<PAGE>   1
                     U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)

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

                  For the quarterly period ended MARCH 31, 1999

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

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

Commission file number  33-94050

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

         TENNESSEE                                        62-1271025
(State of other jurisdiction of                          (IRS Employer
 incorporation or organization)                        Identification No.)

               210 EAST MAIN STREET, ROGERSVILLE, TENNESSEE 37879
                    (Address of principal executive offices)

                                 (423) 272-2200
                           (Issuer's telephone number)

--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)

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

                                                             
                      APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: 539,027 AS OF MARCH 31,
1999.

         Transitional Small Business Disclosure Format (check one);   
Yes       No   X
   -----     ------



<PAGE>   2
                         PART I -- FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS


                       INDEPENDENT AUDITOR'S REVIEW REPORT


To the Board of Directors
Volunteer Bancorp, Inc.
Rogersville, Tennessee

We have reviewed the accompanying condensed consolidated balance sheet of
Volunteer Bancorp, Inc. and subsidiary as of March 31, 1999 and 1998, and the
related condensed consolidated statement of earnings, condensed consolidated
statement of cash flows, and condensed consolidated statements of comprehensive
income for the three months then ended, in accordance with Statements on
Standards for Accounting and Review Services issued by the American Institute of
Certified Public Accountants. All information included in these condensed
consolidated financial statements is the representation of the management of
Volunteer Bancorp, Inc.

A review of interim financial statements consists primarily of inquiries of
company personnel and analytical procedures applied to financial data. It is
substantially less in scope than an audit in accordance with generally accepted
accounting standards, the objective of which is the expression of an opinion
regarding the condensed consolidated financial statements taken as a whole.
Accordingly, we do not express such an opinion.

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




April 26, 1999




                                       1
<PAGE>   3



                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

                      Condensed Consolidated Balance Sheets

                             March 31, 1999 and 1998

                   (Unaudited- See Accountants' Review Report)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

                           ASSETS                                         1999                 1998
                           ------                                         ----                 ----

<S>                                                                 <C>                 <C>
Cash and due from banks                                             $   2,323,277       $    2,482,964
Federal fund sold                                                       3,120,172            6,344,776
                                                                   -----------------------------------
   Total cash and cash equivalents                                      5,443,449            8,827,740
Investment securities available for sale (amortized
    cost of $26,735,961 and $17,458,235, respectively)                 26,641,584           17,546,510
Investment securities held to maturity (estimated 
    market value of $1,359,551 and $3,075,384)                          1,358,594            3,079,420
Loans, less allowances for loan losses of $840,974 
   and $693,589, respectively                                          60,815,308           49,467,187
Accrued interest receivable                                               908,806              751,756
Premises and equipment, net                                             4,081,830            3,595,789
Deferred income taxes                                                      79,971               20,522
Other real estate                                                          51,923               60,917
Goodwill                                                                  180,438              198,321
Other assets                                                              144,098               65,447
                                                                   -----------------------------------

Total assets                                                        $  99,706,001       $   83,613,609
                                                                   ===================================

                         LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits:
   Non-interest bearing                                             $   9,942,673       $    8,028,054
   Interest bearing                                                    80,086,821           65,957,183
                                                                   -----------------------------------
          Total deposits                                               90,029,494           73,985,237
Note payable                                                            2,790,000            3,045,000
Interest payable                                                          710,143              664,304
Securities sold under repurchase agreements                             1,655,888            1,790,341
Other accrued taxes, expenses and liabilities                             218,411              195,363
                                                                   -----------------------------------
   Total liabilities                                                   95,403,936           79,680,245
                                                                   -----------------------------------

Stockholders' equity:
 Common stock, $0.01 par value, 1,000,000 shares
  authorized, 539,027 shares issued and outstanding                         5,390                5,390
 Additional paid-in capital                                             1,916,500            1,916,500
 Retained earnings                                                      2,438,689            1,956,744
 Accumulated other comprehensive (loss) income                            (58,514)              54,730
                                                                   -----------------------------------
   Total stockholders' equity                                           4,302,065            3,933,364
                                                                   -----------------------------------

   Total liabilities and stockholders' equity                       $  99,706,001       $   83,613,609
                                                                   ===================================
</TABLE>


The accompanying notes are an integral part of these condensed consolidated
financial statements.





