SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

                                   (Mark One)

[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 FOR THE TRANSITION PERIOD FROM TO

                        Commission file number: 000-23543

                             UNION COMMUNITY BANCORP
               (Exact name of registrant specified in its charter)

           Indiana                                             35-2025237
(State or other jurisdiction of                            (I.R.S. Employer
incorporation or organization)                           Identification  Number)

                              221 East Main Street
                          Crawfordsville, Indiana 47933
                    (Address of principal executive offices,
                               including Zip Code)

                                 (765) 362-2400
              (Registrant's telephone number, including area code)


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 such  shorter  period that the  Registrant  was
required  to file  such  report),  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

The  number of shares of the  Registrant's  common  stock,  without  par  value,
outstanding as of March 31, 2000 was 2,568,750.


<PAGE>



                             Union Community Bancorp

                                    Form 10-Q

                                      Index

                                                                        Page No.

FORWARD LOOKING STATEMENT                                                      3

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

             Consolidated Condensed Balance Sheet                              4

             Consolidated Condensed Statement of Income                        5

             Consolidated Condensed Statement of Shareholders' Equity          6

             Consolidated Condensed Statement of Cash Flows                    7

             Notes to Unaudited Consolidated Condensed Financial Statements    8

Item 2.  Management's Discussion and Analysis of Financial Condition

         and Results of Operations.                                            8

Item 3.  Quantitative and Qualitative Disclosures about Market Risk           10

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings                                                    11
Item 2.  Changes in Securities                                                11
Item 3.  Defaults Upon Senior Securities                                      11
Item 4.  Submission of Matters to a Vote of Security Holders                  11
Item 5.  Other Information                                                    11
Item 6.  Exhibits and Reports on Form 8-K                                     11

SIGNATURES                                                                    12




<PAGE>




                            FORWARD LOOKING STATEMENT

This  Quarterly  Report on Form 10-Q ("Form  10-Q")  contains  statements  which
constitute  forward  looking  statements  within  the  meaning  of  the  Private
Securities Litigation Reform Act of 1995. These statements appear in a number of
places in this Form 10-Q and include  statements  regarding the intent,  belief,
outlook, estimate or expectations of the Company (as defined in the notes to the
consolidated  condensed  financial  statements),  its  directors or its officers
primarily with respect to future events and the future financial  performance of
the  Company.  Readers  of this Form 10-Q are  cautioned  that any such  forward
looking  statements  are not  guarantees  of future  events or  performance  and
involve risks and  uncertainties,  and that actual results may differ materially
from those in the forward looking statements as a result of various factors. The
accompanying  information  contained  in this  Form  10-Q  identifies  important
factors that could cause such  differences.  These  factors  include  changes in
interest   rates;   loss  of  deposits  and  loan  demand  to  other   financial
institutions;  substantial changes in financial markets;  changes in real estate
values and the real estate market; or regulatory changes.


<PAGE>



PART I  FINANCIAL INFORMATION

Item 1.  Financial Statements

                     UNION COMMUNITY BANCORP AND SUBSIDIARY

                      Consolidated Condensed Balance Sheet
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                                                         March 31,              December 31,
                                                                                           2000                     1999
                                                                                  ------------------------ -------------------------
  Assets
<S>                                                                               <C>                      <C>
       Cash                                                                       $          158,479       $          286,812
       Interest-bearing demand deposits                                                    2,549,518               2,830,213
                                                                                  ------------------------ -------------------------
           Cash and cash equivalents                                                       2,707,997               3,117,025
       Investment securities

           Available for sale                                                                198,760                 315,463
           Held to maturity                                                                7,461,900               7,521,923
                                                                                  ------------------------ -------------------------
                Total investment securities                                                7,660,660               7,837,386
       Loans, net of allowance for loan losses of $437,258 and $422,258                  107,683,658             106,173,782
       Premises and equipment                                                                363,293                 367,427
       Federal Home Loan Bank stock                                                        1,043,700               1,043,700
       Investment in limited partnership                                                     981,609               1,011,609
       Interest receivable                                                                   816,786                 823,768
       Other assets                                                                          122,832                 278,942
                                                                                  ------------------------ -------------------------

