<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 June 30, 1998

[ ]          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 June 30, 1998.

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


<PAGE>   2
Part I

Item 1   Financial Statements


                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

                      Condensed Consolidated Balance Sheets

                             June 30, 1998 and 1997

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



<TABLE>
<CAPTION>
                                   ASSETS                                          1998           1997
                                   ------                                      -----------    ------------
<S>                                                                            <C>            <C>
Cash and due from banks                                                        $ 2,332,207    $  2,258,184
Federal fund sold                                                                3,921,513       2,647,763
                                                                               ---------------------------
   Total cash and cash equivalents                                               6,253,720       4,905,947
Investment securities available for sale (amortized cost of
  $18,462,425 and $16,563,610, respectively)                                    18,540,124      16,464,168
Investment securities held to maturity (estimated market
value of $3,075,455 and $1,354,083)                                              3,073,785       1,344,533
Loans, less allowances for loan losses of $737,027 and
  $549,213, respectively                                                        54,653,612      42,111,329
Accrued interest receivable                                                        883,778         684,948
Premises and equipment, net                                                      3,608,810       3,716,014
Deferred income taxes                                                                1,062          20,590
Other real estate                                                                  153,420          62,380
Goodwill                                                                           193,850         211,733
Other assets                                                                        97,794          55,462
                                                                               ---------------------------

   Total assets                                                                $87,459,955    $ 69,577,104
                                                                               ===========================

                         LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits:
   Non-interest bearing                                                        $ 8,611,284    $  7,900,410
   Interest bearing                                                             69,169,503      53,423,920
                                                                               ---------------------------
          Total deposits                                                        77,780,787      61,324,330
Interest payable                                                                   819,598         585,834
Securities sold under repurchase agreements                                      1,733,089         850,000
Note payable                                                                     3,045,000       3,265,000
Other accrued taxes, expenses and liabilities                                       53,419          96,296
                                                                               ---------------------------
   Total liabilities                                                            83,431,893      66,121,460
                                                                               ---------------------------

Stockholders' equity:
    Common stock, $0.01 par value, 1,000,000 shares authorized, 539,027 and
    525,851 shares issued and outstanding at June 30,
    1998 and 1997, respectively                                                      5,390           5,259
 Additional paid-in capital                                                      1,916,500       1,763,561
 Retained earnings                                                               2,057,999       1,748,478
 Net unrealized gain (loss) on securities available for sale                        48,173         (61,654)
                                                                               ---------------------------
   Total stockholders' equity                                                    4,028,062       3,455,644
                                                                               ---------------------------
   Total liabilities and stockholders' equity                                  $87,459,955    $ 69,577,104
                                                                               ===========================
</TABLE>











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


<PAGE>   3



                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

                  Condensed Consolidated Statements of Earnings

            For The Three and Six Months Ended June 30, 1998 and 1997

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



<TABLE>
<CAPTION>
                                                         Three months ended              Six months ended
                                                              June 30,                        June 30,
                                                        -------------------            --------------------
                                                        1998           1997            1998            1997
                                                        ----           ----            ----            ----
<S>                                                 <C>             <C>             <C>             <C>
Interest Income:
    Interest and fees on loans                      $ 1,321,390     $   985,446     $ 2,509,403     $ 1,866,079
    Interest on federal funds                            72,789          51,553         171,888         108,157
    Interest on investment securities:
          Taxable                                       317,946         287,964         613,435         554,477
          Exempt from Federal income taxes               11,301           1,250          15,234           2,500
                                                    -----------------------------------------------------------
               Total interest income                  1,723,426       1,326,213       3,309,960       2,531,213
                                                    -----------------------------------------------------------
Interest Expense:
    Interest on deposits                                897,716         680,974       1,730,001       1,306,032
    Other borrowed funds                                 84,971          66,614         169,664         132,970
                                                    -----------------------------------------------------------
               Total interest expense                   982,687         747,588       1,899,665       1,439,002
                                                    -----------------------------------------------------------
Net interest income                                     740,739         578,625       1,410,295       1,092,211

