UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549


                                   FORM 10-QSB

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


                  For the quarterly period ended June 30, 2003

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

          For the transition period from             to
                                         ------------   -------------
                          Commission File No. 000-22473

                             Volunteer Bancorp, Inc.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

         Tennessee                                     62-1271025
         ---------                                     ----------
     (State or other jurisdiction of                 (I.R.S. Employer
     incorporation or organization)                Identification Number)

               210 East Main Street, Rogersville, Tennessee 37879
              ----------------------------------------------------
                     Address of principal executive offices

         Registrant's telephone number, including area code 423-272-2200
                                                            ------------

                                 Not applicable
--------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report


Check  whether  the issuer  (1) has filed all  reports  required  to be filed by
Section 12, 13 or 15(d) of the Exchange  Act during the  preceding 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.
[X] Yes [ ] No

     Indicate the number of shares  outstanding of each of the issuer's  classes
of common  stock,  as of the latest  applicable  date:  539,027 as of August 13,
2003.

     Transitional Small Business Disclosure Format (check one): [ ] Yes [X] No



<PAGE>


                             VOLUNTEER BANCORP, INC.


                                      INDEX


Part I        Financial Information                                        Page

                Item 1.  Financial Statements

                  Consolidated Balance Sheet as of June 30, 2003             3

                  Consolidated Statements of Income for the Three and
                   Six Months Ended June 30, 2003 and June 2002              4

                  Consolidated Statements of Cash Flows for the Six
                    Months Ended June 30, 2003 and June 2002                 5

                  Notes to Consolidated Financial Statements               6-7


                Item 2.  Management's Discussion and Analysis of Financial
                  Condition and Results of Operations                     8-11

                Item 3.  Controls and Procedures                            11

Part II       Other Information

                Item 1.  Legal Proceedings                                  12

                Item 2.  Changes in Securities                              12

                Item 3.  Defaults upon Senior Securities                    12

                Item 4.  Submission of Matters to a Vote of Securities
                         Holders                                            12

                Item 5.  Other Information                                  12

                Item 6.  Exhibits and Reports on Form 8-K                   13


Signatures                                                                  14





<PAGE>



                         PART 1 - FINANCIAL INFORMATION
                             VOLUNTEER BANCORP, INC.
                           CONSOLIDATED BALANCE SHEETS
                                  June 30, 2003
                                   (Unaudited)


ASSETS
Cash and due from banks                                       $        2,941,124
Federal funds sold                                                     2,417,829
                                                              ------------------
   Total cash and cash equivalents                                     5,358,953
Investment securities
  Available for sale                                                  30,919,700
  Held to maturity                                                       717,630
Loans, net (allowance for loan losses $952,901)                       67,057,312
Federal Home Loan Bank stock, at cost                                    378,400
Accrued interest receivable                                              777,618
Premises and equipment, net                                            3,719,118
Other real estate                                                      1,858,749
Cash surrender value life insurance                                    2,035,077
Other assets                                                             238,607
                                                              ------------------

   Total Assets                                               $      113,061,164
                                                              ==================

LIABILITIES
Deposits
  Non-Interest bearing                                        $       14,455,525
  Interest bearing                                                    88,119,554
                                                              ------------------
     Total deposits                                                  102,575,079
Interest payable                                                         471,478
Securities sold under repurchase agreements                            1,546,737
Note payable                                                           1,415,000
Other accrued liabilities                                                 20,504
                                                              ------------------
   Total Liabilities                                                 106,028,798

STOCKHOLDERS' EQUITY
Common Stock, $0.01 par value; 1,000,000 shares
  authorized; 539,027 shares issued and outstanding                        5,390
Additional paid-in capital                                             1,916,500
Retained earnings                                                      4,742,900
Accumulated other comprehensive income                                   367,576
                                                              ------------------
   Total Stockholders' Equity                                          7,032,366

   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                 $      113,061,164
                                                              ==================



See accompanying notes to consolidated financial statements.

