<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-KSB

(Mark One)
[X]    ANNUAL REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT
       OF 1934

For the fiscal year ended December 31, 2001

[ ]    TRANSITION REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
       ACT OF 1934

For the transition period from ____________________ to ______________________

Commission File Number 000-24255

                                GLB BANCORP, INC.
             (Exact Name of Registrant as Specified in its Charter)

              Ohio                                      31-1529973
 (State or Other Jurisdiction of           (I.R.S. Employer Identification No.)
Incorporation of Organization)

          7001 Center Street, Mentor, Ohio                   44060
       (Address of Principal Executive Offices)            (Zip Code)

                                 (440) 974-0000
              (Registrant's Telephone Number, including Area Code)

Securities registered pursuant to Section 12 (b) of the Act:  NONE,
Securities registered pursuant to Section 12 (g) of the Act:  Common Stock,
                                                              without par value

Indicate 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. Yes  X   No
          ---     ---

Indicate if disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained herein, will not be contained, to the
registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [ X ]

State issuer's revenues for the most recent fiscal year. $6,691,789.

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates computed by reference to the price at which the common equity
was sold, or the average bid and asked price of such common equity, as of a
specified date within the past 60 days. As of March 15, 2002, 2,134,506 shares
of Common Stock of the Registrant were outstanding. The aggregate market value
of the voting stock held by non-affiliates was $11,843,895 upon the trading
price of $9.90 per share.

Documents incorporated by References:
Portions of the 2001 Annual report-Part II
Portions of the Proxy Statement for the 2002 Annual Meeting (to be filed in
March 2002)- Part III Transitional Small Business Disclosure Format Yes   No X
                                                                       ---  ---

<PAGE>


                                GLB BANCORP, INC.

                                TABLE OF CONTENTS

         Part I                                                     Page No.

Item 1.  Description of Business                                      3-14

Item 2.  Description of Property                                       15

Item 3.  Legal Proceedings                                             15

Item 4.  Submission of Matters to a Vote
           of Security Holders                                         15

         Part II

Item 5.  Market for the Registrant's
           Common Stock and Related
           Stockholder Matters                                         15

Item 6.  Management Discussion and
           Analysis of Financial Condition
           and Results of Operations                                   16

Item 7.  Financial Statements                                          16

Item 8.  Changes In and Disagreements
           with Accountants on Accounting
           and Financial Disclosures                                   16

         Part III

Item 9.  Directors, Executive Officers,
           Promoters and Control Persons:
           Compliance With Section 16 (a)
           of the Exchange Act                                         16

Item 10  Executive Compensation                                        16

Item 11. Security Ownership of Certain
           Beneficial Owners and Management                            17

Item 12. Certain Relationships and
           Related Party Transactions                                 17
Item 13. Exhibits and Reports on
           Form 8-K                                                   17-20


                                       2

<PAGE>


                                     PART I

ITEM 1. DESCRIPTION OF BUSINESS

FORWARD-LOOKING STATEMENTS

This report may contain certain "forward-looking statements." GLB Bancorp
desires to take advantage of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 with respect to all forward-looking
statements. The words "believe," "expect," "anticipate," "estimate," "project"
and similar expressions are intended to identify forward-looking statements. GLB
Bancorp's ability to predict the results or effect of future plans is inherently
uncertain. Factors which could affect actual results include interest rate
trends, the economic climate in GLB Bancorp's market area and the country, loan
delinquency rates, and changes in federal and state regulations. These factors
should be considered in evaluating forward-looking statements and undue reliance
should not be placed on such statements.

GENERAL

         GLB Bancorp, Inc. (the Corporation) is a one-bank holding company that
owns all of the outstanding common stock of Great Lakes Bank (the Bank). The
Corporation was incorporated on March 5, 1997 for the purpose of becoming the
holding company for the Bank. The holding company reorganization of the Bank was
completed on September 12, 1997. With its main office located at 7001 Center
Street, Mentor, Ohio 44060, the Bank is the only commercial bank headquartered
in Lake County, Ohio. The Corporation provides a focused core of banking
services, primarily for individuals and small to medium-sized businesses.

         The Corporation's lending activities focus primarily on secured lending
for residential and commercial real estate. Most of the Corporation's loans are
secured by first mortgages or junior mortgages on various types of real estate,
including single-family residential, multi-family residential, mixed use,
commercial, developed and undeveloped real estate. The Corporation generally
does not offer commercial loans secured exclusively by accounts receivable and
inventory.

         The Corporation offers a broad array of deposit products, including
checking and savings accounts and certificates of deposit. Although the
Corporation attempts to be competitive with other financial institutions in its
market area, the Corporation generally sets its interest rates on deposits based
on those offered by the leading commercial banks in the area, rather than those
offered by the leading thrift institutions.

         The Corporation also maintains relationships with correspondent banks
and other independent financial banking institutions to provide other services
as requested by customers, including loan participations in circumstances in
which the requested loan amount exceeds the Corporation's legal lending limit.

         The Corporation maintains critical accounting policies for allowance
for loan losses, classification and evaluation of securities, valuation of
mortgage servicing rights and a deferred tax asset valuation allowance. Refer to
notes 3, 2, 5 and 12 of Notes to Consolidated Financial Statements for
additional information incorporated by reference to the Annual Report to
Shareholders for the year ended December 31, 2001, included as Exhibit 13.



                                       3
<PAGE>

COMPETITION

         There are many bank, savings bank, savings association, and credit
union offices located within Great Lakes Bank's primary market area. The Bank
faces strong competition both in originating loans and in attracting deposits.
Some of the competitors offer products and services that are not offered by the
Bank. Some of the competitors are not subject to the same kind and amount of
regulatory restrictions and supervision to which Great Lakes Bank is subject.
Because Great Lakes Bank is a community bank that is considerably smaller than
other commercial lenders in the area, the Bank's legal lending limit does not
allow it to make commercial loans in amounts many competitors can offer. Great
Lakes Bank may from time to time accommodate loan volumes in excess of its
lending limit through the sale of participations in loans to other banks.

