<PAGE>   1

===============================================================================




                    U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-QSB


(Mark One)

[X]  Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
     of 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2000

[ ]  Transition report under Section 13 or 15(d) of the Exchange Act

For the transition period from            to
                               ----------    ----------

Commission file number   333-70231
                       --------------


                             SUNCOAST BANCORP, INC.
                             ----------------------
       (Exact Name of Small Business Issuer as Specified in Its Charter)


            Florida                                             65-0827141
            -------                                             ----------
  (STATE OR OTHER JURISDICTION                               (I.R.S. EMPLOYER
OF INCORPORATION OR ORGANIZATION)                           IDENTIFICATION NO.)


                       8592 Potter Park Drive, Suite 200
                            Sarasota, Florida 34238
                    ----------------------------------------
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)


                                 (941) 923-0500
                ------------------------------------------------
                (ISSUER'S TELEPHONE NUMBER, INCLUDING AREA CODE)


        ---------------------------------------------------------------
        (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 12, 13 or 15(d) of the Exchange Act 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:

YES  [X]     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, par value $.01 per share                   700,000 shares
--------------------------------------          -------------------------------
              (CLASS)
   OUTSTANDING AT OCTOBER 24, 2000




===============================================================================

<PAGE>   2


                     SUNCOAST BANCORP, INC. AND SUBSIDIARY

                                     INDEX
<TABLE>
<CAPTION>

                                                                                    PAGE
                                                                                    ----
<S>                                                                                 <C>
PART I. FINANCIAL INFORMATION

   ITEM 1.  FINANCIAL STATEMENTS

      Condensed Consolidated Balance Sheets -
        At September 30, 2000 (unaudited) and At December 31, 1999.....................2

      Condensed Consolidated Statements of Operations -
        Three and Nine Months ended September 30, 2000 and 1999 (unaudited)............3

      Condensed Consolidated Statement of Changes in Stockholders' Equity
        Nine Months Ended September 30, 2000 (unaudited)...............................4

      Condensed Consolidated Statements of Cash Flows -
        Nine Months Ended September 30, 2000 and 1999 (unaudited)......................5

      Notes to Condensed Consolidated Financial Statements (unaudited).................6

      Review by Independent Certified Public Accountants...............................7

      Report on Review by Independent Certified Public Accountants.....................8

   ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
      AND RESULTS OF OPERATIONS.....................................................9-10

   ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.................11

PART II. OTHER INFORMATION

   ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K..........................................11

SIGNATURES............................................................................12

</TABLE>


<PAGE>   3


                     SUNCOAST BANCORP, INC. AND SUBSIDIARY

                         PART I. FINANCIAL INFORMATION

                          ITEM 1. FINANCIAL STATEMENTS

                     CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                SEPTEMBER 30,    DECEMBER 31,
     ASSETS                                                         2000             1999
                                                                ------------     -----------
                                                                 (UNAUDITED)
<S>                                                             <C>              <C>

Cash and due from banks ....................................    $    447,441         511,525
Interest-bearing deposits with banks .......................       1,013,658       8,454,133
Federal funds sold .........................................       2,709,000         245,000
                                                                ------------     -----------

                Total cash and cash equivalents ............       4,170,099       9,210,658

Securities available for sale ..............................       6,699,838       5,355,242
Loans, net of allowance for loan losses of
      $124,497 in 2000 and $11,111 in 1999 .................       9,840,268         877,756
Premises and equipment, net ................................         533,514         588,483
Federal Reserve Bank stock, at cost ........................         180,000         180,000
Federal Home Loan Bank stock, at cost ......................          22,200          22,200
Accrued interest receivable ................................         119,398         106,047
Deferred tax assets ........................................         453,652         252,662
Other assets ...............................................          82,333          87,977
                                                                ------------     -----------

                Total assets ...............................    $ 22,101,302      16,681,025
                                                                ============     ===========

     LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
     Noninterest-bearing demand deposits ...................       1,164,220         342,868
     Savings and NOW deposits ..............................       1,289,932         612,683
     Money-market deposits .................................       6,894,688       2,820,308
     Time deposits .........................................       6,035,466       1,464,853
                                                                ------------     -----------

                Total deposits .............................      15,384,306       5,240,712

     Accrued interest payable and other liabilities ........          63,487           7,294
     Other borrowings ......................................       1,009,523       5,453,234
                                                                ------------     -----------

