
Net interest spread                                          2.96%                                  2.60%
Net yield on interest-earning assets                         4.04%                                  3.61%
Table 2
Changes in Net Interest Income
( in thousands )
For the six months ended June 30, 1994 compared to June 30,1993  
                         Increase ( decrease ) due to changes in:  
              
                                 
                                            Average           Average           
                                            Volume            Yield             Net
                                            -------           -------           ------
Interest Income
Cash equivalents and investment securities  $   (69)          $     42          $   (27)
Commercial loans and leases                     770               (119)             651
Real estate loans                            (1,228)               575             (653)
                                             -------          --------          --------
Total interest income                          (527)               498              (29)
                                             -------          --------          --------
Interest expense

Deposits                                         44               (114)             (70)
Notes payable                                  (589)               266             (323)
Subordinated Class A notes                       (5)              (606)            (611)
                                               -----              -----          -------
Total interest expense                         (550)              (454)          (1,004) 
                                            --------          ---------          -------
Net interest income                         $    23           $    952          $   975
                                            ========          =========         ========
Table 2A
Changes in Net Interest Income
( in thousands )
For the three months ended June 30, 1994 compared to June 30,1993  
                         Increase ( decrease ) due to changes in:  
         
                                            Average          Average           
	                                           Volume           Yield                Net
                                            -------          -------              --------                     
Interest Income
Cash equivalents and investment securities   $    9          $     9              $  18  
Commercial loans and leases                     357              250                607
Real estate loans                              (722)             312               (410)
                                               -----         -------               -----
Total interest income                          (356)             571                215
                                               =====         =======               =====
Interest expense

Deposits                                         20              (44)               (24)
Notes payable                                  (928)           1,007                 79
Subordinated Class A notes                       (1)            (287)              (288)
                                               -----            ----              -------
Total interest expense                         (909)             676               (233)
                                              ------            -----             -------
Net interest income                          $  553          $  (105)             $ 448   
                                             =======         ========             =======
NON-INTEREST INCOME

     Non-interest income increased 20% to $5.4 million for the six months ended
June 30,1994 from $4.5 million for the six months ended June 30, 1993.  Gains
from the sales of loans resulted in an increase of $.8 million from the prior
year.  Servicing fee income and excess servicing fees receivable
accounted for the remaining increase in non-interest income.

     For the three month period ended June 30, non-interest income declined by 
$.9 million from $2.4 million at June 30, 1993 to $1.5 million for the same
period in the current year.  The majority of the decline was related to the
timing of large real estate loan sales during the second quarter of 1993.

NON-INTEREST EXPENSES

     Non-interest expenses for the six months ended June 30, 1994, increased 
3.6% to $8.6 million from $8.3 million for the six months ended June 30, 1993.
Non-interest expenses as a percentage of average assets increased to 3.3% for 
six months ended June 30, 1994 from 2.8% for the six months ended June 30, 1993
due to an increase in salary and benefit expenses during the first quarter of
1994 which was offset with no contribution to NCBDC.
     
     Salaries and benefits expenses increased due to the accrual of
employee and senior management incentive bonuses.

     For the three month period ended June 30, non-interest expenses declined 
by $.1 million to $4.2 million at June 30, 1994 from $4.3 million at June 30, 
1993.  The decrease is attributable to NCB's discontinuance of its contribution
to NCBDC for 1994.

PROVISION FOR INCOME TAXES

     The provision for income taxes is driven by taxes due on non- member 
income earned by NCB and by state and local income taxes owed by NCB's 
subsidiaries.  The federal income tax provision for the six months ended
June 30 increased by $270 thousand from the prior year reflecting additional
non-member income generated by NCB Mortgage Corporation and NCB Savings Bank.

LOANS AND LEASE PORTFOLIO

Consolidated Loans and Leases Outstanding (millions)
                                                         %
                         6/30/94        12/31/93       Change
                        --------        --------       ------
     Commercial          $224.2          $223.7           .1%
     Real estate          206.3           227.2         -9.2
     Leases                 6.1             6.8        -10.3     
                         ------          ------
          Total:         $436.6          $457.7        - 4.6%    
                         ======          ======
      Total loans and leases outstanding at June 30, 1994, were $436.6 
million, down 4.6% from $457.7 million at December 31, 1993.   Real estate loans
decreased by $20.9 million or 9.8% from year-end due to $88.9 million loan sales
during the first half of 1994.  Commercial loans and leases increased slightly
due to originations on commercial accounts.

CASH, CASH EQUIVALENTS AND INVESTMENT SECURITIES

     Cash, cash equivalents and investment securities decreased 3.9% to $58.7
million at June 30, 1994 from $61.1 million at year- end 1993.  NCB used 
$27.9 million of funds generated from operating activities to repay a $25 
million intermediate term debt obligation during the second quarter of 
1994.  As a percentage of earning assets, cash, cash equivalents, and investment
securities increased slightly to 11.9% from 11.2% at December 31, 1993.