         Being the only commercial bank headquartered in Lake County, Great
Lakes Bank seeks to take competitive advantage of its local orientation. It
competes for loans principally through responsiveness to customers and its
ability to communicate effectively with them and understand and address their
needs. Great Lakes Bank competes for deposits principally by offering customers
personal attention, a variety of banking services, attractive rates, and
strategically located banking facilities. Great Lakes Bank seeks to provide high
quality banking service to professionals and small and mid-sized businesses, as
well as individuals, emphasizing quick and flexible responses to customer
demands.

LENDING ACTIVITIES

         Great Lakes Bank is an active lender in Lake County. The Bank's overall
investment philosophy is to lend as much money as possible in the community
within appropriate capital and risk limits. The Bank offers customers a variety
of loans. While providing residential, commercial, and consumer loans, the Bank
specializes in real estate lending with 94.1% of total loans being secured by
real estate.

Loan Portfolio Composition. The following table sets forth the composition of
the loan portfolio in dollar amounts and in percentages at December 31, 2001,
2001 and 2000.

<TABLE>
<CAPTION>
                                                                                   December 31,
                                              -------------------------------------------------------------------------------------
                                                          2001                          2000                           1999
                                              -------------------------------------------------------------------------------------
                                                  Amount       Percent         Amount         Percent        Amount         Percent
                                                  ------       -------         ------         -------        ------         -------
                                              -------------------------------------------------------------------------------------
Type of Loan:
<S>                                          <C>                <C>        <C>                <C>        <C>                <C>
  Residential real estate ..............     $  41,843,093       37.7%     $  44,954,193       42.4%     $  37,053,118       42.4%
  Residential construction .............         4,629,479        4.2%         4,342,188        4.1%         5,250,015        6.1%
  Commercial real estate and other .....        52,131,171       46.9%        43,136,917       40.7%        34,904,601       39.9%
  Commercial construction ..............        10,218,998        9.2%        11,267,258       10.6%        10,182,301       11.6%
  Consumer .............................         8,150,945        7.3%         7,104,179        6.7%         5,658,611        6.5%
                                              --------------------------  -----------------------------  --------------------------

Total loans ............................       116,973,686      105.3%       110,804,735      104.5%        93,048,646      106.5%

Less:
  Undisbursed loans in process .........        (4,432,050)      -4.0%        (3,846,120)      -3.6%        (4,885,876)      -5.7%
  Unamortized loan origination fees, net          (194,524)      -0.2%          (110,975)      -0.1%          (124,897)      -0.1%
  Allowance for loan losses ............        (1,197,026)      -1.1%          (892,851)      -0.8%          (625,371)      -0.7%
                                              --------------------------  -----------------------------  --------------------------

Net loans ..............................     $ 111,150,086      100.0%     $ 105,954,789      100.0%     $  87,412,502      100.0%
                                              ==========================  =============================  ==========================
</TABLE>

       The following table presents maturity information for the loan portfolio
at December 31, 2001. The table does not include prepayments or scheduled
principal repayments. Adjustable-rate mortgage loans are


                                       4
<PAGE>

shown as maturing based on contractual maturities.

<TABLE>
<CAPTION>
                                                                      YEAR ENDED DECEMBER 31, 2001
                                         ---------------------------------------------------------------------------------------
                                                                       COMMERCIAL
                                          RESIDENTIAL   RESIDENTIAL    REAL ESTATE     COMMERCIAL
                                          REAL ESTATE   CONSTRUCTION    AND OTHER      CONSTRUCTION   CONSUMER        TOTAL
                                         ---------------------------------------------------------------------------------------
<S>                                      <C>            <C>            <C>            <C>            <C>           <C>
Amount Due:
Due in one year or less .............    $     8,654    $   130,000    $ 9,626,575    $ 3,912,063    $ 1,082,353   $ 14,759,645
Due after one year through five years        651,429              _      5,673,899      2,184,000      1,365,834      9,875,162
Due after five years ................     41,183,010      4,499,479     36,830,697      4,122,935      5,702,758     92,338,879
                                         ---------------------------------------------------------------------------------------
  Total amount due                       $41,843,093    $ 4,629,479    $52,131,171    $10,218,998    $ 8,150,945   $116,943,686
                                         =======================================================================================

Less:
   Undisbursed loans in process                                                                                      (4,432,050)
   Unamortized loan origination fees, net                                                                              (194,524)
   Allowance for loan losses                                                                                         (1,197,026)
Net                                                                                                                 $111,150,086
                                                                                                                    ============
</TABLE>



       The following table shows the dollar amount of all loans that have
predetermined interest rates and the dollar amount of all loans due after
December 31, 2001 that have floating or adjustable interest rates.


                                               DECEMBER 31, 2001
                                 ----------------------------------------------
                                                  FLOATING OR
                                   FIXED RATES  ADJUSTABLE RATES      TOTAL
                                 ----------------------------------------------

Residential real estate ........   $ 25,976,116   $ 15,866,977  $  41,843,093
Residential construction .......      2,514,056      2,115,423      4,629,479
Commercial real estate and other      9,174,802     42,956,369     52,131,171
Commercial construction ........      3,299,308      6,919,690     10,218,998
Consumer .......................      3,389,345      4,761,600      8,150,945
                                 ----------------------------------------------

Total ..........................   $ 44,353,627   $ 72,620,059  $ 116,973,686
                                 ==============================================



         In order to control interest rate risk the Bank is an active seller in
the secondary mortgage market. Fixed rate mortgage loans are generally sold.
Total proceeds from the sale of mortgage loans during 2001 were $17,666,755.
Mortgage servicing is usually retained by the Bank to ensure better customer
service.

         As a community bank, Great Lakes Bank also makes "non conforming"
mortgage loans that cannot be sold in the secondary market because the loan
amount is too large or it doesn't qualify for other reasons such as property
type, credit history or documentation requirements. The Bank, utilizing prudent
underwriting criteria will generally make these loans on an adjustable rate
basis and keep them in the Bank's portfolio. By following this strategy, the
Bank is able to control interest rate risk while still providing customers with
mortgage money that may not be available elsewhere.