Provision for possible loan losses                       60,000          50,000         120,000          95,000
                                                    -----------------------------------------------------------
Net interest income after provision for possible
  loan losses                                           680,739         528,625       1,290,295         997,211
                                                    -----------------------------------------------------------
Non-interest income:
    Service charges on deposits                          37,385          25,885          65,704          46,016
    Other service charges and fees                       27,183          21,887          45,138          47,468
    Securities gains (losses)                             3,138            (312)         15,173           1,046
    Other non-interest income                             6,765           5,636          12,918          10,897
                                                    -----------------------------------------------------------
               Total non-interest income                 74,471          53,096         138,933         105,427
                                                    -----------------------------------------------------------
Non-interest expense:
    Salaries and employee benefits                      310,586         273,677         621,380         527,996
    Occupancy expense                                    56,050          56,222          96,556          89,855
    Furniture and equipment expense                      57,889          42,913         115,948          80,129
    Other non-interest expense                          176,303         154,317         337,406         292,748
                                                    -----------------------------------------------------------
                Total non-interest expense              600,828         527,129       1,171,290         990,728
                                                    -----------------------------------------------------------
Earnings before income taxes                            154,382          54,592         257,938         111,910
Income tax expense                                       53,127          21,759          96,674          43,392
                                                    -----------------------------------------------------------
                Net income                          $   101,255     $    32,833     $   161,264     $    68,518
                                                    ===========================================================

Other comprehensive income:
  Unrealized gain (loss) on securities available
     for sale, before tax                           $   (10,576)    $   188,241     $    (6,299)    $   (19,019)
  Income tax benefit (expense) related to other
     comprehensive income                                 4,019         (71,531)          2,393           7,227
                                                    -----------------------------------------------------------

Total comprehensive income                          $    94,698     $   149,543     $   157,358     $    56,726
                                                    ===========================================================


Net income per weighted average
  common share                                      $      0.19     $      0.06     $      0.30     $      0.13
                                                    ===========================================================

Weighted average common shares outstanding              539,027         525,729         539,027         525,723
                                                    ===========================================================
</TABLE>



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


<PAGE>   4



                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

                 Condensed Consolidated Statements of Cash Flows

                 For The Six Months Ended June 30, 1998 and 1997

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

<TABLE>
<CAPTION>
                                                                             1998             1997
                                                                         ------------     ------------
<S>                                                                      <C>              <C>
Cash Flows from Operating Activities:
   Net income (loss)                                                     $    161,264     $     68,518
Adjustments to reconcile net income (loss)
   to net cash provided by operating activities:
      Deferred income taxes                                                   (20,220)         (23,746)
      Provision for possible loan losses                                      120,000           95,000
      Provision for depreciation and amortization                             120,311           93,204
      (Gain) on securities                                                    (15,173)          (1,046)
      (Increase) in interest receivable                                       (64,268)         (74,294)
      (Increase) decrease in other assets                                    (103,535)           6,453
      Increase (decrease) in other liabilities                                 87,957           (1,657)
                                                                         -----------------------------
   Net cash provided by operating activities                                  286,336          162,432
                                                                         -----------------------------

Cash Flows from Investing Activities:
   Purchase of investment securities held to maturity                      (1,988,681)            --
   Proceeds from calls and maturity of held to maturity securities               --            259,314
   Purchase of investment securities available for sale                    (6,911,801)      (4,738,170)
   Proceeds from calls and maturity of securities available for sale        4,498,582          300,000
   Proceeds from sale of securities available for sale                        990,625        1,474,922
   Net (increase) in loans                                                 (6,963,742)      (7,326,501)
   Capital expenditures                                                       (72,989)        (583,212)
                                                                         -----------------------------
   Net cash (used) in investing activities                                (10,448,006)     (10,613,647)
                                                                         -----------------------------

