Securities and Exchange Commission



Washington, D.C. 20549





Form 10-QSB



QUARTERLY OR TRANSITIONAL REPORT UNDER
SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
QUARTERLY OR TRANSITIONAL REPORT



|(X) |  | Quarterly Report Pursuant to
    Section 13 or 15(d) of the Securities Exchange Act of 1934 
|--- |  | --------------------------------------------------------------------------------------------
|    |  | for the quarterly period
    ended June 30, 2003                                            
|    |  |                                                                                             
|    |  | Transition Report Pursuant
    to Section 13 or 15(d) of the Securities Exchange Act of 1934
|    |  | for the transition period
    from_______________to _______________                         



Commission File Number  000-50267



Great Lakes Bancorp, Inc.
(Exact name of small business issuer as specified in its
charter)



|New York                                                       | 13-4237490                          
|-------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)
|                                                               |                                     
|2421 Main Street, Buffalo, New York                            | 14214                               
|(Address of principal executive offices)                       | (Zip Code)                          



716-961-1900
(Issuer's telephone number, including area code)



Not applicable
(Former name, former address and former fiscal year, if
changed since last report)



Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
past 12 months (or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements for the
past 90 days. YesX  No



State the number of shares outstanding of each of the
issuer's classes of common equity, as of the latest practicable date: Common
Stock - voting, $.001 par value, 1,961,620 shares outstanding as of August 11,
2003 and Class B Common Stock - non-voting, $.001 par value, 115,750 shares
outstanding as of August 11, 2003.







GREAT LAKES BANCORP, INC.



INDEX

|PART I  | FINANCIAL
    INFORMATION                                       | PAGE
|------- | --------------------------------------------------------------- | ----
|        |                                                                 |     
|Item 1. | Consolidated
    Financial Statements                           | 1   
|        |                                                                 |     
|        | Consolidated
    Statements of Condition as of June 30, 2003    |     
|        | and December 31,
    2002                                       | 2   
|        |                                                                 |     
|        | Consolidated
    Statements of Operations for the three and six |     
|        | months ended June
    30, 2003 and 2002                         | 3   
|        |                                                                 |     
|        | Consolidated
    Statements of Cash Flows for the six months    |     
|        | ended June 30,
    2003 and 2002                                | 4   
|        |                                                                 |     
|        | Notes to
    Consolidated Financial Statements                  | 5   
|        |                                                                 |     
|Item 2. | Management's
    Discussion and Analysis of Financial           |     
|        | Condition and
    Results of Operations                         | 9   
|        |                                                                 |     
|Item 3. | Controls and
    Procedures                                     | 15  
|        |                                                                 |     
|        |                                                                 |     
|PART II | OTHER
    INFORMATION                                           |     
|        |                                                                 |     
|Item 1. | Legal Proceedings                                               | 15  
|        |                                                                 |     
|Item 2. | Changes in
    Securities and Use of Proceeds                   | 15  
|        |                                                                 |     
|Item 3. | Defaults Upon
    Senior Securities                             | 15  
|        |                                                                 |     
|Item 4. | Submission of
    Matters to a Vote of Security Holders         | 15  
|        |                                                                 |     
|Item 5. | Other Information                                               | 15  
|        |                                                                 |     
|Item 6. | Exhibits and
    Reports on Form 8-K                            | 16  
|        |                                                                 |     
|        | Signatures                                                      | 16  
|        |                                                                 |     







GREAT LAKES BANCORP, INC.
Consolidated Statements of Condition



|                                                                       | June 30, 2003 |  | December 31, 2002
|---------------------------------------------------------------------- | ------------- |  | -----------------
|Assets                                                                 | (Unaudited)   |  |                  
|Cash and cash
    equivalents:                                         |               |  |                  
|Cash and due from
    banks                                            | $ 5,942,899   |  | $ 3,518,565      
|Interest-bearing
    deposits in other financial institutions          | 13,267,681    |  | 13,585,964       
|Total cash and
    cash equivalents                                    | 19,210,580    |  | 17,104,529       
|Securities:                                                            |               |  |                  
|Available for
    sale, at fair value                                  | 80,849,332    |  | 56,725,551       
|Held to maturity,
    at cost                                          | 2,000,000     |  | -                
|Federal Home Loan
    Bank stock, at cost                              | 1,580,800     |  | 683,000          
|Loans, net of
    allowance for loan losses                            | 181,757,663   |  | 142,257,683      
|Premises and
    equipment, net                                        | 6,275,317     |  | 5,307,920        
|Other assets                                                           | 2,103,626     |  | 2,505,183        
|Total assets                                                           | $ 293,777,318 |  | $ 224,583,866    
|                                                                       |               |  |                  
|Liabilites and Shareholders' Equity                                    |               |  |                  
|Liabilities:                                                           |               |  |                  
|Deposits                                                               | 274,591,135   |  | 197,028,909      
|Short-term
    borrowings                                              | 111,377       |  | 9,139,501        
|Other liabilities                                                      | 744,690       |  | 812,114          
|Total liabilities                                                      | 275,447,202   |  | 206,980,524      
|                                                                       |               |  |                  
|Shareholders'
    equity:                                              |               |  |                  
|Common stock -
    voting, $0.001 par value, 20,000,000                |               |  |                  
|shares
    authorized, 1,961,620 sharres issued and outstanding        | 1,962         |  | -                
|Common stock -
    voting, $5.00 par value, 5,000,000                  |               |  |                  
|shares
    authorized, 1,961,620 sharres issued and outstanding        | -             |  | 9,808,100        
|Class B Common
    stock - non-voting, $0.001 par value,               |               |  |                  
|5,000,000 shares
    authorized, 115,750 shares issued and outstanding | 116           |  | -                
|Class B Common
    stock - non-voting, $5.00 par value,                |               |  |                  
|1,000,000 shares
    authorized, 115,750 shares issued and outstanding | -             |  | 578,750          
|Additional
    paid-in capital                                         | 18,622,473    |  | 8,237,701        
|Accumulated
    deficit                                                | (910,361)     |  | (1,487,356)      
|Accumulated other
    comprehensive income, net                        | 615,926       |  | 466,147          
|Total
    shareholders' equity                                         | 18,330,116    |  | 17,603,342       
|Total liabilities
    and shareholders' equity                         | $ 293,777,318 |  | $ 224 ,583,866   

The accompanying notes are an integral part of the financial statements.

