##### Table of Contents



U.S. SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-KSB
 þ
    
    Annual report under Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the fiscal year endedDecember 31, 2006
 o
    
    Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934
 For
the transition period from to
 Commission file number 000-51264
 Western Reserve Bancorp, Inc.
  Ohio
    
    31-1566623(State or other jurisdiction of incorporation or organization)
    
    (I.R.S. Employer Identification No.)4015 Medina Road, Suite 100, Medina, Ohio
    
    44256(Address of principal executive offices)
    
    (Zip Code)
 (Issuers Telephone Number, Including Area Code)
 
 
 o
 þ o
 þ
 o þ
    Parts I and II:
    
    Portions of Registrants 2006 Annual Report to ShareholdersPart III:
    
    Portions of Registrants Proxy Statement for the Annual Meeting of Shareholders to be
held April 25, 2007
 o þ




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TABLE OF CONTENTS  PART IItem 1. Description of BusinessItem 1. Business-Statistical DisclosureItem 2. Description of PropertyItem 3. Legal ProceedingsItem 4. Submission of Matters to a Vote of Security HoldersPART IIItem 5. Market for Common Equity and Related Stockholder Matters and Small Business Issuer Purchases of Equity SecuritiesItem 6. Managements Discussion and Analysis and Results of OperationsItem 7. Financial StatementsItem 8. Changes in and Disagreements With Accountants on Accounting and Financial DisclosureItem 8A. Controls and ProceduresItem 8B. Other InformationPART IIIItem 9. Directors, Executive Officers and Corporate GovernanceItem 10. Executive CompensationItem 11. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem 12. Certain Relationships and Related TransactionsItem 13. ExhibitsItem 14. Principal Accountant Fees and ServicesSIGNATURESEXHIBIT INDEXEX-4EX-10.12EX-13EX-21EX-23EX-31.1EX-31.2EX-32.1EX-32.2    Table of Contents  
 PART I
 
 Item 1. Description of Business
 General
      www.westernreservebank.com
 Business Strategy




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Employees
  SUPERVISION AND REGULATION
 General




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The Company
 General.
 Investments and Activities.
 Affiliate Transactions
 Control Acquisitions
 Gramm-Leach-Bliley Act.
 The Sarbanes-Oxley Act of 2002




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www.westernreservebank.com
 The Bank
 General
 Deposit Insurance .




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Capital Requirements .




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Dividends
 Branching Authority de novo
   Depositor Preference
 Privacy Provisions of Gramm-Leach-Bliley Act
 Federal Home Loan Bank




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Anti-Money Laundering Provisions of the USA Patriot Act of 2001
 Fiscal and Monetary Policies
 Additional and Pending Regulation
  
 Item 1. Business-Statistical Disclosure
 I.
    
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS EQUITY; INTEREST RATES AND INTEREST
DIFFERENTIALThe information on pages 38-41 of the Companys 2006 Annual Report to Shareholders under
the caption Net Interest Income of Managements Discussion and Analysis is incorporated by
reference.




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II.
    
    INVESTMENT PORTFOLIOThe estimated fair values of securities available for sale at December 31, 2006 and 2005
are as follows:
 Gross
    
    
    Gross
    
    
    WeightedFair
    
    
    Unrealized
    
    
    Unrealized
    
    
    AverageValue
    
    
    Gains
    
    
    Losses
    
    
    Yield2006U.S. Government sponsored agencies
    
    $
    2,018,404
    
    
    $
    
    
    
    $
    (6,596
    )
    
    
    4.85
    %Mortgage-backed
    
    
    4,470,140
    
    
    
    22,847
    
    
    
    (10,163
    )
    
    
    5.24
    %Municipal
    
    
    4,476,239
    
    
    
    25,787
    
    
    
    (9,811
    )
    
    
    5.54
    %(1)$
    10,964,783
    
    
    $
    48,634
    
    
    $
    (26,570
    )
    
    
    5.29
    %2005U.S. Government sponsored agencies
    
    $
    1,012,221
    
    
    $
    
    
    
    $
    (10,954
    )
    
    
    4.11
    %U.S. Treasury
    
    
    4,901,067
    
    
    
    
    
    
    
    
    
    
    
    4.28
    %Mortgage-backed
    
    
    772,822
    
    
    
    620
    
    
    
    (12,564
    )
    
    
    4.38
    %Municipal
    
    
    615,267
    
    
    
    
    
    
    
    (17,613
    )
    