                Total liabilities ..........................      16,457,316      10,701,240
                                                                ------------     -----------

Stockholders' equity:
     Preferred stock .......................................              --              --
     Common stock ..........................................           7,000           7,000
     Additional paid-in capital ............................       6,393,888       6,393,888
     Accumulated deficit ...................................        (751,134)       (394,732)
     Accumulated other comprehensive income (loss) .........          (5,768)        (26,371)
                                                                ------------     -----------

                Total stockholders' equity .................       5,643,986       5,979,785
                                                                ------------     -----------

                Total liabilities and stockholders' equity..    $ 22,101,302      16,681,025
                                                                ============     ===========

</TABLE>


See Accompanying Notes to Condensed Consolidated Financial Statements.



                                       2
<PAGE>   4

                     SUNCOAST BANCORP, INC. AND SUBSIDIARY

                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (UNAUDITED)

<TABLE>
<CAPTION>

                                                    THREE MONTHS ENDED         NINE MONTHS ENDED
                                                       SEPTEMBER 30,             SEPTEMBER 30,
                                                     2000         1999         2000         1999
                                                  ---------     --------     --------     --------
<S>                                               <C>           <C>          <C>          <C>

Interest income:
     Loans receivable ........................    $ 194,639          173      338,178          173
     Securities ..............................      109,966       45,171      303,912       45,171
     Other interest-earning assets ...........       56,065        7,909      255,100        7,909
                                                  ---------     --------     --------     --------

           Total interest income .............      360,670       53,253      897,190       53,253
                                                  ---------     --------     --------     --------

Interest expense:
     Deposits ................................      161,426        3,002      342,905        3,002
     Other borrowings ........................       13,806        2,171      108,566       16,263
                                                  ---------     --------     --------     --------

           Total interest expense ............      175,232        5,173      451,471       19,265
                                                  ---------     --------     --------     --------

           Net interest income ...............      185,438       48,080      445,719       33,988

Provision for loan losses ....................       38,804        1,153      113,386        1,153
                                                  ---------     --------     --------     --------

           Net interest income after
                provision for loan losses ....      146,634       46,927      332,333       32,835
                                                  ---------     --------     --------     --------

Noninterest income, service charges and fees..        8,709           --       25,501           --
                                                  ---------     --------     --------     --------

Noninterest expense:
     Salaries and employee benefits ..........      166,803       47,057      475,672       47,057
     Occupancy ...............................       60,570       16,869      187,648       16,869
     Advertising .............................       17,994        7,025       38,985        7,025
     Stationery and supplies .................        9,592        9,410       35,512        9,410
     Professional fees .......................       17,501        1,988       70,971        1,988
     Data processing .........................       17,686           --       53,530           --
     Organizational and preopening costs .....           --      159,323           --      268,199
     Other ...................................       17,943           --       65,759           --
                                                  ---------     --------     --------     --------

           Total noninterest expense .........      308,089      241,672      928,077      350,548
                                                  ---------     --------     --------     --------

           Loss before income tax benefit ....     (152,746)    (194,745)    (570,243)    (317,713)

Income tax benefit ...........................      (57,280)    (151,325)    (213,841)    (151,325)
                                                  ---------     --------     --------     --------

           Net loss ..........................    $ (95,466)     (43,420)    (356,402)    (166,388)
                                                  =========     ========     ========     ========

Loss per share, basic and diluted ............    $    (.14)        (.07)        (.51)        (.81)
                                                  =========     ========     ========     ========

Weighted-average number of
     common shares outstanding ...............      700,000      608,697      700,000      205,128
                                                  =========     ========     ========     ========

Dividends per share ..........................    $      --           --           --           --
                                                  =========     ========     ========     ========
</TABLE>


See Accompanying Notes to Condensed Consolidated Financial Statements.



