<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   ----------

                                   FORM 10-QSB


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

         For the quarterly period ended December 31, 2001


                                       OR

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

         For the transition period from _________  to  _________


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


         United States                                  36-3785272
         -------------                               ----------------
(State or other jurisdiction                         I.R.S. Employer
   of incorporation or                                Identification
     organization)                                        Number



4852 WEST 30TH STREET, CICERO, ILLINOIS                    60804
---------------------------------------                  ----------
(Address of Principal executive offices)                 (Zip Code)

Issuer's telephone number, including area code:        (708) 652-2000
                                                       --------------


         Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15 (d) of the Exchange Act during the past 12 months (or for such
shorter period that the issuer was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.

                           Yes    X     No
                               -------     -------

         Transitional Small Business Disclosure Format

                           Yes          No    X
                               -------     -------


         As of February 6, 2002, the issuer had 204,287 shares of Common stock
issued and outstanding.

<PAGE>

                             WEST TOWN BANCORP, INC.
                                AND SUBSIDIARIES
                                ----------------

<TABLE>
<CAPTION>
Part I.    FINANCIAL INFORMATION                                               PAGE
                                                                               ----
<S>                                                                            <C>
       Item 1.  Financial Statements

                   Consolidated Statements of Financial Condition
                   December 31, 2001 (unaudited) and March 31, 2001              3

                   Consolidated Statements of Income, Three and
                   Nine Months Ended December 31, 2001 and 2000 (unaudited)      4

                   Consolidated Statements of Stockholders' Equity,
                   Nine Months Ended December 31, 2001 (unaudited)               5

                   Consolidated Statements of Cash Flows,
                   Nine Months Ended December 31, 2001 and 2000 (unaudited)      6

                   Notes to Financial Statements                                7-8
7-8

       Item 2.  Management's Discussion and Analysis or Plan of
                   Operation                                                   9-13



Part II.   OTHER INFORMATION                                                    14

           Signatures                                                           15

           Index to Exhibits                                                    16

           Earnings Per Share Analysis (Exhibit 11)                             17
</TABLE>

                                       -2-

<PAGE>

                             WEST TOWN BANCORP, INC.
                                AND SUBSIDIARIES
                                ----------------

                 Consolidated Statements of Financial Condition

<TABLE>
<CAPTION>
                                                           December 31,     March 31,
                                                          --------------   -----------
                                                               2001           2001
                                                               ----           ----
Assets                                                      (unaudited)
------
<S>                                                       <C>              <C>
Cash and amounts due from depository institutions          $    586,866       370,160
Interest-bearing deposits                                     9,975,746     6,765,061
                                                             ----------    ----------
   Total cash and cash equivalents                           10,562,612     7,135,221
Mortgage-backed securities, held to maturity
  (fair value:  December 31, 2001 - $13,251,700;
  March 31, 2001 - $7,621,200)                               13,172,862     7,501,917
Loans receivable (net of allowance for
  loan losses:  December 31, 2001 - $114,000;
  March 31, 2001 - $99,000)                                  26,504,821    31,344,877
Stock in Federal Home Loan Bank of Chicago                      289,100       200,500
Other investments, available for sale, at fair value            269,500       263,000
Accrued interest receivable                                     245,257       273,425
Office properties and equipment - net                         1,514,503     1,576,557
Prepaid expenses and other assets                             2,323,576     1,529,518
                                                             ----------    ----------

   Total assets                                              54,882,231    49,825,015
                                                             ==========    ==========

Liabilities and Stockholders' Equity
------------------------------------

Liabilities
-----------

Deposits                                                     50,116,389    45,204,540
Advance payments by borrowers for taxes and insurance            76,704        48,311
Other liabilities                                               514,976       473,562
                                                             ----------    ----------
   Total liabilities                                         50,708,069    45,726,413
                                                             ----------    ----------

