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UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

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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, 2001

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 1-13605

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

Delaware

36-4193304(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer Identification No.)1695 Larkin Avenue, Elgin, Illinois

60123(Address of principal executive offices)

(Zip Code)


(847) 741-3900(Registrant's telephone number, including area code)

Not Applicable(Former name, former address and former fiscal year, if changes since last report)

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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 / /

APPLICABLE
ONLY TO CORPORATE ISSUERS:

Indicate
the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 4,717,469 shares of common stock, par value $0.01 per
share, were outstanding as of May 7, 2001.

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EFC Bancorp, Inc.    Form 10-Q    For the Quarter Ended March 31, 2001    INDEX

|           |  |                                                                                              |  | Page
|---------- |  | -------------------------------------------------------------------------------------------- |  | ----
|PART I.    |  | FINANCIAL INFORMATION                                                                        |  |     
|Item 1.    |  | Financial Statements (unaudited)                                                             |  |     
|           |  | Consolidated Balance Sheets at
    March 31, 2001 and December 31, 2000                      |  | 1   
|           |  | Consolidated Statements of IncomeFor the Three
    Months Ended March 31, 2001 and 2000     |  | 2   
|           |  | Consolidated Statements of Cash FlowsFor the Three
    Months Ended March 31, 2001 and 2000 |  | 3   
|           |  | Notes to Consolidated Financial Statements                                                   |  | 4   
|Item 2.    |  | Management's Discussion and Analysis of Financial Condition and Results of Operations        |  | 5   
|Item 3.    |  | Quantitative and Qualitative Disclosures About Market Risk                                   |  | 9   
|PART II:   |  | OTHER INFORMATION                                                                            |  | 10  
|Item 1.    |  | Legal Proceedings                                                                            |  | 10  
|Item 2.    |  | Changes in Securities and Use of Proceeds                                                    |  | 10  
|Item 3.    |  | Defaults Upon Senior Securities                                                              |  | 10  
|Item 4.    |  | Submission of Matters to a Vote of Security Holders                                          |  | 10  
|Item 5.    |  | Other Information                                                                            |  | 10  
|Item 6.    |  | Exhibits and Reports on Form 8-K                                                             |  | 10  
|SIGNATURES |  | 11                                                                                          

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PART I. FINANCIAL INFORMATION  EFC BANCORP, INC.  March 31, 2001

Item 1.  Financial Statements.

EFC BANCORP, INC.
AND SUBSIDIARIESConsolidated Balance Sheets (unaudited)
March 31, 2001 and December 31, 2000

|                                                             |                                                                                                                                
|------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------
|
|                                                             |                                                                                                                                
|Cash and cash equivalents:                                   |                                                                                                                                
|                                                             | On hand and in banks                                                                                                           
|                                                             | Interest bearing deposits with financial institutions                                                                          
|Loans receivable, net                                        |                                                                                                                                
|Mortgage-backed securities available-for-sale, at fair value |                                                                                                                                
|Investment securities available-for-sale, at fair value      |                                                                                                                                
|Foreclosed real estate                                       |                                                                                                                                
|Stock in Federal Home Loan Bank of Chicago, at cost          |                                                                                                                                
|Accrued interest receivable                                  |                                                                                                                                
|Office properties and equipment, net                         |                                                                                                                                
|Other assets                                                 |                                                                                                                                
|                                                             |                                                                                                                                
|Total assets                                                 |                                                                                                                                
|                                                             |                                                                                                                                
|Liabilities and Stockholders' Equity                         |                                                                                                                                
|                                                             |                                                                                                                                
|Liabilities:                                                 |                                                                                                                                
|                                                             | Deposits                                                                                                                       
|                                                             | Borrowed money                                                                                                                 
|                                                             | Advance payments by borrowers for taxes and insurance                                                                          
|                                                             | Income taxes payable                                                                                                           
|                                                             | Accrued expenses and other liabilities                                                                                         
|                                                             |                                                                                                                                
|Total liabilities                                            |                                                                                                                                
|                                                             |                                                                                                                                
|Stockholders' Equity:                                        |                                                                                                                                
|                                                             | Preferred stock, par value $.01 per share, authorized 2,000,000 shares; no shares issued                                       
|                                                             | Common stock, par value $.01 per share, authorized 25,000,000 shares; issued 7,491,434 shares                                  
|                                                             | Additional paid-in capital                                                                                                     
|                                                             | Treasury stock, at cost, 2,737,465 and 2,657,165 shares at March 31, 2001 and December 31, 2000, respectively                  
|                                                             | Unearned employee stock ownership plan (ESOP), 469,463 and 479,452 shares at March 31, 2001 and December 31, 2000, respectively
|                                                             | Unearned stock award plan, 150,633 and 164,896 shares at March 31, 2001 and December 31, 2000, respectively                    
|                                                             | Retained earnings, substantially restricted                                                                                    
|                                                             | Accumulated other comprehensive income (loss)                                                                                  
|                                                             |                                                                                                                                
|Total stockholders' equity                                   |                                                                                                                                
|                                                             |                                                                                                                                
|Commitments and contingencies                                |                                                                                                                                
|                                                             |                                                                                                                                
|Total liabilities and stockholders' equity                   |                                                                                                                                
|                                                             |                                                                                                                                

