SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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

                                   FORM 10-QSB

  (Mark One)

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

          For the quarterly period ended March 31, 2001.

     [_]  TRANSITION  REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES
          EXCHANGE ACT OF 1934

          For the transition period from  __________  to  __________

          Commission File Number: 0-26577

                          Webster City Federal Bancorp
             (Exact name of registrant as specified in its charter)

       United States                                         42-1491186
       -------------                                         ----------
(State or other jurisdiction of                           (I.R.S. Employer
 incorporation or organization)                         Identification Number)

820 Des Moines Street, Webster City, Iowa                    50595-0638
-----------------------------------------                    ----------
(Address of principal executive offices)                     (Zip Code)

Registrant's telephone number, including area code 515-832-3071
                                                   ------------

--------------------------------------------------------------------------------
      (Former name, former address and former fiscal year, if changed since
                                  last report)

     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. X Yes __ No

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

1,877,751 shares of common stock were outstanding at April 30, 2001.
                                                     ---------------


<PAGE>


                  Webster City Federal Bancorp and Subsidiaries

                                      Index



                                                                       Page
                                                                       ----

Part I. Financial Information


         Item 1. Financial Statements

                  Consolidated Balance Sheets
                  at March 31, 2001 and December 31, 2000               1

                  Consolidated Statements of Operations
                  for the three months ended March 31, 2001
                  and 2000                                              2

                  Consolidated Statements of Cash Flows
                  for the three months ended March 31, 2001
                  and 2000                                              3

                  Notes to Consolidated Financial Statements            4

         Item 2. Management's Discussion and Analysis of
                   Financial Condition and Results of Operations        6


Part II. Other Information

                  Other Information                                     8


<PAGE>

              Webster City Federal Savings Bancorp and Subsidiaries

                           Consolidated Balance Sheets


<TABLE>
<CAPTION>
                                                                        March 31,            December 31,
                                                                          2001                   2000
                                                                    ----------------      -----------------
Assets                                                                (Unaudited)
------
<S>                                                                    <C>                     <C>
Cash and cash equivalents                                              $ 11,618,983            $ 6,250,706
Securities available-for-sale                                             6,087,710             11,517,920
Investment securities held-to-maturity (market value                      6,082,759              6,393,740
    of $6,112,187 and $6,397,578, respectively)
Loans receivable, net                                                    69,873,442             69,104,213
Office property and equipment, net                                          765,924                494,804
Federal Home Loan Bank stock, at cost                                       613,200                613,200
Deferred taxes on income                                                    185,000                203,000
Accrued interest receivable                                                 575,951                670,379
Prepaid expenses and other assets                                            46,974                181,649
                                                                    ----------------      -----------------

      Total assets                                                     $ 95,849,943           $ 95,429,611
                                                                    ================      =================


Liabilities and Stockholders' Equity
------------------------------------

Deposits                                                               $ 64,945,288           $ 65,145,809
FHLB advance                                                              8,200,000              8,200,000
Advance payments by borrowers for
    taxes and insurance                                                     156,125                316,766
Accrued interest payable                                                    473,503                 50,855
Current income taxes payable                                                      -                 90,119
Accrued expenses and other liabilities                                    1,028,307                721,158
                                                                    ----------------      -----------------

      Total liabilities                                                  74,803,223             74,524,707
                                                                    ----------------      -----------------


Stockholders' Equity
--------------------

Common stock,  $.10 par value                                               212,539                212,222
Additional paid-in capital                                                9,133,782              9,093,681
Retained earnings, substantially restricted                              15,317,738             15,181,410
Unrealized gain (loss) on securities available-for-sale                      24,212                (34,833)
Treasury stock, 247,638 shares and 239,138 shares, respectively          (3,641,551)            (3,547,576)
                                                                    ----------------      -----------------
      Total stockholders' equity                                         21,046,720             20,904,904

      Total liabilities and stockholders' equity                       $ 95,849,943           $ 95,429,611
                                                                    ================      =================
</TABLE>

See accompanying notes to consolidated financial statements.


