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 March 31, 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 March 31, 1999

     Class C                                      221,996
(Common stock, $100.00 par value)

     Class B                                      922,096
(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 - March 31,
          1999 and December 31, 1998 ............           3

          Consolidated statements of income - for
          the three months ended March 31, 1999
          and 1998...............................           4
          
          Consolidated statements of comprehensive
          income - for the three months ended
          March 31, 1999 and 1998.................          5

          Consolidated statements of cash flows -
          for the three months ended
          March 31, 1999 and 1998.................          6-7

          Condensed notes to the consolidated
          financial statements - March 31,
          1999....................................          8-13

Item 2    Management's discussion and analysis
          of financial condition and results of
          operations - for the three  months
          ended March 31, 1999 and 1998...........          14-21

Item 3    Quantitative and qualitative disclosures
          about market risk.......................          22


                    PART II OTHER INFORMATION

Item 4    Submission of Matters to a Vote of
          Security Holders....................              23

Item 6    Exhibits ...........................              24
          
          Exhibit 27 - Financial Data Schedule
          

                    National Cooperative Bank
                   CONSOLIDATED BALANCE SHEETS
              March 31, 1999 and December 31, 1998
                           (Unaudited)
          
                                       March 31,    December 31,
Assets                                   1999           1998
Cash and cash equivalents          $   36,390,092   $ 66,563,160
Restricted cash                         5,690,096     13,202,725
Investment securities
  Available-for-sale                   37,925,985     39,127,948
  Held-to-maturity                      2,726,716      2,892,312

Loans held for sale                   247,700,118    184,000,331

Loans and lease financing             722,077,140    611,174,140
 Less: Allowance for loan losses      (17,864,467)   (17,426,450)
 Net loans and lease financing        704,212,673    593,747,690

Other assets                           34,037,606     33,881,044

  Total assets                     $1,068,683,286   $933,415,210

Liabilities and Member's Equity
Liabilities
Deposits                           $  126,988,604   $123,419,544
Patronage dividends payable 
 in cash                                5,978,411      5,275,325
Other liabilities                      14,337,889     29,872,655
Borrowings
  Short-term                          386,194,436    220,652,186
  Long-term                           211,238,121    231,193,174
                                      597,432,557    451,845,360

  Subordinated debt                   182,687,065    182,706,417

  Total borrowings                    780,119,622    634,551,777

  Total liabilities                   927,424,526    793,119,301

Members' equity
Common stock
  Class B                              92,209,648     92,209,648
  Class C                              22,199,604     22,199,604
  Class D                                     300            300
Retained earnings
  Allocated                             7,978,268      7,245,656
  Unallocated                          17,643,878     17,097,102
Accumulated other comprehensive
  income                                1,227,062      1,543,599

   Total members' equity              141,258,760    140,295,909

   Total liabilities and 
    members' equity                $1,068,683,286   $933,415,210



                    National Cooperative Bank
                CONSOLIDATED STATEMENTS OF INCOME
                           (Unaudited)

For the three months ended March 31,       1999            1998

Interest income
  Loans and lease financing             $17,013,818    $15,861,896
  Investments securities                  1,488,772      1,514,742

   Total interest income                 18,502,590     17,376,638

Interest expense
  Deposits                                1,450,724        991,322
  Short-term borrowings                   3,583,426      3,121,688
  Long-term debt, other borrowings
   and subordinated debt                  5,829,905      6,410,586

   Total interest expense                10,864,055     10,523,596

   Net interest income                    7,638,535      6,853,042

Provision for loan losses                   417,500        352,879

   Net interest income after
    provision for loan losses             7,221,035      6,500,163

Non-interest income
  Gain on sale of loans                      64,470      3,630,122
  Loan and deposit servicing fees           720,595        613,965
  Other                                     856,162      1,279,344

   Total non-interest income              1,641,227      5,523,431

Non-interest expense
  Compensation and employee benefits      3,613,886      3,819,023
  Contractual services                    1,067,046        916,980
  Occupancy and equipment                 1,049,780        949,031
  Contribution to NCB
   Development Corporation                   50,000         -
  Other                                     606,380        537,091

   Total non-interest expense             6,387,092      6,222,125

Net income before income taxes            2,475,170      5,801,469

Provision for income taxes                  324,414        292,533

  Net income                            $ 2,150,756    $ 5,508,936

Distribution of net income
  Patronage dividends                   $ 2,150,756    $ 5,508,936
  Retained earnings                          -              -
                                        $ 2,150,756    $ 5,508,936



                    NATIONAL COOPERATIVE BANK
         CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                            (Unaudited)


For the three months ended March 31,          1999        1998


Net income                                 $2,150,756  $5,508,936
Other comprehensive income, net of tax:
  Net unrealized holding
   (losses) gain before tax                  (316,537)    228,157

Comprehensive income                       $1,834,219  $5,737,093



                                
                    NATIONAL COOPERATIVE BANK
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (Unaudited)
                                
For the three months ended March 31,                    1999           1998

Cash flows from operating activities              
Net income                                        $   2,150,756  $   5,508,936
Adjustments to reconcile net income to net cash
 provided by (used in) operating activities
  Provision for loan losses                             417,500        352,879
  Depreciation and amortization                       1,461,790      1,142,583
  Gain on sale of loans                                 (64,470)    (3,630,122)
  Loans originated for sale                         (70,837,217)  (161,136,167)
  Proceeds from sale of loans held for sale           7,201,898    183,960,431
  (Increase) decrease in other assets                (1,342,583)    (1,840,592)
  (Decrease) increase in other liabilities          (15,534,766)       116,812

Net cash provided by (used in) operating 
 activities                                         (76,547,092)    24,474,760

Cash flows from investing activities
  Redemption of restricted cash                       7,512,629      1,003,495
   Purchase of investment securities
   Available-for-sale                                (1,000,000)        -
  Proceeds from maturities of investments
   securities
   Available-for-sale                                 1,337,832      1,920,357
   Held-to-maturity                                     165,596         -
  Net increases in loans and lease financing       (117,955,242)   (14,882,227)
  Proceeds from sale of portfolio loans                  -           8,156,399

Net cash used in investing activities              (102,737,287)    (3,801,976)