    
    4.79
    %(1)$
    7,301,377
    
    
    $
    620
    
    
    $
    (41,131
    )
    
    
    4.31
    %
 Maturities of Investment Securities
 Due in one
    
    
    Due in one
    
    
    Due in five
    
    
    Greateryear or less
    
    
    to five years
    
    
    to ten years
    
    
    than ten yearsWeighted Average
    
    
    
    
    
    
    Weighted Average
    
    
    
    
    
    
    Weighted Average
    
    
    
    
    
    
    Weighted AverageAmount
    
    
    Yields
    
    
    Amount
    
    
    Yields
    
    
    Amount
    
    
    Yields
    
    
    Amount
    
    
    YieldsU.S. Government
sponsored agencies
    
    $
    520,910
    
    
    
    4.11
    %
    
    $
    997,494
    
    
    
    5.05
    %
    
    $
    500,000
    
    
    
    5.25
    %
    
    $
    
    
    
    
    Mortgage-backed
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    202,441
    
    
    
    5.04
    
    
    
    4,267,699
    
    
    
    5.26
    %Municipal
    
    
    
    
    
    
    
    
    
    
    202,780
    
    
    
    4.99
    (1)
    
    
    1,197,133
    
    
    
    5.39
    (1)
    
    
    3,076,326
    
    
    
    5.64
    (1)$
    520,910
    
    
    
    4.11
    %
    
    $
    1,200,274
    
    
    
    5.04
    %
    
    $
    1,899,574
    
    
    
    5.31
    %
    
    $
    7,344,025
    
    
    
    5.42
    %
  
 (1)
    
    Fully tax-equivalent based on federal income tax structure applicable at December
31, 2006. III.
    
    LOAN PORTFOLIO
 A.
    
    Types of Loans  Total loans on the balance sheet are comprised of the
following classifications at December 31, 2006 and 2005.
 2006
    
    
    2005Commercial
    
    $
    97,772,133
    
    
    $
    98,225,073Home equity lines of credit
    
    
    7,860,647
    
    
    
    9,589,660Residential mortgage and construction
    
    
    1,226,016
    
    
    
    917,565Consumer installment
    
    
    3,261,615
    
    
    
    2,108,230Credit card and other
    
    
    28,833
    
    
    
    348,827$
    110,149,244
    
    
    $
    111,189,355




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III.
    
    LOAN PORTFOLIO(Continued)comprise 26.3% of total loans, and are expected to be repaid from cash flows from
operations of the businesses. Variable rate home equity lines of credit make up
approximately 7.1% of the loan portfolio and are collateralized by residential real estate.
Residential mortgage and construction loans are 1.1% of the loan portfolio and are secured
primarily by first mortgages on residential property. Installment loans to individuals and
other loans make up approximately 3.0% of the loan portfolio and are primarily
collateralized by consumer assets or are unsecured. At December 31, 2006, approximately
0.6% of the Banks total loan portfolio was unsecured.B.
    
    Maturities and Sensitivities of Loans to Changes in Interest Rates  The
following table shows the maturity distribution and sensitivity to changes in interest
rates of loans outstanding as of December 31, 2006. Fixed rate loans are presented based
on their maturity date, and variable rate loans with floating or adjustable interest
rates are included based on their earliest repricing opportunity.
 Loan Maturities and Sensitivity to Changes in Interest Rates
 Within
    
    
    One to
    
    
    Afterone year
    
    
    five years
    
    
    five years
    
    
    TotalCommercial
    
    $
    48,234,505
    
    
    $
    48,741,116
    
    
    $
    796,512
    
    
    $
    97,772,133Home equity lines of credit
    
    
    7,860,647
    
    
    
    
    
    
    
    
    
    
    
    7,860,647Residential mortgage
and construction
    
    
    533,766
    
    
    
    474,774
    
    
    
    217,476
    
    
    
    1,226,016Consumer installment
    
    
    2,918,273
    
    
    
    250,668
    
    
    
    92,674
    
    
    
    3,261,615Credit card and other
    
    
    28,629
    
    
    
    
    
    
    
    204
    
    
    
    28,833$
    59,575,820
    
    
    $
    49,466,558
    
    
    $
    1,106,866
    
    
    $
    110,149,244
  C.
    
    Risk Elements
 1.
    