          Great Lakes Bank is also active in commercial lending. In Lake County,
the primary service area, there are numerous small and medium-sized business
establishments, including light industrial, manufacturing, retail and service
businesses. The Bank makes commercial loans to these enterprises for general
business purposes, most of which loans are secured by real estate. Commercial
loans generally bear somewhat more risk than single-family residential mortgage
loans. They tend to be higher yielding, tend to have shorter terms and generally
provide for interest-rate adjustments as prevailing rates change. Although
originations of commercial real estate and construction lending were lower in
2001 than 2000, the Bank


                                       5
<PAGE>

continues to emphasize its commercial loan products and expects to continue
doing so in the future.

         During 2001, originations of residential real estate and construction
lending increased 46.2% over 2000 values. Despite competitive pressures being
strong in the area of lending, we have been able to increase our loan portfolio
without lowering our underwriting standards.

         Construction lending continues to make up a significant portion of the
Bank's lending efforts. Great Lakes Bank offers a variety of construction loan
products including "construction/permanent" loans to homeowners, residential
construction loans to builders, and commercial construction loans to contractors
and business owners. The Bank's commitment to construction lending means
increased growth and vitality in the communities the Bank serves as well as
profitable, short-term loans that can be converted to mortgages for sale in the
secondary market or kept in the Bank's portfolio. Construction loans represent a
significant portion of the Bank's overall business.

         The following table displays construction loans by type.

                                                           DECEMBER 31, 2001
                                                     ---------------------------
                                                      TOTAL DOLLAR      PERCENT
TYPE OF CONSTRUCTION LOANS                               AMOUNT         OF TOTAL
--------------------------------------------------------------------------------

Residential Construction .........................    $ 4,879,479       32.9%
Builder Loans ....................................      4,708,390       31.7%
Commercial Construction ..........................      3,761,608       25.3%
Acquisition and Development ......................      1,499,000       10.1%
                                                      ----------------------

       Total Construction Loans ..................    $14,848,477      100.0%
                                                      ======================


         Great Lakes Bank is also an active consumer lender offering a variety
of installment loan products including auto loans, boat financing, savings
secured loans, credit cards and second mortgages. In the area of consumer loans,
the Bank has been particularly successful with its "Great Line" product, a home
equity line of credit that gives the borrower flexibility and a lower interest
rate and provides the Bank with a secured loan that adjusts with market interest
rates. The Bank uses a "teaser rate" promotion for this product to try and
increase the use of the Great Line by customers, with a floor of 6% and the rate
adjusting to prime after 6 months. This product continues to bring us new
business increasing by $1.2 million from 2000 to 2001. Great Lakes Bank believes
that there are significant market opportunities for increased lending within its
market area. The Bank will continue to emphasize personal service and
flexibility in lending while looking for high quality loans that are properly
priced and secured.

         The following table provides the types of loans in the consumer loan
portfolio.

                                                      DECEMBER 31, 2001
                                                 -------------------------------
                                                  TOTAL DOLLAR     PERCENT
TYPE OF CONSUMER LOANS                               AMOUNT       OF TOTAL
--------------------------------------------------------------------------------

Home Equity Loans .............................    $  960,768       11.8%
Home Equity Lines of Credit ...................     4,761,600       58.4%
Automobile Loans ..............................       998,407       12.3%
Boat Loans ....................................       222,665        2.7%
Passbook Loans ................................       209,756        2.6%
Other Secured Consumer Loans ..................       564,195        6.9%
Credit Cards and Other Unsecured Consumer Loans       433,554        5.3%
                                                   -----------------------

    Total Consumer Loans ......................    $8,150,945      100.0%
                                                   =======================


                                       6
<PAGE>

NONPERFORMING LOANS

         A loan is considered by Great Lakes Bank to be nonperforming when it is
90 days or more delinquent or, if sooner, when the Bank has determined that
repayment of the loan in full is unlikely. Late charges on residential mortgages
are assessed if a payment is not received by the 15th day after the due date,
and on installment loans, late charges are assessed if a payment is not received
by the 10th day following the due date. Immediately thereafter, any borrower
whose payment is not received by the proper time is mailed a past due notice.
The borrower will be contacted by telephone if the delinquency continues to the
30th day. Late charges are minimized on Great Lakes Bank's commercial loans.
With payments generally due on the first of each month, a commercial borrower
will be contacted if a loan payment has not been received by the tenth day of
the month. Credit card statement processing is undertaken by a third party under
contract with Great Lakes Bank. Past due notices are generated automatically,
depending on the stage of delinquency of the card holder, with chargeoffs
occurring after 120 days.

         It is the Bank's policy to cease accruing interest on any loan where
the principal and/or interest remains unpaid for 90 days or more, unless the
loan is for a one-to-four family residential dwelling or is well collateralized.
There were no loans on nonaccrual status at December 31, 2001 and one commercial
loan totaling $66,427 on nonaccrual status at December 31, 2000.

         Impaired loans include all nonaccrual and restructured commercial real
estate and other commercial loans. Residential real estate and consumer loans
are excluded from the definition of an impaired loan. Loan impairment is
measured as the present value of expected future cash flows discounted at the
loan's effective interest rate, the fair value of the collateral of an impaired
collateral dependent loan or an observable market price. Interest income on
impaired loans is recognized on a cash-basis method. There were no impaired
loans at December 31, 2001 and 2000, respectively.

         Not categorized as nonperforming loans are certain potential problem
loans that management believes are adequately secured and for which no material
loss is expected, but as to which certain circumstances could cause the
borrowers to be unable to comply with the existing loan repayment terms at some
future date. Problem loans are classified as "watch," "special mention,"
"substandard" and "doubtful." These potential problem loans, nearly all of which
were in the "watch" category, totaled approximately $4,693,522 at December 31,
2001 compared to $4,890,140 at December 31, 2000.



                                       7
<PAGE>


         The following table summarizes nonperforming assets by category.