Cash flows from financing activities
  Net increase in deposits                            3,569,061      6,716,856
  Net increase (decrease) in short-term
   borrowings                                       165,542,250    (47,456,223)
  Proceeds from issuance of long-term debt               -          34,800,000
  Repayment on long term debt                       (20,000,000)    (8,000,000)

  Net cash provided by (used in) financing
   activities                                       149,111,311    (13,939,367)

(Decrease) increase in cash and cash equivalents    (30,173,068)     6,733,417

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

Cash and cash equivalents, end of period          $  36,390,092  $  28,422,662



                    NATIONAL COOPERATIVE BANK
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (Unaudited)
                                

Supplemental schedule of investing and financing activities:

For the three months ended March 31,         1999         1998

Unrealized (loss) gain on investment
   available-for-sale                    $ (316,537)  $   228,157

Interest paid                            $9,772,836    $8,389,843

Income taxes paid                        $    1,494    $  300,000



                    NATIONAL COOPERATIVE BANK
               CONDENSED NOTES TO THE CONSOLIDATED
                      FINANCIAL STATEMENTS
                         March 31, 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 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   March  31,  1999,  NCB's  portfolios  of   investment
securities,  cash  and cash equivalents had an  average  adjusted
maturity  of  1,358 days with interest rates in those  portfolios
varying from 5.38% to 9.40%.
                      
                         Cash and      Investments Investments
  Cash                  Available-       Held-to-
                        Equivalents     for-Sale     Maturity

  Cash                  $10,008,919    $    -      $   -
  Federal funds           1,578,298         -          -
  Money market 
   securities            24,802,875        703,816     -
  Private debt 
   security                  -              -         784,404
  Mutual funds               -           1,513,489     -
  Mortgage-backed
    securities               -               4,808  1,942,312
  Corporate bonds            -           6,657,845     -
  U.S. Treasury and Agency
   obligations               -           4,455,621     -
  Interest-only 
   receivables               -          24,590,406     -

                        $36,390,092    $37,925,985 $2,726,716


     At March 31, 1999, the investments in the available-for-sale
portfolio were recorded at aggregate fair value. Restricted  cash
of $5,690,096 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 which totalled $46,811,226
and $49,354,025,  respectively.  The  restricted  cash  will   become
available  to  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 by category at March 31, 1999
were:

     Commercial loans                   $399,943,196
     Lease financing                      50,878,549
     Real estate loans
       Residential                       511,697,834
       Commercial                          7,257,679

                                        $969,777,258

  At  March 31, 1999 and December 31, 1998 loans held for  resale
were $247.7 million and $184.0 million, respectively.

3.    Impaired Assets

  Impaired loans, representing the nonaccrual loans at March  31,
1999  and Decemeber 31, 1998, totalled $2,371,213 and $2,384,691,
respectively  and averaged $2,367,000 and $3,097,000 during the
respective periods ending on these dates.  Specific  allowances 
of $533,000  and  $557,267  were established at March 31, 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   March  31,  1999 and December 31, 1998,  there  were  no  
commitments  to   lend additional funds to borrowers whose loans 
are impaired.

  At  March  31,  1999  and December 31, 1998, NCB had  real  estate  acquired
through  foreclosure of $3,355,044 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 three months ended March 31, 1999:

  Balance at January 1, 1999           $17,426,450
  Provision for loan losses                417,500
  Charge-offs                                 -
  Recoveries of loans previously
    charged-off                             20,517

  Balance at March 31, 1999            $17,864,467

  The  allowance for loan losses as a percentage of average loans
and lease financing at March 31, 1999 was 2.1%.

5.   Statement of Changes in Members' Equity

  The following is a summary of the activity in members' equity for the three
months ended March 31 1999:
     
                               Retained    Retained                 Total
                      Common   Earnings    Earnings     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            -           -        2,150,756       -        2,150,756
1999 patronage
 dividends to be 
 distributed in 
 cash                 -           -         (871,368)      -         (871,368)
Retained in form of 
 equity               -          732,612    (732,612)      -             -
Unrealized loss on investment
  securities available-for-
  sale                -           -           -         (316,537)    (316,537)

Balance, March 31, 1999   
                $114,409,552 $ 7,978,268 $17,643,878  $1,227,062 $141,258,760


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, 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.

   The  corporation 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 three months
March 31, 1999 and 1998 (dollars in thousands):

   1999              Commercial    Real Estate                          NCB
                      Lendng        Lending     NCBSB     Other     Consolidated
                                                                         
Net interest income
  Interest income      $  7,844    $  7,247   $  2,437  $    975       
  Allocated interest 
   expense                5,487       4,479       -       (9,996)
  Interest expense         -           -         1,454     9,410
Net interest income       2,357       2,768        983     1,531     $  7,639

Provision for loan
 losses                  (2,069)        193         43     2,251          418

Non-interest income-
 external                   609         205        251       576         1,641

Non-interest expense
 Direct expense           1,148       1,111        662     3,466         6,387

 Overhead and support       117          88         75      (280)         -

Total non-interest 
 expense                  1,265       1,199        737      3,186        6,387

Income (loss) before
 taxes                 $  3,770    $  1,581  $     454   $ (3,330)    $  2,475

Total average assets   $385,674    $353,477  $ 131,822   $107,581     $978,554


      1998           Commercial     Real Estate                        NCB
                      Lending        Lending     NCBSB     Other   Consolidated
                                                            
Net interest income
 Interest income      $  6,993     $  6,587   $  1,963   $  1,963     
 Allocated interest 
  expense                5,096        4,259       -        (9,355)
 Interest expense         -            -           992      9,531      
Net interest income      1,897        2,328        971      1,657    $  6,853

Provision for loan 
 losses                   (226)         294         35       250          353

Non-interest income-
 external                  876        4,148        163       339        5,523

Non-interest expense    
 Direct expense            942        1,071        580     3,629        6,222
 Overhead and support      127           84         50      (521)        -
Total non-interest 
 expense                 1,069        1,155        630     3,368        6,222

Income (loss) before 
 taxes                $  1,927     $  5,027   $    469  $ (1,621)    $  5,801

Total average assets  $334,485     $309,586   $ 98,669  $127,061     $869,801


                    NATIONAL COOPERATIVE BANK
              MANAGEMENT'S DISCUSSION AND ANALYSIS
       FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998


SUMMARY

  NCB's net income for the three months ended March 31, 1999  was
$2.2  million.  This was a 61% or $3.3 million decrease  compared
with $5.5 million for the three months ended March 31, 1998.  The
variance resulted from a 70.3% or $3.9 million decrease  in  non-
interest  income which was partially offset by an increase in net
interest  income of 11.5% or $785.5 thousand.