    Nonaccrual, Past Due, Restructured and Impaired Loans  The following
schedule summarizes nonaccrual, past due, restructured and impaired loans at
December 31.
 2006
    
    
    2005(a) Loans accounted for on a nonaccrual basis
    
    $
    1,698,377
    
    
    $
    1,011,879(b) Accruing loans which are contractually past due 90
days or more as to interest or principal payments
    
    
    
    
    
    
    (c) Loans not included in (a) or (b) which are
Troubled Debt Restructurings as defined by
Statement of Financial Accounting Standards No. 15
    
    
    
    
    
    
    (d) Other loans defined as impaired
    
    
    
    
    
    
    $
    1,698,377
    
    
    $
    1,011,879Percentage of allowance to non-performing loans
    
    
    94
    %
    
    
    152
    %




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III. LOAN PORTFOLIO
 2006Gross interest income that would have been recorded in 2006 on nonaccrual loans outstanding at
December 31, 2006 if the loans had been current, in accordance with their original terms and had
been outstanding throughout the period or since origination if held for part of the period
    
    $
    100,600Interest income actually recorded on nonaccrual loans and included in
net income for the period
    
    
    Interest income not recognized during the period
    
    $
    100,600
 Discussion of the Nonaccrual PolicyThe accrual of interest income is discontinued when the collection of a loans
principal or interest, in whole or in part, is doubtful. When interest accruals are
discontinued, interest income accrued in the current period is reversed. In general,
while loans which are past due 90 days or more as to interest or principal payments
are considered for nonaccrual status, management may elect to continue the accrual of
interest when the estimated net realizable value of collateral, in managements
judgment, is sufficient to cover the principal balance and accrued interest and the
loan is in process of collection.2.
    
    Potential Problem LoansAs of December 31, 2006, in addition to the $1,698,377 of loans reported under Item
III, C.1., there are no other outstanding loans where known information about
possible credit problems of the borrowers causes management to have serious doubts as
to the ability of such borrowers to comply with the present loan repayment terms and
which may result in disclosure of such loans pursuant to Item III. C.1 at some future
date. There were no loans classified for regulatory purposes as loss, doubtful or
substandard that have not been disclosed in Section 1 above.3.
    
    Foreign Loans OutstandingNone4.
    
    Loan ConcentrationsAs of December 31, 2006, commercial loans to entities classified as real estate
holding companies comprise approximately $27,167,000, or 24.7% of the total loan
portfolio. However, this category includes a significant proportion of loans for
buildings that are owner-occupied, and that are classified as real estate holding
companies solely because the owner of the operating company has formed a real estate
holding company for the single purpose of owning the building that they then lease to
their operating company.
 D.
    
    Other Interest-Bearing AssetsThere are no other interest-bearing assets as of December 31, 2006 that would be required
to be disclosed under Item III. C.1 or 2 if such assets were loans.




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IV. SUMMARY OF LOAN LOSS EXPERIENCE
 A.
    
    The following schedule presents an analysis of the allowance for loan losses, average
loan data and related ratios for the years ended December 31:
 2006
    
    
    2005LoansLoans outstanding at end of period
    
    $
    110,149,244
    
    
    $
    111,189,355Average loans outstanding during period
    
    $
    112,385,151
    
    
    $
    110,035,638Allowance for loan lossesBalance at beginning of period
    
    $
    1,541,654
    
    
    $
    1,605,933Loans charged-offCommercial
    
    
    47,264
    
    
    
    83,971Home equity lines of credit
    
    
    96,656
    
    
    
    Residential mortgage and construction
    
    
    
    
    
    
    Consumer installment
    
    
    
    
    
    
    Credit card
    
    
    4,961
    
    
    
    148,881
    
    
    
    83,971Recoveries of loans previously charged-offCommercial
    
    
    235,674
    
    
    
    1,881Residential mortgage and construction
    
    
    
    
    
    
    Consumer installment
    
    
    
    
    
    
    Credit card
    
    
    
    
    
    
    235,674
    
    
    
    1,881Net loans charged-off (recovered)
    
    
    (86,794
    )
    
    
    82,090Provision (credit) for loan losses
    
    
    (40,230
    )
    
    
    17,811Balance at end of period
    
    $
    1,588,217
    
    
    $
    1,541,654Ratio of net charge-offs (recoveries) during the period
to average loans outstanding during the period
    
    
    (0.08
    )%
    
    
    0.07
    %
 The allowance for loan losses balance and the provision for loan losses are judgmentally
determined by management based upon periodic reviews of the loan portfolio. In addition,
management considers the level of charge-offs on loans as well as the fluctuations of
charge-offs and recoveries on loans including the factors which caused these changes.
Estimating the risk of loss and the amount of loss is inherently subjective. Accordingly,
the allowance is maintained by management at a level considered adequate to cover losses
that are currently probable based on past loss experience, general economic conditions,
information about specific borrower situations including their financial position and
collateral values and other factors and estimates which are subject to change over time.B.
    
