<PAGE>

                                                                      Exhibit 13

                             WEST TOWN BANCORP, INC.
                                  ANNUAL REPORT


                                 MARCH 31, 2002

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                               <C>
 Financial Highlights ..........................................    2

 Letter to Our Stockholders ....................................    3

 Directors and Officers ........................................    5

 Our Commitment To You .........................................    6

 Selected Financial Data .......................................    8

 Management's Discussion and Analysis of
   Financial Condition and Results of Operations ...............   11

 Stock Data ....................................................   26

 Stockholder Information .......................................   27

 Report of Independent Auditors and Financial
  Statements of West Town Bancorp, Inc. and
   Subsidiaries ................................................  F-1

 Notes to Financial Statements .................................  F-6
</TABLE>

                                        1

<PAGE>

                              FINANCIAL HIGHLIGHTS


                                      At or for the year ended March 31,

(Dollars in Thousands)              2002           2001              2000
                                    ----           ----              ----

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

FOR THE YEAR:
-------------

Net interest income               $ 1,103           873               783
Net income (loss)                     126           (39)               62
Return on average equity             3.06%         (.95)%            1.48%
Return on average assets              .23%         (.01)%             .19%

AT YEAR END:
------------

Total Assets                      $61,022        49,825            34,958
Loans Receivable, net              25,080        31,345            19,633
Interest earning assets            58,069        46,118            32,383
Interest bearing liabilities       51,320        45,205            30,458
Non-performing assets                   0             0                 0
Allowance for loan losses             117            99                58
Book Value Per Share              $ 20.79         20.01             19.81
------------------------------------------------------------------------------

                                        2

<PAGE>

To Our Fellow Stockholders:
---------------------------

         We are happy to present to you our Annual Report for the fiscal year
ended March 31, 2002. This past fiscal year was another very good year for the
West Town Bancorp, Inc. and it's subsidiary, West Town Savings Bank.

         Following this letter are our consolidated financial statements for the
year ended March 31, 2002. These financial statements present the combined
results of West Town Bancorp, Inc. and West Town Savings Bank. The financial
statements were audited by our independent auditors, Cobitz, VandenBerg &
Fennessy. The Bank's three year Business Plan developed in conjunction with the
opening of the Bank's North Riverside branch office in January, 2000 projected a
growth of $10,000,000 per year or $30,000,000 over three years. The total assets
of the Bank exceeded projections and increased to $61,022,000 at March 31, 2002
from $49,825,000 at March 31, 2001, primarily as a result of $6,100,000 in
deposits originated from the Bank's North Riverside branch office. Our Business
Plan also projected the Bank to break even after three years taking into
consideration the expenses attributed to the North Riverside office. We are
happy to report a profit of $126,469 for the Bank at March 31, 2002.

         The Company continued to re-purchase its common stock throughout the
fiscal year ended March 31, 2002. As a result, the book value per share
increased from $20.01 per share at March 31, 2001 to $20.79 per share at March
31, 2002. The Company will continue its re-purchase program during the current
fiscal year.

         Net loans receivable, which includes residential real estate and
commercial loans, decreased from

                                        3

<PAGE>

$31,345,000 to $25,080,000 at March 31, 2002, a decrease of 19.99%. Despite the
decrease in loans, the Bank allocated an additional $18,000 to its loan loss
reserve to total $117,000 at fiscal year end. There were no loans delinquent
three months or more at March 31, 2002.

         The Bank increased its investment in mortgage-backed securities from
$7,502,000 at March 31, 2001 to $22,534,000 at March 31, 2002, an increase of
$15.0 million.

         The Bank continues to exceed all regulatory capital standards. The Bank
has a 5.88% core-capital ratio at March 31, 2002 and a risk-based capital ratio
of 13.75% at year-end. Had there been no unsettled securities trades at March 31
2002, these ratios would have been 6.41% and 14.28%, respectively.

         We believe the Bank's financial outlook is very positive. We have been
able to grow both the loan and deposit portfolios at a much faster rate than we
had originally expected, and we plan to continue our expansion during our
current fiscal year Significantly, the loan and deposit portfolios the Bank has
now achieved allow us to generate sufficient net interest income and other
operating income to minimize our annual operating loss that was projected in our
Business Plan at the time the North Riverside branch office was opened.

         I am very proud of the hard work and dedication of all of our
employees. Their efforts make the difference and make West Town Savings Bank
what it is today. The loyalty and support we enjoy as a business, is a direct
result of the commitment of our officers, directors, and employees.

         We appreciate the trust and confidence you placed in West Town Bancorp,
Inc. and will work to keep your support while increasing shareholder value.


