<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q


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

                         FOR QUARTER ENDED JUNE 30, 2001

                        COMMISSION FILE NUMBER 000-24147


                            KILLBUCK BANCSHARES, INC.
             (Exact name of registrant as specified in its Charter)


             OHIO                                     34-1700284
             ----                                     ----------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

                     165 N. MAIN STREET, KILLBUCK, OH 44637
                     --------------------------------------
              (Address of principal executive offices and zip code)

                                 (330) 276-2771
                                 --------------
              (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 reports), and (2) has been subject to such filing
requirements for the past 90 days.
                    YES  _X_                     NO ___

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

         Class:  Common Stock, no par value
         Outstanding at August 8, 2001:  697,579




<PAGE>   2



                            KILLBUCK BANCSHARES, INC.

                                      INDEX


<TABLE>
<CAPTION>
                                                                                                 Page Number
                                                                                                 -----------

<S>                                                                                              <C>
PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements (Unaudited):

           Consolidated Balance Sheet as of
                June 30, 2001 and December 31, 2000                                                        3

           Consolidated Statements of Income for the
                six months ended June 30, 2001 and 2000                                                    4

           Consolidated Statements of Income for the
                three months ended June 30, 2001 and 2000                                                  5

           Consolidated Statements of Changes In Shareholders' Equity for the
                six months ended June 30, 2001                                                             6

           Consolidated Statements of Cash Flows for the
                six months ended June 30, 2001 and 2000                                                    7

           Notes to Unaudited Consolidated Financial Statements                                            8

Item 2.    Management's Discussion and Analysis of Financial Condition
           And Results of Operations                                                                      9-17

PART II. OTHER INFORMATION

     Item 1.      Legal Proceedings                                                                         18

     Item 2.      Changes in Securities                                                                     18

     Item 3.      Default Upon Senior Securities                                                            18

     Item 4.      Submissions of Matters to a Vote of Security Holders                                      18

     Item 5.      Other Information                                                                         18

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

SIGNATURES                                                                                                  20
</TABLE>


                                       -2-

<PAGE>   3



                    KILLBUCK BANCSHARES, INC. AND SUBSIDIARY
                     CONSOLIDATED BALANCE SHEET (UNAUDITED)

<TABLE>
<CAPTION>
                                                                             June 30,             December 31,
                                                                               2001                   2000
                                                                               ----                   ----
<S>                                                                        <C>                    <C>
ASSETS
     Cash and cash equivalents:
         Cash and amounts due from depository institutions                 $ 11,288,589           $  9,512,736
         Federal funds sold                                                  12,800,000             11,000,000
                                                                           ------------           ------------
              Total cash and cash equivalents                                24,088,589             20,512,736
                                                                           ------------           ------------

     Investment securities:
         Securities available for sale                                       43,754,614             47,477,388
         Securities held to maturity (market value of $39,881,269
          and $37,859,321)                                                   38,794,931             36,129,625
                                                                           ------------           ------------
              Total investment securities                                    82,549,545             83,607,013
                                                                           ------------           ------------

     Loans (net of allowance for loan losses of $2,292,270
          and $2,358,759)                                                   151,017,154            149,061,901

     Loans held for sale                                                        461,000                520,000
     Premises and equipment, net                                              4,959,765              4,528,169
     Accrued interest receivable                                              1,567,476              1,885,665
     Other assets                                                             1,805,291              1,884,545
                                                                           ------------           ------------
              Total assets                                                 $266,448,820           $262,000,029
                                                                           ============           ============

LIABILITIES
     Deposits:
         Noninterest bearing demand                                        $ 29,905,490           $ 31,815,997
         Interest bearing demand                                             26,788,166             27,833,483
         Money market                                                        12,842,518             10,249,064
         Savings                                                             30,741,474             28,493,290
         Time                                                               123,884,475            120,776,058
                                                                           ------------           ------------
              Total deposits                                                224,162,123            219,167,892
     Federal Home Loan Bank advances                                          5,653,070              6,197,930
     Short-term borrowings                                                    3,589,952              4,315,768
     Accrued interest and other liabilities                                     552,731                577,274
                                                                           ------------           ------------
              Total liabilities                                             233,957,876            230,258,864
                                                                           ------------           ------------

SHAREHOLDERS' EQUITY
     Common stock - No par value: 1,000,000 shares authorized,
      718,431 issued                                                          8,846,670              8,846,670
     Retained earnings                                                       24,515,893             23,614,590
     Accumulated other comprehensive income                                     486,486                168,141
     Treasury stock, at cost (20,852 and 15,883 shares)                      (1,358,105)              (888,236)
                                                                           ------------           ------------
              Total shareholders' equity                                     32,490,944             31,741,165
                                                                           ------------           ------------

              Total liabilities and shareholders' equity                   $266,448,820           $262,000,029
                                                                           ============           ============
</TABLE>


See accompanying notes to the consolidated financial statements.

