8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
December 2, 2004

FIRSTCITY FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	033-19694	76-0243729
(State of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

6400 Imperial Drive
Waco, Texas 76712
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (254) 751-1750

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Section 8 – Other Events
	Item 8.01 Other Events.
	Item 9.01 Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
Text of Press Release dated December 2, 2004

Section 8 – Other Events

Item 8.01 Other Events.

     On December 2, 2004, FirstCity Financial Corporation (“FirstCity” or the “Company”) issued a press release announcing the redemption of its New Preferred Stock, $0.01 par value per share. A copy of this press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01	Financial Statements and Exhibits.
(c)	Exhibits.
	The following exhibits are furnished with this Form 8-K.
	99.1	Press Release of the Company, dated December 2, 2004

SIGNATURES

     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 hereunto duly authorized.

	FirstCity Financial Corporation
Date: December 2, 2004	By:	/S/ J. Bryan Baker
		J. Bryan Baker
		Senior Vice President, and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.		Description
99.1	-	Text of press release of the Company, dated December 2, 2004.

EX-99.1

EXHIBIT 99.1

N E W S   R E L E A S E

FirstCity Financial to Redeem its New Preferred Stock

     Waco, Texas December 2, 2004....FirstCity Financial Corporation (Nasdaq FCFC) today announced that it will redeem on December 30, 2004, all of the outstanding shares of its New Preferred Stock at a total redemption price of $21.525 per share. The redemption price represents the liquidation preference of the New Preferred Stock plus the final normal quarterly dividend of $.525 per share.

On the December 30, 2004 redemption date, the redemption price will become due and payable on each share of New Preferred Stock and dividends will cease to accrue. At that time, all rights of holders thereof will terminate, except the right to receive the redemption price upon surrender of the New Preferred Stock certificates.

American Stock Transfer & Trust Company will serve as the redemption and paying agent for the redemption. A notice of redemption and letter of transmittal to be used in surrendering certificates to American Stock Transfer & Trust Company is being sent to the registered holders of the New Preferred Stock. In order to receive the redemption price on or after the redemption date, eligible stockholders of the New Preferred Stock must surrender their certificates to American Stock Transfer & Trust Company, together with a properly completed and duly executed letter of transmittal, as follows:

American Stock Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, New York 10038
Telephone: (718) 921-8200

FirstCity is a diversified financial services company dedicated to portfolio asset acquisition and resolution, with offices in the U.S. and with affiliate organizations in France and Mexico. Its common (FCFC) and preferred (FCFCO) stocks are listed on the Nasdaq National Market System.