U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                   FORM 10-QSB
(Mark One)

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

     For  the quarterly period ended March 31, 2001

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

For the transition period from _____________________ to _______________________


Commission file number  33-94050

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

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

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

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

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

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

                      APPLICABLE ONLY TO CORPORATE ISSUERS

     State the number of shares  outstanding of each of the issuer's  classes of
common equity, as of the latest practicable date: 539,027 as of March 31, 2001.

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

<PAGE>



                         PART I -- FINANCIAL INFORMATION


Item 1. Financial Statements


                       INDEPENDENT AUDITOR'S REVIEW REPORT


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

We have  reviewed the  accompanying  condensed  consolidated  balance  sheets of
Volunteer  Bancorp,  Inc. and  subsidiary as of March 31, 2001 and 2000, and the
related condensed  consolidated  statements of earnings,  condensed consolidated
statements of cash flows, and condensed consolidated statements of comprehensive
income for the three  months  then  ended,  in  accordance  with  Statements  on
Standards for Accounting and Review Services issued by the American Institute of
Certified  Public  Accountants.  All  information  included  in these  condensed
consolidated  financial  statements is the  representation  of the management of
Volunteer Bancorp, Inc.

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

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






April 17, 2001







<PAGE>


                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

                      Condensed Consolidated Balance Sheets

                             March 31, 2001 and 2000

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



<TABLE>
<CAPTION>

                                    ASSETS                                             2001                2000
                                    ------                                             ----                ----

<S>                                                                              <C>                  <C>
Cash and due from banks                                                          $       3,520,499    $      3,195,860
Federal fund sold                                                                        4,837,700           3,077,302
                                                                                 ------------------ -------------------
   Total cash and cash equivalents                                                       8,358,199           6,273,162
Investment securities available for sale (amortized cost of
$29,288,264and $26,595,593, respectively)                                               29,351,082          25,028,065
Investment securities held to maturity (estimated market
value of $1,756,688 and $1,028,745)                                                      1,754,204           1,094,976
Loans, less allowances for loan losses of $994,565 and
$911,399, respectively                                                                  73,473,694          69,407,705
Accrued interest receivable                                                              1,095,352             988,824
Premises and equipment, net                                                              4,004,126           4,037,336
Deferred income taxes                                                                      115,974             684,654
Other real estate                                                                          905,382             253,323
Goodwill                                                                                   144,671             162,554
Other assets                                                                               220,992             326,522
                                                                                 ------------------ -------------------
Total assets                                                                     $     119,423,676    $    108,257,121
                                                                                 ================== ===================

                         LIABILITIES AND STOCKHOLDERS' EQUITY
                         ------------------------------------

Deposits:
   Non-interest bearing                                                             $   11,701,570    $     11,110,788
   Interest bearing                                                                     97,681,441          88,315,879
                                                                                 ------------------ -------------------
          Total deposits                                                               109,383,011          99,426,667
Note payable                                                                             2,170,000           2,495,000
Interest payable                                                                           900,070             720,564
Securities sold under repurchase agreements                                                996,354           1,335,304
Other accrued taxes, expenses and liabilities                                              263,348             228,011
                                                                                 ------------------ -------------------
   Total liabilities                                                                   113,712,783         104,205,546
                                                                                 ------------------ -------------------
Stockholders' equity:
 Common stock, $0.01 par value, 1,000,000 shares
authorized, 539,027 shares issued and outstanding                                            5,390               5,390
 Additional paid-in capital                                                              1,916,500           1,916,500
 Retained earnings                                                                       3,750,056           3,101,552
 Accumulated other comprehensive income                                                     38,947           (971,867)
                                                                                 ------------------ -------------------
   Total stockholders' equity                                                            5,710,893           4,051,575
                                                                                 ------------------ -------------------
   Total liabilities and stockholders' equity                                    $     119,423,676    $    108,257,121
                                                                                 ================== ===================
</TABLE>


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

<PAGE>
                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY
                 Condensed Consolidated Statements of Earnings

