UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

     For the quarterly period ended September 30, 2007

                                       OR

[_]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from _____ to _____

                         Commission File Number: 0-51102

                            GEORGETOWN BANCORP, INC.
        (Exact name of small business issuer as specified in its charter)

            Federal                                              20-2107839
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

  2 East Main Street, Georgetown, MA                               01833
(Address of principal executive office)                          (Zip Code)

                                 (978) 352-8600
              (Registrant's telephone number, including area code)

Indicate by check whether the registrant: (1) has filed all reports required to
be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for 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 by checkmark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                               Yes [_]     No [X]

Indicate by check whether the registrant is an accelerated filer (as defined in
Rule 12b-2 of the Exchange Act).

                               Yes [_]     No [X]

Indicate the number of shares outstanding of the registrant's common stock, as
     of the latest practicable date: Common Stock, $0.10 par value, 2,668,187
     shares outstanding as of November 12, 2007

Transitional Small Business Disclosure Format:

                               YES [_]     NO [X]

<PAGE>


                                   Form 10-QSB
                            GEORGETOWN BANCORP, INC.
                                Table of Contents

Part I.  Financial Information                                              Page
         ---------------------                                              ----

Item 1:  Financial Statements (Unaudited)

         Consolidated Statements of Financial Condition
         at September 30, 2007 and June 30, 2007                              1

         Consolidated Statements of Operations for the Three
         Months Ended September 30, 2007 and 2006                             2

         Consolidated Statements of Changes in Stockholders'
         Equity for the Three Months Ended September 30, 2007 and 2006        3

         Consolidated Statements of Cash Flows for the
         Three Months Ended September 30, 2007 and 2006                       4

         Notes to Condensed Consolidated Financial Statements                 6

Item 2:  Management's Discussion and Analysis or Plan of Operation            8

Item 3:  Controls and Procedures                                             14

Part II. Other Information
         -----------------

Item 1: Legal Proceedings                                                    14
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds          14
Item 3: Defaults upon Senior Securities                                      14
Item 4: Submission of Matters to a Vote of Security Holders                  14
Item 5: Other Information                                                    14
Item 6: Exhibits                                                             14

SIGNATURES                                                                   15

<PAGE>


PART I - FINANCIAL INFORMATION

ITEM 1. Financial Statements

                            GEORGETOWN BANCORP, INC.
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                        -------------------------------
                                   (UNAUDITED)
                                     ASSETS

<TABLE>
<CAPTION>
                                                                              At            At
                                                                          September 30,  June 30,
                                                                             2007         2007
                                                                           ---------    ---------
                                                                               (In thousands)
<S>                                                                        <C>          <C>
Cash and due from banks                                                    $   4,078    $   3,950
Short-term investments                                                         1,187        1,653
                                                                           ---------    ---------
               Total cash and cash equivalents                                 5,265        5,603

Securities available for sale, at fair value                                  12,919       12,690
Securities held to maturity, at amortized cost                                 7,306        8,182
Federal Home Loan Bank stock, at cost                                          2,905        2,905
Loans, net of allowance for loan losses of $1,111,000
    at September 30, 2007 and $1,079,000 at June 30, 2007                    130,856      127,659
Premises and equipment, net                                                    4,762        4,816
Accrued interest receivable                                                      689          682
Bank-owned life insurance                                                      1,432        1,416
Other assets                                                                   1,077        1,129
                                                                           ---------    ---------

               Total assets                                                $ 167,211    $ 165,082
                                                                           =========    =========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                   $  99,765    $  97,956
Short-term Federal Home Loan Bank advances                                     8,900        9,850
Long-term Federal Home Loan Bank advances                                     39,360       37,873
Securities sold under agreements to repurchase                                   927          869
Mortgagors' escrow accounts                                                      352          317
Accrued expenses and other liabilities                                           498          607
                                                                           ---------    ---------
               Total liabilities                                             149,802      147,472
                                                                           ---------    ---------

Commitments and contingencies

Stockholders' equity:
Preferred stock, $0.10 par value per share: 1,000,000
shares authorized; none outstanding                                                -            -
Common Stock, $0.10 par value per share: 10,000,000
shares authorized; 2,777,250 shares issued                                       278          278
Additional paid-in capital                                                    11,452       11,452
Retained earnings                                                              7,379        7,522
Accumulated other comprehensive loss                                             (91)        (179)
Unearned compensation - ESOP (63,415 and 65,463 shares unallocated
    at September 30, 2007 and June 30, 2007, respectively)                      (634)        (655)
Treasury stock, at cost (109,063 and 85,200 shares at September 30, 2007
    and June 30, 2007, respectively)                                            (975)        (808)
                                                                           ---------    ---------
               Total stockholders' equity                                     17,409       17,610
                                                                           ---------    ---------

               Total liabilities and stockholders' equity                  $ 167,211    $ 165,082
                                                                           =========    =========
</TABLE>

See notes to condensed consolidated financial statements.