           Total assets                                                               $  121,380,535          $  120,653,639
                                                                                  ======================== =========================

  Liabilities

       Deposits

           Noninterest-bearing                                                      $      1,321,126        $      1,151,075
           Interest-bearing                                                               69,509,910              67,839,367
                                                                                  ------------------------ -------------------------
                Total deposits                                                            70,831,036              68,990,442
       Federal Home Loan Bank advances                                                    10,534,893              11,658,526
       Note payable                                                                          654,542                 837,442
       Interest payable                                                                      138,080                 122,565
       Dividends payable                                                                     336,883                 315,591
       Other liabilities                                                                     689,317                 449,158
                                                                                  ------------------------ -------------------------
           Total liabilities                                                              83,184,751              82,373,724
                                                                                  ------------------------ -------------------------

  Commitments and Contingent Liabilities

  Shareholders' Equity
       Preferred stock, no-par value
           Authorized and unissued - 2,000,000 shares
       Common stock, no-par value
           Authorized - 5,000,000 shares

           Issued and outstanding - 2,568,750 and 2,600,700 shares                        25,079,437              25,389,422
       Retained earnings                                                                  16,077,730              15,912,206
       Accumulated other comprehensive income (loss)                                          (6,981)                 15,385
       Unearned employee stock ownership plan ("ESOP") shares                             (1,598,615)             (1,624,444)
       Unearned recognition and retention plan ("RRP") shares                             (1,355,787)             (1,412,654)
                                                                                  ------------------------ -------------------------
           Total shareholders' equity                                                     38,195,784              38,279,915
                                                                                  ------------------------ -------------------------

           Total liabilities and shareholders' equity                                 $  121,380,535          $  120,653,639
                                                                                  ======================== =========================
</TABLE>


  See notes to consolidated condensed financial statements.


<PAGE>



                     UNION COMMUNITY BANCORP AND SUBSIDIARY

                   Consolidated Condensed Statement of Income
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                                                                    Three Months Ended
                                                                                                         March 31
                                                                                          ------------------- -------------------
                                                                                                 2000                 1999
                                                                                          ------------------- -------------------
  Interest and Dividend Income

<S>                                                                                          <C>                 <C>
       Loans                                                                                 $  2,106,274        $  1,816,349
       Investment securities                                                                      131,531             141,532
       Dividends on Federal Home Loan Bank stock                                                   20,760              14,686
       Deposits with financial institutions                                                        23,296              49,045
                                                                                          ------------------- -------------------
           Total interest and dividend income                                                   2,281,861           2,021,612
                                                                                          ------------------- -------------------

  Interest Expense

       Deposits                                                                                   897,382             859,225
       Federal Home Loan Bank advances                                                            171,180              11,414
                                                                                          ------------------- -------------------
           Total interest expense                                                               1,068,562             870,639
                                                                                          ------------------- -------------------

  Net Interest Income                                                                           1,213,299           1,150,973
       Provision for loan losses                                                                   15,000              15,000
                                                                                          ------------------- -------------------
  Net Interest Income After Provision for Loan Losses                                           1,198,299           1,135,973
                                                                                          ------------------- -------------------

  Other Income (Losses)
       Equity in losses of limited partnerships                                                   (30,000)            (25,000)
       Net realized gains on sales of available for sale securities                                 8,331
       Other income                                                                                33,096              13,779
                                                                                          ------------------- -------------------
           Total other income (losses)                                                             11,427             (11,221)
                                                                                          ------------------- -------------------

  Other Expenses

       Salaries and employee benefits                                                             266,106             266,869
       Net occupancy expenses                                                                       5,914               7,167
       Equipment expenses                                                                           4,978               7,883
       Deposit insurance expense                                                                    3,840              11,221
       Legal and professional fees                                                                 22,805              34,549
       Data processing fees                                                                        19,502              61,023
       Other expenses                                                                              69,470              70,179
                                                                                          ------------------- -------------------
           Total other expenses                                                                   392,615             458,891
                                                                                          ------------------- -------------------