                                       3
<PAGE>   5

                     SUNCOAST BANCORP, INC. AND SUBSIDIARY

      CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS? EQUITY

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000

<TABLE>
<CAPTION>

                                                                                         ACCUMULATED
                                                                                            OTHER
                                                                                           COMPRE-
                                                             ADDITIONAL                    HENSIVE         TOTAL
                                               COMMON         PAID-IN      ACCUMULATED     INCOME       STOCKHOLDERS'
                                               STOCK          CAPITAL        DEFICIT       (LOSS)          EQUITY
                                             ---------       ----------    -----------   -----------    -------------

<S>                                          <C>             <C>           <C>           <C>            <C>

Balance at December 31, 1999 ............    $   7,000       6,393,888      (394,732)      (26,371)       5,979,785
                                                                                                         ----------

Comprehensive income (loss):
      Net loss (unaudited) ..............           --              --      (356,402)           --         (356,402)

      Net change in unrealized
           loss on securities available
           for sale (unaudited) .........           --              --            --        20,603           20,603
                                                                                                         ----------

Comprehensive income (loss)
           (unaudited) ..................                                                                  (335,799)
                                             ---------       ---------      --------       -------       ----------

Balance at September 30, 2000
      (unaudited) .......................    $   7,000       6,393,888      (751,134)       (5,768)       5,643,986
                                             =========       =========      ========       =======       ==========

</TABLE>


See Accompanying Notes to Condensed Consolidated Financial Statements.



                                       4
<PAGE>   6


                     SUNCOAST BANCORP, INC. AND SUBSIDIARY

                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)

<TABLE>
<CAPTION>

                                                                                       NINE MONTHS ENDED
                                                                                          SEPTEMBER 30,
                                                                                 ----------------------------
                                                                                     2000             1999
                                                                                 ------------     -----------
<S>                                                                              <C>              <C>

Cash flows from operating activities:
     Net loss ...............................................................    $   (356,402)       (166,388)
     Adjustments to reconcile net loss to net cash used in
       operating activities:
           Depreciation .....................................................          67,246           7,886
           Provision for loan losses ........................................         113,386           1,153
           Net amortization of premiums and discounts .......................         (18,678)         (3,779)
           Credit for deferred income taxes .................................        (213,841)       (151,325)
           Decrease in deferred offering cost ...............................              --          48,058
           Increase in accrued interest receivable ..........................         (13,351)        (17,054)
           Decrease (increase) in other assets ..............................           5,644         (66,930)
           Increase (decrease) in accrued interest payable and
                other liabilities ...........................................          56,193          (2,477)
                                                                                 ------------     -----------

                Net cash used in operating activities .......................        (359,803)       (350,856)
                                                                                 ------------     -----------

Cash flows from investing activities:
     Purchase of securities available for sale ..............................      (2,046,523)    (10,819,186)
     Maturities of securities available for sale ............................         750,000          44,874
     Sale of securities available for sale ..................................              --       5,442,289
     Principal repayments of securities available for sale ..................           4,059              --
     Net increase in loans ..................................................      (9,075,898)        (92,273)
     Purchase of premises and equipment .....................................         (12,277)       (570,271)
                                                                                 ------------     -----------

                Net cash used in investing activities .......................     (10,380,639)     (5,994,567)
                                                                                 ------------     -----------

Cash flows from financing activities:
     Net increase in deposits ...............................................      10,143,594       1,773,229
     Net proceeds from issuance of common stock .............................              --       6,400,888
     Net decrease in other borrowings .......................................      (4,443,711)       (101,188)
                                                                                 ------------     -----------

                Net cash provided by financing activities ...................       5,699,883       8,072,929
                                                                                 ------------     -----------

Net (decrease) increase in cash and cash equivalents ........................      (5,040,559)      1,727,506

Cash and cash equivalents at beginning of period ............................       9,210,658           4,774
                                                                                 ------------     -----------

Cash and cash equivalents at end of period ..................................    $  4,170,099       1,732,280
                                                                                 ============     ===========

Supplemental disclosure of cash flow information: Cash paid during the period
     for:
           Interest .........................................................    $    425,247          18,560
                                                                                 ============     ===========

           Income taxes .....................................................    $         --              --
                                                                                 ============     ===========

     Noncash transaction-

           Accumulated other comprehensive income (loss), change in
                unrealized loss on securities available for sale,
                net of tax ..................................................    $     20,603          (3,431)
                                                                                 ============     ===========

</TABLE>


See Accompanying Notes to Condensed Consolidated Financial Statements.



                                       5
<PAGE>   7

                     SUNCOAST BANCORP, INC. AND SUBSIDIARY

        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


(1)  DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
     GENERAL. In the opinion of management, the accompanying condensed
         consolidated financial statements contain all adjustments (consisting
         principally of normal recurring accruals) necessary to present fairly
         the financial position at September 30, 2000 and the results of
         operations for the three- and nine-month periods ended September 30,
         2000 and 1999 and cash flows for the nine month periods ended
         September 30, 2000 and 1999. The results of operations for the three-
         and nine- month periods ended September 30, 2000 are not necessarily
         indicative of the results to be expected for the year ending December
         31, 2000.