Stockholders' Equity
--------------------

Preferred stock, $.01 par value; authorized
  100,000 shares; none outstanding                                 -             -
Common stock, $.01 par value; authorized
  400,000 shares; 231,928 shares issued and
  204,287 shares outstanding at
  December 31, 2001 and 204,787 shares
  outstanding at March 31, 2001                                   2,319         2,319
Additional paid-in capital                                    2,002,861     2,000,877
Retained earnings, substantially restricted                   2,522,984     2,460,055
Accumulated other comprehensive income,
  net of income taxes                                            48,383        46,782
Treasury stock, at cost (27,641 shares at
  December 31, 2001 and 27,141 shares at March 31, 2001)       (327,557)     (321,557)
Common stock acquired by Employee Stock Ownership Plan          (74,828)      (89,874)
                                                             ----------    ----------

   Total stockholders' equity                                 4,174,162     4,098,602
                                                             ----------    ----------

   Total liabilities and stockholders' equity              $ 54,882,231    49,825,015
                                                             ==========    ==========
</TABLE>

See accompanying notes to consolidated financial statements.


                                       -3-

<PAGE>


                             WEST TOWN BANCORP, INC.
                                AND SUBSIDIARIES
                                ----------------

                        Consolidated Statements of Income

<TABLE>
<CAPTION>
                                          Three Months Ended      Nine Months Ended
                                             December 31,            December 31,
                                        --------------------    ----------------------
                                           2001       2000         2001         2000
                                           ----       ----         ----         ----
                                             (unaudited)              (unaudited)
<S>                                     <C>          <C>        <C>          <C>
Interest income:
  Loans                                 $ 544,068    549,195    1,704,708    1,411,135
  Mortgage-backed securities              226,629    106,076      553,397      231,533
  Investment securities                     2,750      2,750        8,250        8,250
  Interest-bearing deposits                55,399    128,285      228,363      440,833
  Dividends on FHLB stock                   4,190      3,887       12,877       10,883
                                        ---------    -------    ---------    ---------
     Total interest income                833,036    790,193    2,507,595    2,102,634
                                        ---------    -------    ---------    ---------

Interest expense:
  Deposits                                522,378    567,543    1,718,835    1,475,432
                                        ---------    -------    ---------    ---------

     Net interest income before
       provision for loan losses          310,658    222,650      788,760      627,202
Provision for loan losses                   3,000      1,500       15,000        4,500
                                        ---------    -------    ---------    ---------
     Net interest income after
       provision for loan losses          307,658    221,150      773,760      622,702
                                        ---------    -------    ---------    ---------

Non-interest income:
  Loan fees and service charges             4,339      1,786       10,656        6,673
  Rental income                             3,590      2,795       10,327        8,966
  Deposit related fees and other income    34,272     21,046       87,630       51,878
                                        ---------    -------    ---------    ---------
     Total non-interest income             42,201     25,627      108,613       67,517
                                        ---------    -------    ---------    ---------

Non-interest expense:
  Staffing costs                          122,654    123,376      382,933      374,445
  Advertising                               3,459      5,431       14,389       20,568
  Occupancy and equipment expense          58,177     58,322      169,681      171,640
  Data processing                          16,459      8,013       49,371       39,416
  Federal deposit insurance premiums        2,170      1,736        6,274        4,689
  Legal, audit and examination fees        25,097     15,892       64,553       62,733
  Other                                    35,007     36,208       98,272       88,654
                                        ---------    -------    ---------    ---------
     Total non-interest expense           263,023    248,978      785,473      762,145
                                        ---------    -------    ---------    ---------

Income (loss) before income taxes          86,836     (2,201)      96,900      (71,926)

Provision for income taxes (benefit)       31,837     (1,165)      33,971      (23,099)
                                        ---------    -------    ---------    ---------

     Net income (loss)                  $  54,999     (1,036)      62,929      (48,827)
                                        =========    =======    =========     ========


Earnings (loss) per share - basic       $     .28       (.01)         .32         (.25)
                                        ---------    -------    ---------    ---------
Earnings (loss) per share - diluted     $     .28       (.01)         .32         (.25)
                                        ---------    -------    ---------    ---------

Dividends declared per common share     $       -          -            -            -
                                        ---------    -------    ---------    ---------
</TABLE>

See accompanying notes to consolidated financial statements.