                                       1
<PAGE>


                            GEORGETOWN BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                        -------------------------------
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                            Three Months Ended
                                                               September 30,
                                                           2007            2006
                                                        -----------    -----------
                                                     (In thousands, except share data)
<S>                                                     <C>            <C>
Interest and dividend income:
    Loans, including fees                               $     1,976    $     1,914
    Investment interest and dividends                           286            365
    Short-term investments                                       16              8
                                                        -----------    -----------
               Total interest and dividend income             2,278          2,287
                                                        -----------    -----------

Interest expense:
    Deposits                                                    731            652
    Short-term Federal Home Loan Bank advances                  113            294
    Long-term Federal Home Loan Bank advances                   468            333
    Securities sold under agreements to repurchase                2              2
                                                        -----------    -----------
               Total interest expense                         1,314          1,281
                                                        -----------    -----------

Net interest income                                             964          1,006
Provision for loan losses                                         1             64
                                                        -----------    -----------
Net interest income, after provision for loan losses            963            942
                                                        -----------    -----------

Non-interest income:
    Customer service fees                                       148            156
    Income from bank-owned life insurance                        16             12
    Other                                                         8              7
                                                        -----------    -----------
               Total non-interest income                        172            175
                                                        -----------    -----------

Non-interest expenses:
    Salaries and employee benefits                              711            686
    Occupancy and equipment expenses                            210            207
    Data processing expenses                                     83             77
    Professional fees                                            82             55
    Advertising expense                                          60             12
    Other general and administrative expenses                   201            211
                                                        -----------    -----------
               Total non-interest expenses                    1,347          1,248
                                                        -----------    -----------

Loss before income taxes                                       (212)          (131)

Income tax benefit                                              (74)           (45)
                                                        -----------    -----------

Net loss                                                $      (138)   $       (86)
                                                        ===========    ===========

Weighted average number of common shares outstanding:
   Basic and diluted                                      2,615,752      2,674,838

Net loss per share:
   Basic and diluted                                    $     (0.05)   $     (0.03)
</TABLE>

See notes to condensed consolidated financial statements.


                                       2
<PAGE>


                            GEORGETOWN BANCORP, INC.
           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                     ---------------------------------------
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                                Accumulated
                                                                                  Other
                                                          Additional           Comprehensive  Unearned
                                                   Common  Paid-in    Retained    Income    Compensation-  Treasury
                                                   Stock   Capital    Earnings    (Loss)        ESOP        Stock      Total
                                                   -----   --------   --------    ------       ------       ------    --------
                                                                              (In thousands)
<S>                                                <C>     <C>        <C>         <C>          <C>          <C>       <C>
Balance at June 30, 2006                           $ 278   $ 11,452   $  7,996    $ (330)      $ (737)      $         $ 18,659
                                                                                                                      --------

Comprehensive loss:
    Net loss                                                               (86)                                            (86)
    Change in net unrealized gain (loss) on
        securities available for sale, net of
        tax effects of $98,000                                                       166                                   166
                                                                                                                      --------
                 Total comprehensive loss                                                                                   80
                                                                                                                      --------

Common stock held by ESOP allocated or committed
        to be allocated (2,046 shares)                                      (2)                    21                       19

Treasury stock purchased (78,000 shares)                                                                      (751)       (751)
                                                   -----   --------   --------    ------       ------       ------    --------

Balance at September 30, 2006                      $ 278   $ 11,452   $  7,908    $ (164)      $ (716)      $ (751)   $ 18,007
                                                   =====   ========   ========    ======       ======       ======    ========

Balance at June 30, 2007                           $ 278   $ 11,452   $  7,522    $ (179)      $ (655)      $ (808)   $ 17,610

Comprehensive loss:
    Net loss                                                              (138)                                           (138)
    Change in net unrealized gain (loss) on
        securities available for sale, net of
        tax effects of $53,000                                                        88                                    88
                                                                                                                      --------
                 Total comprehensive loss                                                                                  (50)
                                                                                                                      --------

Common stock held by ESOP allocated or committed
        to be allocated (2,048 shares)                                      (5)                    21                       16

Treasury stock purchased (23,863 shares)                                                                      (167)       (167)
                                                   -----   --------   --------    ------       ------       ------    --------

Balance at September 30, 2007                      $ 278   $ 11,452   $  7,379    $  (91)      $ (634)      $ (975)   $ 17,409
                                                   =====   ========   ========    ======       ======       ======    ========
</TABLE>

See notes to condensed consolidated financial statements.


                                       3
<PAGE>


                            GEORGETOWN BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                            -------------------------

                                   (unaudited)

                                                            Three Months Ended
                                                               September 30,
                                                             2007        2006
                                                           -------     -------
                                                              (In thousands)

Cash flows from operating activities:
Net loss                                                   $  (138)    $   (86)
    Adjustments to reconcile net loss to net cash
        used by operating activities:
            Provision for loan losses                            1          64
            Accretion of securities, net                        (9)        (15)
            Accretion of deferred loan costs, net               (7)         (6)
            Depreciation and amortization expense              115         115
            Increase  in accrued interest receivable            (7)         (8)
            Income from bank-owned life insurance              (16)        (12)
            ESOP compensation expense                           16          19
            Other, net                                        (110)        (92)
                                                           -------     -------
                  Net cash used by operating activities       (155)        (21)
                                                           -------     -------

Cash flows from investing activities:
    Activity in available-for-sale securities:
         Maturities, prepayments and calls                   1,924       1,011
         Purchases                                          (2,006)          -
    Activity in held-to-maturity securities:
         Maturities, prepayments and calls                     879         488
    Loan principal originations, net                        (3,191)     (1,731)
    Purchase of premises and equipment                         (61)        (12)
                                                           -------     -------
                 Net cash used by investing activities      (2,455)       (244)
                                                           -------     -------

                                 Continued

See notes to condensed consolidated financial statements.


