<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10Q/A

(Mark One)

/X/  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2000

/ /  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT FOR THE
     TRANSITION PERIOD FROM ___________ TO________________

Commission File Number: 001-15215

                           SPECTRUM BANCORPORATION, INC.
             (Exact name of registrant as specified in its charter)

                 Iowa                              42-0867112
       (State or other jurisdiction              (I.R.S. Employer
     of incorporation or organization)           Identification No.)

                10834 Old Mill Road, Suite One, Omaha, NE 68154
              (Address of principal executive office) (Zip code)

                                 (402) 333-8330
              (Registrant's telephone number, including area code)

     Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the past 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 past 90 days. Yes /X/ No / /

     Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practical date.

          Class                               Outstanding at November 9, 2000

-----------------------------                 -------------------------------
Common Stock, $1.00 par value                             79,068

                                                                              1

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                                     PART I
                              FINANCIAL INFORMATION

                          SPECTRUM BANCORPORATION, INC.
                           Consolidated Balance Sheets
                        (In thousands except share data)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                              September 30,           June 30,
                                                                  2000                 2000
                                                         -------------------  -------------------
<S>                                                      <C>                  <C>
                                  Assets
Cash and due from banks                                             $27,295              $26,037
Federal funds sold                                                   27,642               15,089
                                                         -------------------  -------------------
         Total cash and cash equivalents                             54,937               41,126

Certificates of deposits                                              1,184                2,772
Securities available for sale                                       143,928              139,070
Loans receivable, net                                               682,443              626,560
Premises and equipment, net                                          19,517               17,676
Accrued interest receivable                                          11,343                8,740
Cost in excess of net assets acquired                                10,192                7,928
Other assets                                                          7,727                6,904
                                                         -------------------  -------------------
                                                                   $931,271             $850,776
                                                         ===================  ===================

                   Liabilities and Stockholders' Equity
Liabilities:
     Deposits
       Non interest bearing                                         $78,030              $65,843
       Interest bearing                                             687,134              625,692
                                                         -------------------  -------------------
         Total Deposits                                             765,164              691,535
     Federal funds purchased and securities sold
       under agreements to repurchase                                23,545               22,917
     Notes payable                                                   57,140               55,760
     Company obligated mandatorily redeemable
       preferred securities of subsidiary trust
       holding solely junior subordinated
       debentures                                                    20,400               20,400
     Accrued interest and other liabilities                          11,559                9,597
                                                         -------------------  -------------------
                                                                    877,808              800,209
                                                         -------------------  -------------------
Minority interest in subsidiaries                                     2,946                2,745
                                                         -------------------  -------------------

Commitments and contingencies

Stockholders' equity:
     Preferred stock, $100 par value; 500,000 shares
       authorized; issued and outstanding:  9,000
       shares of 8% cumulative, nonvoting; 8,000
       shares of 10% noncumulative, nonvoting                         1,700                1,700
     Common stock, $1.00 par value, authorized
       1,000,000 shares, issued and outstanding
       79,068 shares                                                     79                   79
     Additional paid in capital                                       2,069                2,069
     Retained earnings                                               47,729               46,331
     Accumulated other comprehensive (loss)                          (1,060)              (2,357)
                                                         -------------------  -------------------
         Total stockholders' equity (See Note A)                     50,517               47,822
                                                         -------------------  -------------------
                                                                   $931,271             $850,776
                                                         ===================  ===================
</TABLE>

                          See Notes to Consolidated Financial Statements.


                                                                              3


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         As of August 7, 2000 the Company acquired all of the outstanding shares
of Hamburg Financial, Inc. ("HFI"), an unaffiliated holding company which owned
two banks in southwestern Iowa. HFI's bank subsidiaries were merged into the
Company's subsidiary bank, Citizens Bank, Mt. Ayr. The acquisition was accounted
for as a purchase. See the cash flow statement for further financial details.

         The cost in excess of net assets acquired generated from these
transactions is being amortized over 15 years using the straight-line method.

         On August 7, 2000 Spectrum issued 7,584 shares of its common stock in
exchange for all outstanding common stock of Citizens. Since the entities were
under common control, the merger has been accounted for at historical cost in a
manner similar to a pooling-of-interests and, accordingly, the consolidated
financial statements for periods prior to the combination have been restated to
include the accounts and results of both entities. The results of operations
previously reported by the separate entities and the combined amounts presented
in the accompanying consolidated financial statements (in thousands) are
summarized below.

<TABLE>
<CAPTION>
                                                      For the Three Months
                                                    Ended September 30, 1999
                                                   -------------------------
<S>                                                <C>
Interest income:
  Spectrum Bancorporation, Inc. and Subsidiaries             $12,502
  Citizens Corporation and Subsidiaries                        1,380
                                                             --------
    Combined                                                 $13,882
                                                             ========

 Net income:
  Spectrum Bancorporation, Inc. and Subsidiaries              $1,980
  Citizens Corporation and Subsidiaries (See Note B)             406
                                                             --------
    Combined                                                  $2,386
                                                             ========
</TABLE>

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

GENERAL

         The Company is a multi-bank holding company organized under the laws
of Iowa whose primary business is providing trust, commercial, consumer, and
mortgage banking services through its South Dakota, Missouri and Iowa based
subsidiary banks. Substantially all of the Company's income is generated from
banking operations.

         The Company's fiscal year end is June 30.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

         Total average assets were $891,024,000 for the three months ended
September 30, 2000, compared to $700,323,000 for the three months ended
September 30, 1999 a 27.23% increase. Average interest-earning assets were
$819,344,000 for the three months ended September 30, 2000 and $649,327,000 for
the three months ended September 30, 1999, a 26.18% increase. Assets increased
primarily due to internal loan growth funded by deposits received from customers
and bank acquisitions.

         Total assets were $931,271,000 at September 30, 2000, an increase of
$80,495,000 from June 30, 2000. Net loans grew $55,296,000 during the three
months ended September 30, 2000 due to loan originations, net of loan repayments
and charge-offs, and bank acquisitions. Loan growth was funded by an increase in
deposits and additional Federal Home Loan Bank ("FHLB") borrowings. The
allowance for loan losses increased to $10,610,000 at September 30, 2000 from
$8,197,000 at June 30, 2000. The allowance represented 1.5% and 1.3% of total
loans as of September 30, 2000 and June 30, 2000. Increase in allowance for loan
losses were due to recent bank acquisitions.

                                                                              7

<PAGE>



Notes to the 9/30/00 - 10QA
---------------------------


Note A

Total stockholders' equity total for June 30, 2000 should be 47,822 verses
what was previously reported in the 9/30/00 10Q of 48,822. Related equity
calculations and other related financial equity information in the 9/30/00
10Q are accurate. Restatement due to typing error.


Note B

Within the section called "Notes to Consolidated Financial Statements",
"Net income for Citizens Corporation and Subsidiaries" in the table on
page 7 should be 406 verses 460. Related income calculations and other
related financial income information in the 9/30/00 10Q are accurate.
Restatement due to typing error.



<PAGE>

                                  SIGNATURES


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

                                            SPECTRUM BANCORPORATION, INC.


Date:  November 16, 2000                    By:    /s/ Deryl F. Hamann
                                            -----------------------------------
                                            Deryl F. Hamann, Chairman and Chief
                                            Executive Officer
                                            (Duly Authorized Representative)

(Authorized officer and principal financial officer of the registrant)




Date:  November 16, 2000                    By:     /s/ Daniel Brabec
                                            -----------------------------------
                                            Daniel Brabec, CFO
                                            Executive Officer

                                                                             11