                                       1

<PAGE>

                  Webster City Federal Bancorp and Subsidiaries

                      Consolidated Statements of Cash Flows

<TABLE>
<CAPTION>
                                                                                                For the Three Months
                                                                                                  Ended March 31,
                                                                                   -------------------------------------------
                                                                                        2001                          2000
                                                                                   --------------                -------------
                                                                                                   (Unaudited)

Cash flows from operating activities
<S>                                                                                 <C>                           <C>
   Net earnings                                                                     $    288,911                  $   319,849
                                                                                   --------------                -------------

   Adjustments to reconcile net earnings to net cash
     provided by operating activities:
        Depreciation                                                                      13,240                       11,962
        Amortization of premiums and discounts, net                                         (328)                       2,364
        Change in:
             Accrued interest receivable                                                  94,428                      116,338
             Prepaid expenses and other assets                                           (18,183)                     (56,208)
             Accrued interest payable                                                    422,648                      342,709
             Accrued expenses and other liabilities                                      307,149                      224,061
             Accrued current taxes on income                                             (90,119)                     (27,458)
                                                                                   --------------                -------------

                  Total adjustments                                                      728,835                      613,768
                                                                                   --------------                -------------

                  Net cash provided by operating activities                            1,017,746                      933,617
                                                                                   --------------                -------------

Cash flows from investing activities
   Proceeds from the maturity of interest bearing deposits                                     -                      820,000
   Proceeds from sales of securities available-for-sale                                5,520,753                            -
   Principal collected on mortgage-backed and related securities                         310,255                      530,542
   Net change in loans receivable                                                       (768,175)                  (2,093,169)
   Purchase of office property and equipment                                            (145,000)                     (37,353)
                                                                                   --------------                -------------

            Net cash provided by (used in) investing activities                        4,917,833                     (779,980)
                                                                                   --------------                -------------

Cash flows from financing activities
   Net change in savings deposits                                                       (200,521)                  (1,555,023)
   Net decrease in advance payments by borrowers
     for taxes and insurance                                                            (160,641)                    (138,500)
   Proceeds on stock options                                                              40,418                            -
   Treasury stock purchase                                                               (93,975)                  (1,311,538)
   Dividends paid                                                                       (152,583)                    (170,888)
                                                                                   --------------                -------------
            Net cash used in financing activities                                       (567,302)                  (3,175,949)
                                                                                   --------------                -------------

            Net increase (decrease) in cash and cash equivalents                       5,368,277                   (3,022,312)

Cash and cash equivalents at beginning of period                                       6,250,706                    4,986,099
                                                                                   --------------                -------------

Cash and cash equivalents at end of period                                          $ 11,618,983                  $ 1,963,787
                                                                                   ==============                =============

Supplemental disclosures of cash flow information:
   Cash paid during the year for:
     Interest                                                                       $    355,300                  $   391,106
     Taxes on income                                                                           -                            -
                                                                                   ==============                =============
</TABLE>

See notes to consolidated financial statements.

                                       2

<PAGE>


              Webster City Federal Savings Bancorp and Subsidiaries

                      Consolidated Statements of Operations

<TABLE>
<CAPTION>
                                                           For the Three Months
                                                             Ended March 31,
                                                  ------------------------------------
                                                      2001                     2000
                                                  ------------              ----------
                                                               (Unaudited)
Income
------
<S>                                                <C>                      <C>
Interest income:
   Loans receivable                                $1,378,475               $1,233,031
   Mortgage-backed & related securities               106,914                  123,026
   Investment securities                              166,397                  221,819
   Other interest-earning assets                       85,288                   83,808
                                                   ----------               ----------
      Total interest income                         1,737,074                1,661,684

Interest expense:
   Deposits                                           777,948                  733,815
   FHLB advance                                       121,600                   44,893
                                                   ----------               ----------
      Total interest expense                          899,548                  778,708
                                                   ----------               ----------
   Net interest income                                837,526                  882,976
Provision for losses on loans                            --                       --
                                                   ----------               ----------
   Net interest income after
      provision for losses on loans                   837,526                  882,976
                                                   ----------               ----------

Non-interest income:
   Fees and service charges                            44,538                   38,745
   Other                                               45,208                   30,961
                                                   ----------               ----------
      Total non-interest income                        89,746                   69,706
                                                   ----------               ----------