                                       4
<PAGE>


                            GEORGETOWN BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                            -------------------------

                                   (unaudited)
                                   (continued)

<TABLE>
<CAPTION>
                                                                 Three Months Ended
                                                                    September 30,
                                                                 2007         2006
                                                               --------     --------
                                                                   (In thousands)
<S>                                                            <C>          <C>
Cash flows from financing activities:
    Net increase in deposits                                      1,809        2,002
    Net increase in securities sold under agreements
         to repurchase                                               58           59
    Net change in borrowings with maturities of  three
         months or less                                            (450)      (2,900)
    Proceeds of Federal Home Loan Bank advances
        with maturities greater than three months                 2,000       10,500
    Repayments of Federal Home Loan Bank advances
        with maturities greater than three months                (1,013)      (7,362)
Treasury stock purchased                                           (167)        (751)
    Net change in mortgagors' escrow accounts                        35           10
                                                               --------     --------
                  Net cash provided by financing activities       2,272        1,558

Net change in cash and cash equivalents                            (338)       1,293

Cash and cash equivalents at beginning of year                    5,603        3,977
                                                               --------     --------

Cash and cash equivalents at end of year                       $  5,265     $  5,270
                                                               ========     ========

Supplementary information:
   Interest paid on deposit accounts                           $    730     $    636
   Interest paid on Federal Home Loan Bank advances                 600          630
   Interest paid on securities sold under agreement
      to repurchase                                                   2            2
   Income taxes paid                                                  4            5
</TABLE>

See notes to condensed consolidated financial statements.


                                       5
<PAGE>


                            GEORGETOWN BANCORP, INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

     (1)  Basis of Presentation

     The accompanying unaudited financial statements of Georgetown Bancorp, Inc.
(the "Company") were prepared in accordance with instructions for Form 10-QSB
and Regulation S-X and do not include information or footnotes necessary for a
complete presentation of financial condition, results of operations, and cash
flows in conformity with generally accepted accounting principles. However, in
the opinion of management, all adjustments (consisting of normal recurring
adjustments) necessary for a fair presentation of the financial statements have
been included. The results of operations for the three-month period ended
September 30, 2007 are not necessarily indicative of the results that may be
expected for future periods, including the entire fiscal year. These financial
statements should be read in conjunction with the financial statements and notes
thereto included in the 2007 Consolidated Financial Statements presented in the
Company's Annual Report on Form 10-KSB filed at the Securities and Exchange
Commission on September 28, 2007. The consolidated financial statements include
the accounts of Georgetown Savings Bank (the "Bank") and its wholly owned
subsidiary, Georgetown Securities Corporation, which engages in the buying,
selling and holding of securities. All significant inter-company balances and
transactions have been eliminated in consolidation.

     (2)  Critical Accounting Policies

     Our critical accounting policies are those that involve significant
judgments and assumptions by management and that have, or could have, a material
impact on our income or the carrying value of our assets. Our critical
accounting policies are those related to our allowance for loan losses. The
allowance for loan losses is the amount estimated by management as necessary to
cover credit losses inherent in the loan portfolio at the balance sheet date.
The allowance is established through the provision for loan losses that is
charged against income. Management performs a quarterly evaluation of the
adequacy of the allowance for loan losses. We consider a variety of factors in
establishing this estimate including, but not limited to, current economic
conditions, delinquency statistics, geographic and industry concentrations, the
adequacy of the underlying collateral, the financial strength of the borrower,
results of internal and external loan reviews and other relevant factors. This
evaluation is inherently subjective, as it requires material estimates by
management that may be susceptible to significant change.

     The analysis has three components: specific, general, and an unallocated
component. The specific component relates to loans that are determined to be
impaired. Impairment is measured by determining the present value of expected
future cash flows or, for collateral-dependent loans, the fair value of the
collateral adjusted for market conditions and selling expenses. The general
component is determined by segregating the remaining loans by type of loan and
payment history. We also analyze historical loss experience, delinquency trends,
general economic conditions and geographic and industry concentrations. This
analysis establishes factors that are applied to the loan groups to determine
the amount of the general component of the allowance for loan losses. An
unallocated component is maintained to cover uncertainties that could affect
management's estimate of probable losses. The unallocated component of the
allowance reflects the margin of imprecision inherent in the underlying
assumptions used in the methodologies for estimating losses in the portfolio.
Because of the imprecision surrounding these factors, we may maintain an
unallocated component available for other factors that is not allocated to a
specific loan category.

     Actual loan losses may be significantly more than the allowances we have
established, which could have a material negative effect on our financial
results.


                                       6
<PAGE>


     (3)  Net Loss Per Common Share

     Basic and diluted net loss per common share (EPS) represents the loss or
income to common stockholders divided by the weighted average number of common
shares outstanding. Employee stock ownership plan (ESOP) shares, which are
committed to be released, are considered outstanding for basic and diluted EPS.

                                                     Three Months Ended
                                                        September 30,
                                                    2007            2006
                                                -----------     -----------

Net loss attributable to common stockholders    $  (138,000)    $   (86,000)
                                                ===========     ===========
Basic potential common shares:
    Weighted average shares outstanding           2,681,788       2,747,793
    Weighted average unallocated ESOP shares        (66,036)        (72,955)
                                                -----------     -----------
 Basic weighted average shares outstanding        2,615,752       2,674,838

Dilutive potential common shares                       ----            ----
                                                -----------     -----------

Dilutive weighted average shares outstanding      2,615,752       2,674,838
                                                ===========     ===========

Basic and diluted EPS                           $     (0.05)    $     (0.03)
                                                ===========     ===========

     (4)  Mutual Holding Company Reorganization and Minority Stock Issuance

     In conjunction with its reorganization into the mutual holding company
structure, on January 5, 2005, the Bank (i) converted to a stock savings bank as
the successor to the Bank in its mutual form; (ii) organized the Company as a
federally-chartered corporation that owns 100% of the common stock of the Bank
(in stock form); and (iii) organized Georgetown Bancorp, MHC as a
federally-chartered mutual holding company that owned 57.2% of the Common Stock
of the Company as of September 30, 2007.