1





GREAT LAKES BANCORP, INC.
Consolidated Statements of Operations (Unaudited)



|                                                                                 | Three months   |  | Six months    
|-------------------------------------------------------------------------------- | -------------- |  | --------------
|                                                                                 | ended June 30, |  | ended June 30,
|                                                                                 | 2003           |  | 2002          
|Interest income:                                                                 |                |  |               
|Loans                                                                            | $ 2,477,208    |  | $ 1,661,426   
|Securities
    available for sale                                                | 688,175        |  | 364,420       
|Interest-bearing deposits and federal funds sold                                 | 38,310         |  | 50,646        
|Total interest
    income                                                        | 3,203,693      |  | 2,076,492     
|Interest expense:                                                                |                |  |               
|Deposits                                                                         | 1,593,167      |  | 1,054,117     
|Short-term
    borrowings                                                        | 6,482          |  | 4,116         
|Total interest
    expense                                                       | 1,599,649      |  | 1,058,233     
|Net interest
    income                                                          | 1,604,044      |  | 1,018,259     
|Provision for
    loan losses                                                    | 80,381         |  | 99,000        
|Net interest
    income after provision for loan losses                          | 1,523,663      |  | 919,259       
|Noninterest
    income:                                                          |                |  |               
|Net gain on sale
    of securities available for sale                            | 337,963        |  | 101,005       
|Realized gain on
    sale of loans                                               | 63,862         |  | -             
|Other operating
    income                                                       | 138,847        |  | 47,903        
|Total noninterest
    income                                                     | 540,672        |  | 148,908       
|Noninterest
    expenses:                                                        |                |  |               
|Salaries and
    employee benefits                                               | 604,557        |  | 479,314       
|Occupancy,
    equipment and furnishings                                         | 225,710        |  | 151,914       
|Data processing
    and operations                                               | 141,599        |  | 111,830       
|Printing, postage
    and supplies                                               | 91,756         |  | 52,869        
|Professional
    services                                                        | 79,608         |  | 39,013        
|Advertising                                                                      | 59,076         |  | 63,481        
|Other operating
    expenses                                                     | 137,321        |  | 52,113        
|Total noninterest
    expenses                                                   | 1,339,627      |  | 950,534       
|Income before
    income taxes                                                   | 724,708        |  | 117,633       
|Income tax
    provision                                                         | 282,636        |  | 45,877        
|Net income                                                                       | $ 442,072      |  | $ 71,756      
|Net income per
    share - basic and diluted                                     | $ 0.21         |  | $ 0.03        
|Weighted average
    number of common shares 
   outstanding - basic and diluted | 2,077,370      |  | 2,077,370     

The accompanying notes are an integral part of the financial statements.

2



GREAT LAKES BANCORP, INC.
Consolidated Statements of Shareholders' Equity (Unaudited)



|                                                                                     |                |           |              |            |              |   |               |   | Accumulated   |   |               |   |              
|------------------------------------------------------------------------------------ | -------------- | --------- | ------------ | ---------- | ------------ | - | ------------- | - | ------------- | - | ------------- | - | -------------
|                                                                                     |                |           | Class B      |            | Additional   |   |               |   | other         |   |               |   | Total        
|                                                                                     | Common         |           | Common stock |            | paid-in      |   | Accumulated   |   | comprehensive |   | Subscriptions |   | shareholders'
|                                                                                     | stock - voting |           | Non-voting   |            | capital      |   | Deficit       |   | income        |   | receivable    |   | equity       
|                                                                                     |                |           |              |            |              |   |               |   |               |   |               |   |              
|Balance at December 31, 2001                                                         | $ 9,808,100    |           | $ 578,750    |            | $ 8,241,504  |   | $ (2,354,255) |   | $ 142,533     |   | $ (4,722,094) |   | $ 11,694,538 
|                                                                                     |                |           |              |            |              |   |               |   |               |   |               |   |              
|Issuance of 517,625 shares of
    Common stock - voting                              | -              |           | -            |            | -            |   | -             |   | -             |   | 4,270,406     |   | 4,270,406    
|                                                                                     |                |           |              |            |              |   |               |   |               |   |               |   |              
|Issuance of 54,750 shares of
    
   Class B Common stock - 
    non-voting          | -              |           | -            |            | -            |   | -             |   | -             |   | 451,688       |   | 451,688      
|                                                                                     |                |           |              |            |              |   |               |   |               |   |               |   |              
|Payment of underwriting costs                                                        | -              |           | -            |            | (3,803)      |   | -             |   | -             |   | -             |   | (3,803)      
|                                                                                     |                |           |              |            |              |   |               |   |               |   |               |   |              
|Comprehensive income:                                                                |                |           |              |            |              |   |               |   |               |   |               |   |              
|Net income                                                                           | -              |           | -            |            | -            |   | 67,046        |   | -             |   | -             |   | 67,046       
|Other
    comprehensive income, 
      net of tax: Unrealized gains                  |                |           |              |            |              |   |               |   |               |   |               |   |              
|on
    securities, net of 
          reclassification 
    adjustment                | -              |           | -            |            | -            |   | -             |   | 207,515       |   | -             |   | 207,515      
|Total comprehensive income                                                           |                |           |              |            |              |   |               |   |               |   |               |   | 274,561      
|                                                                                     |                |           |              |            |              |   |               |   |               |   |               |   |              
|Balance at June 30, 2002                                                             | $ 9,808,100    |           | $ 578,750    |            | $ 8,237,701  |   | $ (2,287,209) |   | $ 350,048     |   | $ -           |   | $ 16,687,390 
|                                                                                     |                |           |              |            |              |   |               |   |               |   |               |   |              
|                                                                                     |                |           |              |            |              |   |               |   | Accumulated   |   |               |   |              
|                                                                                     |                |           | Class B      |            | Additional   |   |               |   | other         |   |               |   | Total        
|                                                                                     | Common         |           | Common stock |            | paid-in      |   | Accumulated   |   | comprehensive |   | Subscriptions |   | shareholders'
|                                                                                     | stock - voting |           | Non-voting   |            | capital      |   | deficit       |   | income        |   | receivable    |   | equity       
|                                                                                     |                |           |              |            |              |   |               |   |               |   |               |   |              
|Balance at December 31, 2002                                                         | $ 9,808,100    |           | $ 578,750    |            | $ 8,237,701  |   | $ (1,487,356) |   | $ 466,147     |   | $ -           |   | $ 17,603,342 
|                                                                                     |                |           |              |            |              |   |               |   |               |   |               |   |              
|Reorganization - Great Lakes
  
