FORM 10-Q
                       Securities and Exchange Commission
                             Washington, D.C. 20549
                            -------------------------

             [X] Quarterly Report Pursuant to Section 13 or 15(d)

                     of the Securities Exchange Act of 1934

                  For the quarterly period ended March 31, 2000

                                       or

             [ ] Transition Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934
                            -------------------------

                           Commission File # 000-30521

                              Lenawee Bancorp, Inc.
             (Exact name of registrant as specified in its charter)

              Michigan                                       38-3088340
     (State or other jurisdiction of                      (I.R.S. Employer
      incorporation or organization)                     Identification No.)


                 135 East Maumee Street, Adrian, Michigan 49221
          (Address of principal executive offices, including Zip Code)

       Registrant's telephone number, including area code: (517) 265-5144,
                               Fax (517) 265-3926

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for shorter periods that the registrant was required
to file such reports),  and (2) has been subject to such filing requirements for
the past 90 days.

                     Yes [ ]                      No   [X]

As of May 11, 2000,  there were 853,913  outstanding  shares of the registrant's
common stock, no par value.

                                     Page 1
<PAGE>
                              CROSS REFERENCE TABLE


ITEM NO.                           DESCRIPTION                          PAGE NO.
--------------------------------------------------------------------------------

                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements (Condensed)
         (a)  Report of Independent Accountants                                3
         (b)  Consolidated Balance Sheets                                      4
         (c)  Consolidated Statements of Income and Comprehensive Income       5
         (d)  Consolidated Statements of Cash Flows                            6
         (e)  Notes to Financial Statements                                    7
Item 2.  Management's Discussion and Analysis of
         Financial Condition and Results of Operations                         9

Item 3.  Quantitative and Qualitative Disclosures About Market Risk           14


                           PART II -OTHER INFORMATION

Item 1.  Legal Proceedings                                                    14
Item 2.  Changes in Securities and Use of Proceeds                            15
Item 3.  Defaults Upon Senior Securities                                      15
Item 4.  Submission of Matters to a Vote of Security Holders                  15
Item 5.  Other Information                                                    15
Item 6.  Exhibits and Reports on Form 8-K                                     15

Signatures                                                                    16
Exhibit Index                                                                 16


                                     Page 2
<PAGE>
                        REPORT OF INDEPENDENT ACCOUNTANTS



Shareholders and Board of Directors
Lenawee Bancorp, Inc.
Adrian, Michigan


We have reviewed the consolidated  balance sheet of Lenawee Bancorp,  Inc. as of
March 31, 2000 and the related condensed  consolidated  statements of income and
comprehensive  income and cash flows for the  periods  ended  March 31, 2000 and
1999.  These  financial  statements  are  the  responsibility  of the  Company's
management.

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants.  A review  of  interim  financial
information consists principally of applying analytical  procedures to financial
data and making  inquiries of persons  responsible  for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with  generally  accepted  auditing  standards,  the  objective  of which is the
expression of an opinion  regarding the financial  statements  taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material  modifications that should
be made to the  accompanying  financial  statements for them to be in conformity
with generally accepted accounting principles.



                                           /s/ Crowe, Chizek and Company LLP

South Bend, Indiana
May 5, 2000


                                     Page 3
<PAGE>
                                     PART I
                              FINANCIAL INFORMATION

ITEM 1- FINANCIAL STATEMENTS

<TABLE>
(b) CONDENSED CONSOLIDATED BALANCE SHEETS                                               March 31,
In thousands of dollars                                                                   2000          December 31,
                                                                                       (unaudited)          1999
                                                                                        ---------           ----
ASSETS
<S>                                                                                     <C>              <C>
Cash and due from banks                                                                 $    9,449       $    7,310
Federal funds sold                                                                               -            2,200
                                                                                        ----------       ----------
     Total cash and cash equivalents                                                         9,449            9,510

Securities available for sale                                                               21,078           23,024
Federal Home Loan Bank stock, at cost                                                        2,504            2,504
Federal Reserve Bank stock, at cost                                                            360              360