<TABLE>
<CAPTION>
                                                                YEAR ENDED DECEMBER 31,
                                                    ----------------------------------------------
                                                        2001              2000            1999
                                                    ------------     ------------     ------------
<S>                                                 <C>              <C>              <C>
Residential family real estate:
  Nonaccrual ...................................    $          -     $          -     $          -
  Past due 90 days or more .....................          49,291           93,714            4,267
Commercial real estate and other:
  Nonaccrual ...................................               -           66,427                -
  Past due 90 days or more .....................          28,611          206,260                -
Consumer:
  Nonaccrual ...................................               -                -                -
  Past due 90 days or more .....................          19,712           12,765           59,608
                                                    ------------     ------------     ------------
      Total nonperforming loans ................          97,614          379,166           63,875
Other Real Estate owned ........................               0                0                0
                                                    ------------     ------------     ------------
      Total nonperforming assets ...............    $     97,614     $    379,166     $     63,875
                                                    ============     ============     ============

Loans outstanding, net .........................    $111,150,086     $105,954,789     $ 87,412,502
Allowance for loans losses .....................    $  1,197,026     $    892,851     $    625,371
Allowance for loan losses to net loans .........            1.08%            0.84%            0.72%
Nonperforming loans to total loans .............            0.09%            0.36%            0.07%
Nonperforming loans to total assets ............            0.06%            0.29%            0.05%
Allowance for loan losses to nonperforming loans         1226.26%          235.48%          979.05%
</TABLE>

ALLOWANCE FOR LOAN LOSSES

         The allowance for loan losses on December 31, 2001 was $1,197,026,
1.08% of net loans, compared to $892,851, or 0.84% at December 31, 2000. The
provision for loan losses charged to operating expense was $320,000 and $367,500
in 2001 and 2000, respectively.

         The amount of the allowance for loan losses, a critical accounting
policy, is based on management's systematic detailed analysis of risks inherent
in the various segments of the loan portfolio, whereby the loan portfolio is
reviewed generally and delinquent loan accounts are analyzed individually, on a
monthly basis. Consideration is given to the types of loans in the portfolio and
the overall risk inherent in the portfolio, as well as, evaluation of individual
loans, account status, payment history, ability to repay and probability of
repayment. During the year ended December 31, 2001, management conducted reviews
of the established reserve percentages used in calculating the required
allowance for loan losses at the end of each quarter. These reviews were
conducted using the historical losses the Bank had experienced according to type
of loan along with the most currently available national and regional industry
data on charge-offs.

         Although management believes that it uses the best information
available to make such determinations and that the allowance for loan losses is
adequate at December 31, 2001, future adjustments to the allowance may be
necessary. Net earnings could be affected, if circumstances or economic
conditions differ substantially from the assumptions used in making the initial
determinations. Additionally, as an integral part of the examination process
bank regulatory agencies periodically review Great Lakes Bank's allowance for
loan losses.



                                       8
<PAGE>

         The following is a summary of Great Lakes Bank's loan loss experience
and selected ratios for the periods presented.

<TABLE>
<CAPTION>
                                                            YEAR ENDED DECEMBER 31,
                                                 ----------------------------------------------
                                                     2001              2000            1999
                                                 ------------     ------------     ------------

<S>                                              <C>              <C>              <C>
Allowance for loan losses (beginning of year)    $    892,851     $    625,371     $    482,418

Loans charged off:
    Residential real estate .................               0                0                0
    Commercial real estate and other ........           7,309           50,000            3,185
    Construction ............................               0                0                0
    Consumer ................................          16,315           54,712           23,284
                                                 ------------     ------------     ------------

    Total loans charged off .................          23,624          104,712           26,469

Recoveries of loans previously charged off:
    Residential  real estate ................               0                0                0
    Commercial real estate and other ........           3,376            2,906            2,009
    Construction ............................               0                0                0
    Consumer ................................           4,423            1,786           16,413
                                                 ------------     ------------     ------------

   Total recoveries .........................           7,799            4,692           18,422
                                                 ------------     ------------     ------------

Net loans charged off .......................          15,825          100,020            8,047

Provision for loan losses ...................         320,000          367,500          151,000
                                                 ------------     ------------     ------------

Allowance for loan losses (end of year) .....    $  1,197,026     $    892,851     $    625,371
                                                 ============     ============     ============


Average loans outstanding, net ..............    $108,370,637     $ 96,859,625     $ 75,499,457
Loans outstanding, net ......................    $111,150,086     $105,954,789     $ 87,412,502

Net charge offs to average loans ............            0.01%            0.10%            0.01%
</TABLE>

         With Great Lakes Bank's emphasis on real estate secured lending,
delinquencies and charge offs are below industry norms. The Bank had 0.01% of
net charge offs to average loans at December 31, 2001 compared to 0.10% at
December 31, 2000. The net charge offs in 2001 were largely due to numerous
credit card customer charge offs. The net charge offs in 2000 were due to one
commercial loan for $50,000 and several loans to one consumer loan customer for
$24,360 and numerous credit card customer charge offs. Great Lakes Bank is
committed to a conservative, secured approach to lending that we anticipate will
result in continued low charge off rates.



                                       9
<PAGE>



         The following table sets forth the allocation of Great Lakes Bank's
allowance for loan losses by category and the percent of loans in each category
to total loans at the dates indicated. The portion of the allowance for loan
losses allocated to each category does not represent the total available for
future losses that may occur within the loan category because the total loan
loss allowance is a valuation reserve applicable to the entire loan portfolio.
Great Lakes Bank has specific loan reserves with the remaining reserve allocated
based on loan types.