                                       3


<PAGE>


                         PART 1 - FINANCIAL INFORMATION
                             VOLUNTEER BANCORP, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                 Three Months Ended             Six Months Ended
                                                                      June 30,                       June 30,
                                                              2003            2002              2003         2002
                                                              ----            ----              ----         ----
<S>                                                       <C>            <C>            <C>             <C>

INTEREST INCOME
   Loans, including fees                                  $ 1,240,801    $ 1,491,304    $ 2,481,998     $ 2,976,866
   Federal funds                                                7,293         16,236         18,952          38,338
   Investment securities:
     Taxable                                                  211,114        309,845        443,664         588,156
     Tax-exempt                                                73,062         57,479        144,647         101,016
                                                          -----------    -----------    -----------     -----------
       Total interest income                                1,532,270      1,874,864      3,089,261       3,704,376

INTEREST EXPENSE
   Deposits                                                   418,182        596,226        862,425       1,286,250
   Other borrowed funds                                        22,114         28,913         47,893          60,507
                                                          -----------    -----------    -----------     -----------
     Total interest expense                                   440,296        625,139        910,318       1,346,757

Net interest income                                         1,091,974      1,249,725      2,178,943       2,357,619
Provision for loan losses                                     290,000        455,000        390,000         545,000
                                                          -----------    -----------    -----------     -----------

Net interest income after provision for loan losses           801,974        794,725      1,788,943       1,812,619
                                                          -----------    -----------    -----------     -----------

NON-INTEREST INCOME
   Service charges on deposits and fees                       132,122        102,268        242,272         148,729
   Securities gains                                             1,437          4,980        107,903          39,222
   Other non-interest income                                   64,741         (7,471)       101,109          17,304
                                                          -----------    -----------    -----------     -----------
     Total non-interest income                                198,300         99,777        451,284         205,255

NON-INTEREST EXPENSE
   Salaries and employee benefits                             504,917        470,386      1,009,541         909,473
   Occupancy and equipment expenses                           212,047        172,402        379,270         344,219
   Other non-interest expense                                 292,059        447,304        633,554         730,575
                                                          -----------    -----------    -----------     -----------
     Total non-interest expense                             1,009,023      1,090,092      2,022,365       1,984,267
                                                          -----------    -----------    -----------     -----------

(Loss) income before income taxes                              (8,749)      (195,590)       217,862          33,607
Income tax (benefit) expense                                  (32,925)       (85,535)        32,154          (9,195)
                                                          ------------   -----------    -----------     -----------

Net Income                                                $    24,176    $  (110,055)   $   185,708     $    42,802
                                                          ===========    ===========    ===========     ===========

Other comprehensive income
   Unrealized gain (loss) on securities available
     for sale, before tax                                 $   197,785    $   744,330    $   126,442     $   432,573
   Reclassification for gains included in net income                0         (4,980)      (106,465)        (39,222)
   Income taxes related to other comprehensive income         (75,158)      (323,413)        (7,591)       (149,473)
                                                          -----------    -----------    -----------     -----------
                                                              122,627        415,937         12,386         243,878
                                                          -----------    -----------    -----------     -----------

Total comprehensive income                                $   146,803    $   305,882    $   198,094     $   286,680
                                                          ===========    ===========    ===========     ===========

Net income (loss) per common share                        $      0.04    $     (0.20)   $      0.34     $      0.08

Dividends per share                                                 -           0.10              -            0.10

Common shares outstanding                                     539,027        539,027        539,027         539,027

</TABLE>

See accompanying notes to consolidated financial statements.

                                       4
<PAGE>


                         PART I - FINANCIAL INFORMATION
                             VOLUNTEER BANCORP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                                            Six Months Ended
                                                                                               June 30,
                                                                                        2003                  2002
                                                                                        ----                  ----
<S>                                                                          <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net income                                                                $        185,708      $         42,802
   Adjustments to reconcile net income to net cash
     from operating activities
       Provision for loan losses                                                      390,000               545,000
       Depreciation and amortization                                                  198,444               107,291
       Gain on securities                                                            (107,903)              (39,222)
       Federal Home Loan bank stock dividends                                          (7,300)               (8,100)
       Increase in cash surrender value of life insurance                             (35,077)                    -
       Change in:
         Accrued interest receivable                                                  157,998                83,240
         Other assets                                                                 356,006                75,289
         Other liabilities                                                             10,750              (315,667)
                                                                             ----------------      ----------------
           Net cash from operating activities                                       1,148,626               490,633

CASH FLOWS FROM INVESTING ACTIVITIES
   Activity in held to maturity securities:
     Maturities, prepayments, and calls                                               324,300                 7,312
   Activity in available for sale securities:
     Sales                                                                          5,797,617             5,782,690
     Purchases                                                                    (17,106,022)          (11,491,585)
     Maturities, prepayments, and calls                                             7,821,078             2,000,000
   Net change in loans                                                             (1,234,760)            2,970,058
   Purchase of premise and equipment, net                                             (27,668)              (68,504)
   Investment in cash surrender value life insurance                               (2,000,000)                    -
                                                                             -----------------     ----------------
     Net cash from investing activities                                            (6,425,455)             (800,029)