                                       -3-


<PAGE>   4



                    KILLBUCK BANCSHARES, INC. AND SUBSIDIARY
                  CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)


<TABLE>
<CAPTION>
                                                             Six Months Ended
                                                                 June 30,
                                                         2001                2000
                                                         ----                ----

<S>                                                   <C>                 <C>
INTEREST INCOME
     Interest and fees on loans                       $7,307,380          $6,840,630
     Federal funds sold                                  413,844             248,444
     Investment securities:
         Taxable                                       1,372,540           1,376,735
         Exempt from federal income tax                  820,923             795,321
                                                      ----------          ----------
              Total interest income                    9,914,687           9,261,130
                                                      ----------          ----------

INTEREST EXPENSE
     Deposits                                          4,715,922           4,054,097
     Federal Home Loan Bank advances                     200,770             231,471
     Short term borrowings                                47,946              78,610
                                                      ----------          ----------
              Total interest expense                   4,964,638           4,364,178
                                                      ----------          ----------

NET INTEREST INCOME                                    4,950,049           4,896,952

     Provision for loan losses                           172,500             120,000
                                                      ----------          ----------

NET INTEREST INCOME AFTER PROVISION FOR LOAN
 LOSSES                                                4,777,549           4,776,952
                                                      ----------          ----------

OTHER INCOME
     Service charges on deposit accounts                 275,436             240,683
     Gain on sale of loans, net                           22,475               4,822
     Other income                                         47,321              69,606
                                                      ----------          ----------
              Total other income                         345,232             315,111
                                                      ----------          ----------

OTHER EXPENSE
     Salaries and employee benefits                    1,576,515           1,419,861
     Occupancy expense                                   113,237              93,044
     Equipment expense                                   323,732             307,685
     Professional fees                                   155,361             155,833
     Franchise tax                                       195,184             165,770
     Other expenses                                      832,916             715,911
                                                      ----------          ----------
              Total other expense                      3,196,945           2,858,104
                                                      ----------          ----------

INCOME BEFORE INCOME TAXES                             1,925,836           2,233,959
     Income taxes                                        466,471             557,681
                                                      ----------          ----------

NET INCOME                                            $1,459,365          $1,676,278
                                                      ==========          ==========

EARNING PER COMMON SHARE                              $     2.09          $     2.38
                                                      ==========          ==========

AVERAGE SHARES OUTSTANDING                               698,120             705,166
                                                      ==========          ==========
</TABLE>




See accompanying notes to the unaudited consolidated financial statements.

                                       -4-


<PAGE>   5

                    KILLBUCK BANCSHARES, INC. AND SUBSIDIARY
                  CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)


<TABLE>
<CAPTION>
                                                            Three Months Ended
                                                                 June 30,
                                                         2001                2000
                                                         ----                ----

<S>                                                   <C>                 <C>
INTEREST INCOME
     Interest and fees on loans                       $3,587,516          $3,500,837
     Federal funds sold                                  245,568             168,785
     Investment securities:
         Taxable                                         669,069             679,558
         Exempt from federal income tax                  420,392             400,436
                                                      ----------          ----------
              Total interest income                    4,922,545           4,749,616
                                                      ----------          ----------

INTEREST EXPENSE
     Deposits                                          2,310,330           2,096,809
     Federal Home Loan Bank advances                      98,574             114,625
     Short term borrowings                                17,952              41,695
                                                      ----------          ----------
              Total interest expense                   2,426,856           2,253,129
                                                      ----------          ----------

NET INTEREST INCOME                                    2,495,689           2,496,487

     Provision for loan losses                            90,000              60,000
                                                      ----------          ----------

NET INTEREST INCOME AFTER PROVISION FOR LOAN
 LOSSES                                                2,405,689           2,436,487
                                                      ----------          ----------

OTHER INCOME
     Service charges on deposit accounts                 143,238             125,078
     Gain on sale of loans, net                           11,637               2,745
     Other income                                         25,025              30,155
                                                      ----------          ----------
              Total other income                         179,900             157,978
                                                      ----------          ----------

OTHER EXPENSE
     Salaries and employee benefits                      836,637             745,100
     Occupancy expense                                    47,226              37,418
     Equipment expense                                   154,008             147,516
     Professional fees                                    65,541              65,202
     Franchise tax                                        97,158              88,082
     Other expenses                                      433,709             380,337
                                                      ----------          ----------
              Total other expense                      1,634,279           1,463,655
                                                      ----------          ----------

INCOME BEFORE INCOME TAXES                               951,310           1,130,810
     Income taxes                                        217,171             288,320
                                                      ----------          ----------

NET INCOME                                            $  734,139          $  842,490
                                                      ==========          ==========

EARNING PER COMMON SHARE                              $     1.05          $     1.19
                                                      ==========          ==========

AVERAGE SHARES OUTSTANDING                               697,579             705,037
                                                      ==========          ==========
</TABLE>




See accompanying notes to the unaudited consolidated financial statements.