                                       -4-

<PAGE>


                             WEST TOWN BANCORP, INC.
                                AND SUBSIDIARIES
                                ----------------

           Consolidated Statements of Changes in Stockholders' Equity

                       Nine Months Ended December 31, 2001
                                 ----------------

                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                 Accumulated               Common
                                        Additional                  Other                  Stock
                                Common    Paid-In    Retained   Comprehensive  Treasury   Acquired
                                Stock     Capital    Earnings      Income        Stock     by ESOP     Total
                                ------  ----------  ----------   -----------   ---------  ---------  ---------
<S>                            <C>      <C>         <C>         <C>            <C>        <C>        <C>
Balance at March 31, 2001      $ 2,319   2,000,877   2,460,055      46,782     (321,557)   (89,874)  4,098,602

Comprehensive income:
Net income                                              62,929                                          62,929
 Other comprehensive income,
   net of tax:
 Unrealized holding gain
   during the period                                                 1,601                               1,601
                                                     ---------    --------                           ---------

Total comprehensive income                              62,929       1,601                              64,530
                                                     ---------    --------                           ---------

Purchase of treasury stock
  (500 shares)                                                                   (6,000)                (6,000)

Contribution to fund ESOP loan               1,984                                          15,046      17,030
                               -------   ---------   ---------    --------     --------    -------   ---------

Balance at December 31, 2001   $ 2,319   2,002,861   2,522,984      48,383     (327,557)   (74,828)  4,174,162
                               =======   =========   =========    ========     ========    =======   =========
</TABLE>

See accompanying notes to consolidated financial statements.

                                      -5-

<PAGE>

                             WEST TOWN BANCORP, INC.
                                AND SUBSIDIARIES

                      Consolidated Statement of Cash Flows

<TABLE>
<CAPTION>
                                                                 Nine Months Ended
                                                                    December 31,
                                                           --------------------------
                                                               2001           2000
                                                               ----           ----
                                                                   (unaudited)
<S>                                                        <C>             <C>
Cash flows from operating activities:

  Net income (loss)                                        $     62,929       (48,827)
   Adjustments to reconcile net income to net cash
    from operating activities:
     Depreciation                                                69,010        67,311
     Amortization of cost of stock benefit plans                 17,030        15,170
     Provision for loan losses                                   15,000         4,500
     Increase (decrease) in deferred income                     (22,400)           33
     Federal Home Loan Bank stock dividend                       (8,500)       (6,900)
     Change in current and deferred income tax                   73,338         9,738
     (Increase) decrease in accrued interest receivable          28,168      (101,807)
     Increase (decrease) in accrued interest payable           (132,441)      114,651
     Change in prepaid and accrued items, net                  (698,440)       (6,556)
                                                           ------------   -----------

Net cash provided by (for) operating activities                (596,306)       47,313
                                                           ------------   -----------

Cash flows from investing activities:
     Purchase of mortgage-backed securities                 (12,859,499)   (4,510,202)
     Proceeds from repayments of mortgage-backed securities   7,188,554       466,149
     Purchase of Federal Home Loan Bank stock                   (80,100)            -
     Disbursements for loans originated or purchased         (8,469,910)  (16,282,136)
     Loan repayments                                         13,317,366     3,519,838
     Participation loans sold                                         -        82,743
     Property and equipment expenditures                         (6,956)      (16,105)
                                                           ------------   -----------

Net cash provided for investing activities                     (910,545)  (16,739,713)
                                                           ------------   -----------