  Total assets were $1.07 billion at March 31, 1999, up 14.5%  or
$135.3  million  from $933.4 million at December 31,  1998.  This
resulted  primarily from an increase in loans held for  sale  and
loans  and  lease financing of $174.6 million partially offset by
a  decrease  in cash   and  cash  equivalents,  restricted  cash  
and  investment securities of $39.1 million.

  The  annualized return on average total assets was .88% for the
first three  months of 1999 compared with 2.53% for the same period
in 1998.   The  annualized return on average equity for  the  period
ended March 31, 1999 and 1998 was 6.11% and 16.44%, respectively.

NET INTEREST INCOME

  Net  interest  income  for  the  first  three  months  of  1999
increased  11.5% or $785.5 thousand over the same period  a  year
ago.  As  shown on Table 1, the net interest spread  decreased  4
basis points to 2.31% from 2.35% for the three months ended March
31,  1998 while net interest yield on interest earning assets was
3.21%  and  3.29% for the three months ended March 31,  1999  and
1998,  respectively.  The  yield  on  average  loans  and  leases
decreased   66  basis  points  while  the  yield  on   investment
securities  and cash equivalents went down 15 basis points.   The
decreases were all due to the current rate environment.

  For  the  three  months ending March 31, 1999, interest  income
increased  6.5%  or  $1.1  million to $18.5  million  from  $17.4
million  of  the prior year's quarter. As shown on Table  2,  an 
increase in average volume which was due to growth in real estate 
loans (most of which  were held for sale) and in the commercial 
loan  and lease portfolio,  was partially offset by a drop in 
average yield.
  
  Interest expense increased $340.5 thousand to $10.9 million for
the three months ended March 31, 1999 compared with $10.5 million
for  the  three months ended March 31, 1998. The interest expense
was  up as a result of higher levels of notes payable and deposits.  
While interest expense was up due  to the higher usage of notes 
payable required to fund loan volume,  such increase was offset by 
lower interest rates on them. The average rate  on interest-bearing  
liabilities decreased to  5.46%  compared  with 5.98%  in  the same 
period in 1998. As shown on Table 2,  a  $1.2 million  increase in 
interest expense was volume related while  a $.9 million decrease 
was due to interest rates.

NON-INTEREST INCOME

  Non-interest income for the three months ended March  31,  1999
of $1.6 million decreased 70.3% or $3.9 million from $5.5 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.   The
majority of the decrease resulted from the timing of the sale  of
loans.  Loans  sold during the first quarter  of  1999  were  $7.1
million compared with $185.3 million in the year-earlier period.
However, following the end of the quarter,  NCB sold in April 1999
approximately $132 million of blanket mortgages.

   Servicing  fee  income for the quarter ended  March  31,  1999
increased 17.4% or $106.6 thousand to $721 thousand compared with
$614.0  thousand for the three months ended March 31, 1998  based
on  loans serviced for others of $1.7 billion and $1.5 billion at
March 31, 1999 and 1998, respectively.

  Other  income  was  down  33.1% to $856.2  thousand  from  $1.3
million  due  to  lower  commercial and  real  estate  loan  fees
received and amortization of excess yield for the quarter  ending
March 31, 1999.

NON-INTEREST EXPENSE

  Non-interest expense for the three months ended March 31,  1999
increased 2.7% or $165 thousand to $6.4 million compared
with  $6.2  million for the three months ended  March  31,  1998.
Compensation  and benefits, the largest component of non-interest
expense,  decreased 5.37% or $205 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 13.3% or $320  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 were $50 thousand and zero  during  the  first
quarters of 1999 and 1998, respectively, non-interest expense  as
a  percentage  of average assets was 2.6% for the  three  months
ended  March  31, 1999 compared with 2.9% for the same  period  a
year ago.


Table 1
RATE RELATED ASSETS AND LIABILITIES
(dollars in thousands)
                                 Three Months Ended
March 31,
                                   1999                     1998
Assets                      Avg.  Income/  Yields/   Avg.   Income/  Yields
                          Balance Expenses Rates   Balance  Expense  Rates
Interest earning assets                                    
 Real estate loans      $458,737  $ 8,705  7.59%  $390,976  $ 8,087  8.27%
 Commercial loans                                         
  and leases             391,192    8,309  8.50%   341,225    7,775  9.11%
                                                            
 Total loans and                                          
  leases                 849,929   17,014  8.01%   732,201   15,862  8.67%

 Investment securities                                    
  and cash equivalents   103,106    1,489  5.78%    102,101   1,515  5.93%

 Total interest
  earning assets         953,035    18,503 7.77%    834,382  17,377  8.33%
                                                            
Allowance for loan                           
 losses                  (17,719)                   (17,837)
                                                            
Non-interest earning assets
 Cash                     10,528                     3,654
 Other assets             32,710                    49,602
                                                            
 Total non-interest                         
  earning assets          43,238                    53,256
                                                            
 Total assets           $978,554                  $869,801
                                                            
LIABILITIES AND  MEMBER'S EQUITY
Interest bearing liabilities
 Subordinated debt      $182,641  $ 2,588   5.67% $182,542  $ 2,680   5.87%
 Notes payable           486,578    6,825   5.61%  430,261    6,583   6.37% 
 Deposits                126,018    1,451   4.61%   91,012      991   4.36%

 Total interest                                           
  bearing liabilities    795,237   10,864   5.46%  703,815   10,524   5.98%

Other liabilities         42,443                    31,944
Members' equity          140,874                   134,042
                                                            
 Total liabilities and                       
  members' equity       $978,554                  $869,801
                                                            
Net interest earning              
 assets                 $157,798                  $130,567
                                  $ 7,639                          
Net interest revenues                   
 and spread                                  2.31%         $  6,853  2.35%
                                                            
Net yield on interest                     
 earning assets                              3.21%                   3.29%

PROVISION FOR INCOME TAXES

 The  federal income tax provision is determined on the basis  of
non-member income generated by NCB Savings Bank, FSB 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 three
months  ended March 31, 1999 was $324 thousand compared with  the
prior year's provision of $293 thousand.

