UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB

(Mark One)

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

For the quarterly period ended        September 30, 2001
                               -----------------------------------------------

                                       OR

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from ____________ to _______________

Commission File Number:    033233
                       -------------

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

              Indiana                                   35-2142534
-------------------------------               -------------------------------
(State or other jurisdiction of               (IRS Employer Identification No.)
incorporation or organization)

                Second & Bridgeway Streets, Aurora, Indiana 47001
------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (812) 926-0631
------------------------------------------------------------------------------
                           (Issuer's telephone number)


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

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the issuer filed all documents and reports required to be filed by
Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities
under a plan confirmed by a court.

Yes [  ]                          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: November 9, 2001 - 1,551,293 shares
of common stock

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



                               Page 1 of 14 pages

<PAGE>



                                      INDEX

                                                                          Page

PART I  - FINANCIAL INFORMATION

             Statements of Financial Condition                              3

             Statements of Earnings                                         4

             Statements of Comprehensive Income                             5

             Statements of Cash Flows                                       6

             Notes to Financial Statements                                  8

             Management's Discussion and Analysis of
             Financial Condition and Results of
             Operations                                                    10


PART II - OTHER INFORMATION                                                13

SIGNATURES                                                                 14






























                                        2



<PAGE>

                          Peoples Federal Savings Bank

<TABLE>
<CAPTION>
                        STATEMENTS OF FINANCIAL CONDITION

                                 (In thousands)

                                                                                      September 30,            June 30,
         ASSETS                                                                                2001                2001
<S>                                                                                           <C>                   <C>
Cash and due from banks                                                                    $    987            $    982
Interest-bearing deposits in other financial institutions                                    35,485              13,871
                                                                                            -------             -------
         Cash and cash equivalents                                                           36,472              14,853

Investment securities designated as available for sale -
  at market                                                                                   1,347               1,450
Investment securities held to maturity - at amortized cost, which
  approximates market                                                                           169                 169
Loans receivable - net                                                                       96,875              95,457
Office premises and equipment - at depreciated cost                                           1,094               1,108
Real estate acquired through foreclosure                                                         96                 102
Federal Home Loan Bank stock - at cost                                                          699                 699
Accrued interest receivable                                                                     480                 467
Prepaid expenses and other assets                                                               337                 177
Prepaid federal income taxes                                                                     -                   87
                                                                                            -------             -------

         Total assets                                                                      $137,569            $114,569
                                                                                            =======             =======


         LIABILITIES AND RETAINED EARNINGS

Deposits                                                                                   $121,421            $ 98,649
Advances from the Federal Home Loan Bank                                                      1,000               1,000
Advances by borrowers for taxes and insurance                                                   110                  65
Accrued interest payable                                                                         34                  48
Other liabilities                                                                               812                 765
Accrued federal income taxes                                                                     37                  -
Deferred federal income taxes                                                                   134                 177
                                                                                            -------             -------
         Total liabilities                                                                  123,548             100,704

Commitments                                                                                      -                   -

Retained earnings - substantially restricted                                                 13,146              12,921

Accumulated other comprehensive income - unrealized gains on
  securities designated as available for sale, net of related tax effects                       875                 944
                                                                                            -------             -------

         Total retained earnings                                                             14,021              13,865
                                                                                            -------             -------

         Total liabilities and retained earnings                                           $137,569            $114,569
                                                                                            =======             =======
</TABLE>







                                        3


<PAGE>


                          Peoples Federal Savings Bank
<TABLE>
<CAPTION>

                             STATEMENTS OF EARNINGS

                    For the three months ended September 30,
                                 (In thousands)


                                                                                               2001                2000
<S>                                                                                            <C>                  <C>
Interest income
  Loans                                                                                      $1,818              $1,889
  Investment and mortgage-backed securities                                                       4                   4
  Interest-bearing deposits and other                                                           139                 132
                                                                                              -----               -----

         Total interest income                                                                1,961               2,025

Interest expense
  Deposits                                                                                    1,102               1,140
  Borrowings                                                                                     17                  57
                                                                                              -----               -----
         Total interest expense                                                               1,119               1,197
                                                                                              -----               -----

         Net interest income                                                                    842                 828

Provision for losses on loans                                                                    24                  54
                                                                                              -----               -----

