**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

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**Form        10-Q**

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| x      | QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE  |
|--------|-------------------------------------------------------------------------|
|   | SECURITIES                EXCHANGE ACT OF 1934                          |
|   |                                                                    |
|   | For                the quarterly period ended**March 31, 2007**         |
|   |                                                                    |
| o      | TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE |
|   | SECURITIES                EXCHANGE ACT OF 1934                          |

**001-14879**

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**GREAT      LAKES BANCORP, INC.**

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|   | **DELAWARE**                                                                  |   | **94-3078031**                                      |   |
|--------|-------------------------------------------------------------------------------|--------|-----------------------------------------------------|--------|
|   | (State                or other jurisdiction of incorporation or organization) |   | (I.R.S.                Employer Identification No.) |   |

|   | **2421                MAIN STREET, BUFFALO, NEW YORK**  |   | **14214**               |   |
|--------|---------------------------------------------------------|--------|-------------------------|--------|
|   | (Address                of principal executive offices) |   | Zip                Code |   |

| **(716)                961-1900**                                                    |
|--------------------------------------------------------------------------------------|
| (Issuer’s                telephone number, including area                code) |

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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 o |   |

| Indicate                by check mark whether the Registrant is a large accelerated filer,                an                accelerated filer, or a non-accelerated filer. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| See                definition of “accelerated filer and large accelerated filer” in                Rule 12b-2 of the Exchange Act. (Check one):           |
|                                                                                                                                                                       | Large                accelerated filer o | Accelerated                filer x | Non-accelerated                filer o |   |

| Indicate                by check mark whether the registrant is a shell company (as defined                in                Rule 12b-2 of the Exchange Act). |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                          | Yes  o    No x |   |

| Indicate                the number of shares outstanding of each of the issuer’s classes of common                stock, as of the last practicable date: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Common                Stock, $.01 par value -- 10,921,796 shares as of April 30,                2007                                                            |

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**GREAT      LAKES BANCORP, INC. AND SUBSIDIARIES**

**Form      10-Q**

**For      the Quarterly Period Ended March 31, 2007**

| **TABLE                OF CONTENTS** |     |
|--------------------------------------|----------|
|                                 | **PAGE** |
| **PART                I.**           |     | **FINANCIAL                INFORMATION** |   |
|                                 |     |   |   |
| ITEM                1.               |     | FINANCIAL                STATEMENTS |   |
|                                 |     |   |   |
|                                 |     | Condensed                Consolidated Balance Sheets (Unaudited) - |   |
|                                 |     |   | at                March 31, 2007 and December 31, 2006 | 3 |
|                                 |     |   |   |
|                                 |     | Condensed                Consolidated Statements of Operations (Unaudited) - |   |
|                                 |     |   | Three                months ended March 31, 2007 and 2006 | 4 |
|                                 |     |   |   |
|                                 |     | Condensed                Consolidated Statements of Shareholders’ Equity (Unaudited)                - |   |
|                                 |     |   | Three                months ended March 31, 2007 and 2006 | 5 |
|                                 |     |   |   |
|                                 |     | Condensed                Consolidated Statements of Cash Flows (Unaudited) - |   |
|                                 |     |   | Three                months ended March 31, 2007 and 2006 | 6 |
|                                 |     |   |   |
|                                 |     | Notes                to Condensed Consolidated Financial Statements (Unaudited) | 7 |
|                                 |     |   |   |
| ITEM                2.               |     | MANAGEMENT’S                DISCUSSION AND ANALYSIS OF                FINANCIAL CONDITION AND |   |
|                                 |     |   | RESULTS                OF OPERATIONS | 14 |
|                                 |     |   |   |
| ITEM                3.               |     | QUANTITATIVE                AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 22 |
|                                 |     |   |   |
| ITEM                4.               |     | CONTROLS                AND PROCEDURES | 22 |
|                                 |     |   |   |
| **PART                II.**          |     | **OTHER                INFORMATION** |   |
|                                 |     |   |   |
| ITEM                1.               |     | LEGAL                PROCEEDINGS | 23 |
|                                 |     |   |   |
| ITEM                1A.              |     | RISK                FACTORS | 23 |
|                                 |     |   |   |
| ITEM                2.               |     | UNREGISTERED                SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 23 |
|                                 |     |   |   |
| ITEM                3.               |     | DEFAULTS                UPON SENIOR SECURITIES | 23 |
|                                 |     |   |   |
| ITEM                4.               |     | SUBMISSION                OF MATTERS TO A VOTE OF SECURITY HOLDERS | 23 |
|                                 |     |   |   |
| ITEM                5.               |     | OTHER                INFORMATION | 23 |
|                                 |     |   |   |
| ITEM                6.               |     | EXHIBITS | 23 |
|                                 |     |   |   |
|                                 |     | SIGNATURES | 24 |

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**PART      I. FINANCIAL INFORMATION**

| **ITEM              1.   ** | **FINANCIAL                STATEMENTS** |
|---------------------------------------|-----------------------------------------|

**GREAT      LAKES BANCORP, INC. AND SUBSIDIARIES**

**Condensed      Consolidated Balance Sheets (Unaudited)**

**(In      thousands, except share and per share data)**

|                                                                                                                           |   | **March                31,** |    | **December                31,** |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|---------|---------------------------------|--------|
|                                                                                                                           |   | **2007**                     |    | **2006**                        |   |
| **ASSETS**                                                                                                                     |   |                         |    |                            |   |
| Cash                and cash equivalents:                                                                                      |   |                         |    |                            |   |
| Cash                and due from banks                                                                                         |   | $                            | 15,226  |                            | $      | 13,582 |   |
| Interest-earning                deposits in other financial institutions                                                       |   |                         | 323     |                            |   | 444 |   |
|  Total                cash and cash equivalents                                                                           |   |                         | 15,549  |                            |   | 14,026 |   |
| Restricted                cash                                                                                                 |   |                         | 3,851   |                            |   | 3,923 |   |
| Securities                available for sale, at fair value                                                                    |   |                         | 226,808 |                            |   | 233,853 |   |
| Securities                held to maturity, at amortized cost (fair value of $15,772 and $15,758,                respectively) |   |                         | 15,989  |                            |   | 15,997 |   |
| Federal                Home Loan Bank stock, at cost                                                                           |   |                         | 3,531   |                            |   | 2,712 |   |
| Loans,                net of allowance for loan losses of $3,950 and $3,781,                respectively                       |   |                         | 538,938 |                            |   | 513,928 |   |
| Premises                and equipment, net                                                                                     |   |                         | 25,042  |                            |   | 24,765 |   |
| Accrued                interest receivable                                                                                     |   |                         | 3,693   |                            |   | 3,694 |   |
| Bank-owned                life insurance                                                                                       |   |                         | 13,127  |                            |   | 13,006 |   |
| Deferred                tax asset, net                                                                                         |   |                         | 56,221  |                            |   | 43,106 |   |
| Goodwill                                                                                                                       |   |                         | 19      |                            |   | 12,832 |   |
| Other                assets                                                                                                    |   |                         | 2,061   |                            |   | 2,570 |   |
| TOTAL                ASSETS                                                                                                    |   | $                            | 904,829 |                            | $      | 884,412 |   |
|                                                                                                                           |   |                         |    |                            |   |   |   |
| **LIABILITIES                AND SHAREHOLDERS’ EQUITY**                                                                  |   |                         |    |                            |   |   |   |
| Deposits:                                                                                                                      |   |                         |    |                            |   |   |   |
| Noninterest-bearing                                                                                                            |   | $                            | 28,522  |                            | $      | 37,145 |   |
| Interest-bearing                                                                                                               |   |                         | 608,359 |                            |   | 597,511 |   |
|  Total                deposits                                                                                            |   |                         | 636,881 |                            |   | 634,656 |   |
| Short-term                borrowings                                                                                           |   |                         | 25,787  |                            |   | 17,900 |   |
| Long-term                borrowings                                                                                            |   |                         | 96,372  |                            |   | 86,372 |   |
| Accrued                expenses and other liabilities                                                                          |   |                         | 10,166  |                            |   | 9,974 |   |
| TOTAL                LIABILITIES                                                                                               |   |                         | 769,206 |                            |   | 748,902 |   |
|                                                                                                                           |   |                         |    |                            |   |   |   |
| Shareholders’                equity:                                                                                     |   |                         |    |                            |   |   |   |
| Common                stock - 80,000,000 authorized shares of $0.01 par value;                                                 |   |                         |    |                            |   |   |   |
|  10,923,213                shares issued and 10,921,796 shares outstanding                                                |   |                         | 109     |                            |   | 109 |   |
| Additional                paid-in capital                                                                                      |   |                         | 136,196 |                            |   | 136,138 |   |
| Retained                earnings                                                                                               |   |                         | 1,341   |                            |   | 1,934 |   |
| Treasury                stock, at cost; 1,417 shares                                                                           |   |                         | (234    | )                               |   | (234 | ) |
| Accumulated                other comprehensive loss                                                                            |   |                         | (1,789  | )                               |   | (2,437 | ) |
| TOTAL                SHAREHOLDERS’ EQUITY                                                                                |   |                         | 135,623 |                            |   | 135,510 |   |
| TOTAL                LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                |   | $                            | 904,829 |                            | $      | 884,412 |   |