Cash flows from financing activities:
     Deposit account receipts                                42,096,746    31,643,726
     Deposit account withdrawals                            (38,958,465)  (21,246,352)
     Interest credited to deposit accounts                    1,773,568     1,360,792
     Increase in advance payments by borrowers
       for taxes and insurance                                   28,393        41,176
     Purchase of treasury stock                                  (6,000)      (66,900)
                                                           ------------   -----------

Net cash provided by financing activities                     4,934,242    11,732,442
                                                           ------------   -----------

Increase (decrease) in cash and cash equivalents              3,427,391    (4,959,958)

Cash and cash equivalents at beginning of period              7,135,221    11,169,909
                                                           ------------   -----------

Cash and cash equivalents at end of period                 $ 10,562,612     6,209,951
                                                           ============   ===========

Cash paid during the period for:
    Interest                                               $  1,851,276     1,360,781
    Income taxes                                                      -         4,356
                                                           ============   ===========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       -6-

<PAGE>

                             WEST TOWN BANCORP, INC.
                                AND SUBSIDIARIES

                          Notes to Financial Statements


Note A -  Basis of Presentation
          ---------------------

          The accompanying unaudited consolidated financial statements have been
          prepared in accordance with instructions to Form 10-QSB and,
          therefore, do not include information or footnotes necessary for fair
          presentation of financial condition, results of operations and changes
          in financial position in conformity with generally accepted accounting
          principles. However, in the opinion of management, all adjustments
          (which are normal and recurring in nature) necessary for a fair
          presentation have been included. The preparation of financial
          statements in conformity with generally accepted accounting principles
          requires management to make estimates and assumptions that affect the
          reported amounts of assets and liabilities and disclosures of
          contingent assets and liabilities at the date of the financial
          statements and the reported amounts of revenues and expenses during
          the reporting period. Actual results could differ from those
          estimates. The results of operations for the three and nine month
          periods ended December 31, 2001, are not necessarily indicative of the
          results which may be expected for the entire year.

Note B -  Principles of Consolidation
          ---------------------------

          The accompanying unaudited consolidated financial statements include
          the accounts of West Town Bancorp, Inc. (the "Company") and its wholly
          owned subsidiary West Town Savings Bank (the "Bank") and the Bank's
          wholly owned subsidiary West Town Insurance Agency, Inc. All
          significant intercompany accounts and transactions have been
          eliminated in consolidation.

Note C -  Earnings Per Share
          ------------------

          Earnings per share for the three and nine month periods ended December
          31, 2001 and 2000 was determined by dividing net income for the period
          by the weighted average number of both basic and diluted shares of
          common stock and common stock equivalents outstanding (see Exhibit 11
          attached). Stock options are regarded as common stock equivalents and
          are therefore considered in diluted earnings per share calculations.
          Common stock equivalents are computed using the treasury stock method.
          ESOP shares not committed to be released to participants are not
          considered outstanding for purposes of computing earnings per share
          amounts.

Note D -  Industry Segments
          -----------------

          The Company operates principally in the banking industry through its
          subsidiary bank. As such, substantially all of the Company's revenues,
          net income, identifiable assets and capital expenditures are related
          to banking operations.

                                       -7-

<PAGE>


Notes to Financial Statements (continued)
-----------------------------------------

Note E -  Effect of New Accounting Standards
          ----------------------------------

          In September 2000, the FASB issued SFAS No. 140, "Accounting for
          Transfers and Servicing of Financial Assets and Extinguishment of
          Liabilities". SFAS No. 140 supersedes and replaces FASB SFAS No. 125,
          "Accounting for Transfers and Servicing of Financial Assets and
          Extinguishments of Liabilities". Accordingly, SFAS No. 140 is now the
          authoritative accounting literature for transfers and servicing of
          financial assets and Extinguishments of liabilities. SFAS No. 140 also
          includes several additional disclosure requirements in the area of
          securities financial assets and collateral arrangements. The
          provisions of SFAS No. 140 related to transfers of financial assets
          are to be applied to all transfers of financial assets occurring after
          March 31, 2001. The collateral recognition and disclosure provisions
          in SFAS No. 140 were effective for fiscal years ending after December
          15, 2000. The Company adopted this statement as of April 1, 2001, and
          this implementation did not have a material impact on its financial
          position or results of operations.

