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


                                   FORM 12b-25

                            SEC FILE NUMBER 033-19694




                           NOTIFICATION OF LATE FILING

(Check One):

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

      For Period Ended: December 31, 2000

   [ ]  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:__________________________________


Read Instruction (on back page) Before Preparing Form. Please Print or Type.

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:

PART I -- REGISTRANT INFORMATION

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Full Name of Registrant: FirstCity Financial Corporation
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Former Name if Applicable:
Former conformed name:  First City Bancorporation of Texas Inc
Date of name change:    19950703

Former conformed name:  First City Acquisition Corp
Date of name change:    19880523
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Address of Principal Executive Office (Street and Number): 6400 Imperial Drive


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City, State and Zip Code: Waco, Texas 76712


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

If the 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)

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

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

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

PART III -- NARRATIVE

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

Certain financial and other information required to be disclosed in the
Registrant's Form 10-K could not be obtained by Registrant prior to the required
filing date for the report without unreasonable effort or expense.


PART IV--OTHER INFORMATION

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

     J. Bryan Baker              254                   751-1750
         (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 answer is no,
     identify report(s). |x| Yes |_| No

(3)  Is it anticipated that any significant change in results of operations from


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     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? |x| Yes |_| No

If   so, attach an explanation of the anticipated change, both narratively and
     quantitatively, and, if appropriate, state the reasons why a reasonable
     estimate of the results cannot be made.

A review of the Company's books and records for the year ended December 31, 2000
has not yet been completed at this date. At the present time, the Company
estimates that it incurred a net loss in excess of $18 million in 2000, compared
to net loss of $110 million in 1999. The principal reason for the 2000 loss are
losses resulting from the change in the valuation allowance of the deferred tax
asset of $7 million and an additional $5 million provision for impairment
related to the discontinued operation of the subsidiary FC Capital Corp., which
formerly conducted business as FirstCity Capital Corporation. Additionally, the
Company record approximately $4.4 million of provision for impairment on loans
and other assets.
================================================================================

                         FirstCity Financial Corporation
                  (Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.


Date -April 2, 2000                       By: /s/ J. Bryan Baker
                                          J. Bryan Baker, Senior Vice President

INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.

                                    ATTENTION
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        Intentional misstatements or omissions of fact constitute Federal
                    Criminal Violations (See 18 U.S.C. 1001).
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                              GENERAL INSTRUCTIONS

     1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General
        Rules and Regulations under the Securities Exchange Act of 1934.


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     2. One signed original and four conformed copies of this form and
        amendments thereto must be completed and filed with the Securities and
        Exchange Commission, Washington, D.C. 20549, in accordance with Rule 0-3
        of the General Rules and Regulations under the Act. The information
        contained in or filed with the form will be made a matter of public
        record in the Commission files.

     3. A manually signed copy of the form and amendments thereto shall be filed
        with each national securities exchange on which any class of securities
        of the registrant is registered.

     4. Amendments to the notifications must also be filed on form 12b-25 but
        need not restate information that has been correctly furnished. The form
        shall be clearly identified as an amended notification.

     5. Electronic Filers. This form shall not be used by electronic filers
        unable to timely file a report solely due to electronic difficulties.
        Filers unable to submit a report within the time period prescribed due
        to difficulties in electronic filing should comply with either Rule 201
        or Rule 202 of Regulation S-T (ss.232.201 or ss.232.202 of this chapter)
        or apply for an adjustment in filing date pursuant to Rule 13(b) of
        Regulation S-T (ss.232.13(b) of this chapter).