----

**GREAT      LAKES BANCORP, INC. AND SUBSIDIARIES**

**Condensed      Consolidated Statements of Operations (Unaudited)**

**(In      thousands, except share and per share data)**

|                                                                                                   |   | **Three                months ended March 31,** |       |
|--------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|------------|
|                                                                                                   |   | **2007**                                        |       | **2006** |   |
| INTEREST                AND DIVIDEND INCOME:                                                           |   |                                       |       |    |   |
| Interest                and fees on loans                                                              |   | $                                               | 7,970      |   | $ | 6,051 |   |
| Interest                on investment securities:                                                      |   |                                            |       |   |   |   |   |
| Taxable                                                                                                |   |                                            | 2,963      |   |   | 2,981 |   |
| Tax-exempt                                                                                             |   |                                            | 130        |   |   | 130 |   |
| Total                interest on securities                                                            |   |                                            | 3,093      |   |   | 3,111 |   |
| Dividends                on FHLB stock                                                                 |   |                                            | 29         |   |   | 47 |   |
| Other                interest income                                                                   |   |                                            | 20         |   |   | 586 |   |
| TOTAL                INTEREST AND DIVIDEND INCOME                                                      |   |                                            | 11,112     |   |   | 9,795 |   |
| INTEREST                EXPENSE:                                                                       |   |                                            |       |   |   |   |   |
| Deposits                                                                                               |   |                                            | 5,768      |   |   | 5,023 |   |
| Short-term                borrowings                                                                   |   |                                            | 361        |   |   | 288 |   |
| Long-term                borrowings                                                                    |   |                                            | 1,211      |   |   | 1,033 |   |
| TOTAL                INTEREST EXPENSE                                                                  |   |                                            | 7,340      |   |   | 6,344 |   |
| NET                INTEREST INCOME                                                                     |   |                                            | 3,772      |   |   | 3,451 |   |
| PROVISION                FOR LOAN LOSSES                                                               |   |                                            | 267        |   |   | 240 |   |
| NET                INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES                                     |   |                                            | 3,505      |   |   | 3,211 |   |
| NONINTEREST                INCOME:                                                                     |   |                                            |       |   |   |   |   |
| Service                charges on deposit accounts                                                     |   |                                            | 176        |   |   | 135 |   |
| Other                fees and service charges                                                          |   |                                            | 159        |   |   | 111 |   |
| Earnings                on bank-owned life insurance                                                   |   |                                            | 121        |   |   | 115 |   |
| Loan                fee income                                                                         |   |                                            | 120        |   |   | 24 |   |
| Gain                on sale of mortgage loans                                                          |   |                                            | 62         |   |   | - |   |
| Other                operating income                                                                  |   |                                            | 36         |   |   | 30 |   |
| TOTAL                NONINTEREST INCOME                                                                |   |                                            | 674        |   |   | 415 |   |
| NONINTEREST                EXPENSE:                                                                    |   |                                            |       |   |   |   |   |
| Salaries                and employee benefits                                                          |   |                                            | 3,042      |   |   | 2,308 |   |
| Occupancy,                equipment and furnishings                                                    |   |                                            | 732        |   |   | 557 |   |
| Data                processing and operations                                                          |   |                                            | 268        |   |   | 221 |   |
| Professional                services                                                                   |   |                                            | 204        |   |   | 136 |   |
| Advertising                                                                                            |   |                                            | 134        |   |   | 192 |   |
| Printing,                postage and supplies                                                          |   |                                            | 109        |   |   | 110 |   |
| Other                operating expenses                                                                |   |                                            | 672        |   |   | 402 |   |
| TOTAL                NONINTEREST EXPENSE                                                               |   |                                            | 5,161      |   |   | 3,926 |   |
| LOSS                BEFORE INCOME TAXES                                                                |   |                                            | (982       | ) |   | (300 | ) |
| INCOME                TAX BENEFIT                                                                      |   |                                            | (389       | ) |   | (219 | ) |
| NET                LOSS                                                                                |   | $                                               | (593       | ) | $ | (81 | ) |
| LOSS                PER SHARE - BASIC AND DILUTED                                                      |   | $                                               | (0.05      | ) | $ | (0.02 | ) |
| Weighted                average number of common shares outstanding - basic and                diluted |   |                                            | 10,921,796 |   |   | 4,300,436 |   |

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**GREAT      LAKES BANCORP, INC. AND SUBSIDIARIES **

**Condensed      Consolidated Statements of Shareholders’ Equity      (Unaudited)**

**Three      months ended March 31, 2007 and 2006**

**(In      thousands)**

|                                                           |   | **Common****Stock** |   | **Additional****Paid-in****Capital** |   | **Retained****Earnings** |   | **Treasury****Stock** |   | **Accumulated****Other****Comprehensive****Loss** |   | **Total****Shareholders’****Equity** |   |
|----------------------------------------------------------------|--------|---------------------|--------|--------------------------------------|--------|--------------------------|--------|-----------------------|--------|---------------------------------------------------|--------|--------------------------------------------|--------|
| Balance                at January 1, 2006                      |   | $                   | 43     |                                 | $      | 35,383                   |   | $                     | 2,830  |                                              | $      | -                                          |   | $ | (2,743 | ) | $ | 35,513 |   |
| Comprehensive                income:                           |   |                |   |                                 |   |                     |   |                  |   |                                              |   |                                       |   |   |   |   |   |   |   |
| Net                loss                                        |   |                | -      |                                 |   | -                        |   |                  | (81    | )                                                 |   | -                                          |   |   | - |   |   | (81 | ) |
| Change                in net unrealized loss on                |   |                |   |                                 |   |                     |   |                  |   |                                              |   |                                       |   |   |   |   |   |   |   |
|  securities                available for sale, net of tax |   |                | -      |                                 |   | -                        |   |                  | -      |                                              |   | -                                          |   |   | (1,781 | ) |   | (1,781 | ) |
| Total                comprehensive loss                        |   |                |   |                                 |   |                     |   |                  |   |                                              |   |                                       |   |   |   |   |   | (1,862 | ) |
| Stock-based                compensation plans:                 |   |                |   |                                 |   |                     |   |                  |   |                                              |   |                                       |   |   |   |   |   |   |   |
|  Compensation                expense on stock options     |   |                | -      |                                 |   | 4                        |   |                  | -      |                                              |   | -                                          |   |   | - |   |   | 4 |   |
| Balance                at March 31, 2006                       |   | $                   | 43     |                                 | $      | 35,387                   |   | $                     | 2,749  |                                              | $      | -                                          |   | $ | (4,524 | ) | $ | 33,655 |   |
|                                                           |   |                |   |                                 |   |                     |   |                  |   |                                              |   |                                       |   |   |   |   |   |   |   |
| Balance                at January 1, 2007                      |   | $                   | 109    |                                 | $      | 136,138                  |   | $                     | 1,934  |                                              | $      | (234                                       | )      | $ | (2,437 | ) | $ | 135,510 |   |
| Comprehensive                income:                           |   |                |   |                                 |   |                     |   |                  |   |                                              |   |                                       |   |   |   |   |   |   |   |
| Net                loss                                        |   |                | -      |                                 |   | -                        |   |                  | (593   | )                                                 |   | -                                          |   |   |   |   |   | (593 | ) |
| Change                in net unrealized loss on                |   |                |   |                                 |   |                     |   |                  |   |                                              |   |                                       |   |   |   |   |   |   |   |
|  securities                available for sale, net of tax |   |                | -      |                                 |   | -                        |   |                  | -      |                                              |   | -                                          |   |   | 648 |   |   | 648 |   |
| Total                comprehensive income                      |   |                |   |                                 |   |                     |   |                  |   |                                              |   |                                       |   |   |   |   |   | 55 |   |
| Stock-based                compensation plans:                 |   |                |   |                                 |   |                     |   |                  |   |                                              |   |                                       |   |   |   |   |   |   |   |
| Compensation                expense on stock                   |   |                |   |                                 |   |                     |   |                  |   |                                              |   |                                       |   |   |   |   |   |   |   |
|  options                and related taxes                 |   |                | -      |                                 |   | 58                       |   |                  | -      |                                              |   | -                                          |   |   | - |   |   | 58 |   |
| Balance                at March 31, 2007                       |   | $                   | 109    |                                 | $      | 136,196                  |   | $                     | 1,341  |                                              | $      | (234                                       | )      | $ | (1,789 | ) | $ | 135,623 |   |