         SunCoast Bancorp, Inc. (the "Holding Company") was incorporated on
         April 1, 1998. The Holding Company owns 100% of the outstanding common
         stock of SunCoast National Bank (the "Bank") (collectively the
         "Company"). The Holding Company was organized simultaneously with the
         Bank and its only business is the ownership and operation of the Bank.
         The Bank was incorporated under the laws of the United States and
         received its charter from the Comptroller of the Currency. The Bank's
         deposits are insured by the Federal Deposit Insurance Corporation. The
         Bank opened for business on September 7, 1999 and provides a variety
         of community banking services to businesses and individuals through
         its banking office located in Sarasota County, Florida.


(2)  LOAN IMPAIRMENT AND LOAN LOSSES

     No loans were identified as impaired at or during the nine months ended
         September 30, 2000 or 1999. The activity in the allowance for loan
         losses is as follows:

<TABLE>
<CAPTION>

                                              THREE MONTHS ENDED       NINE MONTHS ENDED
                                                 SEPTEMBER 30,            SEPTEMBER 30,
                                              -------------------      ------------------
                                                2000         1999       2000         1999
                                              --------      -----      -------      -----
         <S>                                  <C>           <C>        <C>          <C>


         Balance at beginning of period...    $ 85,693         --       11,111         --
         Provision charged to operations..      38,804      1,153      113,386      1,153
                                              --------      -----      -------      -----

         Balance at end of period ........    $124,497      1,153      124,497      1,153
                                              ========      =====      =======      =====

</TABLE>


(3)  LOSS PER SHARE
     Basic and diluted loss per share have been computed on the basis of the
         weighted-average number of shares of common stock outstanding during
         the period. Outstanding stock options are not dilutive due to the net
         loss incurred by the Company.


(4)  REGULATORY CAPITAL
     The Bank is required to maintain certain minimum regulatory capital
         requirements. The following is a summary at September 30, 2000 of the
         regulatory capital requirements and the Bank's actual capital on a
         percentage basis:

<TABLE>
<CAPTION>

                                                                                  REGULATORY
                                                                   ACTUAL         REQUIREMENT
                                                                   ------         -----------
         <S>                                                       <C>            <C>

         Total capital to risk-weighted assets..............       40.56%           8.00%
         Tier I capital to risk-weighted assets.............       39.54%           4.00%
         Tier I capital to total assets - leverage ratio....       22.50%           4.00%

</TABLE>

                                       6
<PAGE>   8

                     SUNCOAST BANCORP, INC. AND SUBSIDIARY

               REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS


Hacker, Johnson & Smith PA, independent certified public accountants, have made
a limited review of the financial data as of September 30, 2000, and for the
three- and nine- month periods ended September 30, 2000 and 1999 presented in
this document, in accordance with standards established by the American
Institute of Certified Public Accountants.

Their report furnished pursuant to Article 10 of Regulation S-X is included
herein.



                                       7
<PAGE>   9

          REPORT ON REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS



The Board of Directors
SunCoast Bancorp, Inc.
Sarasota, Florida:

         We have reviewed the accompanying condensed consolidated balance sheet
of SunCoast Bancorp, Inc. and Subsidiary (the "Company") as of September 30,
2000, the related condensed consolidated statements of operations for the
three- and nine- month periods ended September 30, 2000 and 1999, the related
condensed consolidated statement of changes in stockholders' equity for the
nine-month period ended September 30, 2000 and the related condensed
consolidated statements of cash flows for the nine-month periods ended
September 30, 2000 and 1999. These financial statements are the responsibility
of the Company's management.

         We conducted our review in accordance with standards established by
the American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted
in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, we do not express such an opinion.

         Based on our review, we are not aware of any material modifications
that should be made to the condensed consolidated financial statements referred
to above for them to be in conformity with generally accepted accounting
principles.