                                       2
<PAGE>   4



                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

                  Condensed Consolidated Statements of Earnings

               For The Three Months Ended March 31, 1999 and 1998

                  (Unaudited - See Accountants' Review Report)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                        1999                 1998
                                                                        ----                 ----
<S>                                                               <C>                  <C>
Interest Income:
   Interest and fees on loans                                     $   1,418,762        $   1,188,013
   Interest on federal funds                                             40,175               99,099
   Interest on investment securities:
      Taxable                                                           359,984              295,489
      Exempt from Federal income taxes                                   46,138                3,933
                                                                  ----------------------------------

  Total interest income                                               1,865,059            1,586,534
                                                                  ----------------------------------
Interest Expense:
   Interest on deposits                                                 966,118              832,285
   Other borrowed funds                                                  71,973               84,693
                                                                  ----------------------------------

          Total interest expense                                      1,038,091              916,978
                                                                  ----------------------------------

Net interest income                                                     826,968              669,556
Provision for possible loan losses                                       60,000               60,000
                                                                  ----------------------------------
Net interest income after provision for possible loan losses            766,968              609,556
                                                                  ----------------------------------

Non-interest income:
   Service charges on deposits                                           50,361               28,319
   Other service charges and fees                                        22,455               17,955
   Securities gains                                                      28,624               12,035
   Other non-interest income                                             10,602                6,153
                                                                  ----------------------------------
          Total non-interest income                                     112,042               64,462
                                                                  ----------------------------------

Non-interest expense:
   Salaries and employee benefits                                       354,790              310,794
   Occupancy expense                                                     52,982               40,506
   Furniture and equipment expense                                       71,267               58,059
   Other non-interest expense                                           192,440              161,103
                                                                  ----------------------------------
          Total non-interest expense                                    671,479              570,462
                                                                  ----------------------------------

  Income before income taxes                                            207,531              103,556
Income tax expense                                                       66,515               43,547
                                                                  ----------------------------------

          Net income                                              $     141,016        $      60,009
                                                                  ==================================

Income per common share                                           $        0.26                 0.11
                                                                  ==================================
Common shares outstanding                                               539,027              539,027
                                                                  ==================================

</TABLE>

The accompanying notes are an integral part of these condensed consolidated
financial statements.





                                       3
<PAGE>   5



                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

                 Condensed Consolidated Statements of Cash Flows

               For The Three Months Ended March 31, 1999 and 1998

                  (Unaudited - See Accountants' Review Report)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

                                                                                 1999                  1998
                                                                              ----------             --------
<S>                                                                      <C>                    <C>
Cash Flows from Operating Activities:
  Net income                                                             $       141,016        $      60,009
Adjustments to reconcile net income
  to net cash provided by operating activities:
     Deferred income taxes                                                        56,996              (44,149)
     Provision for possible loan losses                                           60,000               60,000
     Provision for depreciation and amortization                                  61,748               60,725
     FHLB stock dividends                                                         (4,600)                --
     (Gain) on securities                                                        (28,624)             (12,035)
     (Increase) decrease in interest receivable                                   (3,569)              67,754
     (Increase) decrease other assets                                            (52,299)              21,315
     (Decrease) increase in other liabilities                                   (339,814)              74,607
                                                                         -------------------------------------
  Net cash (used) provided by operating activities                              (109,146)             288,226
                                                                         -------------------------------------

Cash Flows from Investing Activities:

     Purchase of investment securities held to maturity                             --             (1,994,316)
      Proceeds from calls and maturity of held to maturity 
        securities                                                                 3,883                --
      Purchase of investment securities available for sale                    (4,539,661)          (4,419,674)
      Proceeds from calls and maturity of investments available
        for sale                                                               1,675,000            3,998,582
      Proceeds from sale of investments available for sale                     2,045,025                --
      Net (increase) in loans                                                 (2,661,263)          (1,717,317)
      Capital expenditures                                                       (22,257)              (4,853)
                                                                         -------------------------------------
  Net cash (used) in investing activities                                     (3,499,273)          (4,137,578)
                                                                         -------------------------------------

Cash Flows from Financing Activities:
      Net increase in demand deposits, NOW accounts, IRA and
        savings accounts                                                       6,175,918            3,646,859
      Net (decrease) increase in certificates of deposit                      (3,811,556)           1,250,989
      Repayment of long-term debt                                               (255,000)            (220,000)
      Net increase in securities sold under repurchase agreements                193,758              573,662
      Dividends paid                                                             (53,903)               --
                                                                         -------------------------------------
  Net cash provided by financing activities                                    2,249,217            5,251,510
                                                                         -------------------------------------
  Increase (decrease) in cash and cash equivalents                            (1,359,202)           1,402,158
Cash and cash equivalents beginning of period                                  6,802,651            7,425,582
                                                                         -------------------------------------
Cash and cash equivalents end of period                                  $     5,443,449            8,827,740
                                                                         =====================================

