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 September 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 November 12,
2003.

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


                             VOLUNTEER BANCORP, INC.


                                      INDEX
                                                                         Page
                                                                         ----
Part I  Financial Information

        Item 1.  Financial Statements

         Consolidated Balance Sheet as of September 30, 2003               3

         Consolidated Statements of Income for the Three and
          Nine Months Ended September 30, 2003 and September 2002          4

         Consolidated Statements of Cash Flows for the Nine
          Months Ended September 30, 2003 and September 2002               5

         Notes to Consolidated Financial Statements                        6


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

        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
                               September 30, 2003
                                   (Unaudited)
<TABLE>
<CAPTION>

<S>                                                                                              <C>
ASSETS
Cash and due from banks                                                                          $        3,277,743
Federal funds sold                                                                                          302,850
                                                                                                 ------------------
   Total cash and cash equivalents                                                                        3,580,593
Investment securities
   Available for sale                                                                                    29,559,109
   Held to maturity                                                                                         361,999
Loans, net (allowance for loan losses $845,286)                                                          68,330,754
Federal Home Loan Bank stock, at cost                                                                       382,200
Accrued interest receivable                                                                                 812,510
Premises and equipment, net                                                                               3,756,763
Other real estate                                                                                         1,663,749
Cash surrender value life insurance                                                                       2,061,715
Other assets                                                                                                455,961
                                                                                                 ------------------

   Total Assets                                                                                  $      110,965,353
                                                                                                 ==================

LIABILITIES
Deposits
   Non-interest bearing                                                                          $       14,611,943
   Interest bearing                                                                                      85,556,035
                                                                                                 ------------------
     Total deposits                                                                                     100,167,978
Interest payable                                                                                            389,229
Securities sold under repurchase agreements                                                               1,735,288
Note payable                                                                                              1,415,000
Other accrued liabilities                                                                                   179,472
                                                                                                 ------------------
   Total Liabilities                                                                                    103,886,967

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                                                                                         4,972,617
Accumulated other comprehensive income                                                                      183,879
                                                                                                 ------------------
   Total Stockholders' Equity                                                                             7,078,386
                                                                                                 ------------------

   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                    $      110,965,353
                                                                                                 ==================

</TABLE>

          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             Nine Months Ended
                                                                 September 30                  September 30
                                                              2003         2002              2003         2002
                                                              ----         ----              ----         ----
<S>                                                       <C>            <C>            <C>             <C>

INTEREST INCOME
   Loans, including fees                                  $ 1,252,890    $ 1,399,941    $ 3,734,888     $ 4,376,807
   Federal funds                                                2,867         14,553         21,819          52,891
   Investment securities:
     Taxable                                                  169,396        286,065        613,060         874,221
     Tax-exempt                                                72,564         69,014        217,211         170,030
                                                          -----------    -----------    -----------     -----------
       Total interest income                                1,497,717      1,769,573      4,586,978       5,473,949

INTEREST EXPENSE
   Deposits                                                   410,355        532,933      1,272,780       1,819,183
   Other borrowed funds                                        (8,622)        29,793         39,271          90,300
                                                          -----------    -----------    -----------     -----------
     Total interest expense                                   401,733        562,726      1,312,051       1,909,483

Net interest income                                         1,095,984      1,206,847      3,274,927       3,564,466
Provision for loan losses                                           -         50,000        390,000         595,000
                                                          -----------    -----------    -----------     -----------

Net interest income after provision for loan losses         1,095,984      1,156,847      2,884,927       2,969,466
                                                          -----------    -----------    -----------     -----------

NON-INTEREST INCOME
   Service charges on deposits and fees                       119,592        106,645        359,161         255,374
   Securities gains                                                 -              -        107,903          39,222
   Other non-interest income                                   63,217         23,769        167,029          41,073
                                                          -----------    -----------    -----------     -----------
     Total non-interest income                                182,809        130,414        634,093         335,669

NON-INTEREST EXPENSE
   Salaries and employee benefits                             485,302        469,362      1,494,843       1,378,835
   Occupancy and equipment expenses                           177,141        166,735        556,411         510,954
   Other non-interest expense                                 292,332        279,212        925,886       1,009,787
                                                          -----------    -----------    -----------     -----------
Total non-interest expense                                    954,775        915,309      2,977,140       2,899,576
                                                          -----------    -----------    -----------     -----------