    The following schedule is a breakdown of the allowance for loan losses allocated by
type of loan and related ratios.
 Percentage of Loans inEach Category toAllowance Amount
    
    
    Total Loans2006
    
    
    2005
    
    
    2006
    
    
    2005Commercial
    
    $
    1,510,114
    
    
    $
    1,414,537
    
    
    
    88.8
    %
    
    
    88.4
    %Home equity lines of credit
    
    
    39,104
    
    
    
    77,798
    
    
    
    7.1
    
    
    
    8.6Residential mortgage & construction
    
    
    4,624
    
    
    
    2,753
    
    
    
    1.1
    
    
    
    0.8Installment and credit card
loans to individuals
    
    
    34,299
    
    
    
    46,522
    
    
    
    3.0
    
    
    
    2.2Unallocated
    
    
    76
    
    
    
    44
    
    
    
    0.0
    
    
    
    0.0Total
    
    $
    1,588,217
    
    
    $
    1,541,654
    
    
    
    100.0
    %
    
    
    100.0
    %




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IV. SUMMARY OF LOAN LOSS EXPERIENCE
  V.
    
    DEPOSITSThe average amount of deposits and average rates paid are summarized as follows for the
year ended December 31:
 2006
    
    
    2005Average
    
    
    Average
    
    
    Average
    
    
    AverageAmount
    
    
    Rate
    
    
    Amount
    
    
    RateNoninterest bearing demand deposits
    
    $
    14,004,469
    
    
    
    0.00
    %
    
    $
    12,509,668
    
    
    
    0.00
    %Interest bearing demand deposits
    
    
    7,011,898
    
    
    
    1.00
    
    
    
    6,559,063
    
    
    
    0.78Savings and money market accounts
    
    
    52,889,525
    
    
    
    4.31
    
    
    
    39,881,658
    
    
    
    2.77Certificates of deposit and IRAs
    
    
    44,604,064
    
    
    
    4.04
    
    
    
    48,674,531
    
    
    
    3.42$
    118,509,956
    
    
    
    3.50
    
    
    $
    107,624,920
    
    
    
    2.62
  Three months or less
    
    $
    5,147,851Over three through six months
    
    
    2,442,194Over six through twelve months
    
    
    4,068,476Over twelve months
    
    
    5,739,019$
    17,397,540
 VI.
    
    RETURN ON EQUITY AND ASSETSThe ratio of net income to average shareholders equity and average total assets and
certain other ratios are as follows:
 2006
    
    2005Average total assets
    
    $
    134,805,000
    
    
    $
    122,439,000Average shareholders equity
    
    $
    12,223,000
    
    
    $
    11,072,000Net income
    
    $
    1,151,166
    
    
    $
    960,718Return on average total assets
    
    
    0.85
    %
    
    
    0.78
    %Return on average shareholders equity
    
    
    9.42
    %
    
    
    8.68
    %Cash dividends declared
    
    $
    0.00
    
    
    $
    0.00Dividend payout percentage
    
    
    n/a
    
    
    
    n/aAverage shareholders equity to average total assets
    
    
    9.07
    %
    
    
    9.04
    %
 VII.
    
    SHORT-TERM BORROWINGSThe Company did not have any reportable categories of short-term borrowings during or at the end of the reported periods.




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Item 2. Description of Property
      de
minimis
 
 Item 3. Legal Proceedings
  
 Item 4. Submission of Matters to a Vote of Security Holders




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PART II
 
 Item 5. Market for Common Equity and Related Stockholder Matters and Small Business
Issuer Purchases of Equity Securities
  2006
    
    High
    
    LowFourth quarter
    
    $
    31.00
    
    
    $
    30.10Third quarter
    
    $
    30.00
    
    
    $
    30.00Second quarter
    
    $
    29.60
    
    
    $
    29.60First quarter
    
    $
    26.40
    
    
    $
    25.40
 2005
    
    High
    
    LowFourth quarter
    
    $
    25.60
    
    
    $
    24.00Third quarter
    
    $
    24.40
    
    
    $
    24.00Second quarter
    
    $
    24.40
    
    
    $
    24.00First quarter
    
    $
    24.00
    
    
    $
    24.00




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Item 6. Managements Discussion and Analysis and Results of Operations
  
