<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, 1997


                                      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, 1998, the issuer had 224,303 shares of Common stock
issued and outstanding; see accompanying notes.
<PAGE>
 
                            WEST TOWN BANCORP, INC.


Part I.   FINANCIAL INFORMATION                                      PAGE

     Item 1.   Financial Statements
                  Consolidated Statements of Financial Condition
                  December 31, 1997 (unaudited) and
                  March 31, 1997                                       4

                  Consolidated Statements of Income, Three
                  and Nine Months Ended December 31, 1997 and 1996
                  (unaudited)                                          5
 
                  Consolidated Statements of Stockholders' Equity
                  Nine Months Ended December 31, 1997 (unaudited)      6

                  Consolidated Statements of Cash Flows, Nine
                  Months Ended December 31, 1997 and 1996
                  (unaudited)                                          7

                  Notes to Financial Statements                       8-9

     Item 2.   Management's Discussion and Analysis or Plan of
               Operation                                             10-12



Part II.  OTHER INFORMATION                                           13

          Signatures                                                  14

          Index to Exhibits                                           15

          Earnings Per Share Analysis(Exhibit 11)                     16
<PAGE>
 
                        PART I - FINANCIAL INFORMATION
<PAGE>
 
                            WEST TOWN BANCORP, INC.
                               AND SUBSIDIARIES
                               ----------------

                Consolidated Statements of Financial Condition
<TABLE>
<CAPTION>


                                                    December 31,   March 31,
                                                    ------------   ----------
                                                        1997          1997
                                                    ------------   ----------
Assets                                               (unaudited)
------
<S>                                                 <C>            <C>

Cash and amounts due from
  depository institutions                            $   602,582      718,157
Interest-bearing deposits                              6,012,092    6,525,626
                                                     -----------   ----------
   Total cash and cash equivalents                     6,614,674    7,243,783
U.S. Government and agency obligations
  (fair value: December 31, 1997 - $495,000;
  March 31, 1997 - $1,082,000)                           500,000    1,100,315
Mortgage-backed securities
  (fair value: December 31, 1997 - $1,717,000;
  March 31, 1997 - $2,465,000)                         1,703,156    2,494,292
Other investment securities, available for sale,
  at fair value                                          100,000            -
Loans receivable (net of allowance for
  loan losses: December 31, 1997 - $44,671;
  March 31, 1997 - $40,171)                           19,741,116   15,552,545
Stock in Federal Home Loan Bank of Chicago               177,400      121,000
Accrued interest receivable                              187,547      110,380
Office properties and equipment - net                    207,066      199,529
Prepaid expenses and other assets                        251,481      176,939
                                                     -----------   ----------

   Total assets                                       29,482,440   26,998,783
                                                     ===========   ==========
</TABLE>

Liabilities and Stockholders' Equity
------------------------------------
<TABLE>
<CAPTION>

Liabilities
-----------
<S>                                                       <C>          <C>
Deposits                                              25,189,938   22,816,474
Advance payments by borrowers for taxes
  and insurance                                           87,144       41,914
Other liabilities                                        199,438      176,834
                                                      ----------   ----------
   Total liabilities                                  25,476,520   23,035,222
                                                      ----------   ----------

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 224,303 shares outstanding at
  December 31, 1997; and 231,928 shares outstanding
  at March 31, 1997                                        2,319        2,319
Additional paid-in capital                             1,986,077    1,986,077
Retained earnings, substantially restricted            2,242,340    2,137,485
Treasury stock, at cost (7,625 shares
  at December 31, 1997)                                  (81,906)           -
Common stock acquired by Employee Stock Ownership Plan  (142,910)    (153,001)
Common stock acquired by Management Recognition Plan           -       (9,319)
                                                      ----------   ----------
   Total stockholders' equity                          4,005,920    3,963,561
                                                      ----------   ----------

  Total liabilities and stockholders' equity         $29,482,440   26,998,783
                                                      ==========   ==========
</TABLE>



See accompanying notes to consolidated financial statements.