         We have previously audited, in accordance with generally accepted
auditing standards, the consolidated balance sheet as of December 31, 1999, and
the related consolidated statements of operations, changes in stockholders'
equity and cash flows for the year then ended (not presented herein); and in
our report dated February 18, 2000 we expressed an unqualified opinion on those
consolidated financial statements. In our opinion, the information set forth in
the accompanying condensed consolidated balance sheet as of December 31, 1999,
is fairly stated, in all material respects, in relation to the consolidated
balance sheet from which it has been derived.






HACKER, JOHNSON & SMITH PA
Tampa, Florida
October 24, 2000


                                       8
<PAGE>   10

                     SUNCOAST BANCORP, INC. AND SUBSIDIARY

                  ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

             COMPARISON OF SEPTEMBER 30, 2000 AND DECEMBER 31, 1999


LIQUIDITY AND CAPITAL RESOURCES

      The Company's primary source of cash during the nine months ended
      September 30, 2000 was from net deposit inflows of $10.1 million and
      proceeds from the maturity of securities of $750,000. Cash was used
      primarily to originate loans, net of principal repayments, totaling $9.1
      million and to purchase securities of $2.0 million. Interest-bearing
      deposits with banks at December 31, 1999 were used to pay-off other
      borrowings of $4.4 million. At September 30, 2000, the Company had
      outstanding commitments to originate loans totaling $4.0 million. At
      September 30, 2000, the Bank exceeded its regulatory liquidity
      requirements.


    COMPARISON OF THE THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2000 AND 1999

RESULTS OF OPERATIONS:
      GENERAL. Net loss for the three-months ended September 30, 2000 was
         $95,466 compared to a net loss of $43,420 for the comparable period in
         1999. The Bank commenced operations on September 7, 1999. At September
         30, 2000, the Company had not achieved the asset size to operate
         profitably.

      INTEREST INCOME. Interest income was $360,670 for the three months ended
         September 30, 2000. Interest income earned on loans was $194,639. The
         average loan portfolio balance was $8.3 million for the three months
         ended September 30, 2000 and the average yield earned was 9.4%.
         Interest income earned on securities was $109,966. The average
         securities portfolio balance was $6.5 million and the average yield
         earned was 6.7% for the three months ended September 30, 2000.
         Interest income earned on other interest-earning assets was $56,065.
         The average balance of other interest-earning assets was $3.7 million
         and the average yield earned was 6.0% for the 2000 period.

      INTEREST EXPENSE. Interest expense was $175,232 for the three months
         ended September 30, 2000. Interest expense on deposit accounts was
         $161,426. The average balance of interest-bearing deposits was $12.6
         million for the three months ended September 30, 2000 and the average
         cost was 5.1%. Interest expense on other borrowings was $13,806. The
         average balance of other borrowings was $1.0 million and the average
         rate paid was 5.5% for the 2000 period.

      PROVISION FOR LOAN LOSSES. The provision for loan losses is charged to
         operations to increase the total allowance to a level deemed
         appropriate by management and is based upon the volume and type of
         lending conducted by the Company, industry standards, the amount of
         nonperforming loans and general economic conditions, particularly as
         they relate to the Company's market areas, and other factors related
         to the collectibility of the Company's loan portfolio. The Company
         recorded a provision for loan losses for the three months ended
         September 30, 2000 of $38,804 and the allowance for loan losses was
         $124,497 at September 30, 2000. Management believes the allowance is
         adequate at September 30, 2000.

      NONINTEREST EXPENSE. Noninterest expense was $308,089 for the three
         months ended September 30, 2000 compared to $241,672 for the three
         months ended September 30, 1999. This increase resulted from the
         commencement of banking operations and the overall growth of the
         Company.



                                       9
<PAGE>   11

                     SUNCOAST BANCORP, INC. AND SUBSIDIARY

                  ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
          OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, CONTINUED



      INCOME TAX BENEFIT. The income tax benefit for the three months ended
         September 30, 2000 was $57,280 (an effective rate of 37.5%). The tax
         benefit recorded for the three months ended September 30, 1999
         represents the benefit attributable to the loss incurred by the
         Company since inception because it was management's belief as of
         September 30, 1999 that it was more likely than not that the benefit
         would be realized.

     COMPARISON OF THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2000 AND 1999

RESULTS OF OPERATIONS:
      GENERAL. Net loss for the nine-months ended September 30, 2000 was
         $356,402 compared to a net loss of $166,388 for the comparable period
         in 1999. The Bank commenced operations on September 7, 1999. As of
         September 30, 2000, the Company had not achieved the asset size to
         operate profitably.