    Bancorp, Inc.                                    |                |           |              |            |              |   |               |   |               |   |               |   |              
|exchanges all outstanding
   GBSB shares,                                            |                |           |              |            |              |   |               |   |               |   |               |   |              
|one-for-one; par value
    reduced
   from $5.00per share to
   $0.001 per share     |                |           |              |            |              |   |               |   |               |   |               |   |              
|(9,806,138)                                                                          |                | (578,634) |              | 10,384,772 |              | - |               | - |               | - |               | -
|                                                                                     |                |           |              |            |              |   |               |   |               |   |               |   |              
|Comprehensive income:                                                                |                |           |              |            |              |   |               |   |               |   |               |   |              
|Net income                                                                           | -              |           | -            |            | -            |   | 576,995       |   | -             |   | -             |   | 576,995      
|Other comprehensive income,
  
    net of tax:                                       |                |           |              |            |              |   |               |   |               |   |               |   |              
|Unrealized
    gains on
    
    securities, net of
     reclassification adjustment | -              |           | -            |            | -            |   | -             |   | 149,779       |   | -             |   | 149,779      
|Total comprehensive income                                                           |                |           |              |            |              |   |               |   |               |   |               |   | 726,774      
|Balance at June 30, 2003                                                             | $ 1,962        |           | $ 116        |            | $ 18,622,473 |   | $ (910,361)   |   | $ 615,926     |   | $ -           |   | $ 18,330,116 



The accompanying notes are an integral part of the financial statements.

3



GREAT LAKES BANCORP, INC.
Consolidated Statements of Cash Flows (Unaudited)

|                                                                                      | Six months ended |  | Six months ended
|------------------------------------------------------------------------------------- | ---------------- |  | ----------------
|                                                                                      | June 30, 2003    |  | June 30, 2002   
|                                                                                      |                  |  |                 
|Cash flows from
    operating activities:                                             |                  |  |                 
|Net income                                                                            | $ 576,995        |  | $ 67,046        
|Adjustments to
    reconcile net income to net cash provided by operating activities: |                  |  |                 
|Depreciation,
    amortization and accretion                                          | 671,310          |  | 167,090         
|Deferred income
    tax expense                                                       | 368,898          |  | 42,866          
|Realized gain on
    sale of securities                                               | (353,804)        |  | (166,204)       
|Realized loss on
    sale of securities                                               | -                |  | 16,325          
|Realized gain on
    sale of loans                                                    | (63,862)         |  | -               
|Provision for
    loan losses                                                         | 152,947          |  | 128,000         
|Increase in other
    assets                                                          | (63,101)         |  | (94,273)        
|(Decrease)
    increase in other liabilities                                          | (67,424)         |  | 10,966          
|Net cash provided
    by operating activities                                         | 1,221,959        |  | 171,816         
|Cash flows from
    investing activities:                                             |                  |  |                 
|Purchase of
    marketable securities available for sale                              | (57,439,694)     |  | (8,941,332)     
|Proceeds from
    sales of marketable securities available for sale                   | 24,157,644       |  | 13,871,192      
|Proceeds from
    principal paydowns on marketable securities available for sale      | 9,471,860        |  | 296,320         
|Purchase of
    securities to be held to maturity                                     | (2,000,000)      |  | -               
|Purchase of
    Federal Home Loan Bank stock                                          | (897,800)        |  | (350,400)       
|Net increase in
    loans receivable                                                  | (39,782,109)     |  | (39,121,760)    
|Purchase of
    premises and equipment                                                | (1,159,911)      |  | (482,354)       
|Net cash used by
    investing activities                                             | (67,650,010)     |  | (34,728,334)    
|Cash flows from
    financing activities:                                             |                  |  |                 
|Net increase in
    deposits                                                          | 77,562,226       |  | 46,735,035      
|Net (decrease)
    increase in short-term borrowings                                  | (9,028,124)      |  | 112,972         
|Proceeds of stock
    offering                                                        | -                |  | 4,722,094       
|Payment of stock
    offering costs                                                   | -                |  | (3,803)         
|Net cash provided
    by financing activities                                         | 68,534,102       |  | 51,566,298      
|Net increase in
    cash and cash equivalents                                         | 2,106,051        |  | 17,009,780      
|Cash and cash
    equivalents at beginning of period                                  | $ 17,104,529     |  | $ 4,346,399     
|Cash and cash
    equivalents at end of period                                        | $ 19,210,580     |  | $ 21,356,179    
|Supplemental
    disclosure of cash flow information:                                 |                  |  |                 
|Cash paid for
    interest                                                            | $ 2,923,017      |  | $ 1,958,069     

The accompanying notes are an integral part of the financial statements.

4



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(1.) Basis of Presentation



The accompanying consolidated financial statements include
the accounts of Great Lakes Bancorp, Inc. (the "Company") and its wholly owned
subsidiary, Greater Buffalo Savings Bank (the "Bank") after elimination of all
material intercompany accounts and transactions. These consolidated statements
have been prepared in accordance with accounting principles generally accepted
in the United States of America for interim consolidated financial information
and with the instructions for Form 10-QSB. Accordingly, they do not include all
of the information and footnotes required by accounting principles generally
accepted in the United States of America for complete consolidated financial
statements. In the opinion of management, all adjustments, consisting of normal
recurring adjustments, considered necessary for a fair presentation have been
included. Operating results for the six-month period ended June 30, 2003 (unaudited)
are not necessarily indicative of the results that may be expected for the year
ended December 31, 2003. Certain amounts in the financial statements for the
six-month period ended June 30, 2002 have been reclassified to conform to the
consolidated financial statement presentation for the six-month period ended
June 30, 2003. For further information, refer to the Bank's Annual Report on
Form 10-KSB for the year ended December 31, 2002 (filed with the Federal Deposit
Insurance Corporation), which includes audited financial statements and
footnotes as of and for the years ended December 31, 2002 and 2001.