                                      -4-
<PAGE>
   
                            WEST TOWN BANCORP, INC.
                               AND SUBSIDIARIES
                               ----------------

                       Consolidated Statements of Income
<TABLE>
<CAPTION>

                                                     Three Months Ended                     Nine Months Ended
                                                        December 31,                          December 31,
                                                 --------------------------             -------------------------
                                                     1997            1996                 1997            1996
                                                         (unaudited)                           (unaudited)
<S>                                              <C>               <C>                  <C>               <C>
Interest income:
  Loans                                           $   368,492       277,908              1,017,164        788,882
  Mortgage-backed securities                           30,161        40,060                 99,580        129,694
  Investment securities                                 9,073        14,672                 30,245         44,223
  Interest-bearing deposits                            89,563        93,459                260,430        283,758
  Dividends on FHLB stock                               3,130         2,010                  9,040          6,105
                                                     --------       -------              ---------      ---------
    Total interest income                             500,419       428,109              1,416,459      1,252,662
                                                     --------       -------              ---------      ---------

Interest expense:
  Deposits                                            310,248       238,581                859,259        688,714
                                                     --------       -------              ---------      ---------

     Net interest income before
       provision for loan losses                      190,171       189,528                557,200        563,948
Provision for loan losses                               1,500         1,500                  4,500          8,802
                                                     --------       -------              ---------      ---------
     Net interest income after
       provision for loan losses                      188,671       188,028                552,700        555,146
                                                     --------       -------              ---------      ---------

Non-interest income:
  Loan fees and service charges                         3,861         3,578                  7,289          5,322
  Loss on sale of real estate owned                       -             -                      -           (5,282)
  Rental income                                         2,230         3,150                  5,970          7,770
  Deposit related fees and other income                 3,394         2,761                 10,992          9,585
                                                     --------       -------              ---------      ---------
     Total non-interest income                          9,485         9,489                 24,251         17,395
                                                     --------       -------              ---------      ---------
Non-interest expense:
  Staffing costs                                       72,335        72,991                226,802        215,802
  Advertising                                           5,746         3,627                 11,181          9,773
  Occupancy and equipment expense                      18,708        21,979                 54,382         66,698
  Data processing                                       9,865         8,053                 28,287         24,658
  Federal deposit insurance premiums                    3,685           -                   10,910        150,622
  Legal, audit and examination fees                    15,643        11,244                 44,411         29,697
  Other                                                11,987         9,313                 37,869         34,213
                                                     --------       -------              ---------      ---------
     Total non-interest expense                       137,969       127,207                413,842        531,463
                                                     --------       -------              ---------      ---------

Income before income taxes                             60,187        70,310                163,109         41,078

Provision for income taxes                             22,872        21,420                 58,254          8,675
                                                     --------       -------              ---------      ---------
     Net income                                   $    37,315        48,890                104,855         32,403
                                                     ========       =======              =========      =========

Earnings per share - basic                        $       .18           .23                    .49            .15
                                                         ----          ----                   ----            ---
Earnings per share - diluted                      $       .18           .23                    .49            .15
                                                         ----          ----                   ----            ---
Dividends declared per common share               $       -             -                      -              -
                                                         ----          ----                   ----            ---

</TABLE>


See accompanying notes to consolidated financial statements.

                                      -5-
<PAGE>
 
                            WEST TOWN BANCORP, INC.
                               AND SUBSIDIARIES
                               ----------------

          Consolidated Statements of Changes in Stockholders' Equity

                                  (Unaudited)
<TABLE>
<CAPTION>


                                                                                               Common          Common
                                                 Additional                                     Stock           Stock
                                      Common      Paid-In      Retained       Treasury         Acquired        Awarded
                                      Stock       Capital      Earnings        Stock           by ESOP          by MRP      Total
                                      ------     ----------    ---------      --------         --------        -------    ---------
<S>                                  <C>         <C>           <C>             <C>             <C>             <C>         <C>


Balance at March 31, 1997             $2,319      1,986,077    2,137,485          -            (153,001)        (9,319)   3,063,561

Additions (deductions) for the
 period ended December 31, 1997:

 Net income                                                      104,855                                                    104,855

 Purchase of treasury
  stock (7,625 shares)                                                        (81,906)                                      (81,906)

 Amortization of award of MRP                                                                                    9,319        9,319

 Contribution to fund ESOP loan                                                                  10,091                      10,091
                                      ------      ---------    ---------       ------           -------         ------    ---------
Balance at December 31, 1997          $2,319      1,986,077    2,242,340      (81,906)         (142,910)          -       4,005,920
                                      ======      =========    =========       ======           =======         ======    =========
</TABLE>

See accompanying notes to consolidated financial statements.