         Net interest income after provision for
           losses on loans                                                                      818                 774

Other operating income                                                                           85                  87

General, administrative and other expense
  Employee compensation and benefits                                                            265                 253
  Occupancy and equipment                                                                        66                  64
  Data processing                                                                                59                  53
  Federal deposit insurance premiums                                                             13                  12
  Other operating                                                                               126                 133
                                                                                              -----               -----
         Total general, administrative and other expense                                        529                 515
                                                                                              -----               -----

         Earnings before income taxes                                                           374                 346

Income taxes
  Current                                                                                       158                 124
  Deferred                                                                                       (9)                 14
                                                                                              -----               -----
         Total income taxes                                                                     149                 138
                                                                                              -----               -----

         NET EARNINGS                                                                        $  225              $  208
                                                                                              =====               =====
</TABLE>









                                        4


<PAGE>


                          Peoples Federal Savings Bank
<TABLE>
<CAPTION>

                       STATEMENTS OF COMPREHENSIVE INCOME

                    For the three months ended September 30,
                                 (In thousands)

                                                                                                 2001              2000
<S>                                                                                              <C>                <C>
Net earnings                                                                                     $225              $208

Other comprehensive income (loss), net of tax:
  Unrealized holding gains (losses) on securities during the period,
    net of taxes (benefits) of $(35) and $120 in 2001 and 2000, respectively                      (69)              232
                                                                                                  ---               ---

Comprehensive income                                                                             $156              $440
                                                                                                  ===               ===

Accumulated comprehensive income                                                                 $875              $911
                                                                                                  ===               ===
</TABLE>





































                                        5


<PAGE>


                          Peoples Federal Savings Bank
<TABLE>
<CAPTION>

                            STATEMENTS OF CASH FLOWS

                    For the three months ended September 30,
                                 (In thousands)

                                                                                               2001                2000
<S>                                                                                            <C>                  <C>
Cash flows from operating activities:
  Net earnings for the period                                                               $   225              $  208
  Adjustments to reconcile net earnings to net cash
  provided by (used in) operating activities:
    Amortization of deferred loan origination fees                                              (26)                (11)
    Depreciation and amortization                                                                29                  25
    Provision for losses on loans                                                                24                  54
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                                               (13)                 37
      Prepaid expenses and other assets                                                        (160)                  4
      Other liabilities                                                                          47                  16
      Accrued interest payable                                                                  (14)                 14
      Income taxes
        Current                                                                                 124                  24
        Deferred                                                                                 (9)                 14
                                                                                             ------               -----
         Net cash provided by operating activities                                              227                 385

Cash flows provided by (used in) investing activities:
  Loan principal repayments                                                                  12,373               8,343
  Loan disbursements                                                                        (13,784)             (8,694)
  Proceeds from sale of real estate acquired through foreclosure                                  1                  21
  Purchase of office premises and equipment                                                     (15)                 -
                                                                                             ------               -----
         Net cash used in investing activities                                               (1,425)               (330)

Cash flows provided by (used in) financing activities:
  Net increase (decrease) in deposits                                                        22,772                (791)
  Repayment of Federal Home Loan Bank advances                                                   -                 (750)
  Advances by borrowers for taxes and insurance                                                  45                  37
                                                                                             ------               -----
         Net cash provided by (used in) financing activities                                 22,817              (1,504)
                                                                                             ------               -----

Net increase (decrease) in cash and cash equivalents                                         21,619              (1,449)

Cash and cash equivalents at beginning of period                                             14,853               8,801
                                                                                             ------               -----

Cash and cash equivalents at end of period                                                  $36,472              $7,352
                                                                                             ======               =====

</TABLE>











                                        6


<PAGE>


                          Peoples Federal Savings Bank
<TABLE>
<CAPTION>

                      STATEMENTS OF CASH FLOWS (CONTINUED)

                    For the three months ended September 30,
                                 (In thousands)


                                                                                               2001                2000
<S>                                                                                            <C>                   <C>
Supplemental disclosure of cash flow information:
  Cash paid during the period for:
    Income taxes                                                                             $   -               $   70
                                                                                              =====               =====

    Interest on deposits and borrowings                                                      $1,133              $1,185
                                                                                              =====               =====

Supplemental disclosure of noncash investing activities:
  Unrealized gains (losses) on securities designated as available
    for sale, net of related tax effects                                                     $  (69)             $  232
                                                                                              =====               =====

  Transfers from loans to real estate acquired through
    foreclosure                                                                              $   -               $  236
                                                                                              =====               =====

  Issuance of loans upon sale of real estate
    acquired through foreclosure                                                             $   -               $   19
                                                                                              =====               =====
</TABLE>






























                                        7


<PAGE>


                                PFS Bancorp, Inc.

