<PAGE>
 
                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             450 5TH STREET, N.W.
                            WASHINGTON, D. C. 20549

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

                                  FORM 10-QSB

(Mark One)
   X   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
  ---                                                                    
       EXCHANGE ACT OF 1934


For the quarterly period ended June 30, 1998
                               -------------

                                      OR

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

For the transition period from __________________ to ___________________

Commission File No. 0-23571


                           PROGRESSIVE BANCORP, INC.
                           -------------------------
            (Exact name of registrant as specified in its charter)



          Delaware                                         36-4178818
        ------------                                  ---------------------
(State or other jurisdiction of                          (I.R.S. Employer 
incorporation or organization)                          Identification No.)


601-617 Court Street, Pekin, Illinois                         61554
-------------------------------------                      -----------
(Address of principal executive office)                      (Zip Code)


Registrant's telephone number, including area code (309)-347-5101
                                                   --------------


Not applicable
-------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 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 the issuer's classes of common
stock, as of the latest practicable date.



              Class                                   Outstanding June 30, 1998
-------------------------------------                 -------------------------
Common Stock, par value $.01 per share                          174,369
<PAGE>
 
                  PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES



                                     INDEX


                                                                            PAGE
PART I. FINANCIAL INFORMATION
 
  ITEM 1. FINANCIAL STATEMENTS
 
        Condensed Consolidated Balance Sheets as of June 30, 1998
           (Unaudited) and September 30, 1997................................  1
        
        Condensed Consolidated Statements of Income (Unaudited)
           for the Three months ended June 30, 1998 and 1997
           and the Nine months ended June 30, 1998 and 1997..................  2
        
        Condensed Consolidated Statements of Cash Flows (Unaudited)
           for the Three months ended June 30, 1998 and 1997 and
           the Nine months ended June 30, 1998 and 1997......................  4
        
        Notes to Condensed Consolidated Financial Statements.................  6
 
  ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
            CONDITION AND RESULTS OF OPERATIONS..............................  7
 
PART II.  OTHER INFORMATION
<PAGE>
 
                        PART I.  FINANCIAL INFORMATION

                         ITEM 1.  FINANCIAL STATEMENTS

                  PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE> 
<CAPTION> 
                                                                        JUNE 30,
                                                                         1998             SEPTEMBER 30,
                                                                      (UNAUDITED)             1997
                                                                      -----------             ----
                                     ASSETS
<S>                                                                  <C>                   <C>
Cash and amounts due from banks                                      $  1,507,443          $   925,795
Interest-bearing deposits                                               1,785,278            4,042,707
Money market investments and investment securities:                                   
  Held-to-maturity, at amortized cost (estimated fair value                           
     of $5,265,000 and $6,101,695, respectively)                        5,224,260            6,095,717
  Available-for-sale, at fair value                                     7,803,000            5,788,174
Mortgage-backed securities:                                                           
  Held-to-maturity, at amortized cost (estimated fair value                           
     of $3,692,000 and $5,219,101, respectively)                        3,669,680            5,185,045
  Available-for-sale, at fair value                                     3,598,000            2,937,508
Loans receivable, net of allowance for loan loss of                                   
  $225,093 and $223,121, respectively                                  60,208,724           57,937,437
Other assets                                                            2,745,802            2,499,858
                                                                     ------------          -----------
                                                                                      
TOTAL ASSETS                                                         $ 86,542,187          $85,412,241     
                                                                     ============          ===========     
                                                                           
                      LIABILITIES AND STOCKHOLDERS' EQUITY                 

Deposits                                                             $ 68,305,849          $69,058,706
Borrowed funds                                                         10,500,000            8,000,000
Accrued expenses and other liabilities                                  1,247,050            1,033,795
                                                                     ------------          -----------
                                                                           