                                      -6-
<PAGE>
 
                            WEST TOWN BANCORP, INC.
                               AND SUBSIDIARIES
                               ----------------

                     Consolidated Statement of Cash Flows
 
<TABLE>
<CAPTION>
                                                                            Nine Months Ended
                                                                               December 31,
                                                                       ----------------------------
                                                                           1997            1996
                                                                           ----            ----
                                                                                (unaudited)
Cash flows from operating activities:
<S>                                                                    <C>               <C>
  Net income                                                           $    104,855          32,403
   Adjustments to reconcile net income to net cash
    from operating activities:
     Depreciation                                                            17,943          18,164
     Amortization of cost of stock benefit plans                             19,410          27,270
     Loss on sale real estate owned                                               -           5,282
     Amortization of investment premiums and discounts                          315           1,069
     Provision for loan losses                                                4,500           8,802
     Increase in deferred income                                             20,153          27,510
     Decrease in current and deferred income tax                             (2,813)        (42,344)
     (Increase) decrease in accrued interest receivable                     (77,167)         22,671
     Increase in accrued interest payable                                    30,533          75,536
     Change in prepaid and accrued items, net                               (79,658)       (144,191)
                                                                       ------------    ------------
Net cash provided by operating activities                                    38,071          32,172
                                                                       ------------    ------------
Cash flows from investing activities:
     Proceeds from maturities of investment securities                      600,000               -
     Proceeds from repayments of mortgage-backed
       securities                                                           791,136         447,541
     Purchase of investment securities,
       available for sale                                                  (100,000)              -
     Purchase of Federal Home Loan Bank stock                               (56,400)              -
     Disbursements for loans originated or purchased                     (9,977,004)     (3,822,823)
     Loan repayments                                                      5,763,780       1,391,750
     Proceeds from sale of real estate owned                                      -         207,504
     Property and equipment expenditures                                    (25,480)         (5,837)
     Real estate owned expenditures                                               -            (910)
                                                                       ------------    ------------
Net cash provided for investing activities                               (3,003,968)     (1,782,775)

Cash flows from financing activities:
     Deposit account receipts                                             9,738,443       7,143,597
     Deposit account withdrawals                                         (7,893,397)     (6,334,344)
     Interest credited to deposit accounts                                  528,418         415,603
     Increase in advance payments by borrowers
       for taxes and insurance                                               45,230          37,118
     Purchase of treasury stock                                             (81,906)              -
     Proceeds from exercise of stock options                                      -          11,100
                                                                       ------------    ------------
Net cash provided by financing activities                                 2,336,788       1,273,074
                                                                       ------------    ------------
Decrease in cash and cash equivalents                                      (629,109)       (477,529)

Cash and cash equivalents at beginning of period                          7,243,783       7,313,893
                                                                       ------------    ------------
Cash and cash equivalents at end of period                             $  6,614,674       6,836,364
                                                                       ============    ============
Cash paid during the period for:
    Interest                                                           $    828,726         613,178
    Income taxes                                                             61,045          51,019
                                                                       ============    ============
</TABLE>


See accompanying notes to consolidated financial statements.

                                      -7-
<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, 1997, 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 -  Plan of Conversion
          ------------------

          In April 1995, the Bank's Board of Directors approved a Plan of
          Conversion, providing for the Bank's conversion from a state chartered
          mutual savings bank to a state chartered stock savings bank with the
          concurrent formation of a holding company. The Company issued 221,940
          shares of $.01 par value common stock at $10.00 per share, for an
          aggregate purchase price of $2,219,400. The Conversion and sale of
          221,940 shares of common stock of the Company was completed on March
          1, 1995. Net proceeds to the Company, after conversion expenses,
          totaled approximately $1,889,000.