CASH, CASH EQUIVALENTS AND INVESTMENT SECURITIES

 Cash,  cash  equivalents  and  investment  securities  totalling
$77.0  million at March 31, 1999 decreased $31.5 million or 29.1%
from $108.6 million at year-end 1998 due mostly to the funding of
loans  and  lease financing.  As a percentage of earning  assets,
cash,  cash  equivalents and investment securities  decreased  to
7.9% at March 31, 1999 from 13.5% at December 31, 1998.

ALLOWANCE FOR LOAN LOSSES

 The  allowance for loan losses at March 31, 1999 increased  2.5%
to  $17.9  million from $17.4 million at December 31,  1998.  The
allowance during the period was impacted by recoveries  of  loans
previously  charged-off of $20.5 thousand and  the  provision  of
$417.5  thousand. Overall, loan portfolio quality  remained  both
strong  and stable at the end of the first quarters of  1999  and
1998.  NCB's annualized provision for loan losses as a percentage 
of average loans  and  leases outstanding remained at .2% for  the  
quarters ended March 31, 1999 and 1998.

 The  loan  loss allowance as a percentage of average  loans  and
leases  decreased to 2.1% at March 31, 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 14.9% from  $6.7  million  at
December  31,  1998 to $5.7 million at March 31, 1999.   Impaired
assets as a percentage of loans and leases outstanding plus  real
estate owned decreased to .6% at March 31, 1999 compared with .8%
at  year-end 1998.  The allowance for loan losses as a percentage
of  impaired assets increased to 312% at March 31, 1999 from 259%
at December 31, 1998.
 
Table 2
Changes in Net Interest Income
(dollars in thousands)

For the three months ended March 31, 1999 compared to 1998
                                 
                               Increase (decrease) due to  change in:

                                    Average    Average  
                                    Volume*    Yield    Net**
                                                        
 Interest Income
                                                        
 Cash equivalents and                                   
  investment securities             $   14     $   (40)   $   (26)
 Commercial loans and leases         1,086        (552)       534
 Real estate loans                   1,323        (705)       618
                                                        
  Total interest income              2,423      (1,297)     1,126
                                                        
 Interest expense
                                                        
 Deposits                              400          59        459
 Notes payable                         841        (868)       (27)
 Subordinated debt                       1         (93)       (92)
                                                        
  Total interest expense             1,242        (902)       340
                                                        
 Net interest income                $1,181      $ (395)    $  786

* 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.

INTEREST BEARING LIABILITIES

Interest Bearing liabilites
(dollars in thousands)
                           3/31/99       12/31/98        % Change

Deposits                   $126,989     $123,420          2.9%
Short-term debt             386,194      220,652         75.0%
Long-term debt              211,238      231,193         (8.6%)
Subordinated debt           182,687      182,706          0.0%

 Total                     $907,108     $757,971         19.7%

 Interest bearing liabilities increased $149.1 million to  $907.1
million  at  March 31, 1999 from $758.0 million at  December  31,
1998.

 For  the  first  three months of 1999, deposits  at  NCB  Saving
Bank, FSB(NCBSB) grew 2.9% to $127.0 million compared with $123.4
million  at  December  31, 1998. The growth was  attributable  to
local and national deposit accounts and deposits from cooperative
customers.  Average maturity of the certificates of  deposits  is
15.2  months.  Funds generated by the increased deposit  activity
were   used   to  originate  single-family  loans  and   increase
liquidity.

 At  March  31,  1999, total short-term and long-term  borrowings
(including  subordinated debt) increased 22.9% or $145.5  million
to  $780.1 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 March 31, 1999, NCBSB had  advances  of
$17.0 million from the Federal Home Loan Bank and $369.2 million,
net  of  discount,  outstanding  on  its  short-term  facilities.
Included  in  the short-term borrowings were revolving  lines  of
credit  of $207.5 million; commercial paper with a face value  of
$125.0  million  and $38.0 million in borrowings from  a  related
entity and cooperative customers.  Long-term debt decreased  8.6%
from  year-end 1998 due to a payment of $20.0 million  under  the
long-term  facilities.   At  March 31,  1999,  there  was  unused
capacity  under  the  short-term  and  long-term  facilities   of
approximately $32.0 million and $85.0 million, respectively.
 
 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
 
 *  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)

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

Real estate owned   $3,355    $4,343    $4,155    $4,272   $ 5,068

Non-accruing         2,371     2,385       819     3,445     5,738

                    $5,726    $6,728    $4,974    $7,717   $10,806

YEAR 2000

     A  significant  challenge facing NCB, its  subsidiaries  and
affiliate  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. NCB expects all testing to be 
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 which will be tested prior to October 1, 1999 and 
updated as the year progreaaes.

Table (A)
Total Mission Critical Systems (MCS)       55

                 Number of MCS to be:

                 Repaired                   4
                 Replaced                   1
                 Retired                    0
                 Vendor Upgraded           50
                 Tested Only                0
                 Outsourced                 0


Table (B)
Phase Completion Status As of March 31, 1999:

  Phase     Percent Complete  Estimate or Actual   #of MCS in Phase
             
Awareness          100.0%                A               55
Assessment         100.0%                A               55
Renovation         100.0%                A               55
Validation          98.2%                A               54
Implementation      98.2%                A               54

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 is NCB's market risk profile occurred from
December 31, 1998 to March 31, 1999.
Part II OTHER INFORMATION

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

 NCB  held  its  annual meeting on April 22, 1999.   Shareholders
elected the following persons to serve as directors:

 James L. Burns, Jr.(re-elected)
 Eben Hopson, Jr.(re-elected)
 Marilyn J. McQuiade (re-elected)
 Stuart M. Saft

 The following directors continued in office after this meeting:
 
 Joseph Cabral
 Kirby J. Erickson
 Jackie Jenkins-Scott
 Michael J. Mercer
 Alex N. Miller
 Alfred A. Plamann
 Anthony J. Scallon
 Shiela A. Smith
 Peter C. Young
 Thomas K. Zaucha

Item 6. Exhibits

 (a)  The following exhibit is filed as part of this report:
      
        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:
                                     Richard L. Reed,
                                     Managing Director,
                                     Chief Financial Officer