Expense
-------

Non-interest expense:
   Compensation, payroll taxes
     and employee benefits                            241,345                  203,159
   Office property and equipment                       16,158                   27,735
   Data processing services                            32,132                   34,892
   Federal insurance premiums                           3,380                    3,555
   Other real estate expenses, net                        845                      770
   Advertising                                          6,407                    6,865
   Other                                              154,194                  151,351
                                                   ----------               ----------
      Total non-interest expense                      454,461                  428,327
                                                   ----------               ----------

Earnings before taxes on income                       472,811                  524,355

Taxes on income                                       183,900                  204,506
                                                   ----------               ----------

Net earnings                                       $  288,911               $  319,849
                                                   ==========               ==========

Earnings per share - basic                         $     0.15               $     0.16
                                                   ==========               ==========

Earnings per share - diluted                       $     0.15               $     0.16
                                                   ==========               ==========
</TABLE>

See notes to consolidated financial statements


                                       3

<PAGE>

                  Webster City Federal Bancorp and Subsidiaries

                   Notes to Consolidated Financial Statements
                                   (Unaudited)


1. DESCRIPTION OF BUSINESS
   -----------------------

Webster City Federal Bancorp (the "Registrant",  the "Company" or "Bancorp") and
its  subsidiaries,  Webster City Federal  Savings  Bank, a federal stock savings
bank (the "Bank"), and Security Title and Abstract,  Inc., conduct operations in
Webster  City,  Iowa, a community of  approximately  8,000  people.  The Bank is
primarily engaged in the business of attracting deposits from the general public
in its market area and  investing  such  deposits in mortgage  loans  secured by
one-to-four  family  residential real estate. The Bank's primary area of lending
and  other  financial  services  consists  of  Hamilton  County,  Iowa,  and the
surrounding contiguous counties. Security Title and Abstract, Inc. is engaged in
the business of providing abstracting and titles services for properties located
in Hamilton County, Iowa.

Webster City Federal  Bancorp was formed as the holding  company for the Bank on
July 1, 1999  pursuant to a plan of  reorganization  adopted by the Bank and its
stockholders. Pursuant to the reorganization, each share of Webster City Federal
Savings Bank stock held by existing stockholders of the Bank was exchanged for a
share of common stock of Webster City Federal Bancorp. The reorganization had no
financial  statement  impact and is reflected for all prior  periods  presented.
Approximately  60% of the  Company's  common  stock is  owned  by WCF  Financial
M.H.C., a mutual holding company (the "Holding  Company").  The remaining 40% of
the Company's  common stock is owned by the general public  including the Bank's
Employee Stock Ownership Plan.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICES
   -----------------------------------------

The consolidated  financial  statements for the three-month  periods ended March
31, 2001 and 2000 are  unaudited.  In the opinion of  management of Webster City
Federal Bancorp, these financial statements reflect all adjustments,  consisting
only of normal recurring accruals necessary to present fairly these consolidated
financial statements.  The results of operations for the interim periods are not
necessarily  indicative  of results  that may be  expected  for an entire  year.
Certain  information  and footnote  disclosures  normally  included in financial
statements prepared in accordance with generally accepted accounting  principles
have been omitted.

Principles of Consolidation
---------------------------

The  consolidated  financial  statements  include the  accounts of Webster  City
Federal Bancorp, Security Title and Abstract, Inc., Webster City Federal Savings
Bank and its wholly owned subsidiary, WCF Service Corporation,  which is engaged
in the sales of  mortgage  life and credit  life  insurance  to the Bank's  loan
customers.  All  material  inter-company  accounts  and  transactions  have been
eliminated.

The  consolidated  financial  statements  have been prepared in accordance  with
accounting  principles  generally  accepted in the Unites States of America.  In
preparing  such financial  statements,  management is required to make estimates
and assumptions  that affect the reported  amounts of assets and liabilities and
disclosure of contingent  assets and  liabilities  as of the date of the balance
sheet and  revenues and expenses  for the period.  Actual  results  could differ
significantly  from those  estimates.  Material  estimates that are particularly
susceptible to significant  change relate to the  determination of the allowance
for loan losses.