Loans receivable, net of allowance for loan losses                                         198,457          192,721
Loans held for sale                                                                            691              759
Premises and equipment, net                                                                  6,393            6,521
Accrued interest receivable                                                                  1,785            1,576
Mortgage servicing asset                                                                     1,340            1,335
Other assets                                                                                 1,482            1,594
                                                                                        ----------       ----------
     Total assets                                                                       $  243,539       $  239,904
                                                                                        ==========       ==========

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
     Noninterest bearing                                                                $   36,024       $   36,687
     Interest bearing                                                                      169,866          162,519
                                                                                        ----------       ----------
         Total deposits                                                                    205,890          199,206

Borrowed funds                                                                              12,884           16,177
Accrued interest payable                                                                       717              644
Other liabilities                                                                              865            1,102
                                                                                        ----------       ----------
     Total liabilities                                                                     220,356          217,129

Common stock subject to repurchase obligation in ESOP                                        4,326            4,326

Shareholders' Equity
     Common stock and paid-in capital, no par value                                         10,500           10,430
     Retained earnings                                                                       8,767            8,353
     Accumulated other comprehensive income (loss),
       net of tax                                                                             (410)            (334)
                                                                                        ----------       ----------
         Total shareholders' equity                                                         18,857           18,449
                                                                                        ----------       ----------

              Total liabilities and shareholders' equity                                $  243,539       $  239,904
                                                                                        ==========       ==========
</TABLE>
          See accompanying notes to consolidated financial statements.

                                     Page 4
<PAGE>
<TABLE>
(c)  CONDENSED CONSOLIDATED STATEMENTS OF
     INCOME AND COMPREHENSIVE INCOME (unaudited)                                            Three Months Ended
In thousands of dollars, except per share data                                                   March 31,
                                                                                          ----------------------
                                                                                           2000            1999
                                                                                           ----            ----
<S>                                                                                      <C>              <C>
Interest and dividend income
     Loans receivable, including fees                                                    $   4,451        $   3,556
     Taxable securities                                                                        260              437
     Nontaxable securities                                                                     100               76
     Federal funds sold                                                                         21               59
     Other                                                                                       1               21
                                                                                         ---------        ---------
         Total interest and dividend income                                                  4,833            4,149

Interest expense
     Deposits                                                                                1,745            1,390
     Federal Home Loan Bank advances                                                           174               93
     Other                                                                                      25               28
                                                                                         ---------        ---------
         Total interest expense                                                              1,944            1,511
                                                                                         ---------        ---------

Net interest income                                                                          2,889            2,638
     Provision for loan losses                                                                  30                -
                                                                                         ---------        ---------

Net interest income after provision for loan losses                                          2,859            2,638

Noninterest income
     Service charges and fees                                                                  268              219
     Net gains on loan sales                                                                    60              299
     Loan servicing fees, net of amortization                                                   79               16
     Other                                                                                      19               20
                                                                                         ---------        ---------
                                                                                               426              554

Noninterest expense
     Salaries and employee benefits                                                          1,313            1,363
     Occupancy and equipment                                                                   404              419
     Other                                                                                     524              448
                                                                                         ---------        ---------
                                                                                             2,241            2,230
                                                                                         ---------        ---------
Income before income tax                                                                     1,044              962
     Income tax expense                                                                        340              306
                                                                                         ---------        ---------

Net income                                                                               $     704        $     656
                                                                                         =========        =========

Comprehensive income                                                                     $     628        $     501
                                                                                         =========        =========
Basic earnings per share                                                                 $    0.83        $    0.77
                                                                                         =========        =========
Diluted earnings per share                                                               $    0.81        $    0.77
                                                                                         =========        =========
</TABLE>
          See accompanying notes to consolidated financial statements.

                                     Page 5
<PAGE>
<TABLE>
(d)  CONDENSED CONSOLIDATED STATEMENTS OF
     CASH FLOWS (unaudited)                                                                  Three Months Ended
In thousands of dollars                                                                           March 31,
                                                                                           2000             1999
                                                                                           ----             ----
<S>                                                                                       <C>              <C>
Cash flows from operating activities
     Net income                                                                           $    704         $    656
     Adjustments to reconcile net income to
       net cash from operating activities
         Depreciation                                                                          182              186
         Provision for loan losses                                                              30                -
         Net amortization and accretion on securities
           available for sale                                                                   16               44
         Amortization of mortgage servicing rights                                              22               69
         Loans originated for sale                                                          (4,221)         (12,460)
         Proceeds from sale of mortgage loans                                                4,322           13,848
         Net gains on sales of mortgage loans                                                  (60)            (299)
     Net change in:
         Deferred loan origination fees                                                        (19)              26
         Accrued interest receivable                                                          (209)             (76)
         Other assets                                                                          152              424
         Accrued interest payable                                                               73              (14)
         Other liabilities                                                                    (237)            (613)
                                                                                          --------         --------
              Net cash from operating activities                                               755            1,791
                                                                                          --------         --------