          Total liabilities                                            80,052,899           78,092,501
                                                                     ------------          -----------
Stockholders' equity:                                                      
  Serial preferred stock, $.10 par value, 50,000 shares                    
     authorized, no shares issued and outstanding                               -                    -
  Common stock, $.01 par value, 250,000 shares authorized,                 
     174,369 and 168,172 shares issued at June 30, 1998                    
     and September 30, 1997, respectively                                   1,744                1,682
  Paid-in surplus                                                       1,429,263            1,367,605
  Retained earnings, substantially restricted                           6,321,686            5,898,816
  Net unrealized gain on available-for-sale securities,                    
     net of taxes                                                          36,595               51,637
                                                                     ------------          -----------
                                                                           
                                                                        7,789,288            7,319,740
                                                                           
  Treasury stock, 25,000 shares at cost                                (1,300,000)                   -
                                                                     ------------          -----------
                                                                           
          Total stockholders' equity                                    6,489,288            7,319,740
                                                                     ------------          -----------
                                                                           
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                           $ 86,542,187          $85,412,241
                                                                     ============          ===========
</TABLE>

     see accompanying notes to condensed consolidated financial statements.

                                       1
<PAGE>
 
                  PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                                  (Unaudited)

<TABLE>
<CAPTION>
                                                 THREE MONTHS ENDED      NINE MONTHS ENDED
                                                     JUNE 30,                JUNE 30,
                                                     --------                --------
                                                1998        1997        1998        1997
                                                ----        ----        ----        ----
<S>                                          <C>         <C>         <C>         <C>
INTEREST INCOME
  Loans receivable:
     First mortgage loans                    $  909,140  $  899,824  $2,701,270  $2,638,046
     Other loans                                284,212     255,269     850,546     757,817
  Mortgage-backed securities                    119,155     148,213     373,190     485,927
  Interest-bearing deposits                      25,625      53,083     116,418     139,444
  Money market investments and investment
     securities                                 218,917     184,280     621,639     522,591
                                                -------     -------     -------     -------
 
       Total interest income                  1,557,049   1,540,669   4,663,063   4,543,825
                                              ---------   ---------   ---------   ---------
 
INTEREST ON DEPOSITS                            841,990     831,042   2,570,650   2,468,255
 
 
INTEREST ON BORROWED FUNDS                      140,744     120,777     380,368     362,331
                                                -------     -------     -------     -------
                                                                                
       Total interest expense                   982,734     951,819   2,951,018   2,830,586
                                                -------     -------   ---------   ---------
                                                                                
       Net interest income                      574,315     588,850   1,712,045   1,713,239
 
PROVISION FOR LOAN LOSSES                         4,000       3,000      10,001       9,000
                                                  -----       -----      ------       -----

       Net interest income after provision
          for loan losses                       570,315      585,850  1,702,044   1,704,239
                                                -------      -------  ---------   --------- 
 
NONINTEREST INCOME

  Net gain on sales of securities available-
     for-sale                                        -         4,381     32,400       4,381
  Net gain on sales of loans held-for-sale       20,297       10,595     79,209      53,919
  Loan origination fees                          38,040       28,175    103,357      81,162
  Other                                         154,554      129,378    455,175     436,712
                                                -------      -------    -------     -------
                                                                                 
       Total noninterest income                 212,891      172,529    670,141     576,174
                                                -------      -------    -------     -------
</TABLE>

                                       2
<PAGE>
 
                  PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                                  (Unaudited)
<TABLE>
<CAPTION>
                                        THREE MONTHS ENDED         NINE MONTHS ENDED
                                             JUNE 30,                   JUNE 30,
                                             --------                   --------
                                       1998        1997             1998          1997
                                     --------    --------        ----------    ----------
<S>                                  <C>         <C>             <C>           <C>
NONINTEREST EXPENSE                                                       
  Compensation and benefits          $255,657    $246,872        $  773,900    $  758,777
  Other operating expenses            235,933     210,441           682,056       661,374
                                     --------    --------        ----------    ----------
                                                                          
       Total noninterest expense      491,590     457,313         1,455,956     1,420,151
                                     --------    --------        ----------    ----------
                                                                          
       Income before income taxes     291,616     301,066           916,229       860,262
                                                                          