Safe Harbor Statement
---------------------

This report contains certain  forward-looking  statements  within the meaning of
Section 27A of the  Securities  Act of 1933, as amended,  and Section 21E of the
Securities  Exchange  Act  of  1934,  as  amended.   The  Bancorp  intends  such
forward-looking  statements  to be covered  by the safe  harbor  provisions  for
forward-looking  statements  contained in the Private  Securities  Reform Act of
1995,  and is  including  this  statement  for the purposes of these safe harbor
provisions.  Forward-looking statements,  which are based on certain assumptions
and describe  future plans,  strategies  and  expectations  of the Bancorp,  are
generally  identifiable  by use  of the  words  "believe,"  "expect,"  "intend,"
"anticipate,"  "estimate,"  "project,"  or similar  expressions.  The  Bancorp's
ability to predict results or the actual effect of future plans or strategies is

                                       4

<PAGE>


inherently uncertain.  Factors which could have a material adverse effect on the
operations and future prospects of the Bancorp and its subsidiaries include, but
are not limited to, changes in: interest  rates,  general  economic  conditions,
legislative/regulatory   changes,  monetary  and  fiscal  polices  of  the  U.S.
Government,  including  polices of the U.S.  Treasury  and the  Federal  Reserve
Board, the quality or composition of the loan or investment  portfolios,  demand
for loan products, deposit flows, competition,  demand for financial services in
the Bancorp's  market area and accounting  principles,  polices and  guidelines.
These risks and uncertainties should be considered in evaluating forward-looking
statements and undue reliance should not be placed on such statements.

3. EARNINGS PER SHARE COMPUTATIONS
   -------------------------------

2001
----

Earnings  per share - basic is computed  using the  weighted  average  number of
common  shares  outstanding  of  1,883,150  for the three months ended March 31,
2001, divided into the net earnings of $288,911 for the three months ended March
31, 2001, resulting in earnings per share of $.15 compared to $.16 for the three
months ended March 31, 2000.

Earnings per share - diluted is computed  using the weighted  average  number of
common shares outstanding after giving effect to additional shares assumed to be
issued in relation to the  Company's  stock option plan using the average  price
per share for the period. Such additional shares were 3,170 for the three months
ended March 31,  2001.  Earnings  for the three months ended March 31, 2001 were
$288,911, resulting in earnings per share of $.15 compared to $.16 for the three
months ended March 31, 2000.

2000
----

Earnings  per share - basic is computed  using the  weighted  average  number of
common  shares  outstanding  of  1,976,245  for the three months ended March 31,
2000,  divided into the net earnings of $319,849 or the three months ended March
31, 2000, resulting in earnings per share of $.16.

Earnings per share - diluted is computed  using the weighted  average  number of
common shares outstanding after giving effect to additional shares assumed to be
issued in relation to the  Company's  stock option plan using the average  price
per share for the period. Such additional shares were 2,696 for the three months
ended March 31,  2000.  Earnings  for the three months ended March 31, 2000 were
$319,849, resulting in earnings per share of $.16.

4. DIVIDENDS
   ---------

On January  17, 2001 the Bancorp  declared a cash  dividend on its common  stock
payable on February 21, 2001 to  stockholders  of record as of February 6, 2001,
equal to $.20 per share or approximately  $425,078.  Of this amount, the payment
of approximately $230,000 (representing the dividend payable on 1,150,000 shares
owned by WCF Financial, M.H.C., the Bancorp's mutual holding company) was waived
by the mutual holding company,  and $47,327  (representing the dividends payable
on treasury shares owned by Webster City Federal Bancorp) was not paid resulting
in an actual dividend distribution of $152,583.

                                       5

<PAGE>


                  Webster City Federal Bancorp and Subsidiaries

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


FINANCIAL CONDITION
-------------------

Total assets increased by $420,300,  or .4%, from December 31, 2000 to March 31,
2001.  Cash and cash  equivalents  increased  $5.4  million or 86.4%,  and Loans
receivable  increased  $769,200,  or 1.1% during the same  period.  At March 31,
2001,  the Company  had no real  estate  owned.  Securities  available  for sale
decreased by $5.4 million or 46.9% from  December 31, 2000 to March 31, 2001 due
to  several  securities  being  called  during  the first  quarter.  During  the
three-month period deposits decreased $200,500, or .3%.