 Item 7. Financial Statements
  Annual ReportPage No.Report of Independent Registered Public Accounting Firm
    
    
    3Consolidated Balance Sheets
    
    
    4Consolidated Statements of Income
    
    
    5Consolidated Statements of Changes in Shareholders Equity
    
    
    6Consolidated Statements of Cash Flows
    
    
    7Notes to Consolidated Financial Statements
    
    
    8-32
 
 Item 8. Changes in and Disagreements With Accountants on Accounting and Financial
Disclosure
  
 Item 8A. Controls and Procedures
  
 Item 8B. Other Information
  
 PART III
 
 Item 9. Directors, Executive Officers and Corporate Governance
 A.
    
    Directors. The information on pages 11-12 of the Companys Proxy Statement under the caption
Election of Directors is incorporated by reference.B.
    
    Executive Officers. The information on page 16 of the Companys Proxy Statement under the
caption Summary Compensation Table is incorporated by reference.C.
    
    Family Relationships. None.D.
    
    Involvement in Certain Legal Proceedings. None.




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E.
    
    Audit Committee Financial Expert. The Companys Board of Directors has determined that C.
Richard Lynham, Chairman of the Audit Committee, is a financial expert as defined under the
regulations promulgated under the Sarbanes-Oxley Act and is independent defined under Rule
4200 of the National Association of Securities Dealers (NASD) Marketplace Rules.F.
    
    Identification of the Audit Committee. The information on pages 7-8 of the Companys Proxy
Statement under the caption Board Structure and Committees is incorporated by reference.
 www.westernreservebank.com
 
 Item 10. Executive Compensation
  
 Item 11. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
      Number of securitiesremaining available forNumber of securities
    
    
    
    
    
    future issuance underto be issued upon
    
    Weighted-average
    
    equity compensationexercise of outstanding
    
    exercise price of
    
    plans (excludingoptions,warrants and
    
    outstandingoptions,
    
    securities reflected inrights
    
    warrants and rights
    
    column (a))(a)
    
    (b)
    
    (c)Equity compensation plans
approved by security holders
    
    
    0
    
    
    
    n/a
    
    
    
    0Equity compensation plans not
approved by security holders
    
    
    113,136
    
    
    $
    18.53
    
    
    
    9,172Total
    
    
    113,136
    
    
    $
    18.53
    
    
    
    9,172




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Item 12. Certain Relationships and Related Transactions
  
 Item 13. Exhibits
  
 Item 14. Principal Accountant Fees and Services




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##### Table of Contents



SIGNATURES
  WESTERN RESERVE BANCORP, INC.By:
    /s/ Edward J. McKeonEdward J. McKeon, President, ChiefExecutive Officer and Director  /s/ Edward J. McKeon/s/ P.M. Jones
    
    Edward J. McKeon, President, ChiefP.M. Jones, Chairman of the Board
    
    Executive Officer and Director/s/ Roland H. Bauer
    
    /s/ Bijay K. JayaswalRoland H. Bauer, Director
    
    Bijay K. Jayaswal, Director/s/ Ray E. Laribee
    
    /s/ C. Richard LynhamRay E. Laribee, Director
    
    C. Richard Lynham, Director/s/ R. Hal Nichols
    
    /s/ Rory H. ONeilR. Hal Nichols, Director
    
    Rory H. ONeil, Director/s/ Michael R. Rose
    
    /s/ Glenn M. SmithMichael R. Rose, Director
    
    Glenn M. Smith, Director/s/ Cynthia A. Mahl/s/ Thomas A. Tubbs
    
    Cynthia A. Mahl, Senior Vice PresidentThomas A. Tubbs, Director
    
    and Principal Financial and Accounting
Officer




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WESTERN RESERVE BANCORP, INC.
EXHIBIT INDEX
 Exhibit No.
    