                                       -5-


<PAGE>   6



                    KILLBUCK BANCSHARES, INC. AND SUBSIDIARY

      CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)
                         SIX MONTHS ENDED JUNE 30, 2001

<TABLE>
<CAPTION>
                                                                          Accumulated
                                                                             Other                          Total
                                               Common        Retained    Comprehensive    Treasury       Shareholders' Comprehensive
                                                Stock        Earnings        Income         Stock           Equity         Income
                                                -----        --------        ------         -----           ------         ------

<S>                                           <C>           <C>            <C>           <C>             <C>            <C>
BALANCE, DECEMBER 31, 2000                    $8,846,670    $23,614,590    $  168,141    $  (888,236)    $31,741,165
     Net income                                               1,459,365                                    1,459,365     $1,459,365
     Other comprehensive income:
         Net unrealized gain on securities                                    318,345                        318,345        318,345
                                                                                                                         ----------
     Comprehensive income                                                                                                $1,777,710
                                                                                                                         ==========
     Purchase of Treasury stock                                                             (469,869)       (469,869)
     Cash dividends paid ($.80 per share)                      (558,062)                                    (558,062)
                                              ----------    -----------    ----------    -----------     -----------

BALANCE, JUNE 30, 2001                        $8,846,670    $24,515,893    $  486,486    $(1,358,105)    $32,490,944
                                              ==========    ===========    ==========    ===========     ===========
</TABLE>








See accompanying notes to the unaudited consolidated financial statements.

                                       -6-


<PAGE>   7



                    KILLBUCK BANCSHARES, INC. AND SUBSIDIARY
                CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                    Six Months Ended
                                                                                        June 30,
                                                                               2001                   2000
                                                                               ----                   ----
<S>                                                                        <C>                    <C>
OPERATING ACTIVITIES
     Net income                                                            $  1,459,365           $ 1,676,278
     Adjustments to reconcile net income to net cash provided by
      Operating activities:
         Provision for loan losses                                              172,500               120,000
         Gain on sale of loans                                                  (22,475)               (4,822)
         Provision for depreciation and amortization                            262,750               200,030
         Origination of loans held for sale                                  (3,760,510)           (1,354,120)
         Proceeds from the sale of loans                                      3,841,985             1,714,942
         Federal Home Loan Bank stock dividend                                  (35,600)              (31,700)
         Net Change in:
              Accrued interest and other assets                                 233,447              (299,477)
              Accrued expenses and other liabilities                            (24,543)              (19,816)
                                                                           ------------           -----------
                    Net cash provided by operating activities                 2,126,919             2,001,315
                                                                           ------------           -----------

INVESTING ACTIVITIES
     Investment securities available for sale:
         Proceeds from maturities and repayments                             23,240,705             3,100,000
         Purchases                                                          (19,013,306)           (3,091,600)
     Investment securities held to maturity:
         Proceeds from maturities and repayments                                505,621               100,000
         Purchases                                                           (3,210,751)             (634,666)
     Net increase in loans                                                   (2,127,753)           (3,480,409)
     Purchase of premises and equipment                                        (641,206)             (356,021)
                                                                           ------------           -----------
              Net cash used in investing activities                          (1,246,690)           (4,362,696)
                                                                           ------------           -----------

FINANCING ACTIVITIES
     Net increase in demand, money market and savings deposits                1,885,814            (1,797,731)
     Net increase in time deposits                                            3,108,417             7,379,943
     Repayment of Federal Home Loan Bank advances                              (544,860)             (544,707)
     Net decrease in short term borrowings                                     (725,816)             (605,000)
     Purchase of Treasury stock                                                (469,869)              (52,414)
     Dividends paid                                                            (558,062)             (493,356)
                                                                           ------------           -----------
              Net cash provided by (used in) financing activities             2,695,624             3,886,735
                                                                           ------------           -----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                          3,575,853             1,525,354
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                             20,512,736            16,823,806
                                                                           ------------           -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                 $ 24,088,589           $18,349,160
                                                                           ============           ===========

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
     Cash Paid During the Period For:
         Interest on deposits and borrowings                               $  5,002,585           $ 4,332,598
                                                                           ============           ===========
         Income taxes                                                      $    324,000           $   500,000
                                                                           ============           ===========
</TABLE>


See accompanying notes to the unaudited consolidated financial statements.

                                       -7-

<PAGE>   8



                            KILLBUCK BANCSHARES, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


NOTE 1 - BASIS OF PRESENTATION

The consolidated financial statements include the accounts of Killbuck
Bancshares, Inc. (the "Company") and its wholly-owned subsidiary Killbuck
Savings Bank Company (the "Bank"). All significant intercompany balances and
transactions have been eliminated in the consolidation.

The accompanying reviewed consolidated financial statements have been prepared
in accordance with the instructions to Form 10-Q and, therefore, do not
necessarily include all information that would be included in audited financial
statements. The information furnished reflects all adjustments, which are, in
the opinion of management, necessary for a fair statement of the results of
operations. All such adjustments are of a normal recurring nature. The results
of operations for the interim periods are not necessarily indicative of the
results to be expected for the full year.

These statements should be read in conjunction with the consolidated statements
of and for the year ended December 31, 2000 and related notes which are included
on the Form 10-K (file no. 000-24147)

NOTE 2 - EARNINGS PER SHARE

The Company currently maintains a simple capital structure; therefore, there are
no dilutive effects on earnings per share. As such, earnings per share are
calculated using the weighted number of shares for the period.

NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS

In July 2001, the Financial Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standards No. 141, Business Combinations, effective for
all business combinations initiated after Jun 30, 2001, as well as all business
combinations accounted for by the purchase method that are completed after June
30, 2001. The new statement requires that the purchase method of accounting be
used for all business combinations and prohibits the use of the
pooling-of-interests method. The adoption of Statement No. 141 is not expected
to have a material effect on the Company's financial position or results of
operations.