Total  stockholders'  equity increased by $141,800 to $21.1 million at March 31,
2001 from $20.9 at December 31,  2000,  as earnings of $288,911  were  partially
offset  by the  repurchase  of  common  stock  totaling  $94,000  and  quarterly
dividends totaling $152,583.

CAPITAL
-------

The Bancorp's total stockholders' equity increased by $141,800, to $21.1 million
at March 31, 2001 from $20.9 million at December 31, 2000.  The Office of Thrift
Supervision   (OTS)  requires  that  the  Bank  meet  certain   minimum  capital
requirements.  As of  March  31,  2001  the  Bank  was in  compliance  with  all
regulatory capital requirements.  The Bank's required, actual and excess capital
levels as of March 31, 2001 were as follows:

                        Required      % of       Actual       % of     Excess
                         Amount      Assets      Amount      Assets    Capital
                         ------      ------      ------      ------    -------
                                        (Dollars in thousands)

Tier 1 (Core) Capital    $3,829       4.0%      $20,703      21.63%    $16,874
Risk-based Capital       $3,648       8.0%      $20,971      45.99%    $17,323

LIQUIDITY
---------

OTS  regulations  require  the Bank to  maintain  an  average  daily  balance of
qualified liquid assets (cash, certain time deposits and specified United States
government,  state or federal agency  obligations) equal to a monthly average of
not less than 4% of its net withdrawable deposits plus short-term borrowings. At
March 31, 2001, the Bank had $18.6 in assets  qualifying for liquidity  compared
to $18.2 million at December 31, 2000.

RESULTS OF OPERATIONS
---------------------

Interest Income. Interest income increased by $75,400 for the three months ended
March 31, 2001  compared to the three months ended March 31, 2000.  The increase
was due to an increase in the average yield on interest-earning  assets to 7.41%
for the three months ended March 31, 2001 compared to 7.24% for the three months
ended March 31,  2000 as well as an increase in the average  balance of interest
earning  assets of $2.0  million or 2.2% to $93.8  million for the three  months
ended March 31,  2001 from $91.8  million for the  corresponding  periods  ended
March 31, 2000.

Interest  on loans for the  three  months  ended  March 31,  2001  increased  by
$145,400  or 11.8%  compared  to the three  months  ended  March 31,  2000.  The
increase resulted  primarily from an increase in total loans outstanding  during
the period, and an increase in the yields on loans receivable from 7.80% for the
three  months ended March 31, 2000 to 7.94% for the three months ended March 31,
2001. The increase in the yields on loans receivable was primarily due to higher
market rates and a substantial  volume of adjustable  rate loans  repricing at a
higher rate based on the lagging index used by the Bank.

Interest on  mortgage-backed  securities  decreased  by $16,100 or 13.1% for the
three-month  period  ended March 31,  2001 as compared to the same period  ended
March 31, 2000. The decline resulted from a decrease of $1.6 million or 21.7% in
the average balance of mortgage-backed  securities to $5.8 million for the three
months ended March 31, 2001

                                       6

<PAGE>

compared to $7.4  million for the three  months  ended  March 31,  2000,  partly
offset by an increase of 68 basis points in the average yield on mortgage-backed
securities  to 7.5% for the three months ended March 31, 2001 from 6.67% for the
three months ended March 31, 2000, as remaining  adjustable  rate loans repriced
at a higher rate.

Interest  Expense.  Interest  expense  increased  by  $120,800,  or 15.5%,  from
$778,700  for the three  months  ended March 31, 2000 to $899,500  for the three
months  ended March 31,  2001.  The  increase in interest  expense was due to an
increase in interest  expense on the FHLB advance.  The interest  expense on the
advance  increased  by $76,700 or 170.9% from $44,900 for the three months ended
March 31, 2000 to $121,600  for the three  months  ended  March 31,  2001.  This
increase was due to the Bank  borrowing an additional  $5,000,000  from the FHLB
during  2000.  This  increase  was  offset by a  decrease  in  average  deposits
outstanding  of $2.5 million from $66.9 million for the three months ended March
31, 2000 to $64.4 million for the three months ended March 31, 2001. The average
cost of deposits increased 44 basis points from 4.39% for the three months ended
March 31, 2000 to 4.83% for the three months ended March 31, 2001.

