EXHIBIT 14

                               BCSB BANKCORP, INC.
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                       BALTIMORE COUNTY SAVINGS BANK, FSB
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                                 CODE OF ETHICS
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                       ADOPTED, REVIEWED AND REVISED DATES
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             Adopted by the Board of Directors on November 27, 2003


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                                                                      EXHIBIT 14

                               BCSB BANKCORP, INC.
                       BALTIMORE COUNTY SAVINGS BANK, FSB
                                 CODE OF ETHICS

GENERAL PHILOSOPHY

     The honesty,  integrity and sound judgment of our  directors,  officers and
employees is essential to BCSB Bankcorp's reputation and success.

     This Code of Ethics  governs  the  actions  and  working  relationships  of
directors,  officers and employees of BCSB Bankcorp,  Inc. and its  subsidiaries
and affiliates,  including the Baltimore County Savings Bank, FSB (collectively,
"BCSB  Bankcorp")  with  current  and  potential  customers,  consumers,  fellow
employees, competitors,  government and self-regulatory agencies, the media, and
anyone  else  with whom BCSB  Bankcorp  has  contact.  These  relationships  are
essential  to the  continued  success of BCSB  Bankcorp as a financial  services
provider.

     This Code of Ethics:

     -    Requires  the  highest  standards  for  honest  and  ethical  conduct,
          including  proper and ethical  procedures  for dealing  with actual or
          apparent  conflicts  of interest  between  personal  and  professional
          relationships.

     -    Requires full, fair, accurate, timely and understandable disclosure in
          the  periodic  reports  required  to be  filed by BCSB  Bankcorp  with
          governmental and regulatory agencies.

     -    Requires compliance with applicable laws, rules and regulations.

     -    Addresses  potential  or apparent  conflicts  of interest and provides
          guidance for directors,  officers and employees to  communicate  those
          conflicts to BCSB Bankcorp.

     -    Addresses  misuse or  misapplication  of BCSB  Bankcorp  property  and
          corporate opportunities.

     -    Requires the highest level of confidentiality  and fair dealing within
          and outside the BCSB Bankcorp environment.

     -    Requires reporting of any illegal behavior.

CONFLICTS OF INTEREST

     A "conflict of interest"  occurs when your private  interest  interferes or
appears to interfere in any way with the  interests  of BCSB  Bankcorp.  You are
expected to avoid all
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situations that might lead to a real or apparent  material conflict between your
self-interest and your duties and  responsibilities  as an employee,  officer or
director of BCSB  Bankcorp.  Any position or interest,  financial or  otherwise,
which could materially conflict with your performance as an employee, officer or
director of BCSB Bankcorp,  or which affects or could  reasonably be expected to
affect  your  independence  or judgment  concerning  transactions  between  BCSB
Bankcorp,  its  customers,   suppliers  or  competitors  or  otherwise  reflects
negatively on BCSB Bankcorp would be considered a conflict of interest.

CONFIDENTIALITY

     Nonpublic information regarding BCSB Bankcorp or its businesses, employees,
customers and suppliers is confidential. As a BCSB Bankcorp employee, officer or
director,  you are trusted with  confidential  information.  You are only to use
such confidential  information for the business purpose intended. You are not to
share confidential  information with anyone outside of BCSB Bankcorp,  including
family and friends,  or with other  employees who do not need the information to
carry out their duties.  You may be required to sign a specific  confidentiality
agreement in the course of your employment at BCSB Bankcorp. You remain under an
obligation to keep all  information  confidential  even if your  employment with
BCSB Bankcorp ends.

     The following is a non-exclusive list of confidential information:

     (i) Trade  secrets,  which  include any business or technical  information,
     such as formula,  program,  method,  technique,  compilation or information
     that is valuable because it is not generally known.

     (ii) All rights to any invention or process  developed by an employee using
     BCSB  Bankcorp  facilities or trade secret  information,  from any work for
     BCSB Bankcorp, or relating to BCSB Bankcorp's business, is considered to be
     "work-for-hire"  under the United States copyright laws and shall belong to
     BCSB Bankcorp.

     (iii)  Proprietary   information  such  as  customer  lists  and  customers
     confidential information.

Public  and  media  communications  involving  BCSB  Bankcorp  must  have  prior
clearance from BCSB Bankcorp's President.

CORPORATE OPPORTUNITIES

     Using  confidential  information  about BCSB  Bankcorp  or its  businesses,
directors,  officers, employees,  customers, consumers or suppliers for personal
benefit or disclosing  such  information to others outside your normal duties is
prohibited.
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     Title 18 U.S. Code,  Section 215, makes it a criminal  offense for any BCSB
Bankcorp employee to corruptly:

     (i) solicit  for himself or herself or for a third party  anything or value
     from anyone in return for any business, service or confidential information
     of BCSB Bankcorp; or

     (ii) accept anything of value (other than normal  authorized  compensation)
     from anyone in connection with the business of BCSB Bankcorp, either before
     or after a transaction is discussed or consummated.