CASH FLOWS FROM FINANCING ACTIVITIES
   Net change in deposits                                                           2,617,322            (2,270,342)
   Net change in securities sold under repurchase agreements                         (742,047)              300,275
   Repayment of long-term debt                                                       (395,000)             (360,000)
   Payment of dividends                                                                     -               (53,903)
                                                                             ----------------      ----------------
     Net cash from financing activities                                             1,480,275            (2,383,970)
                                                                             ----------------      ----------------

Net change in cash and cash equivalents                                            (3,796,554)           (2,693,366)

Cash and cash equivalents at beginning of period                                    9,155,507             8,903,179
                                                                             ----------------      ----------------

Cash and cash equivalents at end of period                                   $      5,358,953      $      6,209,813
                                                                             ================      ================

Supplemental disclosure of cash flow information

Transfers from loans to foreclosed real estate                               $        802,430      $      1,140,899

Cash paid during the period for
     Interest                                                                $        850,162      $      1,700,733
     Income taxes                                                                      91,204                98,026


</TABLE>


See accompanying notes to consolidated financial statements.


                                       5


<PAGE>


                             VOLUNTEER BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

1.   Management Opinion

In the opinion of the management of Volunteer Bancorp, Inc. (the "Company"), the
unaudited  consolidated  financial  statements  include  all normal  adjustments
considered  necessary to present  fairly the  financial  position as of June 30,
2003, the results of operations for the three and six months ended June 30, 2003
and 2002, and cash flows for the six months ended June 30, 2003 and 2002. All of
these  adjustments are of a normal,  recurring  nature.  Interim results are not
necessarily indicative of results for a full year.

The accompanying  unaudited consolidated financial statements have been prepared
in accordance with accounting principles generally accepted in the United States
of America for interim financial  information and with the instructions for Form
10-QSB.  Accordingly,  they do not include all of the  information and footnotes
required by  accounting  principles  generally  accepted in the United States of
America for complete financial statements.

For further  information,  refer to the  consolidated  financial  statements and
footnotes  included in the Company's  annual report for the year ended  December
31, 2002. The  consolidated  financial  statements  include the accounts for the
Company  and  Citizens  Bank  of  East  Tennessee  (the  "Bank").  All  material
intercompany balances and transactions have been eliminated in consolidation.

2.   Long-Term Debt

The Company's  long-term debt consists of a single note payable in the amount of
$1,415,000 at June 30, 2003, due to 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,  2003,  the rate on the note was  3.25%  per  annum.  Principal  is  payable
annually on January 31 as follows:

                2004                                      $     435,000
                2005                                            470,000
                2006 (final maturity)                           510,000
                                                          -------------
                                                          $   1,415,000

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

The Company is in violation of certain loan  covenants with respect to this loan
in that annualized  earnings to tangible assets are less than the 0.75% required
and the ratio of  nonperforming  assets is greater than 2.5%.  These  violations
have not been waived by the lender.

Because of these  violations,  the lender may,  at its option,  by notice to the
Company declare the note in default. In such an event the Company would have ten
days to remedy  compliance  with all loan  covenants.  If the Company did not or
could not comply  with all loan  covenants  within  such ten day period the note
would be in default.  In such a case the lender may declare the note immediately
due and payable and among other  things  proceed to  foreclose  upon 100% of the
stock of the Bank which is pledged as security for the note.


                                       6

<PAGE>

                            VOLUNTEER BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


The lender has been notified by the Company of its  non-compliance  with certain
covenants  of the note  that  could  lead to the  lender  declaring  the note in
default.  However, the lender has not notified the Company that it is in default
under the terms of the loan agreement.

The Company is in discussions with the lender and anticipate the lender to first
pursue remedies other than  foreclosure.  Accordingly,  the Company expects that
the note will be restructured  resulting in, among other things,  increasing the
interest rate on the note and substantially  reducing the final maturity date on
the note.  In such a case,  there can be no  assurance  that the  Company  could
satisfy the restructured debt without obtaining new financing from other lenders
or funds from a stock offering.  Further, there can be no assurance that a stock
offering by the Company  would be  successful  or that new lenders would provide
funds to the Company.

3.   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.