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**GREAT      LAKES BANCORP, INC. AND SUBSIDIARIES**

**Condensed      Consolidated Statements of Cash Flows (Unaudited)**

**(In      thousands)**

|                                                                                                                                 |   | **Three                months ended March 31,** |    |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|---------|
|                                                                                                                                 |   | **2007**                                        |    | **2006** |   |
| CASH                FLOWS FROM OPERATING ACTIVITIES:                                                                                 |   |                                            |    |    |   |
| Net                loss                                                                                                              |   | $                                               | (593    | ) | $ | (81 | ) |
| Adjustments                to reconcile net loss to net cash provided (used) by operating                activities:                 |   |                                            |    |   |   |   |   |
| Depreciation                and amortization of premises and equipment                                                               |   |                                            | 397     |   |   | 298 |   |
| Net                amortization of premiums on investment securities                                                                 |   |                                            | 121     |   |   | 188 |   |
| Net                amortization of deferred loan costs                                                                               |   |                                            | 454     |   |   | 401 |   |
| Compensation                expense on stock options                                                                                 |   |                                            | 40      |   |   | 4 |   |
| Deferred                income tax benefit                                                                                           |   |                                            | (389    | ) |   | (220 | ) |
| Gain                on sale of loans                                                                                                 |   |                                            | (62     | ) |   | - |   |
| Provision                for loan losses                                                                                             |   |                                            | 267     |   |   | 240 |   |
| Decrease                (increase) in accrued interest receivable                                                                    |   |                                            | 1       |   |   | (273 | ) |
| Increase                in bank-owned life insurance                                                                                 |   |                                            | (121    | ) |   | (115 | ) |
| Originations                of mortgage loans held for sale                                                                          |   |                                            | (5,712  | ) |   | - |   |
| Proceeds                from sale of mortgage loans held for sale                                                                    |   |                                            | 4,365   |   |   | - |   |
| Decrease                in other assets                                                                                              |   |                                            | 509     |   |   | 381 |   |
| Increase                (decrease) in accrued expenses and other liabilities                                                         |   |                                            | (115    | ) |   | 137 |   |
|  Net                cash provided (used) by operating activities                                                                |   |                                            | (838    | ) |   | 960 |   |
|                                                                                                                                 |   |                                            |    |   |   |   |   |
| CASH                FLOWS FROM INVESTING ACTIVITIES:                                                                                 |   |                                            |    |   |   |   |   |
| Net                decrease in restricted deposits                                                                                   |   |                                            | 72      |   |   | - |   |
| Purchases                of securities available for sale                                                                            |   |                                            | -       |   |   | (55,104 | ) |
| Proceeds                from principal payments, maturities and calls on securities available                for                sale |   |                                            | 7,992   |   |   | 6,718 |   |
| Purchase                of Federal Home Loan Bank stock                                                                              |   |                                            | (819    | ) |   | - |   |
| Purchases                of loans                                                                                                    |   |                                            | -       |   |   | (11,884 | ) |
| Net                increase in loans                                                                                                 |   |                                            | (24,322 | ) |   | (21,703 | ) |
| Purchase                of premises and equipment                                                                                    |   |                                            | (674    | ) |   | (1,868 | ) |
|  Net                cash used in investing activities                                                                           |   |                                            | (17,751 | ) |   | (83,841 | ) |
|                                                                                                                                 |   |                                            |    |   |   |   |   |
| CASH                FLOWS FROM FINANCING ACTIVITIES:                                                                                 |   |                                            |    |   |   |   |   |
| Net                increase in deposits                                                                                              |   |                                            | 2,225   |   |   | 25,435 |   |
| Net                increase (decrease) in short-term borrowings                                                                      |   |                                            | 7,887   |   |   | (399 | ) |
| Proceeds                from long-term borrowings                                                                                    |   |                                            | 10,000  |   |   | - |   |
|  Net                cash provided by financing activities                                                                       |   | $                                               | 20,112  |   | $ | 25,036 |   |
| NET                INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                                                  |   | $                                               | 1,523   |   | $ | (57,845 | ) |
| CASH                AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                                                        |   |                                            | 14,026  |   |   | 95,500 |   |
| CASH                AND CASH EQUIVALENTS, END OF PERIOD                                                                              |   | $                                               | 15,549  |   | $ | 37,655 |   |
|                                                                                                                                 |   |                                            |    |   |   |   |   |
| Supplemental                disclosure of cash flow information:                                                                     |   |                                            |    |   |   |   |   |
| Cash                paid for interest                                                                                                |   | $                                               | 6,784   |   | $ | 5,928 |   |
| Cash                refunded for income taxes                                                                                        |   |                                            | 171     |   |   | 400 |   |

----

**GREAT      LAKES BANCORP, INC. AND SUBSIDIARIES**

**Notes      to Condensed Consolidated Financial Statements (Unaudited)**

| **(1.)  ** | **ACCOUNTING                POLICIES** |
|----------------------|----------------------------------------|

**Recently      Adopted Accounting Pronouncements**

*Accounting      for Uncertainty in Income Taxes *

| **(2.)  ** | **MERGER                WITH BAY VIEW CAPITAL CORPORATION** |
|----------------------|-------------------------------------------------------------|

| Cash                and cash equivalents                                 |   | $      | 63,435  |   |
|--------------------------------------------------------------------------|--------|--------|---------|--------|
| Restricted                cash                                           |   |   | 18,118  |   |
| Deferred                tax assets, net of valuation allowance of $7,273 |   |   | 53,758  |   |
| Goodwill                                                                 |   |   | 19      |   |
| Other                assets, including FSA recovery of $2,000            |   |   | 3,260   |   |
| Total                assets acquired                                     |   |   | 138,590 |   |
|                                                                     |   |   |    |   |
| Accounts                payable                                          |   |   | 2,984   |   |
| FSA                settlement liability                                  |   |   | 20,000  |   |
| Employee-related                liabilities                              |   |   | 3,623   |   |
| Accrued                insurance and professional fees                   |   |   | 3,471   |   |
| Leased                facility obligation                                |   |   | 5,345   |   |
| Other                liabilities                                         |   |   | 1,517   |   |
| Total                liabilities assumed                                 |   |   | 36,940  |   |
|                                                                     |   |   |    |   |
| Net                assets acquired                                       |   | $      | 101,650 |   |