     (5)  Impact of Recent Accounting Pronouncements

     In July 2006, the Financial Accounting Standards Board ("FASB") issued
Financial Accounting Standards Interpretation No. 48, Accounting for Uncertainty
in Income Taxes ("FIN 48"). FIN 48 clarifies the accounting for uncertainty in
income taxes recognized in an entity's financial statements in accordance with
FASB Statement No. 109, Accounting for Income Taxes. FIN 48 prescribes a
recognition threshold and measurement attribute for the financial statement
recognition and measurement of a tax position taken or expected to be taken in a
tax return. FIN 48 also provides guidance on derecognition, classification,
interest and penalties, accounting in interim periods, disclosures and
transitions. FIN 48 is effective for the Company's 2008 fiscal year and is not
expected to have a material impact on the Company's consolidated financial
statements.

     In September 2006, the FASB issued Statement No. 157, Fair Value
Measurements. This Statement defines fair value, establishes a framework for
measuring fair value in accordance with generally accepted accounting
principles, and expands disclosures about fair value measurements. This
Statement is effective for the Company on July 1, 2008 and is not expected to
have a material impact on the Company's consolidated financial statements.

     In September 2006, the Emerging Issues Task Force ("EITF") reached a
consensus on Issue No. 06-4, "Accounting for Deferred Compensation and
Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance
Arrangements". This issue addresses accounting for split-dollar life insurance
arrangements whereby the employer purchases a policy to insure the life of an
employee, and separately enters into an agreement to split the policy benefits
between the employer and the employee. This EITF states that the obligation
arises as a result of a substantive agreement with an employee to provide future
postretirement benefits. Under EITF 06-4, the obligation is not settled upon
entering into an insurance arrangement. Since the obligation is not settled, a
liability should be recognized in accordance with applicable authoritative
guidance. EITF 06-4 is effective for the Company's 2009 fiscal year and is not
expected to have a material impact on the Company's consolidated financial
statements.


                                       7
<PAGE>


     In February 2007, the FASB issued Statement No. 159, The Fair Value Option
for Financial Assets and Financial Liabilities, which provides companies with an
option to report selected financial assets and liabilities at fair value.
Statement No. 159 also establishes presentation and disclosure requirements
designed to facilitate comparisons between companies that choose different
measurement attributes for similar types of assets and liabilities. This
Statement is effective for the Company on July 1, 2008 and is not expected to
have a material impact on the Company's consolidated financial statements.

     In January 2002 the Company entered into a collateral assignment
split-dollar life insurance arrangement with certain executives. In March 2007,
the EITF reached a consensus on Issue No. 06-10, Accounting for Collateral
Assignment Split-Dollar Life Insurance Arrangements. Under this EITF, effective
for the Company's 2009 fiscal year, the Company is required to recognize a
liability for postretirement benefits related to collateral assignment
split-dollar life insurance arrangements, and may choose to retroactively apply
the accounting change to all periods presented, or to cumulatively adjust the
financial statements as of the beginning of the year of adoption. This statement
is not expected to have a material impact on the Company's consolidated
financial statements.

Item 2. Management's Discussion and Analysis or Plan of Operation

     This document may contain certain forward-looking statements, such as
statements of the Company's or the Bank's plans, objectives, expectations,
estimates and intentions. Forward-looking statements may be identified by the
use of words such as "expects," "subject," "believe," "will," "intends," "will
be" or "would." These statements are subject to change based on various
important factors (some of which are beyond the Company's or the Bank's control)
and actual results may differ materially. Accordingly, readers should not place
undue reliance on any forward-looking statements, which reflect management's
analysis of factors only as of the date of which they are given. These factors
include general economic conditions, trends in interest rates, the ability of
our borrowers to repay their loans, the ability of the Company or the Bank to
effectively manage its growth, and results of regulatory examinations, among
other factors. The foregoing list of important factors is not exclusive. Readers
should carefully review the risk factors described in other documents the
Company files from time to time with the Securities and Exchange Commission,
including Current Reports on Form 8-K.

     Except as required by applicable law and regulation, the Company does not
undertake - and specifically disclaims any obligation - to publicly release the
result of any revisions that may be made to any forward-looking statements to
reflect events or circumstances after the date of such statements or to reflect
the occurrence of anticipated or unanticipated events.

Overview

     The Company's results of operations depend primarily on net interest and
dividend income, which is the difference between the interest and dividend
income earned on its interest-earning assets, such as loans and securities, and
the interest expense on its interest-bearing liabilities, such as deposits and
borrowings. The Company also generates non-interest income, primarily from fees
and service charges. Gains on sales of loans and securities are added sources of
non-interest income. The Company's non-interest expense primarily consists of
employee compensation and benefits, occupancy and equipment expense,
advertising, data processing, professional fees and other operating expenses.

     Our financial performance for the three months ended September 30, 2007
compared to the same period in 2006, continued to be negatively affected by the
interest rate environment and high levels of local competition for loan and
deposit balances, primarily reflected in the decline of our net interest margin.
The decreased provision for loan losses, reflecting our asset quality, offset
increased non-interest expenses, primarily related to normal operating
conditions. We were successful in increasing our commercial business activities
in accordance with our strategic plan. It is anticipated that continued growth
of our commercial business activities will improve future financial performance.