Cash flows from investing activities Proceeds from:
         Maturities, calls and principal payments on
           securities available for sale                                                     1,814            5,655
     Purchases of:
         Securities available for sale                                                           -           (9,980)
         Premises and equipment                                                                (54)            (109)
     Net increase in loans                                                                  (5,747)            (698)
                                                                                          --------         --------
              Net cash from investing activities                                            (3,987)          (5,132)
                                                                                          --------         --------

Cash flows from financing activities
     Net change in deposits                                                                  6,684           (3,913)
     Net change in borrowed funds                                                           (3,293)              69
     Change in shareholders' equity                                                           (220)             (96)
                                                                                          --------         --------
              Net cash from financing activities                                             3,171           (3,840)
                                                                                          --------         --------

Net change in cash and cash equivalents                                                        (61)          (7,181)

Cash and cash equivalents at beginning of period                                             9,510           18,702
                                                                                          --------         --------

Cash and cash equivalents at end of period                                                $  9,449         $ 11,521
                                                                                          ========         ========

     Cash paid for:
         Interest                                                                         $  2,816         $  2,652
         Income taxes                                                                            -                -
</TABLE>

          See accompanying notes to consolidated financial statements.

                                     Page 6
<PAGE>
(e)   NOTES TO FINANCIAL STATEMENT (unaudited)

NOTE 1 - BASIS OF PRESENTATION
The unaudited condensed  consolidated  financial  statements of Lenawee Bancorp,
Inc. (the "Company")  have been prepared in accordance  with generally  accepted
accounting  principles for interim financial information and the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all
of the  information  and  footnotes  required by generally  accepted  accounting
principles for complete financial statements. In the opinion of management,  all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair  presentation  have been  included.  Operating  results for the three month
period ended March 31, 2000 are not  necessarily  indicative of the results that
may be expected for the year ending December 31, 2000. For further  information,
refer to the consolidated financial statements and footnotes thereto included in
the Company's Annual Report on Form 10 for the year ended December 31, 1999.

NOTE 2 - LOAN  SERVICING
Mortgage  loans  serviced  for  others  are  not  included  in the  accompanying
consolidated  statements.  The  unpaid  principal  balances  of  mortgage  loans
serviced for others was  approximately  $183,269,000 and $150,900,000 at the end
of March 2000 and 1999.  Mortgage  servicing  rights  activity in  thousands  of
dollars for the three months ended March 31, 2000 and 1999 follows:
<TABLE>
      Unamortized cost of mortgage servicing rights                                 2000            1999
      ---------------------------------------------                                 ----            ----
      <S>                                                                          <C>             <C>
      Balance at January 1                                                         $   1,335       $   1,098
      Amount capitalized year to date                                                     27             141
      Amount amortized year to date                                                      (22)            (69)
                                                                                   ---------       ---------
      Balance at period end                                                        $   1,340       $   1,170
                                                                                   =========       =========
</TABLE>

No valuation allowance was considered necessary for mortgage servicing rights at
period end 2000 and 1999.