                          NOTES TO FINANCIAL STATEMENTS

             For the three months ended September 30, 2001 and 2000

    1.   Basis of Presentation

    Mutual to Stock Conversion. On October 11, 2001, PFS Bancorp, Inc. (the
    "Company") completed the mutual-to-stock conversion (the "Conversion") of
    Peoples Federal Savings Bank ("Peoples" or the "Savings Bank"), and the sale
    of 1,520,875 shares of Company common stock, par value $0.01 per share at
    $10.00 per share ("Company Common Stock") for total gross proceeds of $15.2
    million. The costs of issuing the common stock were deducted from the sale
    proceeds of the offering, resulting in total net proceeds from the offering
    equaling approximately $14.6 million. As an integral part of the Conversion
    and in furtherance of the Savings Bank's commitment to the communities that
    it serves, Peoples and the Company have established a charitable foundation
    known as PFS Community Foundation (the "Foundation") and have contributed
    30,418 shares of Company Common Stock to the Foundation. The Foundation will
    provide funding to support charitable causes and community development
    activities which will complement the Savings Bank's existing community
    activities. In addition, the Company established an employee stock ownership
    plan ("ESOP") for the employees of the Company and Peoples which became
    effective with the completion of the Conversion. The Company will account
    for the ESOP in accordance with Statement of Position 93-6, "Employer's
    Accounting for Employee Stock Ownership Plans."

    Financial Statement Presentation. The Company was incorporated under Indiana
    law in June, 2001 by Peoples in connection with the Conversion. Upon
    consummation of the Conversion on October 11, 2001, the Company became the
    holding company for the Savings Bank.

    For purposes of this Form 10-QSB, the financial statements of the Company
    have been omitted because the Company, as of September 30, 2001, had not yet
    issued any stock, had no assets and no liabilities and had not yet conducted
    any business other than of an organizational nature. Consequently, the
    unaudited financial statements and the Management's Discussion and Analysis
    of Financial Condition and Results of Operations presented herein are for
    the Savings Bank, which became the subsidiary of the Company upon
    consummation of the Conversion. No pro forma effect has been given to the
    sale of the Company's Common Stock in the Conversion.

    The accompanying unaudited financial statements were prepared in accordance
    with instructions for Form 10-QSB and, therefore, do not include information
    or footnotes necessary for a complete presentation of financial position,
    results of operations and cash flows in conformity with accounting
    principles generally accepted in the United States of America. Accordingly,
    these financial statements should be read in conjunction with the financial
    statements and notes thereto of the Savings Bank for the year ended June 30,
    2001. However, in the opinion of management, all adjustments (consisting of
    only normal recurring accruals) which are necessary for a fair presentation
    of the financial statements have been included. The results of operations
    for the three month period ended September 30, 2001, are not necessarily
    indicative of the results which may be expected for the entire fiscal year.
    In particular, it is noted that during the remainder of the fiscal year, the
    Company will be recording substantial charges resulting from the Conversion
    as previously described in the Company's registration statement on Form
    SB-2, filed on June 22, 2001, as amended. During the quarter ended December
    31, 2001, the Company will record a contribution expense of approximately
    $300,000 in conjunction with forming the Foundation.

    2.   Earnings Per Share

    The provisions of SFAS No. 128, "Earnings Per Share," are not applicable, as
    the Savings Bank had not completed its conversion to stock form as of
    September 30, 2001.


                                        8


<PAGE>


                                PFS Bancorp, Inc.

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

             For the three months ended September 30, 2001 and 2000

    3.   Effects of Recent Accounting Pronouncements

    In September 2000, the Financial Accounting Standards Board (the "FASB")
    issued Statement of Financial Accounting Standards ("SFAS") No. 140
    "Accounting for Transfers and Servicing of Financial Assets and
    Extinguishments of Liabilities," which revises the standards for accounting
    for securitizations and other transfers of financial assets and collateral
    and requires certain disclosures, but carries over most of the provisions of
    SFAS No. 125 without reconsideration. SFAS No. 140 is effective for
    transfers and servicing of financial assets and extinguishments of
    liabilities occurring after March 31, 2001. SFAS No. 140 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. Management adopted SFAS No. 140 effective April 1, 2001,
    as required, without material effect on the Savings Bank's financial
    position or results of operations.