Earnings Per Share

In accordance with Statement of Financial Accounting
Standards No. 128, "Earnings Per Share," the Company is required to report basic
and diluted earnings per share. Net income per common share is based upon the
weighted average number of common shares outstanding during the periods
presented. As of June 30, 2003 and June 30, 2002, all outstanding stock options
have not been considered common stock equivalents because their assumed exercise
would be anti-dilutive due to the stock option price being equal to or greater
than the fair value of the Company stock.



(2.) Securities



Investments in securities are classified as trading,
available for sale or held to maturity. The amortized cost and approximate fair
value of securities at June 30, 2003 (unaudited) and December 31, 2002 are
summarized as follows:



|                                    |  | Amortized    |  | Unrealized  |  | Unrealized  |  | Fair        
|----------------------------------- |  | ------------ |  | ----------- |  | ----------- |  | ------------
|June 30, 2003                       |  | Cost         |  | Gains       |  | Losses      |  | Value       
|                                    |  |              |  |             |  |             |  |             
|Securities available for sale:      |  |              |  |             |  |             |  |             
|                                    |  |              |  |             |  |             |  |             
|US government and federal           |  |              |  |             |  |             |  |             
|Agencies:                           |  |              |  |             |  |             |  |             
|Due from one to five years          |  | $ 499,402    |  | $ 28,176    |  | $ -         |  | $ 527,578   
|Due from five to ten years          |  | 2,000,000    |  | 35,880      |  | -           |  | 2,035,880   
|Due after ten years                 |  | 6,996,942    |  | 102,693     |  | -           |  | 7,099,635   
|Mortgage-backed fixed rate pass-    |  |              |  |             |  |             |  |             
|through securities                  |  | 60,265,127   |  | 601,478     |  | (109,449)   |  | 60,757,156  
|Other debt securities:              |  |              |  |             |  |             |  |             
|Due from one to five years          |  | 6,761,351    |  | 260,413     |  | -           |  | 7,021,764   
|Due from five to ten years          |  | 3,316,795    |  | 90,524      |  | -           |  | 3,407,319   
|Total securities available for sale |  | $ 79,839,617 |  | $ 1,119,164 |  | $ (109,449) |  | $ 80,849,332

5





|                                        |  | Amortized   |  | Unrealized |  | Unrealized |  | Fair       
|--------------------------------------- |  | ----------- |  | ---------- |  | ---------- |  | -----------
|June 30, 2003                           |  | Cost        |  | Gains      |  | Losses     |  | Value      
|                                        |  |             |  |            |  |            |  |            
|Securities to be held to maturity:      |  |             |  |            |  |            |  |            
|                                        |  |             |  |            |  |            |  |            
|Other debt securities:                  |  |             |  |            |  |            |  |            
|Due after ten years                     |  | $ 2,000,000 |  | -          |  | -          |  | 2,000,000  
|Total securities to be held to maturity |  | $ 2,000,000 |  | $ -        |  | $ -        |  | $ 2,000,000



|                                    |  | Amortized    |  | Unrealized |  | Unrealized  |  | Fair        
|----------------------------------- |  | ------------ |  | ---------- |  | ----------- |  | ------------
|December 31, 2002                   |  | Cost         |  | Gains      |  | Losses      |  | Value       
|                                    |  |              |  |            |  |             |  |             
|Securities available for sale:      |  |              |  |            |  |             |  |             
|                                    |  |              |  |            |  |             |  |             
|U.S. government and federal         |  |              |  |            |  |             |  |             
|agencies:                           |  |              |  |            |  |             |  |             
|Due from one year to five years     |  | $ 8,556,347  |  | $ 227,934  |  | $ ( 53)     |  | $ 8,784,228 
|Due from five to ten years          |  | 5,000,000    |  | 2,001      |  | -           |  | 5,002,001   
|Mortgage-backed fixed rate pass-    |  |              |  |            |  |             |  |             
|through securities                  |  | 39,335,869   |  | 519,665    |  | ( 3,057)    |  | 39,852,477  
|Other debt securities:              |  |              |  |            |  |             |  |             
|Due from one to five years          |  | 3,069,159    |  | 65,473     |  | ( 47,787)   |  | 3,086,845   
|Total securities available for sale |  | $ 55,961,375 |  | $ 815,073  |  | $ ( 50,897) |  | $ 56,725,551



At June 30, 2003, securities with a book value of $32,644,350
and a fair value of $33,158,637 were pledged primarily to secure the Bank's
Treasury Tax and Loan account with the Federal Reserve Bank, United States
District Court accounts, the NYS Linked Deposit Program and subsidized and
unsubsidized deposits received from the State of New York.



(3.) Loans



Loans receivable consist of the following:



|                                    | June 30, 2003 |  | December 31, 2002
|----------------------------------- | ------------- |  | -----------------
|                                    | (Unaudited)   |  |                  
|                                    |               |  |                  
|Residential mortgages               | $ 139,907,092 |  | $ 109,781,247    
|Commercial loans                    | 24,259,733    |  | 19,571,214       
|Consumer loans                      | 16,343,068    |  | 12,431,122       
|                                    | 180,509,893   |  | 141,783,583      
|Net deferred loan origination costs | 2,774,770     |  | 1,851,100        
|Allowance for loan losses           | (1,527,000)   |  | (1,377,000)      
|Loans, net                          | $ 181,757,663 |  | $ 142,257,683    



Outstanding commitments, consisting of both unused
lines-of-credit and commitments to originate new loans totaled $28,303,138 and
$17,279,403 at June 30, 2003 and December 31, 2002 respectively.



6





(4.) Deposits



Deposits at June 30, 2003 (unaudited) and December 31, 2002
are summarized as follows:



|                                                | Weighted |  |               |  |        
|----------------------------------------------- | -------- |  | ------------- |  | -------
|                                                | Average  |  |               |  |        
|                                                | Rate     |  | Amount        |  | Percent
|Demand and NOW accounts, including non-interest |          |  |               |  |        
|bearing deposits of $9,419,416                  | .67%     |  | $ 25,794,367  |  | 9.39%  
|Money market                                    | 1.59     |  | 9,391,849     |  | 3.42   
|Passbook savings                                | 2.82     |  | 179,118,287   |  | 65.23  
|                                                |          |  | 214,304,503   |  | 78.04  
|Certificates of deposit                         | 2.47     |  | 60,286,632    |  | 21.96  
|                                                |          |  |               |  |        
|Total deposits at June 30, 2003                 |          |  | $ 274,591,135 |  | 100.00%
|                                                |          |  |               |  |        
|                                                |          |  |               |  |        
|                                                | Weighted |  |               |  |        
|                                                | Average  |  |               |  |        
|                                                | Rate     |  | Amount        |  | Percent
|Demand and NOW accounts, including non-interest |          |  |               |  |        
|bearing deposits of $7,121,404                  | 0.71%    |  | $ 21,955,121  |  | 11.14% 
|Money market                                    | 1.59     |  | 12,465,915    |  | 6.33   
|Passbook savings                                | 2.95     |  | 110,195,455   |  | 55.93  
|                                                |          |  | 144,616,491   |  | 73.40  
|Certificates of deposit                         | 2.93     |  | 52,412,418    |  | 26.60  
|                                                |          |  |               |  |        
|Total deposits at December 31, 2002             |          |  | $ 197,028,909 |  | 100.00%