          In July 2001, the FASB issued SFAS No. 141, "Business Combinations"
          and SFAS No. 142, "Goodwill and Other Intangible Assets". SFAS No. 141
          requires that all business combinations initiated after June 30, 2001
          be accounted for under the purchase method and addresses the initial
          recognition and measurement of goodwill and other intangible assets
          acquired in a business combination. SFAS No. 142 addresses the initial
          recognition and measurement of intangible assets acquired outside of a
          business combination and the accounting for goodwill and other
          intangible assets subsequent to their acquisition. SFAS No. 142
          provides that intangible assets with finite useful lives be amortized
          and that goodwill and intangible assets with indefinite lives will not
          be amortized, but will rather be tested at least annually for
          impairment. SFAS No. 142 is effective January 1, 2002 for calendar
          year companies; however, any acquired goodwill or intangible assets
          recorded in transactions closed subsequent to June 30, 2001 will be
          subject immediately to the non-amortization and amortization
          provisions of SFAS No. 142. The Company does not believe that these
          statements will have a material impact on its financial position or
          results of operations.

          In August 2001, the FASB issued SFAS No. 143, "Accounting for Asset
          Retirement Obligations". SFAS No. 143 requires accounting recognition
          and measurement of a liability for an asset retirement obligation and
          associated asset retirement costs. SFAS No. 143 also includes new
          required disclosures for asset retirement obligations. SFAS No. 143 is
          effective for fiscal years beginning after June 15, 2002, with the
          initial application as of the beginning of the entity's fiscal year.
          The Company does not believe that this statement will have a material
          impact on its financial position or results of operations.

          The foregoing does not constitute a comprehensive summary of all
          material changes or developments affecting the manner in which the
          Company keeps its books and records and performs its financial
          accounting responsibilities. It is intended only as a summary of some
          of the recent pronouncements made by the FASB which are of particular
          interest to financial institutions.

                                       -8-

<PAGE>


                             WEST TOWN BANCORP, INC.
                                AND SUBSIDIARIES

                      Management's Discussions and Analysis
                of Financial Condition and Results of Operations


Financial Condition
-------------------

          The assets of West Town Bancorp, Inc. (the "Company") increased
approximately $5.1 million, or 10.15%, for the nine month period ended December
31, 2001. This increase was primarily the result of new deposits totaling
approximately $4.9 million. These deposits funded loan originations and
purchases as well as purchases of mortgage-backed securities.

          Net loans receivable decreased approximately $4.8 million, or 15.44%
for the nine months ended December 31, 2001. During that period, the Bank
originated or purchased approximately $8.5 million in loans which were exceeded
by repayments of $13.3 million during the same period. Mortgage-backed
securities increased $5.7 million, or 75.59%, for the nine months ended December
31, 2001 as the Bank purchased $12.9 million in new securities which exceeded
repayments of $7.2 million.

          The Bank experienced an increase in savings deposits for the nine
month period of approximately $4.9 million, or 10.87%. This increase was
primarily the result of deposits generated by the branch office.

          Stockholders' equity increased approximately $76,000, or 1.84%, for
the nine month period ended December 31, 2001. This increase was primarily the
result of net income for the nine months of $63,000. As of December 31, 2001,
the book value per common share outstanding was $20.43.