    In June 2001, the FASB issued SFAS No. 141 "Business Combinations," which
    requires that all business combinations initiated after June 30, 2001 be
    accounted for using the purchase method. The pooling-of-interests method of
    accounting is prohibited except for combinations initiated before June 30,
    2001. The remaining provisions of SFAS No. 141 relating to business
    combinations accounted for by the purchase method, including identification
    of intangible assets, accounting for negative goodwill and financial
    statement presentation and disclosure, are effective for combinations
    completed after June 30, 2001. Management adopted SFAS No. 141 effective
    July 1, 2001, as required, without material effect on the Savings Bank's
    financial position or results of operations.

    In June 2001, the FASB issued SFAS No. 142 "Goodwill and Intangible Assets,"
    which prescribes accounting for all purchased goodwill and intangible
    assets. Pursuant to SFAS No. 142, acquired goodwill is not amortized, but is
    tested for impairment at the reporting unit level annually and whenever an
    impairment indicator arises. All goodwill should be assigned to reporting
    units that are expected to benefit from the goodwill. When an entity
    reorganizes its reporting structure, goodwill should be reallocated to
    reporting units based on the relative fair values of the units. Goodwill
    impairment should be tested with a two-step approach. First, the fair value
    of the reporting unit should be compared to its carrying value, including
    goodwill. If the reporting unit's carrying value exceeds its fair value,
    then any goodwill impairment should be measured as the excess of goodwill's
    carrying value over its implied fair value. The implied fair value of
    goodwill should be calculated in the same manner as goodwill is calculated
    for a business combination, using the reporting units' fair value as the
    "purchase price." Therefore, goodwill's implied fair value will be the
    excess of the "purchase price" over the amounts allocated to assets,
    including unrecognized intangible assets, and liabilities of the reporting
    unit. Goodwill impairment losses should be reported in the income statement
    as a separate line item within operations, except for such losses included
    in the calculation of a gain or loss from discontinued operations.

    An acquired intangible asset, other than goodwill, should be amortized over
    its useful economic life. The useful life of an intangible asset is
    indefinite if it extends beyond the foreseeable horizon. If an asset's life
    is indefinite, the asset should not be amortized until the life is
    determined to be finite. Intangible assets being amortized should be tested
    for impairment in accordance with SFAS No. 121. Intangible assets not being
    amortized should be tested for impairment, annually and whenever there are
    indicators of impairment, by comparing the asset's fair value to its
    carrying amount.

    SFAS No. 142 is effective for fiscal years  beginning  after December 15,
    2001.  SFAS No. 142 is not expected to have a material effect on the
    Company's or the Savings Bank's financial position or results of operations.


                                        9


<PAGE>


                                PFS Bancorp, Inc.

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


Discussion  of Financial  Condition  Changes from June 30, 2001 to September 30,
2001

At September 30, 2001, the Savings Bank's assets totaled $137.6 million, an
increase of $23.0 million, or 20.1%, over total assets at June 30, 2001. The
increase in assets was funded primarily by growth in deposits of $22.8 million,
which primarily represents cash received for stock subscriptions in connection
with the Conversion.

Liquid assets (i.e. cash and interest-bearing deposits) increased by $21.6
million, or 145.6%, from June 30, 2001 levels, to a total of $36.5 million at
September 30, 2001. This increase was due primarily to the receipt of stock
subscription funds by the Savings Bank in connection with the Conversion. As
previously discussed, the Conversion resulted in gross proceeds of $15.2
million. Funds representing oversubscribed stock orders were returned subsequent
to September 30, 2001. Investment securities totaled $1.5 million at September
30, 2001, a decrease of $103,000, or 7.1%, from June 30, 2001 levels. The
decrease resulted solely from a decline in unrealized gains on available for
sale securities.