NOTE 3 - EARNING PER SHARE

A  reconciliation  of the numerators and  denominators of the basic earnings and
diluted  earnings  per share  computations  for the three months ended March 31,
2000 and 1999 is presented below:
<TABLE>
                                                                                   2000             1999
                                                                                   ----             ----
      <S>                                                                       <C>             <C>
      Basic earnings per share
      ------------------------
      Net income available to common shareholders                               $  704,000      $  656,000
                                                                                ==========      ==========
      Weighted average common shares outstanding                                   852,939         852,481
                                                                                ==========      ==========
      Basic earnings per share                                                  $     0.83      $     0.77
                                                                                ==========      ==========

      Diluted earnings per share
      --------------------------
      Net income available to common shareholders                               $  704,000      $  656,000
                                                                                ==========      ==========
      Weighted average common shares outstanding                                   852,939         852,481
      Add:  Dilutive effects of exercise of stock options                           12,343              79
                                                                                ----------      ----------
      Weighted average common and dilutive
        potential shares outstanding                                               865,282         853,273
                                                                                ==========      ==========
      Diluted earnings per share                                                $     0.81      $     0.77
                                                                                ==========      ==========
</TABLE>
                                     Page 7
<PAGE>
NOTE 4 - ACCOUNTING FOR STOCK BASED COMPENSATION
SFAS  No.  123,  Accounting  for  Stock-Based  Compensation,  requires  proforma
disclosures for companies that do not adopt its fair value accounting method for
stock-based  compensation.   Accordingly,  the  following  proforma  information
presents net income and basic and diluted  earnings per share had the fair value
method been used to measure compensation for stock options granted. The exercise
price of options  granted  in years  prior to 2000 is  equivalent  to the market
value of the underlying  stock at the grant date.  Accordingly,  no compensation
expense was actually  recognized  for stock options  granted in the three months
ended March 31, 2000 and 1999.

<TABLE>
                                                                                   2000             1999
                                                                                   ----             ----
     <S>                                                                        <C>              <C>
     Net income as reported                                                     $    704,000     $   656,000
     Proforma net income                                                             691,000         649,000
     Reported earnings per common share
         Basic                                                                  $       0.83     $      0.77
         Diluted                                                                        0.81            0.77
     Proforma earnings per common share
         Basic                                                                          0.81            0.76
         Diluted                                                                        0.80            0.76
</TABLE>
The fair value of options  granted is  estimated  using option  pricing  models,
using the following weighted average information:

<TABLE>
                                                                                      2000             1999
                                                                                      ----             ----
     <S>                                                                             <C>             <C>
     Risk-free interest rate                                                           6.65%           5.10%
     Expected option life                                                            8 years         8 years
     Expected stock price volatility                                                    0.21         Nominal
     Expected dividends                                                                1.35%           1.86%
</TABLE>
The weighted  average fair value of stock  options  granted was $21.43 and $7.09
for 2000 and 1999,  respectively.  At March 31, 2000, options  outstanding had a
weighted average remaining life of 8.4 years.

In future years, as additional  options are granted,  the proforma effect on net
income and  earnings per share may  increase.  The Company  granted  5,720 stock
options during the first quarter of 2000 with an exercise price below the market
value of the  underlying  stock at the  grant  date.  Accordingly,  compensation
expense equal to the  difference  between the fair value and exercise price will
be recorded over the vesting period of the options, which is 5 years.

Stock options are used to reward  directors and certain  executive  officers and
provide them with an additional equity interest. Options are issued for ten year
periods and vest over five years.  Information about options available for grant
and options granted follows:

                                     Page 8
<PAGE>
<TABLE>
                                                                              Weighted-
                                                                               Average
                                                        Available              Options              Exercise
                                                      For Grant (1)          Outstanding            Price (1)
                                                      -------------          -----------            --------
     <S>                                                 <C>                  <C>                   <C>
     Balance at December 31, 1998                        33,180                 16,440              $   21.37
         Options issued                                  (5,720)                 5,720                  36.00
         Options exercised                                    -                      -                      -
                                                      ---------               --------              ---------
     Balance at March 31, 1999
        and December 31, 1999                            27,460                 22,160                  25.14
         Options issued                                  (5,720)                 5,720                  44.00
         Options exercised                                    -                      -                      -
                                                      ---------               --------              ---------
     Balance at March 31, 2000                           21,740                 27,880              $   29.01
                                                      =========               ========              =========
</TABLE>
         (1)  Restated for a two-for-one stock split in 1998 and 1999.


ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS

This discussion provides information about the consolidated  financial condition
and results of operations of Lenawee Bancorp,  Inc. and its subsidiary,  Bank of
Lenawee ("Bank"),  as of March 31, 2000 for the three month periods ending March
31, 2000 and 1999.