  Income Before Income Tax                                                                        817,111             665,861
       Income tax expense                                                                         281,889             230,736
                                                                                          ------------------- -------------------

  Net Income                                                                                  $   535,222         $   435,125
                                                                                          =================== ===================

  Basic Earnings per Share                                                                    $       .23         $       .17
                                                                                          =================== ===================

  Diluted Earnings per Share                                                                  $       .23         $       .17
                                                                                          =================== ===================
</TABLE>





  See notes to consolidated condensed financial statements.


<PAGE>





                     UNION COMMUNITY BANCORP AND SUBSIDIARY

            Consolidated Condensed Statement of Shareholders' Equity

                    For the Three Months Ended March 31, 2000
                                   (Unaudited)
<TABLE>
<CAPTION>


                                  Common Stock                                   Accumulated
                             ------------------------                               Other      Unearned
                               Shares                Comprehensive Retained    Comprehensive     ESOP       Unearned
                             Outstanding   Amount       Income     Earnings    Income (Loss)    Shares     Compensation    Total
                             ------------ ---------- ------------ ------------ -------------- ----------- ------------- -----------

<S>                           <C>         <C>                     <C>            <C>          <C>         <C>           <C>
Balances, January 1, 2000     2,600,700   $25,389,422             $ 15,912,206   $ 15,385     $(1,624,444)$(1,412,654)  $38,279,915
  Comprehensive income

    Net income for the period                          $ 535,222       535,222                                              535,222
    Other comprehensive
      loss, net of tax
      Unrealized losses on
        securities                                       (22,366)                 (22,366)                                  (22,366)
                                                     ------------
  Comprehensive income                                 $ 512,856
                                                     ============
  Cash dividends
   ($.14 per share)                                                  (336,883)                                             (336,883)
  Purchase of common  stock    (31,950)     (311,948)                 (32,815)                                             (344,763)
  Amortization of unearned
     compensation expense                                                                                       56,867       56,867
  ESOP shares earned                            1,963                                              25,829                    27,792
                             ----------- -----------              ------------ -------------- ----------- ------------- -----------
Balances, March 31, 2000     2,568,750   $ 25,079,437             $ 16,077,730  $ (6,981)     $(1,598,615)$(1,355,787)  $38,195,784
                             =========== ===========              ============ ============== =========== ============= ===========
</TABLE>




See notes to consolidated condensed financial statements.


<PAGE>



                     UNION COMMUNITY BANCORP AND SUBSIDIARY

                 Consolidated Condensed Statement of Cash Flows
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                                                                    Three Months Ended
                                                                                                         March 31,
                                                                                              ---------------- ---------------
                                                                                                   2000             1999
                                                                                              ---------------- ---------------
  Operating Activities

<S>                                                                                              <C>             <C>
       Net income                                                                                $  535,222      $   435,125
       Adjustments to reconcile net income to
            net cash provided by operating activities
         Provision for loan losses                                                                   15,000           15,000
         Depreciation and amortization                                                                6,530            7,798
         Investment securities accretion, net                                                        (2,962)          (3,405)
         Gain on sale of investment securities available for sale                                    (8,331)
         Equity in losses of limited partnerships                                                    30,000           25,000
         Amortization of unearned compensation expense                                               56,867           56,866
         ESOP shares earned                                                                          27,792           31,250
         Net change in:
           Interest receivable                                                                        6,982          (22,985)
           Interest payable                                                                          15,515          (18,983)
           Other assets                                                                              85,461           47,301
           Other liabilities                                                                         96,069          231,737
                                                                                              ---------------- ---------------
                Net cash provided by operating activities                                           864,145          804,704
                                                                                              ---------------- ---------------