Comparison of Financial Condition at September 30, 2007 and June 30, 2007

     Total assets increased by $2.1 million, or 1.3%, to $167.2 million at
September 30, 2007, from $165.1 million at June 30, 2007. The increase in total
assets resulted primarily from increases in net loans receivable. Net loans
receivable increased $3.2 million, or 2.5%, to $130.9 million at September 30,
2007, from $127.7 million at June 30, 2007, primarily due to a $2.0 million or
45.9% increase in commercial construction loans and a $1.2 million or 8.1%
increase in commercial real estate loans, partially offset by a $1.4 million or
1.5% decrease in residential mortgage loans. Investment securities held to
maturity decreased $875,000, or 10.7%, to $7.3 million at September 30, 2007,
from $8.2 million at June 30, 2007. Investment securities available for sale
increased $200,000, or 1.8%, to $12.9 million at September 30, 2007, from $12.7
million at June 30, 2007. Net decreases in the investment portfolio reflected
the use of investment cash flows to fund loan demand. Total earning assets
increased $2.1 million, or 1.4% to $156.3 million at September 30, 2007, from
$154.2 million at June 30, 2007.


                                       8
<PAGE>


     Total deposits increased by $1.8 million, or 1.8%, to $99.8 million at
September 30, 2007, from $98.0 million at June 30, 2007. The increase in
deposits was primarily due to increases in money market and demand deposit
accounts, partially offset by decreases in certificates of deposit and NOW
checking accounts. Money market deposit accounts increased $3.6 million, or
15.9% and demand deposit accounts increased $1.3 million, or 12.4%, offset by
decreases in NOW checking accounts of $2.0 million, or 17.2% and decreases in
certificates of deposit of $1.0 million, or 2.5%. Total borrowings from the
Federal Home Loan Bank (FHLB) increased $537,000, or 1.1%.

     Total stockholders' equity decreased $201,000 or 1.1% to $17.4 million at
September 30, 2007, from $17.6 million at June 30, 2007, primarily due to the
repurchase of 23,863 shares of the Company's common stock at a cost of $167,000
and an operating loss of $138,000 for the three months ended September 30, 2007.
Accumulated other comprehensive loss decreased $88,000 to $91,000 at September
30, 2007, from $179,000 at June 30, 2007, reflecting $141,000 in net unrealized
losses on securities available for sale at September 30, 2007. The net
unrealized losses on securities available for sale were attributable to changes
in market interest rates and were not considered by management to be other than
temporary.

Comparison of Operating Results for the Three Months Ended September 30, 2007
and 2006

     GENERAL. The net loss for the three months ended September 30, 2007 was
$138,000, or $.05 per basic and diluted share, compared to a net loss of
$86,000, or $.03 per basic and diluted share for the three months ended
September 30, 2006. The increase in the net loss was primarily due to a decrease
in net interest income and an increase in non-interest expense.

     INTEREST INCOME. Interest income decreased by $9,000, or 0.4%, to $2.3
million for the three months ended September 30, 2007. The decrease resulted
primarily from a decrease of $79,000, or 21.6%, in interest and dividend income
on securities, partially offset by an increase of $62,000, or 3.2%, in interest
income on loans receivable and an increase of $8,000, or 93.1% in interest
income on short-term investments. The decrease in interest and dividend income
on investment securities for the three months ended September 30, 2007 compared
to the same period in 2006 was partially the result of a $39,000 dividend
payment on the Company's FHLB stock, related to the quarter ended June 30, 2006,
included in the results of the quarter ended September 30, 2006, caused by a
timing change of when the FHLB dividend was declared. Additionally, the increase
in interest income reflected a 18 basis point increase in the average yield on
interest-earning assets to 5.92% for the three months ended September 30, 2007
from 5.74% for the three months ended September 30, 2006, partially offset by a
$5.4 million, or 3.4%, decrease in the average balance of interest-earning
assets for the three months ended September 30, 2007 to $153.8 million from
$159.2 million for the three months ended September 30, 2006.

     Interest income on loans receivable increased $62,000, or 3.2%, to $2.0
million for the three months ended September 30, 2007, from $1.9 million for the
three months ended September 30, 2006. The increase was due to the increase in
average loan yields of 28 basis points to 6.12% for the three months ended
September 30, 2007 from 5.84% for the three months ended September 30, 2006,
partially offset by the decrease in the average balance of loans receivable of
$1.9 million, or 1.4%, to $129.2 million for the three months ended September
30, 2007 from $131.1 million for the three months ended September 30, 2006.

     Interest and dividend income on investment securities decreased $79,000, or
21.6%, to $286,000 for the three months ended September 30, 2007, from $365,000
for the three months ended September 30, 2006. The decrease in income was due to
the timing for receipt of the June 30, 2006 dividend on the Company's FHLB stock
and reflected management's use of investment security cash flows to fund deposit
loan demand. The average balance of investment securities decreased $4.2
million, or 15.2%, to $23.4 million for the three month ended September 30,
2007, from $27.5 million for the same period in 2006. The average yield on
investment securities decreased 40 basis points to 4.90% for the three months
ended September 30, 2007, from 5.30% for the three months ended September 30,
2006.

     INTEREST EXPENSE. Interest expense increased $33,000, or 2.6%, to $1.3
million for the three months ended September 30, 2007. The increase in interest
expense was primarily due to a 24 basis point increase in the average cost to
3.93% for the three months ended September 30, 2007, from 3.69% for the same
period in 2006. The average balance of interest-bearing liabilities decreased
$5.1 million, or 3.7%, to $133.9 million for the three months ended September
30, 2007, from $139.0 million for the same period in 2006.

