U.S. 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 QUARTER ENDED JUNE 30, 2001

                                       OR

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


                        COMMISSION FILE NUMBER 005-55641


                         UNITED FINANCIAL HOLDINGS, INC.
                 (Name of Small Business Issuer in its Charter)

               FLORIDA                                  59-2156002
   (State or Other Jurisdiction of                     (IRS Employer
    Incorporation or Organization)                   Identification No.)

                        333 THIRD AVENUE NORTH, SUITE 200
                       ST. PETERSBURG, FLORIDA 33701-3346
                    (Address of Principal Executive Offices)

                             (727) 898-2265
                (Issuer's Telephone Number, Including Area Code)


Check whether the issuer:  (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or
for such shorter  period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes X
No ___

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common equity, as of the latest practicable date:


 Common Stock, $0.01 Par value                           4,440,421
-------------------------------                 -------------------------
         Class                               Outstanding as of August 6, 2001









                         UNITED FINANCIAL HOLDINGS, INC.

                                      INDEX


                                                                        PAGE
                                                                     ----------
PART I.  FINANCIAL INFORMATION

     ITEM 1.     Financial Statements (unaudited)

         Condensed Consolidated Balance Sheets -
         At June 30, 2001 and December 31, 2000                         1

         Condensed Consolidated Statements of Earnings -
         For the three and six months ended June 30, 2001 and 2000      2

         Condensed Consolidated Statements of Comprehensive Income -
         For the three and six months ended June 30, 2001 and 2000      3

         Condensed Consolidated Statement of Stockholders' Equity -
         For the six months ended June 30, 2001                         4

         Condensed Consolidated Statements of Cash Flows -
         For the six months ended June 30, 2001 and 2000                5-6

         Notes to Condensed Consolidated Financial Statements           7-11

     ITEM 2.     Management's Discussion and Analysis of Financial
                 Condition and Results of Operations                   11-17


PART II.  OTHER INFORMATION

     ITEM 1.     Legal Proceedings                                     18

     ITEM 2.     Changes in Securities and Use of Proceeds             18

     ITEM 3.     Defaults upon Senior Securities                       18

     ITEM 4.     Submission of Matters to a Vote of Shareholders       18

     ITEM 5.     Other Information                                     19

     ITEM 6.     Exhibits and Reports on Form 8-K                      19


SIGNATURES                                                             20












PART I.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
                United Financial Holdings, Inc. and Subsidiaries
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (in thousands)
                                                 June 30,         December 31,
                                                   2001               2000
ASSETS                                          (UNAUDITED)         (AUDITED)
                                                -----------        -----------
Cash and due from banks                         $    11,737        $     9,420
Federal funds sold                                   40,453              4,961
Securities held to maturity, market value of
  $11,061 and $16,078 respectively                   10,919             16,036
Securities available for sale, at market             19,779             11,296
Loans, net                                          207,515            182,028
Premises and equipment, net                          11,304             10,138
Federal Home Loan Bank stock                            507                507
Federal Reserve Bank stock                              226                226
Intangible assets                                     3,243              1,960
Other real estate owned                                 100                175
Other assets                                          8,078              6,714
                                                -----------        -----------
       Total assets                             $   313,861        $   243,461
                                                ===========        ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
  Demand                                        $    53,759        $    37,051
  NOW and money market                               92,616             78,887
  Savings and time deposits                         117,024             86,214
                                                -----------        -----------
       Total deposits                               263,399            202,152

Securities sold under agreements to
   repurchase and fed funds purchased                14,633             10,163
Convertible subordinated debentures                       -                630
Short term debt                                         100                  -
Other liabilities                                     4,153              4,230
                                                -----------        -----------
       Total liabilities                            282,285            217,175

Company-obligated mandatory redeemable
  capital securities of subsidiary
  trust holding solely subordinated
  debentures of the company                           6,750              6,750
STOCKHOLDERS' EQUITY
  7% convertible preferred stock                         67                 67
  Series one convertible preferred stock              3,220                  -
  Common stock                                           44                 43
  Paid-in capital                                    10,983             10,052
  Treasury shares                                      (177)              (117)
  Accumulated other comprehensive income                128                (32)
  Retained earnings                                  10,561              9,523
                                                -----------        -----------
       Total stockholders' equity                    24,826             19,536
                                                -----------        -----------
       Total liabilities & stockholders' equity $   313,861        $   243,461
                                                ===========        ===========
     See accompanying notes to condensed consolidated financial statements.
                                     - 1 -

                United Financial Holdings, Inc. and Subsidiaries
                  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                                   (unaudited)
                      (in thousands, except per share data)

                              Three Months Ended          Six Months Ended
                             June 30,     June 30,      June 30,     June 30,
                               2001        2000          2001           2000
                             ---------    ---------      ---------   --------
Interest income
  Loans and loan fees        $   4,995    $   4,021      $   9,623   $  7,820
  Securities                       451          405            861        781
  Federal funds sold
     and securities purchased
     under reverse repurchase
     agreements
                                   344          201            399         282
                             ---------    ---------      ---------   ---------
    Total interest income        5,790        4,627         10,883       8,883

Interest expense
  Deposits                       2,301        1,710          4,261       3,151
  Long-term debt and other
     borrowings                    125          114            254         204
  Subordinated debentures
     issued to subsidiary trust    159          159            317         317
                             ---------    ---------      ---------   ---------
    Total interest expense       2,585        1,983          4,832       3,672
                             ---------    ---------      ---------   ---------

       Net interest income       3,205        2,644          6,051       5,211
Provision for loan losses          210          200            420         350
                             ---------    ---------      ---------   ---------
       Net interest income
         after provision for
         loan losses             2,995        2,444          5,631       4,861




















                             (CONTINUED ON PAGE 2b)
     See accompanying notes to condensed consolidated financial statements.
                                     - 2a -

                United Financial Holdings, Inc. and Subsidiaries
            CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - CONTINUED
                                   (unaudited)
                      (in thousands, except per share data)
                            (CONTINUED FROM PAGE 2a)

                              Three Months Ended           Six Months Ended
                             June 30,     June 30,       June 30,     June 30,
                               2001        2000            2001         2000
                             ---------    ---------      ---------   ---------