                                        Sincerely,




                                        Dennis B. Kosobucki
                                        Chairman and
                                        Chief Executive Officer

                                        4

<PAGE>

                             DIRECTORS AND OFFICERS
                             ----------------------
                             WEST TOWN BANCORP, INC.
                             WEST TOWN SAVINGS BANK

DIRECTORS:
----------

Dennis B. Kosobucki
Chairman, President and Chief Executive Officer and Director
West Town Bancorp, Inc. and West Town Savings Bank

Edward J. Hradecky
Secretary and Director of West Town Bancorp, Inc. and Director
of West Town Savings Bank

John A. Storcel
Director of West Town Bancorp, Inc. and West Town Savings Bank

James J. Kemp, Jr.
Director of West Town Bancorp, Inc. and West Town Savings Bank

James Kucharczyk
Director of West Town Bancorp, Inc. and West Town Savings Bank

James Kucera
Director of West Town Bancorp, Inc. and West Town Savings Bank

Charles J. Sourek Jr.
Director of West Town Bancorp, Inc. and West Town Savings Bank

Jeffery P. Kosobucki
Director of West Town Savings Bank

================================================================================

WEST TOWN BANCORP, INC. OFFICERS           WEST TOWN SAVINGS BANK OFFICERS
--------------------------------           -------------------------------

Dennis B. Kosobucki                        Dennis B. Kosobucki
President and Chief Executive Officer      President and Chief Executive Officer

Jeffrey P. Kosobucki                       Jeffrey P. Kosobucki
Vice President, Chief Financial Officer    Secretary, Vice President and
Assistant Secretary                        Chief Financial Officer

Edward J. Hradecky
Secretary

                                        5

<PAGE>

                              OUR COMMITMENT TO YOU

         Since 1922, the Bank's primary mission has been promoting savings and
home ownership through sound financial products and the highest quality and
friendly professional service to our customers. Continuing with its mission, the
Bank is now attracting small businesses to its customer base, through business
checking, money market and statement savings accounts together with various loan
products to assist businesses in their growth and profitability.

         The Bank is positioned to remain strong. Its strong capital position
allows it the flexibility to grow as demand for its product permits. Its capital
is well above regulatory requirements, with core capital to assets of 5.88%
(3.0% required) and risk-based capital to risk-based assets of 13.75% (8.0%
required).

         West Town Savings Bank's customers enjoy the advantages of dealing with
a healthy financial institution with resources to meet their needs, and the
friendly, service-minded, highly professional atmosphere of the Bank is
reminiscent of the personal banking environment of earlier days; hence our motto
"West Town Savings Bank - Modern Banking, Old Fashioned Values".

         Through its customer base, West Town Savings Bank reinvests in its
community, on a secure and profitable basis, to the benefit of both its
customers and stockholders.

                                        6

<PAGE>

                               PRODUCTS & SERVICES

PRODUCTS OFFERED
----------------

     The Savings Bank offers a full range of consumer and business products,
including but not limited to:

           .    First and Second Mortgage Loans
           .    Home Equity Installment and Line of Credit Loans
           .    Auto Loans (Direct Basis)
           .    Credit Cards (Offered through Elan Financial)
           .    Loan on Deposit Accounts
           .    Commercial Loans
           .    Savings Accounts -  Including Passbooks, Personal and Business
                Statement Savings, Junior Savers and Christmas Clubs
           .    Money Market Accounts - Personal & Business
           .    Checking Accounts - Personal & Business
           .    Certificates of Deposit
           .    IRA Accounts

SERVICES OFFERED
----------------

     Services available include:

           *    Travelers Checks, Money Orders & Bank Checks
           *    ATM Cards - Including ATM Machine owned by the Bank for which
                our customers will  not be charged to use
           *    Safe Deposit Boxes
           *    Telephone Banking
           *    Free Notary Service
           *    Check cashing (for depositors)
           *    Photocopy Services (customers only)
           *    Direct deposit of social security and pension payments
           *    Sale and redemption of U. S. Savings Bonds
           *    Coin counting for customers
           *    Cash Advance Program

                                 FUTURE OUTLOOK

     All the products and services are offered by our consumer oriented
employees who will continue to satisfy both new and current loyal customers. We
believe that this is what it takes to build a financial institution that can
provide expert financial service for customers today and in the future utilizing
modern banking with old fashioned values.

                                        7

<PAGE>

                   SELECTED CONSOLIDATED FINANCIAL INFORMATION

                                                     March 31,
                                      ------------------------------------------

                                         2002           2001          2000
                                                   (in thousands)
                                      ------------------------------------------
STATEMENT OF FINANCIAL CONDITION
--------------------------------

  Total assets                        $61,022        $49,825         $34,958
  Loans receivable                     25,080         31,345          19,633
  Mortgage-backed securities           22,534          7,502           1,576
  Investment securities                   576            464             435
  Deposits                             51,320         45,205          30,458
  Total borrowings                          0              0               0
  Stockholders' equity                  4,247          4,099           4,167



                                                  Years Ended March 31,
                                       -----------------------------------------

                                         2002           2001          2000

                                                    (in thousands)
                                       -----------------------------------------
SELECTED OPERATIONS DATA
------------------------

  Total interest income               $ 3,251        $ 2,952         $ 2,028
  Total interest expense                2,148          2,079           1,245
                                      -------        -------         -------
  Net interest income                   1,103            873             783
  Provision for loan losses                18             41               6
                                      -------        -------         -------
  Net interest income after
    provision for loan losses           1,085            832             777
                                      -------        -------         -------

  Loan fees and service charges            17              8              13
  Other non-interest income               164            100              37
                                      -------        -------         -------