INCOME TAXES                          110,248     111,454           344,240       314,650
                                      -------     -------           -------       -------
                                                                          
NET INCOME                           $181,368    $189,612          $571,989      $545,612
                                     ========     =======           =======       =======  
INCOME PER SHARE                                                          
                                                                          
  Basic                              $   1.18    $   1.13          $   3.50      $   3.25
                                         ====        ====              ====          ====
                                                                          
  Diluted                            $   1.12    $   1.07          $   3.30      $   3.08
                                         ====        ====              ====          ====
                                                                          
  Weighted average number of common                                       
     shares outstanding:                                                  

     Basic                            154,288     168,172           163,547       167,963
                                     ========    ========          ========      ========
                                                                          
     Diluted                          161,700     177,811           173,111       177,350
                                     ========    ========          ========      ========
</TABLE>

    See accompanying notes to condensed consolidated financial statements.

                                       3
<PAGE>
 
                  PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                  (Unaudited)

<TABLE> 
<CAPTION> 
                                                           THREE MONTHS ENDED               NINE MONTHS ENDED
                                                                JUNE 30,                         JUNE 30,
                                                                -------                          -------
                                                         1998            1997               1998           1997
                                                         ----            ----               ----           ----
<S>                                                   <C>            <C>                 <C>             <C> 
CASH FLOWS FROM OPERATING
  ACTIVITIES
  Net cash provided by (used in) operating
     activities                                       $ (102,381)     $  241,082          $  473,154      $  649,162
                                                       ---------        --------            --------        -------- 
                                                                                                    
CASH FLOWS FROM INVESTING                                                                           
  ACTIVITIES                                                                                        
  Principal received on mortgage-backed                                                             
     securities                                          751,370         377,223           1,882,897       1,340,764
  Proceeds from the maturity of investment                                                          
     securities                                        1,000,000               -           2,500,000       1,000,000
  Proceeds from sale of investment securities                                                       
     available-for-sale                                        -               -           1,024,531           1,903
  Proceeds from sale of mortgage-backed                                                             
     securities available-for-sale                             -         885,061                   -         885,061
  Purchase of investment securities                     (515,500)     (2,021,529)         (4,649,195)     (2,537,560)
  Purchase of mortgage-backed securities                (514,769)              -          (1,017,269)              -
  Net (increase) decrease in loans receivable         (1,158,353)       (473,800)         (2,369,729)        589,381
  Other                                                   18,000         (29,786)                241          (5,286)
                                                      ----------      ----------          ----------      ----------
                                                                                                        
          Net cash provided by (used in)                                                                
            investing activities                        (419,252)     (1,262,831)         (2,628,524)      1,274,263
                                                      ----------      ----------          ----------      ----------
                                                                                                    
CASH FLOWS FROM FINANCING                                                                           
  ACTIVITIES                                                                                        
  Net increase (decrease) in deposits                    268,860       1,803,115            (752,857)        978,431
  Proceeds from FHLB advances                          1,000,000               -           2,500,000               -
  Payments to acquire treasury stock                  (1,300,000)              -          (1,300,000)              -
  Other                                                 (314,053)       (327,439)             32,446          26,240
                                                      ----------      ----------          ----------      ----------
                                                                                                    
          Net cash provided by (used in)                                                            
            financing activities                        (345,193)      1,475,676             479,589       1,004,671
                                                      ----------      ----------          ----------      ----------
NET INCREASE (DECREASE) IN CASH                                                                     
  AND CASH EQUIVALENTS                                  (866,826)        453,927          (1,675,781)      2,928,096
                                                                                                        
CASH AND CASH EQUIVALENTS AT                                                                            
  BEGINNING OF PERIOD                                  4,159,547       5,164,425           4,968,502       2,690,256
                                                       ---------       ---------           ---------       --------- 
                                                                                                    
CASH AND CASH EQUIVALENTS AT                                                                        
  END OF PERIOD                                      $ 3,292,721     $ 5,618,352         $ 3,292,721     $ 5,618,352
                                                      ==========      ==========          ==========      ========== 
</TABLE> 