In July 2001, the FASB issued Statement of Financial Accounting Standards No.
142, Goodwill and Other Intangible Assets, effective for fiscal years beginning
after December 15, 2001. The new statement changes the accounting for goodwill
from an amortization method to an impairment-only approach. Thus, amortization
of goodwill, including goodwill recorded in past business combinations, will
cease upon adoption of this Statement. At June 30, 2001, the Company has
approximately $1.4 million of intangibles resulting from the purchase of another
financial institution.





                                       -8-


<PAGE>   9



           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS

The Private Securities Litigation Reform Act of 1995 contains safe harbor
provisions regarding forward-looking statements. When used in this discussion,
the words "believes", "anticipates", "contemplates", "expects", and similar
expressions are intended to identify forward-looking statements. Such statements
are subject to certain risks and uncertainties, which could cause actual results
to differ materially from those projected. Those risks and uncertainties include
changes in interest rates, risks associated with the ability to control costs
and expenses, and general economic conditions. Killbuck Bancshares, Inc.
undertakes no obligation to publicly release the results of any revisions to
those forward-looking statements, which may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.

The Company conducts no significant business or operations of its own other than
holding all of the outstanding stock of the Killbuck Savings Bank Company. As a
result, references to the Company generally refer to the Bank unless the context
indicates otherwise.

                               FINANCIAL CONDITION

Total assets at June 30, 2001 were approximately $266,449,000 compared to
$262,000,000 at December 31, 2000, an increase of $4,449,000 or 1.7%.

Cash and cash equivalents increased by $3,576,000 or 1.7% from December 31, 2000
to June 30, 2001, with federal funds sold increasing $1,800,000. This increase
improved the Bank's liquidity position for loan demand and investment security
purchases at June 30, 2001.

Total investments decreased by $1,057,000 or 1.3% from December 31, 2000 to June
30, 2001. There was a net decrease of $3,723,000 in available for sale U.S.
Government Agency securities due to called and maturing securities while
securities held to maturity increased by $2,665,000. The Bank had greater
purchases of investment securities during the first six months of 2001 due to
the callable options on some of the available for sale Securities.

Net loans increased by $1,955,000 or 1.3% from December 31, 2000 to June 30,
2001. A decrease of $1,487,000 occurred in the consumer loan category while real
estate loan balances increased by $1,001,000 and commercial loans increased by
$2,441,000.

Total deposits at June 30, 2001 were $224,162,000 compared to $219,168,000 at
December 31, 2000, an increase of $4,994,000 or 2.3%. Time deposits increased
$3,108,000, demand accounts decreased $2,956,000 and money market and savings
accounts increased $4,842,000. Management attributes these changes to normal
transfers of funds within the deposit accounts and the general decline in
interest rates.

Federal Home Loan Bank advances and short-term borrowings decreased $545,000 and
$726,000 respectively at June 30, 2001 from December 31, 2000.





                                       -9-


<PAGE>   10

Shareholders' Equity increased by $750,000 or 2.36%, which was mainly due to
earnings of $1,459,000 for the first six months of 2001 accentuated by a
$319,000 increase in the unrealized gain on securities included in other
comprehensive income, and offset by the purchase of Treasury stock for $470,000
and dividends paid totaling $558,000. Management monitors risk-based capital and
leveraged capital ratios in order to assess compliance of the regulatory
guidelines. At June 30, 2001, the total capital ratio was 19.31%; the Tier I
capital ratio was 18.06%, and the leverage ratio was 11.63%, compared to
regulatory capital requirements of 8.00%, 4.00% and 4.00% respectively. These
ratios are well in excess of regulatory capital requirements.

The Company opened and began operating its new branch in Howard, Ohio, (Apple
Valley), in July, 2001.




                                      -10-


<PAGE>   11



                              RESULTS OF OPERATIONS

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


Total interest income of approximately $9,915,000 for the six-month period ended
June 30, 2001, compares to $9,261,000 for the same period in 2000, an increase
of $654,000 or 7.06%. The majority of the overall increase in total interest
income is attributed to an increase in interest and fees on loans of $466,000 or
71.3% of the overall increase. The increase in interest and fees on loans is due
to increased volume in the loan portfolio and an increase in the yield on loans.
Average loan balances were $153,955,000 for the first six months of 2001
compared to $145,950,000 for the first six months of 2000 and the yield on loans
increased to 9.49% for the first six months of 2001 compared to 9.37% for the
first six months of 2000. Investment income increased $22,000 or 1.0% for the
six-month period ended June 30, 2001 compared to the same period for 2000. The
increase in investment income is also due to an increase in volume. Average
investment balances were $77,465,000 compared to $76,813,000 and the yields were
5.66% compared to 5.66% for the first six months of 2001 and 2000 respectively.
See Average Balance Sheet for the six month periods ended June 30, 2001 and
2000.

Total interest expense of $4,965,000 for the six-month period ending June 30,
2001 represents an increase of $601,000 from the $4,364,000 reported for the
same six-month period in 2000. The increase in interest expense on deposits of
$662,000 is due mainly to the increases in the volume of deposit accounts.
Average interest bearing deposits were $192,739,000 for the first six months of
2001 compared to $177,317,000 for the first six months of 2000. The cost on
interest bearing deposits was 4.89%, compared to 4.57% for the six-month periods
of 2001 and 2000 respectively. See Average Balance Sheet for the six month
periods ended June 30, 2001 and 2000.