Note D -  Earnings Per Share
          ------------------

          Earnings per share for the three and nine month periods ended December
          31, 1997 and 1996 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. Stock options
          are regarded as common stock equivalents and are 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. Earnings per share data for
          the three and nine month periods ended December 31, 1996 have been
          restated for comparative purposes to reflect the implementation of
          Statement of Financial Accounting Standard No. 128.

                                      -8-
<PAGE>
 
Notes to Financial Statements (continued)
-----------------------------------------

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

          Accounting for Transfers and Servicing of Financial Assets and
          Extinguishments of Liabilities. In December 1996, the FASB issued
          Statement of Financial Accounting Standards No. 127 ("SFAS No. 127"),
          "Deferral of the Effective Date of Certain Provisions of FASB
          Statement No. 125". The statement delays for one year the
          implementation of SFAS No. 125, as it relates to (1) secured
          borrowings and collateral, and (2) for the transfers of financial
          assets that are part of repurchase agreements, dollar-rolls,
          securities lending and similar transactions. The Company has adopted
          portions of SFAS No. 125 (those not deferred by SFAS No. 127)
          effective January 1, 1997. Adoption of these portions did not have a
          significant effect on the Company's consolidated financial condition
          or results of operations. Based on its review of SFAS No. 125,
          management does not believe that adoption of the portions of SFAS No.
          125 which have been deferred by SFAS No. 127 will have a material
          effect on the Company.

          Reporting Comprehensive Income. In June 1997, the FASB issued
          Statement of Financial Accounting Standards No. 130, "Reporting
          Comprehensive Income" ("SFAS No. 130"). This statement establishes
          standards for reporting and display of comprehensive income and its
          components (revenues, expenses, gains, losses) in a full set of
          general-purpose financial statements. SFAS No. 130 is effective for
          fiscal years beginning after December 15, 1997. The Company has not
          yet determined the impact of adopting this statement.

          Disclosures About Segments of an Enterprise and Related Information.
          In June 1997, the FASB issued Statement of Financial Accounting
          Standards No. 131, "Disclosures about Segments of an Enterprise and
          Related Information" ("SFAS No. 131") which becomes effective for
          fiscal years beginning after December 15, 1997. SFAS No. 131
          establishes standards for the way that public business enterprises
          report information about operating segments and requires enterprises
          to report selected information about operating segments in interim
          financial reports. The Company has not yet determined the impact of
          adopting this statement.

          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.

                                      -9-
<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 $2.5 million, or 9.20%, for the nine month period ended December
31, 1997. This increase was primarily the result of an increase in mortgage
loans receivable held by West Town Savings Bank (the "Bank"), which was
primarily funded by excess cash liquidity resulting from maturities of
investment securities and mortgage-backed securities and increased deposits
during the nine month period ended December 31, 1997.

     Net loans receivable increased $4.2 million, or 26.93%, for the nine months
ended December 31, 1997. During that period, the Bank originated or purchased
approximately $10.0 million in loans which exceeded repayments of $5.8 million
during the same period.

     The Bank experienced an increase in savings deposits for the nine month
period of approximately $2.4 million, or 10.40%. It is management's belief that
part of the deposit activity for the nine months ended December 31, 1997 can be
attributed to new deposit products.

     Stockholders' equity increased approximately $42,000, or 1.07%, for the
nine month period ended December 31, 1997. This increase was primarily the
result of the amortization of the cost of the Company's stock benefit plans of
$19,000, and net income for the nine months of $105,000, partially offset by the
purchase of treasury stock at a cost of $82,000. As of December 31, 1997, the
book value per common share outstanding was $17.86.

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

     A net profit of $37,000 was recognized for the three months ended December
31, 1997 as compared to a net profit of $49,000 for the same period in 1996.
This $12,000 decrease in net income was due primarily to an increase in non-
interest expense of $11,000. The Company's net income for the nine months ended
December 31, 1997 was $105,000 as compared to net income of $32,000 for the nine
months ended December 31, 1996. This $73,000 increase in net income was due
primarily to a $7,000 increase in non-interest income, and a $118,000 decrease
in non-interest expense, partially offset by a $50,000 increase in income taxes.