Other income
  Service charges on
    deposit accounts               324          230            598         455
  Trust and investment
    management                     740          787          1,583       1,557
  Gain on sale of loans            124          138            264         164
  All other fees and income        185          162            343         308
                             ---------    ---------      ---------   ---------
       Total other income        1,373        1,317          2,788       2,484

Other expense
   Salaries and employee
     benefits                   1,840         1,370          3,580       3,075
   Occupancy                      241           123            428         240
   Furniture and equipment        196           149            362         313
   Data processing                190           153            381         293
   Marketing and business
     development                  119           180            232         225
   Other                          572           622          1,072       1,267
                            ---------     ---------     ----------   ---------
                                3,158         2,597          6,055       5,413
                            ---------     ---------     ----------   ---------
       Earnings before
         income taxes           1,210         1,164          2,364       1,932

Income tax expense                444           404            860         691
                            ---------     ---------     ----------   ---------

       NET EARNINGS         $     766     $     760     $    1,504   $   1,241
                            =========     =========     ==========   =========

Earnings per share:
   Basic                    $     .17     $     .18     $      .33   $     .29
   Diluted                  $     .17     $     .17     $      .33   $     .28












     See accompanying notes to condensed consolidated financial statements.
                                     - 2b -

                United Financial Holdings, Inc. and Subsidiaries
            CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                   (unaudited)
                                 (in thousands)

                              Three Months Ended          Six Months Ended
                             June 30,     June 30,       June 30,    June 30,
                               2001        2000            2001        2000
                             ---------    ---------      ---------   ---------
Net earnings                 $     766    $     760      $   1,504   $   1,241
Other comprehensive income
   Unrealized holding gains
   (losses)                        102           45            243         (60)
Income tax (expense) benefit
   related to items of other
   comprehensive income            (35)         (15)           (83)         20
                             ----------   ----------     ----------  ---------
Comprehensive income         $     833    $     790      $    1,664  $   1,201
                             ==========   ==========     ==========  =========






































     See accompanying notes to condensed consolidated financial statements.
                                     - 3 -

                United Financial Holdings, Inc. and Subsidiaries
      CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - CONTINUED
                                   (unaudited)
                                 (in thousands)

                                    7%       Series One
                                Convertible  Convertible
                      Common     Preferred    Preferred     Paid-In
                       Stock        Stock        Stock      Capital
                     --------    ---------   ----------   -----------
Balance at
December             $    43    $      67    $       -    $  10,052
   31, 2000

Net earnings                -           -            -            -
Dividends on
common                      -           -            -            -
   and preferred
stock
Accumulated other
   comprehensive
income                      -           -            -            -
Conversion of
debentures                  1           -            -          629
Treasury shares
   redeemed                 -           -            -            -
Performance shares
   issued                   -           -            -          302
Preferred stock
issued                      -           -        3,220            -
                     --------   ---------    ---------    ---------
   in acquisition

Balance at June 30,
   2001              $     44   $      67    $   3,220    $  10,983
                      =======    ========     ========     ========




















                             (CONTINUED ON PAGE 4b)
     See accompanying notes to condensed consolidated financial statements.
                                     - 4a -

                United Financial Holdings, Inc. and Subsidiaries
      CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - CONTINUED
                                   (unaudited)
                                 (in thousands)

                         Accumulated
                            Other
                        Comprehensive    Treasury    Retained
                            Income         Shares     Earnings       Total
                        -------------   ----------  ----------   -----------
Balance at
December                   $    (32)    $  (117)    $   9,523    $  19,536
   31, 2000

Net earnings                      -            -        1,504        1,504
Dividends on
common                            -            -         (466)        (466)
   and preferred
stock
Accumulated other
   comprehensive
income                          160            -            -          160
Conversion of
debentures                        -            -            -          630
Treasury shares
   redeemed                       -          (60)           -          (60)
Performance shares
   issued                         -            -            -          302
Preferred stock
issued                            -            -            -        3,220
                         ----------    ---------    ---------    ---------
   in acquisition

Balance at June 30,
   2001                    $   128      $   (177)   $  10,561    $  24,826
                            ======       =======     ========     ========





















     See accompanying notes to condensed consolidated financial statements.
                                     - 4b -

                United Financial Holdings, Inc. and Subsidiaries
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
                            (unaudited)(in thousands)
                                                     Six Months Ended
                                                June 30,         June 30,
                                                  2001             2000
                                              -----------       -----------
Cash flows from operating activities:
    Net earnings                              $     1,504       $     1,241
    Adjustments to reconcile net earnings
     to net cash provided
     by operating activities
       Provision for loan losses                      420               350
       Provision for depreciation
          and amortization                            474               408
       Accretion of securities discount               (36)               (4)
       Amortization of unearned loan fees            (150)              (50)
       Amortization of securities premiums             16                 7
       Gain on sales of loans                        (423)             (246)
       Decrease (increase) in interest
          receivable                                  157               (46)
       Increase in interest payable                   170                35
       Decrease in other assets                       279               990
       (Decrease) increase in other
          liabilities                              (1,300)              222
                                             -------------      -----------
     Net cash provided by
         operating activities                       1,111             2,907

Cash flows from investing activities:
    Purchase of Federal Reserve Bank stock
       and FHLB stock                                   -               (23)
    Acquisition of First Security Bank, net
       of cash acquired                            (1,752)                -
    Net (increase) decrease in Federal
       funds sold                                 (26,618)            2,917
    Principal repayments of held to
       maturity securities                            585               178
    Principal repayments of available
       for sale securities                            233               345
    Proceeds from sale of trading
       securities                                       -                75
    Proceeds from maturities of available
       for sale securities                              -             1,511
    Proceeds from maturities of held to
       maturity securities                          7,050               631
    Purchases of available for
       sale securities                             (1,992)           (2,483)
    Purchases of held to
       maturity securities                         (5,077)           (2,310)
    Proceeds from sales of loans                    4,860             3,069
    Net (increase) in loans                       (15,265)          (17,490)
    Capital expenditures                           (1,249)             (140)
                                             ------------       -----------
     Net cash used in investing activities        (39,225)          (13,720)