----

**GREAT        LAKES BANCORP, INC. AND SUBSIDIARIES**

**Notes        to Condensed Consolidated Financial Statements        (Unaudited)**

| **(3.)  ** | **INVESTMENT                SECURITIES** |
|----------------------|------------------------------------------|

|                                                     |   | **March                31, 2007** |    |
|----------------------------------------------------------|--------|-----------------------------------|---------|
| ***(Dollars                in thousands)***              |   | **Amortized****Cost**             |    | **Unrealized****Gains** |   | **Unrealized****Losses** |   | **Fair****Value** |   |
| **Securities                available for sale:**        |   |                              |    |    |   |    |   |    |   |
| U.S.                Government agency obligations        |   | $                                 | 19,998  |   | $ | - |   | $ | (213 | ) | $ | 19,785 |   |
| Mortgage-backed                securities:               |   |                              |    |   |   |   |   |   |   |   |   |   |   |
| Government                agency issued or guaranteed    |   |                              | 40,553  |   |   | - |   |   | (441 | ) |   | 40,112 |   |
| Privately                issued                          |   |                              | 166,029 |   |   | 1 |   |   | (2,260 | ) |   | 163,770 |   |
| State                and municipal obligations           |   |                              | 2,153   |   |   | - |   |   | (15 | ) |   | 2,138 |   |
| Corporate                and other debt obligations      |   |                              | 1,006   |   |   | - |   |   | (3 | ) |   | 1,003 |   |
|  Total                available for sale securities |   | $                                 | 229,739 |   | $ | 1 |   | $ | (2,932 | ) | $ | 226,808 |   |
|                                                     |   |                              |    |   |   |   |   |   |   |   |   |   |   |
| **Securities                held to maturity:**          |   |                              |    |   |   |   |   |   |   |   |   |   |   |
| State                and municipal obligations           |   | $                                 | 12,980  |   | $ | - |   | $ | (227 | ) | $ | 12,753 |   |
| Corporate                and other debt obligations      |   |                              | 3,009   |   |   | 16 |   |   | (6 | ) |   | 3,019 |   |
|  Total                held to maturity securities   |   | $                                 | 15,989  |   | $ | 16 |   | $ | (233 | ) | $ | 15,772 |   |

|                                                     |   | **December                31, 2006** |    |
|----------------------------------------------------------|--------|--------------------------------------|---------|
| ***(Dollars                in thousands)***              |   | **Amortized****Cost**                |    | **Unrealized****Gains** | ** ** | **Unrealized****Losses** | ** ** | **Fair****Value** |   |
| **Securities                available for sale:**        |   |                                 |    |    |   |    |   |    |   |
| U.S.                Government agency obligations        |   | $                                    | 19,997  |   | $ | - |   | $ | (323 | ) | $ | 19,674 |   |
| Mortgage-backed                securities:               |   |                                 |    |   |   |   |   |   |   |   |   |   |   |
| Government                agency issued or guaranteed    |   |                                 | 42,546  |   |   | 9 |   |   | (601 | ) |   | 41,954 |   |
| Privately                issued                          |   |                                 | 172,138 |   |   | - |   |   | (3,060 | ) |   | 169,078 |   |
| State                and municipal obligations           |   |                                 | 2,155   |   |   | - |   |   | (16 | ) |   | 2,139 |   |
| Corporate                and other debt obligations      |   |                                 | 1,008   |   |   | - |   |   | - |   |   | 1,008 |   |
|  Total                available for sale securities |   | $                                    | 237,844 |   | $ | 9 |   | $ | (4,000 | ) | $ | 233,853 |   |
|                                                     |   |                                 |    |   |   |   |   |   |   |   |   |   |   |
| **Securities                held to maturity:**          |   |                                 |    |   |   |   |   |   |   |   |   |   |   |
| State                and municipal obligations           |   | $                                    | 12,987  |   | $ | - |   | $ | (243 | ) | $ | 12,744 |   |
| Corporate                and other debt obligations      |   |                                 | 3,010   |   |   | 16 |   |   | (12 | ) |   | 3,014 |   |
|  Total                held to maturity securities   |   | $                                    | 15,997  |   | $ | 16 |   | $ | (255 | ) | $ | 15,758 |   |

----

**GREAT        LAKES BANCORP, INC. AND SUBSIDIARIES**

**Notes        to Condensed Consolidated Financial Statements        (Unaudited)**

|                                                     |   | **March                31, 2007**      |       |
|----------------------------------------------------------|--------|----------------------------------------|------------|
|                                                     |   | **Less                than 12 months** |       | **12                months or longer** |   | **Total** |   |
| ***(Dollars                in thousands)***              |   | **Fair****Value**                      | ** ** | **Unrealized****Losses** | ** ** | **Fair****Value** | ** ** | **Unrealized****Losses** | ** ** | **Fair****Value** | ** ** | **Unrealized****Losses** |   |
| **Securities                available for sale:**        |   |                                   |       |    |   |    |   |    |   |    |   |    |   |
| U.S.                Government agency obligations        |   | $                                      | -          |   | $ | - |   | $ | 19,785 |   | $ | (213 | ) | $ | 19,785 |   | $ | (213 | ) |
| Mortgage-backed                securities:               |   |                                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Government                agency issued or guaranteed    |   |                                   | 4,393      |   |   | (24 | ) |   | 35,719 |   |   | (417 | ) |   | 40,112 |   |   | (441 | ) |
| Privately                issued                          |   |                                   | 36,720     |   |   | (21 | ) |   | 124,721 |   |   | (2,239 | ) |   | 161,441 |   |   | (2,260 | ) |
| State                and municipal obligations           |   |                                   | 747        |   |   | (2 | ) |   | 1,391 |   |   | (13 | ) |   | 2,138 |   |   | (15 | ) |
| Corporate                and other debt obligations      |   |                                   | 1,003      |   |   | (3 | ) |   | - |   |   | - |   |   | 1,003 |   |   | (3 | ) |
| Total                available for sale securities       |   | $                                      | 42,863     |   | $ | (50 | ) | $ | 181,616 |   | $ | (2,882 | ) | $ | 224,479 |   | $ | (2,932 | ) |
|                                                     |   |                                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Securities                held to maturity:**          |   |                                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| State                and municipal obligations           |   | $                                      | -          |   | $ | - |   | $ | 12,753 |   | $ | (227 | ) | $ | 12,753 |   | $ | (227 | ) |
| Corporate                and other debt obligations      |   |                                   | -          |   |   | - |   |   | 1,003 |   |   | (6 | ) |   | 1,003 |   |   | (6 | ) |
| Total                held to maturity securities         |   | $                                      | -          |   | $ | - |   | $ | 13,756 |   | $ | (233 | ) | $ | 13,756 |   | $ | (233 | ) |
| **Total                temporarily impaired securities** |   | $                                      | 42,863     |   | $ | (50 | ) | $ | 195,372 |   | $ | (3,115 | ) | $ | 238,235 |   | $ | (3,165 | ) |

|                                                     |   | **December                31, 2006**   |              |
|----------------------------------------------------------|--------|----------------------------------------|-------------------|
|                                                     |   | **Less                than 12 months** |              | **12                months or longer** |   | **Total** |   |
| ***(Dollars                in thousands)***              |   |                                   | **Fair****Value** |   |   | **Unrealized****Losses** |   |   | **Fair****Value** |   |   | **Unrealized****Losses** |   |   | **Fair****Value** |   |   | **Unrealized****Losses** |   |
| **Securities                available for sale:**        |   |                                   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S.                Government agency obligations        |   | $                                      | -                 |   | $ | - |   | $ | 19,674 |   | $ | (323 | ) | $ | 19,674 |   | $ | (323 | ) |
| Mortgage-backed                securities:               |   |                                   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Government                agency issued or guaranteed    |   |                                   | 23,356            |   |   | (136 | ) |   | 14,056 |   |   | (465 | ) |   | 37,412 |   |   | (601 | ) |
| Privately                issued                          |   |                                   | 37,382            |   |   | (134 | ) |   | 131,696 |   |   | (2,926 | ) |   | 169,078 |   |   | (3,060 | ) |
| State                and municipal obligations           |   |                                   | 747               |   |   | (2 | ) |   | 1,392 |   |   | (14 | ) |   | 2,139 |   |   | (16 | ) |
| Total                available for sale securities       |   | $                                      | 61,485            |   | $ | (272 | ) | $ | 166,818 |   | $ | (3,728 | ) | $ | 228,303 |   | $ | (4,000 | ) |
|                                                     |   |                                   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Securities                held to maturity:**          |   |                                   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| State                and municipal obligations           |   | $                                      | -                 |   | $ | - |   | $ | 12,744 |   | $ | (243 | ) | $ | 12,744 |   | $ | (243 | ) |
| Corporate                and other debt obligations      |   |                                   | -                 |   |   | - |   |   | 998 |   |   | (12 | ) |   | 998 |   |   | (12 | ) |
| Total                held to maturity securities         |   | $                                      | -                 |   | $ | - |   | $ | 13,742 |   | $ | (255 | ) | $ | 13,742 |   | $ | (255 | ) |
| **Total                temporarily impaired securities** |   | $                                      | 61,485            |   | $ | (272 | ) | $ | 180,560 |   | $ | (3,983 | ) | $ | 242,045 |   | $ | (4,255 | ) |