  Investing Activities
       Investment securities

           Purchase of securities available for sale                                                                (778,529)
           Purchase of securities held to maturity                                                                  (815,000)
           Proceeds from sales of investment securities available for sale                           87,997
           Proceeds from maturities of securities held to maturity and paydowns of mortgage-
                    backed securities                                                                62,985          558,628
       Net changes in loans                                                                      (1,439,556)      (5,648,458)
       Purchases of property and equipment                                                           (2,396)         (19,846)
       Other investing activities                                                                                       (850)
                                                                                              ---------------- ---------------
                Net cash used by investing activities                                            (1,290,970)      (6,704,055)
                                                                                              ---------------- ---------------

  Financing Activities
       Net change in

         Interest-bearing demand and savings deposits                                             1,016,740        3,134,450
         Certificates of deposit                                                                    823,854         (518,933)
       Proceeds from borrowings                                                                   6,000,000        2,000,000
       Repayment of borrowings                                                                   (7,306,533)        (296,900)
       Cash dividends                                                                              (315,591)        (270,567)
       Repurchase of common stock                                                                  (344,763)      (1,309,693)
       Net change in advances by borrowers for taxes and insurance                                  144,090          120,695
                                                                                              ---------------- ---------------
                Net cash provided by financing activities                                            17,797        2,859,052
                                                                                              ---------------- ---------------

  Net Change in Cash and Cash Equivalents                                                          (409,028)      (3,040,299)

  Cash and Cash Equivalents, Beginning of Period                                                  3,117,025        6,191,080
                                                                                              ---------------- ---------------

  Cash and Cash Equivalents, End of Period                                                      $ 2,707,997     $  3,150,781
                                                                                              ================ ===============

  Additional Cash Flows Information

       Interest paid                                                                            $ 1,053,047    $     889,622
       Income tax paid                                                                              228,025           38,610
</TABLE>



  See notes to consolidated condensed financial statements.


<PAGE>



                     UNION COMMUNITY BANCORP AND SUBSIDIARY

         Notes to Unaudited Consolidated Condensed Financial Statements

Note 1: Basis of Presentation

The consolidated  financial  statements  include the accounts of Union Community
Bancorp (the "Company") and its wholly owned  subsidiary,  Union Federal Savings
and Loan Association, a federally chartered savings and loan association ("Union
Federal").  A summary of significant  accounting policies is set forth in Note 1
of Notes to Financial Statements included in the December 31, 1999 Annual Report
to Shareholders.  All significant  intercompany  accounts and transactions  have
been eliminated in consolidation.

The interim  consolidated  financial statements have been prepared in accordance
with instructions to Form 10-Q, and therefore do not include all information and
footnotes  necessary for a fair presentation of financial  position,  results of
operations  and cash flows in  conformity  with  generally  accepted  accounting
principles.

The interim  consolidated  financial  statements at March 31, 2000,  and for the
three months ended March 31, 2000 and 1999, have not been audited by independent
accountants,  but reflect, in the opinion of management,  all adjustments (which
include  only normal  recurring  adjustments)  necessary  to present  fairly the
financial position, results of operations and cash flows for such periods.

Note 2: Earnings Per Share

Earnings per share have been  computed  based upon the weighted  average  common
shares  outstanding.  Unearned  Employee  Stock  Ownership Plan shares have been
excluded from the computation of average common shares outstanding.
<TABLE>
<CAPTION>


                                              Three Months Ended                         Three Months Ended March
                                                March 31, 2000                                   31, 1999
                                   ------------------------------------------       --------------------------------------
                                                    Weighted                                      Weighted
                                                    Average        Per Share                     Average      Per Share
                                      Income        Shares           Amount         Income        Shares        Amount
                                                    ------           ------                       ------        ------
<S>                                    <C>          <C>                <C>          <C>         <C>                 <C>
Basic earnings per share
  Income available to common
  shareholders                         $ 535,222    2,324,276          $ .23        $ 435,125   2,595,026           $ .17
                                                                  ===========                                =============

Effect of dilutive RRP awards
and stock options
                                   -------------- ---------------                 ------------ -------------
Diluted earnings per share
Income available to  common
shareholders and assumed
conversions                            $ 535,222    2,324,276          $ .23        $ 435,125   2,595,026          $  .17
                                   ============== =============== ===========     ============ ============= =============
</TABLE>




Item 2: Management's  Discussion and Analysis of Financial Condition and Results
of Operations


General

Union Community Bancorp, an Indiana  corporation (the "Company"),  was organized
in September,  1997. On December 29, 1997, it acquired the common stock of Union
Federal Savings and Loan  Association  ("Union  Federal") upon the conversion of
Union Federal from a federal  mutual  savings and loan  association to a federal
stock savings and loan association.