Loans receivable increased by $1.4 million, or 1.5%, during the three month
period ended September 30, 2001, to a total of $96.9 million. Loan disbursements
amounted to $13.8 million and were partially offset by principal repayments of
$12.4 million. During the three months ended September 30, 2001, loans
originated were comprised of $9.8 million secured by one- to four-family
residential real estate, $2.5 million secured by commercial and nonresidential
real estate and $1.5 million in consumer and other loans.

The allowance for loan losses totaled $692,000 and $691,000 at September 30,
2001 and June 30, 2001, respectively. Nonperforming and nonaccrual loans totaled
$941,000 and $1.1 million at September 30, 2001 and June 30, 2001, respectively.
The allowance for loan losses represented 73.5% and 60.9% of nonperforming loans
as of September 30, 2001 and June 30, 2001, respectively. At September 30, 2001,
nonperforming loans were comprised of $305,000 of one- to four-family
residential real estate loans and $636,000 in commercial and nonresidential real
estate loans and other loans. Management believes such loans are adequately
collateralized and does not expect to incur any losses on such loans. Although
management believes that its allowance for loan losses at September 30, 2001,
was sufficient to cover known and inherent losses in the loan portfolio based
upon the available facts and circumstances, there can be no assurance that
additions to such allowance will not be necessary in future periods, which could
adversely affect the Savings Bank's results of operations.

Deposits totaled $121.4 million at September 30, 2001, an increase of $22.8
million, or 23.1%, over June 30, 2001 levels. The growth in deposits was
primarily attributable to the receipt of stock subscription funds by the Savings
Bank in connection with the Conversion. Proceeds from non-subscription deposit
growth were generally used to fund new loan originations.

Total equity amounted to $14.0 million at September 30, 2001, an increase of
$156,000, or 1.1%, over June 30, 2001 levels. The increase resulted primarily
from net earnings of $225,000, which was partially offset by a $69,000 decrease
in unrealized gains on securities designated as available for sale.

Peoples is required to meet minimum capital standards promulgated by the Office
of Thrift Supervision ("OTS"). At September 30, 2001, Peoples' regulatory
capital was well in excess of the minimum capital requirements.



                                       10


<PAGE>


                                PFS Bancorp, Inc.

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Three-Month  Periods Ended September 30,
2001 and 2000

General

Net earnings for the three months ended September 30, 2001 amounted to $225,000,
an increase of $17,000, or 8.2%, over the $208,000 in net earnings reported for
the three month period ended September 30, 2000. The increase in earnings was
due primarily to a $44,000 increase in net interest income after provision for
losses on loans, which was partially offset by a $14,000 increase in general,
administrative and other expenses and an $11,000 increase in the provision for
income taxes.

Net Interest Income

Total interest income amounted to $2.0 million for the three-month period ended
September 30, 2001, a decrease of $64,000, or 3.2%, from the same period in
2000. Interest income on loans totaled $1.8 million during the 2001 period, a
decrease of $71,000, or 3.8%, from the 2000 period. This decline was due
primarily to an 18 basis point decrease in the weighted-average yield, which was
partially offset by a $1.3 million increase in the average balance of loans
outstanding.

Interest income on investment securities and other interest-bearing deposits
increased by $7,000, or 5.3%, during the three months ended September 30, 2001,
over the same period in 2000 due primarily to a 14 basis point increase in the
weighted-average yield year to year.

Interest expense totaled $1.1 million for the three month period ended September
30, 2001, a decrease of $78,000, or 6.5%, from the $1.2 million total recorded
for the same period in 2000. Interest expense on deposits decreased by $38,000,
or 3.3%, due primarily to a 23 basis point decrease in the weighted-average cost
of deposits year to year, which was partially offset by a $1.7 million increase
in the weighted-average balance outstanding. Interest expense on borrowings
decreased by $40,000, or 70.2%, due primarily to a $2.7 million decrease in the
weighted-average balance outstanding, coupled with a 68 basis point decrease in
the weighted-average cost of borrowings year to year.

Provision for Losses on Loans

As a result of an analysis of historical experience, the volume and type of
lending conducted by the Savings Bank, the status of past due principal and
interest payments, general economic conditions, particularly as such conditions
relate to the Savings Bank's market area, and other factors related to the
collectibility of the Savings Bank's loan portfolio, management elected to
record a provision for losses on loans totaling $24,000 for the three-month
period ended September 30, 2001, compared to $54,000 for the three-month period
ended September 30, 2000. The current period provision was predicated primarily
upon the growth in the loan portfolio year to year. There can be no assurance
that the loan loss allowance will be sufficient to cover losses on nonperforming
assets in the future.