See
accompanying notes to consolidated financial statements.

1

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EFC BANCORP, INC.
AND SUBSIDIARIES

Consolidated Statements of Income (unaudited)
For the three months ended March 31, 2001 and 2000

|                                                    
|----------------------------------------------------
|
|                                                    
|Interest income:                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|Total interest income                               
|                                                    
|Interest expense:                                   
|                                                    
|                                                    
|                                                    
|Total interest expense                              
|                                                    
|Net interest income before provision for loan losses
|Provision for loan losses                           
|                                                    
|Net interest income after provision for loan losses 
|                                                    
|Noninterest income:                                 
|                                                    
|                                                    
|                                                    
|                                                    
|Total noninterest income                            
|                                                    
|Noninterest expense:                                
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|                                                    
|Total noninterest expense                           
|                                                    
|Income before income taxes                          
|Income tax expense                                  
|                                                    
|Net income                                          
|                                                    
|Earnings per share (basic and diluted)              
|                                                    

See
accompanying notes to consolidated financial statements.

2

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EFC BANCORP, INC.
AND SUBSIDIARIES

Consolidated Statements of Cash Flows (unaudited)
For the three months ended March 31, 2001 and 2000

|                                                 |                                                                                 
|------------------------------------------------ | --------------------------------------------------------------------------------
|
|                                                 |                                                                                 
|Cash flows from operating activities:            |                                                                                 
|                                                 | Net income                                                                      
|                                                 | Adjustment to reconcile net income to net cash provided by operating activities:
|                                                 |                                                                                 
|                                                 |                                                                                 
|                                                 |                                                                                 
|                                                 |                                                                                 
|                                                 |                                                                                 
|                                                 |                                                                                 
|                                                 |                                                                                 
|                                                 |                                                                                 
|                                                 |                                                                                 
|                                                 |                                                                                 
|Net cash provided by operating activities        |                                                                                 
|                                                 |                                                                                 
|Cash flows from investing activities:            |                                                                                 
|                                                 | Net increase in loans receivable                                                
|                                                 | Purchases of loans receivable                                                   
|                                                 | Purchases of mortgage-backed securities available-for-sale                      
|                                                 | Principal payments on mortgage-backed securities available-for-sale             
|                                                 | Maturities of investment securities available-for-sale                          
|                                                 | Purchases of investment securities available-for-sale                           
|                                                 | Purchases of office properties and equipment                                    
|                                                 | Purchases of stock in the Federal Home Loan Bank of Chicago                     
|                                                 | Proceeds from the sale of foreclosed real estate                                
|                                                 |                                                                                 
|Net cash used in investing activities            |                                                                                 
|                                                 |                                                                                 
|Cash flows from financing activities:            |                                                                                 
|                                                 | Cash dividends paid                                                             
|                                                 | Purchase of treasury stock                                                      
|                                                 | Net increase in deposits                                                        
|                                                 | Proceeds from borrowed money                                                    
|                                                 | Repayments on borrowed money                                                    
|                                                 |                                                                                 
|Net cash provided by financing activities        |                                                                                 
|                                                 |                                                                                 
|Net decrease in cash and cash equivalents        |                                                                                 
|Cash and cash equivalents at beginning of period |                                                                                 
|                                                 |                                                                                 
|Cash and cash equivalents at end of period       |                                                                                 
|                                                 |                                                                                 

See
accompanying notes to consolidated financial statements.