                                  By:
                                     Marietta J. Orcino
                                     Vice President, Tax &
                                     Regulatory Compliance
[{"type": "10-Q", "sequence": "1", "secsgml_size_bytes": 41509}]
{"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": "99623296"}, "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 March 31, 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 March 31, 1999

     Class C                                      221,996
(Common stock, $100.00 par value)

     Class B                                      922,096
(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 - March 31,
          1999 and December 31, 1998 ............           3

          Consolidated statements of income - for
          the three months ended March 31, 1999
          and 1998...............................           4
          
          Consolidated statements of comprehensive
          income - for the three months ended
          March 31, 1999 and 1998.................          5

          Consolidated statements of cash flows -
          for the three months ended
          March 31, 1999 and 1998.................          6-7

          Condensed notes to the consolidated
          financial statements - March 31,
          1999....................................          8-13

Item 2    Management's discussion and analysis
          of financial condition and results of
          operations - for the three  months
          ended March 31, 1999 and 1998...........          14-21

Item 3    Quantitative and qualitative disclosures
          about market risk.......................          22

                    PART II OTHER INFORMATION

Item 4    Submission of Matters to a Vote of
          Security Holders....................              23

Item 6    Exhibits ...........................              24
          
          Exhibit 27 - Financial Data Schedule
          

                    National Cooperative Bank
                   CONSOLIDATED BALANCE SHEETS
              March 31, 1999 and December 31, 1998
                           (Unaudited)
          
                                       March 31,    December 31,
Assets                                   1999           1998
Cash and cash equivalents          $   36,390,092   $ 66,563,160
Restricted cash                         5,690,096     13,202,725
Investment securities
  Available-for-sale                   37,925,985     39,127,948
  Held-to-maturity                      2,726,716      2,892,312

Loans held for sale                   247,700,118    184,000,331

Loans and lease financing             722,077,140    611,174,140
 Less: Allowance for loan losses      (17,864,467)   (17,426,450)
 Net loans and lease financing        704,212,673    593,747,690

Other assets                           34,037,606     33,881,044

  Total assets                     $1,068,683,286   $933,415,210

Liabilities and Member's Equity
Liabilities
Deposits                           $  126,988,604   $123,419,544
Patronage dividends payable 
 in cash                                5,978,411      5,275,325
Other liabilities                      14,337,889     29,872,655
Borrowings
  Short-term                          386,194,436    220,652,186
  Long-term                           211,238,121    231,193,174
                                      597,432,557    451,845,360

  Subordinated debt                   182,687,065    182,706,417

  Total borrowings                    780,119,622    634,551,777

  Total liabilities                   927,424,526    793,119,301

Members' equity
Common stock
  Class B                              92,209,648     92,209,648
  Class C                              22,199,604     22,199,604
  Class D                                     300            300
Retained earnings
  Allocated                             7,978,268      7,245,656
  Unallocated                          17,643,878     17,097,102
Accumulated other comprehensive
  income                                1,227,062      1,543,599

   Total members' equity              141,258,760    140,295,909

   Total liabilities and 
    members' equity                $1,068,683,286   $933,415,210

                    National Cooperative Bank
                CONSOLIDATED STATEMENTS OF INCOME
                           (Unaudited)

For the three months ended March 31,       1999            1998

Interest income
  Loans and lease financing             $17,013,818    $15,861,896
  Investments securities                  1,488,772      1,514,742

   Total interest income                 18,502,590     17,376,638

Interest expense
  Deposits                                1,450,724        991,322
  Short-term borrowings                   3,583,426      3,121,688
  Long-term debt, other borrowings
   and subordinated debt                  5,829,905      6,410,586

   Total interest expense                10,864,055     10,523,596

   Net interest income                    7,638,535      6,853,042

Provision for loan losses                   417,500        352,879

   Net interest income after
    provision for loan losses             7,221,035      6,500,163

Non-interest income
  Gain on sale of loans                      64,470      3,630,122
  Loan and deposit servicing fees           720,595        613,965
  Other                                     856,162      1,279,344

   Total non-interest income              1,641,227      5,523,431

Non-interest expense
  Compensation and employee benefits      3,613,886      3,819,023
  Contractual services                    1,067,046        916,980
  Occupancy and equipment                 1,049,780        949,031
  Contribution to NCB
   Development Corporation                   50,000         -
  Other                                     606,380        537,091

   Total non-interest expense             6,387,092      6,222,125

Net income before income taxes            2,475,170      5,801,469

Provision for income taxes                  324,414        292,533

  Net income                            $ 2,150,756    $ 5,508,936

Distribution of net income
  Patronage dividends                   $ 2,150,756    $ 5,508,936
  Retained earnings                          -              -
                                        $ 2,150,756    $ 5,508,936

                    NATIONAL COOPERATIVE BANK
         CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                            (Unaudited)

For the three months ended March 31,          1999        1998

Net income                                 $2,150,756  $5,508,936
Other comprehensive income, net of tax:
  Net unrealized holding
   (losses) gain before tax                  (316,537)    228,157

Comprehensive income                       $1,834,219  $5,737,093

                                
                    NATIONAL COOPERATIVE BANK
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (Unaudited)
                                
For the three months ended March 31,                    1999           1998

Cash flows from operating activities              
Net income                                        $   2,150,756  $   5,508,936
Adjustments to reconcile net income to net cash
 provided by (used in) operating activities
  Provision for loan losses                             417,500        352,879
  Depreciation and amortization                       1,461,790      1,142,583
  Gain on sale of loans                                 (64,470)    (3,630,122)
  Loans originated for sale                         (70,837,217)  (161,136,167)
  Proceeds from sale of loans held for sale           7,201,898    183,960,431
  (Increase) decrease in other assets                (1,342,583)    (1,840,592)
  (Decrease) increase in other liabilities          (15,534,766)       116,812

Net cash provided by (used in) operating 
 activities                                         (76,547,092)    24,474,760

Cash flows from investing activities
  Redemption of restricted cash                       7,512,629      1,003,495
   Purchase of investment securities
   Available-for-sale                                (1,000,000)        -
  Proceeds from maturities of investments
   securities
   Available-for-sale                                 1,337,832      1,920,357
   Held-to-maturity                                     165,596         -
  Net increases in loans and lease financing       (117,955,242)   (14,882,227)
  Proceeds from sale of portfolio loans                  -           8,156,399

Net cash used in investing activities              (102,737,287)    (3,801,976)