Scheduled maturities of certificates of deposit are as
follows:



|                                           |  |  | June 30,        
|------------------------------------------ |  |  | ----------------
|                                           |  |  | 2003 (Unaudited)
|                                           |  |  |                 
|Due within three months                    |  |  | $ 4,764,376     
|Due between three months and twelve months |  |  | 36,683,515      
|Due between one year and three years       |  |  | 15,374,768      
|Due between three and five years           |  |  | 3,426,911       
|Due between five and ten years             |  |  | 37,062          
|                                           |  |  | $ 60,286,632    



Certificates of deposit issued in amounts of $100,000 or more
amounted to $31,799,114 and $20,561,681 at June 30, 2003 (unaudited) and
December 31, 2002 respectively.



7





(5.) Comprehensive Income



The Company follows Financial Accounting Standards Board ("FASB")
Statement No. 130, "Reporting Comprehensive Income" (Statement 130) for
reporting comprehensive income. Comprehensive income as defined by Statement
130, is the change in equity of a business enterprise during a reporting period
from transactions and other events and circumstances from non-owner sources. In
addition to the Company's net income, change in equity components under
comprehensive income reporting include the net change in unrealized gain or loss
on securities available for sale.



Net unrealized holding gains for the six months ended June
30, 2003 (unaudited) are summarized as follows:



|                                                   |  | Pre-tax   |  | Tax (Expense) |  | Net      
|-------------------------------------------------- |  | --------- |  | ------------- |  | ---------
|                                                   |  | Amounts   |  | Benefits      |  | Amount   
|Unrealized holding gains arising during period     |  | $ 599,343 |  | $ (233,743)   |  | $ 365,600
|Less: reclassification adjustment for net gains    |  |           |  |               |  |          
|included in net income                             |  | (353,804) |  | 137,983       |  | (215,821)
|Net unrealized holding gains arising during period |  | $ 245,539 |  | $ (95,760)    |  | $ 149,779



Net unrealized holding gains for the six months ended June
30, 2002 (unaudited) are summarized as follows:



|                                                   |  | Pre-tax   |  | Tax (Expense) |  | Net      
|-------------------------------------------------- |  | --------- |  | ------------- |  | ---------
|                                                   |  | Amounts   |  | Benefits      |  | Amount   
|Unrealized holding gains arising during period     |  | $ 490,066 |  | $ (191,125)   |  | $ 298,941
|Less: reclassification adjustment for net gains    |  |           |  |               |  |          
|included in net income                             |  | (149,878) |  | 58,452        |  | (91,426) 
|Net unrealized holding gains arising during period |  | $ 340,188 |  | $ (132,673)   |  | $ 207,515



(6.) Stock Options



For stock options issued to employees, officers and
directors, the Company has adopted the disclosure-only provisions of SFAS 123
and, accordingly, does not recognize compensation cost for stock option grants
under fixed awards. SFAS 148, "Accounting for Stock Based Compensation -
Transition and Disclosure", requires the Company to disclose in its interim
consolidated financial statements the impact if the Company had elected to
recognize compensation cost based on the fair value of the options granted at
the grant date as prescribed by SFAS 123. The impact on net income and income
per share would have been as follows:

8



|                                                          |  | Six months ended |  | Six months ended
|--------------------------------------------------------- |  | ---------------- |  | ----------------
|                                                          |  | June 30, 2003    |  | June 30, 2002   
|                                                          |  |                  |  |                 
|Net income, as
    reported                               |  | $ 576,995        |  | $ 67,046        
|Total stock based
    employee compensation expense       |  |                  |  |                 
|determined under
    the fair value method for all        |  |                  |  |                 
|awards, net of tax                                        |  | (46,189)         |  | (43,135)        
|                                                          |  |                  |  |                 
|Net income
    (loss), pro forma                          |  | 530,806          |  | 23,911          
|                                                          |  |                  |  |                 
|Net income per
    share, as reported - basic and diluted |  | $ 0.28           |  | $ 0.03          
|                                                          |  |                  |  |                 
|Net income per
    share, pro forma - basic and diluted   |  | $ 0.26           |  | $ 0.01          

No compensation expense was recorded in the six-month period
ended June 30, 2003 or 2002 for stock options granted to employees, officers or
directors.

ITEM 2

MANAGEMENT'S DISCUSSION AND ANALYSIS

Forward-Looking Statements

When used or incorporated by reference, the words
"anticipate", "estimate", "expect", "project", "target", "goal", and other
similar expressions are intended to identify forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933. Such forward-looking
statements are subject to certain risks, uncertainties and assumptions. Should
one or more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
anticipated, estimated, expected or projected. Readers are cautioned not to
place undue reliance on these forward-looking statements, as they reflect
management's analysis only as of the date of this report. The Company expressly
disclaims any obligation or undertaking to publicly release any updates or
revisions to any forward-looking statement contained herein to reflect any
change in the Company's expectation with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.



Discussion of Financial Condition Changes from December 31,
2002 to June 30, 2003



Total assets increased $69.2 million during the first six
months of 2003 to $293.8 million, primarily due to increases of $39.5 million in
loans receivable and $26.1 million in securities available for sale and held to
maturity. Growth in total assets was primarily funded by $77.6 million in new
deposit accounts less a reduction of short-term borrowings of $9.0 million.