     Directors, officers and employees are prohibited from:

     (i) Personally  benefiting from  opportunities  that are discovered through
     the use of BCSB Bankcorp property, contacts, information or position.

     (ii) Accepting  employment or engaging in a business (including  consulting
     or similar  arrangements)  that may conflict with the  performance  of your
     duties or BCSB Bankcorp's interest.

     (iii)  Soliciting,  demanding,  accepting or agreeing to accept anything of
     value  from  any  person  in  conjunction  with  the  performance  of  your
     employment or duties at BCSB Bankcorp.

     (iv) Acting on behalf of BCSB Bankcorp in any  transaction  in which you or
     your immediate family has a significant direct or financial interest.

     There are  certain  situations  in which you may accept a personal  benefit
from someone with whom you transact business such as:

     (i)  Accepting  a gift in  recognition  of a commonly  recognized  event or
     occasion (such as a promotion, new job, wedding, retirement or holiday). An
     award in  recognition  of service and  accomplishment  may also be accepted
     without violating these guidelines so long as the gift does not exceed $250
     from any one individual in any calendar year.  Amounts of $250 to $1000 due
     not  violate  these  guidelines  provided  the  acceptance  of such gift is
     disclosed and pre-approved by the Audit Committee of BCSB Bankcorp.

     (ii)  Accepting  something  of value if the  benefit  is  available  to the
     general public under the same conditions on which it is available to you.

     (iii) Accepting meals, refreshments, travel arrangements and accommodations
     and  entertainment  of reasonable value in the course of a meeting or other
     occasion to conduct  business or foster  business  relations if the expense
     would be  reimbursed  by BCSB  Bankcorp as a business  expense if the other
     party did not pay for it.
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INSIDER TRADING

     It is  both  unethical  and  illegal  to  buy,  sell,  trade  or  otherwise
participate  in  transactions  involving  BCSB  Bankcorp  common  stock or other
security while in possession of material  information  concerning  BCSB Bankcorp
that has not been  released to the general  public,  but which when released may
have an impact on the market  price of the BCSB  Bankcorp  common stock or other
equity  security.  It is also  unethical  and  illegal  to buy,  sell,  trade or
otherwise  participate  in  transactions  involving  the  common  stock or other
security of any other company while in possession of similar non-public material
information  concerning  such  company.  Directors,  officers and  employees are
advised that they are required to comply with the BCSB  Bankcorp,  Inc.  Insider
Trading  Policy (the "Insider  Trading  Policy").  Any questions  concerning the
propriety of  participating  in a BCSB  Bankcorp or other company stock or other
security  transaction  should be  directed  to the Vice  President  and  General
Counsel at (410)  256-5000 ext. 121.  Copies of the Insider  Trading  Policy are
available from the General  Counsel's Office  Department and are included in the
BCSB Bankcorp, Inc. Employee Manual.

EXTENSIONS OF CREDIT

     BCSB Bankcorp's subsidiary bank may extend credit to any executive officer,
director,  or principal  shareholder of BCSB Bankcorp only on substantially  the
same terms as those prevailing for comparable transactions with other persons or
that  may be  available  to bank  employees  generally  as  permitted  by and in
accordance  with  Regulation O of the Board of Governors of the Federal  Reserve
System.

OUTSIDE BUSINESS RELATIONSHIPS

     Before agreeing to act as a director,  officer,  consultant, or advisor for
any other business organization, you should notify your immediate supervisor.

     Directors should disclose all new directorships or potential  directorships
to the Chairman of Board of Directors' and the Audit Committee in order to avoid
any conflicts of interest and to maintain independence.

     BCSB  Bankcorp  encourages  civic,  charitable,  educational  and political
activities as long as they do not interfere with the  performance of your duties
at BCSB  Bankcorp.  Before  agreeing to  participate  in any civic or  political
activities, you should contact your immediate supervisor.

     Employees  who are  considering  outside  employment  should  notify  their
manager  or  supervisor.  Employees  in  some  positions  of BCSB  Bankcorp  are
prohibited by law from holding outside employment.  Managers will review outside
employment requests for potential conflicts of interest.
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FAIR DEALING

     Each director,  officer and employee  should  undertake to deal fairly with
BCSB Bankcorp's customers, suppliers,  competitors and employees.  Additionally,
no one should take advantage of another through manipulation, concealment, abuse
of privileged  information,  misrepresentation  of material  facts, or any other
unfair-dealing practices.

     Employees  must disclose prior to or at their time of hire the existence of
any   employment   agreement,   non-compete   or   non-solicitation   agreement,
confidentiality  agreement or similar  agreement with a former  employer that in
any way restricts or prohibits the performance of any duties or responsibilities
of their  positions  with BCSB  Bankcorp.  Copies of such  agreements  should be
provided to General  Counsel's  office to permit  evaluation of the agreement in
light of the  employee's  position.  In no event shall an employee use any trade
secrets,  proprietary  information  or other similar  property,  acquired in the
course of his or her employment with another employer, in the performance if his
or her duties for or on behalf of BCSB Bankcorp.