Income before income taxes                                    324,018        371,952        541,880         405,559
Income tax expense                                             94,301        124,812        126,455         115,617
                                                          -----------    -----------    -----------     -----------

Net Income                                                $   229,717    $   247,140    $   415,425     $   289,942
                                                          ===========    ===========    ===========     ===========
Other comprehensive income
   Unrealized gain (loss) on securities available
     for sale, before tax                                 $  (287,027)   $   290,922    $  (168,356)    $   723,495
   Reclassification for gains included in net income                -              -       (107,903)        (39,222)
   Income taxes related to other comprehensive income         103,330       (110,550)       104,978        (260,023)
                                                          -----------    ------------   -----------     ------------
                                                             (183,697)       180,372       (171,281)        424,250
                                                          ------------   -----------    ------------    -----------

Total comprehensive income                                $    46,020    $   427,512    $   244,144     $   714,192
                                                          ===========    ===========    ===========     ===========

Net income per common share                               $      0.43    $      0.46    $      0.77     $      0.54

Common shares outstanding                                     539,027        539,027        539,027         539,027
</TABLE>

           See accompanying notes to consolidated financial statement

                                      -4-

<PAGE>

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


                                                                                         Nine Months Ended
                                                                                           September 30
                                                                                    2003                  2002
                                                                                    ----                  ----
<S>                                                                          <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net income                                                                $        415,425      $        289,942
   Adjustments to reconcile net income to net cash
     from operating activities
       Provision for loan losses                                                      390,000               595,000
       Depreciation and amortization                                                  332,484               156,935
       Gain on securities                                                            (107,903)              (39,222)
       Loss on OREO                                                                    16,758                     -
       OREO write-downs                                                                 5,000                     -
       Federal Home Loan bank stock dividends                                         (11,100)              (12,400)
       Increase in cash surrender value of life insurance                             (61,715)                    -
       Change in:
         Other assets                                                                 242,455               400,699
         Other liabilities                                                             53,969              (447,733)
                                                                             ----------------      ----------------
           Net cash from operating activities                                       1,275,373               943,221

CASH FLOWS FROM INVESTING ACTIVITIES
   Activity in held to maturity securities:
     Maturities, prepayments, and calls                                               690,992                11,252
   Activity in available for sale securities:
     Proceeds                                                                       5,797,617             5,782,690
     Purchases                                                                    (21,275,460)          (16,604,251)
     Maturities, prepayments, and calls                                            12,942,136             8,150,000
   Net change in loans                                                             (2,528,202)            4,268,361
   Purchase of premise and equipment, net                                            (117,420)             (118,186)
   Proceeds from sale of OREO                                                         378,325                     -
   Investment in cash surrender value life insurance                               (2,000,000)                    -
                                                                             -----------------     ----------------
     Net cash from investing activities                                            (6,112,012)            1,489,866

CASH FLOWS FROM FINANCING ACTIVITIES
   Net change in deposits                                                             210,221            (3,059,076)
   Net change in securities sold under repurchase agreements                         (553,496)              352,556
   Repayment of long-term debt                                                       (395,000)             (360,000)
   Payment of dividends                                                                     -               (53,903)
                                                                             ----------------      ----------------
     Net cash from financing activities                                              (738,275)           (3,120,423)
                                                                             ----------------      ----------------

Net change in cash and cash equivalents                                            (5,574,914)             (687,336)

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

Cash and cash equivalents at end of period                                   $      3,580,593      $      8,215,843
                                                                             ================      ================

Supplemental disclosure of cash flow information
   Cash paid during the period for
     Interest                                                                $      1,334,144      $      2,361,956
     Income taxes                                                                      91,204               260,776
</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 September
30,  2003,  the  results  of  operations  for the  three and nine  months  ended
September 30, 2003 and 2002, and cash flows for the nine months ended  September
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 September  30,  2003,  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  September  30,  2003,  the rate on the note was 3.09% 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.

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.