Supplemental Disclosure of Cash Flow Information:

   Cash paid during the period for:
      Interest                                                           $       992,252        $     973,516
                                                                         =====================================
      Income taxes                                                       $       172,645        $      49,984
                                                                         =====================================

</TABLE>

The accompanying notes are an integral part of these condensed consolidated
financial statements.




                                       4
<PAGE>   6



                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

            Condensed Consolidated Statements of Comprehensive Income

               For The Three Months Ended March 31, 1999 and 1998

                  (Unaudited - See Accountants' Review Report)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                             1999            1998
                                                                             ----            ----
<S>                                                                   <C>               <C>

Net income                                                            $     141,016     $    60,009
                                                                      ------------------------------

Other comprehensive income, before tax:

  Unrealized (loss) gain on securities available for sale:

   Unrealized holding (losses) gains arising during the period             (270,752)         16,311

   Less: reclassification adjustment for (gains)
      included in net income                                                (28,624)        (12,035)
                                                                      ------------------------------
   Other comprehensive (loss)  income                                      (299,376)          4,276

Income taxes related to other comprehensive (loss) income                  (113,763)          1,625
                                                                      ------------------------------
                                                                           (185,613)          2,651
                                                                      ------------------------------
Total comprehensive income                                            $     (44,597)    $    62,660
                                                                      ==============================

</TABLE>


The accompanying notes are an integral part of these condensed consolidated 
financial statements.




                                       5
<PAGE>   7


                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

         Notes to Unaudited Condensed Consolidated Financial Statements

                     Three Months Ended March, 1999 and 1998
--------------------------------------------------------------------------------

1.   Management Opinion

         
     In the opinion of management, the accompanying unaudited condensed
     consolidated financial statements of Volunteer Bancorp, Inc. contain all
     adjustments, consisting of only normal, recurring adjustments, necessary to
     fairly present the financial results for the interim periods presented. The
     results of operations for any interim period is not necessarily indicative
     of the results to be expected for an entire year. These interim financial
     statements should be read in conjunction with the annual financial
     statements and notes thereto.

2.   Adoption of Recently Issued Statements of Financial Accounting Standards 
     (SFAS)

     Effective January 1, 1998, the Company adopted SFAS No. 130, "Reporting
     Comprehensive Income." Statement No. 130 requires the reporting of
     comprehensive income in addition to net income from operations.
     Comprehensive income is a more inclusive financial reporting methodology
     that includes disclosure of certain financial information that historically
     has not been recognized in the calculation of net income. Prior periods
     have been restated to conform to the presentation for the current period.

     SFAS No. 125, "Accounting for Transfers and Servicing of Financial Assets
     and the Extinguishment of Liabilities," establishes, among other things,
     new criteria for determining whether a transfer of financial assets for
     cash or other considerations should be accounted for as a sale or as a
     pledge of collateral in a secured borrowing. SFAS No. 125 also establishes
     new accounting requirements for pledged collateral. As issued, SFAS No. 125
     is generally effective for transactions occurring after December 31, 1996
     and should be applied on a prospective basis. This statement supersedes
     SFAS No. 122 and itself amends various previous pronouncements of the
     Financial Accounting Standards Board. Adoption by the Company on January 1,
     1997 did not have a material impact upon the Company's financial position
     or results of operation.

     SFAS No. 133, "Accounting for Derivative Instruments and Hedging
     Activities" is effective for fiscal quarters beginning after June 15, 1999
     unless adopted earlier. This Statement establishes accounting and reporting
     standards for derivative instruments, including certain derivative
     instruments embedded in other contracts, (collectively referred to as
     derivatives) and for hedging activities. It requires that an entity
     recognize all derivatives as either assets or liabilities in the statement
     of financial position and measure those instruments at fair value. If
     certain conditions are met, a derivative may be specifically designated as
     (a) a hedge of the exposure to changes in the fair value of a recognized
     asset or liability or an unrecognized firm commitment, (b) a hedge of the
     exposure to variable cash flows of a forecasted transaction, or (C) a hedge
     of the foreign currency exposure of a net investment in a foreign
     operation, an unrecognized firm commitment, an available-for-sale security,
     or a foreign-currency-denominated forecasted transaction. Adoption by the
     Company is not expected to have any material impact upon financial position
     or results of operations.