4.   Certain Regulatory Matters

As a result  of  certain  findings  in the  Tennessee  Department  of  Financial
Institution's  Report of Examination  dated June 4, 2001, the Board of Directors
of the Bank entered into a Memorandum of Understanding (the "Memorandum"), dated
August 16, 2001, with the Commissioner of the Tennessee  Department of Financial
Institutions and the Memphis Regional  Director of the Federal Deposit Insurance
Corporation.  A Memorandum of Understanding is an informal  administrative  tool
for  institutions  that have some weaknesses that if not properly  addressed and
corrected  could lead to supervisory  concern  requiring  formal  administrative
action.  The areas addressed in the Memorandum cover capital adequacy,  laws and
regulations,  data  processing  audit and  review,  investment  policy  maturity
strategies, adequate documentation of each of the foregoing but primarily credit
administration.  As a  result,  the Board has  reviewed  a number of the  Bank's
policies  and  procedures   including  its  loan  policy  and  has  incorporated
recommendations  designed to  strengthen  credit  quality and the Bank's  review
procedures  regarding loan loss reserve adequacy.  Management of the Company and
the Bank believe that the Bank is in substantial  compliance with the provisions
of the Memorandum.

5.   New Accounting Standards

The  Financial  Accounting  Standards  Board  (FASB)  recently  issued  two  new
accounting  standards,  Statement 149,  Amendment of Statement 133 on Derivative
Instruments and Hedging  Activities,  and Statement 150,  Accounting for Certain
Financial  Instruments  with  Characteristics  of both Liabilities and Equities,
both of which generally become effective in the quarter  beginning July 1, 2003.
Management  determined  that,  upon  adopting the new  standards,  they will not
materially  affect  the  Company's  operating  results  or  financial  condition
because  the  Company  does not  have  these  instruments  or  engage  in these
activities.

                                       7

<PAGE>

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations

As of and for the Three and Six Months Ended June 30, 2003 and 2002

The  following  provides a narrative  discussion  and  analysis  of  significant
changes in the  results of  operations  and  financial  condition  of  Volunteer
Bancorp,  Inc. (the  "Company").  This discussion  should be read in conjunction
with the consolidated  financial  statements and related financial  analysis set
forth in the Company's 2002 Annual Report,  the interim  unaudited  consolidated
financial  statements  and notes for the three  months and six months ended June
30,  2003,  included  elsewhere  herein,  and the  supplemental  financial  data
included herein.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING INFORMATION

This discussion contains certain  forward-looking  statements (as defined in the
Private Securities  Litigation Reform Act of 1995). Such statements are based on
management's   expectations  as  well  as  certain   assumptions  made  by,  and
information  available to, management.  Specifically,  this discussion  contains
forward-looking statements with respect to the following items:

           -    effects of projected changes in interest rates,

           -    effects of changes in the securities markets,

           -    effects of changes in general economic conditions,

           -    the  adequacy  of the allowance for loan losses on loans and the
                level of future provisions for losses on loans, and

           -    business   plans  for   the   year  2003  and  beyond  including
                underwriting criteria.

When used in this  discussion,  the  words  "anticipate",  "project",  "expect",
"believe",   "should",   and  similar   expressions  are  intended  to  identify
forward-looking statements.

These  forward-looking  statements  involve  significant risks and uncertainties
including changes in general economic and financial market  conditions,  changes
in banking  laws and  regulations,  and the  Company's  ability  to execute  its
business plans. Although the Company believes that the expectations reflected in
the  forward-looking  statements  are  reasonable,  actual  results could differ
materially.

SUMMARY

The Company reported net income for the first six months of 2003 of $185,708, or
$0.34 per common share,  compared  to net income of $42,802, or $0.08 per common
share,  for the same period a year ago and for the three  months  ended June 30,
2003 net  income  was  $24,176,  or $0.04  per share  compared  to a net loss of
$110,055 or ($0.20) per share in the second  quarter of 2002.  Total assets grew
approximately  $2 million from December 31, 2002 to June 30, 2003. Our return on
average  assets was .33%  compared to .08% for the same period a year ago.  This
improvement  is primarily due to  significantly  lower loan loss  provisions and
additional  gains on the  sale of  securities,  partially  offset  by lower  net
interest income.

FINANCIAL CONDITION

Earning Assets.

Average earning assets has continued to decline as a percentage of total average
assets. The decline is attributed to increased  non-accrual loans and other real
estate owned.  Average earning assets to Average Assets is 90.36% for six months
ended June 30, 2003 compared to 92.7% for all of 2003.

                                        8

<PAGE>
Loan Portfolio.

The Company's total loan portfolio was  substantially  the same at June 30, 2003
and December 31, 2002, however there were differences in the mix as summarized
below.