               For The Three Months Ended March 31, 2001 and 2000

                  (Unaudited - See Accountants' Review Report)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                                            2001                2000
                                                                                            ----                ----
Interest Income:
<S>                                                                                     <C>                 <C>
     Interest and fees on loans                                                         $1,855,561          $1,651,508
     Interest on federal funds                                                             100,813              25,100
     Interest on investment securities:
          Taxable                                                                          406,959             372,405
          Exempt from Federal income taxes                                                  30,358              48,880
                                                                                 ------------------ -------------------
    Total interest income                                                                2,393,691           2,097,893
                                                                                 ------------------ -------------------
Interest Expense:
     Interest on deposits                                                                1,312,973           1,059,125
     Other borrowed funds                                                                   58,742              80,703
                                                                                 ------------------ -------------------
              Total interest expense                                                     1,371,715           1,139,828
                                                                                 ------------------ -------------------
Net interest income                                                                      1,021,976             958,065
Provision for possible loan losses                                                          75,000              60,000
                                                                                 ------------------ -------------------
Net interest income after provision for possible loan losses                               946,976             898,065
                                                                                 ------------------ -------------------
Non-interest income:
     Service charges on deposits                                                            51,936              55,154
     Other service charges and fees                                                         14,293              18,269
     Securities gains                                                                        7,927                   -
     Other non-interest income                                                              17,983              12,865
                                                                                 ------------------ -------------------
               Total non-interest income                                                    92,139              86,288
                                                                                 ------------------ -------------------
Non-interest expense:
     Salaries and employee benefits                                                        447,273             419,133
     Occupancy expense                                                                      70,202              56,795
     Furniture and equipment expense                                                        81,585              79,997
     Other non-interest expense                                                            203,624             194,055
                                                                                 ------------------ -------------------
                Total non-interest expense                                                 802,684             749,980
                                                                                 ------------------ -------------------
  Income before income taxes                                                               236,431             234,373
Income tax expense                                                                          84,234              76,067
                                                                                 ------------------ -------------------
                Net income                                                                $152,197            $158,306
                                                                                 ================== ===================
Income per common share                                                          $            0.28  $             0.29
                                                                                 ================== ===================
Common shares outstanding                                                                  539,027             539,027
                                                                                 ================== ===================
</TABLE>


     The accompanying notes are an integral part of these condensed consolidated
financial statements.
<PAGE>
                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

                 Condensed Consolidated Statements of Cash Flows
               For The Three Months Ended March 31, 2001 and 2000

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

<TABLE>
<CAPTION>

                                                                                                   2001                 2000
                                                                                                   ----                 ----
Cash Flows from Operating Activities:
<S>                                                                                             <C>                  <C>
   Net income                                                                                   $152,197             $158,306
Adjustments to reconcile net income
   to net cash provided by operating activities:
      Deferred income taxes                                                                       12,915                4,101
      Provision for possible loan losses                                                          75,000               60,000
      Provision for depreciation and amortization                                                 60,707               61,986
      FHLB stock dividends                                                                       (5,900)              (5,300)
      (Gain) on securities                                                                       (7,927)                    -
      Decrease in interest receivable                                                            117,967               39,536
      (Increase) other assets                                                                  (363,850)            (115,151)
      (Decrease) increase in other liabilities                                                 (100,641)                3,919
                                                                                     -------------------- --------------------
   Net cash provided by operating activities                                                    (59,532)              207,397
                                                                                     -------------------- --------------------
Cash Flows from Investing Activities:
       Proceeds from calls and maturity of held to maturity securities                            17,485                2,653
       Purchase of investment securities held to maturity                                      (705,141)                    -
       Purchase of investment securities available for sale                                 (11,165,713)                    -
       Proceeds from calls and maturity of investments available for
sale                                                                                           2,200,000              455,494
      Proceeds from sale of investments available for sale                                     5,557,623                    -
      Net (increase) in loans                                                                  (509,774)          (2,735,277)
      Capital expenditures                                                                       (8,318)             (20,601)
                                                                                     -------------------- --------------------
   Net cash (used) in investing activities                                                   (4,613,838)          (2,297,731)
                                                                                     -------------------- --------------------
Cash Flows from Financing Activities:
      Net increase in demand deposits, NOW accounts, IRA and
savings accounts                                                                               2,962,335            3,596,620
      Net increase in certificates of deposit                                                    412,990            1,006,000
      Repayment of long-term debt                                                              (325,000)            (295,000)
      Net (decrease) increase in securities sold under repurchase
agreements                                                                                      (56,159)               14,214
      Repayment of short-term FHLB advances                                                            -          (4,500,000)
      Dividends paid                                                                            (75,464)             (64,683)
                                                                                     -------------------- --------------------
   Net cash provided (used) by financing activities                                            2,918,702            (242,849)
                                                                                     -------------------- --------------------
   (Decrease) in cash and cash equivalents                                                   (1,754,668)          (2,333,183)
Cash and cash equivalents beginning of period                                                 10,112,867            8,606,345
                                                                                     -------------------- --------------------
Cash and cash equivalents end of period                                                       $8,358,199            6,273,162
                                                                                     ==================== ====================
Supplemental Disclosure of Cash Flow Information:

   Cash paid during the period for:
      Interest                                                                                $1,611,678           $1,270,658
                                                                                     ==================== ====================
      Income taxes                                                                               $73,254              $40,553
                                                                                     ==================== ====================
</TABLE>

     The accompanying notes are an integral part of these condensed consolidated
financial statements.
<PAGE>
                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