                                       4
<PAGE>
 
                  PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                  (Unaudited)
<TABLE>
<CAPTION>
 
                                                        THREE MONTHS ENDED          NINE MONTHS ENDED
                                                             JUNE 30,                    JUNE 30,
                                                             --------                    --------
                                                        1998         1997           1998           1997
                                                      --------     --------      ----------     ----------
<S>                                                   <C>          <C>           <C>            <C>
SUPPLEMENTAL DISCLOSURES OF                                                                
  CASH FLOW INFORMATION                                                                    
  Cash paid during the periods for:                                                        
     Interest on deposits and borrowed funds          $979,024     $952,807      $2,940,566     $2,831,077
                                                      ========     ========      ==========     ==========
                                                                                           
     Income taxes, net of refunds                     $ 28,707     $102,303      $  118,023     $   71,123
                                                      ========     ========      ==========     ==========
                                                                                           
SUPPLEMENTAL DISCLOSURES OF                                                                
  NONCASH INVESTING ACTIVITIES                                                             
  Transfers from loans to real estate acquired                                             
     through foreclosure                              $      -     $  6,315      $  241,441     $   24,643
                                                      ========     ========      ==========     ==========
                                                                                           
  Additions to loans resulting from sales of                                               
     real estate owned                                $153,000     $      -      $  153,000     $   74,400
                                                      ========     ========      ==========     ==========
</TABLE> 

    See accompanying notes to condensed consolidated financial statements.

                                       5
<PAGE>
 
                  PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                  (Unaudited)


NOTE 1 - BASIS OF PRESENTATION

On October 10, 1997, the stockholders approved the reorganization of Pekin
Savings, s.b. (Bank) into a holding company form of ownership to which the Bank
became a wholly owned subsidiary of Progressive Bancorp, Inc. (Company), a newly
formed Delaware corporation, and each outstanding share of common stock of the
Bank was exchanged for one share of common stock of Progressive Bancorp, Inc.
On November 6, 1997, the reorganization was completed.  The transaction was
accounted for in a manner similar to the pooling-of-interest method of
accounting. Accordingly, the financial information relating to periods prior to
November 6, 1997 is reported under the name of Progressive Bancorp, Inc.

The stockholders also approved an amendment to the Articles of Incorporation of
the Bank to change the name of the Bank from Pekin Savings, s.b. to "Pekin
Savings Bank."

The Company's unaudited consolidated financial statements were prepared in
accordance with the instructions for Form 10-QSB and, therefore, do not include
information or footnotes necessary for a complete presentation of financial
position, results of operations, and cash flows in conformity with generally
accepted accounting principles.  In the opinion of management of the Company,
however, the consolidated financial statements reflect all adjustments
(consisting of only normal recurring accruals) which are necessary to present
fairly the consolidated financial position and the consolidated results of
operations of the Company.  The consolidated results of operations for the nine
month periods ended June 30, 1998 and 1997 are not necessarily indicative of the
results which may be expected for an entire year.

NOTE 2 - EARNINGS PER COMMON SHARE

Basic earnings per share is computed based upon the weighted average number of
common shares outstanding during the period.  Earnings per common share -
assuming dilution is computed based upon the weighted average number of shares
outstanding during the period plus the shares that would be outstanding assuming
the exercise of the dilutive stock options.  The number of shares that would be
issued from the exercise of stock options has been reduced by the number of
shares that could have been purchased from the proceeds at the average market
price of the Company's stock.

NOTE 3 - YEAR 2000 COMPLIANCE

A significant issue has emerged in the banking industry and for the economy
overall regarding how existing application software programs and operating
systems can accommodate the date value for the year 2000.  The financial impact
to the Company to ensure year 2000 compliance is not anticipated by management
to be material to the financial position, results of operations, or cash flow of
the Company.