      INTEREST INCOME. Interest income was $897,190 for the nine months ended
         September 30, 2000. Interest income earned on loans was $338,178. The
         average loan portfolio balance was $4.9 million for the nine months
         ended September 30, 2000 and the average yield earned was 9.2%.
         Interest income earned on securities was $303,912. The average
         securities portfolio balance was $6.0 million and the average yield
         earned was 6.7% for the nine months ended September 30, 2000. Interest
         income earned on other interest-earning assets was $255,100. The
         average balance of other interest-earning assets was $6.3 million and
         the average yield earned was 5.4% for the 2000 period.

      INTEREST EXPENSE. Interest expense was $451,471 for the nine months ended
         September 30, 2000. Interest expense on deposit accounts was $342,905.
         The average balance of interest-bearing deposits was $9.5 million for
         the nine months ended September 30, 2000 and the average cost was
         4.8%. Interest expense on other borrowings was $108,566. The average
         balance of other borrowings was $3.0 million and the average rate paid
         was 4.9% for the 2000 period.

      PROVISION FOR LOAN LOSSES. The provision for loan losses is charged to
         operations to increase the total allowance to a level deemed
         appropriate by management and is based upon the volume and type of
         lending conducted by the Company, industry standards, the amount of
         nonperforming loans and general economic conditions, particularly as
         they relate to the Company's market areas, and other factors related
         to the collectibility of the Company's loan portfolio. The Company
         recorded a provision for loan losses for the nine months ended
         September 30, 2000 of $113,386 and the allowance for loan losses was
         $124,497 at September 30, 2000. Management believes the allowance is
         adequate at September 30, 2000.

      NONINTEREST EXPENSE. Noninterest expense was $928,077 for the nine months
         ended September 30, 2000 compared to $350,548 for the nine months
         ended September 30, 1999. This increase resulted from the commencement
         of banking operations and the overall growth of the Company.

      INCOME TAX BENEFIT. The income tax benefit for the nine months ended
         September 30, 2000 was $213,841 (an effective rate of 37.5%). The tax
         benefit recorded for the nine months ended September 30, 1999
         represents the benefit attributable to the loss incurred by the
         Company since inception because it was management's belief as of
         September 30, 1999 that it was more likely than not that the benefit
         would be realized.



                                      10
<PAGE>   12

                     SUNCOAST BANCORP, INC. AND SUBSIDIARY

       ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the risk of loss from adverse changes in market prices and
rates. The Company's market risk arises primarily from interest rate risk
inherent in its lending and deposit taking activities. The Company has no risk
related to trading accounts, commodities or foreign exchange.

Management actively monitors and manages its interest rate risk exposure. The
primary objective in managing interest-rate risk is to limit, within
established guidelines, the adverse impact of changes in interest rates on the
Company's net interest income and capital, while adjusting the Company's
asset-liability structure to obtain the maximum yield-cost spread on that
structure. Management relies primarily on its asset-liability structure to
control interest rate risk. However, a sudden and substantial increase in
interest rates could adversely impact the Company's earnings, to the extent
that the interest rates borne by assets and liabilities do not change at the
same speed, to the same extent, or on the same basis. There have been no
significant changes in the Company's market risk exposure since December 31,
1999.


                           PART II. OTHER INFORMATION

                    ITEM 6. EXHIBIT AND REPORTS ON FORM 8-K


(a)  EXHIBIT. The following exhibit is filed with or incorporated by reference
     into this report.

              EXHIBIT NO.        DESCRIPTION OF EXHIBIT
              -----------        ----------------------

              27.0               Financial Data Schedule (for SEC use only)

(b)  REPORTS ON FORM 8-K. There were no reports on Form 8-K filed during the
     three months ended September 30, 2000.



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<PAGE>   13

                     SUNCOAST BANCORP, INC. AND SUBSIDIARY


                                   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 thereunto duly authorized.


                                     SUNCOAST BANCORP, INC.
                                     (Registrant)





Date: October 27, 2000               By: /s/ John T. Stafford
                                        ------------------------------------
                                         John T. Stafford, President and
                                         Chief Executive Officer




Date: October 27, 2000               By: /s/ John S. Wilks
                                        ------------------------------------
                                         John S. Wilks, Chief Financial Officer
                                         (Principal Financial Officer and
                                         Principal Accounting Officer)


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