Cash Flows from Financing Activities:
   Net increase in demand deposits, NOW accounts and savings accounts         777,843        3,773,294
   Net increase in certificates of deposit                                  7,915,555        1,873,905
   Net increase in securities sold under repurchase agreements                516,410          675,000
   Repayment of long-term borrowing                                          (220,000)        (185,000)
   Proceeds from sale of common stock                                            --              2,010
                                                                         -----------------------------
   Net cash provided by financing activities                                8,989,808        6,139,209
                                                                         -----------------------------
   (Decrease) in cash and cash equivalents                                 (1,171,862)      (4,312,006)
Cash and cash equivalents beginning of period                               7,425,582        9,217,953
                                                                         -----------------------------
Cash and cash equivalents end of period                                  $  6,253,720     $  4,905,947
                                                                         =============================

Supplemental Disclosure of Cash Flow Information:
   Cash paid during the period for:
      Interest                                                           $  1,800,909     $  1,408,385
                                                                         =============================
      Income taxes                                                       $    149,351     $    158,326
                                                                         =============================
</TABLE>






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


<PAGE>   5


                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

         Notes to Unaudited Condensed Consolidated Financial Statements

                     Six Months Ended June 30, 1998 and 1997
--------------------------------------------------------------------------------




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.


























<PAGE>   6


                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

         Notes to Unaudited Condensed Consolidated Financial Statements

                     Six Months Ended June 30, 1998 and 1997
--------------------------------------------------------------------------------




3.           Long-term debt

             The Company's long-term debt consists of a single note payable in
             the amount of $3,045,000 and $3,265,000 at June 30, 1998 and 1997,
             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 June 30,
             1998 the rate on the note was 7.669% per annum. Principal is
             payable annually commencing January 31, 1998 and each January 31
             thereafter as follows:


<TABLE>
<CAPTION>
                         January 31,                 Principal Due
                         -----------                 -------------
<S>                                                  <C>                
                            1999                     $    255,000
                            2000                          295,000
                            2001                          325,000
                            2002                          360,000
                            2003                          395,000
                            2004                          435,000
                            2005                          470,000
                    2006 (Final Maturity)                 510,000
                                                     ------------
                                                     $  3,045,000
                                                     ============
</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.





<PAGE>   7
















                       INDEPENDENT AUDITOR'S REVIEW REPORT


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

We have reviewed the accompanying condensed consolidated balance sheets of
Volunteer Bancorp, Inc. and subsidiary as of June 30, 1998 and 1997, and the
related condensed consolidated statements of earnings for the three and six
months then ended and the condensed consolidated statements of cash flows for
the six 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.






July 20, 1998
Nashville, Tennessee






<PAGE>   8


                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY
                              FINANCIAL HIGHLIGHTS
                  AS OF AND FOR THE THREE AND SIX MONTHS ENDED
                             JUNE 30, 1998 AND 1997
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                              Three Months Ended                Six Months Ended
                                                                    June 30,                         June 30,

                                                             1998             1997            1998             1997
                                                             ----             ----            ----             ----
<S>                                                         <C>              <C>            <C>              <C> 
Net income                                                  $101,255         $32,833        $161,264         $68,518
Per common share data:
  Net income per weighted average
    common share                                               $0.19           $0.06           $0.30           $0.13
  Book value                                                   $7.47           $6.28           $7.47           $6.28
Ratios:
  Return on average assets                                     0.12%           0.05%           0.19%           0.10%
  Return on average common equity                              2.57%           0.97%           4.08%           2.00%
  Net interest margin (taxable equivalent basis)               3.61%           3.76%           3.62%           3.66%
  Expense ratio                                                2.89%           3.12%           2.77%           3.02%
  Allowance for loan losses/loans                              1.33%           1.29%           1.33%           1.29%
  Non-performing loans/loans                                   0.04%           0.17%           0.04%           0.17%
  Non-performing assets/loans and
    foreclosed properties                                      0.31%           0.32%           0.31%           0.32%
  Shareholder's equity/total assets                            4.61%           4.97%           4.61%           4.97%
  Leverage ratio (tangible capital/
    tangible average assets)                                   4.77%           4.91%           4.70%           5.05%
</TABLE>






<PAGE>   9
Item 2.