                                       6
<PAGE>
 
               ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS


FINANCIAL CONDITION

Total assets increased by $1.1 million or 1.3 percent from September 30, 1997 to
June 30, 1998. Interest-bearing deposits decreased $2.3 million or 55.8 percent
from September 30, 1997 to June 30, 1998.  All money market investments and
investment securities increased $1.1 million or 9.6 percent from September 30,
1997 to June 30, 1998.  Loans receivable, net increased $2.3 million or 3.9
percent for this period.  Deposits decreased $753,000 or 1.1 percent from
September 30, 1997 to June 30, 1998.  Borrowed funds increased $2.5 million or
31.3 percent from September 30, 1997 to June 30, 1998.

CAPITAL

Total equity decreased $830,000 or 11.3 percent to $6.5 million during the nine
months ended June 30, 1998.  During the three months ended June 30, 1998, the
Company acquired 25,000 shares of treasury stock at $52.00 per share and paid
dividends of $149,000.  The FDIC requires that the Company meet minimum amounts
and ratios of total and Tier I Capital (as defined in the regulations) to risk-
weighted assets (as defined), and Tier I Capital (as defined) to average assets
(as defined).  As of June 30, 1998, the Company had total capital of $6.6
million or 15.6 percent of risk-weighted assets, Tier I Capital of $6.4 million
or 15.1 percent of risk-weighted assets, and Tier I Capital of $6.4 million or
7.4 percent of average assets.  As of June 30, 1998, the Company was in full
compliance with all three minimum capital requirements.

LIQUIDITY

FDIC regulations require that savings banks maintain an average daily balance of
liquid assets (cash, certain time deposits, bankers' acceptances, and specified
United States Government, state, or federal agency obligations) equal to a
monthly average of not less than 5 percent of its net withdrawable deposits plus
short-term borrowing.  At June 30, 1998, the Company's average liquidity
position was $13.5 million or 18.5 percent compared to $12.9 million or 18.1
percent at September 30, 1997.  The Company adjusts its liquidity levels in
order to meet funding needs for deposit outflows, payment of real estate taxes
escrowed on mortgage loans, repayment of borrowing, when applicable, and loan
commitments.  The Company also adjusts liquidity as appropriate to meet its
asset, liability, and management objectives.

                                       7
<PAGE>
 
                             RESULTS OF OPERATIONS


INTEREST INCOME

Interest income increased 1.1 percent or $16,000 for the three months ended June
30, 1998, compared to the three months ended June 30, 1997.  Interest income
increased by 2.6 percent or $119,000 for the nine months ended June 30, 1998,
compared to the nine months ended June 30, 1997.  The increase in interest
income for the three months ended June 30, 1998 resulted from an increase in
average interest-earning assets to $82.5 million from $80.3 million, for a 2.7
percent increase compared to the three months ended June 30, 1997.  Average
interest-earning assets for the nine months ended June 30, 1998 increased to
$82.3 million from $79.8 million, for a 3.1 percent increase from the nine
months ended June 30, 1997.  The increase in interest income was offset by a
decrease in the average yield on interest-earning assets for the three months
ended June 30, 1998, to 7.87 percent compared to 7.93 percent for the three
months ended June 30, 1997.  The average yield on interest-earning assets for
the nine months ended June 30, 1998, of 7.85 percent compared to 7.87 percent
for the nine months ended June 30, 1997, offset the increase in interest income
for the respective nine months.

INTEREST EXPENSE

Interest expense increased 3.2 percent or $31,000 for the three months ended
June 30, 1998 compared to the three months ended June 30, 1997.  Interest
expense also increased 4.3 percent or $120,000 for the nine months ended June
30, 1998, compared to the nine months ended June 30, 1997.  The increase in
interest expense for the three months ended June 30, 1998, was due to an
increase in average deposits and borrowed funds of $2.3 million from $75.7
million to $78.0 million.  The average weighted costs of the deposits and
borrowed funds increased to 5.04 percent for the three months ended June 30,
1998, compared to the 5.03 percent for the three months ended June 30, 1997.
The increase in interest expense for the nine months ended June 30, 1998,
resulted from an increase in average deposits and borrowed funds of $1.9 million
from $75.4 million to $77.3 million.  The average costs of these funds also
increased to 5.09 percent from 5.00 percent for the respective nine months ended
June 30, 1998 and 1997.  The Company continues to offer competitive savings
deposit rates on all its savings products to try to retain its deposit base in a
very competitive market.  The Company will continue to use its borrowing
authority from the seventh district Federal Home Loan Bank to augment its
financing needs.