FINANCIAL CONDITION

Securities
The Company's  investment  securities  portfolio continued to decline during the
first quarter of 2000.  Principal  repayments on mortgage backed securities,  as
well  as a  maturity  within  the  portfolio,  contributed  to the  decrease  in
balances,  as nothing was replaced during the quarter. In spite of this decline,
the mix of the securities  portfolio remains relatively unchanged from period to
period over the long term.

Loans
Loan  growth  continued  to be strong  during  the first  quarter  of 2000,  and
exceeded the levels achieved in 1999. During the first three months,  annualized
loan  growth  was  11.7%,  compared  to 1.7%  for the  same  period  last  year.
Commercial and mortgage  loans led the increases,  while consumer loans remained
unchanged.

The mix of the loan portfolio reflected this growth trend,  although overall the
mix has remained  relatively  unchanged from prior periods.  Over the long term,
the trend is toward an increased percentage of business loans.

                                     Page 9
<PAGE>
Credit Quality
The  Company  continues  to  monitor  the asset  quality  of the loan  portfolio
utilizing  a loan  review  officer  who,  combined  with  external  loan  review
specialists,  periodically  submits  reports to the Chief Lending Officer and to
the Board of Directors regarding the credit quality of the loan portfolio.  This
review is independent of the loan approval process.  Also,  management continues
to monitor  delinquencies,  nonperforming  assets and potential problem loans to
assess the continued quality of the Company's loan portfolio.

Nonperforming  loans are  comprised of (1) loans  accounted  for on a nonaccrual
basis,  (2)  loans  contractually  past  due 90 days or more as to  interest  or
principal  payments (but not included in the nonaccrual  loans in (1) above) and
(3) other  nonperforming  loans (but not  included  in (1) or (2)  above)  which
consist of loan arrangements  under the Business Manager program.  The aggregate
amount of  nonperforming  loans, in thousands of dollars,  is shown in the table
below.  The  Company's  classifications  of  nonperforming  loans are  generally
consistent with loans identified as impaired.

The chart below shows the makeup of the Company's  nonperforming assets by type,
in thousands of dollars, as of March 31, 2000 and 1999, and December 31, 1999.
<TABLE>
                                                                         3/31/2000      12/31/1999        3/31/1999
                                                                         ---------      ----------        ---------
     <S>                                                                 <C>            <C>               <C>
     Nonaccrual loans                                                    $   1,571      $    1,571        $      71
     90 days or more past due & still accruing                                  85             275              383
     Other nonperforming loans                                               1,148           1,500                -
                                                                         ---------      ----------        ---------
         Total nonperforming loans                                           2,804           3,346              454
     Other real estate                                                         377             255              291
                                                                         ---------      ----------        ---------
         Total nonperforming assets                                      $   3,181      $    3,601        $     745
                                                                         =========      ==========        =========

     Nonperforming loans as a percent of total loans                         1.38%           1.73%            0.29%
     Nonperforming assets as a percent of total loans                        1.57%           1.87%            0.47%
     Nonperforming loans as a percent of the allowance
       for loan losses                                                      60.18%          72.02%           20.90%
</TABLE>
Subsequent to December 31, 1999, the Company became aware of circumstances which
occurred  in 1999,  involving  loans to a single  borrower in which the Bank had
purchased a  participating  interest from another  financial  institution.  As a
result of these  circumstances,  management  concluded  that a loss was probable
and,  accordingly,  recorded  an  additional  provision  for loan losses of $2.3
million for 1999 on loans  outstanding of  approximately  $3 million.  This loan
relationship  is reflected in the above table in the  categories  of  nonaccrual
loans and other nonperforming loans at December 31, 1999 and March 31, 2000. The
outstanding  balance  of  the  loan  relationship  has  decreased  approximately
$350,000 since December 31, 1999. In addition, these loans were considered to be
impaired at December 31, 1999 and continue to be impaired at March 31, 2000. The
foregoing  explains the large  variance  noted above in  nonperforming  loans as
compared to March 31, 1999.