                             VOLUNTEER BANCORP, INC.

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

       AS OF AND FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1998 AND 1997



                                OPERATING RESULTS

The Company reported net income for the second quarter of $101,255, or $0.19 per
weighted average common share, compared to income of $32,833, or $0.06 for the
same period a year ago. Returns on average assets and average common equity were
0.12% and 2.57%, respectively, for the quarter compared to 0.05% and 0.97% for
the same period last year.

Net interest income for the first six months of 1998 increased $318,084 versus
the first six months of 1997 to $1,410,295. The increase is attributable to
growth in interest earning assets of 28.16%. Average loans grew 33.49% over the
second quarter of 1997. Total Company assets were $87,459,955 at June 30, 1998
compared to $69,577,104 as of June 30, 1997.

The net interest margin (taxable equivalent basis) was 3.61% for the second
quarter of 1998 compared to 3.76% for the second quarter of 1997. The yield on
the investment portfolio was 6.40% for the second quarter of 1998 compared to
6.62% for the same quarter of 1997. 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 second quarter of 1998 increased $21,375 over the
second quarter of 1997. The growth is attributable to service charges on deposit
accounts and other fees. Non-interest expenses for the second quarter of 1998
increased $73,699 compared to the second quarter of 1997 primarily for costs
(including salaries and employee compensation) associated with opening and
staffing of new branches in Rogersville and Church Hill, Tennessee and the
opening of the new main office in Rogersville, Tennessee.

The Company is rapidly outgrowing its present data processing system and
software and expects to have new hardware and software operational sometime
during the third quarter of 1998. The Company will lease its new hardware and
software for a five year period at approximately $62,400 annually. The new
system is certified by the suppliers as being year 2000 compliant.


                                  ASSET QUALITY

Non-performing assets at June 30, 1998 were $174,000 or 0.31% of loans and
foreclosed properties, compared to $135,000, or 0.32% of loans and foreclosed
properties at June 30, 1997. The provision for losses on loans was $60,000 for
the second quarter of 1998 which is an increase of $10,000 over the provision
for the second quarter of 1997. The increase in the provision is primarily
attributable to the increase in loan growth. At June 30, 1998, the allowance for
losses on loans was 1.33% of loans and approximately 424% of non-performing
assets.


                              CAPITAL REQUIREMENTS

The Company's equity capital was $4.028 million at June 30, 1998 compared to
$3.46 million at June 30, 1997. No dividends were paid by the Company and the
Company does not expect to pay dividends any time in the foreseeable future.


<PAGE>   10




The Company is a "small one-bank holding company" within the meaning of
regulations promulgated by the Board of Governors of the Federal Reserve System.
Accordingly, the Company's capital compliance, for bank holding company
purposes, will be measured solely with respect to the Bank and not on a
consolidated basis.

Management believes, as of June 30, 1998, that the Bank and Company meet all
capital requirements to which they are subject. However, events beyond the
control of the Company, such as a downturn in the local economy, could adversely
affect future earnings and, consequently, the ability of the Company to meet its
future minimum capital requirements.

The Bank would be considered "well capitalized" within the applicable regulatory
capital guidelines at June 30, 1998 having a leverage ratio of 8.02%, a Tier I
risk ratio of 12.19% and a total risk ratio of 13.44%.



<PAGE>   11



                          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

The annual meeting of shareholders was held on April 16, 1998 at which all of
the current directors were elected for a one-year term, or until their
successors are duly elected and qualified.

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 June 30, 1998.




<PAGE>   12



                                   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: August 10, 1998
                              
                                       Reed D. Matney, President
                                       (principal executive officer)


Date: August 10, 1998

                                       H. Lyons Price (principal financial and
                                       accounting officer)