9





Cash and Cash Equivalents



Non-interest-bearing cash and due from banks increased from
$3.5 million at December 31, 2002 to $5.9 million at June 30, 2003.
Interest-bearing deposits in other financial institutions decreased from $13.6
million at December 31, 2002 to $13.3 million at June 30, 2003. The average
yields earned on these deposits over the six-month periods ended June 30, 2003
and 2002 were 1.19% and 1.90% respectively. Daily cash levels may show
significant fluctuations due to a variety of operating factors. Most
significantly, the timing of deposit inflows, normal inflows and outflows in
transaction accounts, short-term borrowings, loan closings and securities
purchases may cause short-term swings in cash balances, however management
attempts to invest all excess cash in longer lived assets as quickly as
possible.



Securities



Securities available for sale are investments that may be
sold in response to changing market and interest rate conditions or for other
business purposes. Activity in this portfolio is undertaken primarily to manage
liquidity and interest rate risk and to take advantage of market conditions that
create economically more attractive returns. Sales and purchases of available
for sale securities totaled $24.2 million and $57.4 million respectively during
the first six months of 2003. The portfolio increased $24.1 million from $56.7
million to $80.8 million and the average yield earned decreased 25 basis points
from 4.34% to 4.09% during this period. The average estimated life of securities
available for sale, adjusted for historical prepayment patterns on
mortgage-backed securities, was 4.5 years at June 30, 2003. The portfolio had
net unrealized gains of $1.0 million at June 30, 2003, compared to net
unrealized gains of $764.2 thousand at December 31, 2002.



Securities classified as held to maturity are carried at
amortized cost when the Company has the positive intent and ability to hold such
securities to maturity. Purchases of held to maturity securities totaled $2.0
million during May and June 2003. At June 30, 2003, the portfolio had an
amortized cost of $2.0 million, fair market value of $2.0 million, average yield
of 3.05% and an average life of 30.0 years.



Loans

The loan portfolio inherently includes interest rate and
credit risk. The Bank attempts to control such risks through analysis of credit
applications and portfolio diversification. During the first six months of 2003,
total net loans receivable increased $39.5 million from $142.3 million to $181.8
million. The portfolio consists of 77.5% residential mortgages, 13.4% commercial
loans and 9.1% consumer loans, with an average weighted rate of 5.92% at June
30, 2003, compared to 6.31% at December 31, 2002. Several mortgage brokers in
the Western New York area have been contracted with to provide the public with
increased access to the Bank's residential mortgage products. Total unfunded
loan commitments and unused lines-of-credit at June 30, 2003 and December 31,
2002 were $28.3 million and $17.3 million respectively.



Allowance for Loan Losses



The allowance for loan losses represents the amount available
for loan losses inherent in the Bank's loan portfolio. Monthly increases to the
allowance are based on loan growth and vary according to loan type. Recoveries
on loans previously charged off are credited directly to the allowance for loan
losses. Reserve methodology is reviewed periodically by management and modified
as appropriate. At June 30, 2003, the allowance was $1.5 million or
approximately .85% of the Bank's loan portfolio compared to .97% at December 31,
2002. The decrease in the allowance of 12 basis points is primarily the result
of a large percentage of residential mortgage loans added to the portfolio and
the payoff of a commercial loan classified as substandard. Loans charged-off
during the first six months of 2003 totaled $3.4 thousand.



10





Deposits



Deposits, which include non-interest bearing demand deposits
and interest-bearing savings and time deposits, are the Bank's primary source of
funding. Greater Buffalo Savings Bank offers a variety of products designed to
attract and retain customers, with the primary focus on building and expanding
relationships. Deposits at June 30, 2003 totaled $274.6 million, a 39.4%
increase over the December 31, 2002 balance of $197.0 million. Total cost of
funds decreased from 2.61% to 2.50% over the same period. Certificates of
deposit were 22.0% and 26.6% of total deposits at June 30, 2003 and December 31,
2002 respectively, with corresponding costs to the Bank of 2.47% and 2.93%.



Short-term Borrowings



Short-term borrowings at June 30, 2003 were $111.4 thousand
and consisted entirely of Treasury Tax and Loan deposits. At December 31, 2002,
short-term borrowings consisted of two 30-day loans due the Federal Home Loan
Bank totaling $9.0 million and $134.1 thousand of Treasury Tax and Loan deposits
through the Bank's Federal Reserve Bank account. Short-term borrowings from the
Federal Home Loan Bank may occasionally be used to offset fluctuations in
deposit inflows and outflows and to manage liquidity needs at competitive rates.
Federal Home Loan Bank rates are presently well below the Bank's cost of funds
and are collateralized by certain qualifying securities. Treasury Tax and Loan
deposits can fluctuate daily and are generally short-term in nature.



Other Liabilities



Other liabilities decreased $67.4 thousand from $812.1
thousand at December 31, 2002 to $744.7 thousand at June 30, 2003 and consisted
primarily of accounts payable and accrued employee wages and benefits.



Shareholders' Equity



Total shareholders' equity increased from $17.6 million to
$18.3 million during the first six months of 2003. Net income for the six-month
period ended June 30, 2003 was $577.0 thousand and the increase in the net
market value of securities available for sale was $149.8 thousand.



Results of Operations

For the three and six months ended June 30, 2003 and June 30, 2002:

Net Income / General

Net income for the six months ended June 30, 2003 was $577.0
thousand, compared to $67.0 thousand for the six months ended June 30, 2002.
Total interest and noninterest income increased 65.9% from $4.1 million during
the six months ended June 30, 2002 to $6.8 million during the six months ended
June 30, 2003. Interest expense, noninterest expense and the provision for loan
losses increased 45.0% from $4.0 million to $5.8 million during the same
periods.



Net income for the three months ended June 30, 2003 was
$442.1 thousand, compared to $71.8 thousand for the three months ended June 30,
2002. Total interest and noninterest income increased 68.2% from $2.2 million
during the three months ended June 30, 2002 to $3.7 million during the three
months ended June 30, 2003. Interest expense, noninterest expense and the
provision for loan losses increased 42.9% from $2.1 million to $3.0 million
during the same periods as the Bank continues to benefit from the operating
efficiencies related to its growth.



11





Net Interest Income



Net interest income is the difference between interest and
fees earned on assets and the interest paid on deposits and borrowings. Net
interest income is one of the major determining factors in the Bank's
performance as it is the principal source of revenue and earnings. For the
six-month period ended June 30, 2003, net interest income increased $1.2
million, or 63.2% to $3.1 million compared to $1.9 million for the six months
ended June 30, 2002, primarily as a result of increases in the volume of
interest-earning assets. For the three-month period ended June 30, 2003, net
interest income increased $585.8 thousand, or 57.5% to $1.6 million compared to
$1.0 million for the three months ended June 30, 2002.