Other Operating Income

Other operating income decreased by $2,000, or 2.3%, during the three month
period ended September 30, 2001, compared to the same quarter in 2000, due
primarily to a decline in late fees associated with loan repayments period to
period.


                                       11


<PAGE>


                                PFS Bancorp, Inc.

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Three-Month  Periods Ended September 30,
2001 and 2000 (continued)

General, Administrative and Other Expense

General, administrative and other expense increased by $14,000, or 2.7%, during
the three months ended September 30, 2001, compared to the same quarter in 2000.
This increase was due primarily to a $12,000, or 4.7%, increase in employee
compensation and benefits and a $6,000, or 11.3%, increase in data processing
expense, which were partially offset by a $7,000, or 5.3%, decline in other
operating expenses quarter to quarter. The increase in employee compensation and
benefits was due to normal merit increases and additional staffing needs at the
branch locations. The increase in data processing expense was due to increased
ATM processing fees and the growth in checking account processing costs.

Income Taxes

The income tax provision increased by $11,000 or 8.0%, due primarily to a
$28,000, or 8.1%, increase in pre-tax earnings period to period. The income tax
provision includes expense for federal and Indiana state income tax. The
effective tax rates were 39.8% and 39.9% for the three month periods ended
September 30, 2001 and 2000, respectively.






























                                       12


<PAGE>


                                PFS Bancorp, Inc.

                                     PART II


ITEM 1.  Legal Proceedings

           Not applicable


ITEM 2.  Changes in Securities and Use of Proceeds

          The Company's initial  registration  statement (No. 333-63696) on Form
          SB-2 was declared effective on August 16, 2001. The offering commenced
          on August  24,  2001 and  expired  on  September  24,  2001.  Prestige
          Financial Center,  Inc., was the managing underwriter in the offering.
          The sale in the offering of 1,520,875  of the  Company's  Common Stock
          closed on October 11, 2001 for gross proceeds of  $15,208,750.  Net of
          offering  costs and expenses of $600,000,  the offering  generated net
          proceeds of  $14,608,750.  Of such proceeds,  $1,216,700 was loaned to
          the Company's  ESOP for the purchase by the ESOP of 121,670  shares of
          Common Stock,  $7,304,375 was paid to the Savings Bank in exchange for
          the common stock of the Savings Bank issued in its  conversion  from a
          federally-chartered mutual savings bank to a federally-chartered stock
          savings bank,  $1.5 million was invested in corporate  securities  and
          $4.6 million was invested in interest-bearing  deposits as of November
          13, 2001. Of the $7,304,375  contributed to Peoples,  $1.0 million was
          used to fund  the  repayment  of  borrowings,  and  $6.3  million  was
          invested in interest-bearing deposits in other banks.

ITEM 3.  Defaults Upon Senior Securities

          Not applicable


ITEM 4.  Submission of Matters to a Vote of Security Holders

          Not applicable

ITEM 5.  Other Information

          None.

ITEM 6.  Exhibits and Reports on Form 8-K

          (a) List of Exhibits (filed herewith unless otherwise noted)

                  3.1      Articles of Incorporation of PFS Bancorp, Inc.*
                  3.2      Bylaws of PFS Bancorp, Inc.*
                  4.0      Form of Stock Certificate of PFS Bancorp, Inc.*

          --------------
          * Incorporated herein by reference from the Registration  Statement on
          Form SB-2 (Registration number 333-63696) filed by the Registrant with
          the SEC on  June  22,  2001,  as  subsequently  amended  and  declared
          effective on August 16, 2001.

          (b) No Form 8-K reports were filed during the quarter.




                                       13


<PAGE>


                                PFS Bancorp, Inc.

                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.





Date:   November 14, 2001           By:  /s/Mel E. Green
       -------------------               --------------------------------------
                                           Mel E. Green
                                           President and Chief Executive Officer



Date:   November 14, 2001           By:  /s/Stuart M. Suggs
       -------------------               --------------------------------------
                                           Stuart M. Suggs
                                           Chief Financial Officer and
                                             Vice President


































                                       14