Net interest income of $4,950,000 for the six months ended June 30, 2001,
compares to $4,897,000 for the same six-month period in 2000, an increase of
$53,000 or 1.1%.

Total other income for the six month period ended June 30, 2001, of $345,000
compares to $315,000 for the same six month period in 2000, a increase of
$30,000 or 9.5%. The increase of $35,000 in service charges on deposit accounts
was attributable to normal activity within the deposit accounts due to an
increase in accounts. Gains on sale of loans increased $18,000 due to increased
activity caused by declining fixed loan rates. Other income decreased $23,000
due to a decrease of $26,000 in alternative investment income. The decrease in
alternative investment income is attributable to the absence of permanent
personnel in this area. However, a new broker/dealer relationship has been
secured and permanent personnel are now in place.

Total other expense of $3,197,000 for the six months ended June 30, 2001,
compares to $2,858,000 for the same six-month period in 2000. This represents an
increase of $339,000 or 11.9%. Salary and employee benefits increased
approximately $157,000 due to additional staff being hired as a result of
opening the branches in Sugarcreek and Howard, Ohio and normal increases in
salaries, staff additions and employee benefits. The increases in the remaining
expense accounts were attributable to the opening of the branches in Sugarcreek
and Howard, Ohio and increases in items that are normal and recurring in nature.

Net income for the six-month period ended June 30, 2001, was $1,459,000, a
decrease of $217,000 or 12.9% from the $1,676,000 reported at June 30, 2000.

                                      -11-



<PAGE>   12

                              RESULTS OF OPERATIONS

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

Total interest income of approximately $4,923,000 for the three-month period
ended June 30, 2001, compares to $4,750,000 for the same period in 2000, an
increase of $173,000 or 3.6%. The majority of the overall increase in total
interest income is attributed to an increase in interest and fees on loans of
$87,000 or 50.3% of the overall increase. The increase in interest and fees on
loans is due to increased volume in the loan portfolio. Average loan balances
were $154,289,000 compared to $147,107,000 and the yield was 9.30% compared to
9.52% for this three-month period of 2001 and 2000 respectively. The increase in
interest on investment securities of $9,000 was due to an increase in the
average balances outstanding of $76,301,000 for 2001 compared to $76,113,000 for
2000 and the yield was 5.71% compared to 5.68% for this three-month period of
2001 and 2000 respectively. See Average Balance Sheet for the three month
periods ended June 30, 2001 and 2000.

Total interest expense of $2,427,000 for the three-month period ending June 30,
2001, represents an increase of $174,000 from the $2,253,000 reported for the
same three-month period in 2000. The increase in interest expense on deposits of
$214,000 is due mainly to increases in volume. Average interest bearing deposits
were $194,365,000 for this three-month period of 2001 compared to $179,691,000
for the same three months of 2000. The cost of interest bearing deposits was
4.75% compared to 4.67% for this three-month period of 2001 and 2000
respectively. See Average Balance Sheet for the three month periods ended June
30, 2001 and 2000.

Net interest income of $2,496,000 for the three months ended June 30, 2001,
compares to $2,497,000 for the same three-month period in 2000, a decrease of
$1,000 or .04%.

Total other income for the three month period ended June 30, 2001, of $180,000
compares to $158,000 for the same three month period in 2000, an increase of
$22,000 or 13.9%. The service fee income on deposits increased $18,000 due to an
increase in the accounts being serviced. Gains on sale of loans increased $9,000
due to the Bank's increased activity caused by declining fixed loan rates.

Total other expense of $1,634,000 for the three months ended June 30, 2001,
compares to $1,464,000 for the same three-month period in 2000. This represents
an increase of $170,000 or 11.6%. Salary and employee benefits increased $92,000
in part to new employees due to the opening of the branch in Howard, Ohio and
normal recurring employee cost increases for salary, staff additions and
employee benefits. The increase in other expenses of $54,000 was due in part to
the opening of the branch in Howard, Ohio and increases in other expenses that
are generally thought to be normal and recurring in nature.

Net income for the three-month period ended June 30, 2001, was $734,000, a
decrease of $108,000 or 12.8% from the $842,000 reported at June 30, 2000.



                                      -12-


<PAGE>   13



                                    LIQUIDITY


Management monitors projected liquidity needs and determines the level desirable
based in part on the Company's commitments to make loans and management's
assessment of the Company's ability to generate funds.

The primary sources of funds are deposits, repayment of loans, maturities of
investments, funds provided from operations and advances from the FHLB of
Cincinnati. While scheduled repayments of loans and maturities of investment
securities are predictable sources of funds, deposit flows and loan repayments
are greatly influenced by the general level of interest rates, economic
conditions and competition. The Company uses its sources of funds to fund
existing and future loan commitments, to fund maturing time deposits and demand
deposit withdrawals, to invest in other interest-earning assets, to maintain
liquidity, and to meet operating expenses.

Cash and amounts due from depository institutions and federal funds sold totaled
$24,089,000 at June 30, 2001. These assets provide the primary source of
liquidity for the Company. In addition, management has designated a substantial
portion of the investment portfolio, $43,755,000 as available for sale and has
an available unused line of credit of $14,700,000 with the Federal Home Loan
Bank of Cincinnati to provide additional sources of liquidity at June 30, 2001.
As of June 30, 2001, the Company had commitments to fund loans of approximately
$828,000 and $21,910,000 in unused lines and letters of credit.