Cash flows from financing activities
  Net increase in deposits                            3,569,061      6,716,856
  Net increase (decrease) in short-term
   borrowings                                       165,542,250    (47,456,223)
  Proceeds from issuance of long-term debt               -          34,800,000
  Repayment on long term debt                       (20,000,000)    (8,000,000)

  Net cash provided by (used in) financing
   activities                                       149,111,311    (13,939,367)

(Decrease) increase in cash and cash equivalents    (30,173,068)     6,733,417

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

Cash and cash equivalents, end of period          $  36,390,092  $  28,422,662

                    NATIONAL COOPERATIVE BANK
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (Unaudited)
                                

Supplemental schedule of investing and financing activities:

For the three months ended March 31,         1999         1998

Unrealized (loss) gain on investment
   available-for-sale                    $ (316,537)  $   228,157

Interest paid                            $9,772,836    $8,389,843

Income taxes paid                        $    1,494    $  300,000

                    NATIONAL COOPERATIVE BANK
               CONDENSED NOTES TO THE CONSOLIDATED
                      FINANCIAL STATEMENTS
                         March 31, 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 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   March  31,  1999,  NCB's  portfolios  of   investment
securities,  cash  and cash equivalents had an  average  adjusted
maturity  of  1,358 days with interest rates in those  portfolios
varying from 5.38% to 9.40%.
                      
                         Cash and      Investments Investments
  Cash                  Available-       Held-to-
                        Equivalents     for-Sale     Maturity

  Cash                  $10,008,919    $    -      $   -
  Federal funds           1,578,298         -          -
  Money market 
   securities            24,802,875        703,816     -
  Private debt 
   security                  -              -         784,404
  Mutual funds               -           1,513,489     -
  Mortgage-backed
    securities               -               4,808  1,942,312
  Corporate bonds            -           6,657,845     -
  U.S. Treasury and Agency
   obligations               -           4,455,621     -
  Interest-only 
   receivables               -          24,590,406     -

                        $36,390,092    $37,925,985 $2,726,716

     At March 31, 1999, the investments in the available-for-sale
portfolio were recorded at aggregate fair value. Restricted  cash
of $5,690,096 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 which totalled $46,811,226
and $49,354,025,  respectively.  The  restricted  cash  will   become
available  to  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 by category at March 31, 1999
were:

     Commercial loans                   $399,943,196
     Lease financing                      50,878,549
     Real estate loans
       Residential                       511,697,834
       Commercial                          7,257,679

                                        $969,777,258

  At  March 31, 1999 and December 31, 1998 loans held for  resale
were $247.7 million and $184.0 million, respectively.

3.    Impaired Assets

  Impaired loans, representing the nonaccrual loans at March  31,
1999  and Decemeber 31, 1998, totalled $2,371,213 and $2,384,691,
respectively  and averaged $2,367,000 and $3,097,000 during the
respective periods ending on these dates.  Specific  allowances 
of $533,000  and  $557,267  were established at March 31, 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   March  31,  1999 and December 31, 1998,  there  were  no  
commitments  to   lend additional funds to borrowers whose loans 
are impaired.

  At  March  31,  1999  and December 31, 1998, NCB had  real  estate  acquired
through  foreclosure of $3,355,044 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 three months ended March 31, 1999:

  Balance at January 1, 1999           $17,426,450
  Provision for loan losses                417,500
  Charge-offs                                 -
  Recoveries of loans previously
    charged-off                             20,517

  Balance at March 31, 1999            $17,864,467

  The  allowance for loan losses as a percentage of average loans
and lease financing at March 31, 1999 was 2.1%.

5.   Statement of Changes in Members' Equity

  The following is a summary of the activity in members' equity for the three
months ended March 31 1999:
     
                               Retained    Retained                 Total
                      Common   Earnings    Earnings     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            -           -        2,150,756       -        2,150,756
1999 patronage
 dividends to be 
 distributed in 
 cash                 -           -         (871,368)      -         (871,368)
Retained in form of 
 equity               -          732,612    (732,612)      -             -
Unrealized loss on investment
  securities available-for-
  sale                -           -           -         (316,537)    (316,537)

Balance, March 31, 1999   
                $114,409,552 $ 7,978,268 $17,643,878  $1,227,062 $141,258,760

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, 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.

   The  corporation 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 three months
March 31, 1999 and 1998 (dollars in thousands):

   1999              Commercial    Real Estate                          NCB
                      Lendng        Lending     NCBSB     Other     Consolidated
                                                                         
Net interest income
  Interest income      $  7,844    $  7,247   $  2,437  $    975       
  Allocated interest 
   expense                5,487       4,479       -       (9,996)
  Interest expense         -           -         1,454     9,410
Net interest income       2,357       2,768        983     1,531     $  7,639

Provision for loan
 losses                  (2,069)        193         43     2,251          418

Non-interest income-
 external                   609         205        251       576         1,641

Non-interest expense
 Direct expense           1,148       1,111        662     3,466         6,387

 Overhead and support       117          88         75      (280)         -

Total non-interest 
 expense                  1,265       1,199        737      3,186        6,387

Income (loss) before
 taxes                 $  3,770    $  1,581  $     454   $ (3,330)    $  2,475

Total average assets   $385,674    $353,477  $ 131,822   $107,581     $978,554

      1998           Commercial     Real Estate                        NCB
                      Lending        Lending     NCBSB     Other   Consolidated
                                                            
Net interest income
 Interest income      $  6,993     $  6,587   $  1,963   $  1,963     
 Allocated interest 
  expense                5,096        4,259       -        (9,355)
 Interest expense         -            -           992      9,531      
Net interest income      1,897        2,328        971      1,657    $  6,853

Provision for loan 
 losses                   (226)         294         35       250          353

Non-interest income-
 external                  876        4,148        163       339        5,523

Non-interest expense    
 Direct expense            942        1,071        580     3,629        6,222
 Overhead and support      127           84         50      (521)        -
Total non-interest 
 expense                 1,069        1,155        630     3,368        6,222

Income (loss) before 
 taxes                $  1,927     $  5,027   $    469  $ (1,621)    $  5,801

Total average assets  $334,485     $309,586   $ 98,669  $127,061     $869,801

                    NATIONAL COOPERATIVE BANK
              MANAGEMENT'S DISCUSSION AND ANALYSIS
       FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998

SUMMARY

  NCB's net income for the three months ended March 31, 1999  was
$2.2  million.  This was a 61% or $3.3 million decrease  compared
with $5.5 million for the three months ended March 31, 1998.  The
variance resulted from a 70.3% or $3.9 million decrease  in  non-
interest  income which was partially offset by an increase in net
interest  income of 11.5% or $785.5 thousand.