<TABLE>
<CAPTION>
                                                                YEAR ENDED DECEMBER 31,
                                         -------------------------------------------------------------------
                                                2001                        2000                      1999
                                         --------------------    -------------------     -------------------
                                                   PERCENT OF            PERCENT OF              PERCENT OF
                                                    LOANS TO              LOANS TO                 LOANS TO
                                         AMOUNT   TOTAL LOANS    AMOUNT  TOTAL LOANS     AMOUNT  TOTAL LOANS
                                         --------------------    -------------------     -------------------
Type of loan
<S>                                      <C>           <C>       <C>           <C>       <C>           <C>
    Residential real estate .........    $  102,944      8.6%    $  124,300     13.9%    $   85,050     13.6%
    Commercial real estate and other        809,190     67.6%       565,020     63.3%       375,223     60.0%
    Construction ....................       146,037     12.2%        96,100     10.8%        66,915     10.7%
    Consumer ........................       138,855     11.6%       107,431     12.0%        98,183     15.7%
                                         --------------------    -------------------     -------------------

        Total .......................    $1,197,026    100.0%    $  892,851    100.0%    $  625,371    100.0%
                                         ====================    ===================     ===================
</TABLE>

SECURITIES

         The Corporation classifies its securities as either held to maturity or
available for sale, as a critical accounting policy. Securities may be in
interest-bearing deposits, U. S. Government and agency obligations, state and
local government obligations and government-guaranteed, mortgage-backed
securities. Great Lakes Bank generally does not invest in securities that are
rated less than investment grade by a nationally recognized statistical rating
organization. A goal of the Corporation's investment policy is to limit
interest-rate risk. GLB Bancorp's operations independent of Great Lakes Bank
consist principally of investments in a small number of financial institutions
or financial institution holding companies. GLB Bancorp's securities available
for sale consists of three publicly traded community bank stocks and two other
bank stocks. Their fair market values at December 31, 2001 were $3,596,037 and
$40,000, respectively.

         The following table sets forth the carrying value of the Corporation's
investment portfolio at the dates indicated.

<TABLE>
<CAPTION>
                                                    YEAR ENDED DECEMBER 31,
                                     ---------------------------------------------------
                                         2001               2000              1999
                                     --------------    ---------------    --------------
<S>                                  <C>               <C>                <C>
Securities Available for Sale:
    Equity                             $ 3,636,037        $3,790,897          $3,732,250


Securities Held to Maturity:
    U.S. Treasury and other U.S.
    Government agency obligations       $1,999,592        $1,988,971          $2,000,233
</TABLE>



Held to maturity securities due in one year or less totaled $1,999,592 with a
weighted average yield of 5.37%.



                                       10
<PAGE>


SOURCES OF FUNDS
DEPOSITS

         Savings deposits are a major source of funds. Great Lakes Bank offers a
number of alternatives for depositors designed to attract both commercial and
regular consumer checking and savings customers, including regular and money
market savings accounts, NOW accounts, and a variety of fixed-maturity,
fixed-rate certificates with maturities ranging from seven days to 60 months.
The Bank also provides travelers' checks, official checks, money orders, ATM
services, and IRA accounts. Great Lakes Bank also offers a large-balance deposit
account product known as the "Golden Passbook Account" for a relatively low
minimum balance of $2,500.

         The Bank has also had great success in developing a commercial checking
account business. Great Lakes Bank's commercial checking account offers a
simple, inexpensive flat rate service fee for most small businesses instead of
the complicated "per transaction" method used by many financial institutions.

         The Bank's most substantial deposits were investors Messrs. Jerome T.
and Richard M. Osborne, individually and with affiliated companies and immediate
family members. Their combined total deposits were approximately $5.6 million as
of December 31, 2001, $7.4 million as of December 31, 2000 and $8.3 million as
of December 31, 1999.

         The following table sets forth the amount of time deposits that are
$100,000 or more, including certificates of deposit, by time remaining until
maturity.
                                                          DECEMBER 31, 2001
                                                          -----------------

        Three months or less .............................    $1,856,496
        Four months through six months ...................     2,717,394
        Seven months through twelve months ...............     3,440,838
        Over twelve months ...............................     1,467,619
                                                              ----------

        Total ............................................    $9,482,347
                                                              ==========




                                       11
<PAGE>



         The distribution of deposit accounts by type and rate is set forth in
the following tables as of the indicated dates.

<TABLE>
<CAPTION>
                                                                   DECEMBER 31,
                               ---------------------------------------------------------------------------------------------------
                                                2001                             2000                               1999
                               ---------------------------------------------------------------------------------------------------
                                              AVERAGE                           AVERAGE                           AVERAGE
                                   AMOUNT      YIELD   PERCENT         AMOUNT    YIELD    PERCENT     AMOUNT       YIELD   PERCENT
                               ------------    ----     -----     -------------   ----     -----   ------------     ----     -----
<S>                            <C>             <C>       <C>      <C>             <C>       <C>     <C>             <C>       <C>
Noninterest bearing demand..
Deposit ....................   $ 18,990,170    0.00%     14.9%    $  16,973,088   0.00%     18.8%   $ 16,526,276    0.00%     20.1%
Interest bearing demand
Deposit ....................     10,494,030    1.23%      8.2%       10,879,750   1.46%     12.0%      9,116,668    1.44%     11.1%
Savings ....................     66,744,275    3.38%     52.5%       42,697,244   3.74%     47.3%     41,940,268    3.69%     51.1%
                               -------------------------------    ------------------------------   -------------------------------
Total Transaction Accounts       96,228,475              75.6%       70,550,082             78.1%     67,583,212              82.3%

Certificates:

2.00% and less .............        305,518               0.3%                -                -              -
2.01% -- 3.01% .............        761,314               0.6%                -                -              -
3.01% -- 4.00% .............      9,106,635               7.2%                -                -         92,061                0.1%
4.01% -- 5.00% .............     10,699,846               8.4%        2,693,253              3.0%     6,957,454                8.5%
5.01% -- 6.00% .............      3,719,161               2.9%        6,408,086              7.1%     4,275,620                5.2%
6.01%  - 7.00% .............      6,399,702               5.0%       10,034,286             11.1%     2,243,348                2.7%
7.01% -- 8.00% .............              -                 -           618,143              0.7%       992,968                1.2%
                               -------------------------------    ------------------------------   -------------------------------
Total Certificate accounts       30,992,176    5.60%     24.4%       19,753,768   5.63%     21.9%    14,561,451     5.32%     17.7%
                               -------------------------------    ------------------------------   -------------------------------
Total Deposits .............   $127,220,651    3.81%    100.0%    $  90,303,850   3.85%    100.0%  $ 82,144,663     3.80%    100.0%
                               ===============================    ==============================   ===============================
</TABLE>

BORROWINGS

Deposits, repayment of loan principal and federal funds are the primary source
of funds for the Corporation's lending activities and other general business
purposes. However, during periods when the supply of lendable funds or funds
available for general business purposes cannot meet the demand for loans or such
general business purposes, the Bank may obtain funds through loans (advances)
from the FHLB. The FHLB generally limits advances to 25% of assets with a total
borrowing limit of 40% of assets from all borrowing sources. Advances are
collateralized by any combination of the following assets and collateralization
rates: one- to four-family first mortgage loans, not past due greater than 90
days, pledged on a blanket basis at 135% of the advance amount, specifically
identified mortgage loans at 135% of the advance amount and various types of
investment and mortgage-backed securities at rates ranging from 101-110% of the
advance amount. FHLB stock owned by the Bank is pledged as additional collateral
but is not available as primary collateral.