----

**GREAT          LAKES BANCORP, INC. AND SUBSIDIARIES**

**Notes          to Condensed Consolidated Financial Statements          (Unaudited)**

| **(4.)  ** | **LOANS** |
|----------------------|-----------|

| ***(Dollars              in thousands)***      |   | **March                  31,****2007** |    | **December                  31,****2006** |   |
|------------------------------------------------|--------|----------------------------------------|---------|-------------------------------------------|--------|
| Real                estate loans:              |   |                                   |    |                                 |   |
| Residential                                    |   | $                                      | 253,626 |                                      | $      | 253,709 |   |
| Home                equity                     |   |                                   | 53,337  |                                      |   | 53,676 |   |
| Commercial                                     |   |                                   | 89,706  |                                      |   | 78,666 |   |
| Construction                                   |   |                                   | 30,066  |                                      |   | 25,481 |   |
| Commercial                and industrial loans |   |                                   | 62,530  |                                      |   | 55,055 |   |
| Automobile                loans                |   |                                   | 46,151  |                                      |   | 43,719 |   |
| Other                consumer loans            |   |                                   | 765     |                                      |   | 659 |   |
| Total                loans                     |   |                                   | 536,181 |                                      |   | 510,965 |   |
| Allowance                for loan losses       |   |                                   | (3,950  | )                                         |   | (3,781 | ) |
| Deferred                loan costs, net        |   |                                   | 6,707   |                                      |   | 6,744 |   |
| Total                loans, net                |   | $                                      | 538,938 |                                      | $      | 513,928 |   |

| **(5.)  ** | **DEPOSITS** |
|----------------------|--------------|

|                                                |   | **March                31, 2007** |    | **December                31, 2006** |   |
|-----------------------------------------------------|--------|-----------------------------------|---------|--------------------------------------|--------|
| ***(Dollars              in thousands)***           |   | **Amount**                        |    | **Weighted****Average****Rate**      |   | **Amount** |   | **Weighted****Average****Rate** |   |
| Noninterest-bearing                checking         |   | $                                 | 28,522  |                                 |   | - | % | $ | 37,145 |   |   | - | % |
| Interest-bearing                checking            |   |                              | 47,788  |                                 |   | 1.37 |   |   | 45,139 |   |   | 1.21 |   |
| Savings                                             |   |                              | 217,668 |                                 |   | 3.23 |   |   | 214,454 |   |   | 3.17 |   |
|  Total                core deposits            |   |                              | 293,978 |                                 |   | 2.61 |   |   | 296,738 |   |   | 2.47 |   |
|                                                |   |                              |    |                                 |   |   |   |   |   |   |   |   |   |
| Certificates                of deposit, due:        |   |                              |    |                                 |   |   |   |   |   |   |   |   |   |
| Within                one year                      |   |                              | 312,917 |                                 |   | 4.73 |   |   | 272,659 |   |   | 4.70 |   |
| One                to two years                     |   |                              | 23,879  |                                 |   | 4.41 |   |   | 55,126 |   |   | 4.47 |   |
| Two                to three years                   |   |                              | 5,709   |                                 |   | 4.30 |   |   | 9,223 |   |   | 4.10 |   |
| Three                to five years                  |   |                              | 398     |                                 |   | 4.21 |   |   | 910 |   |   | 3.92 |   |
|  Total                certificates of deposits |   |                              | 342,903 |                                 |   | 4.70 |   |   | 337,918 |   |   | 4.65 |   |
|  Total                deposits                 |   | $                                 | 636,881 |                                 |   | 3.73 | % | $ | 634,656 |   |   | 3.63 | % |

----

**GREAT            LAKES BANCORP, INC. AND SUBSIDIARIES**

**Notes            to Condensed Consolidated Financial Statements            (Unaudited)**

| **(6.)  ** | **BORROWINGS** |
|----------------------|----------------|

| ***(Dollars                in thousands)***                   |   | **March                  31,****2007** |    | **December                  31,****2006** |   |
|---------------------------------------------------------------|--------|----------------------------------------|---------|-------------------------------------------|--------|
| Federal                Home Loan Bank overnight borrowings    |   | $                                      | 25,701  |                                      | $      | 17,500 |   |
| Other                                                         |   |                                   | 86      |                                      |   | 400 |   |
| Short-term                borrowings                          |   |                                   | 25,787  |                                      |   | 17,900 |   |
|                                                          |   |                                   |    |                                      |   |   |   |
| Securities                sold under agreements to repurchase |   |                                   | 74,000  |                                      |   | 74,000 |   |
| Federal                Home Loan Bank term advance            |   |                                   | 10,000  |                                      |   | - |   |
| Subordinated                debentures                        |   |                                   | 12,372  |                                      |   | 12,372 |   |
| Long-term                borrowings                           |   |                                   | 96,372  |                                      |   | 86,372 |   |
|                                                          |   |                                   |    |                                      |   |   |   |
| Total                borrowings                               |   | $                                      | 122,159 |                                      | $      | 104,272 |   |

| **(7.)  ** | **INCOME                TAXES** |
|----------------------|---------------------------------|

----

**GREAT            LAKES BANCORP, INC. AND SUBSIDIARIES**

**Notes            to Condensed Consolidated Financial Statements            (Unaudited)**

| ***(Dollars                in thousands)***                                     |   | **March                  31,****2007** |   | **December                  31,****2006** |   |
|---------------------------------------------------------------------------------|--------|----------------------------------------|--------|-------------------------------------------|--------|
| Deferred                tax assets:                                             |   |                                   |   |                                      |   |   |   |
| Tax                loss carryforwards                                           |   | $                                      | 44,503 |                                      | $      | 30,822 |   |
| Tax                credit carryovers                                            |   |                                   | 5,755  |                                      |   | 5,794 |   |
| Capital                loss carryforward                                        |   |                                   | 4,097  |                                      |   | 4,097 |   |
| Other                accrued expenses not currently deductible for tax purposes |   |                                   | 3,407  |                                      |   | 3,552 |   |
| Securitizations                                                                 |   |                                   | 3,611  |                                      |   | 3,611 |   |
| Net                unrealized loss on securities available for sale             |   |                                   | 1,142  |                                      |   | 1,554 |   |
| Hedge                losses                                                     |   |                                   | 1,103  |                                      |   | 1,236 |   |
| Allowance                for loan losses                                        |   |                                   | 1,490  |                                      |   | 1,417 |   |
| Other                                                                           |   |                                   | 442    |                                      |   | 419 |   |
| Gross                deferred tax assets                                        |   |                                   | 65,550 |                                      |   | 52,502 |   |
| Valuation                allowance                                              |   |                                   | (7,273 | )                                         |   | (7,273 | ) |
| Deferred                tax assets, net of valuation allowance                  |   |                                   | 58,277 |                                      |   | 45,229 |   |
| Deferred                tax liabilities:                                        |   |                                   |   |                                      |   |   |   |
| Depreciation                and amortization                                    |   |                                   | (1,047 | )                                         |   | (1,046 | ) |
| Deferred                loan origination costs                                  |   |                                   | (926   | )                                         |   | (994 | ) |
| Rehabilitation                credit basis reduction                            |   |                                   | (83    | )                                         |   | (83 | ) |
| Total                deferred tax liabilities                                   |   |                                   | (2,056 | )                                         |   | (2,123 | ) |
| Net                deferred tax asset                                           |   | $                                      | 56,221 |                                      | $      | 43,106 |   |

| **(8.)  ** | **PER                SHARE DATA** |
|----------------------|-----------------------------------|

----

**GREAT            LAKES BANCORP, INC. AND SUBSIDIARIES**

**Notes            to Condensed Consolidated Financial Statements            (Unaudited)**

| **(9.)  ** | **STOCK-BASED                COMPENSATION** |
|----------------------|---------------------------------------------|

| **(10.)  ** | **RECENTLY                ISSUED ACCOUNTING STANDARDS NOT YET                ADOPTED** |
|-----------------------|----------------------------------------------------------------------------------------|