  Total assets were $1.07 billion at March 31, 1999, up 14.5%  or
$135.3  million  from $933.4 million at December 31,  1998.  This
resulted  primarily from an increase in loans held for  sale  and
loans  and  lease financing of $174.6 million partially offset by
a  decrease  in cash   and  cash  equivalents,  restricted  cash  
and  investment securities of $39.1 million.

  The  annualized return on average total assets was .88% for the
first three  months of 1999 compared with 2.53% for the same period
in 1998.   The  annualized return on average equity for  the  period
ended March 31, 1999 and 1998 was 6.11% and 16.44%, respectively.

NET INTEREST INCOME

  Net  interest  income  for  the  first  three  months  of  1999
increased  11.5% or $785.5 thousand over the same period  a  year
ago.  As  shown on Table 1, the net interest spread  decreased  4
basis points to 2.31% from 2.35% for the three months ended March
31,  1998 while net interest yield on interest earning assets was
3.21%  and  3.29% for the three months ended March 31,  1999  and
1998,  respectively.  The  yield  on  average  loans  and  leases
decreased   66  basis  points  while  the  yield  on   investment
securities  and cash equivalents went down 15 basis points.   The
decreases were all due to the current rate environment.

  For  the  three  months ending March 31, 1999, interest  income
increased  6.5%  or  $1.1  million to $18.5  million  from  $17.4
million  of  the prior year's quarter. As shown on Table  2,  an 
increase in average volume which was due to growth in real estate 
loans (most of which  were held for sale) and in the commercial 
loan  and lease portfolio,  was partially offset by a drop in 
average yield.
  
  Interest expense increased $340.5 thousand to $10.9 million for
the three months ended March 31, 1999 compared with $10.5 million
for  the  three months ended March 31, 1998. The interest expense
was  up as a result of higher levels of notes payable and deposits.  
While interest expense was up due  to the higher usage of notes 
payable required to fund loan volume,  such increase was offset by 
lower interest rates on them. The average rate  on interest-bearing  
liabilities decreased to  5.46%  compared  with 5.98%  in  the same 
period in 1998. As shown on Table 2,  a  $1.2 million  increase in 
interest expense was volume related while  a $.9 million decrease 
was due to interest rates.

NON-INTEREST INCOME

  Non-interest income for the three months ended March  31,  1999
of $1.6 million decreased 70.3% or $3.9 million from $5.5 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.   The
majority of the decrease resulted from the timing of the sale  of
loans.  Loans  sold during the first quarter  of  1999  were  $7.1
million compared with $185.3 million in the year-earlier period.
However, following the end of the quarter,  NCB sold in April 1999
approximately $132 million of blanket mortgages.

   Servicing  fee  income for the quarter ended  March  31,  1999
increased 17.4% or $106.6 thousand to $721 thousand compared with
$614.0  thousand for the three months ended March 31, 1998  based
on  loans serviced for others of $1.7 billion and $1.5 billion at
March 31, 1999 and 1998, respectively.

  Other  income  was  down  33.1% to $856.2  thousand  from  $1.3
million  due  to  lower  commercial and  real  estate  loan  fees
received and amortization of excess yield for the quarter  ending
March 31, 1999.

NON-INTEREST EXPENSE

  Non-interest expense for the three months ended March 31,  1999
increased 2.7% or $165 thousand to $6.4 million compared
with  $6.2  million for the three months ended  March  31,  1998.
Compensation  and benefits, the largest component of non-interest
expense,  decreased 5.37% or $205 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 13.3% or $320  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 were $50 thousand and zero  during  the  first
quarters of 1999 and 1998, respectively, non-interest expense  as
a  percentage  of average assets was 2.6% for the  three  months
ended  March  31, 1999 compared with 2.9% for the same  period  a
year ago.

Table 1
RATE RELATED ASSETS AND LIABILITIES
(dollars in thousands)
                                 Three Months Ended
March 31,
                                   1999                     1998
Assets                      Avg.  Income/  Yields/   Avg.   Income/  Yields
                          Balance Expenses Rates   Balance  Expense  Rates
Interest earning assets                                    
 Real estate loans      $458,737  $ 8,705  7.59%  $390,976  $ 8,087  8.27%
 Commercial loans                                         
  and leases             391,192    8,309  8.50%   341,225    7,775  9.11%
                                                            
 Total loans and                                          
  leases                 849,929   17,014  8.01%   732,201   15,862  8.67%

 Investment securities                                    
  and cash equivalents   103,106    1,489  5.78%    102,101   1,515  5.93%

 Total interest
  earning assets         953,035    18,503 7.77%    834,382  17,377  8.33%
                                                            
Allowance for loan                           
 losses                  (17,719)                   (17,837)
                                                            
Non-interest earning assets
 Cash                     10,528                     3,654
 Other assets             32,710                    49,602
                                                            
 Total non-interest                         
  earning assets          43,238                    53,256
                                                            
 Total assets           $978,554                  $869,801
                                                            
LIABILITIES AND  MEMBER'S EQUITY
Interest bearing liabilities
 Subordinated debt      $182,641  $ 2,588   5.67% $182,542  $ 2,680   5.87%
 Notes payable           486,578    6,825   5.61%  430,261    6,583   6.37% 
 Deposits                126,018    1,451   4.61%   91,012      991   4.36%

 Total interest                                           
  bearing liabilities    795,237   10,864   5.46%  703,815   10,524   5.98%

Other liabilities         42,443                    31,944
Members' equity          140,874                   134,042
                                                            
 Total liabilities and                       
  members' equity       $978,554                  $869,801
                                                            
Net interest earning              
 assets                 $157,798                  $130,567
                                  $ 7,639                          
Net interest revenues                   
 and spread                                  2.31%         $  6,853  2.35%
                                                            
Net yield on interest                     
 earning assets                              3.21%                   3.29%

PROVISION FOR INCOME TAXES

 The  federal income tax provision is determined on the basis  of
non-member income generated by NCB Savings Bank, FSB 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 three
months  ended March 31, 1999 was $324 thousand compared with  the
prior year's provision of $293 thousand.