     See accompanying notes to condensed consolidated financial statements.
                                      - 5 -

                United Financial Holdings, Inc. and Subsidiaries
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
                                   (unaudited)
                                 (in thousands)

                                                      Six Months Ended
                                                  June 30,          June 30,
                                                    2001              2000
                                                -----------       ------------
Cash flows from financing activities:
   Net increase (decrease) in demand
     deposits, NOW accounts,
     money market accounts and
     savings accounts                           $    19,869        $    (2,060)
   Net increase in certificates
     of deposit                                      16,518              6,453
   Net increase in securities sold
     under agreements to repurchase                   4,470              7,812
   Increase in borrowings                               100                  -
   Dividend paid on preferred stock                     (22)                (4)
   Dividend paid on common stock                       (444)              (339)
   Purchase of Treasury Shares                          (60)              (100)
                                                 ----------         ----------
    Net cash provided by financing activities        40,431             11,762
                                                 ----------         ----------

Net increase in cash and due from banks               2,317                949

Cash and due from banks at beginning of period        9,420              8,866
                                                 ----------         ----------

Cash and due from banks at end of period         $   11,737         $    9,815
                                                 ==========         ==========


Cash paid during the period for:
   Interest                                     $     4,662        $     3,638
   Income taxes                                 $     1,064        $     1,068

Supplemental Disclosure of Non-cash Activity
Non-cash common stock issued                    $       933        $       347

Other Information

      On April 1, 2001, the Company  completed the acquisition of First Security
Bank  for a cash  payment  of  approximately  $2,147,000,  acquisition  cost  of
approximately  $65,000, and 402,473 shares of Series One Preferred Stock, valued
at  approximately  $3,220,000.  The Company acquired net assets of approximately
$4,374,000 and goodwill of approximately $1,058,000.








See accompanying notes to condensed consolidated financial statements.
                                      - 6 -

UNITED FINANCIAL HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - HOLDING COMPANY AND SUBSIDIARIES BACKGROUND INFORMATION

      United  Financial  Holdings,  Inc. (the  "Company")  is a registered  bank
holding company formed in 1982, the principal subsidiary of which is United Bank
("Bank"),  a Florida-chartered  commercial bank headquartered in St. Petersburg,
Florida. The Bank was founded in 1979 and is a community-oriented,  full service
commercial  bank with six branch offices serving the southern and middle section
of the Pinellas County area of the State of Florida.

      The Company's other operating  subsidiaries are EPW Investment Management,
Inc., an investment  advisory firm registered under the Investment  Advisers Act
of 1940 ("EPW") headquartered in Tampa, Florida, with an office in Jacksonville,
Florida,  United Trust  Company,  a  Florida-chartered  trust  company  ("United
Trust") located in St.  Petersburg,  Florida,  and United Bank of the Gulf Coast
(the   "Sarasota   Bank",   formerly   known  as   First   Security   Bank),   a
Florida-chartered  commercial bank with one office located in Sarasota, Florida.
The Sarasota Bank was started by a group of local investors in February 1999 and
acquired  by the  Company on April 1, 2001.  EPW  offers  investment  management
services  to  corporate,   municipal  and  high  net  worth  individual  clients
throughout  the State of Florida.  United Trust is a wholesale  provider of data
processing,  administrative and accounting support and asset custody services to
professionals holding assets in trust (primarily legal and accounting firms). In
addition,  United Trust also  provides  retail trust and  investment  management
services to individual and corporate clients.

NOTE 2 - BASIS OF PRESENTATION

      The accompanying  unaudited condensed  consolidated  financial  statements
have been prepared in accordance with generally accepted  accounting  principles
for  interim  financial   information.   In  the  opinion  of  management,   all
adjustments, consisting primarily of normal recurring adjustments, necessary for
a fair  presentation  of the results for the interim  periods  have been made to
fairly state the results for the interim  periods.  The results of operations of
the three and six months ended June 30, 2001 are not  necessarily  indicative of
the results expected for the full year.

      The organization and business of the Company, accounting policies followed
by the Company and other information are contained in the Company's December 31,
2000 Form 10-KSB.  This quarterly report should be read in conjunction with such
annual report.

NOTE 3 - EARNINGS PER SHARE

      Basic  earnings  per  share are based on the  weighted  average  number of
common  shares  outstanding  during  the  periods.  Diluted  earnings  per share
includes the weighted  average  number of common shares  outstanding  during the
periods and the further dilution from the conversion of the convertible debt and
the preferred  stock and the exercise of stock options using the treasury  stock
method.  The following is a reconciliation of the numerators and denominators of
the basic and diluted earnings per share  computations for the periods presented
(dollars in thousands, except per share data):




                                     - 7 -

                              For the three months ended June 30,
                             -------------------------------------
                             2001                             2000
                  -----------------------------  ----------------------------
                             Weighted   Per                 Weighted   Per
                             Average    Share               Average    Share
                  Earnings   Shares     Amount   Earnings   Shares     Amount
                  --------  ----------  -------  --------  ----------  --------
Basic EPS
  Net earnings
    available
    to common
    stockholders  $    746   4,440,421  $   .17  $    760   4,230,963  $    .18
                                        =======                        ========

Effect of dilutive
 securities
    Incremental shares
    from assumed
    exercise or
    conversion of:
       Convertible
         debt            -          -                   8    152,789
       Preferred
         stock          20     56,233                   -     84,345
       Stock
         options         -     27,323                   -        165
                 ---------  ---------            --------  ---------

Diluted EPS
  Net earnings
    available
    to common
    stockholders
    and assumed
    conversions  $     766  4,523,977  $   .17  $     768  4,468,262  $    .17
                 =========  =========  =======  =========  =========  ========




















                             (CONTINUED ON PAGE 8b)
                                   - 8a -

Continued from Page 8a
                               For the six months ended June 30,
                             -------------------------------------
                             2001                             2000
                  -----------------------------  ----------------------------
                             Weighted   Per                 Weighted   Per
                             Average    Share               Average    Share
                  Earnings   Shares     Amount   Earnings   Shares     Amount
                  --------  ----------  -------  --------  ----------  --------
Basic EPS
  Net earnings
    available
    to common
    stockholders  $  1,481   4,423,748  $   .33  $  1,238   4,229,237  $   .29
                                        =======                        =======