ALLOWANCE FOR LOAN LOSSES

     The allowance for loan losses at June 30, 1994 increased 5.7% to $13.0 
million from $12.3 million at December 31, 1993.  The allowance was impacted
primarily by the $.5 million loan loss provision taken during the first six
months of the year.  The provision for loan losses decreased to $.5 million for
the six months ended June 30, 1994 from $.6 million for the six months ended 
June 30, 1993.  NCB's provision for loan losses as a percentage of average loans
and leases outstanding has remained flat at .2%.

     The allowance as a percentage of loans outstanding at June 30, 1994 
increased from  2.69% at June 30, 1993 and December 31, 1993, respectively to
2.97% at June 30, 1994.  The increase is primarily due to declining real estate
assets as compared to the prior year and year end 1993.

     As shown in Table 3, total nonperforming assets (renegotiated and 
non-accruing loans, REO, and in-substance foreclosures) increased slightly to
$3.5 million at June 30, 1994 from December 31, 1993.  Nonperforming assets as a
percentage of loans and leases outstanding plus REO and in-substance 
foreclosures increased slightly to .8% at June 30, 1994 from .7% at December
31, 1993.  The allowance for loan loss as a percentage of nonperforming loans
has increased to 386% at June 30, 1994 from 384% at December 31, 1993.

Table 3
Nonperforming assets 
( in thousands )
June 30,      Mar. 31,          Dec. 31,      Sept. 30,     June 30,
                                     1994           1994              1993          1993          1993
                                    -------       --------          --------      ---------     --------
Nonaccrual loans
Commercial                          $  341        $     20         $     10       $    17       $    431
Real estate- construction                0               0                0             0              0
Real estate- commercial                  0               0                0             0              0
Real estate- residential               839             855              876         1,592          1,574
                                     -----             ---              ---         ------         ------     
  Total nonaccrual loans             1,180             875              886         1,609          2,005
                                     -----             ---             ----         -----          ------
Restructured loans                   2,194           2,273            2,283         2,309          2,339
                                     -----           -----            -----         -----          ------
  Total nonperforming loans          3,374           3,148            3,169         3,918          4,344

Real estate acquired through
foreclosure and in-substance
foreclosure                            170             171              172           217            341
                                   -------          ------          -------       -------        -------
Total nonperforming assets         $ 3,544          $3,319          $ 3,341       $ 4,315        $ 4,685
                                   =======          ======          =======       =======        =======

Non-performing assets/Loans 
plus REO and in-substance 
foreclosure                            .8%            .8%              .7%           1.1%           1.0%
Allowance/ non performing loans       385%           416%             384%           298%           235%
INTEREST-BEARING LIABILITIES

     Interest-Bearing Liabilities                          %
       (millions)                  06/30/94  12/31/93    Change  
                                   --------  --------   -------
          Class A notes            $182.96    $182.99     -0.8%
          Short-term                 35.04     31.54      11.0                 
          Deposits                   62.20     66.93      -7.1
          Non-current term debt      75.33      75.35     -0.1 
          Current term debt          30.00      55.00    -45.5 
          Other borrowings            1.69       2.04    -17.2   
                                   -------    -------    
               Totals              $387.22    $413.85     -6.4%
                                   =======    =======
          
     Interest-bearing liabilities decreased by $26.6 million to $387.2 million 
at June 30, 1994.  As noted earlier, NCB retired $25 million of intermediate 
term debt in April 1994.  NCB increased usage of its short term lines of credit
to support existing asset balances.  Unused capacity under the line of credit
( $145 million ) is sufficient to meet anticipated commitments.  The decrease
in deposits is due to large demand deposits that occurred at year-end 1993 that 
were subsequently liquidated in the first quarter of 1994,

Part II

Item 4    Submission of Matters to a Vote of Security- Holders
     
     NCB held its annual meeting on April 21, 1994.  Shareholders elected the 
following persons to terms as directors:

          Leo Barlow
          Mary Ann Rothman

     The following terms of office of the directors continued after the meeting:

          Richard G. Biernacki
          Harry J. Bowie
          Jerry W. Davis
          Edward J. Dirkswager, Jr.
          Jeremiah J. Foley
          Thomas D. Henrion
          Terry Lewis
          Gordon E. Lindquist
          Wally Smith
          Frank B. Sollars
          John K. Stewart
          Robert L. Thompson     

                                        Signatures

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                         NATIONAL CONSUMER COOPERATIVE BANK    

Date: August 15, 1994               

                     By:    /s/ Richard L. Reed          
                          (Richard L. Reed,   
                           Chief Financial Officer)

                            /s/ Marietta J. Orcino          
                          (Marietta J. Orcino, Controller/Principal 
                           Accounting Officer)