                                    Page 10
<PAGE>
The Company has  increased its provision for loan losses over the same period in
1999 as a result of the  increase in loan  volume.  The  provision  provides for
currently  anticipated losses inherent in the current portfolio.  An analysis of
the  allowance  for loan losses,  in thousands of dollars,  for the three months
ended March 31, 2000 and 1999 follows:
<TABLE>
                                                                                     2000             1999
                                                                                     ----             ----
     <S>                                                                           <C>            <C>
     Balance at beginning of period                                                $   4,646      $    2,182
     Loans charged off                                                                   (44)            (20)
     Recoveries credited to allowance                                                     27              10
     Provision charged to operations                                                      30               -
                                                                                   ---------      ----------
     Balance at end of period                                                      $   4,659      $    2,172
                                                                                   =========      ==========
</TABLE>

Deposits
Total deposits increased during the quarter at a rate higher than experienced in
recent periods. Annualized deposit growth for the quarter was 13.4%, compared to
7.2% for all of 1999. Interest bearing deposits  experienced the majority of the
increase  during the period.  Management  anticipates  moderate  deposit  growth
during 2000 as a result of continued expansion in new and existing markets.

Liquidity
The Bank maintained an average funds borrowed  position for the first quarter of
2000,  although  generally  the Bank moves in and out of the fed funds market as
liquidity needs vary. Borrowings declined from December 31, 1999, and management
anticipates  that deposit and loan growth will cause continued  variation in the
short term funds  position of the Bank.  The Company has a number of  additional
liquidity  sources should the need arise, and management has no concerns for the
liquidity position of the Company.

Capital Resources
The  capital  ratios  of the Bank  exceed  the  regulatory  guidelines  for well
capitalized  institutions.  The following  table shows the Bank's capital ratios
and ratio calculations at March 31, 2000 and 1999 and December 31, 1999.
<TABLE>
                                                  Regulatory Guidelines                  Bank of Lenawee
                                                  ---------------------                  ---------------
                                               Adequate          Well       3/31/2000      12/31/1999       3/31/1999
                                               --------          ----       ---------      ----------       ---------
     <S>                                          <C>            <C>           <C>            <C>             <C>
     Total risk adjusted capital ratio             8%             10%          11.9%          12.1%           13.3%
     Tier 1 risk adjusted capital ratio            4%              6%          10.7%          10.8%           12.1%
     Tier 1 capital to average assets              4%              5%           9.4%           9.3%            9.8%
</TABLE>

                                     Page 11
<PAGE>
Results of Operations

Net Interest Income
Both yields on earning  assets and cost of funds  increased  from  December  31,
1999.  The net result was a tightening of spread and net interest  margin.  This
tightening is primarily a result of the Company's  interest  liability-sensitive
position,  reflecting  a risk to earnings  when  interest  rates rise.  In fact,
interest  rates have risen  during  recent  periods,  resulting  in the expected
decline in margin.  However,  the Company's  margin  remains  quite strong,  and
management continues to take steps to neutralize some portion of this risk.

The following  table shows the year to date daily average  Consolidated  Balance
Sheet,  interest earned or paid, and the annualized effective rate or yield, for
the periods ended March 31, 2000 and 1999.

<TABLE>
Yield Analysis of Consolidated Average Assets and Liabilities
Dollars in thousands                               3/31/2000                                 3/31/1999
                                    Average        Interest                    Average       Interest
                                  Outstanding       Earned/      Yield/       Outstanding      Earned/     Yield/
                                    Balance          Paid         Rate          Balance         Paid        Rate
                                    -------          ----         ----          -------         ----        ----
<S>                                <C>              <C>           <C>       <C>              <C>           <C>
Interest earning assets:
Loans (1)                          $ 192,514        $  4,451      9.25%     $  155,564       $  3,556      9.14%
Securities available for sale (2)     22,180             310      5.59%         33,927            463      5.46%
Federal funds sold                     1,607              21      5.23%          4,628             59      5.10%
Federal Home Loan Bank stock           2,504              50      7.99%          2,504             50      7.99%
Interest-bearing balances with
  other financial institutions            81               1      4.94%          1,840             21      4.57%
                                   ---------        --------                ----------       --------
     Total int. earning assets       218,886           4,833      8.83%        198,463          4,149      8.36%
Noninterest-earning assets:
Cash and due from financial
   institutions                        7,911                                     7,758
Premises and equipment, net            6,466                                     6,610
Other assets                           4,351                                     3,548
                                   ---------                                ----------
     Total Assets                  $ 237,614                                $  216,379
                                   =========                                ==========