3

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EFC BANCORP, INC.
Notes to Consolidated Financial Statements

Note 1:
BASIS OF PRESENTATION

The
accompanying unaudited consolidated financial statements include the accounts of EFC Bancorp, Inc. (the Company) and its wholly-owned subsidiary, Elgin Financial Savings
Bank (the Bank) and its wholly-owned subsidiary, Fox Valley Service Corp. Certain amounts for the prior year have been reclassified to conform to the current year presentation.

In
the opinion of the management of the Company, the accompanying consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of the
financial position and results of operations for the periods presented. All significant intercompany transactions have been eliminated in consolidation. These interim financial statements have been
prepared according to the rules and regulations of the Securities and Exchange Commission and therefore certain information and footnote disclosures normally included in financial statements presented
in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. The results of operations for the interim periods are not necessarily
indicative of the results to be expected for the full year. It is suggested that the accompanying unaudited consolidated financial statements be read in conjunction with the Company's 2000 Annual
Report on Form 10-K. Currently, other than investing in various securities, the Company does not directly transact any material business other than through the Bank. Accordingly,
the discussion herein addresses the operations of the Company as they are conducted through the Bank.

Note 2:
COMPREHENSIVE INCOME

The
Company's comprehensive income for the three month periods ended March 31, 2001 and 2000 are as follows:

|                                      |                                                                           | Three months ended
March 31, |        
|------------------------------------- | ------------------------------------------------------------------------- | ---------------------------- | -------
|
|Net income                            |                                                                           | $                            | 901,574
|Other comprehensive loss, net of tax: |                                                                           |                              |        
|                                      | Unrealized holding gains (losses) on securities arising during the period |                              |        
|                                      |                                                                           |                              |        
|                                      | Comprehensive income                                                      |                              | $      
|                                      |                                                                           |                              |        

There
were no sales of investment securities as of and for the three months ended March 31, 2001 and 2000.

4

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

The following analysis discusses changes in the financial condition at March 31, 2001 and results of operations for the three months ended
March 31, 2001, and should be read in conjunction with the Company's Unaudited Consolidated Financial Statements and the notes thereto, appearing in Part I, Item 1 of this document.

Forward-Looking Statements

This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain
assumptions and describe future plans, strategies and expectations of the Company, are generally identified by use of the words "believe," "expect," "intend,"
"anticipate," "estimate," "project," or similar expressions. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could
have a material adverse effect on the operations of the Company and the subsidiaries include, but are not limited to, changes in: interest rates, general economic conditions, legislative/regulatory
changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios,
demand for loan products, deposit flows, competition, demand for financial services in the Company's market area and accounting principles and guidelines. These risks and uncertainties should be
considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Further information concerning the Company and its business, including additional
factors that could materially affect the Company's financial results, is included in the Company's filings with the SEC, including its 2000 Annual Report on Form 10-K.

The
Company does not undertakeand specifically disclaims any obligationto publicly release the result of any revisions which may be made to any
forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Comparison of Financial Condition at March 31, 2001 and December 31, 2000

Total assets at March 31, 2001 were $601.6 million, which represented an increase of $18.4 million, or 3.2%, compared to
$583.2 million at December 31, 2000. The increase in total assets was primarily as a result of an increase in loans receivable of $12.7 million, or 2.8%, to $472.5 million
at March 31, 2001 from $459.8 million at December 31, 2000. Of the $12.7 million increase, $7.1 million represents loans purchased. The increase in loans receivable
was primarily attributable to strong loan demand during the period. The growth in total assets was funded by increases in borrowed money and deposits. Borrowed money, representing FHLB advances,
increased by $10.0 million to $150.2 million at March 31, 2001 from $140.2 million at December 31, 2000. Deposits increased $4.8 million to
$374.3 million at March 31, 2001 from $369.5 million at December 31, 2000. Stockholders' equity increased by $376,000 to $67.7 million at March 31, 2001 from
$67.3 million at December 31, 2000. The increase in stockholders' equity was primarily the result of the Company's net income during the period and a $591,000 increase in the Company's
accumulated other comprehensive income relating to its available-for-sale investment portfolio, offset by stock repurchases and dividends paid.