Analysis of Operations
----------------------

          Net income of $55,000 was recognized for the three months ended
December 31, 2001 as compared to a net loss of $1,000 for the same period in
2000. This $56,000 increase in net income was due primarily to an increase in
average interest-earning assets which resulted in an increase in net interest
income of $88,000, an increase in deposit related fees of $13,000, partially
offset by an increase in operating expenses of $14,000, and an increase in
income taxes of $33,000. The Company's net income for the nine months ended
December 31, 2001 was $63,000 compared to a net loss of $49,000 for the nine
months ended December 31, 2000. This $112,000 increase in net income was due
primarily to increases in net interest income of $162,000 and fee income of
$41,000, partially offset by increases in the loan loss provision of $10,000,
operating expenses of $25,000, and income taxes of $57,000.

          Interest income increased by $43,000 and $405,000 for the three and
nine month periods ended December 31, 2001, respectively, as compared to the
three and nine month periods ended December 31, 2000. This was the result of an
increase in the average balance of interest-earning assets, partially offset by
a decrease in the average yield earned on interest-earning assets. The average
balance of interest-earning assets increased from approximately $41.8 million to
$51.3 million for the three months ended December 31, 2000 and 2001,
respectively, and from $38.1 million to $49.5 million for the nine months ended
December 31, 2000 and 2001, respectively. The average yield on interest-earning
assets decreased from 7.56% and 7.35% for the three and nine months ended
December 31, 2000 to 6.49% and 6.75% for the three and nine months ended
December 31, 2001.

                                       -9-

<PAGE>


Analysis of Operations (continued)
----------------------------------

          Interest expense decreased from $568,000 to $522,000 from the three
months ended December 31, 2000 compared to the same period in 2001. For the nine
months ended December 31, 2000 interest expense was $1.5 million as compared to
$1.7 million for the same nine months in 2001. The decrease for the three month
period was attributable to a decrease in the average rate paid on
interest-bearing liabilities of from 5.64% to 4.14%, partially offset by an
increase in the average balance of interest-bearing liabilities of from $42.2
million to $50.5 million. The increase for the nine month period was
attributable to an increase in the average balance of interest-bearing
liabilities of from $36.3 million to $48.6 million, partially offset by a
decrease in the average rate paid of from 5.42% to 4.72%

          The Bank calculates any allowance for loan losses based upon its
ongoing evaluation of pertinent factors underlying the types and quality of its
loans, including the risk inherent in its loan portfolio, and other factors such
as the current regulatory and economic environment. Based upon this evaluation,
loan loss provisions are recorded. Provisions of $3,000 and $1,500 were made for
the three month periods ended December 31, 2001 and 2000 respectively, and
provisions of $15,000 and $4,500 were made for the nine month periods ended
December 31, 2001 and 2000 respectively. Management believes that additions to
its provision for loan losses have been appropriate, given the risks inherent in
its loan portfolio, and the current regulatory and economic environment.
Although the Bank believes its allowance for loan losses is at a level which it
considers to be adequate to provide for potential losses, there can be no
assurance that such losses will not exceed the estimated amounts.

          Non-interest income increased by $17,000 for the three months ended
December 31, 2001 as compared to the same period in 2000. Non-interest income
increased by $41,000 for the nine months ended December 31, 2001 as compared to
the same period in 2000. These increases were primarily attributable to
increased checking account fees and ATM fees.

          Non-interest expense increased from $249,000 to $263,000 from the
three months ended December 31, 2000 to the three months ended December 31,
2001. Non-interest expense increased from $762,000 to $785,000 from the nine
months ended December 31, 2000 to the nine months ended December 31, 2001.The
nine month period increase was the result of increases in compensation related
expenses and data processing expenses.

          The provision for income taxes increased $33,000 and $57,000 for the
three and nine months ended December 31, 2001, respectively, as compared to the
same periods in 2000. These increases were attributable to increases in pre-tax
income in the 2001 periods as compared to the 2000 periods.