  Total non-interest income               181            108              50
  Total non-interest expense            1,091          1,011             741
  Income tax expense (benefit)             49            (32)             24
                                      -------        -------         -------
  Net income (loss)                   $   126        $   (39)        $    62
                                      =======        =======         =======

                                        8

<PAGE>

                                                   Years Ended March 31,
                                           -------------------------------------
                                              2002         2001          2000

                                           -------------------------------------
SELECTED FINANCIAL RATIOS AND
OTHER DATA:
----------

Performance Ratios:
  Return on assets (ratio of net
    income to average total
    assets)                                    .23%        (.01)%        0.19%

Net interest rate spread information:
  Average during year                         2.14%        1.96%         2.21%
  End of year                                 2.52%        1.71%         1.86%
  Net interest margin (1)                     2.21%        2.19%         2.60%

Ratio of operating expense to
    average total assets                      2.02%        2.36%         2.31%

Return on stockholders' equity
    (ratio of net income to
    average equity)                           3.06%        (.95)%        1.48%

Short-term liquid assets
    to total assets (2)                      16.82%       14.32%        31.95%

Ratio of average interest-
    earning assets to average
    interest-bearing liabilities              1.02x        1.04x         1.09x

Quality Ratios:
  Non-performing assets to total
    assets at end of year                     0.00%        0.00%         0.00%
  Allowance for loan losses to
    non-performing loans                       -0-          -0-           -0-
Allowance for loan losses
    to total loans                             .45%        0.31%         0.28%

  Capital Ratios:
  Stockholders' equity to total
    assets at end of year                     6.96%        8.23%        11.92%
Average stockholders' equity
    to average assets                         7.65%        9.57%        13.09%

Number of full service
    offices                                      2            2             2

(Continued on next page)

                                        9

<PAGE>

                                                    March 31,
                                    --------------------------------------------

                                       2002           2001            2000

                                    --------------------------------------------
Weighted average yield on:
  Loans receivable                     6.69%          7.51%           7.38%
  Mortgage-backed securities           6.76%          7.40%           7.24%
  Investment securities (3)            5.20%          6.25%           6.27%
  Other interest-earning assets        1.86%          5.37%           5.78%
  Combined weighted average yield
    on interest-earning assets         5.90%          7.18%           6.83%
Weighted average rate paid on:
  Savings deposits                     1.50%          2.50%           2.50%
  Certificates                         4.21%          6.42%           5.76%
  NOW and money market accounts        1.28%          3.88%           4.05%
  Combined weighted average rate
    paid on interest-bearing
    liabilities                        3.38%          5.47%           4.97%
Spread                                 2.52%          1.71%           1.86%


_____________________________

(1)  Net interest income dividend by average interest earning assets.
(2)  Short-term liquid assets consist of cash, interest-bearing deposits and
     U.S. Government and agency obligations maturing within one year.
(3)  Includes FHLB stock and other corporate debt securities.

                                       10

<PAGE>

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

         West Town Bancorp, Inc. (the "Company"), a Delaware corporation, was
organized on May 6, 1994 to acquire all of the capital stock issued by West Town
Savings Bank (the "Bank") upon its conversion from the mutual to stock form of
ownership. On March 1, 1995, the Company sold 221,940 shares of common stock at
$10 per share to depositors, employees, and other investors. Total proceeds from
the conversion in the amount of $1,888,516 (which is net of conversion and
issuance costs of $330,884) was recorded as common stock and additional
paid-in-capital in fiscal year 1995. The Company utilized $944,258 of the net
proceeds to acquire all the capital stock of the Bank.

         Financial statements on a consolidated basis for both the Company and
the Bank are included in the Annual Report. The Company had no material assets
or liabilities until the conversion was completed on March 1, 1995.

         The following table presents the Consolidated Statements of Changes in
Stockholders' Equity for the three years ended March 31, 2002.

                                       11

<PAGE>

           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                        THREE YEARS ENDED MARCH 31, 2002

<TABLE>
<CAPTION>
                                                                     Accumulated                  Common
                                             Additional              Other                        Stock
                                   Common    Paid-In     Retained    Comprehensive    Treasury    Acquired
                                   Stock     Capital     Earnings    Income           Stock       by ESOP       Total
                                   -------   ---------   ---------   -------------    --------    ---------   ---------
<S>                                <C>       <C>         <C>         <C>             <C>          <C>         <C>
Balance at March 31, 1999          $ 2,319   1,993,869   2,437,026          44,832    (107,206)    (124,416)  4,246,424
                                   -------   ---------   ---------   -------------   ---------    ---------   ---------

Comprehensive income:
 Net income                                                 62,036                                               62,036
 Other comprehensive income,
  net of tax:
  Unrealized holding gain
   during the year                                               -         (13,609)                             (13,609)
                                                         ---------   -------------                            ---------

Total comprehensive income                                  62,036         (13,609)                              48,427
                                                         ---------   -------------                            ---------
Purchase of treasury stock
 (12,241 shares)                                                                      (147,451)                (147,451)
Contribution to fund ESOP loan           -       3,392           -               -           -       16,454      19,846
                                   -------   ---------   ---------   -------------   ---------    ---------   ---------

Balance at March 31, 2000            2,319   1,997,261   2,499,062          31,223    (254,657)    (107,962)  4,167,246
                                   -------   ---------   ---------   -------------   ---------    ---------   ---------