*The      Fair Value Option for Financial Assets and Liabilities. *

*Fair      Value Measurements, *

----

**ITEM      2.   **
**MANAGEMENT’S      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF      OPERATIONS**

**OVERVIEW**

**Forward-Looking      Statements**

**CRITICAL      ACCOUNTING ESTIMATES**

**Adequacy      of the Allowance for Loan Losses**

**Carrying      Value of Deferred Taxes**

----

**RESULTS      OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND MARCH 31,      2006**

**Net      Interest Income**

|                                                            |   | **Three                Months Ended March 31,** |    |
|-----------------------------------------------------------------|--------|-------------------------------------------------|---------|
|                                                            |   | **2007**                                        |    | **2006** |   |
| ***(Dollars                in thousands)***                     |   | **Average****Balance**                          |    | **Interest** |   | **Average****Rate** |   | **Average****Balance** |   | **Interest** |   | **Average****Rate** |   |
| **Assets:**                                                     |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxable                securities                               |   | $                                               | 235,525 |   | $ | 2,963 |   |   | 5.03 | % | $ | 244,255 |   | $ | 2,981 |   |   | 4.88 | % |
| Tax-exempt                securities(1)                         |   |                                            | 15,140  |   |   | 197 |   |   | 5.19 |   |   | 15,174 |   |   | 197 |   |   | 5.19 |   |
|  Total                investment securities(2)             |   |                                            | 250,665 |   |   | 3,160 |   |   | 5.04 |   |   | 259,429 |   |   | 3,178 |   |   | 4.90 |   |
| Short-term                investments(3)                        |   |                                            | 4,394   |   |   | 20 |   |   | 1.86 |   |   | 52,003 |   |   | 586 |   |   | 4.57 |   |
| FHLB                Stock                                       |   |                                            | 3,343   |   |   | 29 |   |   | 3.52 |   |   | 3,633 |   |   | 47 |   |   | 5.22 |   |
| Loans(4)                                                        |   |                                            | 525,386 |   |   | 7,970 |   |   | 6.15 |   |   | 427,017 |   |   | 6,051 |   |   | 5.75 |   |
|  Total                interest-earning assets              |   |                                            | 783,788 |   | $ | 11,179 |   |   | 5.78 | % |   | 742,082 |   | $ | 9,862 |   |   | 5.39 | % |
| Allowance                for loan losses                        |   |                                            | (3,896  | ) |   |   |   |   |   |   |   | (2,965 | ) |   |   |   |   |   |   |
| Noninterest-earning                assets                       |   |                                            | 108,797 |   |   |   |   |   |   |   |   | 44,245 |   |   |   |   |   |   |   |
| Total                assets                                     |   | $                                               | 888,689 |   |   |   |   |   |   |   | $ | 783,362 |   |   |   |   |   |   |   |
|                                                            |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Liabilities                and shareholders’ equity:**  |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits:                                                       |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing                checking                        |   | $                                               | 42,840  |   | $ | 129 |   |   | 1.22 | % | $ | 42,905 |   | $ | 165 |   |   | 1.57 | % |
| Savings                                                         |   |                                            | 88,408  |   |   | 476 |   |   | 2.18 |   |   | 137,822 |   |   | 786 |   |   | 2.31 |   |
| Money                market                                     |   |                                            | 127,352 |   |   | 1,228 |   |   | 3.91 |   |   | 116,844 |   |   | 1,083 |   |   | 3.76 |   |
| Certificates                of deposit                          |   |                                            | 339,162 |   |   | 3,935 |   |   | 4.71 |   |   | 302,571 |   |   | 2,989 |   |   | 4.01 |   |
| Total                interest-bearing deposits                  |   |                                            | 597,762 |   |   | 5,768 |   |   | 3.91 |   |   | 600,142 |   |   | 5,023 |   |   | 3.39 |   |
| Short-term                borrowings                            |   |                                            | 27,305  |   |   | 361 |   |   | 5.37 |   |   | 24,669 |   |   | 288 |   |   | 4.73 |   |
| Long-term                borrowings                             |   |                                            | 90,705  |   |   | 1,211 |   |   | 5.41 |   |   | 94,372 |   |   | 1,033 |   |   | 4.44 |   |
| Total                interest-bearing liabilities               |   |                                            | 715,772 |   | $ | 7,340 |   |   | 4.16 | % |   | 719,183 |   | $ | 6,344 |   |   | 3.58 | % |
| Noninterest-bearing                deposits                     |   |                                            | 27,032  |   |   |   |   |   |   |   |   | 25,226 |   |   |   |   |   |   |   |
| Other                liabilities                                |   |                                            | 10,124  |   |   |   |   |   |   |   |   | 3,741 |   |   |   |   |   |   |   |
| Shareholders’                equity                       |   |                                            | 135,761 |   |   |   |   |   |   |   |   | 35,212 |   |   |   |   |   |   |   |
| Total                liabilities and shareholders’ equity |   | $                                               | 888,689 |   |   |   |   |   |   |   | $ | 783,362 |   |   |   |   |   |   |   |
| Net                interest income                              |   |                                            |    |   | $ | 3,839 |   |   |   |   |   |   |   | $ | 3,518 |   |   |   |   |
| Interest                rate spread                             |   |                                            |    |   |   |   |   |   | 1.62 | % |   |   |   |   |   |   |   | 1.81 | % |
| Contribution                of interest-free funds              |   |                                            |    |   |   |   |   |   | 0.37 |   |   |   |   |   |   |   |   | 0.11 |   |
| Net                interest margin                              |   |                                            |    |   |   |   |   |   | 1.99 | % |   |   |   |   |   |   |   | 1.92 | % |
| Ratio                of average interest-earning assets to      |   |                                            |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| average                interest-bearing liabilities             |   |                                            |    |   |   |   |   |   | 109.50 | % |   |   |   |   |   |   |   | 103.18 | % |

| (1) |   | The                interest on tax-exempt securities is calculated on a fully tax-equivalent                basis assuming a federal tax rate of                34%. |
|-----|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) |   | The                average balance of the securities is based upon amortized historical                cost. |
|-----|--------|--------------------------------------------------------------------------------------------------------------|