Interest bearing liabilities:
Interest bearing demand
  deposits                         $  51,792        $    427      3.30%     $   49,201       $    324      2.63%
Savings deposits                      23,486              88      1.50%         24,386            104      1.71%
Time deposits                         89,980           1,235      5.49%         77,317            964      4.99%
Repurchase agreements and
   other borrowings                    1,655              20      4.83%          2,967             26      3.51%
FHLB advances                         11,681             174      5.96%          6,554             93      5.68%
                                   ---------        --------                ----------       --------
     Total int. bearing liabilities  178,594           1,944      4.35%        160,425          1,511      3.77%
Noninterest-bearing liabilities:
Demand deposits                       34,411                                    31,961
Other liabilities                      1,630                                     1,444
                                   ---------                                ----------
     Total liabilities               214,635                                   193,830
Shareholders' equity                  22,979                                    22,549
                                   ---------                                ----------
Total liabilities and
  shareholders' equity             $ 237,614                                $  216,379
                                   =========                                ==========
Net interest income (2)                             $  2,889                                 $  2,638
                                                    ========                                 ========
Net spread (2)                                                    4.48%                                    4.59%
                                                                  =====                                    =====
Net yield on interest earning assets (2)                          5.28%                                    5.32%
                                                                  =====                                    =====
Ratio of interest earning assets to
  interest bearing liabilities          1.23                                      1.24
                                   =========                                      ====
</TABLE>
(1)  Non-accrual  loans and overdrafts  are included in the average  balances of
     loans.
(2)  Interest income on tax-exempt securities has not been adjusted to a taxable
     equivalent basis.

                                    Page 12
<PAGE>
Noninterest Income
For the first  quarter of 2000,  noninterest  income from  banking  products and
services  has  declined  23.1% as compared  to the same  period in 1999.  Rising
interest rates have slowed the  originations of residential  mortgage loans and,
accordingly, the Company's volume of loan sales. A decrease in net gains on loan
sales of $169  thousand,  or 79.9%,  contributed  significantly  to the  overall
noninterest income decline. This decrease was partially offset by an increase of
22.4% in services charges and fees due tO deposit growth.

Noninterest  Expenses
Noninterest  expense  has  increased  slightly  over  the same  period  of 1999,
reflecting  continued  growth  and  expansion  of the  Bank.  Total  noninterest
expense, excluding provision for loan losses, for the first three months of 2000
was 0.5%  above  the same  period  for  1999.  Salaries  and  employee  benefits
decreased  3.7% as compared to the three months  ended March 31, 1999.  This was
mainly  attributable  to a decreased  level of employee  incentive  compensation
during the first quarter of 2000 as compared to the first quarter of 1999.  When
compared  to the three  months  ended  March 31,  1999,  the  category  of other
noninterest  expense increased 17.0% for 2000. This increase is due to increased
costs  during the first  quarter  of 2000 for ATM  service  charges,  insurance,
education and training and expenses  relative to the Business  Manager  program.
Management  expects  these  costs to  continue  rising  as the Bank  experiences
continued growth.

Federal  Income  Tax
There has been no  significant  change in the income tax position of the Company
during the first quarter of 2000.

Forward-Looking  Statements
Statements  contained  in  Management's  Discussion  and  Analysis of  Financial
Condition and Results of Operations include forward-looking  statements that are
based on management's beliefs, assumptions, current expectations,  estimates and
projections about the financial  services industry,  the economy,  and about the
Company itself. Words such as "anticipate,"  "believe," "determine," "estimate,"
"expect,"  forecast,   "intend,"  "is  likely,"  "plan,"  "project,"  "opinion,"
variations of such terms, and similar  expressions are intended to identify such
forward-looking  statements.  The presentations and discussions of the provision
and  allowance  for loan  losses,  and  determinations  as to the need for other
allowances presented in this report are inherently forward-looking statements in
that they  involve  judgements  and  statements  of belief as to the  outcome of
future events.  These  statements are not guarantees of future  performance  and
involve  certain risks,  uncertainties,  and  assumptions  that are difficult to
predict with regard to timing,  extent,  likelihood,  and degree of  occurrence.
Therefore,  actual results and outcomes may  materially  differ from what may be
expressed  or  forecasted  in  such  forward-looking  statements.  Internal  and
external  factors that may cause such a difference  include  changes in interest
rates and interest rate  relationships;  demand for products and  services;  the
degree of competition by traditional and non-traditional competitors; changes in
banking laws and regulations;  changes in tax laws;  changes in prices,  levies,
and  assessments;  the  impact  of  technological  advances;   governmental  and
regulatory  policy  changes;  the outcomes of pending and future  litigation and
contingencies;  trends in customer behavior and customer ability to repay loans;
software failure,  errors or miscalculations;  the ability of other companies on
which the Company relies to be Year 2000  compliant;  the ability of the Company
to locate and correct all data sensitive  computer code; and the vicissitudes of
the national economy.  The Company undertakes no obligation to update,  amend or
clarify  forward-looking  statements,  whether  as a result of new  information,
future events, or otherwise.