           Condensed Consolidated Statements of Comprehensive Income

               For The Three Months Ended March 31, 2001 and 2000

                  (Unaudited - See Accountants' Review Report)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                                            2001                2000
                                                                                            ----                ----

<S>                                                                                  <C>                 <C>
Net income                                                                           $          152,197  $          158,306
                                                                                     ------------------- -------------------
Other  comprehensive  income,  before tax:
  Unrealized gain (loss) on securities available for sale:
   Unrealized holding gains (losses) arising during the period                                  514,423           (212,882)
     Less: reclassification adjustment for (gains)
          included in net income                                                                (7,927)                   -
                                                                                     ------------------- -------------------
   Other comprehensive income                                                                   506,496           (212,882)

Income taxes related to other comprehensive income                                              192,469            (80,895)
                                                                                     ------------------- -------------------
                                                                                                314,027           (131,987)
                                                                                     ------------------- -------------------
Total comprehensive income                                                           $          466,224  $           26,319
                                                                                     =================== ===================
</TABLE>




















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


<PAGE>


                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY

         Notes to Unaudited Condensed Consolidated Financial Statements

                     Three Months Ended March, 2001 and 2000
--------------------------------------------------------------------------------

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)
     ---------------------------------------------------------------------------

     SFAS  No.  133,   "Accounting   for  Derivative   Instruments  and  Hedging
     Activities",  as amended by SFAS No. 137, is effective for fiscal  quarters
     beginning  after June 15,  2000  unless  adopted  earlier.  This  Statement
     establishes accounting and reporting standards for derivative  instruments,
     including  certain  derivative  instruments  embedded  in other  contracts,
     (collectively  referred to as derivatives) and for hedging  activities.  It
     requires  that an entity  recognize  all  derivatives  as either  assets or
     liabilities  in the  statement  of  financial  position  and measure  those
     instruments at fair value. If certain  conditions are met, a derivative may
     be specifically designated as (a) a hedge of the exposure to changes in the
     fair value of a  recognized  asset or  liability  or an  unrecognized  firm
     commitment,  (b) a hedge  of the  exposure  to  variable  cash  flows  of a
     forecasted transaction,  or (c) a hedge of the foreign currency exposure of
     a net investment in a foreign  operation,  an unrecognized firm commitment,
     an   available-for-sale   security,   or   a   foreign-currency-denominated
     forecasted  transaction.  Adoption by the Company did not have any material
     impact upon financial position or results of operations.

     SFAS No. 140,  "Accounting for Transfers and Servicing of Financial  Assets
     and  Extinguishment  of  Liabilities",   is  effective  for  transfers  and
     servicing of financial assets and  extinguishment of liabilities  occurring
     after March 31,  2001.  This  Statement is effective  for  recognition  and
     reclassification   of   collateral   and  for   disclosures   relating   to
     securitization  transactions  and  collateral for fiscal years ending after
     December 15, 2000.  This statement  replaces SFAS No. 125,  "Accounting for
     Transfers  and  Servicing  of  Financial  Assets  and   Extinguisments   of
     Liabilities".  It revises the standards for accounting for  securitizations
     and other transfers of financial assets and collateral and requires certain
     disclosures,  but it carries over most of SFAS No. 125's provisions without
     reconsideration. This Statement provides accounting and reporting standards
     for  transfers  and  servicing of financial  assets and  extinguishment  of
     liabilities.  Those  standards  are based on  consistent  application  of a
     financial-components  approach that focuses on control. Under the approach,
     after a transfer of financial  assets,  an entity  recognizes the financial
     and  servicing  assets it controls  and the  liabilities  it has  incurred,
     derecognizes  financial  assets  when  control  has been  surrendered,  and
     derecognizes   liabilities  when  extinguished.   This  Statement  provides
     consistent standards for distinguishing  transfers of financial assets that
     are sales from transfers that are secured  borrowings.  The adoption of the
     provisions   of   this   Statement   relating   to  the   recognition   and
     reclassification   of   collateral   and  for   disclosures   relating   to
     securitization transactions and collateral did not have any material impact
     upon financial position or results of operation.  Adoption of the remaining
     provisions  relating to the transfer and servicing of financial  assets and
     extinguishment  of liabilities is not expected to have any material  impact
     upon financial position or results of operations.