          On June 30, 2000, the Bank, through its wholly owned subsidiary, West
Town Insurance Agency, purchased 2,500 shares of 23.7% of the issued and
outstanding stock of Commercial Loan Corporation ("CLC") at a purchase price of
$125,000. CLC, which is owned by Chicagoland financial institutions, processes,
underwrites, documents and services commercial loans for financial institution
investors. The services performed by CLC include monitoring post closing
performance of the loan, preparation of loan summaries, ongoing analysis of the
performance of the loan and the borrower including review of financial and
operating statements of the borrower and collection and remittance of all loan
payments. CLC entered into a master loan participation agreement with each of
its shareholders or their affiliates, whereunder the investors would purchase
participations in pools offered by CLC. As of December 31, 2001, CLC had
originated 192 loans aggregating $96.0 million (includes $28.3 million of
unfunded commitments), which were funded through 110 pools. The rates paid on
the pools to the investors, including the Bank, ranged from 3.75% to 9.50% and
consisted of both fixed and variable rates. As of December 31, 2001 the Bank had
purchased an interest in the pools with a balance totaling approximately $7.2
million.

                                      -10-

<PAGE>


                         Liquidity and Capital Resources
                                -----------------

At December 31, 2001, the Bank continued to comply with its liquidity
requirements, with an overall liquid asset ratio of 18.78% and a short-term
liquid asset ratio of 17.95%. Management's objectives and strategies for the
Bank have consistently maintained liquidity levels in excess of regulatory
requirements. It is management's intent to continue its efforts to deploy excess
liquidity into mortgage loans and mortgage-backed securities; however, the
success of lending efforts is dependent upon the availability of favorable loan
opportunities and the competition therefor. At December 31, 2001, the Bank had
outstanding commitments to fund loans totaling approximately $1.5 million, and
commitments to purchase mortgage-backed securities of $3.0 million.

The Bank was in compliance with regulatory capital requirements at December 31,
2001. Capital requirements, ratios, and balances are as follows:

<TABLE>
<CAPTION>
                                                                                       To Be Well-
                                                                                     Capitalized Under
                                                             For Capital             Prompt Corrective
                                     Actual               Adequacy Purposes          Action Provisions
                            -----------------------------------------------------------------------------
                               Amount     Ratio/1/      Amount      Ratio/1/       Amount       Ratio/1/
                            -----------------------------------------------------------------------------
<S>                         <C>             <C>        <C>            <C>       <C>              <C>
         December 31, 2001
         -----------------

         Risk-based         $ 3,588,800     12.57%     $ 2,284,666    8.00%     $ 2,855,833      10.00%
         Core                 3,474,800      6.30        1,627,934    3.00        2,713,223       5.00
</TABLE>


-------------

          /1/   Core capital levels are shown as a percentage of total adjusted
                assets; risk-based capital levels are shown as a percentage of
                risk-weighted assets.

                                      -11-

<PAGE>

                              Non-Performing Assets
                              ---------------------

The following table sets forth the amounts and categories of non-performing
assets in the Company's portfolio. Loans are placed on non-accrual status when
principal and interest are 90 days or more past due, unless, in the judgment of
management, the loan is well collateralized and in the process of collection.
Loans are also reviewed monthly and any loan whose collectibility is doubtful is
placed on non-accrual status. Interest accrued and unpaid at the time a loan is
placed on non-accrual status is charged against interest income. Subsequent
payments are either applied to the outstanding principal balance or recorded as
interest income, depending on the assessment of the ultimate collectibility of
the loan. The following table sets forth the Company's non-performing assets as
of the dates indicated.