Cash was provided during the six month period ended June 30, 2001, mainly from
operating activities of $2.1 million, a net increase in deposits of $4.9
million, and the maturities and repayments of investment securities of $23.7
million. Cash was used during the six month period ended June 30, 2001, mainly
to fund a net increase in loans of $2.1 million, and for the purchase of
investment securities of $22.2 million. In addition $1.3 million was also used
to reduce Federal Home Loan Bank advances and short-term borrowings during the
first six months of 2001 and $.5 million was used to purchase Treasury Stock.
Cash and cash equivalents totaled $24.1 million at June 30, 2001, an increase of
$3.6 million from $20.5 million at December 31, 2000.

Management is not aware of any conditions, including any regulatory
recommendations or requirements, which would adversely affect its liquidity or
ability to meet its funding needs in the normal course of business.







                                      -13-


<PAGE>   14



                                  RISK ELEMENTS


The table below presents information concerning nonperforming assets including
nonaccrual loans, renegotiated loans, loans 90 days or more past due, other real
estate loans and repossessed assets at June 30, 2001, and December 31, 2000. A
loan is classified as nonaccrual when, in the opinion of management, there are
doubts about collectibility of interest and principal. At the time the accrual
of interest is discontinued, future income is recognized only when cash is
received. Renegotiated loans are those loans which terms have been renegotiated
to provide a reduction or deferral of principal or interest as of result of the
deterioration of the borrower.

                                                       June 31,     December 31,
                                                         2001           2000
                                                         ----           ----
                                                        (dollars in thousands)

Loans on nonaccrual basis                                $ 77           $298
Loans past due 90 days or more                            179            340
Renegotiated loans                                         --             --
                                                         ----           ----
              Total nonperforming loans                   256            638

Other real estate                                          --             --
Repossessed assets                                         --             --
                                                         ----           ----
              Total nonperforming assets                 $256           $638
                                                         ====           ====

Nonperforming loans as a percent of total loans          0.17%          0.42%

Nonperforming loans as a percent of total assets         0.10%          0.24%

Nonperforming assets as a percent of total assets        0.10%          0.24%


Management monitors impaired loans on a continual basis. As of June 2001,
impaired loans had no material effect on the Company's financial position or
results from operations.

The allowance for loan losses at June 30, 2001, totaled approximately $2,292,000
or 1.49% of total loans as compared to $2,359,000 or 1.55% at December 31, 2000.
Provisions for loan losses were $173,000 for the six months ended June 30, 2001
and $120,000 for the six months ended June 30, 2000.

The level of funding for the provision is a reflection of the overall loan
portfolio. Nonperforming loans consist of approximately $52,000 in one to four
family residential mortgages, $125,000 in commercial loans and $79,000 in
consumer loans. The collateral requirements on such loans reduce the risk of
potential losses to an acceptable level in management's opinion.



                                      -14-


<PAGE>   15

Management performs a quarterly evaluation of the allowance for loan losses. The
evaluation incorporates internal loan review, actual historical losses, as well
as any negative economic trends in the local market. The evaluation is presented
to and approved by the Board of Directors. Although the Company maintains its
allowance for loan losses at a level that it considers to be adequate to provide
for the inherent risk of loss in its portfolio, there can be no assurance that
future losses will not exceed estimated amounts or that additional provisions
for loan losses will not be required in future periods.









                                      -15-

<PAGE>   16



AVERAGE BALANCE SHEET FOR THE SIX-MONTH PERIOD ENDED JUNE 30

The following table sets forth certain information relating to the Company's
average balance sheet and reflects the average yield on assets and average cost
of liabilities for the periods indicated and the average yields earned and rates
paid. Such yields and costs are derived by dividing income or expense by the
average balance of assets or liabilities, respectively, for the periods
presented. Average balances are derived from month-end balances. Management does
not believe that the use of month-end balances instead of daily average balances
has caused any material differences in the information presented.

<TABLE>
<CAPTION>
                                                                                       Period Ended
                                                      ------------------------------------------------------------------------------
                                                                         2001                                     2000
                                                      ------------------------------------     -------------------------------------
                                                         Average                   Yield/         Average                     Yield/
                                                         Balance       Interest     Rate          Balance       Interest      Rate
                                                         -------       --------     ----          -------       --------      ----
<S>                                                   <C>             <C>          <C>         <C>             <C>            <C>
Assets
------
Interest Earnings Assets:
   Loans (1)(2)(3)                                    $153,954,549    $7,307,380    9.49%      $145,950,199    $6,840,630     9.37%
   Securities-taxable (4)                               40,856,272     1,347,015    6.59%        42,480,436     1,337,576     6.30%
   Securities-nontaxable                                35,264,140       820,923    4.66%        33,093,397       793,762     4.80%
   Securities-equity (4)(5)                              1,344,979        25,525    3.80%         1,238,633        40,718     6.57%
   Federal funds sold                                   16,900,858       413,844    4.90%         8,462,314       248,444     5.87%
                                                      ------------    ----------    ----       ------------    ----------     ----
     Total interest earnings assets                    248,320,798     9,914,687    7.99%       231,224,979     9,261,130     8.01%
                                                      ------------    ----------    ----       ------------    ----------     ----
Noninterest earning assets:
   Cash and due from other institutions                  7,744,845                                7,482,624
   Premises and equipment, net                           4,754,602                                3,993,668
   Accrued interest                                      1,517,801                                1,467,974
   Other assets                                          2,411,532                                2,395,563
   Less allowance for loan losses                       (2,228,344)                              (1,943,763)
                                                      ------------                             ------------
     Total noninterest earnings assets                  14,200,436                               13,396,066
                                                      ------------                             ------------
     Total Assets                                     $262,521,234                             $244,621,045
                                                      ============                             ============