Effect of dilutive
 securities
    Incremental shares
    from assumed
    exercise or
    conversion of:
       Convertible
         debt            1       13,506                 16     152,789
       Preferred
         stock          23       56,233                  3      84,345
       Stock
         options         -        6,297                  -         112
                  --------   ----------          ---------   ---------

Diluted EPS
  Net earnings
    available
    to common
    stockholders
    and assumed
    conversions   $  1,505    4,499,784 $   .33  $   1,257   4,466,483  $   .28
                  ========   ========== =======  =========   =========  =======



NOTE 4 - BUSINESS SEGMENT INFORMATION

      United Financial has three reportable segments:  Commercial Banking, Trust
Services,  and  Investment  Management  Services.  Corporate and Other  includes
corporate expenses such as corporate overhead,  intercompany  transactions,  and
certain  goodwill  amortization.  The  following  table  presents the  Company's
Business  Segment  Information  for the three and six months ended June 30, 2001
and 2000, respectively:









                                     - 8b -



                                For the three months ended June 30, 2001
                        Commercial  Investment  Trust     Corporate &
                          Banking   Management  Services  Overhead       Total
                        ----------  ----------  --------  ----------- ---------
Net interest income     $   3,286   $        -  $     46  $     (127) $  3,205
Non interest income           692          387       395        (101)    1,373
                        ---------   ----------  --------  ----------  ---------
Total revenue               3,978          387       441        (228)    4,578
Loan loss provision           210            -         -           -       210
Non interest expense        2,445          319       365          29     3,158
                        ---------   ----------  --------  ----------  ---------
Pretax income (loss)        1,323           68        76        (257)    1,210
Income taxes (benefit)        495           26        38        (115)      444
                        ---------   ----------  --------  ----------  ---------
Segment net income      $     828   $       42  $     38  $     (142) $    766
                        =========   ==========  ========  ==========  =========


                                For the three months ended June 30, 2000
                        Commercial  Investment  Trust     Corporate &
                          Banking   Management  Services  Overhead       Total
                        ----------  ----------  --------  ----------- ---------
Net interest income     $   2,748   $       -   $     56  $     (160) $   2,644
Non interest income           556         424        375         (38)     1,317
                        ---------   ---------   --------  ----------- ---------
Total revenue               3,304         424        431        (198)     3,961
Loan loss provision           200           -         -            -        200
Non interest expense        1,940         334        292          31      2,597
                        ---------   ---------   --------  ----------- ---------
Pretax income (loss)        1,164          90        139        (229)     1,164
Income taxes (benefit)        397          32         59         (84)       404
                        ---------   ---------   --------  ----------- ---------
Segment net income      $     767   $      58   $     80  $     (145) $     760
                        =========   =========   ========  ==========  =========





















                             (CONTINUED ON PAGE 9b)
                                   - 9a -

(Continued from Page 9a)

                                 For the six months ended June 30, 2001
                        Commercial  Investment  Trust     Corporate &
                          Banking   Management  Services  Overhead       Total
                        ----------  ----------  --------  ----------- ---------
Net interest income     $   6,253   $       -   $    114  $     (316) $   6,051
Non interest income         1,294         821        786        (113)     2,788
                        ---------  ----------   --------  ----------- ---------
Total revenue               7,547         821        900        (429)     8,839
Loan loss provision           420           -          -           -        420
Non interest expense        4,530         685        797          43      6,055
                        ---------  ----------   --------  ----------- ---------
Pretax income (loss)        2,597         136        103        (472)     2,364
Income taxes (benefit)        945          52         57        (194)       860
                        ---------  ----------   --------  ----------- ---------
Segment net income      $   1,652  $       84   $     46  $     (278) $   1,504
                        =========  ==========   ========  =========== =========


                                 For the six months ended June 30, 2000
                        Commercial  Investment  Trust     Corporate &
                          Banking   Management  Services  Overhead       Total
                        ----------  ----------  --------  ----------- ---------
Net interest income     $   5,425   $       -   $    108  $     (322) $   5,211
Non interest income           987         843        738         (84)     2,484
                        ---------   ---------   --------  ----------- ---------
Total revenue               6,412         843        846        (406)     7,695
Loan loss provision           350           -          -           -        350
Non interest expense        3,761         943        648          61      5,413
                        ---------   ---------   --------  ----------  ---------
Pretax income (loss)        2,301        (100)       198        (467)     1,932
Income taxes (benefit)        810         (38)        89        (170)       691
                        ---------   ---------   --------  ----------  ---------
Segment net income      $   1,491   $     (62)  $    109  $     (297) $   1,241
                        =========   =========   ========  =========== =========






















                                   - 9b -

NOTE 5 - COMMITMENTS AND CONTINGENCIES

      In March  2001,  the  Company  entered  into a $5  million  line of credit
agreement  with an unrelated  bank.  Terms of the  agreement  include a variable
interest rate of 3 month Libor plus 200 basis points,  interest payable monthly,
principal due at maturity, and a maturity date of March 23, 2002.

NOTE 6 - ACQUISITION

      On April 1, 2001,  the Company  completed an acquisition of 100 percent of
the stock of First Security Bank in exchange for a cash payment of approximately
$2.1 million,  acquisition  costs of $65,000,  and 402,473  shares of Series One
Preferred Stock valued at approximately $3.2 million.  The selling  shareholders
are also  entitled to an  additional  64,396 shares of Common Stock should First
Security Bank achieve  certain net interest  income  targets  through 2005.  The
acquisition  was  accounted  for using the purchase  method of  accounting.  The
Company  recorded  net assets of  approximately  $4.4  million  and  goodwill of
approximately  $1.1 million.  Pro forma  information  is not presented for First
Security Bank due to its immateriality.

      The shares of the Series One  Preferred  Stock are  convertible  in Common
Stock at $8.00 per share.  The  Company  may  redeem,  in whole or in part,  the
shares  after 2007 based upon a defined  formula.  The shares are required to be
redeemed by the  Company  upon the First  Security  Bank  achieving  certain net
interest income targets as specified in the acquisition agreement.

