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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 4

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(h) of the Investment Company Act of 1940

o Check this box if no longer
subject to Section 16.
Form 4 or Form 5
obligations may continue.
See Instruction 1(b).
1. Name and Address of Reporting
Person* (Last, First, Middle)		 2. Issuer Name and Ticker or Trading Symbol 5. Relationship of Reporting Person(s) to Issuer
(Check All Applicable)
  Fulmer, Dane
  FirstCity Financial Corporation (FCFC)
  x  Director
o  10% Owner		 o  Officer (give title below)
o  Other (specify below)
  5209 Rosewood Circle
(Street)
 3. Date of Earliest Transaction
(MM/DD/YYYY)		   <%=formData.OfficerRelationshipDescription%><%=formData.OtherRelationshipDescription%>
    08/24/2006
6. Individual or Joint/Group Filing
(Check Applicable Line)
  Fort Smith, AR 72903
(City)         (State)        (Zip)
 4. If Amendment, Date Original Filed
(MM/DD/YYYY)		  
x Form filed by One Reporting Person
o Form filed by More than One Reporting Person
   
     
                   
Reminder:   Report on a separate line for each class of securities beneficially owned directly or indirectly.
 
*   If the form is filed by more than one reporting person, see instruction 4(b)(v).
 

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security
(Instr. 3)		 2. Transaction
Date
(MM/DD/YYYY)		 2a. Deemed
Execution
Date, if any.
(MM/DD/YYYY)		 3. Transaction Code
(Instr. 8)		 4. Securities
Acquired (A) or
Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount
of Securities
Beneficially
Owned
Following
Reported
Transactions(s)
(Instr. 3 and 4)		 6. Ownership
Form:
Direct (D)
or
Indirect (I)
(Instr. 4)		 7. Nature of
Indirect
Beneficial
Ownership
(Instr. 4)
              Code V  Equity Swap   Amount (A)
or
(D)		 Price            
  Common Stock    08/24/2006      M    No   1250    A    $1.80    73250    I    By Trustees for the Jonelle T. Fulmer Living Trust 
  Common Stock    08/24/2006      M    No   1250    A    $9.84    74500    I    By Trustees for the Jonelle T. Fulmer Living Trust 
  Common Stock                              1650    D     

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
  (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative
Security
(Instr. 3)		 2. Conversion or Exercise
Price of Derivative
Security		    3. Transaction
Date
(MM/DD/YYYY)		 3a. Deemed Execution
Date, if any
(MM/DD/YYYY)		 4. Transaction
Code
(Instr. 8)		 5. Number of
Derivative Securities
Acquired (A)
or
Disposed of (D)
(Instr. 3, 4 and 5)
                      Code V Equity
Swap		   Amount (A)/(D)
  Option to Acquire Common Stock    $1.80    08/24/2006        G    No    2500  D 
  Option to Acquire Common Stock    $1.80    08/24/2006        G    No    2500  A 
  Option to Acquire Common Stock    $11.33    08/24/2006        G    No    5000  D 
  Option to Acquire Common Stock    $11.33    08/24/2006        G    No    5000  A 
  Option to Acquire Common Stock    $9.84    08/24/2006        G    No    5000  D 
  Option to Acquire Common Stock    $9.84    08/24/2006        G    No    5000  A 
  Option to Acquire Common Stock    $1.80    08/24/2006        M    No    1250  D 
  Option to Acquire Common Stock    $9.84    08/24/2006        M    No    1250  D 

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned - Continued
(e.g., puts, calls, warrants, options, convertible securities)
6. Date Exercisable and
Expiration Date
(MM/DD/YYYY)		 7. Title and Amount
of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative
Security
(Instr. 5)		 9. Number of Derivative
Securities Beneficially Owned
Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of
Derivative Security:
Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of
Indirect
Beneficial
Ownership
(Instr. 4)
  Date
Exercisable		 Expiration
Date		   Title Amount or
Number of
Shares		                        
  04/29/2006 (1) 04/29/2013    Common Stock  2500    $0.00    0    D     
  04/29/2006 (1) 04/29/2013    Common Stock  2500    $0.00    2500    I    By Trustees for the Jonelle T. Fulmer Living Trust 
  10/12/2005  10/12/2015    Common Stock  5000    $0.00    0    D     
  10/12/2005  10/12/2015    Common Stock  5000    $0.00    5000    I    By Trustees for the Jonelle T. Fulmer Living Trust 
  08/03/2006 (2) 08/03/2016    Common Stock  5000    $0.00    0    D     
  08/03/2006 (2) 08/03/2016    Common Stock  5000    $0.00    5000    I    By Trustees for the Jonelle T. Fulmer Living Trust 
  04/29/2006 (1) 04/29/2013    Common Stock  1250    $0.00    1250    I    By Trustees for the Jonelle T. Fulmer Living Trust 
  08/03/2006 (2) 08/03/2016    Common Stock  1250    $0.00    3750    I    By Trustees for the Jonelle T. Fulmer Living Trust 

Explanation of Responses:

(1) Options are/were exercisable as follows:
1,250 on April 29, 2006,
1,250 on April 29, 2007
(2) Options are/were exercisable as follows:
1,250 on August 3, 2006,
1,250 on November 3, 2006,
1,250 on February 3, 2007 and
1,250 on May 3, 2007

Remarks:

On August 24, 2006, Mr. Fulmer assigned his rights under all outstanding options granted to him to purchase shares of common stock in FirstCity Financial Corporation to the Jonelle T. Fulmer Living Trust, of which the trustee is Mr. Fulmer's wife, Jonelle T. Fulmer.

Richard J. Vander Woude,
Attorney-in-fact for Dane Fulmer 		  8/28/2006
**Signature of Reporting Person		  
Date

**   Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
 
 

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