Union Federal was organized as a state-chartered savings and loan association in
1913. Since then, Union Federal has conducted its business from its full-service
office located in Crawfordsville,  Indiana.  Union Federal's  principal business
consists  of  attracting  deposits  from  the  general  public  and  originating
fixed-rate and  adjustable-rate  loans secured primarily by first mortgage liens
on one- to four-family residential real estate. Union Federal's deposit accounts
are insured up to applicable  limits by the Savings  Association  Insurance Fund
("SAIF") of the Federal Deposit Insurance  Corporation  ("FDIC").  Union Federal
offers a number of financial  services,  including:  (i) residential real estate
loans;  (ii)  multi-family  loans;  (iii)  commercial  real estate  loans;  (iv)
construction  loans;  (v) home improvement  loans and consumer loans,  including
single-pay  loans,  loans secured by deposits,  installment loans and commercial
loans;  (vi) money market demand  accounts  ("MMDAs");  (vii)  passbook  savings
accounts; and (viii) certificates of deposit.

Union Federal currently owns one subsidiary,  UFS Service Corp.  ("UFS"),  whose
sole asset is its investment in Pedcor Investments  1993-XVI,  L.P.  ("Pedcor"),
which is an Indiana limited partnership that was established to organize, build,
own, operate and lease a 48-unit  apartment complex in  Crawfordsville,  Indiana
known as Shady Knoll II  Apartments  (the  "Project").  Union  Federal  owns the
limited partner  interest in Pedcor.  The general partner is Pedcor  Investments
LLC. The Project,  operated as a multi-family,  low- and moderate-income housing
project,  is  completed  and is  performing  as  planned.  Because  UFS  engages
exclusively  in  activities  that  are  permissible  for a  national  bank,  OTS
regulations  permit  Union  Federal  to  include  its  investment  in UFS in its
calculation of regulatory capital.

Union  Federal's  results of operations  depend  primarily upon the level of net
interest income,  which is the difference  between the interest income earned on
interest-earning assets, such as loans and investments,  and costs incurred with
respect to  interest-bearing  liabilities,  primarily  deposits and  borrowings.
Results of operations also depend upon the level of Union Federal's non-interest
income,  including  fee  income  and  service  charges,  and  the  level  of its
non-interest expenses, including general and administrative expenses.

Financial Condition

Total assets  increased  $727,000,  or .6%, to $121.4 million at March 31, 2000,
from $120.7 million at December 31, 1999. The increase was primarily due to loan
growth of $1.5 million.  Net loans increased by 1.4% to $107.7 million due to an
increase in customer  demand and an increased  focus by the Company in the areas
of commercial and consumer lending.

Deposits  increased by $1.8 million to $70.8 million during the first quarter of
2000. Demand and savings deposits increased $1.0 million, or 4.4%, from December
31, 1999 to March 31, 2000  primarily due to an increase in money market savings
of $846,000.  Certificates of deposit also increased  $824,000,  or 1.8%, during
this period.

Borrowed funds  decreased by $1.3 million,  or 10.5%,  from December 31, 1999 to
March 31, 2000. The decrease in total borrowed funds resulted from a decrease in
FHLB  advances of $1.1  million and a decrease in the note  payable to a limited
partnership of $183,000.

Shareholders'  equity decreased  $84,000 to $38.2 million at March 31, 2000. The
decrease was primarily due to stock  repurchases of $345,000,  cash dividends of
$337,000 and  unrealized  losses on  securities  available  for sale of $22,000.
These  decreases were offset by net income for three months ended March 31, 2000
of $535,000, Employee Stock Ownership Plan shares earned of $28,000 and unearned
compensation amortization of $57,000.