5

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Comparison of Operating Results For the Three Months Ended March 31, 2001 and 2000

General.The Company's net income decreased $61,000, to $902,000 for the three months ended
March 31, 2001, from $963,000 for the three months ended March 31, 2000.

Interest Income.Interest income increased $1.5 million, or 16.3%, to
$10.7 million for the three months ended March 31, 2001, compared with $9.2 million for the same period in 2000. The increase in interest income was primarily due to an increase
in average interest-earning assets, which increased by $79.6 million, or 15.9%, to $580.5 million for the three months ended March 31, 2001 from $500.9 million for the
comparable period in 2000, and an increase in the average yield on interest-earning assets by 2 basis points to 7.36% for the three months ended March 31, 2001 from 7.34% for the three months
ended March 31, 2000.

Mortgage
loan interest income increased by $1.0 million for the three months ended March 31, 2001 compared with the same period in 2000. The average balance of mortgage
loans increased $44.3 million, while the loan yield increased by 18 basis points from 7.42% to 7.60%. Interest income from investment securities, mortgage-backed securities and short term
deposits increased by $116,000 for the three months ended March 31, 2001, compared with the same period in 2000. This increase resulted from a combination of an increase in average balance of
$17.4 million and offset by a 65 basis point decrease in yield.

Interest Expense.Interest expense increased by $1.4 million, or 27.0%, to
$6.5 million for the three months ended March 31, 2001 from $5.1 million for the three months ended March 31, 2000. This increase resulted from the combination of an
increase in the average balance of interest-bearing liabilities, and an overall increase in the average rate paid on those interest-bearing liabilities. The average balance of interest-bearing
liabilities increased by $75.0 million, or 17.4%, to $505.3 million at March 31, 2001 from $430.3 million at March 31, 2000. This change reflects a
$27.7 million increase in the deposit accounts, with the remaining $47.3 million increase attributable to advances from the FHLB-Chicago. The average rate paid on combined
deposits and borrowed money increased by 39 basis points to 5.14% for the three months ended March 31, 2001 from 4.75% for the three months ended March 31, 2000.

Net Interest Income Before Provision for Loan Losses.Net interest income before provision for
loan losses increased $117,000, or 2.9%, to $4.2 million for the three months ended March 31, 2001 from $4.1 million for the comparable period in 2000. The net interest margin as
a percent of interest-earning assets decreased by 37 basis points to 2.89% for the three months ended March 31, 2001 from 3.26% for the comparable period in 2000.

Provision for Loan Losses.The provision for loan losses increased by $30,000, to $90,000 for
the three months ended March 31, 2001 from $60,000 in 2000. At March 31, 2001, December 31, 2000 and March 31, 2000, non-performing loans totaled
$5.0 million, $4.5 million and $1.0 million, respectively. At March 31, 2001, the ratio of the allowance for loan losses to non-performing loans was 39.8%
compared to 41.5% at December 31, 2000 and 154.2% at March 31, 2000. The ratio of the allowance to total loans was 0.42%, 0.41% and 0.39%, at March 31, 2001, December 31,
2000 and March 31, 2000, respectively. There were no charge-offs for the three months ended March 31, 2001 and 2000. Management periodically calculates an allowance
sufficiency analysis based upon the portfolio composition, asset classifications, loan-to-value ratios, potential impairments in the loan portfolio, and other factors.

Noninterest Income.Noninterest income totaled $342,000 and $266,000 for the three months ended
March 31, 2001 and 2000, respectively. The increase in noninterest income is primarily attributable to an increase in insurance and brokerage commission income of $60,000 and an increase in
service fees of $20,000.

6

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Noninterest Expense.Noninterest expense increased $224,000, to $3.0 million for the
three months ended March 31, 2001 from $2.8 million for the comparable period in 2000. Compensation and benefits increased by $157,000. This increase was primarily due to a combination
of annual salary increases, the addition of staff and increases in employee health insurance costs. The additional staff expenses are primarily attributed to the opening of the Bank's new East Dundee,
Illinois branch and the hiring of marketing and human resource personnel. All other operating expenses, including advertising, marketing, postage, communications, data processing and other office
expense increased by a combined $68,000, or 5.3%, to $1.4 million for the three months ended March 31, 2001 from $1.3 million for the three months ended March 31, 2000.
Management continues to emphasize the importance of expense management and control while continuing to provide expanded banking services to a growing market base.