NOTE 7 - RECENT ACCOUNTING PRONOUNCEMENTS

     On July 20, 2001, the Financial  Accounting  Standards  Board (FASB) issued
Statement of Financial Accounting  Standards (SFAS) 141, Business  Combinations,
and SFAS 142,  Goodwill and  Intangible  Assets.  SFAS 141 is effective  for all
business  combinations  completed after June 30, 2001. SFAS 142 is effective for
fiscal years beginning after December 15, 2001;  however,  certain provisions of
this Statement apply to goodwill and other  intangible  assets acquired  between
July 1, 2001 and the  effective  date of SFAS  142.  Major  provisions  of these
Statements and their effective dates for the Company are as follows:

*    all  business  combinations  initiated  after  June 30,  2001  must use the
     purchase method of accounting. The pooling of interest method of accounting
     is prohibited except for transactions initiated before July 1, 2001.

*    intangible  assets  acquired  in a business  combination  must be  recorded
     separately  from  goodwill  if they arise from  contractual  or other legal
     rights  or are  separable  from  the  acquired  entity  and  can  be  sold,
     transferred,  licensed, rented or exchanged, either individually or as part
     of a related contract, asset or liability.

*    goodwill,  as well as intangible  assets with  indefinite  lives,  acquired
     after June 30, 2001, will not be amortized.  Effective  January 1, 2002 all
     previously  recognized goodwill and intangible assets with indefinite lives
     will no longer be subject to amortization.

*    effective  January 1, 2002 goodwill and intangible  assets with  indefinite
     lives will be tested  for  impairment  annually  and  whenever  there is an
     impairment indicator.

*    all acquired  goodwill must be assigned to reporting  units for purposes of
     impairment testing and segment reporting.
                                   - 10 -

    The Company will continue to amortize  goodwill  recognized prior to July 1,
2001,  under its current  method until  January 1, 2002 at which time annual and
quarterly  goodwill  amortization  of  $172,000  and  $43,000  will no longer be
recognized. By December 31, 2002, the Company will have completed a transitional
fair value based  impairment test of goodwill as of January 1, 2002.  Impairment
losses,  if any,  resulting from the transitional  testing will be recognized in
the  quarter  ended  March  31,  2002,  as a  cumulative  effect  of a change in
accounting principle.

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
      This  report  contains   statements   that   constitute   "forward-looking
statements"  within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The
words  "believe,"  "estimate,"  "expect,"  "intend,"  "anticipate,"  "plan"  and
similar   expressions   and  variations   thereof   identify   certain  of  such
forward-looking  statements  which speak only as of the dates on which they were
made.  The Company  undertakes no  obligation  to publicly  update or revise any
forward-looking  statements,  whether  as a result  of new  information,  future
events,  or  otherwise.  Readers  are  cautioned  that any such  forward-looking
statements  are not  guarantees  of future  performance  and  involve  risks and
uncertainties,  and  that  actual  results  may  differ  materially  from  those
indicated in the forward-looking statements as a result of various factors. Such
factors  include,   but  are  not  limited  to  competition,   general  economic
conditions,  potential  changes in interest  rates,  and changes in the value of
real estate securing loans made by the Company.

COMPARISON OF BALANCE SHEETS AT JUNE 30, 2001 AND DECEMBER 31, 2000

Overview
      Total assets of the Company were $313.9 million at June 30, 2001, compared
to $243.5  million at December 31, 2000,  an increase of $70.4 million or 28.9%.
This  increase  was the result of the  acquisition  of the Sarasota  Bank,  with
approximately $30 million in assets, as well as the Company's internal growth of
earning assets (primarily federal funds sold and loans) funded by an increase in
deposits.

Investment Securities
      Investment  securities,  consisting  of U.S.  Treasury and federal  agency
securities,  obligations of state and political subdivisions and mortgage-backed
and corporate debt securities,  were $30.7 million at June 30, 2001, compared to
$27.3  million at December  31,  2000,  an  increase  of $3.4  million or 12.5%.
Included  in  investment  securities  at June 30,  2001,  were $19.8  million of
securities  held  as  "available  for  sale"  to  provide  the  Company  greater
flexibility  to  respond  to  changes in  interest  rates and  liquidity.  These
securities have been recorded at market value.

Loans
      Total  loans were  $212.1  million at June 30,  2001,  compared  to $185.8
million at December 31,  2000,  an increase of $26.3  million or 14.2%.  For the
same period,  real estate  mortgage  loans  increased by $18.0 million or 15.4%,
commercial  loans  increased  by $7.5  million  or 12.1%,  and all  other  loans
including  consumer  loans  increased  by $.7  million  or  9.9%.  Loans  net of
allowance for loan loss and unearned  fees were $207.5  million at June 30, 2001
compared to $182.0 million at December 31, 2000.



                                   - 11 -

      The following table sets forth  information  concerning the loan portfolio
by collateral types as of the dates indicated (dollars in thousands):

                                          June 30, 2001        December 31, 2000
                                          -------------        -----------------
Real estate mortgage loans:
  Commercial real estate                  $      95,609          $      84,556
  One-to-four family residential                 12,911                  9,685
  Multifamily residential                        14,150                 16,185
  Construction and land development              12,101                  6,382
                                          -------------          -------------
      Total real estate mortgage loans          134,771                116,808

Commercial loans                                 69,526                 61,970
Consumer loans                                    6,301                  5,501
Other loans                                       1,485                  1,551
                                          -------------          -------------
      Gross loans                               212,083                185,830
Allowances for loan losses                       (3,463)                (2,761)
Unearned fees                                    (1,105)                (1,041)
                                          -------------          -------------
      Total loans net of allowance
         and unearned fees                $     207,515          $     182,028
                                          =============          =============

Asset Quality and Allowance for Loan Losses

      The  allowance  for loan  losses  represents  management's  estimate of an
amount  adequate  to provide  for  potential  losses  within the  existing  loan
portfolio.  The allowance is based upon an ongoing  quarterly  assessment of the
probable  estimated  losses  inherent  in the  loan  portfolio,  and to a lesser
extent, unused commitments to provide financing.