     Employees should not directly or indirectly accept bequests under a will or
trust if such bequests have been made to them because of their  employment  with
BCSB Bankcorp.

PROTECTION AND PROPER USE OF BCSB BANKCORP PROPERTY

     All  directors,  officers and  employees  should  protect  BCSB  Bankcorp's
property  and  assets  and  ensure  their   efficient  and  proper  use.  Theft,
carelessness  and waste  can  directly  impact  BCSB  Bankcorp's  profitability,
reputation  and success.  Permitting  BCSB  Bankcorp  property  (including  data
transmitted  or stored  electronically  and computer  resources)  to be damaged,
lost,  or used in an  unauthorized  manner is  strictly  prohibited.  Employees,
officer and directors may not use corporate,  bank or other official  stationary
for personal purposes.

COMPLIANCE WITH LAWS, RULES AND REGULATIONS

     This Code of Ethics is based on BCSB Bankcorp's  policy that all directors,
officers and employees  comply with the law.  While the law prescribes a minimum
standard of conduct, this Code of Ethics requires conduct that often exceeds the
legal standard.

REPORTING OF ILLEGAL OR UNETHICAL BEHAVIOR AND VIOLATIONS OF THIS CODE OF ETHICS

     All  directors,  officers and  employees  are expected to  demonstrate  the
ability to properly manage their personal finances, particularly the prudent use
of credit.  BCSB  Bankcorp  recognizes  that its  customers  must have faith and
confidence  in  the  honesty  and  character  of  its  directors,  officers  and
employees.  In addition to the  importance of
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maintaining  customer  confidence,  there are  specific  laws that  outline  the
actions  BCSB  Bankcorp  must take  regarding  any known,  or  suspected,  crime
involving the affairs of BCSB Bankcorp. With regard to financial affairs, a bank
must make a criminal  referral in the case of any known,  or  suspected,  theft,
embezzlement,  check/debit  card  kiting,  misapplication  or other  defalcation
involving bank funds or bank personnel in any amount.

     Fraud  is  an  element  of  business  that  can  significantly  affect  the
reputation and success of BCSB Bankcorp.  BCSB Bankcorp  requires its directors,
officers and  employees to talk to  supervisors,  managers or other  appropriate
personnel  to report  and  discuss  any  known or  suspected  criminal  activity
involving BCSB Bankcorp or its  employees.  If, during the course of employment,
you become  aware of any  suspicious  activity  or behavior  including  concerns
regarding   questionable   accounting  or  auditing  matters,  you  must  report
violations  of laws,  rules,  regulations  or this Code of Ethics to the  Bank's
Internal  Auditor.  Reporting  the  activity  will not subject  the  employee to
discipline  absent a knowingly  false report.  All  employees  should review the
Bank's  Whistleblower  Procedures  contained in the Bank's Employee Manual.  All
reports to the Internal Auditor are anonymous and  confidential.  Reports are to
be directed to: Internal  Auditor,  Baltimore County Savings Bank, FSB, P.O. Box
43176, Baltimore, MD 21236-0176

ADMINISTRATION AND WAIVER OF CODE OF ETHICS

     This  Code of  Ethics  shall  be  administered  and  monitored  by the BCSB
Bankcorp General Counsel's office and Internal  Auditor's office.  Any questions
and  further  information  on this Code of Ethics  should  be  directed  to this
department.

     All managers and direct supervisors are responsible for reviewing this Code
of Ethics with their  subordinates each time a new edition of the Code of Ethics
is published.

     The  provisions of the Ethics Policy will be included in the BCSB Bankcorp,
Inc.  Employee  Handbook.  The  Employee  Handbook  will  be  issued  to all new
employees  and  officers  at the time of  employment  and  reissued  to existing
employees and officers from time to time.  Employees  will be required to sign a
receipt form for the Employee  Handbook  indicating  they have read this Code of
Ethics and comply with its provisions.

     Directors,  officers and  employees of BCSB Bankcorp are expected to follow
this Code of Ethics at all times. Generally,  there should be no waivers to this
Code of  Ethics.  However,  in  rare  circumstances  conflicts  may  arise  that
necessitate  waivers.  Waivers will be determined on a case-by-case basis by the
BCSB Bankcorp Audit Committee with the advice of the BCSB Bankcorp's  attorneys.
However,  waivers for directors and executive officers must be determined by the
Board of  Directors.  For  members  of the  Board  of  Directors  and  executive
officers,  the Board of Directors shall have the sole and absolute discretionary
authority  to approve  any  deviation  or waiver  from this Code of Ethics.  Any
waiver and the grounds for such waiver by directors or executive  officers shall
be promptly disclosed to stockholders in a Current Report on Form 8-K.
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     Known or suspected  violations of this Code of Ethics will be  investigated
and may result in disciplinary action up to and including immediate  termination
of employment.


                                 ACKNOWLEDGEMENT

     The undersigned has read, understands,  and agrees to abide by this Code of
Ethics and has retained a copy for his/her records.





                                                By:_____________________________
                                                Name:___________________________
                                                Title:__________________________
                                                Date:___________________________