Comprehensive income:
 Net income                                                (39,007)                                             (39,007)
  Other comprehensive income,
   net of tax:
  Unrealized holding loss
   during the year                                                          15,559                               15,559
                                                         ---------   -------------                            ---------

Total comprehensive income                                 (39,007)         15,559                              (23,448)
                                                         ----------  -------------                            ---------
Purchase of treasury stock
 (5,575 shares)                                                                        (66,900)                 (66,900)
Contribution to fund ESOP loan                   3,616                                               18,088      21,704
                                   -------   ---------   ---------   -------------   ---------    ---------   ---------

Balance at March 31, 2001          $ 2,319   2,000,877   2,460,055          46,782    (321,557)    ( 89,874)  4,098,602
                                   -------   ---------   ---------   -------------   ---------    ---------   ---------

Comprehensive income:
 Net income                                                126,469                                              126,469
 Other comprehensive income,
  net of tax:
  Unrealized holding gain
   during the year                                                           3,942                                3,942
                                                         ---------   -------------                            ---------

Total comprehensive income                                 126,469           3,942                              130,411
                                                         ---------   -------------                            ---------
Purchase of treasury stock                                                              (6,000)                  (6,000)
(500 shares)
Contribution to fund ESOP loan                   4,054                                               20,271      24,325
                                   -------   ---------   ---------   -------------   ---------    ---------   ---------

Balance at March 31, 2002          $ 2,319   2,004,931   2,586,524          50,724    (327,557)     (69,603)  4,247,338
                                   =======   =========   =========   =============   =========    ==========  =========
</TABLE>

                                       12

<PAGE>

                             WEST TOWN SAVINGS BANK
                                  ---GENERAL---

         The Bank was organized in 1922 as an Illinois-chartered mutual savings
and loan association entitled "West Town Building and Loan Association". In
1992, the association converted to an Illinois chartered savings bank and
changed its named to "West Town Savings Bank". The Bank is regulated by the
Office of the Illinois Commissioner for Banks and Real Estate ("OBRE") and its
deposits are insured up to applicable limits under the Savings Association
Insurance Fund ("SAIF") of the Federal Deposit Insurance Corporation ("FDIC").
The Bank is a member of the Federal Home Loan Bank ("FHLB") System.

         The Bank's principal business consists of attracting deposits from the
public and investing those deposits, together with funds generated from
operations, in one-to-four family mortgage loans, and in home equity and
commercial loans. The Bank's deposit accounts are insured to the maximum
allowable amount by the Federal Deposit Insurance Corporation ("FDIC").

         The Bank's results of operations are dependent primarily on net
interest income, which is the difference between the interest income earned on
its loan, mortgage-backed securities and investment securities portfolios and
its cost of funds, consisting of interest paid on its deposits and borrowings.
The Bank's operating results are also affected, to a lesser degree, on loan
fees, customer service charges and other income. Operating expenses of the Bank
consist of employee compensation and benefits, equipment and occupancy costs,
federal deposit insurance premiums, and other administrative expenses. The
Bank's results of operations are further affected by economic and competitive
conditions, particularly changes in market interest rates, government policies
and actions of regulatory authorities.

                                       13

<PAGE>

                        CONSOLIDATED FINANCIAL CONDITION

         As of March 31, 2002, total assets increased approximately $11.2
million, or 22.5%, to $61,022.000 from $49,825,000 at March 31, 2001. The
increase primarily resulted from an increase in deposits taken in at the branch
office, which were used to originate and purchase mortgage loans, and commercial
loans as well as purchase mortgage-backed securities.

         Net loans receivable decreased in 2002 by $6.3 million, or 20.0%, as
loan repayments exceeded loan originations, participation loans and purchased
loans. During the year ended March 31, 2002, the Bank had loan originations and
purchases of $11,652,000, compared to $20,967,000 for the year ended March 31,
2001. During the current year, the Bank purchased $22,359,000 in mortgage-backed
securities compared to $6,888,000 include prior period.

         Stockholders' equity increased approximately $149,000, or 3.6%, for the
year ended March 31, 2002 as compared to March 31, 2001, primarily as a result
of a net operating gain totaling $126,000, and unrealized gains on securities
available for sale, net of income taxes, totaling approximately $4,000,
partially offset by the purchase of treasury stock at a cost of $6,000.

         The Bank's lending activities have been concentrated in residential
real property secured by first liens on such property. At March 31, 2002
approximately 57.8% of the Bank's loans were secured by one-to-four family
dwellings. In addition, the Bank currently is participating in construction
loans for the purpose of building one-to-four family dwellings. The remaining
loans were secured by commercial real estate and multi-family properties,
business assets and savings accounts. The Bank requires collateral on all loans
and generally maintains loan to value ratios on real estate loans no greater
than 80%. Virtually all of the Bank's mortgage loans are geographically located
within a thirty-mile radius of the Bank's main office.