Income Tax Expense.Income tax expense totaled $505,000 for the three months ended
March 31, 2001 and 2000. The effective tax rate was 35.9% and 34.4% for the three months ended March 31, 2001 and 2000, respectively.

Liquidity and Capital Resources

The Bank's primary sources of funds are savings deposits, proceeds from the principal and interest payments on loans and proceeds from the maturity of
securities and borrowings from the FHLB-Chicago. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit outflows and mortgage
prepayments are greatly influenced by general interest rates, economic conditions and competition.

The
primary investing activities of the Bank are the origination of residential one-to-four-family loans and, to a lesser extent multi-family and
commercial real estate, construction and land, commercial and consumer loans and the purchase of mortgage-backed and mortgage-related securities. In addition, the Bank purchases loans, consisting of
single-family, multi-family and commercial real estate. Deposit flows are affected by the level of interest rates, the interest rates and products offered by the local competitors, the Bank and other
factors.

The
Bank's most liquid assets are cash and interest-bearing demand accounts. The levels of these assets are dependent on the Bank's operating, financing, lending and investing
activities during any given period. At March 31, 2001, cash and interest-bearing demand accounts totaled $36.7 million, or 6.1% of total assets.

See
the "Consolidated Statements of Cash Flows" in the Unaudited Consolidated Financial Statements included in this Form 10-Q for the sources and uses of cash flows
for operating, investing and financing activities for the three months ended March 31, 2001 and 2000.

At
March 31, 2001, the Bank exceeded all of its regulatory capital requirements. The following is a summary of the Bank's regulatory capital ratios at March 31, 2001:

Total Capital to Total Assets

10.42
%Total Capital to Risk-Weighted Assets

16.30
%Tier I Leverage Ratio

10.34
%Tier I to Risk-Weighted Assets

16.16
%


At
March 31, 2001, the Company had a Total Capital to Total Assets ratio of 11.25%.

On
February 21, 2001, the Company announced its first quarter dividend of $0.1225 per share. The dividend was paid on April 10, 2001 to stockholders of record on
March 30, 2001.

7

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Recent Accounting Pronouncements

The Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities," in
June 1998. SFAS No. 133 standardizes the accounting for derivative instruments, including certain derivative instruments embedded in other contracts. During June, 1999, the FASB issued
Statement of Financial Accounting Standards No. 137, "Accounting for Derivative Instruments and Hedging Activities-Deferral of the Effective Date of FASB Statement No. 133an
amendment of FASB Statement No. 133," ("SFAS 137") that delayed SFAS 133 until fiscal years beginning after June 15, 2000. The FASB issued Statement No. 138,
"Accounting for Certain Derivative Instruments and Certain Hedging Activitiesan amendment of FASB Statement No. 133" in June, 2000, which addresses various implementation issues
relating to SFAS No. 133. The adoption of SFAS No. 133 in January 2001 did not have a material impact on the Company's results of operations or financial condition.

"SFAS"
No. 140 "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities", was issued by the "FASB" in September 2000. SFAS
No. 140 supercedes and replaces FASB SFAS No. 125, "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities". Accordingly, SFAS No. 140 is
now the authoritative accounting literature for transfers and servicing of financial assets and extinguishments of liabilities. SFAS No. 140 also includes several additional disclosure
requirements in the area of securitized financial assets and collateral arrangements. The provisions of SFAS No. 140 related to transfers of financial assets are to be applied to all transfers
of assets occurring after March 31, 2001. The collateral recognition and disclosure provisions in SFAS No. 140 were effective for fiscal years ending December 31, 2000. The
Company anticipates that the adoption of SFAS No. 140 will not have a material impact on the Company's results of operations or financial condition.

8

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Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

The Bank's interest rate sensitivity is monitored by management through the use of a Net Portfolio Value Model which generates estimates of the change in the
Bank's net portfolio value ("NPV") over a range of interest rate scenarios. NPV is the present value of expected cash flows from assets, liabilities, and off-balance sheet contracts. The
NPV ratio, under any interest rate scenario, is defined as the NPV in that scenario divided by the market value of assets in the same scenario. The model assumes estimated prepayment rates,
reinvestment rates and deposit decay rates. The Sensitivity Measure is the decline in the NPV ratio, in basis points, caused by a 2% increase or decrease in rates, whichever produces a larger decline.
The higher the institution's Sensitivity Ratio, the greater its exposure to interest rate risk is considered to be. The following NPV Table sets forth the Bank's NPV as of March 31, 2001.