For the six months ended June 30, 2003, total interest income
increased by $2.2 million or 56.4% to $6.1 million compared to $3.9 million for
the six months ended June 30, 2002. Similarly, for the three months ended June
30, 2003, total interest income increased by $1.1 million or 52.4% to $3.2
million compared to $2.1 million for the three months ended June 30, 2002. These
increases resulted primarily from a $114.5 million, or 89.2% increase in average
interest-earning assets to $242.8 million for the six months ended June 30,
2003, from $128.3 million for the six months ended June 30, 2002. The yield on
average interest-earning assets decreased to 5.09% for the six months ended June
30, 2003 from 6.13% for the same period last year.



The significant increases in average interest-earning assets
were primarily due to rapid loan growth, which were funded by the deposit growth
referred to above. The decreases in the yields on interest-earning assets from
period to period resulted from the significant decreases in yields on each of
the Bank's interest-earning assets, primarily securities available for sale,
loans and interest-bearing deposits in other financial institutions. The yields
earned on interest-earning assets declined throughout these periods as the
Federal Reserve Bank continued to maintain the historically low interest rate
environment that now exists.



Interest income on loans receivable increased by $1.7 million
to $4.7 million for the six months ended June 30, 2003 compared to $3.0 million
during the same period last year. This increase resulted primarily from a $72.3
million increase in average loans outstanding to $163.0 million for the six
months ended June 30, 2003 from $90.7 million for the same period last year. The
yield on average loans decreased to 6.12% during the six months ended June 30,
2003 from 6.77% for the comparable period last year.



Interest income on loans receivable increased by $815.8
thousand to $2.5 million for the three months ended June 30, 2003 compared to
$1.7 million during the same period last year. This increase resulted primarily
from a $72.6 million increase in average loans outstanding to $173.3 million for
the three months ended June 30, 2003 from $100.7 million for the same period
last year. The yield on average loans decreased to 6.03% during the three months
ended June 30, 2003 from 6.71% for the comparable period last year.



Interest income on securities available for sale increased
$506.6 thousand, or 66.4% to $1.3 million for the six months ended June 30, 2003
from $763.4 thousand for the six months ended June 30, 2002. This increase
resulted primarily from a $37.8 million increase in average securities available
for sale to $68.0 million during the six months ended June 30, 2003 from $30.2
million for the same period last year. The yield on average investments
decreased to 4.14% during the six months ended June 30, 2003 compared to 5.25%
during the six months ended June 30, 2002.



Interest income on securities available for sale increased
$323.8 thousand, or 88.9% to $688.2 thousand for the three months ended June 30,
2003 from $364.4 thousand for the three months ended June 30, 2002. This
increase resulted primarily from a $48.6 million increase in average securities
available for sale to $77.8 million during the three months ended June 30, 2003
from $29.2 million for the same period last year. The yield on average
investments decreased to 4.02% during the three months ended June 30, 2003
compared to 5.26% during the three months ended June 30, 2002.



12





Interest income on interest-bearing deposits increased $10.3
thousand, or 14.5% to $81.1 thousand for the six months ended June 30, 2003 from
$70.8 thousand for the six months ended June 30, 2002. Interest income on
interest-bearing deposits decreased $12.3 thousand, or 24.3% to $38.3 thousand
for the three months ended June 30, 2003 from $50.6 thousand for the three
months ended June 30, 2002. The increase resulted primarily from a $3.3 million
increase in average interest-bearing deposits to $10.7 million during the six
months ended June 30, 2003 from $7.4 million for the same period last year,
while the three-month decrease resulted primarily from a reduction in yield. The
yield on average interest-bearing deposits decreased 71 basis points from 1.90%
to 1.19% when comparing the six months ended June 30, 2002 to the six months
ended June 30, 2003.



Interest expense increased $1.0 million, or 50.0% to $3.0
million for the six months ended June 30, 2003 compared to $2.0 million for the
six months ended June 30, 2002. The average balance of customer deposits, the
most significant portion of interest-bearing liabilities, increased by $114.4
million, or 96.1% to $233.5 million for the six months ended June 30, 2003 from
$119.1 million for the comparable period last year. However, the average cost of
funds (customer deposits) decreased to 2.56% for the six months ended June 30,
2003 from 3.30% for the six months ended June 30, 2002.



Interest expense increased $541.4 thousand, or 51.2% to $1.6
million for the three months ended June 30, 2003 compared to $1.1 million for
the three months ended June 30, 2002. The average balance of customer deposits,
the most significant portion of interest-bearing liabilities, increased by
$123.2 million, or 94.2% to $254.0 million for the three months ended June 30,
2003 from $130.8 million for the comparable period last year. However, the
average cost of funds (customer deposits) decreased to 2.52% for the three
months ended June 30, 2003 from 3.24% for the three months ended June 30, 2002.



Noninterest Income

Noninterest income increased $414.2 thousand to $669.7
thousand for the six-month period ended June 30, 2003 compared to $255.5
thousand for the same period last year. Other operating income, which consists
of service charges and other miscellaneous fees assessed on deposit and loan
accounts increased $146.4 thousand to $252.0 thousand or 138.7%. The realized
gain on the sale of securities increased $203.9 thousand or 136.0% from $149.9
thousand to $353.8 thousand over the same six-month period.



Noninterest income increased $391.8 thousand to $540.7
thousand for the three-month period ended June 30, 2003 compared to $148.9
thousand for the same period last year. Other operating income increased $90.9
thousand to $138.8 thousand or 189.8%. The realized gain on the sale of
securities increased $237.0 thousand or 234.7% from $101.0 thousand to $338.0
thousand over the same three-month period.



A $5.5 million sale of 30-year fixed-rate residential
mortgages to FNMA was completed during the second quarter of 2003. 44 loans with
a weighted average coupon of 6.71% were sold resulting in a gain of $63.9
thousand.

Provision for Loan Losses



The provision for loan losses was $152.9 thousand, a decrease
of 48.5% for the six months ended June 30, 2003 compared to $227.0 thousand
during the six months ended June 30, 2002. For the three months ended June 30,
2003, the provision decreased $18.6 thousand or 18.8% compared to $99.0 thousand
during the three months ended June 30, 2002. The provision for loan losses is
determined by the type and dollar amount of the loans recorded during the
period.