                                       12
<PAGE>



         The following table sets forth certain information as to FHLB advances
and other borrowings at the dates indicated.


<TABLE>
<CAPTION>
                                                            YEAR ENDED DECEMBER 31,
                                                  -------------------------------------------
                                                      2001            2000           1999
                                                  -----------     -----------     -----------
<S>                                               <C>             <C>             <C>
Maximum amount outstanding at month-end
  during the year ............................    $18,643,900     $12,543,900     $10,500,000

Average amount outstanding during the year ...     14,567,831      10,631,258       9,294,355

Weighted average interest rate during the year           6.03%           6.51%           6.60%

Actual amount outstanding at year end ........     10,643,900      12,543,900      10,500,000

Weighted average interest rate at year end ...           5.75%           6.54%           6.50%
</TABLE>



EMPLOYEES

As of December 31, 2001, the Bank had 75 full-time and 29 part-time employees.
None of the Bank's employees are represented by any collective bargaining group.
Management considers its employee relations to be good. The Holding Company
currently has no paid employees.

REGULATION AND SUPERVISION

         The Corporation is a bank holding company within the meaning of the
Bank Holding Company ("BHC") Act. As such, the Corporation is subject to
regulation, supervision and examination by the Board of Governors of the Federal
Reserve Bank of Cleveland. The Corporation is required to file quarterly and
annual reports with the FRB and to provide the FRB such additional information
as the FRB may require. The Act requires the prior approval of the Federal
Reserve Board for a bank holding company to acquire or hold more than a 5%
voting interest in any bank and restricts interstate banking activities.

         The Bank is an Ohio-chartered commercial bank. The deposits of the Bank
are insured to a maximum of $100,000 per depositor through the Bank Insurance
Fund ("BIF") administered by the FDIC. As a state-chartered, non-member bank,
the Bank is primarily regulated by the FDIC and the Division.

         The Corporation and the Bank are extensively regulated under federal
and state law. These federal and state laws are intended to protect depositors,
not shareholders. Federal and state laws applicable to bank holding companies
and banks regulate, among other things, the range of permissible business
activities, investments, reserves against deposits, capital levels, lending
activities and practices, the nature and amount of collateral for loans,
establishment of branches, mergers, dividends, and a variety of other important
matters.

         The Federal Deposit Insurance Corporation Improvement Act of 1991
("FDICIA") expanded significantly the authority of federal agencies to regulate
the activities of federal and state banks and their holding companies. The FRB
and the FDIC have extensive authority to prevent and to remedy unsafe and



                                       13
<PAGE>

unsound practices and violations of applicable laws by depository institutions
and their holding companies. The agencies may assess civil money penalties,
issue cease-and-desist or removal orders, seek injunctions, and publicly
disclose such actions.

BANK HOLDING COMPANY REGULATION

         The BHC Act also prohibits a bank holding company, with certain
exceptions, from acquiring more than five percent of the voting shares of any
Corporation that is not a bank and from engaging in any business other than
banking or managing or controlling banks. Under the BHC Act, the Federal Reserve
is authorized to approve the ownership of shares by a bank holding company in
any Corporation, the activities of which the Federal Reserve has determined to
be so closely related to banking or to managing or controlling banks as to be a
proper incident thereto. The Federal Reserve has by regulation determined that
certain activities are closely related to banking within the meaning of the BHC
Act. These activities include: operating a savings association, mortgage
company, finance company, or credit card company; performing certain data
processing operations; providing investment and financial advice; and acting as
an insurance agent for certain types of credit-related insurance.

         It is the FRB's policy that bank holding companies serve as a source of
strength for their subsidiary banking institutions. The FRB considers the
adequacy of a bank holding company's capital on essentially the same
risk-adjusted basis as capital adequacy is determined by the FDIC at the bank
subsidiary level. In general, bank holding companies are required to maintain a
minimum ratio of total capital to risk-weighted assets of 8% and Tier 1 capital
(consisting principally of shareholders' equity) of at least 4%. Bank holding
companies are also subject to a leverage ratio requirement. The minimum required
leverage ratio for the highest rated companies is 3%. The minimum required
leverage ratio for all other bank holding companies is 4% or higher.

         As a bank holding company subject to regulation by the FRB, the
Corporation must comply with policy statements issued by the FRB. The FRB's
policy statement governing payment of cash dividends provides that a bank
holding company should not pay cash dividends on common stock unless (i) the
organization's net income for the past year is sufficient to fully fund the
dividends and (ii) the prospective rate of earnings retention appears consistent
with the organization's capital needs, asset quality and overall financial
condition.

         The Gramm-Leach-Bliley Act (the "Act") was enacted into law on November
12, 1999. It repeals key provisions of the Glass Steagall Act to permit
commercial banks to affiliate with investment banks, substantially modifies the
Bank Holding Company Act of 1956 to permit companies that own commercial banks
to engage in any type of financial activity, and allows subsidiaries of banks to
engage in a broad range of financial acitivites that are not permitted by banks
themselves. The result is that banks of all sizes will be able to offer a wide
range of financial products and services without the prior restraints of
outdated laws. Also, banking companies and other financial service companies,
such as insurance and securities companies will be able to combine more readily.
Other important provisions include restrictions on the privacy of customer
information, increased access to the Federal Home Loan Bank System by community
banks, and changes to the requirements imposed by the Community Reinvestment
Act. Effective March 11, 2000, Financial Holding Companies could be established,
whereby banks, other depository institutions, insurance companies and securities
firms could enter into combinations that would permit a single financial service
organization to offer customers a more complete array of products and services.
At this time, GLB Bancorp has not elected this option.