                                       14

<PAGE>

                        CONSOLIDATED NET INTEREST INCOME

     Net interest income increased by $230,000, or 26.4%, during the year ended
March 31, 2002, as compared to the prior year. The increase in gross interest
income of $299,000 was the result of an increase of approximately $9.9 million
in average interest earnings assets partially offset by a decrease in the
average yield to 6.52% at March 31, 2002 from 7.40% at March 31, 2001. The
increase in interest expense of $69,000 was attributable to an increase in the
average interest bearing liabilities of approximately $10.8 million partially
offset by a decrease in the average yield paid on deposits from 5.44% at March
31, 2001 to 4.38% at March 31, 2002.

     Net interest income increased by $90,000 or 11.5%, during the year ended
March 31, 2001 as compared to the prior year. Interest income increased
$924,000, while interest expense increased $834,000. The average interest -
earning assets increased by approximately $9.8 million while average interest -
bearing liabilities increased by approximately $9.8 million.

                                       15

<PAGE>

The following table presents for the periods indicated the total dollar amount
of interest income from average interest earning assets and the resultant
yields, as well as the interest expense on average interest bearing liabilities,
expressed both in dollars and rates. No tax equivalent adjustments were made.
All average balances are monthly average balances. Non-accruing loans have been
included in the table as loans carrying a zero yield.

<TABLE>
<CAPTION>
                                                                          YEAR ENDED MARCH 31,
                              ------------------------------------------------------------------------------------------------------
                                             2002                                 2001                             2000

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

                              Average       Interest                Average      Interest            Average      Interest
                              Outstanding   Earned/     Yield/      Outstanding  Earned/    Yield    Outstanding  Earned/    Yield
                              Balance       Paid         Rate       Balance      Paid       Rate     Balance      Paid       Rate
                              -----------   --------    ------      -----------  --------   -----    -----------  --------   -----
                               (Dollars in Thousands)               (Dollars in Thousands)           (Dollars in Thousands)
<S>                           <C>           <C>         <C>         <C>          <C>        <C>      <C>          <C>        <C>
Interest-Earning Assets:
   Loans receivable (1)           $29,307    $2,158      7.36%      $26,870      $2,039     7.59%     $19,576      $1,448     7.40%
   Mortgage-backed
     securities                    12,147       786      6.47%        4,598         338     7.34%         695          45     6.47%
  Investment securities               200        11      5.50%          200          11     5.50%         200          11     5.50%
  Other interest-earning
     assets                         7,927       279      3.53%        8,053         550     6.83%       9,429         511     5.42%
  FHLB stock                          281        17      5.86%          192          14     7.46%         183          13     7.10%
                              -----------   -------     -----       -------      ------     ----     --------     -------   ------
   Total interest-earning
     assets(1)                     49,862     3,251      6.52%       39,913       2,952     7.40%      30,083       2,028     6.74%
                                            =======     =====                    ======     ====                  =======   ======
   Non-interest-earning
     assets                         4,205                             2,974                             1,995
                              -----------                           -------                          --------
  Total Assets                    $54,067                           $42,887                           $32,078
                              ===========                           =======                          ========

Interest-Bearing Liabilities:
   Savings deposits               $ 7,758       131      1.69%      $ 6,854         153     2.23%     $ 6,582         148     2.25%
 Certificate accounts              33,638     1,843      5.48%       26,774       1,717     6.41%      20,372       1,086     5.33%
 Demand deposit and
     money market accounts          7,589       174      2.29%        4,600         209     4.54%         523          11     2.10%
                              -----------   -------     -----       -------      ------     ----     --------     -------   ------
   Total interest-bearing
     liabilities                   48,985     2,148      4.38%       38,228       2,079     5.44%      27,477       1,245     4.53%
                                            =======     =====                    ======     ====                  =======   ======
 Non-interest bearing
     liabilities                      945                               554                               403
                              -----------                           -------                          --------
  Total liabilities                49,930                            38,782                            27,880
  Total Stockholders' Equity        4,137                             4,105                             4,198
                              -----------                           -------                          --------
  Total liabilities and
     Stockholders' Equity         $54,067                           $42,887                           $32,078
                              ===========                           =======                          ========
  Net interest income                        $1,103                                $873                            $  783
                                            =======                              ======                           =======
   Net interest rate
     spread                                              2.14%                              1.96%                             2.21%
                                                        =====                               =====                           ======
  Net earning assets              $   877                           $ 1,685                           $ 2,606
                              ===========                           =======                           =======
   Net yield on average
    interest-earning assets                              2.21%                              2.19%                             2.60%
                                                        =====                               ====                            ======
   Ratio of average interest
     earning assets to
     average interest-bearing
     liabilities                              1.02x                               1.04x                             1.09x
                                            =======                              ======                           =======
</TABLE>

__________________
 (1)  Calculated net of deferred loan fees, loan discounts, loans in process and
loss reserves.

                                       16

<PAGE>

                              RATE/VOLUME ANALYSIS

The following schedule presents the dollar amount of changes in interest income
and interest expense for major components of interest-earning assets and
interest-bearing liabilities. It distinguishes between the increase related to
higher outstanding balances and that due to the unprecedented levels and
volatility of interest rates. For each category of interest-earning assets and
interest-bearing liabilities, information is provided on changes attributable to
(i) changes in volume (i.e., changes in volume multiplied by old rate) and (ii)
changes in rate (i.e., changes in rate multiplied by old volume). For purposes
of this table, changes attributable to both rate and volume, which cannot be
segregated, have been allocated proportionately to the change due to volume and
the change due to rate.