                                      -6-
<PAGE>

The Company is in discussions  with the lender and  anticipates  that the lender
will 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 Nine Months Ended September 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 nine  months  ended
September 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 nine months of 2003 of $415,425,
or $0.77 per  common  share,  compared  to net income of  $289,942  or $0.54 per
common  share,  for the same  period a year ago and for the three  months  ended
September 30, 2003 net income was $229,717, or $0.43 per share compared to a net
income of $247,140 or $0.46 per share in the third quarter of 2002. Total assets
decreased  $406,662 from December 31, 2002 to September 30, 2003.  Our return on
average  assets was .37%  compared to .26% 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 91.6% for nine months
ended September 30, 2003 compared to 93.3% for all of 2002.

                                      -8-
<PAGE>


Loan Portfolio.

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

Commercial, financial and agriculture           $     7,403        $     7,302
Real estate - construction                            1,326              2,647
Real estate - mortgage                               51,553             48,055
Consumer                                              8,293              9,958
Other                                                   601                163
                                                -----------        -----------
                                                $    69,176        $    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 nine months
ended September 30, 2003 as compared to $595,000 in the same period in 2002. For
the quarter ended September 30, 2003 the provision was $0 compared to $50,000 in
2002.

The  allowance  for loan  losses  at  September  30,  2003 was  1.22% of  loans.
Management  believes  that the  $845,286  at  September  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.

                                                Nine Months Ended September 30
                                                   2003                  2002
                                                   ----                  ----
                                                          (in thousands)

Balance, beginning of year                  $     1,111           $       908
Provision charged to expense                        390                   595
Loans charged off                                  (686)                 (485)
Recoveries                                           30                    17
                                            ------------         -------------
Balance, end of year                        $       845           $     1,035

Investment Portfolio.

                                      -9-

<PAGE>

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
September 30, 2003 and December 31, 2002,  there was an  unrealized  gain in the
Available  for  Sale   securities  of   approximately   $296,580  and  $573,000,
respectively.

The Company's  investment  securities  portfolio  increased  approximately  $1.5
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 $2,061,715 at September 30, 2003. All
officers of the Bank as of February 15, 2003 were insured.

Deposits.

Deposits  totaled  $100,167,978 at September 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  September  30,  2003 due 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 $415,425 for the nine months ended September 30, 2003
from $289,942 in the same period in 2002. For the three months ended September
30, 2003, net income was $229,717 compared to $247,140 in 2002.

Net interest income decreased 8.1% for the nine months ended September 30, 2003
to the same period in 2002 from $3,564,466 to $3,274,927 and decreased 10.1% for
the three months periods ended.

The provision for loan losses decreased $50,000 and $205,000 during the three
and nine months ended September 30, 2003 compared to the same periods last year.
Non-performing assets decreased $45,000 from December 31, 2002 to September 30,
2003.

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

                                             September 30           December 31
                                                  2003                2002
                                                  ----                ----
                                                        (in thousands)

Loans past due over 90 days              $        718             $      673
Non-accrual loans                                 410                    923
Other real estate owned                         1,664                  1,241
                                          -----------            -----------
     Total non-performing assets         $      2,792             $    2,837
                                          ===========            ===========

                                      -10-
<PAGE>

Non-Interest Income.

Gains on the sale of securities  increased  $68,681 during the first nine months
of 2003  compared to 2002.  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 $15,940 and $116,038 in the three and
nine months ended  September 30, 2003 compared to 2002.  Occupancy and equipment
expenses  increased  $10,406  and  $45,457  in the three and nine  months  ended
September  30, 2003  compared  to 2002.  Other  expenses  were lower in the nine
months ended  September  30, 2003 than in 2002 due to reduced  professional  and
legal fees.

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

         None

Item 5.  Other Information

         None





                                      -12-

<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  Greg  Oliver,  Vice  President  and
                         Cashier of Bancorp,  Inc. pursuant  to  Section  906 of
                         the Sarbanes-Oxley Act of 2002.

         (b) Reports on Form 8-K

               The  Company  filed one  Current  Report on Form 8-K  during  the
               quarter  ended  September  30, 2003.  The Company filed a Current
               Report  on Form 8-K on July 21,  2003 to  report a change  in its
               certifying accountant.

















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


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






















                                      -14-