                                       14
<PAGE>

ITEM 2. DESCRIPTION OF PROPERTIES

The Corporation conducts its business at its main office headquartered in
Mentor, Ohio and its eleven branches located in Lake County (one opened in July
2001). The Corporation owns four of its offices and leases eight offices. The
total net book value of the Corporation's premises and equipment was $3,196,769
at December 31, 2001. See Note 4 of Notes to Consolidated Financial Statements
Exhibit 13.

Listed below are the branches of the Bank and their locations:

<TABLE>
<CAPTION>
                BRANCH                                       LOCATION                             OWNED/LEASED
---------------------------------------- -------------------------------------------------- --------------------------

<S>                                      <C>                                                <C>
Main Office                              7001 Center Street, Mentor                         Owned
Heisley                                  9365 Mentor Avenue, Mentor                         Owned
Painesville Township                     1522 Mentor Avenue, Mentor                         Leased
Wickliffe                                29933 Euclid Avenue, Wickliffe                     Leased
Willoughby                               38600 Lakeshore Boulevard, Willoughby              Owned
Willoughby Hills                         28500 Chardon Road, Willoughby Hills               Leased
Mentor Lakeshore                         7742 Lakeshore Boulevard, Mentor                   Owned
Eastlake                                 34580 Lakeshore Boulevard, Eastlake                Leased
Painesville                              58 South Park Place, Painesville                   Leased
Downtown Willoughby                      4012 Erie Street, Willoughby                       Leased
Madison                                  6550 N. Ridge Road, Madison                        Leased
Concord                                  7529 Crile Road, Concord                           Leased
</TABLE>


ITEM 3. LEGAL PROCEEDINGS

The nature of the Bank's business generates a certain amount of litigation
involving matters arising in the ordinary course of business. However, in the
opinion of management, any liabilities that may result would not be expected to
have a material adverse effect on the consolidated financial statements of the
Corporation.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None


                                     PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS

         The Corporation's common stock is currently traded on the Nasdaq Small
Cap Market. The approximate number of shareholders at December 31, 2001 was 187
which does not include the number of persons whose stock is held in nominee or
"street name" accounts through brokers.

         The Corporation and the Bank have paid no dividends to shareholders in
the past nor does the Corporation anticipate paying any dividends in the near
future. The Corporation's current philosophy to grow through branch expansion
and acquisitions has made a limited amount of capital available, particularly



                                       15
<PAGE>

with the guidelines established by federal bank regulatory authorities requiring
capital levels to be above certain levels and regulatory guidelines which could
limit the amounts subsidiaries can pay as dividends and the amount of dividends
which holding companies and their subsidiaries may pay.

         The following table shows the high and low sales prices of GLB common
stock for 2001 and 2000.

<TABLE>
<CAPTION>
                                                            GLB COMMON STOCK PRICE
                                                  ----------------------------------------
                                                          HIGH                 LOW
                                                  ------------------    ------------------
<S>                                                      <C>               <C>
2001: First Quarter .........................            $ 9.75            $7.50
      Second Quarter ........................            $10.00            $7.00
      Third Quarter .........................            $10.75            $9.20
      Fourth Quarter ........................            $10.00            $9.15

2000: First Quarter..........................            $ 9.00            $7.00
      Second Quarter ........................            $ 8.88            $7.06
      Third Quarter .........................            $11.00            $7.50
      Fourth Quarter ........................            $10.00            $7.06
</TABLE>

ITEM 6. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

The Management's Discussion and Analysis is incorporated by reference to the
Annual Report to Shareholders for the year ended December 31, 2001, included as
Exhibit 13.

ITEM 7. FINANCIAL STATEMENTS

The Financial Statements are incorporated by reference to the Annual Report to
Shareholders for the year ended December 31, 2001, included as Exhibit 13.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURES

None

                                    PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS: COMPLIANCE
WITH SECTION 16(a) OF THE EXCHANGE ACT

The information concerning Directors and Executive officers of the Registrant is
incorporated by reference from the Corporation's Definitive Proxy Statement to
be filed with the Securities and Exchange Commission in March 2002.

ITEM 10. EXECUTIVE COMPENSATION

The information concerning Executive Compensation of the Registrant is
incorporated by reference from the Corporation's Definitive Proxy Statement to
be filed with the Securities and Exchange Commission in March 2002.


                                       16
<PAGE>

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The information concerning Security Ownership of Certain Beneficial Owners and
Management of the Registrant is incorporated by reference from the Corporation's
Definitive Proxy Statement to be filed with the Securities and Exchange
Commission in March 2002.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

The information concerning Certain Relationships and Related Party Transactions
of the Registrant is incorporated by reference from the Corporation's Annual
Report to Shareholders for the year ended December 31, 2001, included as Exhibit
13.

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

(a)    Exhibits

EXHIBIT
NUMBER                             DESCRIPTION
--------------    -------------------------------------------------------------