(In
thousands)

|       |  |   |        |  |   |         |   | NPV as % of Portfolio
Value of Assets |  
|------ |  | - | ------ |  | - | ------- | - | ------------------------------------- | -
|
|
|
|+300   |  | $ | 53,724 |  | $ | (27,600 | ) | (33.94)                               | %
|+200   |  |   | 62,232 |  |   | (19,092 | ) | (23.48)                               |  
|+100   |  |   | 72,459 |  |   | (8,865  | ) | (10.90)                               |  
|Static |  |   | 81,324 |  |   |        |   |                                      |  
|-100   |  |   | 87,476 |  |   | 6,152   |   | 7.57                                  |  
|-200   |  |   | 92,628 |  |   | 11,304  |   | 13.90                                 |  
|-300   |  |   | 96,305 |  |   | 14,981  |   | 18.42                                 |  

Certain
shortcomings are inherent in the methodology used in the above interest rate risk measurements. Modeling changes in NPV require the making of certain assumptions which may or
may not reflect the manner in which actual yields and costs respond to changes in market interest rates. In this regard, the NPV Table presented assumes that the composition of the Bank's interest
sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and also assumes that a particular change in interest rates is reflected
uniformly across the yield curve regardless of the duration to maturity or repricing of specific assets and liabilities. Accordingly, although the NPV Table provides an indication of the Bank's
interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on the Bank's
net interest income and may differ from actual results.

9

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PART II. OTHER INFORMATION

Item 1.  Legal Proceedings.

The Company is not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business. Such routine
legal proceedings, in the aggregate, are believed by management to be immaterial to the Company's financial condition, results of operations and cash flows.

Item 2.  Changes in Securities and Use of Proceeds.

None.

Item 3.  Defaults Upon Senior Securities.

None.

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

The annual meeting of the stockholders was held April 24, 2001. The following proposals were voted on by the stockholders.

|Proposal                                                                                                          |                   | For       |           | Withheld |         | Abstain |     | Broker
Non-Votes
|----------------------------------------------------------------------------------------------------------------- | ----------------- | --------- | --------- | -------- | ------- | ------- | --- | ----------------
|1) Election of Directors
nominees for three year term                                                            |                   |           |           |          |         |         |     |                 
|                                                                                                                  | James J. Kovac    |           | 3,938,655 |          | 82,601  |         | N/A |                 
|                                                                                                                  | Vincent C. Norton |           | 3,596,276 |          | 424,980 |         | N/A |                 
|                                                                                                                  | Ralph W. Helm     |           | 3,937,354 |          | 83,902  |         | N/A |                 
|2) Approval of appointment of KPMG LLP as the Company's Independent auditors for the
Year ended December 31, 2001 |                   | 3,941,168 |           | 46,934   |         | 33,154  |     | N/A             

Item 5.  Other Information.

None.

Item 6.  Exhibits and Reports on Form 8-K (§249.308 of this Chapter).

| |  |     |  |                     |  |                                                    
| |  | --- |  | ------------------- |  | ---------------------------------------------------
| |  | (a) |  | Exhibits           
| |  |     |  | 3.1                 |  | Certificate of Incorporation of EFC Bancorp, Inc. *
| |  |     |  | 3.2                 |  | Bylaws of EFC Bancorp, Inc. *                      
| |  |     |  | 11.0                |  | Statement re: Computation of Per Share Earnings    
| |  | (b) |  | Reports on Form 8-K
| |  |     |  | None.              
| |  |    

10

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SIGNATURES

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

|                    |     |  | EFC BANCORP, INC.                                                                                                                
|------------------- | --- |  | ---------------------------------------------------------------------------------------------------------------------------------
|Dated: May 11, 2001 | By: |  | /s/BARRETT J. O'CONNORBarrett J. O'Connor
President and Chief Executive Officer
(Principal executive officer)                    
|Dated: May 11, 2001 | By: |  | /s/JAMES J. KOVACJames J. Kovac
Executive Vice President and Chief
Financial Officer
(Principal financial and accounting officer)

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