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                                    FORM 8-K
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549



CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE
ACT OF 1934

Date of Report (date of earliest event reported):  March 14, 2001


                    Friedman, Billings, Ramsey Group, Inc.
            (Exact name of Registrant as specified in its charter)




   Virginia                      54-1837743                   001-13731
(State or other    (I.R.S. Employer incorporation or    (Commission File Number)
jurisdiction of                organization)
Identification No.)



                            1001 Nineteenth Street
                           North Arlington, VA 22209
              (Address of principal executive offices) (Zip code)


                                (703) 312-9500
              (Registrant's telephone number including area code)



Item 9.

1.        On March 14, 2001, Friedman, Billings, Ramsey Group, Inc. issued a
press release announcing that the Board of Governors of the Federal Reserve
System has approved the company's proposed acquisition of Rushmore Trust and
Savings, FSB, and its parent company, Money Management Associates LP (MMA), of
Bethesda, Md. The entire text of the press release is being furnished herewith
and attached as Exhibit 99.1.


        99.1 Press Release dated March 14, 2001.



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly  caused  this  Report  to be signed  on its  behalf by the  undersigned
hereunto duly authorized.

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

By: /s/ Emanuel J. Friedman
Chairman and Co-Chief Executive Officer





      EX-99.1 PRESS RELEASE

[FBR LOGO APPEARS HERE]


For Immediate Release
Media Contact:  Michael W. Robinson (703) 312-1830 or mrobinson@fbr.com
                                                      -----------------


        Friedman Billings Ramsey Receives Approval from Federal Reserve;
           Will Complete Acquisition of Rushmore Trust and Savings and
                         Money Management Associates LP

            Bank Acquisition is the Result of Gramm-Leach-Bliley Act;
               FBR Receives Waiver of Merchant Banking Limitations


Arlington,  Va., March 14, 2001 - Friedman,  Billings, Ramsey Group, Inc. (NYSE:
FBR) today  announced that the Board of Governors of the Federal  Reserve System
(the "Board") has approved the company's proposed  acquisition of Rushmore Trust
and Savings, FSB, and its parent company,  Money Management Associates LP (MMA),
of  Bethesda,  Md. The  acquisition  will more than double  FBR's  assets  under
management,  and expand and enhance the company's recurring revenue streams with
the addition of fund administration and bank products.

Upon closing,  Friedman,  Billings,  Ramsey Group,  Inc. will become a financial
holding  company  under  the  1999  Gramm-Leach-Bliley  Act.  FBR is  the  first
securities firm engaged  principally in investment  banking and merchant banking
to have been approved by the Board under the Act. As part of the Board's  order,
FBR received  approval to exceed the Board's  regulatory  thresholds on merchant
banking activities.

When  this  acquisition  closes,  it will  enable  FBR to offer a full  range of
securities,  banking,  and asset  management  products  and  services  under the
provisions of the Gramm-Leach-Bliley Act. The Act allows investment banks, asset
managers,  commercial banks,  investment  advisors,  and other financial service
providers to combine  resources to directly offer a broader range of services to
clients.

"This acquisition gives FBR and MMA/Rushmore  clients access to a broad spectrum
of  financial  services,  and we  expect  that it  will  enhance  the  company's
financial  performance  for FBR  shareholders,"  said  Eric F.  Billings,  FBR's
Co-Chief Executive Officer and Vice Chairman.  "Once again, FBR has demonstrated
in its own business the same knowledge-based creativity that we bring to bear in
the advice and services we provide to our clients."

FBR was founded in 1989 with a research focus on banks and thrifts. In 1993, FBR
structured the  recapitalizations of Chevy Chase Savings Bank, Crossland Federal
Savings Bank,  Glendale  Federal Bank, The Dime Savings Bank, and Riggs National
Corporation.  As FBR diversified into additional industry sectors - real estate,
technology and energy - FBR also maintained its focus on the financial  services
industry in its institutional research, investment banking, and asset management
businesses.

Rushmore  (expected to be renamed FBR National  Bank) provides  custody,  mutual
fund accounting and shareholder  servicing,  retail banking, and trust services.
MMA  manages  money  market,  fixed  income,  and  index  mutual  funds  and has
approximately $920 million in assets under management.

"The complete range of financial and private banking  services that FBR will now
offer  our high net worth  private  clients  positions  us at the  forefront  of
financial  institutions  in the  mid-Atlantic  region," said Webb C. Hayes,  IV,
Managing  Director and head of the Private  Client  Group at FBR.  "FBR is now a
single point of access to virtually any financial  service a client needs,  from
secured  lending  to the most  sophisticated  asset  management  and  investment
banking services,  including FBR's expertise and opportunities in initial public
offerings and venture capital."

FBR will acquire MMA/Rushmore for $17.5 million in cash at closing,  plus a $9.7
million,  ten-year,  interest-free  installment  note.  The company  expects the
acquisition  to be  accretive  to  its  earnings  in  the  first  full  year  of
operations.  The  transaction  is  expected  to close  effective  the end of the
quarter,  after the completion of a required 15-day  regulatory  waiting period,
and Rushmore's  expected  receipt of regulatory  approval from the Office of the
Comptroller of the Currency for conversion to a national bank.

Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) is a holding company for
investment banking, institutional brokerage, and specialized asset management
products and services.  FBR provides capital and financial expertise throughout
a company's lifecycle and affords investors access to a range of proprietary
financial products and services.  Headquartered in Northern Virginia, home to
an array of leading global companies, FBR has offices in Arlington and Reston,
Va., Boston, Charlotte, Chicago, Dallas, Irvine, Ca., New York, Portland,
Seattle, London, and Vienna.  For more information, see www.fbr.com.
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                                      # # #

         Statements concerning future performance, developments, negotiations or
         events,  expectations or plans and objectives for future  operations or
         for growth and market forecasts,  and any other guidance on present and
         future periods,  constitute forward-looking statements that are subject
         to a number of factors risks and uncertainties  that might cause actual
         results  to differ  materially  from  stated  expectations  or  current
         circumstances. These factors include but are not limited to competition
         among venture capital firms and the high degree of risk associated with
         venture capital investments, the effect of demand for public offerings,
         activity in the secondary securities markets,  available  technologies,
         competition for business and personnel, and general economic, political
         and market conditions.