CASH, CASH EQUIVALENTS AND INVESTMENT SECURITIES

 Cash,  cash  equivalents  and  investment  securities  totalling
$77.0  million at March 31, 1999 decreased $31.5 million or 29.1%
from $108.6 million at year-end 1998 due mostly to the funding of
loans  and  lease financing.  As a percentage of earning  assets,
cash,  cash  equivalents and investment securities  decreased  to
7.9% at March 31, 1999 from 13.5% at December 31, 1998.

ALLOWANCE FOR LOAN LOSSES

 The  allowance for loan losses at March 31, 1999 increased  2.5%
to  $17.9  million from $17.4 million at December 31,  1998.  The
allowance during the period was impacted by recoveries  of  loans
previously  charged-off of $20.5 thousand and  the  provision  of
$417.5  thousand. Overall, loan portfolio quality  remained  both
strong  and stable at the end of the first quarters of  1999  and
1998.  NCB's annualized provision for loan losses as a percentage 
of average loans  and  leases outstanding remained at .2% for  the  
quarters ended March 31, 1999 and 1998.

 The  loan  loss allowance as a percentage of average  loans  and
leases  decreased to 2.1% at March 31, 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 14.9% from  $6.7  million  at
December  31,  1998 to $5.7 million at March 31, 1999.   Impaired
assets as a percentage of loans and leases outstanding plus  real
estate owned decreased to .6% at March 31, 1999 compared with .8%
at  year-end 1998.  The allowance for loan losses as a percentage
of  impaired assets increased to 312% at March 31, 1999 from 259%
at December 31, 1998.
 
Table 2
Changes in Net Interest Income
(dollars in thousands)

For the three months ended March 31, 1999 compared to 1998
                                 
                               Increase (decrease) due to  change in:

                                    Average    Average  
                                    Volume*    Yield    Net**
                                                        
 Interest Income
                                                        
 Cash equivalents and                                   
  investment securities             $   14     $   (40)   $   (26)
 Commercial loans and leases         1,086        (552)       534
 Real estate loans                   1,323        (705)       618
                                                        
  Total interest income              2,423      (1,297)     1,126
                                                        
 Interest expense
                                                        
 Deposits                              400          59        459
 Notes payable                         841        (868)       (27)
 Subordinated debt                       1         (93)       (92)
                                                        
  Total interest expense             1,242        (902)       340
                                                        
 Net interest income                $1,181      $ (395)    $  786

* 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.

INTEREST BEARING LIABILITIES

Interest Bearing liabilites
(dollars in thousands)
                           3/31/99       12/31/98        % Change

Deposits                   $126,989     $123,420          2.9%
Short-term debt             386,194      220,652         75.0%
Long-term debt              211,238      231,193         (8.6%)
Subordinated debt           182,687      182,706          0.0%

 Total                     $907,108     $757,971         19.7%

 Interest bearing liabilities increased $149.1 million to  $907.1
million  at  March 31, 1999 from $758.0 million at  December  31,
1998.

 For  the  first  three months of 1999, deposits  at  NCB  Saving
Bank, FSB(NCBSB) grew 2.9% to $127.0 million compared with $123.4
million  at  December  31, 1998. The growth was  attributable  to
local and national deposit accounts and deposits from cooperative
customers.  Average maturity of the certificates of  deposits  is
15.2  months.  Funds generated by the increased deposit  activity
were   used   to  originate  single-family  loans  and   increase
liquidity.

 At  March  31,  1999, total short-term and long-term  borrowings
(including  subordinated debt) increased 22.9% or $145.5  million
to  $780.1 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 March 31, 1999, NCBSB had  advances  of
$17.0 million from the Federal Home Loan Bank and $369.2 million,
net  of  discount,  outstanding  on  its  short-term  facilities.
Included  in  the short-term borrowings were revolving  lines  of
credit  of $207.5 million; commercial paper with a face value  of
$125.0  million  and $38.0 million in borrowings from  a  related
entity and cooperative customers.  Long-term debt decreased  8.6%
from  year-end 1998 due to a payment of $20.0 million  under  the
long-term  facilities.   At  March 31,  1999,  there  was  unused
capacity  under  the  short-term  and  long-term  facilities   of
approximately $32.0 million and $85.0 million, respectively.
 
 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
 
 *  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)

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

Real estate owned   $3,355    $4,343    $4,155    $4,272   $ 5,068

Non-accruing         2,371     2,385       819     3,445     5,738

                    $5,726    $6,728    $4,974    $7,717   $10,806

YEAR 2000

     A  significant  challenge facing NCB, its  subsidiaries  and
affiliate  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. NCB expects all testing to be 
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 which will be tested prior to October 1, 1999 and 
updated as the year progreaaes.

Table (A)
Total Mission Critical Systems (MCS)       55

                 Number of MCS to be:

                 Repaired                   4
                 Replaced                   1
                 Retired                    0
                 Vendor Upgraded           50
                 Tested Only                0
                 Outsourced                 0

Table (B)
Phase Completion Status As of March 31, 1999:

  Phase     Percent Complete  Estimate or Actual   #of MCS in Phase
             
Awareness          100.0%                A               55
Assessment         100.0%                A               55
Renovation         100.0%                A               55
Validation          98.2%                A               54
Implementation      98.2%                A               54

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 is NCB's market risk profile occurred from
December 31, 1998 to March 31, 1999.
Part II OTHER INFORMATION

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

 NCB  held  its  annual meeting on April 22, 1999.   Shareholders
elected the following persons to serve as directors:

 James L. Burns, Jr.(re-elected)
 Eben Hopson, Jr.(re-elected)
 Marilyn J. McQuiade (re-elected)
 Stuart M. Saft

 The following directors continued in office after this meeting:
 
 Joseph Cabral
 Kirby J. Erickson
 Jackie Jenkins-Scott
 Michael J. Mercer
 Alex N. Miller
 Alfred A. Plamann
 Anthony J. Scallon
 Shiela A. Smith
 Peter C. Young
 Thomas K. Zaucha

Item 6. Exhibits

 (a)  The following exhibit is filed as part of this report:
      
        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:
                                     Richard L. Reed,
                                     Managing Director,
                                     Chief Financial Officer

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