      The  methodologies  for  assessing  the  appropriateness  of the allowance
consist of several key elements,  which include:  1) the formula  allowance;  2)
review of the underlying  collateral on specific  loans;  and 3) historical loan
losses.  The  formula  allowance  is  calculated  by  applying  loss  factors to
outstanding  loans and unused  commitments,  in each case based on the  internal
risk  grade of those  loans.  Changes  in risk  grades  of both  performing  and
non-performing  loans affect the amount of the formula allowance.  On the larger
criticized  or  classified  credits,  a review is  conducted  of the  underlying
collateral  that secures each credit.  A worse case scenario review is conducted
on  those  loans to  calculate  the  amount,  if any,  of  potential  loss.  The
historical  loan loss method is a review of the last six years of actual losses.
The loss percentage is calculated and applied to the current  outstanding  loans
in total.

     Various conditions that would affect the loan portfolio are also evaluated.
General economic and business  conditions that affect the portfolio are reviewed
including:   1)  credit  quality  trends   including  trends  in  past  due  and
non-performing  loans;  2)  collateral  values in general;  3) loan  volumes and
concentration;   4)  recent  loss  experience  in  particular  segments  of  the
portfolio;  5) duration  and  strength of the current  business  cycle;  6) bank
regulatory  examination  results;  and 7) findings of the  external  loan review
process.  Senior  management  and the Directors'  General Loan Committee  review
these conditions quarterly. If any of these conditions presents a problem to the
loan portfolio, an additional allocation may be recommended.

                                   - 12 -

      The following table sets forth information  concerning the activity in the
allowance for loan losses during the periods indicated (dollars in thousands):

                                                For the six months ended
                                          June 30, 2001          June 30, 2000
                                          -------------          -------------
Allowance at beginning of period           $       2,761          $       2,341
Charge-offs:
  Real estate loans                                    9                      -
  Commercial loans                                    24                     27
  Consumer loans                                       8                     17
                                           -------------          -------------
      Total charge-offs                               41                     44
Recoveries:
  Real estate loans                                   20                      5
  Commercial loans                                    46                      5
  Consumer loans                                       1                      1
                                           -------------          -------------
      Total recoveries                                67                     11
Net charge-offs                                      (26)                    33
Allowance related to First Security Bank             256                      -
Provision for loan losses                            420                    350
                                           -------------          -------------
Allowance at end of period                 $       3,463          $       2,658
                                           =============          =============

Nonperforming Assets

      Nonperforming  assets  include 1) loans which are 90 days or more past due
and have been placed into non-accrual status; 2) accruing loans that are 90 days
or more delinquent that are deemed by management to be adequately secured and in
the  process of  collection;  and 3) ORE (i.e.,  real  estate  acquired  through
foreclosure or deed in lieu of  foreclosure).  All delinquent loans are reviewed
on a regular basis and are placed on non-accrual  status when, in the opinion of
management,   the  possibility  of  collecting  additional  interest  is  deemed
insufficient to warrant further accrual. As a matter of policy,  interest is not
accrued on loans past due 90 days or more  unless the loan is both well  secured
and in  process  of  collection.  When a loan is placed in  non-accrual  status,
interest accruals cease and uncollected accrued interest is reversed and charged
against current income.  Additional  interest income on such loans is recognized
only when received.

      The following  table sets forth  information  regarding the  components of
nonperforming assets at the dates indicated (dollars in thousands):

                                      June 30, 2001         December 31, 2000
                                      -------------         -----------------
Real estate loans                     $          409           $        309
Commercial loans                                 309                    277
Consumer loans                                     2                      -
                                      --------------           ------------
     Total non-accrual loans                     720                    586
Other real estate                                100                    175
Accruing loans 90 days past due..                  -                    107
                                      --------------           ------------
     Total nonperforming assets       $          820           $        868
                                      ==============           ============

                                   - 13 -

Bank Premises and Equipment

      Bank premises and  equipment was $11.3 million at June 30, 2001,  compared
to $10.1  million at December  31,  2000,  an increase of $1.2 million or 11.9%.
This increase was primarily due to the  acquisition of two new Bank branch sites
as well as the fixed  assets  associated  with the  Sarasota  Bank  acquisition,
partially  offset  by  the  depreciation  of the  buildings  and  equipment  and
amortization of leasehold improvements.

Deposits

      Total  deposits were $263.4  million at June 30, 2001,  compared to $202.2
million at  December  31,  2000,  an  increase  of $61.2  million or 30.3%.  The
increase in deposits was due in part to the  acquisition  of the Sarasota  Bank,
which had $24.9  million in deposits at the time of the  acquisition.  Including
the deposits  acquired from the Sarasota Bank,  during the six months ended June
30, 2001, demand deposits increased $16.7 million, NOW and money market deposits
increased $13.7 million,  and savings deposits and time deposits increased $30.8
million.

Short-term Debt

      At June 30, 2001,  there was $100 thousand of short-term debt  outstanding
compared to $0 outstanding at December 31, 2000. The Company drew on its line of
credit with an unaffiliated bank for working capital purposes.

Long-term Debt and Convertible Subordinated Debentures

      There  was  no   long-term   debt   outstanding   (excluding   convertible
subordinated  debentures)  at either June 30, 2001 or December 31, 2000. At June
30, 2001 there were no  convertible  subordinated  debentures  outstanding.  The
balance of  convertible  subordinated  debentures  at December 31, 2000 was $630
thousand.  These  debentures  were  called in  January  2001,  at which time the
holders elected to convert the debentures into Common Stock.

Mandatory Redeemable Capital Securities of Subsidiary Trust

      In December 1998, the Company,  through a statutory business trust created
and owned by the  Company,  issued  approximately  $6.7  million  (including  an
overallotment of approximately $750 thousand that closed on January 14, 1999) of
Trust Preferred  Securities that will mature on December 10, 2028. The principal
assets of the Trust are Debentures  issued to the Company in an aggregate amount
of $6.96 million, with an interest rate of 9.40% and a maturity date of December
10, 2028.