    Description of Exhibits3.1
    
    Articles of Incorporation of Western Reserve Bancorp, Inc.
(incorporated by reference to the Companys Report on Form
SB-2 filed with the Commission on December 29, 1997)3.2
    
    Code of Regulations of Western Reserve Bancorp, Inc.
(incorporated by reference to the Companys Report on Form
SB-2 filed with the Commission on December 29, 1997)4
    
    Legend Placed on Certificates Representing Shares Issued
pursuant to an exemption from registration under Section
3(a)(11) of the Securities Act and Rule 147 thereunder10.1
    
    Employment Agreement of Edward J. McKeon, Dated December 15,
2005. (incorporated by reference to the Companys Report on
Form 8-K filed with the Commission on December 19, 2005)10.2
    
    Lease Agreement by and between Michael Rose DBA Washington
Properties and Western Reserve Bancorp, Inc. (incorporated by
reference to the Companys Report on Form 10-KSB filed with
the Commission on March 31, 1999)10.3
    
    Western Reserve Bancorp, Inc. 1998 Stock Option Plan, Amended
and Restated as of April 20, 2000 (incorporated by reference
to the Companys Report on Form 10-QSB filed with the
Commission on August 13, 2000)10.4
    
    Agreement by and between Western Reserve Bancorp, Inc. and
Brian K. Harr, dated June 18, 2001, as amended February 20,
2002 (incorporated by reference to the Companys Report on
Form 10-KSB filed with the Commission on March 28, 2003)10.5
    
    Agreement by and between Western Reserve Bancorp, Inc. and
Cynthia A. Mahl, dated June 18, 2001, as amended February 20,
2002 (incorporated by reference to the Companys Report on
Form 10-KSB filed with the Commission on March 28, 2003)10.6
    
    Loan Agreement between Western Reserve Bancorp, Inc. and TCF
National Bank, dated May 5, 2003 (incorporated by reference to
the Companys Report on Form 10-QSB filed with the Commission
on August 14, 2003)10.7
    
    Western Reserve Bank Supplemental Executive Retirement Plan,
Amended and Restated as of December 21, 2006 (incorporated by
reference to the Companys Report on Form 8-K filed with the
Commission on December 27, 2006)10.8
    
    Western Reserve Bancorp, Inc. Employee Stock Purchase Plan
(incorporated by reference to the Companys Report on Form
10-QSB filed with the Commission on November 14, 2003)10.9
    
    Lease Agreement by and between Western Reserve of Brecksville,
LLC and Western Reserve Bank (incorporated by reference to the
Companys Report on Form 10-KSB filed with the Commission on
March 30, 2005)10.10
    
    First amendment to the Loan Agreement by and between Western
Reserve Bancorp, Inc. and TCF National Bank, dated March 31,
2005 (incorporated by reference to the Companys Report on
Form 10-QSB filed with the Commission on May 16, 2005)10.11
    
    Second amendment to the Loan Agreement by and between Western
Reserve Bancorp, Inc. and TCF National Bank, dated June 30,
2005 (incorporated by reference to the Companys Report on
Form 10-QSB filed with the Commission on August 15, 2005)10.12
    
    Western Reserve Bancorp, Inc. and Western Reserve Bank
Incentive Compensation Plan, Amended and Restated as of
January 18, 200710.13
    
    Third amendment to the Loan Agreement by and between Western
Reserve Bancorp, Inc. and TCF National Bank, dated July 20,
2006 (incorporated by reference to the Companys Report on
Form 10-QSB filed with the Commission on November 14, 2006)




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##### Table of Contents



Exhibit No.
    
    Description of Exhibits11
    
    Statement re: Computation of Per Share Earnings (incorporated
by reference to page 32 of the Companys 2006 Annual Report to
Shareholders)13
    
    2006 Annual Report to Shareholders (Except for sections
incorporated by reference into this Form 10-KSB, the Annual
Report to Shareholders shall not be deemed to be filed with
the Commission.)14
    
    Western Reserve Bancorp, Inc. Code of Ethics and Business
Conduct (incorporated by reference to the Companys Report on
Form 10-KSB filed with the Commission on March 30, 2004)21
    
    Subsidiary of Western Reserve Bancorp, Inc.23
    
    Consent of Crowe Chizek and Company LLC31.1
    
    Certification under Section 302 of the Sarbanes-Oxley Act by
Edward J. McKeon, President and Chief Executive Officer31.2
    
    Certification under Section 302 of the Sarbanes-Oxley Act by
Cynthia A. Mahl, Senior Vice President and Chief Financial
Officer32.1
    
    Certification under Section 906 of the Sarbanes-Oxley Act by
Edward J. McKeon, President and Chief Executive Officer32.2
    
    Certification under Section 906 of the Sarbanes-Oxley Act by
Cynthia A. Mahl, Senior Vice President and Chief Financial
Officer