                                       6
<PAGE>   8


                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

         Notes to Unaudited Condensed Consolidated Financial Statements

                     Three Months Ended March, 1999 and 1998
--------------------------------------------------------------------------------


3.   Long-term debt

     The Company's long-term debt consists of a single note payable in the
     amount of $2,790,000 and $3,045,000 at March 31. 1999 and 1998,
     respectively, due an unaffiliated national bank. The interest rate on the
     note adjusts quarterly and is equal to the three-months London Interbank
     Offered Rate (Three Month LIBOR) plus 1.95% per annum or at the option of
     the Company, the rate on the note is equal to the lender's index rate as
     such rate changes from time to time. The Company may change interest rate
     options at any time with prior notice to the lender. Interest is payable
     quarterly. At March 31. 1999 the rate on the note was 6.92% per annum.
     Principal is payable annually on January 31, as follows:

 
<TABLE>
<CAPTION>
              January 31,                     Principal Due
              -----------                     -------------
              <S>                             <C>
                  2000                            295,000

                  2001                            325,000

                  2002                            360,000

                  2003                            395,000

                  2004                            435,000

                  2005                            470,000

          2006 (Final Maturity)                   510,000
                                           --------------
                                           $    2,790,000
                                           ==============
</TABLE>


     The loan is secured by all of the stock of Citizens Bank of East Tennessee
     owned by the Company.

4.   Contingencies

     During the course of business, the Company makes various commitments and
     incurs certain contingent liabilities that are not presented in the
     accompanying balance sheet. The commitments and contingent liabilities may
     include various guarantees, commitments to extend credit, standby letters
     of credit, and litigation. In the opinion of management, no material
     adverse effect on the financial position, liquidity or operating results of
     the Company and its subsidiary is anticipated as a result of these items.




                                       7
<PAGE>   9

                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY
                              FINANCIAL HIGHLIGHTS
                      AS OF AND FOR THE THREE MONTHS ENDED
                             MARCH 31, 1999 AND 1998
                                   (UNAUDITED)

 
<TABLE>
<CAPTION>

                                                               1999         1998
                                                               ----         ----
<S>                                                           <C>          <C>

Net earnings                                                  $141,016     $60,009

Per common share data:

   Net earnings per common share                                 $0.26       $0.11

   Book value                                                    $7.98       $7.30

Ratios:

   Return on average assets                                      0.14%       0.07%

   Return on average common equity                               3.24%       1.53%

   Net interest margin (taxable equivalent basis)                3.71%       3.55%

   Expense ratio                                                 2.72%       2.79%

   Allowance for loan losses/loans                               1.36%       1.38%

   Non-performing loans/loans                                    0.73%       0.41%

   Non-performing assets/loans and foreclosed properties         0.81%       0.53%

   Shareholders' equity/total assets                             4.31%       4.70%

   Leverage ratio (tangible capital/tangible assets)             4.24%       4.51%

</TABLE>




                                       8
<PAGE>   10
ITEM 2.      MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998



                             VOLUNTEER BANCORP, INC.

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

        AS OF AND FOR THE THREE AND MONTHS ENDED MARCH 31, 1999 AND 1998



                                OPERATING RESULTS

The Company reported net income for the first quarter of $141,016, or $0.26 per
common share, compared to net income of $60,009, or $0.11 for the same period a
year ago. Our returns on average assets and average common equity were 0.14% and
3.24%, respectively, for the quarter compared to 0.07% and 1.53% for the same
period last year.

Net interest income for the first three months of 1999 increased $157,412 versus
the first three months of 1998 to $826,968. The increase is attributable to
growth in interest earning assets of 26.71%. Average loans grew 22.82% over the
first quarter of 1998. Total Company assets were $99,706,001 at March 31, 1999
compared to $86,313,609 as of March 31, 1998.

The net interest margin was 3.71% for the first quarter of 1999 compared to
3.55% for the first quarter of 1998. The yield on the investment portfolio was
6.13% for the first quarter of 1999 compared to 6.36% for the same quarter of
1998. The higher level of interest income from loans and securities was offset
by an increase in the cost of interest-bearing deposits and securities sold
under repurchase agreements.