| (3) |   | Short-term                investments include interest-earning deposits, restricted interest-earning                cash and short-term investments.   |
|-----|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) |   | Fees                in the amount of $59 and $64 thousand are included in interest and                fees on                loans for the three months ended March 31, 2007 and 2006,                respectively. |
|-----|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                    |   | **Three                months ended****March                31, 2007 vs. 2006** |   |
|---------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|
|                                                    |   | **Increase/(Decrease)****Due                to Change in**                      |   | **Total                Net** |   |
| ***(Dollars                in thousands)***             |   | **Average****Volume**                                                           |   | **Average****Rate** |   | **Increase****(Decrease)** |   |
|                                                    |   |                                                                                 |   |    |   |    |   |
| INTEREST                INCOME:                         |   |                                                                            |   |   |   |   |   |   |   |   |
| Taxable                securities                       |   | $                                                                               | (107   | ) | $ | 89 |   | $ | (18 | ) |
| Tax-exempt                securities                    |   |                                                                            | -      |   |   | - |   |   | - |   |
| Total                investment securities              |   |                                                                            | (107   | ) |   | 89 |   |   | (18 | ) |
| Short-term                investments                   |   |                                                                            | (536   | ) |   | (30 | ) |   | (566 | ) |
| FHLB                Stock                               |   |                                                                            | (4     | ) |   | (14 | ) |   | (18 | ) |
| Loans                                                   |   |                                                                            | 1,394  |   |   | 525 |   |   | 1,919 |   |
|  Total                interest-earning assets      |   | $                                                                               | 747    |   | $ | 570 |   | $ | 1,317 |   |
|                                                    |   |                                                                            |   |   |   |   |   |   |   |   |
| INTEREST                EXPENSE:                        |   |                                                                            |   |   |   |   |   |   |   |   |
| Deposits:                                               |   |                                                                            |   |   |   |   |   |   |   |   |
| Interest-bearing                checking                |   | $                                                                               | -      |   | $ | (36 | ) | $ | (36 | ) |
| Savings                                                 |   |                                                                            | (282   | ) |   | (28 | ) |   | (310 | ) |
| Money                market                             |   |                                                                            | 97     |   |   | 48 |   |   | 145 |   |
| Certificates                of deposit                  |   |                                                                            | 361    |   |   | 585 |   |   | 946 |   |
| Total                interest-bearing deposits          |   |                                                                            | 176    |   |   | 569 |   |   | 745 |   |
| Short-term                borrowings                    |   |                                                                            | 31     |   |   | 42 |   |   | 73 |   |
| Long-term                borrowings                     |   |                                                                            | (40    | ) |   | 218 |   |   | 178 |   |
| Total                borrowings                         |   |                                                                            | (9     | ) |   | 260 |   |   | 251 |   |
|  Total                interest-bearing liabilities |   | $                                                                               | 167    |   | $ | 829 |   | $ | 996 |   |
| CHANGE                IN NET INTEREST INCOME            |   | $                                                                               | 580    |   | $ | (259 | ) | $ | 321 |   |

----

**Noninterest      Income**

| ***(Dollars              in thousands)***            |   | **Three                Months Ended March 31,** |   |
|------------------------------------------------------|--------|-------------------------------------------------|--------|
|                                                 |   | **2007**                                        |   | **2006** |   |
| Service                charges on deposit accounts   |   | $                                               | 176    |   | $ | 135 |   |
| Other                fees and service charges        |   |                                            | 159    |   |   | 111 |   |
| Earnings                on bank-owned life insurance |   |                                            | 121    |   |   | 115 |   |
| Loan                fee income                       |   |                                            | 120    |   |   | 24 |   |
| Gain                on sale of mortgage loans        |   |                                            | 62     |   |   | - |   |
| Other                operating income                |   |                                            | 36     |   |   | 30 |   |
| Total                noninterest income              |   | $                                               | 674    |   | $ | 415 |   |

**Noninterest      Expense**

| ***(Dollars                in thousands)***         |   | **Three                Months Ended March 31,** |   |
|-----------------------------------------------------|--------|-------------------------------------------------|--------|
|                                                |   | **2007**                                        |   | **2006** |   |
| Salaries                and employee benefits       |   | $                                               | 3,042  |   | $ | 2,308 |   |
| Occupancy,                equipment and furnishings |   |                                            | 732    |   |   | 557 |   |
| Data                processing and operations       |   |                                            | 268    |   |   | 221 |   |
| Professional                services                |   |                                            | 204    |   |   | 136 |   |
| Advertising                                         |   |                                            | 134    |   |   | 192 |   |
| Printing,                postage and supplies       |   |                                            | 109    |   |   | 110 |   |
| Other                operating expense              |   |                                            | 672    |   |   | 402 |   |
| Total                noninterest expense            |   | $                                               | 5,161  |   | $ | 3,926 |   |

**Income      Taxes**

----

**FINANCIAL      CONDITION**

**Lending      Activities**

| ***(Dollars                in thousands)***    |   | **March                31, 2007** |    | **December                31, 2006** |   |
|------------------------------------------------|--------|-----------------------------------|---------|--------------------------------------|--------|
|                                           |   | **Amount**                        |    | **Percent**                          |   | **Amount** |   | **Percent** |   |
|                                           |   |                         |    |                                 |   |    |   |   |   |
| Real                estate loans:              |   |                              |    |                                 |   |   |   |   |   |   |   |   |   |
| Residential                                    |   | $                                 | 253,626 |                                 |   | 47.3 | % | $ | 253,709 |   |   | 49.6 | % |
| Home                equity                     |   |                              | 53,337  |                                 |   | 10.0 |   |   | 53,676 |   |   | 10.5 |   |
| Commercial                                     |   |                              | 89,706  |                                 |   | 16.7 |   |   | 78,666 |   |   | 15.4 |   |
| Construction                                   |   |                              | 30,066  |                                 |   | 5.6 |   |   | 25,481 |   |   | 5.0 |   |
|  Total                mortgage loans      |   |                              | 426,735 |                                 |   | 79.6 |   |   | 411,532 |   |   | 80.5 |   |
| Commercial                and industrial loans |   |                              | 62,530  |                                 |   | 11.7 |   |   | 55,055 |   |   | 10.8 |   |
| Automobile                loans                |   |                              | 46,151  |                                 |   | 8.6 |   |   | 43,719 |   |   | 8.6 |   |
| Other                consumer loans            |   |                              | 765     |                                 |   | 0.1 |   |   | 659 |   |   | 0.1 |   |
|  Total                loans               |   |                              | 536,181 |                                 |   | 100.0 | % |   | 510,965 |   |   | 100.0 | % |
| Allowance                for loan losses       |   |                              | (3,950  | )                                    |   |   |   |   | (3,781 | ) |   |   |   |
| Deferred                loan costs, net        |   |                              | 6,707   |                                 |   |   |   |   | 6,744 |   |   |   |   |
| Total                loans, net                |   | $                                 | 538,938 |                                 |   |   |   | $ | 513,928 |   |   |   |   |

**Non-Performing      Assets**

| ***(Dollars              in              thousands)***               |   | **March                31,****2007** |   | **December                31, 2006** |   |
|----------------------------------------------------------------------|--------|--------------------------------------|--------|--------------------------------------|--------|
| Nonaccrual                loans                                      |   | $                                    | 3,688  |                                 | $      | 3,548 |   |
| Accruing                loans contractually past due 90 days or more |   |                                 | -      |                                 |   | - |   |
| Total                non-performing loans                            |   |                                 | 3,688  |                                 |   | 3,548 |   |
| Foreclosed                assets                                     |   |                                 | 77     |                                 |   | 91 |   |
| Total                non-performing assets                           |   | $                                    | 3,765  |                                 | $      | 3,639 |   |
|                                                                 |   |                                 |   |                                 |   |   |   |
| Ratios:                                                              |   |                                 |   |                                 |   |   |   |
| Non-performing                loans to total loans                   |   |                                 | 0.68   | %                                    |   | 0.69 | % |
| Non-performing                assets to total assets                 |   |                                 | 0.42   | %                                    |   | 0.41 | % |