     Interest expense on interest-bearing deposits increased $79,000, or 12.1%,
to $731,000 for the three months ended September 30, 2007, from $652,000 for the
same period in 2006. The increase was primarily due to a 39 basis point increase
in the average cost of interest-bearing deposits to 3.41% for the three months
ended September 30, 2007, from 3.02% for the same period in 2006. The average
balance of interest-bearing deposits decreased $677,000 or 0.8% for the three
months ended September 30, 2007, to $85.8 million from $86.4 million for the
same period in 2006. Additionally, interest expense on FHLB short-term
borrowings and long-term advances decreased $46,000, or 7.4%, primarily due to a
$4.5 million, or 8.7% decrease in the average balance of borrowings and advances
for the three months ended September 30, 2007, to $47.3 million, from $51.7
million for the same period in 2006, partially offset by a 7 basis point
increase in the average cost of the borrowings and advances to 4.92% for the
three months ended September 30, 2007, from 4.85% for the same period in 2006.

     NET INTEREST INCOME. Net interest income decreased $42,000, or 4.2%, to
$964,000 for the three months ended September 30, 2007, from $1.0 million for
the same period in 2006. The decrease in net interest income was the result of a
2 basis point decrease in net interest margin to 2.51% for the three months
ended September 30, 2007, from 2.53% for the same period ended 2006 and a
decrease in net average interest-earning assets of $330,000, or 1.6%, to $19.9
million for the three months ended September 30, 2007, from $20.3 million for
the same period in 2006.

     PROVISION FOR LOAN LOSSES. The provision for loan losses for the three
months ended September 30, 2007 was $1,000, compared to a $64,000 provision for
the three months ended September 30, 2006. The allowance for loan losses was
$1.1 million or 0.84% of net loans outstanding at September 30, 2007, as
compared to $1.1 million, or 0.81% of net loans outstanding at September 30,
2006.


                                       9
<PAGE>


     NON-INTEREST INCOME. Non-interest income decreased $3,000, or 1.8%, to
$172,000 for the three months ended September 30, 2007, from $175,000 for the
same period in 2006. The decrease in non-interest income was primarily due to a
decrease in income from our financial services program, partially offset by an
increase in overdraft fees generated from our overdraft privilege program.
Income from our financial services program decreased $21,000 or 98.3%,
reflecting the departure of the operating manager of the program. The Company
has restructured the program and will operate it on a referral basis only. As a
result, it is anticipated that there will not be significant increases in income
from the program. Overdraft fees increased $14,000, or 15.9% to $100,000 for the
three months ended September 30, 2007, from $86,000 for the same period ended
2006.

     NON-INTEREST EXPENSE. Non-interest expense increased $98,000, or 7.8%, to
$1.3 million for the three months ended September 30, 2007 from $1.2 million for
the same period in 2006. The increase in non-interest expense was primarily due
to an increase in advertising expense, professional fees and salaries and
benefits. Salary and benefit expense increased $26,000, or 3.7%, primarily due
to normal operating increases. Professional fees increased $27,000 or 47.8% to
$82,000 for the three months ended September 30, 2007, from $55,000 for the
three months ended September 30, 2006, primarily due to consulting fees
associated with the Company's compliance with Section 404 of the Sarbanes-Oxley
Act. Advertising expense increased $47,000 or 383.1% to $60,000 for the three
months ended September 30, 2007, from $12,000 for the three months ended
September 30, 2006, reflecting promotional activity at the North Andover office.
Other general and administrative expenses decreased $10,000, or 5.1%, to
$201,000 for the three months ended September 30, 2007, from $211,000 from the
three months ended September 30, 2006.

     INCOME TAXES. The loss before income taxes of $212,000 and $131,000 for the
three months ended September 30, 2007 and 2006, respectively, resulted in an
income tax benefit of $74,000 and $45,000 for the three months ended September
30, 2007 and 2006, respectively. The effective tax rates for the three months
ended September 30, 2007 and 2006 were 34.9% and 34.3%, respectively.

     AVERAGE BALANCE. The following table sets forth certain information
regarding the Company's average balance sheet for the periods indicated,
including the average yields on its interest-earning assets and the average
costs of its interest-bearing liabilities. Average yields are calculated by
dividing the interest income produced by the average balance of interest-bearing
assets. Average costs are calculated by dividing the interest expense produced
by the average balance of interest-bearing liabilities. The average balances for
the period are derived from average balances that are calculated daily. The
average yields and costs include fees that are considered adjustments to such
average yields and costs.


                                       10
<PAGE>


<TABLE>
<CAPTION>
                                                                                 Three Months Ended September 30,
                                           At September 30,      -----------------------------------------------------------------
                                                2007                           2007                              2006
                                          ------------------     ------------------------------     ------------------------------
                                                      Weighted   Average                            Average
                                         Outstanding  Average  Outstanding               Yield/   Outstanding               Yield/
                                           Balance     Rate      Balance     Interest     Rate      Balance     Interest     Rate
                                          --------    ------     --------    --------    ------     --------    --------    ------
                                                                              (Dollars in thousands)
<S>                                       <C>         <C>        <C>         <C>         <C>        <C>         <C>         <C>
Interest-earning assets:
   Loans                                  $131,967      6.13%    $129,240    $  1,976      6.12%    $131,107    $  1,914      5.84%
   Investment securities (1)                23,130      4.76%      23,355         286      4.90%      27,542         365      5.30%
   Short term investments                    1,187      4.80%       1,211          16      5.28%         598           8      5.35%
                                          --------               --------    --------               --------    --------
     Total interest-earning assets         156,284      5.92%     153,806       2,278      5.92%     159,247       2,287      5.74%
   Non-interest-earning assets              10,927                  9,797           -                  9,424           -
                                          --------               --------    --------               --------    --------
   Total assets                           $167,211               $163,603       2,278               $168,671       2,287
                                          ========               ========    ========               ========    ========