<TABLE>
<CAPTION>
                                                        Year Ended March 31,
                                    --------------------------------------------------------

                                            2001 v. 2002                      2000 v. 2001

                                    --------------------------------------------------------
                                     Increase                      Increase
                                    (Decrease)                    (Decrease)
                                      Due to                        Due to
                                    ----------                     --------
                                                     Total                  Total
                                                     Increase               Increase
                                    Volume    Rate   (Decrease)   Volume    Rate   (Decrease)
                                    ------    ----   ----------   ------    ----    --------
                                        (Dollars in Thousands)   (Dollars in Thousands)
<S>                                 <C>      <C>     <C>          <C>     <C>      <C>
Assets:
Interest-earning assets:
  Loan receivable                   $183     $ (64)     $119      $540    $ 51      $ 591
  Mortgage-backed securities         502       (54)      448       283      10        293
  Investment securities                -         -         -         -       -          -
  Other interest-earning assets       (9)     (262)     (271)      (84)    123         39
  FHLB stock                           7        (4)        3         1       -          1
                                    ----     -----      ----      ----    ----      -----
Total interest-earning assets       $683      (384)      299       740     184        924
                                    ----     -----      ----      ----    ----      -----


Liabilities and Equity Capital:
Interest-bearing liabilities:
  Savings deposits                  $ 18     $ (42)     $(22)     $  5    $  -      $   5
  Certificate accounts               400      (274)      126       386     245        631
  Demand deposit and
    money market accounts            101      (136)      (35)      172      26        198
                                    ----     -----      ----      ----    ----      -----
  Total interest-bearing
    liabilities                     $519     $(450)       69      $563    $271      $ 834
                                    ----     -----      ----      ----    ----      -----

Net interest income:                                    $230                        $  90
                                                        ====                        =====
</TABLE>

                                       17

<PAGE>

                           ASSET/LIABILITY MANAGEMENT

         The matching of assets and liabilities may be analyzed by examining the
extent to which such assets and liabilities are "interest rate sensitive" and by
monitoring an institution's interest rate sensitivity "gap". An asset or
liability is said to be interest rate sensitive within a specific time period if
it will mature or reprice within that time period. The interest rate sensitivity
gap is defined as the difference between the amount of interest-earning assets
anticipated, based upon certain assumptions, to mature or reprice within a
specific time period and the amount of interest-bearing liabilities anticipated,
based upon certain assumptions, to mature or reprice within that time period. A
gap is considered positive when the amount of interest rate sensitive assets
exceeds the amount of interest rate sensitive liabilities. A gap is considered
negative when the amount of interest rate sensitive liabilities exceeds the
amount of interest rate sensitive assets. During a period of rising interest
rates, a negative gap would tend to adversely affect net interest income. During
a period of falling interest rates, a negative gap would tend to result in an
increase in net interest income while a positive gap would tend to adversely
affect net interest income.

         At March 31, 2002, total interest-bearing liabilities maturing,
repricing or repaying within one year exceeded total interest-bearing assets
maturing, repricing, or repaying in the same period by $6.8 million,
representing a negative one-year gap ratio of 12.23%.

         During periods of rising interest rates, it is expected that the cost
of the Bank's interest-bearing liabilities would rise more quickly than the
yield on its interest-earning assets, which would adversely affect net interest
income. In periods of falling interest rates, the opposite effect on net
interest income is expected. However, heavy prepayments of mortgages could

                                       18

<PAGE>

reduce the positive effect of the falling interest rates. Management believes
that currently the risk of substantial effect of changes in interest rates on
net interest income is minimal due to the positive gap position and also due to
the strong net worth position of the Bank and the excess of its interest-earning
assets over interest-bearing liabilities. Nonetheless, the Bank closely monitors
interest rate risk as such risk relates to management's strategy.

         As part of its Asset/Liability Management strategy, the Bank invests in
mortgage pools and mortgage backed securities to offset unexpected loan
prepayments and to supplement low loan origination volumes. In recent years the
Bank has purchased mortgage pools of loans with maturities or repricing accruing
within a 1 to 7 year period.

         The following table sets forth the scheduled repricing or maturity of
the Bank's assets and liabilities as of March 31, 2002, based on the following
assumptions:

         1.  Fixed-rate certificate accounts will not be withdrawn prior to
             maturity.

         2.  Passbook, Demand Deposit and Money Market Accounts were assumed to
             withdraw at a rate of 10% during the first year, a combined rate of
             20% for years two and three, and 20% for years four and five.

         3.  Adjustable-rate loans and mortgage-backed securities are calculated
             at the earlier of maturity or the contractual repricing date.

         4.  Fixed-rate mortgage loans, other fixed-rate loans and fixed-rate
             mortgage-backed securities are shown on the basis of contractual
             amortization and management's estimate of annual prepayments based
             upon past experience.