Net Interest  Income.  Net interest income before  provision for losses on loans
decreased by $45,500 or 5.2% from  $883,000 for the three months ended March 31,
2000 to $837,500  for the three  months  ended  March 31,  2001.  The  Bancorp's
interest  rate spread for the three  months  ended March 31, 2001  changed by 35
basis points to 2.45% from 2.80% for the three months ended March 31, 2000.

Non-interest  Income.  Non-interest income increased by $20,000 or 28.7% for the
three-month  period  ended March 31,  2001 as compared to the same period  ended
March 31, 2000.  The  increase  was due to  additional  fees  received  from the
abstracting company and an increase in loan fees and service charges collected.

Non-interest  Expense.  Non-interest  expense  increased $26,100 or 6.1% for the
three-month  period ended March 31, 2001 compared to the same period ended March
31,  2000.  Compensation  and  benefit  costs  increased  $38,200  or 18.8% from
$203,200  for  the  three  months  ended  March  31,  2000 to  $241,300  for the
three-month  period  ended March 31, 2001 due to the  addition of three  persons
employed at Security Title and Abstract, Inc.

Provision for Losses on Loans.  There were no provisions for losses on loans for
the three  months  ended  March 31, 2001 or March 31,  2000.  The Company had no
non-performing  loans as of March 31,2001.The  Company had no charge-offs during
the first quarter of 2000, and total charge-offs of only $2,000 for the year and
none  during the first  quarter of 2001.  The  allowance  for losses on loans is
based on management's  periodic evaluation of the loan portfolio and reflects an
amount  that,  in  management's  opinion,  is adequate  to absorb  losses in the
existing  portfolio.   In  evaluating  the  portfolio,   management  takes  into
consideration  numerous factors,  including current economic  conditions,  prior
loan loss  experience,  the composition of the loan portfolio,  and management's
estimate of anticipated credit losses.

Taxes on Income.
---------------

Income taxes for the three months ended March 31, 2001,  were $183,900  compared
to $204,500 for the same period ended March 31, 2000.  The effective  income tax
rate for the  three  months of 2001 was  38.9%  compared  to 39.0% for the first
three months of 2000.

Net Earnings.  Net earnings of the Company totaled $288,900 for the three months
ended March 31, 2001  compared to $319,800  for the three months ended March 31,
2000.

IMPACT OF NEW ACCOUNTING STANDARDS
----------------------------------

SFAS No. 140
------------

"Accounting for Transfers and Servicing of Financial Assets and  Extinguishments
of Liabilities"  was issued in September 2000, and replaces SFAS 125 of the same
title.  SFAS 140 revises the standards for  accounting for  securitizations  and
other  transfers  of  financial  assets  and  collateral  and  requires  certain
disclosures,  but  it  carries  over  most  of  SFAS  125's  provisions  without
reconsideration.  The  adoption  of SFAS 140 is not  expected to have a material
impact on the results of operations or financial condition of the Company.

                                       7

<PAGE>


                  Webster City Federal Bancorp and Subsidiaries

                           PART II. Other Information


Item 1. Legal Proceedings
        -----------------

     There  are  various   claims  and  lawsuits  in  which  the  Registrant  is
periodically involved incidental to the Registrant's business. In the opinion of
management,  no material  loss is expected  from any of such  pending  claims or
lawsuits.


Item 2. Changes in Securities
        ---------------------

         None


Item 3. Defaults Upon Senior Securities
        -------------------------------

         None


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

         None

Item 5. Other Information
        -----------------

         None


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

         (a) Exhibits:

               None

         (b) No form 8-K reports were filed during the quarter ended
               March 31, 2001.



                                       8

<PAGE>

                  Webster City Federal Bancorp and Subsidiaries

                                   Signatures
                                   ----------

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


                                   WEBSTER CITY FEDERAL BANCORP
                                   Registrant




Date: May 7, 2001            By:   /s/ Phyllis A. Murphy
                                -----------------------------------------------
                                   Phyllis A. Murphy
                                   President and Chief Executive Officer




Date: May 7, 2001            By:   /s/ Stephen L. Mourlam
                                -----------------------------------------------
                                   Stephen L. Mourlam
                                   Executive Vice President/Chief
                                      Financial Officer


                                       9