3.   Long-term debt
     --------------

     The  Company's  long-term  debt  consists of a single  note  payable in the
     amount  of  $2,170,000   and   $2,495,000  at  March  31.  2001  and  2000,
     respectively,  due an unaffiliated  national bank. The interest rate on the
     note adjusts  quarterly and is equal to the  three-months  London Interbank
     Offered  Rate (Three  Month LIBOR) plus 1.95% per annum or at the option of
     the Company,  the rate on the note is equal to the  lender's  index rate as
     such rate changes from time to time.  The Company may change  interest rate
     options at any time with prior  notice to the  lender.  Interest is payable
     quarterly.  At March 31.  2001 the rate on the note was  7.34%  per  annum.
     Principal is payable annually on January 31, as follows:

                             January 31,               Principal Due
                             -----------               -------------
                               2002                          360,000
                               2003                          395,000
                               2004                          435,000
                               2005                          470,000
                      2006 (Final Maturity)                  510,000
                                                       -------------
                                                         $ 2,170,000
                                                       =============

     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>



<TABLE>
<CAPTION>

                     VOLUNTEER BANCORP, INC. AND SUBSIDIARY
                              FINANCIAL HIGHLIGHTS
                      As of And For The Three Months Ended
                             March 31, 2001 and 2000
                                   (Unaudited)

                                                                          2001             2000
                                                                          ----             ----
<S>                                                             <C>               <C>
Net earnings                                                    $        152,197  $      158,306
Per common share data:
     Net earnings per common share                                        $0.28            $0.29
     Book value                                                          $10.59            $7.52
Ratios:
     Return on average assets                                              0.51%            0.60%
     Return on average common equity                                      11.04%           15.53%
     Net interest margin (taxable equivalent basis)                        3.77%            4.06%
     Expense ratio                                                         2.71%            2.84%
     Allowance for loan losses / loans                                     1.34%            1.30%
     Non-performing loans / loans                                          0.65%            1.26%
     Non-performing assets / loans and foreclosed properties               1.84%            1.61%
     Shareholders' equity / total assets                                   4.78%            3.74%
     Leverage ratio (tangible capital / tangible assets)                   4.65%            4.56%
</TABLE>

<PAGE>



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

        As Of and for the Three and Months Ended March 31, 2001 and 2000
        ----------------------------------------------------------------


                                Operating Results
                                -----------------

The Company reported net income for the first quarter of $152,197,  or $0.28 per
common share, compared to net income of $158,306, or $0.29 for the same period a
year ago. Our returns on average assets and average common equity were 0.51% and
11.04%, respectively,  for the quarter compared to 0.60% and 15.53% for the same
period last year.

Net interest income for the first three months of 2001 increased  $63,911 versus
the first three months of 2000 to $1,021,976.  The increase is  attributable  to
growth in interest  earning assets of 10.96%.  Average loans grew 7.90% over the
first quarter of 2000. Total Company assets were  $119,423,676 at March 31, 2001
compared to $108,257,121 as of March 31, 2000.

The net  interest  margin was 3.77% for the first  quarter of 2001  compared  to
4.06%  for the  first  quarter  of 2000.  The  taxable  equivalent  yield on the
investment  portfolio  was 6.36% for the first quarter of 2001 compared to 6.77%
for the same quarter of 2000. The higher level of interest income from loans and
securities was offset by an increase in the cost of  interest-bearing  deposits.
The cost of securities sold under repurchase agreements,  Federal Home Loan Bank
advances, and note payable decreased by $21,961.

Non-interest  income for the first  quarter of 2001  increased  $5,851  over the
first quarter of 2000. The increase is primarily  attributable to an increase in
gains on securities transactions. Non-interest expenses for the first quarter of
2001 increased $52,704 compared to the first quarter of 2000 primarily for costs
(including salaries and employee compensation) associated with overall growth.


                                  Asset Quality
                                  -------------

Non-performing  assets at March 31, 2001 were  $1,139,000  or 1.84% of loans and
foreclosed properties,  which is an increase from $1,138,000,  or 1.61% of loans
and  foreclosed  properties at March 31, 2000. The provision for losses on loans
was $75,000 for the first  quarter of 2001 and $60,000 for the first  quarter of
2000.  At March 31, 2001,  the  allowance for losses on loans was 1.34% of loans
and approximately 72% of non-performing  assets.  The increase in non-performing
assets  is  primarily  attributable  to real  estate  loans  in which no loss is
anticipated.




<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

Item 6. Exhibits and reports on Form 8-K

       (a)      Exhibits

                Exhibit 23.1      Consent of Welch & Associates


       (b)      There  have been no Current  Reports on Form 8-K filed  during
                the quarter ended March 31, 2001.





<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.
                                                     (Registrant)


Date: May 2, 2001                                    /s/ Reed D. Matney
                                                     --------------------------
                                                     Reed D. Matney, President
                                                     (principal executive
                                                      officer)


Date: May 2, 2001                                    /s/ H. Lyons Price
                                                     --------------------------
                                                     H. Lyons Price (principal
                                                     financial and accounting
                                                     officer)




<PAGE>


                                                                    EXHIBIT 23.1


                    CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS


     As  independent  public  accountants,  we hereby  consent to the use of our
report dated April 17, 2001 included in this Quarterly Report on Form 10-QSB for
the Quarter Ended March 31, 2001.


                                                              Welch & Associates

Nashville, Tennessee
April 17, 2001



<PAGE>