*        3.a      Amended and Restated Articles of Incorporation of GLB Bancorp,
                  Inc. (incorporated by reference to Exhibit 3.a to the
                  Registration Statement on Form SB-2 filed by GLB Bancorp, Inc.
                  on March 20, 1998, Commission File No. 333-48387)
*        3.b      Code of Regulations, as amended, of GLB Bancorp, Inc.
                  (incorporated by reference to Exhibit 3.b to the Registration
                  Statement on Form SB-2 filed by GLB Bancorp, Inc. on March 20,
                  1998, Commission File No. 333-48387)
**       4        Instruments defining the rights of holders
**       9        Voting trust agreement
*        10.a     1998 Stock Option and Incentive Plan of GLB Bancorp, Inc.
                  (incorporated by reference to Exhibit 10.a to the Registration
                  Statement on Form SB-2 filed by GLB Bancorp, Inc. on March 20,
                  1998, Commission File No. 333-48387)
*        10.b     Indenture of Lease dated March 1, 1998 between Richard M.
                  Osborne, Trustee, and Great Lakes Bank, for the 58 South Park
                  Place branch (Painesville, Ohio) (incorporated by reference to
                  Exhibit 10.b to the Registration Statement on Form SB-2 filed
                  by GLB Bancorp, Inc. on March 20, 1998, Commission File No.
                  333-48387)
*        10.c     Indenture of Lease dated May 1, 1997 between Richard M.
                  Osborne, Trustee, and Great Lakes Bank, for the 29933 Euclid
                  Avenue branch (Wickliffe, Ohio) (incorporated by reference to
                  Exhibit 10.c to the Registration Statement on Form SB-2 filed
                  by GLB Bancorp, Inc. on March 20, 1998, Commission File No.
                  333-48387)
*        10.d     Indenture of Lease dated October 30, 1999 between Shoreway
                  Circle, Inc. and Great Lakes Bank for the 34580 Lakeshore Blvd
                  branch (Mentor, Ohio) (incorporated by reference to Exhibit
                  10.g to the 10KSB filed by GLB Bancorp, Inc. on March 29,
                  2000, Commission File No. 24255)
*        10.e     Federal Home Loan Bank of Cincinnati Blanket Agreement for
                  Advances and Security Agreement, dated July 22, 1996
                  (incorporated by reference to Exhibit 10.e to the Registration
                  Statement on form SB-2 filed by GLB Bancorp, Inc. on March 20,
                  1998,Commission File No. 333-48387)
*        10.f     Lease Agreement by and between Great Lakes Bank and Collinwood
                  Properties Co., LLC


                                       17
<PAGE>
                  dated September 16, 1998, for the 28500 Chardon Road branch
                  (Willoughby Hills, Ohio) (incorporated by reference to Exhibit
                  10.f included in Part II of GLB Bancorp, Inc.'s Form S-4
                  Registration Statement on February 4, 1999, Commission File
                  No. 333-71771)
*        10.g     Indenture of Lease dated December 15, 1998 between First Merit
                  Bank and Great Lakes Bank for the 4012 Erie Street branch
                  (Willoughby, Ohio) (incorporated by reference to The 10KSB
                  filed by GLB Bancorp, Inc. on March 29, 2000, Commission File
                  No. 24255)
*        10.h     Indenture of Lease dated May 1, 2000 between Wiles and Victor,
                  Inc. and Great Lakes` Bank for the 6550 N. Ridge Rd. branch
                  (Madison, Ohio)
***      10.i     Indenture of Lease dated January 3, 2001 between Madison/Route
                  20, LLC and Great Lakes Bank for the 7529 Crile Rd, branch
                  (Concord, Ohio)
***      10.j     Indenture of Lease dated May 24, 2001 between C.R. Green L.P.
                  and Great Lakes Bank for the 1220 SOM Center Rd,branch
                  (Mayfield Heights, Ohio)
***      11       Statement re: computation of per share earnings
***      13       GLB Bancorp, Inc.'s Annual Report to Shareholders for the year
                  ended December 31, 2000
**       16       Letter on change in certifying accountant
**       18       Letter on change in accounting principles
*        21       Subsidiaries of GLB Bancorp, Inc. (incorporated herein by
                  reference to Exhibit 21 included in Part II of GLB Bancorp,
                  Inc.'s Form S-4 Registration Statement (commission File No.
                  333-71771) filed on February 4, 1999)
**       22       Published report regarding matters submitted to vote
**       23       Consent of experts and counsel
**       24       Power of Attorney



*        Incorporated by reference
**       Not applicable
***      Filed herewith

(b)      Reports on Form 8-K.

         March 20, 2002-GLB Bancorp, Inc. issued a news release announcing its
financial results for the fourth quarter of 2001 and year to date for the year
ended December 31, 2001.





                                       18


<PAGE>










                                   SIGNATURES
                                   ----------

Pursuant to the requirements of Sections 13 and 15 (d) 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.

                                                 GLB BANCORP, INC.

By: /s/   Richard T. Flenner, Jr.                    Date: March 19, 2002
          -----------------------                          --------------
          Richard T. Flenner, Jr., President,CEO
          (Duly Authorized Representative)

By: /s/   Cheryl J. Mihitsch                         Date: March 19, 2002
          ------------------                               --------------
          Cheryl J. Mihitsch, Treasurer
          (Duly Authorized Representative)

         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.

By: /s/   Jerome T. Osborne                          Date: March 19, 2002
          -----------------                                --------------
          Jerome T. Osborne,
          Chairman of the Board

By: /s/   Richard M. Osborne                         Date: March 19, 2002
          ------------------                               --------------
          Richard M. Osborne,
          Vice Chairman of the Board

By: /s/   Richard T. Flenner, Jr.                    Date: March 19, 2002
          -----------------------                          --------------
          Richard T. Flenner, Jr., Director
          President,CEO

By: /s/   Gerorge X. Mechir                           Date: March 19, 2002
          -----------------                                 --------------
          George X. Mechir, Director

By: /s/   George C. Lott                             Date: March 19, 2002
          --------------                                   --------------
          George C. Lott, Director

By: /s/   Thomas J. Smith                            Date: March 19, 2002
          ---------------                                  --------------
          Thomas J. Smith, Director

By: /s/   Edward R. Pike                             Date: March 19, 2002
          --------------                                   --------------
          Edward R. Pike, Director

By: /s/   Joseph T. Svete                            Date: March 19, 2002
          ---------------                                  --------------
          Joseph T. Svete, Director

By: /s/   Thomas Wheeler                              Date: March 19, 2002
          --------------                                    --------------
          Thomas Wheeler, Director

By: /s/   James V. Fryan                              Date: March 19, 2002
          --------------                                    --------------
          James V. Fryan, Director

By: /s/   Umberto Fedeli                              Date: March 19, 2002
          --------------                                    --------------
          Umberto Fedeli, Director


                                       19