Interest-bearing liabilities:
   Savings deposits                         11,368      0.33%    $ 11,500           9      0.31%    $ 14,465          15      0.41%
   NOW accounts                              9,553      1.69%       9,421          38      1.61%       7,970          22      1.10%
   Money market accounts                    26,452      3.85%      24,229         229      3.78%      20,646         156      3.02%
   Certificates of deposit                  39,436      4.55%      40,611         455      4.48%      43,357         459      4.23%
                                          --------               --------    --------               --------    --------
    Total interest-bearing deposits         86,809      3.47%      85,761         731      3.41%      86,438         652      3.02%
   FHLB advances                            48,260      4.76%      47,267         581      4.92%      51,744         627      4.85%
   Repurchase agreements                       927      1.00%         853           2      0.94%         810           2      0.99%
                                          --------               --------    --------               --------    --------
    Total interest-bearing liabilities    $135,996      3.91%    $133,881       1,314      3.93%    $138,992       1,281      3.69%
Non-interest-bearing liabilities:
   Demand deposits                          12,956                 11,282                             10,959
   Other non-interest-bearing liabilities      850                    724                                156
Total liabilities                          149,802                145,887                            150,107
   Stockholders' equity                     17,409                 17,716                             18,564
                                          --------               --------                           --------
     Total liabilities and equity         $167,211               $163,603                           $168,671
                                          ========               ========                           ========

Net interest income                                                          $    964                           $  1,006
                                                                             ========                           ========
Net interest rate spread (2)                            2.01%                              1.99%                              2.05%
Net interest-earning assets (3)           $ 20,288               $ 19,925                           $ 20,255
                                          ========               ========                           ========
Net interest margin (4)                                                                    2.51%                              2.53%
Average of interest-earning
     assets to interest-bearing
      liabilitities                                   114.92%                            114.88%                            114.57%
</TABLE>

(1)  Consists entirely of taxable investment securities.

(2)  Net interest rate spread represents the difference between the yield on
     average interest-earning assets and the cost of average interest-bearing
     liabilities.

(3)  Net interest-earning assets represents total interest-earning assets less
     total interest-bearing liabilities.

(4)  Net interest margin represents net interest income divided by average total
     interest-earning assets.


                                       11
<PAGE>


     RATE/VOLUME ANALYSIS. The following table presents the effects of changing
rates and volumes on our net interest income for the periods indicated. The rate
column shows the effects attributable to changes in rate (changes in rate
multiplied by prior volume). The volume column shows the effects attributable to
changes in volume (changes in volume multiplied by prior rate). The net column
represents the sum of the prior columns. For purposes of this table, changes
attributable to both rate and volume, which cannot be segregated, have been
allocated proportionately, based on the changes due to rate and the changes due
to volume.

<TABLE>
<CAPTION>
                                          Three Months Ended September 30,
                                                   2007 vs. 2006
                                            --------------------------
                                                  (In Thousands)
                                           Increase (Decrease)
                                                 Due To:         Total
                                            ---------------     Increase
                                            Volume     Rate    (Decrease)
                                            ----       ----       ----
<S>                                         <C>        <C>        <C>
Interest-earning assets:
Loans                                       $(27)      $ 89       $ 62
Investment securities                        (55)       (24)       (79)
Short-term investments                         8          -          8
                                            ----       ----       ----

     Total interest-earning assets           (74)        65         (9)
                                            ----       ----       ----

Interest-bearing liabilities:
Savings deposits                              (3)        (3)        (6)
NOW                                            4         12         16
Money market                                  27         46         73
CDs                                          (29)        25         (4)
                                            ----       ----       ----
Total deposits                                (1)        80         79
FHLB advances                                (54)         8        (46)
Repurchase agreements                          1         (1)         -
                                            ----       ----       ----
    Total interest-bearing liabilities       (54)        87         33
                                            ----       ----       ----

Change in net interest income               $(20)      $(22)      $(42)
                                            ====       ====       ====
</TABLE>


                                       12
<PAGE>


     LIQUIDITY AND CAPITAL RESOURCES. Liquidity is the ability to meet current
and future financial obligations of a short-term nature. Our primary sources of
funds consist of deposit inflows, loan repayments and maturities and sales of
securities. While maturities and scheduled amortization of loans and securities
are predictable sources of funds, deposit flows and mortgage prepayments are
greatly influenced by general interest rates, economic conditions and
competition.

     We regularly adjust our investments in liquid assets based upon our
assessment of (1) expected loan demand, (2) expected deposit flows, (3) yields
available on interest-earning deposits and securities, and (4) the objectives of
our asset/liability management program. Excess liquid assets are invested
generally in interest-earning deposits and short- and intermediate-term
securities.

     Our most liquid assets are cash and cash equivalents. The levels of these
assets are dependent on our operating, financing, lending and investing
activities during any given period. At September 30, 2007, cash and cash
equivalents totaled $5.3 million. Securities classified as available-for-sale,
which provide additional sources of liquidity, totaled $12.9 million at
September 30, 2007. Our policies also allow for access to the wholesale funds
market for up to 50.0% of total assets, or $83.6 million. At September 30, 2007,
we had $48.3 million in FHLB advances outstanding, allowing the Company access
to up to $35.3 million in additional wholesale funds based on policy guidelines.