13







Provisions for losses in the portfolio are charged to
earnings in an amount sufficient, in management's judgment, to cover probable
losses based upon the overall inherent risk in the Bank's loan portfolio,
current economic conditions and historical trends. The decreases between periods
noted above, are due in part to



Noninterest Expense



Noninterest expense increased $856.8 thousand, or 47.0% to
$2.7 million for the six months ended June 30, 2003 compared to $1.8 million for
the six months ended June 30, 2002. Similarly, noninterest expense increased
$389.1 thousand, or 40.1% to $1.3 million for the three months ended June 30,
2003 compared to $950.5 thousand for the three months ended June 30, 2002.



Wages and employee benefits increased $310.8 thousand or
34.8% as the number of full-time equivalent employees increased from 55 to 77 at
June 30, 2002 and 2003 respectively. Occupancy expense increased 49.5% from
$307.4 thousand to $459.5 thousand between the six-months ended June 30, 2002
and 2003. This increase was primarily the result of costs associated with the
renovation and occupancy of the Bank's new administrative headquarters and fifth
branch office located in Buffalo, New York during November 2002 and completing
the construction of the sixth branch office located in Amherst, New York during
June 2003. Data processing expense increased $79.9 thousand or 37.1% between the
six months ended June 30, 2002 and June 30, 2003. The Bank had 15,298 customer
accounts opened at June 30, 2002 and 21,655 at June 30, 2003. Data processing
costs are directly linked to the number of customer accounts and transactions
processed through those accounts.



Liquidity and Capital Resources



The Bank's primary sources of funds are customer deposits,
short-term borrowings and proceeds from principal and interest payments on
loans, mortgage-backed securities and investment securities. While maturities
and scheduled amortization of loans and mortgage-backed securities are a
predictable source of funds, deposit flows and mortgage prepayments are
influenced by the general level of interest rates, economic conditions and
competition.



The Bank must maintain an adequate level of liquidity to
ensure the availability of sufficient funds to support loan growth and deposit
withdrawals and take advantage of investment opportunities. During the first six
months of 2003, the Bank's deposits increased 39.4% from $197.0 million to
$274.6 million, outpacing all existing liquidity needs.



The Bank is required to maintain specific amounts of capital
pursuant to FDIC regulations. As of June 30, 2003, the Bank was in compliance
with all regulatory capital requirements that were effective as of such date,
with a total risk-based capital to risk-weighted assets ratio of 11.85% and a
Tier 1 risk-based capital to risk-weighted assets ratio of 10.88%. These ratios
greatly exceed the minimum capital ratios as required by federal and state
regulations.



14





ITEM 3



CONTROLS AND PROCEDURES



As of the date of this report, the Company carried out an evaluation, under the supervision
and with the participation of the Company's management, including the Chief
Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the
effectiveness of the design and operation our "disclosure controls and
procedures" (as defined in Rule 13a-15(e) under the Securities Exchange Act of
1934, as amended). Based on that evaluation, the CEO and CFO have concluded
that the Company's disclosure controls and
procedures are effective to ensure that material information relating to us and
our consolidated subsidiaries is recorded, processed, summarized and reported in
a timely manner. Management will continue to review this matter with particular
emphasis on the documentation of the Company's disclosure controls and
procedures. There has been no change in the Company's internal control over
financial reporting that occurred during the last fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Company's
internal control over financial reporting.





PART II OTHER INFORMATION

ITEM 1 LEGAL PROCEEDINGS



Great Lakes Bancorp, Inc. is not a party to any pending legal
proceeding.



ITEM 2 CHANGES IN SECURITIES AND USE OF PROCEEDS

Not applicable.

ITEM 3 DEFAULTS UPON SENIOR SECURITIES

Not applicable.



ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Annual Meeting of Shareholders of Greater Buffalo Saving
Bank was held on April 29, 2003. Five Class A Directors were elected to hold
office for a term of three years. Additionally, the Agreement and Plan of
Reorganization dated as of February 10, 2003 was approved, facilitating the
formation of a holding company structure for the Bank. Immediately thereafter,

Great Lakes Bancorp, Inc. acquired all of the
outstanding shares of Greater Buffalo Savings Bank common stock and Class B
common stock in a transaction whereby each shareholder of the Bank received
shares of Great Lakes Bancorp, Inc. stock in a one-for-one exchange.



ITEM 5 OTHER INFORMATION

Not applicable.

15



ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K



|(a) |  | Exhibit No. 31.1    |  | Certification of Chief Executive
    Officer Pursuant to Section 302 of the
|--- |  | ------------------- |  | ---------------------------------------------------------------------------
|    |  |                     |  | Sarbanes-Oxley Act of 2002                                                 
|    |  |                     |  |                                                                            
|    |  | Exhibit No 31.2     |  | Certification of Chief Financial
    Officer Pursuant to Section 302 of the
|    |  |                     |  | Sarbanes-Oxley Act of 2002                                                 
|    |  |                     |  |                                                                            
|    |  | Exhibit No. 32      |  | Certifications of Chief
    Executive Officer and Chief Financial          
|    |  |                     |  | Officer Pursuant to 18 U.S.C.
    Section 1350, as Adopted Pursuant        
|    |  |                     |  | to Section 906 of the
    Sarbanes-Oxley Act of 2002                       
|    |  |                     |  |                                                                            
|(b) |  | Reports on Form 8-K
|    |  |                     |  |                                                                            
|    |  | None                |  |                                                                            





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed by the undersigned thereunto
duly authorized.



|                      |     | Great Lakes Bancorp, Inc.                 
|--------------------- | --- | ------------------------------------------
|                      |     |                                           
|Date: August 11, 2003 | By: | /s/ Andrew W. Dorn, Jr.                   
|                      |     | Andrew W. Dorn, Jr.                       
|                      |     | President and Chief Executive Officer     
|                      |     |                                           
|Date: August 11, 2003 | By: | /s/ Kim S. Destro                         
|                      |     | Kim S. Destro                             
|                      |     | Vice President and Chief Financial Officer

16

|EXHIBIT INDEX   
|----------------
|                
|Exhibit No. 31.1
|                
|                
|Exhibit No. 31.2
|                
|                
|Exhibit No. 32  
|                
|                
|