                                     Page 13
<PAGE>
ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company's  primary  market risk exposure is interest rate risk and liquidity
risk. All of the Company's  transactions are denominated in U.S. dollars with no
specific  foreign  exchange  exposure.  The  Company  has a limited  exposure to
commodity  prices  related to  agricultural  loans.  Any impacts that changes in
foreign  exchange  rates and commodity  prices would have on interest  rates are
assumed to be insignificant.

Interest rate risk (IRR) is the exposure of a banking  organization's  financial
condition to adverse movements in interest rates.  Accepting this risk can be an
important  source of profitability  and stockholder  value;  however,  excessive
levels of IRR could pose a  significant  threat to the  Company's  earnings  and
capital base.  Accordingly,  effective  risk  management  that  maintains IRR at
prudent levels is essential to the Company's safety and soundness.

Evaluating  a financial  institution's  exposure  to changes in  interest  rates
includes  assessing both the adequacy of the management  process used to control
IRR and the organization's  quantitative  level of exposure.  When assessing the
IRR management process,  the Company seeks to ensure that appropriate  policies,
procedures, management information systems and internal controls are in place to
maintain IRR at prudent levels with  consistence and continuity.  Evaluating the
quantitative  level of IRR exposure  requires the Company to assess the existing
and potential  future effects of changes in interest  rates on its  consolidated
financial condition, including capital adequacy, earnings, liquidity, and, where
appropriate, asset quality.

The Company has not experienced a material  change in its financial  instruments
that are sensitive to changes in interest rates since  December 31, 1999,  which
information can be located in the Form 10 document.

                                     PART II
                                OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS

The Company is not involved in any material  legal  proceedings.  The  Company's
sole subsidiary,  Bank of Lenawee,  is involved in ordinary  routine  litigation
incident to its business; however, no such proceedings are expected to result in
any material  adverse effect on the operations or earnings of the Bank.  Neither
the Bank nor the Company is involved in any  proceedings  to which any director,
principal  officer,   affiliate  thereof,  or  person  who  owns  of  record  or
beneficially  five percent (5%) or more of the outstanding  stock of the Company
or the Bank,  or any  associate of the  foregoing,  is a party or has a material
interest adverse to the Company or the Bank.

                                    Page 14
<PAGE>
ITEM 2 - CHANGES IN SECURITIES

No changes in the  securities of the Company  occurred  during the quarter ended
March 31, 2000.

ITEM 3 - DEFAULTS UPON SENIOR SECURITIES

There have been no defaults upon senior securities  relevant to the requirements
of this section during the three months ended March 31, 2000.

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted to a vote of security holders during the quarter ended
March 31, 2000.

ITEM 5 - OTHER INFORMATION
        None.

ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

(a)      Listing of Exhibits (numbered as in Item 601 of Regulation S-K):

         27.      Financial Data Schedule.

(b)      The Company has filed no reports on Form 8-K during the quarter ended
         March 31, 2000.






                                     Page 15
<PAGE>
SIGNATURES

Pursuant  to 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.

Lenawee Bancorp, Inc.
May 11, 2000


              /S/ Patrick K. Gill
              Patrick K. Gill
              President


EXHIBIT INDEX

EXHIBIT NO.                   DESCRIPTION

   27                    Financial Data Schedule




                                    Page 16