     At September 30, 2007, we had $5.5 million in loan commitments outstanding.
In addition to commitments to originate loans, we had $19.2 million in
unadvanced funds to borrowers. Certificates of deposit due within one year of
September 30, 2007 totaled $30.7 million, or 30.7% of total deposits. If these
deposits do not remain with us, we will be required to seek other sources of
funds, including other certificates of deposit or other wholesale funding
options. Depending on market conditions, we may be required to pay higher rates
on such deposits or other borrowings than we currently pay on the certificates
of deposit due on or before September 30, 2007. We believe, however, based on
past experience that a significant portion of our certificates of deposit will
remain with us. We have the ability to attract and retain deposits by adjusting
the interest rates offered.

     We have no material commitments or demands that are likely to affect our
liquidity other than set forth below. In the event loan demand were to increase
at a pace greater than expected, or any unforeseen demand or commitment were to
occur, we would access our borrowing capacity with the FHLB and other wholesale
market sources.

     Our primary investing activities are the origination of loans and the
purchase of securities. During the three months ended September 30, 2007, we
originated $11.3 million of loans and purchased $2.0 million of securities.

     Financing activities consist primarily of activity in deposit accounts and
FHLB borrowings and advances. We experienced a net increase in total deposits of
$1.8 million for the three months ended September 30, 2007. Deposit flows are
affected by the overall level of interest rates, the interest rates and products
offered by us and our local competitors and other factors. We generally manage
the pricing of our deposits to be competitive.

     FHLB borrowings and advances reflected a net increase of $537,000 during
the three months ended September 30, 2007. FHLB borrowings and advances have
primarily been used to fund loan demand and purchase securities.

     The Bank is subject to various regulatory capital requirements including a
risk-based capital measure. The risk-based capital guidelines include both a
definition of capital and a framework for calculating risk-weighted assets by
assigning balance sheet assets and off-balance sheet items to broad risk
categories. At September 30, 2007, the Bank exceeded all of its regulatory
capital requirements and is considered "well capitalized" under regulatory
guidelines.

     OFF-BALANCE SHEET ARRANGEMENTS. In addition to the normal course of
operations, we engage in a variety of financial transactions that, in accordance
with generally accepted accounting principles are not recorded in our financial
statements. These transactions involve, to varying degrees, elements of credit,
interest rate, and liquidity risk. Such transactions are used primarily to
manage customers' requests for funding and take the form of loan commitments,
lines of credit, and letters of credit.

     For the three months ended September 30, 2007, we engaged in no off-balance
sheet transactions reasonably likely to have a material effect on our financial
condition, results of operations or cash flows.


                                       13
<PAGE>


Item 3. Controls and Procedures

     Under the supervision and with the participation of our management,
including our Chief Executive Officer and Chief Financial Officer, we evaluated
the effectiveness of the design and operation of our disclosure controls and
procedures (as defined in Rule 13a-15(e) or 15d-15(e) under the Securities
Exchange Act of 1934) as of the end of the period covered by this report. Based
upon that evaluation, the Chief Executive Officer and Chief Financial Officer
concluded that, as of the end of the period covered by this report, our
disclosure controls and procedures were effective to ensure (1) that information
required to be disclosed in the reports that the Company files or submits under
the Securities Exchange Act of 1934, is recorded, processed, summarized and
reported, within the time periods specified in the SEC's rules and forms; and
(2) in timely alerting them to material information relating to the Company
required to be filed in its periodic SEC filings. There has been no change in
the Company's internal control over financial reporting during the Company's
most recent fiscal quarter that has materially affected, or is reasonably likely
to materially affect, the Company's internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

     Not applicable

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

     a) Not applicable

     b) Not applicable

     c) The following table presents a summary of the Company's share
repurchases during the quarter ended September 30, 2007.

<TABLE>
<CAPTION>
                                                                                     Total Number of Shares   Maximum Number of
                                                                                      Purchased as Part of  Shares That May Yet be
                                          Total Number of        Average Price Paid   Publicly Announced      Purchased Under the
                     Period               Shares Purchased           Per Share            Program (1)              Program (1)
                    --------                   ------                   -----                ------                  ------
<S>                                            <C>                      <C>                  <C>                     <C>
July 1 through July 31, 2007                        0                   $0.00                     0                  53,663
August 1 through August 31, 2007               23,863                   $7.00                23,863                  29,800
September 1 through September 30, 2007              0                   $0.00                     0                  29,800
</TABLE>

     (1) On July 31, 2006 the Company announced that its Board of Directors had
     authorized a stock repurchase program pursuant to which the Company intends
     to purchase up to 5% of its issued and outstanding shares, or up to 138,863
     shares. .As of September 30, 2007, the Company had purchased 109,063 shares
     in accordance with the stock repurchase program.

Item 3. Defaults Upon Senior Securities

     Not applicable

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

     Not applicable

Item 5. Other Information

     Not applicable

Item 6. Exhibits

     31.1 Certification of Chief Executive Officer pursuant to Section 302 of
          the Sarbanes-Oxley Act

     31.2 Certification of Chief Financial Officer pursuant to Section 302 of
          the Sarbanes-Oxley Act

     32   Certification of Chief Executive Officer and Chief Financial Officer
          pursuant to Section 906 of the Sarbanes-Oxley Act


                                       14
<PAGE>


                            GEORGETOWN BANCORP, INC.

                                   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.

                                    GEORGETOWN BANCORP, INC.
                                    (Registrant)

Date: November 13, 2007             /s/ Robert E. Balletto
                                    ----------------------
                                    Robert E. Balletto
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)

                                    /s/ Joseph W. Kennedy
                                    ---------------------
                                    Joseph W. Kennedy
                                    Senior Vice President, Treasurer and
                                    Chief Financial Officer
                                    (Principal Accounting and Financial Officer)


                                       15