Stockholders' Equity

      Stockholders' equity was $24.8 million at June 30, 2001, or 7.90% of total
assets,  compared to $19.5  million,  or 8.01% of total  assets at December  31,
2000. At June 30, 2001,  the Bank's Tier I (core)  Capital ratio was 7.51%,  its
Tier I Risk-based  Capital  ratio was 8.90%,  and its Total  Risk-based  Capital
ratio was 10.15%.  The capital  ratios of the Bank at that date all exceeded the
minimum  regulatory  guidelines  for  an  institution  to  be  considered  "well
capitalized".  The increase in stockholders'  equity was due to year to date net
income,  less  dividends  declared and changes in the market value of securities
available for sale, net of deferred taxes.


                                   - 14 -

COMPARISON OF RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED
JUNE 30, 2001 AND 2000

Overview

      Net income for the three months  ended June 30, 2001 was $766  thousand or
$0.17 per share  diluted,  compared to $760  thousand or $0.17 per share diluted
for the same  period in 2000.  On a  pre-tax  basis,  United  Trust  earned  $76
thousand in 2001 versus $139  thousand in 2000,  EPW earned $68 thousand  versus
$90 thousand and Commercial  Banking's pre-tax profits increased to $1.3 million
from $1.2 million during this same period. Analysis of Net Interest Income

      Interest income for the three months ended June 30, 2001 was $5.8 million,
compared to $4.6  million for the same period in 2000,  a $1.2  million or 26.1%
increase.  This  increase in interest  income is primarily due to an increase in
earning  assets,  consisting  mostly of federal  funds sold and loans  including
earning assets acquired from the Sarasota Bank,  offset by a decline in interest
rates.  Interest  expense was $2.6  million for the three  months ended June 30,
2001,  compared to $2.0  million for the same period in 2000,  a $0.6 million or
30.0%  increase.  This  increase  is  primarily  due to an  increase in interest
bearing  liabilities,  including  those  liabilities  acquired from the Sarasota
Bank, somewhat offset by a decline in interest rates.

Provision for Loan Losses

      For the three months ended June 30, 2001,  the  provision  for loan losses
charged to expense was $210  thousand,  compared to $200  thousand  for the same
period in 2000,  an increase of $10 thousand or 5.0%.  The allowance of possible
loan losses was $3.5 million at June 30, 2001.  Management's  judgment as to the
adequacy of the allowance is based upon a number of assumptions about the future
events which it believes to be reasonable, but which may or may not be accurate.
Because of the inherent  uncertainty of  assumptions  made during the evaluation
process,  there can be no assurance  that loan losses in future periods will not
exceed the allowance for loan losses or that  additional  provisions will not be
required.

Noninterest Income

      Noninterest  income  for the three  months  ended  June 30,  2001 was $1.4
million  compared to $1.3  million  for the same period in 2000,  an increase of
$0.1 million or 7.7%.  This increase was primarily due to an increase in service
charges on deposit accounts.

Noninterest Expense

      Total  noninterest  expense for the three  months  ended June 30, 2001 was
$3.2 million  compared to $2.6 million for the same period in 2000,  an increase
of $0.6  million or 23.1%.  This  increase  was due to  increases  in salary and
benefits  expense of $470  thousand,  occupancy  and  equipment  expense of $165
thousand,  and  data  processing  expense  of $37  thousand.  Included  in these
categories  are the  expenses of the Sarasota  Bank that was acquired  effective
April 1, 2001.

COMPARISON OF RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED
JUNE 30, 2001 AND 2000



                                   - 15 -

Overview

      Net  income for the six months  ended  June 30,  2001 was $1.5  million or
$0.33 per share diluted, compared to $1.2 million or $0.28 per share diluted for
the same period in 2000. On a pre-tax  basis,  United Trust earned $103 thousand
in 2001 versus $198 thousand in 2000, EPW's pre-tax  operating profits were $136
thousand  versus a $100 thousand loss in 2000 (after  deducting $280 thousand of
costs  associated  with a cash  payment in lieu of the  issuance of  performance
shares) and Commercial  Banking's pre-tax profits increased to $2.6 million from
$2.3 million during this same period.

Analysis of Net Interest Income

      Interest  income for the six months ended June 30, 2001 was $10.9 million,
compared to $8.9  million for the same period in 2000,  a $2.0  million or 22.5%
increase.  This  increase in interest  income is primarily due to an increase in
earning assets,  consisting mostly of federal loans sold,  partially offset by a
general  decrease in interest rates.  Interest  expense was $4.8 million for the
six months ended June 30, 2001,  compared to $3.7 million for the same period in
2000, a $1.1 million or 29.7%  increase.  This  increase is primarily  due to an
increase in interest bearing liabilities  partially offset by a general decrease
in interest rates.

Provision for Loan Losses

      For the six months  ended June 30,  2001,  the  provision  for loan losses
charged to expense was $420  thousand,  compared to $350  thousand  for the same
period in 2000, an increase of $70 thousand or 20.0%.  The allowance of possible
loan losses was $3.5 million at June 30, 2001.  Management's  judgment as to the
adequacy of the allowance is based upon a number of assumptions about the future
events which it believes to be reasonable, but which may or may not be accurate.
Because of the inherent  uncertainty of  assumptions  made during the evaluation
process,  there can be no assurance  that loan losses in future periods will not
exceed the allowance for loan losses or that  additional  provisions will not be
required.

Noninterest Income

      Noninterest income for the six months ended June 30, 2001 was $2.8 million
compared  to $2.5  million  for the same  period in 2000,  an  increase  of $0.3
million or 12.0%.  This  increase  was  primarily  due to an increase in service
charges on deposit accounts of $143 thousand and an increase of $100 thousand in
the gain on sale of loans during this period.

Noninterest Expense

      Total noninterest  expense for the six months ended June 30, 2001 was $6.1
million  compared to $5.4  million  for the same period in 2000,  an increase of
$0.7 million or 13.0%. This increase was due to increases in salary and benefits
expense of $505 thousand, occupancy and equipment expense of $237 thousand, data
processing  expense of $88  thousand,  partially  offset by a decrease  in other
operating  expense of $195  thousand,  which in the prior  period  included  REO
expense of $123 thousand.