         The effect of these assumptions is to quantify the dollar amount of
items that are interest-sensitive and that can be repriced within each of the
periods specified. Such repricing can occur

                                       19

<PAGE>

in one of three ways: (1) the rate of interest to be paid on an asset or
liability may adjust periodically on the basis of an interest rate index; (2) an
asset or liability, such as a mortgage loan, may amortize, permitting
reinvestment of cash flows at the then-prevailing interest rates; or (3) an
asset or liability may mature, at which time the proceeds can be reinvested at
the current market rates. Management believes these prepayment and erosion rates
represent reasonable estimates based on the Bank's experience and are consistent
with information provided by regulatory agencies.

                                       20

<PAGE>

         The following table sets forth the interest rate sensitivity of the
Bank's assets and liabilities at March 31, 2002 on the basis of prepayments and
decay rates as calculated through historical analysis or as provided by
regulatory agencies.

<TABLE>
<CAPTION>

                                                               Maturing or Repricing
                                                    ---------------------------------------------
                                                    Within    Over 1-3  Over 3-5  Over
                                                    One Year  Years     Years     5 Years Total
                                                    Amount    Amount    Amount    Amount  Amount
                                                    -------  -------   ------     ------   ------
<S>                                                 <C>       <C>       <C>       <C>     <C>
Fixed/Adjustable Rate Mortgage Loans                $ 9,616    9,758    5,635     11,236   36,245
Other Loans                                           5,618    1,122      284         70    7,094
Investment Securities                                 9,477        0        0          0    9,477
                                                    -------  -------   ------     ------   ------
Total Interest-Earning Assets                        24,711   10,880    5,919     11,306   52,816
                                                    -------  -------   ------     ------   ------

Savings Deposits                                        800    1,600    1,600      3,995    7,995
Certificates                                         29,982    5,717      480          0   36,179
Demand Deposit and Money Market Accounts                715    1,430    1,430      3,571    7,146
                                                     ------    -----    -----     ------   ------
Total Interest-Bearing Liabilities                   31,497    8,747    3,510      7,566   51,320
                                                     ------    -----    -----     ------   ------

Assets Less Liabilities                              (6,786)   2,133    2,409      3,740    1,496
Cumulative Interest-Rate Sensitivity Gap             (6,786)  (4,653)  (2,244)     1,496    1,496
Cumulative Percentage of Assets                      (12.23)%  (8.39)%  (4.05)%     2.70%
</TABLE>

                                       21

<PAGE>

                            PROVISION FOR LOAN LOSSES

         The allowance for loan losses is established through a provision for
loan losses based on management's evaluation of the risk inherent in its loan
portfolio and the general economy. Management's evaluation includes a review of
all loans on which full collectibility may not be reasonably assured, the
estimated fair market value of the underlying collateral, economic conditions,
historical loan loss experience and the Bank's internal credit review process.

         The Bank's allowance for general loan losses at March 31, 2002 was
$117,000. In the fiscal year ended March 31, 2002, the Bank provided
approximately $18,000 as an additional allowance for loan losses. At March 31,
2002, the Bank's allowance for loan losses, as a percentage of total loans
outstanding was .45% as compared to .31% at March 31, 2001.

                                  OTHER INCOME
                                  CONSOLIDATED

         Total other income increased $74,000 to $182,000 during the period
ended March 31, 2002 as compared to the same period for 2001. The increase was
primarily the result of an increase in deposit and ATM related fees and a
dividend paid by CLC, an unconsolidated subsidiary.

         Total other income increased $58,000 to approximately $108,000 in 2001
as compared to 2000. The increase was primarily the result of an increase in
deposit and ATM related fees and an increase in the cash surrender value of
officer's life insurance.

                                       22

<PAGE>

                         CONSOLIDATED OPERATING EXPENSES

         Operating expenses increased by $80,000 in fiscal year 2002, as
compared to fiscal 2001. This increase was primarily the result of increases in
compensation related expenses, occupancy costs and equipment expenses and legal
fees totaling approximately $57,000. As a percentage of average assets, total
operating expenses amounted to 2.0% for 2002 and 2.4% in 2001.

         Operating expenses increased by $270,000 in 2001, as compared to 2000
due mainly to the opening of the North Riverside, Illinois branch site. As a
percentage of average assets, total operating expenses amounted to 2.4% for 2001
and 2.3% for 2000.

                                  INCOME TAXES

         The income tax provisions amounted to $49,000, ($32,000) and $24,000
during the fiscal years 2002, 2001 and 2000, respectively, which amounted to
effective tax rates of 28.1%, (44.8%) and 28.0% during these respective periods.
See discussion of accounting and income tax issues in Note 12 in Notes to
Financial Statements.

                                       23

<PAGE>

                         LIQUIDITY AND CAPITAL RESOURCES

         The Bank's primary sources of funds are deposits, proceeds from
principal and interest payments on loans, mortgage-backed securities and
investment securities. Should the Bank need additional sources of funds,
borrowing could be utilized from the Federal Home Loan Bank. The Bank has not
utilized borrowed funds in the last five years. While maturities and scheduled
amortization of loans and mortgage-backed securities are a predictable source of
funds, deposit flows and mortgage prepayments are greatly influenced by general
interest rates, economic conditions, and competition.