Liabilities and Shareholders' Equity
------------------------------------
Interest bearing liabilities:
   Interest bearing demand                            $ 27,937,619       308,735    2.21%      $ 29,335,430       375,266     2.56%
   Money market accounts                                10,975,074       199,036    3.63%        10,622,890       186,968     3.52%
   Savings deposits                                     29,394,129       418,174    2.85%        27,678,001       425,112     3.07%
   Time deposits                                       124,432,426     3,789,977    6.09%       109,681,198     3,066,751     5.59%
   Short term borrowings                                 3,700,636        47,946    2.59%         4,217,996        78,610     3.73%
   Federal Home Loan Advances                            5,912,242       200,770    6.79%         6,842,953       231,471     6.77%
                                                      ------------    ----------    ----       ------------    ----------     ----
     Total interest bearing liabilities                202,352,126     4,964,638    4.91%       188,378,468     4,364,178     4.63%
                                                      ------------    ----------    ----       ------------    ----------     ----

Noninterest bearing liabilities:
   Demand deposits                                      27,133,243                               26,654,425
   Accrued expenses and other liabilities                1,151,265                                  486,680
                                                      ------------                             ------------
     Total noninterest bearing liabilities              28,284,508                               27,141,105
                                                      ------------                             ------------
   Shareholders' equity                                 31,884,600                               29,101,472
                                                      ------------                             ------------
     Total Liabilities and Shareholders' Equity       $262,521,234                             $244,621,045
                                                      ============                             ============

Net interest income                                                   $4,950,049                               $4,896,952
                                                                      ==========                               ==========

Interest rate spread (6)                                                            3.08%                                     3.38%
                                                                                    ====                                      ====

Net yield on interest earning assets (7)                                            3.99%                                     4.24%
                                                                                    ====                                      ====
</TABLE>


(1)      For purposes of these computations, the average loan amounts
         outstanding are net of deferred loan fees.

(2)      Included in loan interest income are loan related fees of $143,398 and
         $146,087 in 2001 and 2000, respectively.

(3)      Nonaccrual loans are include in loan totals and do not have a material
         impact on the information presented.

(4)      Average balance is computed using the carrying value of securities. The
         average yield has been computed using the historical amortized cost
         average balance for available for sale securities.

(5)      Equity securities are comprised of common stock of the Federal Home
         Loan Bank, Federal Reserve Bank and Great Lakes Bankers Bank.

(6)      Interest rate spread represents the difference between the average
         yield on interest earning assets and the average cost of interest
         bearing liabilities.

(7)      Net yield on interest earning assets represents net interest income as
         a percentage of average interest earning assets.


                                      -16-

<PAGE>   17
AVERAGE BALANCE SHEET FOR THE THREE-MONTH PERIOD ENDED JUNE 30

The following table sets forth certain information relating to the Company's
average balance sheet and reflects the average yield on assets and average cost
of liabilities for the periods indicated and the average yields earned and rates
paid. Such yields and costs are derived by dividing income or expense by the
average balance of assets or liabilities, respectively, for the periods
presented. Average balances are derived from month-end balances. Management does
not believe that the use of month-end balances instead of daily average balances
has caused any material differences in the information presented.

<TABLE>
<CAPTION>
                                                                                       Period Ended
                                                      ------------------------------------------------------------------------------
                                                                         2001                                     2000
                                                      ------------------------------------     -------------------------------------
                                                         Average                   Yield/         Average                     Yield/
                                                         Balance       Interest     Rate          Balance       Interest      Rate
                                                         -------       --------     ----          -------       --------      ----
<S>                                                   <C>             <C>          <C>         <C>             <C>            <C>
Assets
------
Interest Earnings Assets:
   Loans (1)(2)(3)                                    $154,288,612    $3,587,516    9.30%      $147,106,553    $3,500,837     9.52%
   Securities-taxable (4)                               38,855,430       643,598    6.63%        41,629,790       655,100     6.29%
   Securities-nontaxable                                36,092,270       420,338    4.66%        33,199,077       398,877     4.81%
   Securities-equity (4)(5)                              1,353,511        25,525    7.54%         1,284,032        26,017     8.10%
   Federal funds sold                                   19,562,276       245,568    5.02%        11,237,419       168,785     6.01%
                                                      ------------    ----------    ----      -------------   -----------     ----
     Total interest earnings assets                    250,152,099     4,922,545    7.87%       234,456,871     4,749,616     8.10%
                                                      ------------    ----------    ----      -------------   -----------     ----
Noninterest earning assets:
   Cash and due from other institutions                  8,060,391                                7,558,834
   Premises and equipment, net                           4,831,315                                4,011,404
   Accrued interest                                      1,535,367                                1,563,520
   Other assets                                          2,472,285                                2,445,587
   Less allowance for loan losses                       (2,268,099)                              (1,964,864)
                                                      ------------                             ------------
     Total noninterest earnings assets                  14,631,259                               13,614,481
                                                      ------------                             ------------
     Total Assets                                     $264,783,358                             $248,071,352
                                                      ============                             ============