                                   - 16 -

LIQUIDITY

       During the six months ended June 30, 2001, the Company's  primary sources
of funds  consisted  of deposit  inflows  and  proceeds  from the  maturity  and
principal  repayment  of  securities  available  for sale.  The Company used its
capital resources  principally to fund existing and continuing loan commitments,
to purchase loan  participations  and to purchase  overnight  investments  (i.e.
federal funds sold).  At June 30, 2001, the Company had commitments to originate
loans  totaling  $11.4  million.  Management  believes  the Company has adequate
resources to fund all its  commitments.  Management  also  believes  that, if so
desired,  it can  adjust  the rates on time  deposits  to retain  deposits  in a
changing interest rate environment. As a Florida-chartered  commercial bank, the
Bank is required  to  maintain a liquidity  reserve of at least 15% of its total
transaction  accounts  and 8% of its total  nontransaction  accounts  less those
deposits of certain public funds.  The liquidity  reserve may consist of cash on
hand, cash on demand with other  correspondent  banks and other  investments and
short-term  marketable  securities  as defined,  such as federal  funds sold and
United States  securities or securities  guaranteed by the United States.  As of
June 30,  2001,  the Bank had  liquidity  of  approximately  $42.3  million,  or
approximately 18% of total deposits.

      Management  believes the Bank was in compliance  with all minimum  capital
requirements that it was subject to at June 30, 2001.



































                                   - 17 -

PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         The Company and the Bank are parties to various  legal  proceedings  in
the ordinary  course of business.  Management does not believe that there is any
pending or  threatened  proceeding  against the  Company or the Bank  which,  if
determined adversely,  would have a material effect on the business,  results of
operations, or financial position of the Company or the Bank.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

         The following shares of the Company's common stock, par value $0.01 per
share ("Common  Stock") and Series One Preferred  Stock,  were issued during the
six months ended June 30, 2001:

         On January 5, 2001, the Company called the $630 thousand of convertible
subordinated  debentures  that  were  issued  in 1996 in  conjunction  with  the
acquisition of EPW Investment Management,  Inc. The holders of these convertible
debentures  elected to convert their debentures into Common Stock,  resulting in
the Company issuing 152,783 shares.  These shares of Common Stock were issued in
reliance  upon  the  exemption  from  registration  under  Section  4(2)  of the
Securities  Act of 1933 as  transactions  by an issuer not  involving any public
offering.

         On January 31, 2001, an aggregate of 39,721 shares of Common Stock were
issued to certain  officers of United Trust pursuant to an incentive  stock plan
established in connection with the acquisition of Fiduciary Services Corporation
("FSC").  These are the final  shares of Common  Stock to be issued  pursuant to
this plan. Under the plan, no additional cash or  consideration  was received by
the Company  pursuant to the  issuance of such  shares.  These  shares of Common
Stock were issued in reliance upon the exemption from registration under Section
4(2) of the  Securities Act of 1933 as  transactions  by an issuer not involving
any public offering.  The recipients of the securities issued  represented their
intentions to acquire the securities for investment only and not with a view for
resale  or  distribution  and  appropriate  legends  were  affixed  to the share
certificates issued.

         On April 1, 2001,  an aggregate of 402,473  shares of the newly created
Series  One  Preferred  Stock  was  issued,  as  partial  consideration,  to the
shareholders  of First  Security  Bank  (the  Sarasota  Bank).  The  shares  are
convertible  into Common Stock at $8.00 per share,  contingent upon the Sarasota
Bank  achieving  certain  net  interest  income  targets  as  specified  in  the
Acquisition  Agreement,  as amended. These shares of preferred stock were issued
in reliance  upon the  exemption  from  registration  under  Section 4(2) of the
Securities  Act of 1933 as  transactions  by an issuer not  involving any public
offering.  The recipients of the securities issued  represented their intentions
to acquire the securities for investment  only and not with a view for resale or
distribution  and  appropriate  legends were  affixed to the share  certificates
issued.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         None.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS

         The Annual  Meeting  of  Shareholders  (the  "Annual  Meeting")  of the
                                   - 18 -

Company was held on April 24, 2001. At the Annual Meeting  3,608,321 shares were
present in person or by proxy. The following matters were submitted to a vote of
shareholders:

1.      To elect five persons as members of the Board of Directors.
       The following directors were elected with a summary of the votes cast for
each nominee:

                          FOR           AGAINST       ABSTAIN         TERM
                        ---------       -------       -------       --------
 Robert J. Banks        3,608,096         225            -          3 years
 David K. Davis, M.D.   3,607,896         425            -          3 years
 Jack A. MaCris, M.D.   3,607,896         425            -          3 years
 Neil W. Savage         3,608,096         225            -          3 years
 John B. Wier, Jr.      3,608,096         225            -          3 years

       In addition to the foregoing,  the following individuals are directors of
       United Financial whose terms continued after the Annual Meeting:

     Ronald E. Clampitt                                   Charles O. Lowe
     Ward J. Curtis                                       William B. McQueen
     William A. Eickhoff                                  John B. Norrie
     Edward D. Foreman                                    Ronald R. Petrini
     Ian F. Irwin                                         Harold J. Winner

  Also,  James U. Wade,  President  of United Bank of the Gulf  Coast,  was
  appointed to serve on the Board of Directors after the Annual Meeting.

2.  To ratify the appointment of Grant Thornton L.L.P. as the Company's
    independent auditors for 2001.

        FOR                        AGAINST                      ABSTAIN
     3,603,696                       625                         4,000

       Grant Thornton was retained as independent accountants for the Company.

ITEM 5.  OTHER INFORMATION

         None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits

     27       Financial Data Schedule

(b) Reports on Form 8-K

     There were no reports on Form 8-K filed  during the period  ending June 30,
2001.








                                   - 19 -



                UNITED FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES

                                   SIGNATURES

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


                                       UNITED FINANCIAL HOLDINGS, INC.
                                       (Registrant)

Date:   August 8, 2001                 By:   /s/ NEIL W. SAVAGE
      ------------------                    -------------------
                                            Neil W. Savage
                                            President and
                                            Chief Executive Officer



Date:   August 8, 2001                 By:   /s/ C. PETER BARDIN
      ------------------                    --------------------
                                            C. Peter Bardin
                                            Senior Vice President and
                                            Chief Financial Officer
                                            (Principal Financial and
                                            Accounting Officer)



























                                   - 20 -