NET INTEREST INCOME

Net interest income decreased by 2.5 and 0.1 percent or $15,000 and $1,000 for
the respective three months and nine months ended June 30, 1998, as compared to
June 30, 1997.  The primary cause of the decrease in net interest income for the
comparable three months ended June 30, 1998 and June 30, 1997, was a decrease in
the net interest spread to 2.83 percent from 2.90 percent. The net interest
spread also decreased to 2.76 percent for the nine months ended June 30, 1998,
compared to 2.87 percent for the nine months ended June 30, 1997.

                                       8
<PAGE>
 
PROVISION FOR LOAN LOSSES

The provision for loan losses increased $1,000 to $4,000 for the three months
ended June 30, 1998, compared to $3,000 for the three months ended June 30,
1997.  The provision of $10,000 for the nine months ended June 30, 1998
increased $1,000 for the comparable nine months ended June 30, 1997.  The
Company increased its loan loss provision in the consumer loan portfolio due to
increased loan charge offs.  The Company also continues to closely monitor its
problem loans for potential losses.

NONINTEREST INCOME

Noninterest income increased by 23.4 percent or $40,000 for the three months
ended June 30, 1998 and increased 16.3 percent or $94,000 for the nine months
ended June 30, 1998, as compared to the three and nine months ended June 30,
1997.  Net gain on sales of loans held-for-sale increased $10,000 for the three
months ended June 30, 1998 compared to the comparable period ended June 30,
1997, and increased $25,000 for the comparable nine months ended June 30, 1998
and June 30, 1997.  Due to increased loan originations in both the three months
and nine months ended June 30, 1998, compared to the same periods ended June 30,
1997, loan origination fees increased $10,000 for the three month periods and
increased $22,000 for the nine month period.  While there was no net gain on
sales of securities available-for-sale in the three months ended June 30, 1998,
the gain for the nine months ended June 30, 1998, increased $28,000 over the
comparable period ended June 30, 1997.

NONINTEREST EXPENSE

Noninterest expense increased 7.5 percent or $34,000 for the comparable three
months ended June 30, 1998 and June 30, 1997.  Noninterest expense also
increased 2.5 percent or $36,000 for the nine months ended June 30, 1998,
compared to the nine months ended June 30, 1997.

NET INCOME

Net income decreased 4.3 percent or $8,000 for the three months ended June 30,
1998, compared to the three months ended June 30, 1997.  This decrease was
caused mainly by the Company's increased interest expense on deposits and
borrowed funds.  Net income increased 4.8 percent or $26,000 for the nine months
ended June 30, 1998, compared to the nine months ended June 30, 1997.  This
increase was mainly due to the Company's increase in loan originations; thereby
increasing loan origination fees and taking advantage of the market to sell
securities available-for-sale and increasing sales of loans held-for-sale.

                                       9
<PAGE>
 
                  PROGRESSIVE BANCORP, INC. AND SUBSIDIARIES
                                        


PART II.  OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDING

   There are no material legal proceedings to which the Company or the Bank is a
   party or of which any of their property is subject. From time to time, the
   Bank is a party to various legal proceedings incident to its business.

ITEM 2.  CHANGES IN SECURITIES

   None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

   Not applicable.

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

   None.

ITEM 5.  OTHER INFORMATION

   None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

   (a)  Exhibits: none
   (b)  Reports on Form 8-K: none

                                      10
<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.


                                        PROGRESSIVE BANCORP, INC.
                                        -------------------------
                                               (Registrant)


DATE: August 13, 1998                   BY: /s/ Arthur E. Krile, Jr.
      ---------------                      -------------------------------------
                                           Arthur E. Krile, Jr.
                                           President and Chief Executive Officer
 
                                      11