     Interest income increased by $72,000 and $164,000 for the three and nine
month periods ended December 31, 1997, respectively, as compared to the three
and nine month periods ended December 31, 1996. This was primarily a result of
an increase in the average balances of interest-earnings assets, as well as an
increase in the average yield on those assets. The average balances of those
assets increased from approximately $25.1 million to $27.8 million for the three
months ended December 31, 1996 and 1997, respectively, and from $24.6 million to
$26.7 million for the nine months ended December 31, 1996 and 1997,
respectively. These increases were accompanied by an increase in the average
yield on average interest-earning assets from 6.82% and 6.80% for the three and
nine months ended December 31, 1996 to 7.21% and 7.08% for the three and nine
months ended December 31, 1997.

                                      -10-
<PAGE>
 
Analysis of Operations (continued)
----------------------------------

     Interest expense increased from $239,000 to $310,000 from the three months
ended December 31, 1996 compared to the same period in 1997. For the nine months
ended December 31, 1996 interest expense was $689,000 as compared to $859,000
for the same nine months in 1997. These increases were attributable to increases
in the average balances of interest-bearing liabilities and increases in the
yield on those liabilities. The average balances increased approximately $3.1
million and $2.3 million for the three and nine months ended December 31, 1997
as compared to the average balances at December 31, 1996, respectively. The
yield on average interest-bearing liabilities increased from 4.38% and 4.27% for
the three and nine months ended December 31, 1996 to 4.99% and 4.81% for the
three and nine months ended December 31, 1997.

     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 $1,500 and $1,500 were made for the
three month periods ended December 31, 1997 and 1996 respectively, and
provisions of $4,500 and $8,802 were made for the nine month periods ended
December 31, 1997 and 1996 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 remained constant for the three months ended December
31, 1997 as compared to the same period in 1996. Non-interest income increased
by $7,000 for the nine months ended December 31, 1997 as compared to the same
period in 1996. This increase was primarily attributable to an increase in loan
related fee income and a $5,000 loss recognized on the sale of foreclosed real
estate in 1996.

     Non-interest expense increased from $127,000 to $138,000 from the three
months ended December 31, 1996 to the three months ended December 31, 1997. This
increase was primarily attributable to an increase in federal deposit insurance
premiums and professional fees. Non-interest expense decreased from $531,000 to
$414,000 from the nine months ended December 31, 1996 to the nine months ended
December 31, 1997. This decrease was primarily the result of a $128,000 charge,
reflected in the 1996 periods, for the amount of the special insurance
assessment adopted by the FDIC to recapitalize the Savings Association Insurance
Fund. Occupancy expenses also decreased in the 1997 period as compared to the
same period in 1996. These decreases were partially offset by increases in
staffing costs and professional fees.

     The provision for income taxes increased $2,000 and $50,000 for the three
and nine months ended December 31, 1997, respectively, as compared to the same
periods in 1996. These increases were attributable to changes in pre-tax income
between the comparable periods.

                                      -11-
<PAGE>
 
Liquidity and Capital Resources
-------------------------------

     At December 31, 1997, the Bank continued to comply with its liquidity
requirements, with an overall liquid asset ratio of 23.10% and a short-term
liquid asset ratio of 19.14%. 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, 1997, the Bank had
no outstanding commitments to fund loans, and no commitments to purchase
mortgage-backed securities or other investment securities.

     The Bank was in compliance with regulatory capital requirements at December
31, 1997. Capital requirements, ratios, and balances are as follows:
<TABLE>
<CAPTION>
 
                                      Percent of
                             Amount   Assets (2)  Requirement  Excess
                             ------   ----------  -----------  ------
                                     (Dollars in thousands)
<S>                          <C>      <C>         <C>          <C>
Regulatory Capital
  Ratios at
  December 31, 1997: (1)

 Core......................  $3,033     10.57%       $861      $2,172
 Risk-based................   3,078     24.65         999       2,079
-----------------
</TABLE>

     (1)  Current capital requirements as of December 31, 1997 consist of a core
          capital ratio of 3.00% and a risk-based capital ratio of 8.00%.

     (2)  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.

                                      -12-
<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, 1997.

                                      -13-
<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, 1998



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)

                                      -14-
<PAGE>
 
                               INDEX TO EXHIBITS


Exhibit No.                                                                 PAGE
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 11     Statement regarding Computation of Earnings Per Share                16

                                      -15-