UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSSION
                              WASHINGTON, DC 20549


                                   FORM 12b-25


                                                   Commission File Number 1-9819

                           NOTIFICATION OF LATE FILING

                                  (Check One):

     |_| Form 10-K |_| Form 11-K |_| Form 20-F |X| Form 10-Q |_| Form N-SAR

                    For the Period Ended: September 30, 2004

|_|      Transition Report on Form 10-K
|_|      Transition Report on Form 20-F
|_|      Transition Report on Form 11-K
|_|      Transition Report on Form 10-Q
|_|      Transition Report on Form N-SAR


     For the Transition Period Ended:


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     Nothing in this form shall be  construed to imply that the  Commission  has
verified any information contained herein.

     If the  notification  relates  to a portion of the  filing  checked  above,
identify the item(s) to which the notification relates:

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                         PART I - REGISTRANT INFORMATION

                          MERIT SECURITIES CORPORATION
                            (Full name of registrant)


                            4551 Cox Road, Suite 300
                         Glen Allen, Virginia 23060-6740
                     (Address of principal executive office)


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                        PART II - RULE 12b-25 (b) AND (c)

     If subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate.)                                    |X|

     (a)  The reasons  described  in  reasonable  detail in Part III of this
          form  could  not be  eliminated  without  unreasonable  effort  or
          expense.

     (b)  The subject annual report,  semi-annual report,  transition report
          on Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be
          filed on or before the 15th calendar day following the  prescribed
          due date; or subject quarterly report or transition report on Form
          10-K, or portion  thereof will be filed on or before the fifteenth
          calendar day following the prescribed due date.

     (c)  The  accountant's  statement  or other  exhibit  required  by Rule
          12b-25 (c) has been attached if applicable.


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                              PART III - NARRATIVE

     State below in  reasonable  detail the reasons why Form 10-K,  11-K,  20-F,
10-Q,  N-SAR or the transition  report portion thereof could not be filed within
the prescribed time period.

     MERIT  Securities  Corporation  ("Company") is  experiencing  difficulty in
finalizing  certain required  disclosures in order to complete the filing of its
Form 10-Q for the quarter ended  September 30, 2004 by the  prescribed due date.
It is anticipated  that such information will be produced and that the Form 10-Q
will be filed as soon as  possible  (and no later  than the fifth  calendar  day
following  the  prescribed  due date).  The  foregoing  difficulty  could not be
eliminated by the Registrant without unreasonable effort and expense,  including
hiring (if available) additional professional staff on a short-term basis.


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                           PART IV - OTHER INFORMATION

     (1)  Name and telephone number of  person  to contact in regard to this
          notification

              Stephen J. Benedetti          804                    217-5837
                     (Name)             (Area Code)           (Telephone Number)

     (2)  Have all other periodic reports required under Section 13 or 15(d)
          of the  Securities  Exchange  Act of  1934  or  section  30 of the
          Investment  Company Act of 1940 during the  preceding 12 months or
          for such shorter  period that the  registrant was required to file
          such  report(s)  been  filed?   If  the  answer  is  no,  identify
          report(s).

              [ X ]  Yes            [   ]  No

     (3)  Is it  anticipated  that any  significant  change  in  results  of
          operation from the  corresponding  period for the last fiscal year
          will be reflected by the earnings statements to be included in the
          subject report or portion thereof?

              [   ]  Yes            [ X ]  No

     Merit Securities  Corporation has caused this  notification to be signed on
its behalf by the undersigned thereunto duly authorized.

                                       MERIT SECURITIES CORPORATION



                                       /s/ Kevin J. Sciuk
                                       -----------------------------------------
Date:  November 15, 2004               Kevin J. Sciuk
                                       Vice President, Secretary, Treasurer