         The Bank's liquidity, represented by cash equivalents, is a product of
its operating, investing and financing activities. These activities for the
years ended March 31, 2002, 2001 and 2000 are summarized below:

                                                         Years Ended March 31,
                                                     ---------------------------
                                                        2002     2001      2000
                                                        ----     ----      ----
Consolidated Cash Flows                                     (in thousands)
-----------------------
Operating activities
  Net income (loss)                                   $  126    $ (39)    $  62

Adjustment to reconcile net income to net cash
  provided by operating activities                        36       64       397
                                                     -------   ------   -------
Net cash provided by operating activities                162       25       459
Net cash used in investing activities                 (3,140)  (8,752)   (1,304)
Net cash provided by financing activities              6,108    4,692     3,876
                                                     -------   ------   -------
Net increase (decrease) in cash and cash equivalents   3,130   (4,035)    3,031
Cash and cash equivalents at beginning of year         7,135   11,170     8,139
                                                     -------   ------   -------
Cash and cash equivalents at end of year             $10,265   $7,135   $11,170
                                                     =======   ======   =======

         The primary investing activity of the Bank is the origination and
purchase of loans and the purchase of mortgage-backed and investment securities.
During the year ended March 31, 2002 the Bank had a net decrease in loans of
approximately $6.3 million, and for the years ended March 31, 2001 and 2000, the
Bank had a net increase and a net decrease in loans of approximately $11.7
million and $477,000 (after principal repayments), respectively. Purchases

                                       24

<PAGE>

of mortgage-backed and investment securities (including Federal Home Loan Bank
Stock) approximated $22.4 million, $6.9 million, and $997,000 respectively, in
those same periods.

         Financing activities in the years ended March 31, 2002 and 2001
consisted of a net increase in total deposits of approximately $6.1 million and
$14.7 million, and for year ended March 31, 2000 a net increase in total
deposits of approximately $4.0 million. The Bank had no borrowed funds during
these years.

         At March 31, 2002, the Bank had outstanding loan commitments and
extended but unused lines of credit totaling approximately $4.9 million.

         Regulations require a savings institution to maintain an average daily
balance of liquid assets (cash and eligible investments) equal to at least 5% of
the average daily balance of its net withdrawable deposits and short-term
borrowings. In addition, short-term liquid assets currently must constitute 1%
of the sum of net withdrawable deposit accounts plus short-term borrowings.
Management's objectives and strategies for the Bank have consistently maintained
liquidity levels in excess of regulatory requirements. At March 31, 2002 and
2001, the Bank's liquidity level was in excess of 15%.

         The Bank is also required to maintain specific amounts of capital
pursuant to federal regulations. As of March 31, 2002 the Bank was in compliance
with all regulatory capital requirements, with core (Tier 1) and risk-based
(Tier 2) ratios of 5.88%, and 13.75%, well above the required ratios.

                                       25

<PAGE>

                    EFFECT OF INFLATION AND CHANGING PRICES

     The Financial Statements and related financial data presented herein have
been prepared in accordance with GAAP, which requires the measurement of
financial position and operating results in terms of historical dollars, without
considering the changes in relative purchasing power of money over time due to
inflation. The primary impact of inflation on operations of the Bank is
reflected in increased operating costs. Unlike most industrial companies,
virtually all the assets and liabilities of a financial institution are monetary
in nature. As a result, interest rates generally have a more significant impact
on a financial institution's performance than do general levels of inflation.
Interest rates do not necessarily move in the same direction or to the same
extent as the prices of goods and services.

                                   STOCK DATA

     West Town Bancorp, Inc.'s common stock is traded over-the-counter through
the National Daily Quotation System "Pink Sheet" published by the National
Quotation Bureau, Inc. At March 31, 2002, the Company had 204,287 shares
outstanding with a book value of $20.79 per share. The closing price of the
stock on March 31, 2002 was $12.00 per share, or 57.7% of book value. Earnings
per share for the year ended March 31, 2002 was $.64.

                                       26

<PAGE>

                             STOCKHOLDER INFORMATION
                             -----------------------

                             CORPORATE HEADQUARTERS
                              4852 West 30th Street
                             Cicero, Illinois 60804
                                 (708) 652-2000

                                 GENERAL COUNSEL
                            Kemp & Grzelakowski, Ltd.
                               Oak Brook, Illinois

                       STOCK TRANSFER AGENT AND REGISTRAR
                           First Bankers Trust Company
                             Broadway at 12th Street
                                  P.O. Box 3566
                           Quincy, Illinois 62305-3566
                                 (217) 228-8060

                              INDEPENDENT AUDITORS
                          Cobitz, Vandenberg & Fennessy
                              Palos Hills, Illinois

                              INVESTOR INFORMATION
         Stockholders, investors, and analysts interested in additional
                             information may contact
                     Dennis B. Kosobucki, President and CEO,
                          at the corporate headquarters

                       ANNUAL MEETING OF STOCKHOLDERS
       The Annual Meeting of the Stockholders of West Town Bancorp, Inc.
      will be held at 1:00 p.m., July 10, 2002, at the following location:
                             Corporate Headquarters
                               4852 W. 30th Street
                             Cicero, Illinois 60804

                All Stockholders are cordially invited to attend.

         At May 31, 2002, the Corporation had 78 stockholders of record.

                                       27