Comparison  of  Operating  Results for the Three Months Ended March 31, 2000 and
1999

Net income  increased  $100,000,  or 23.0%,  from  $435,000 for the three months
ended March 31, 1999 to $535,000 for the three months ended March 31, 2000.  The
increases were primarily  attributable  to an increase in the volume of interest
earning assets and a decrease in  non-interest  expenses.  The return on average
assets was 1.77% and 1.60% for the three  months  ended March 31, 2000 and 1999,
respectively.

Interest income increased  $260,000,  or 12.9%,  from $2.0 million for the three
months  ended March 31, 1999 to $2.3  million for same period in 2000.  Interest
expense increased  $198,000,  or 22.7%, from $871,000 for the three months ended
March 31, 1999 to $1.1  million for the same  period in 2000.  As a result,  net
interest  income for the three  months  ended  March 31,  2000  amounted to $1.2
million, a 5.4% increase from the first quarter of 1999.  Although the Company's
net  interest  income  increased  due to an  increase  in the volume of interest
earning assets,  the Company's net interest  margin  decreased from 4.3% for the
first quarter of 1999 to 4.1% for the comparable period in 2000.

The provision for loan losses made for the three months ended March 31, 2000 was
$15,000 as compared to $15,000 for the same period in 1999.  The 2000  provision
and the  allowance  for loan losses  were  considered  adequate,  based on size,
condition and components of the loan portfolio.  While management estimates loan
losses using the best  available  information,  no  assurance  can be given that
future  addition  to the  allowance  will not be  necessary  based on changes in
economic  and  real  estate  market  conditions,  further  information  obtained
regarding problem loans,  identification  of additional  problem loans and other
factors, both within and outside of management's control.

Other  income  (losses)  increased  from losses of $11,000 for the three  months
ended March 31, 1999 to income of $11,000 for the three  months  ended March 31,
2000.  This  increase was due in part to $8,000 of gains on sales of  securities
available for sale. An increase in customer fee income also  contributed  to the
increase in other  income.  Other income  (losses)  also  includes the equity in
losses of the Company's investment in a limited partnership, Pedcor. In addition
to recording the equity in the losses of Pedcor, a benefit of low income housing
income tax  credits in the amount of $45,000 was  recorded  for both three month
periods ended March 31, 2000 and 1999.

Other expenses decreased from $459,000 for the first quarter of 1999 to $393,000
for the first  quarter of 2000.  This  decrease was  primarily due to $35,000 of
non-recurring  expenses  related to the  Company's  data  processing  conversion
during the first quarter of 1999.

Income tax expense increased $51,000, or 22.2%, for the three months ended March
31, 2000 compared to the same period in 1999. The increase was directly  related
to the increase in taxable income for the period.

Asset Quality

Union  Federal  currently  classifies  loans as  special  mention,  substandard,
doubtful  and loss to  assist  management  in  addressing  collection  risks and
pursuant to regulatory  requirements  which are not necessarily  consistent with
generally  accepted  accounting  principles.  Special  mention  loans  represent
credits  that  have  potential   weaknesses  that  deserve   management's  close
attention.  If left  uncorrected,  these  potential  weaknesses  may  result  in
deterioration  of the repayment  prospects or Union Federal's credit position at
some future date.  Substandard  loans  represent  credits  characterized  by the
distinct  possibility  that some loss will be sustained if deficiencies  are not
corrected.  Doubtful loans possess the characteristics of substandard loans, but
collection  or  liquidation  in full is  doubtful  based  upon  existing  facts,
conditions and values. A loan classified as a loss is considered  uncollectible.
Union Federal had no loans  classified  as special  mention as of March 31, 2000
and 1999.  In  addition,  Union  Federal  had  $636,000  and  $650,000  of loans
classified as substandard at March 31, 2000 and December 31, 1999, respectively.
At March 31, 2000 and December 31, 1999, no loans were classified as doubtful or
loss.  At March 31, 2000,  and December  31,  1999,  respectively,  $153,000 and
$166,000 of the substandard loans were non-accrual loans. The allowance for loan
losses was  $437,000  or .40% of loans at March 31, 2000 as compared to $422,000
or .40% of loans at December 31, 1999.