----

**Allowance      for Loan Losses**

|                                                                      |   | **Three                Months Ended,** |   |
|---------------------------------------------------------------------------|--------|----------------------------------------|--------|
| ***(Dollars              in              thousands)***                    |   | **March                31,****2007**   |   | **December                31, 2006** |   | **March                31,****2006** |   |
| Balance,                beginning of period                               |   | $                                      | 3,781  |   | $ | 3,375 |   | $ | 2,910 |   |
| Provision                for loan losses                                  |   |                                   | 267    |   |   | 443 |   |   | 240 |   |
| Net                charge-offs:                                           |   |                                   |   |   |   |   |   |   |   |   |
| Charge-offs                                                               |   |                                   | (98    | ) |   | (37 | ) |   | (76 | ) |
| Recoveries                                                                |   |                                   | -      |   |   | - |   |   | - |   |
| Net                charge-offs                                            |   |                                   | (98    | ) |   | (37 | ) |   | (76 | ) |
| Balance,                end of period                                     |   | $                                      | 3,950  |   | $ | 3,781 |   | $ | 3,074 |   |
| Ratio                of allowance for loan losses to:                     |   |                                   |   |   |   |   |   |   |   |   |
| Total                loans                                                |   |                                   | 0.73   | % |   | 0.73 | % |   | 0.69 | % |
| Nonperforming                loans                                        |   |                                   | 107.11 | % |   | 106.58 | % |   | 322.38 | % |
| Ratio                of annualized net charge-offs to average total loans |   |                                   | 0.08   | % |   | 0.03 | % |   | 0.07 | % |

**Investment      Activities **

----

**Funding      Activities**

**Deposits**

----

**LIQUIDITY      AND CAPITAL RESOURCES**

| ***(Dollars              in              thousands)***             |       | **Actual** |       | **For                Capital****Adequacy                Purposes** |       | **Minimum                To Be Well****Capitalized                Under****Prompt                Corrective****Action                Provisions** |       |
|--------------------------------------------------------------------|------------|------------|------------|--------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| ** **                                                         | ** ** | **Amount** | ** ** | **Ratio**                                                          | ** ** | **Amount**                                                                                                                                        | ** ** | **Ratio** | ** ** | **Amount** | ** ** | **Ratio** |   |
| **March                31, 2007:**                                 |       |       |       |                                                               |       |                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                risk-based capital (to risk-weighted assets): |       |       |       |                                                               |       |                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Great                Lakes Bancorp, Inc.                           |       | $          | 98,243     |                                                               |       | 19.6                                                                                                                                              | %          | $ | 40,161 |   |   | 8.0 | % | $ | N/A |   |   | N/A | % |
| Greater                Buffalo Savings Bank                        |       |       | 54,405     |                                                               |       | 11.2                                                                                                                                              |       |   | 38,979 |   |   | 8.0 |   |   | 48,724 |   |   | 10.0 |   |
|                                                               |       |       |       |                                                               |       |                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Tier                1 capital (to risk-weighted assets):           |       |       |       |                                                               |       |                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Great                Lakes Bancorp, Inc.                           |       |       | 94,293     |                                                               |       | 18.8                                                                                                                                              |       |   | 20,081 |   |   | 4.0 |   |   | N/A |   |   | N/A |   |
| Greater                Buffalo Savings Bank                        |       |       | 50,455     |                                                               |       | 10.4                                                                                                                                              |       |   | 19,490 |   |   | 4.0 |   |   | 29,234 |   |   | 6.0 |   |
|                                                               |       |       |       |                                                               |       |                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Tier                1 leverage:                                    |       |       |       |                                                               |       |                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
| Great                Lakes Bancorp, Inc.                           |       |       | 94,293     |                                                               |       | 11.3                                                                                                                                              |       |   | 33,427 |   |   | 4.0 |   |   | N/A |   |   | N/A |   |
| Greater                Buffalo Savings Bank                        |       |       | 50,455     |                                                               |       | 6.2                                                                                                                                               |       |   | 32,412 |   |   | 4.0 |   |   | 40,515 |   |   | 5.0 |   |

| **December                31, 2006:**                              |   |   |   |   |   |    |   |   |   |    |   |   |   |
|--------------------------------------------------------------------|--------|--------|--------|--------|--------|--------------|--------|--------|--------|--------------|--------|--------|--------|
| Total                risk-based capital (to risk-weighted assets): |   |   |   |   |   |         |   |   |   |         |   |   |   |   |   |   |   |   |   |
| Great                Lakes Bancorp, Inc.                           |   | $      | 99,322 |   |   | 20.8         | %      | $      | 38,278 |         |   | 8.0    | %      | $ | N/A |   |   | N/A | % |
| Greater                Buffalo Savings Bank                        |   |   | 50,037 |   |   | 10.8         |   |   | 36,972 |         |   | 8.0    |   |   | 46,216 |   |   | 10.0 |   |
|                                                               |   |   |   |   |   |         |   |   |   |         |   |   |   |   |   |   |   |   |   |
| Tier                1 capital (to risk-weighted assets):           |   |   |   |   |   |         |   |   |   |         |   |   |   |   |   |   |   |   |   |
| Great                Lakes Bancorp, Inc.                           |   |   | 95,541 |   |   | 20.0         |   |   | 19,139 |         |   | 4.0    |   |   | N/A |   |   | N/A |   |
| Greater                Buffalo Savings Bank                        |   |   | 46,256 |   |   | 10.0         |   |   | 18,486 |         |   | 4.0    |   |   | 27,729 |   |   | 6.0 |   |
|                                                               |   |   |   |   |   |         |   |   |   |         |   |   |   |   |   |   |   |   |   |
| Tier                1 leverage:                                    |   |   |   |   |   |         |   |   |   |         |   |   |   |   |   |   |   |   |   |
| Great                Lakes Bancorp, Inc.                           |   |   | 95,541 |   |   | 11.6         |   |   | 32,817 |         |   | 4.0    |   |   | N/A |   |   | N/A |   |
| Greater                Buffalo Savings Bank                        |   |   | 46,256 |   |   | 5.8          |   |   | 31,776 |         |   | 4.0    |   |   | 39,720 |   |   | 5.0 |   |

----

**ITEM        3. **
**QUANTITATIVE        AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**ITEM      4. **
**CONTROLS      AND PROCEDURES**

***Evaluation        of disclosure controls and procedures***

***Changes        in internal control over financial reporting***

----

**PART      II. OTHER INFORMATION**

| **ITEM 1.** |  | **LEGAL                PROCEEDINGS** |
|-------------|--|--------------------------------------|

| **ITEM 1A.**  | **RISK                  FACTORS**  |
|--------------------|-----------------------------------------|

| **ITEM                  2.  ** |   | **UNREGISTERED                    SALES OF EQUITY SECURITIES AND USE OF                    PROCEEDS** |
|------------------------------------------|--------|-------------------------------------------------------------------------------------------------------|

| **ITEM                        3.** |   | **DEFAULTS                        UPON SENIOR                        SECURITIES** |
|------------------------------------|--------|-----------------------------------------------------------------------------------|

| **ITEM                          4.** |   | **SUBMISSION                          OF MATTERS TO A VOTE OF SECURITY                          HOLDERS** |
|--------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|

| **ITEM                          5.** |   | **OTHER                          INFORMATION** |
|--------------------------------------|--------|------------------------------------------------|

| **ITEM                            6.** |   | **EXHIBITS** |
|----------------------------------------|--------|--------------|

| (a)   | The                following exhibits are filed as part of this                report. |
|-----------------|----------------------------------------------------------------------------------------|

|   | **Exhibit                #** |   | **Description**                                                                                                                                      |
|--------|------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 31.1                         |   | Certification                of the Chief Executive Officer pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                 |
|   |                         |   |                                                                                                                                                 |
|   | 31.2                         |   | Certification                of the Chief Financial Officer pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                 |
|   |                         |   |                                                                                                                                                 |
|   | 32.1                         |   | Certification                of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350,                as                adopted pursuant to |
|   |                         |   | Section                906 of the Sarbanes-Oxley Act of 2002                                                                                         |
|   |                         |   |                                                                                                                                                 |
|   | 32.2                         |   | Certification                of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350,                as                adopted pursuant to |
|   |                         |   | Section                906 of the Sarbanes-Oxley Act of                2002                                                                          |

----

**SIGNATURES      **

**GREAT      LAKES BANCORP, INC.**

|   |                                                                  |                         |
|--------|-----------------------------------------------------------------------|------------------------------|
|   | ***/s/                Michael J. Rogers***                            | ,                May 9, 2007 |
|   | Michael                J. Rogers                                      |                         |
|   | Executive                Vice President and Chief Financial Officer   |                         |
|   | (Principal                Financial and Principal Accounting Officer) |                         |

----