Non-interest income for the first quarter of 1999 increased $47,580 over the
first quarter of 1998. The growth is attributable to service charges on deposit
accounts and gains on securities transactions. Non-interest expenses for the
first quarter of 1998 increased $101,017 compared to the first quarter of 1998
primarily for costs (including salaries and employee compensation) associated
with overall growth.

                                  ASSET QUALITY

Non-performing assets at March 31, 1999 were $497,000 or 0.81% of loans and
foreclosed properties, which is an increase from $266,000, or 0.53% of loans and
foreclosed properties at March 31, 1998. The provision for losses on loans was
$60,000 for the first quarter of 1999 and 1998. At March 31, 1999, the allowance
for losses on loans was 1.36% of loans and approximately 169% of non-performing
assets.





                                       9
<PAGE>   11






                             VOLUNTEER BANCORP, INC.

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

        AS OF AND FOR THE THREE AND MONTHS ENDED MARCH 31, 1999 AND 1998



                              YEAR 2000 COMPLIANCE

     The Year 2000 poses serious challenges to the banking industry. Many 
experts believe that even the most prepared organizations may encounter some
implementation problems. The federal banking agencies are concerned that
financial institutions avoid major disruptions to service and operations. All
banks are required to have an action plan to address Year 2000 issues which must
include an indication of management awareness of the problems and the commitment
to solutions; identification of external risks; and operational issues that are
relevant to a bank's Year 2000 planning.

     The Federal Financial Institutions Examination Council ("FFIEC") has
issued guidelines and target time frames to accomplish critical actions
concerning Year 2000 compliance:

     * By September 30, 1997, all banks should have identified affected
applications and databases. Mission critical applications should be identified
and an action plan set for Year 2000 work.

     * By December 31, 1998, code enhancements and revisions, hardware
upgrades, and other associated changes should have been largely completed by
all banks. In addition, for mission critical applications, programming changes
should have been largely completed and testing should have been well underway.

     * Between January 1, 1999 and December 31, 1999, banks should be testing
and implementing their Year 2000 conversion programs.

     External factors which may adversely affect the Company include reliance
on vendors, such as third-party data processing services and software and
hardware vendors; electronic data-sensitive exchange among other financial
institutions which may not be Year 2000 compliant; corporate customers of the
Company and other debtors.

     The Company has been assessing its state of readiness by evaluating its
information technology ("IT") and non-IT systems. IT systems commonly include
data processing, accounting and telephone systems. With respect to its IT
systems, the Company estimates that its Year 2000 identification, assessment and
remediation efforts are substantially complete. During 1998, the Company's need
for additional computing capacity led it to purchase a new IT system for
approximately $200,000. This system is certified to be Year 2000 compliant.
During the remainder of 1999, further testing will be carried out in order to
ensure that all systems are working properly. The Company has assessed its Year
2000 status in regard to non-IT systems and has determined that no material risk
exists.

     The Company has communicated with its significant vendors in order to
determine the extent to which interfaces with such entities are vulnerable to
Year 2000 issues and whether the products and services purchased from such
entities are Year 2000 compliant. The Company has received either verbal or
written assurance from these vendors that they expect to address all their
significant Year 2000 issues on a timely basis.  With respect to significant
borrowers and depositors, the Company does not anticipate any material Year
2000 issues.

     The Company believes the cost of its further Year 2000 identification,
assessment, remediation and testing efforts will not exceed $10,000.







                                       10
<PAGE>   12

                          PART II -- OTHER INFORMATION

ITEM 1.
LEGAL PROCEEDINGS

None.

ITEM 2.

             CHANGES IN SECURITIES

None

ITEM 3.

             DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4.

             SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None

ITEM 5.

             OTHER INFORMATION

None

ITEM 6.

             EXHIBITS AND REPORTS ON FORM 8-K

(a)          Exhibit 23.1     Consent of Welch & Associates
             Exhibit 27       Financial Data Schedule (for SEC use only)

(b)          There have been no Current Reports on Form 8-K filed during the 
             quarter ended March 31, 1999.







                                       11
<PAGE>   13


                                   SIGNATURES

             In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                      VOLUNTEER BANCORP, INC.
                                      (Registrant)

Date: May 12, 1999

                                      /s/ Reed D. Matney 
                                      ------------------------------------------
                                      Reed D. Matney, President
                                      (principal executive officer)

Date: May 12, 1999

                                      /s/ H. Lyons Price
                                      ------------------------------------------
                                      H. Lyons Price (principal financial and
                                      accounting officer)





                                       12