                                              June 30,            December 31,
                                                2003                  2002
                                            -----------           -----------
                                                      (in thousands)
Commercial, financial and agriculture       $     6,732           $     7,302
Real estate - construction                        1,996                 2,647
Real estate - mortgage                           51,186                48,055
Consumer                                          7,687                 9,958
Other                                               409                   163
                                            -----------           -----------
                                            $    68,010           $    68,125
                                            ===========           ===========

Allowance for Possible Loan Losses.

Lending  officers are responsible for the ongoing review and  administration  of
each loan.  They make the  initial  identification  of loans that  present  some
difficulty in collection or where there is an indication that the probability of
loss exists.  Lending  officers are responsible  for the collection  effort on a
delinquent loan.  Senior  management is informed of the status of delinquent and
problem loans on a weekly basis.

Senior management makes recommendations  monthly to the Board of Directors as to
charge-offs. Senior management reviews the allowance for possible loan losses on
a monthly basis.

The  Company's  policy  is to  discontinue  interest  accrual  when  payment  of
principal and interest is 90 days or more in arrears, unless there is sufficient
collateral to justify continued accrual.

The  allowance for possible  losses  represents  management's  assessment of the
risks  associated with extending credit and its evaluation of the quality of the
loan portfolio. Management analyzes the loan portfolio to determine the adequacy
of the  allowance  for  possible  loan  losses  and the  appropriate  provisions
required to maintain a level  considered  adequate  to absorb  anticipated  loan
losses.  The  provision for possible loan losses was $390,000 for the six months
ended June 30, 2003 as compared to $545,000 in the same period in 2002.  For the
quarter ended June 30, 2003 the  provision was $290,000  compared to $455,000 in
2002.

The  allowance  for loan  losses at June 30, 2003 was 1.4% of loans.  Management
believes that the $953,000 at June 30, 2003 is adequate to absorb known risks in
the portfolio.

The following table provides the changes in the allowance for loan losses for
the periods indicated.

                                                 Six Months Ended June 30,
                                                2003                  2002
                                                ----                  ----
                                                     (in thousands)
Balance, beginning of year                  $   1,111             $    908
Provision charged to expense                      390                  545
Loans charged off                                (565)                (186)
Recoveries                                         17                    9
                                            ---------             --------
Balance, end of year                        $     953             $  1,276





                                        9



<PAGE>
Investment Portfolio.

The Company maintains an investment  strategy of seeking portfolio yields within
acceptable risk levels,  as well as providing  liquidity.  The Company maintains
two  classifications  of investment  securities:  Available for Sale and Held to
Maturity.  The Available for Sale  securities  are carried at fair market value,
whereas the Held to Maturity  securities are carried at amortized  cost. At June
30, 2003 and December 31, 2002,  there was an  unrealized  gain in the Available
for Sale securities of approximately $593,000 and $573,000, respectively.

The Company's  investment  securities  portfolio  increased  approximately  $2.8
million  since  December 31, 2002.  This  increase is  primarily  attributed  to
management  moving lower yielding Federal Funds Sold into the Bank's  securities
portfolio.

Cash Value of Life Insurance.

During  the first  quarter  of 2003,  the  Company  invested  in Bank owned life
insurance  to provide a higher  yield  than  alternative  investments.  The cash
surrender  value of this life  insurance is  $2,035,077  at June 30,  2003.  All
officers of the Bank as of February 15, 2003 were insured.

Deposits.

Deposits  totaled  $102,575,079  at June 30,  2003  compared to  $99,957,757  at
December 31, 2002.  The deposit  growth has primarily  been in the  Non-Interest
Bearing accounts.  Management has aggressively  priced interest bearing deposits
to  improve  interest  margins.  Additionally,  management  is  working to limit
deposit  growth to core deposit  customers.  This limited  growth will assist in
management's  overall  strategy to meet  Memorandum  Guidelines  established for
capital.

Note Payable.

The company's  long-term debt consists of a single note payable in the amount of
$1,415,000  at  June  30,  2003  due to an  unaffiliated  national  bank  and is
discussed further in Note 2 in the Notes to Consolidated Financial Statements.

RESULTS OF OPERATIONS

Net income  increased  to $185,708  for the six months  ended June 30, 2003 from
$42,802 in the same period in 2002.  For the three  months  ended June 30, 2003,
net income was $24,176 compared to a loss of $110,055 in 2002.