Liquidity and Capital Resources

The standard measure of liquidity for savings  associations is the ratio of cash
and eligible  investments to a certain  percentage of net  withdrawable  savings
accounts  and  borrowings  due within one year.  The minimum  required  ratio is
currently set by the Office of Thrift Supervision  regulation at 4%. As of March
31, 2000, Union Federal had liquid assets of $10.2 million and a liquidity ratio
of 10.8%.

Other

The  Securities  and  Exchange  Commission  maintains  a Web site that  contains
reports,   proxy  information   statements,   and  other  information  regarding
registrants that file electronically with the Commission, including the Company.
The address is (http://www.sec.gov).

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Presented below, as of March 31, 2000 and 1999, is an analysis  performed by the
OTS of Union  Federal's  interest  rate risk as  measured  by  changes  in Union
Federal's net portfolio value ("NPV") for instantaneous  and sustained  parallel
shifts in the yield curve, in 100 basis point increments,  up and down 300 basis
points.

                                   March 31, 2000

                    Net Portfolio Value           NPV as % of PV of Assets
Changes
In Rates   $ Amount     $ Change    % Change     NPV Ratio          Change
--------   --------     --------    --------     ---------          ------
+300 bp     23,768       -9,236        -28%        21.64%           -584 bp
+200 bp     26,777       -6,227        -19%        23.66%           -383 bp
+100 bp     29,896       -3,107         -9%        25.63%           -185 bp
   0 bp     33,004                                 27.49%
-100 bp     35,852        2,848          9%        29.09%           +160 bp
-200 bp     37,948        4,944         15%        30.19%           +271 bp
-300 bp     39,746        6,743         20%        31.10%           +361 bp





                                 March 31, 1999

                       Net Portfolio Value         NPV as % of PV of Assets
Changes
In Rates  $ Amount     $ Change      % Change      NPV Ratio      Change
+300 bp     24,988       -8,461        -25%         24.05%       -548 bp
+200 bp     28,053       -5,395        -16%         26.15%       -338 bp
+100 bp     30,920       -2,528         -8%         28.00%       -153 bp
   0 bp     33,448                                  29.53%
-100 bp     35,528        2,079          6%         30.72%       +119 bp
-200 bp     37,460        4,012         12%         31.78%       +225 bp
-300 bp     39,575        6,126         18%         32.90%       +337 bp



The  analysis  at March 31,  2000  indicates  that there  have been no  material
changes in market  interest  rates or in the Company's  interest rate  sensitive
instruments  which  would cause a material  change in the market risk  exposures
which affect the  quantitative  and qualitative risk disclosures as presented in
Item 7A of the  Company's  Annual  Report  on Form  10-K  for the  period  ended
December 31, 1999.


PART II.   OTHER INFORMATION

Item 1.       Legal Proceedings

              None.

Item 2.       Changes in Securities and Use of Proceeds

              None.

Item 3.       Defaults Upon Senior Securities.

              None.

Item 4.       Submission of Matters to Vote of Security Holders.

              None.

Item 5.       Other Information.

              None.

Item 6.       Exhibits and Reports on Form 8-K.

                    (a) Exhibits 27.  Financial Data Schedule

                    (b) No  reports on Form 8-K were  filed  during the  quarter
                        ended March 31, 2000.


<PAGE>



                                   Signatures

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


                             UNION COMMUNITY BANCORP

Date:          May 12, 2000                    By: /s/ Joseph E. Timmons
              --------------                   -------------------------
                                                         Joseph E. Timmons
                                                         President and
                                                         Chief Executive Officer

Date:          May 12, 2000                    By: /s/ Denise E. Swearingen
              --------------                   ----------------------------
                                                         Denise E. Swearingen
                                                         Treasurer