                                               December 31,         March 31,
                                                   2001               2001
                                               ------------        ----------

Non-accruing loans:
 One-to-four family ........................       $   -              $   -
 Multi-family ..............................           -                  -
 Commercial real estate. ...................           -                  -
 Land and construction .....................           -                  -
                                                    ----               ----
   Total non-performing loans ..............           -                  -
                                                    ----               ----

 Real estate owned .........................           -                  -
                                                    ----               ----

Total non-performing assets ................       $   -              $   -
                                                    ====               ====

Total as a percentage of total assets ......           - %                - %
                                                     ===                ===


In addition to the non-performing assets set forth in the table above, as of
December 31, 2001, there were no loans with respect to which known information
about the possible credit problems of the borrowers or the cash flows of the
secured properties have caused management to have concerns as to the ability of
the borrowers to comply with present loan repayment terms and which may result
in the future inclusion of such items in the non-performing asset categories.

Management has considered the Company's non-performing and "of concern" assets
in establishing the allowance for loan losses.

                                      -12-

<PAGE>

                     Impact of Inflation and Changing Prices
                     --------------------------------------

The consolidated financial statements and related data presented herein have
been prepared in accordance with generally accepted accounting principles which
require the measurement of financial position and operating results in terms of
historical dollars without considering changes in the relative purchasing power
of money over time due to inflation. The primary impact of inflation on the
operations of the Company is reflected in increased operating costs. Unlike most
industrial companies, virtually all of the assets and liabilities of a financial
institution are monetary in nature. As a result, interest rates, generally, have
a more significant impact on a financial institution's performance than does
inflation. Interest rates do not necessarily move in the same direction or to
the same extent as the prices of goods and services.

  Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995
  -----------------------------------------------------------------------------

         Management's Discussion and Analysis of Financial Condition and Results
of Operations that are not historical facts are forward-looking statements
subject to the safe harbor created by the Private Securities Litigation Reform
Act of 1995. The Company cautions readers of this Form 10-QSB that a number of
important factors could cause the Company's actual results in 2001/2002 and
beyond to differ materially from those expressed in any such forward-looking
statements. These factors include, without limitation, the general economic and
business conditions affecting the Company's customers; changes in interest
rates; the adequacy of the Bank's allowance for loan losses; competition from,
among others, commercial banks, savings and loan associations, mutual funds,
money market funds, finance companies, credit unions, mortgage companies, and
the United States Government; limited partnership activities; federal and state
legislation, regulation and supervision of the Bank and its subsidiaries; the
risk of defaults on loans; and contractual, statutory and regulatory
restrictions on the Bank's ability to pay dividends to the Company.

                                      -13-

<PAGE>

                           PART II - OTHER INFORMATION

                             WEST TOWN BANCORP INC.
                                AND SUBSIDIARIES

Item 1.   LEGAL PROCEEDINGS
          -----------------

          From time to time, the Company and Bank are parties to legal
          proceedings in the ordinary course of business, wherein they enforce
          their security interest. The Company and Bank are not engaged in any
          legal proceedings of a material nature at the present time.

Item 2.   CHANGES IN SECURITIES
          ---------------------

          Not applicable

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
          -----------------

          Not applicable

Item 6.   EXHIBITS AND REPORTS ON FORM 8-K
          --------------------------------

          (a)  Computation of earnings per share (Exhibit 11 filed herewith)

          (b)  No reports on Form 8-K were filed during the quarter ended
               December 31, 2001.

                                      -14-

<PAGE>

                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15 (d) of the Securities
and Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

                             WEST TOWN BANCORP, INC.
                             -----------------------
                                   Registrant

DATE:  February 6, 2002



BY: /s/ Dennis B. Kosobucki
    ------------------------------------------
    Dennis B. Kosobucki
    Chairman of the Board,
    President and Chief Executive Officer
    (Duly Authorized Representative and
    Principal Executive Officer)




BY: /s/ Jeffrey P. Kosobucki
    ------------------------------------------
    Jeffrey P. Kosobucki
    Vice President and Chief Financial Officer
    (Principal Financial Officer)

                                      -15-

<PAGE>

                                INDEX TO EXHIBITS

Exhibit No.                                                                Page
-----------                                                                ----
    11         Statement regarding Computation of Earnings Per Share        17

                                      -16-