Net interest income decreased 7.6% for the six months ended June 30, 2002 to the
same period in 2003 from  $2,357,619 to $2,178,943  and decreased  12.6% for the
three months periods ended.

The provision for loan losses  decreased  $165,000 and $155,000 during the three
and six months  ended June 30,  2003  compared  to the same  periods  last year.
Non-performing  assets  increased  $144,000  from  December 31, 2002 to June 30,
2003.

Non-performing assets were as follows as of June 30, 2003 and December 31, 2002:

                                                June 30,            December 31,
                                                   2003                 2002
                                                -------               -------
                                                        (in thousands)
Loans past due over 90 days                     $   757               $   673
Non-accrual loans                                   365                   923
Other real estate owned                           1,859                 1,241
                                                -------               -------
   Total non-performing assets                  $ 2,981               $ 2,837
                                                =======               =======

                                       10

<PAGE>


Non-Interest Income.

Gains on the sale of securities increased $67,000 from $39,000 in the first half
of 2002 to $108,000 in the first half of 2003. Service charges also increased in
2003 due to the  increase in  transaction  accounts  and an increase in the fees
charged.

Non-Interest Expense.

Salaries and employee  benefits  increased $35,000 and $100,000 in the three and
six months ended June 30, 2003  compared to 2002.  Other  expenses were lower in
the  three  and six  months  ended  June 30,  2003  than in 2002 due to  reduced
professional  and legal fees and a reduction in other real estate owned  related
expenses.


Item 3. Controls and Procedures

(a)  Evaluation of Disclosure Controls and Procedures.

     As of the end of the period covered by this report, the Company's President
and its Vice  President  and Cashier have  evaluated  the  effectiveness  of the
design and operation of the Company's  disclosure  controls and  procedures  (as
defined in Exchange Act Rule 13a-14(c)). Based on that evaluation, the President
and the Vice President and Cashier have concluded that the Company's  disclosure
controls  and  procedures  are  effective  to ensure that  material  information
relating to the  Company and the  Company's  consolidated  subsidiaries  is made
known to such officers by others within these entities,  particularly during the
period this quarterly  report was prepared,  in order to allow timely  decisions
regarding required disclosure.

(b)  Changes in Internal Controls.

     There  have not been any  significant  changes  in the  Company's  internal
controls or in other  factors that could  significantly  affect  these  controls
subsequent to the date of their evaluation.

                                       11




<PAGE>



                           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

     At the  Annual  Meeting  on May 15,  2003,  the  shareholders  voted on the
     following proposal with the results as indicated:

     Elected  four (4) of its current  directors to continue in office until the
     2006 meeting of shareholders. Current directors elected to three-year terms
     were as follows:

                                                                      Withhold
                                             For                      Authority

     G. Douglas Price                       303,761                         0
     Gary Varnell                           303,761                         0
     George Brooks                          303,761                         0
     Jim Friddell                           303,761                         0

     Directors continuing to serve include:

     William E. Phillips             Leon Gladson                  Reed Matney
     Shirley Price                   Scott Collins
     Carlin Greene                   Neil Miller

Item 5. Other Information

        None


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<PAGE>


Item 6. Exhibits and Reports on Form 8-K

     (a)  Exhibits


          Exhibit 31.1       Certification of Reed Matney,President of Volunteer
                             Bancorp,  Inc.  pursuant  to  Section  302  of  the
                             Sarbanes-Oxley Act of 2002.

          Exhibit 31.2       Certification  of  Greg Oliver,  Vice President and
                             Cashier  of  Volunteer  Bancorp,  Inc. pursuant  to
                             Section 302 of the Sarbanes-Oxley Act of 2002.

          Exhibit 32.1       Certification   of   Reed   Matney,  President   of
                             Volunteer  Bancorp,  Inc.  pursuant  to Section 906
                             of the Sarbanes-Oxley Act of 2002.

          Exhibit 32.2       Certification   of   Reed   Matney,  President   of
                             Volunteer  Bancorp,  Inc.  pursuant  to Section 906
                             of the Sarbanes-Oxley Act of 2002.


     (b)  Reports on Form 8-K

          There  have  been no  Current  Reports  on Form 8-K filed  during  the
          quarter ended June 30, 2003.






                                       13

<PAGE>

                                   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.



Date:  August 14, 2003                               /s/ Reed D. Matney
                                                     ---------------------------
                                                     Reed D. Matney, President


Date:  August 14, 2003                               /s/ Greg Oliver
                                                     ---------------------------
                                                     Greg Oliver, Vice President
                                                     and Cashier

















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