Liabilities and Shareholders' Equity
------------------------------------
Interest bearing liabilities:
   Interest bearing demand                            $ 28,134,830       142,861    2.03%      $ 28,688,965       184,641     2.57%
   Money market accounts                                10,998,206        99,216    3.61%        11,334,431       102,986     3.63%
   Savings deposits                                     30,256,779       197,470    2.61%        27,453,870       210,545     3.07%
   Time deposits                                       124,975,043     1,870,783    5.99%       112,214,019     1,598,637     5.70%
   Short term borrowings                                 3,721,148        17,952    1.93%         4,387,005        41,695     3.80%
   Federal Home Loan Advances                            5,799,605        98,574    6.80%         6,738,848       114,625     6.80%
                                                      ------------   -----------    ----       ------------   -----------     ----
     Total interest bearing liabilities                203,885,611     2,426,856    4.76%       190,817,138     2,253,129     4.72%
                                                      ------------   -----------    ----       ------------   -----------     ----

Noninterest bearing liabilities:
   Demand deposits                                      27,641,911                               27,345,910
   Accrued expenses and other liabilities                1,231,549                                  539,907
                                                      ------------                             ------------
     Total noninterest bearing liabilities              28,873,460                               27,885,817
                                                      ------------                             ------------
   Shareholders' equity                                 32,024,287                               29,368,397
                                                      ------------                             ------------
     Total Liabilities and Shareholders' Equity       $264,783,358                             $248,071,352
                                                      ============                             ============

Net interest income                                                   $2,495,689                               $2,496,487
                                                                      ==========                               ==========

Interest rate spread (6)                                                            3.11%                                     3.38%
                                                                                    ====                                      ====

Net yield on interest earning assets (7)                                            3.99%                                     4.26%
                                                                                    ====                                      ====
</TABLE>


(1)      For purposes of these computations, the average loan amounts
         outstanding are net of deferred loan fees.

(2)      Included in loan interest income are loan related fees of $77,142 and
         $71,330 in 2001 and 2000, respectively.

(3)      Nonaccrual loans are include in loan totals and do not have a material
         impact on the information presented.

(4)      Average balance is computed using the carrying value of securities. The
         average yield has been computed using the historical amortized cost
         average balance for available for sale securities.

(5)      Equity securities are comprised of common stock of the Federal Home
         Loan Bank, Federal Reserve Bank and Great Lakes Bankers Bank.

(6)      Interest rate spread represents the difference between the average
         yield on interest earning assets and the average cost of interest
         bearing liabilities.

(7)      Net yield on interest earning assets represents net interest income as
         a percentage of average interest earning assets.

                                      -17-
<PAGE>   18



                           PART II - OTHER INFORMATION


Item 1 -   Legal Proceedings

           None

Item 2 -   Changes in the rights of the Company's security holders

           None

Item 3 -   Defaults by the Company on its senior securities

           None

Item 4 -   Results of votes of security holders

           The following represents the results of matters submitted to a vote
           of the shareholders at the annual meeting held on April 23, 2001:

           Affixing the number of directors at ten for 2001:

           For               535,655
           Abstain                 0
           Absent            161,924

           Election of Directors:

           The following directors were elected with terms to expire April 2004:

                                         For           Abstain         Absent
                                         ---           -------         ------

           Ted Bratton                 533,845          1,810         161,924
           Thomas D. Gindlesberger     533,845          1,810         161,924
           Dean J. Mullet              533,845          1,810         161,924
           Michael S. Yoder            533,845          1,810         161,924

Item 5 -   Other Information

           None






                                      -18-


<PAGE>   19

Item 6 -   Exhibits and Reports on Form 8-K

           a)   The following exhibits are included in this report or
                incorporated herein by reference:
                3(i)  Articles of Incorporation of Killbuck Bancshares, Inc.*
                3(ii) Code of Regulations of Killbuck Bancshares, Inc.*
                10    Agreement and Plan of Reorganization with Commercial and
                      Savings Bank Co.*
                21    Subsidiaries of Registrant*
                99    Independent Accountant's Report

           b)   No reports on Form 8-K were filed during the quarter of the
                period covered by this report.

                *Incorporated by reference to an identically numbered exhibit to
                 the Form 10 (file No. 0-24147) filed with SEC on April 30, 1998
                 and subsequently amended on July 8, 1998 and July 31, 1998.





                                      -19-


<PAGE>   20



                                   SIGNATURES


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

                                             Killbuck Bancshares, Inc.


Date:  August 14, 2001                              By:/s/Luther E. Proper
                                                    ------------------------
                                                    Luther E. Proper
                                                    President and
                                                    Chief Executive Officer




Date:  August 14, 2001                              By:/s/Diane Knowles
                                                    ------------------------
                                                    Diane Knowles
                                                    Chief Financial Officer







                                      -20-