<PAGE>   1
                                  FORM 10-QSB

                    U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                  QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


 For the Quarter Ended September 30, 1996       Commission File Number 0-21564


                          WEST COAST BANCORP, INC.
--------------------------------------------------------------------------------
      (Exact name of Small Business Issuer as specified in its charter)


            FLORIDA                                      65-0018667 
--------------------------------------------------------------------------------
(State or other jurisdiction of                         (IRS Employer
incorporation or organization)                       Identification No.)


2724 DEL PRADO BOULEVARD SOUTH, CAPE CORAL, FLORIDA                 33904 
--------------------------------------------------------------------------------
(Address of principal executive offices)                          (Zip Code)


ISSUER'S TELEPHONE NUMBER: (941) 772-2220

                          Check whether the Issuer (1) filed all reports 
                          required to be filed by Section 13 or 15(d) of the 
                          Exchange Act 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 the past 90 days.  
                          Yes  X  No    .
                              ---    ---

<TABLE>
<CAPTION>
CLASS                                       OUTSTANDING AT NOVEMBER 9, 1996
-----                                       -------------------------------
<S>                                                 <C>
COMMON STOCK, $1.00 PAR VALUE                       1,544,466 SHARES
</TABLE>
<PAGE>   2
TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                           PAGES
<S>          <C>        <C>                                                 <C>
PART I       Item 1.    Financial Statements                                1-5

             Item 2.    Management's Discussion and Analysis of                
                        Financial Condition and Results of Operations       6-7

PART II      Item 5.    Other Information                                     8

             Item 6.    Exhibits and Reports on Form 8-K                      8
</TABLE>
<PAGE>   3
PART 1 - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

WEST COAST BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
                                                                         SEPTEMBER 30,  DECEMBER 31,
                ASSETS                                                       1996           1995
<S>                                                                      <C>            <C>
Cash and due from banks                                                  $  5,731,070   $  6,725,460
Federal funds sold                                                          4,700,000      2,965,000
Interest-bearing deposits in other banks                                            0        250,000
Mortgage loans held for sale (at fair value)                                        0      5,866,318
Investment securities available for sale                                    7,686,670      7,821,017
Mortgage-backed securities available for sale                               4,271,635      4,390,536
Investment securities held to maturity (aggregate fair value of
   $ 17,627,556 as of September 30, 1996 and $13,799,181 as of
   December 31, 1995)                                                      17,652,792     13,680,277
Loans (net of allowances for credit losses and deferred loan
   fees of $1,737,317 as of September 30, 1996 and $1,506,559 as of
   December 31, 1995                                                      106,377,132     98,082,748
Premises and equipment, net                                                 4,288,074      3,650,483
Other assets                                                                4,111,372      3,781,331
                                                                         ------------   ------------
   Total assets                                                          $154,818,745   $147,213,170
                                                                         ============   ============

        LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
   Deposits                                                              $137,550,316   $129,205,191
   Long-term borrowings                                                             0      1,028,846
   Other liabilities                                                          317,836        551,589
                                                                         ------------   ------------
      Total liabilities                                                   137,868,152    130,785,626
                                                                         ------------   ------------

SHAREHOLDERS' EQUITY
   Preferred stock, $1.00 par value, 2,500,000 shares authorized,
      no shares issued and outstanding                                              0              0
   Common stock, $1.00 par value, 7,500,000 shares authorized,
      1,544,466  shares issued and outstanding as of
      September 30, 1996 and 1,540,066 as of December 31, 1995              1,544,466      1,540,066
   Additional paid-in capital                                              12,814,885     12,775,695
   Unrealized holding loss on investment securities available
      for sale, net                                                          (171,751)       (82,407)
   Retained earnings                                                        2,762,993      2,194,190
                                                                         ------------   ------------
      Total shareholders' equity                                           16,950,593     16,427,544
                                                                         ------------   ------------

      Total liabilities and shareholders' equity                         $154,818,745   $147,213,170
                                                                         ============   ============
</TABLE>


The accompanying notes are an integral part of these financial statements.





                                       1
<PAGE>   4
WEST COAST BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)

<TABLE>
<CAPTION>
                                                               THREE MONTHS ENDED SEPTEMBER 30
                                                                     1996             1995
<S>                                                              <C>               <C>
Interest income
   Interest on loans                                             $2,651,468        $2,640,206
   Interest on mortgage-backed securities, taxable                   68,168            69,674
   Interest on investment securities, taxable                       237,417           248,535
   Interest on investment securities, nontaxable                     85,618            49,423
   Other interest income                                             94,064            81,283
                                                                 ----------        ----------
      Total interest income                                       3,136,735         3,089,121
                                                                 ----------        ----------

Interest expense
   Deposits                                                       1,311,673         1,295,255
   Borrowings                                                         9,350            13,941
                                                                 ----------        ----------
      Total interest expense                                      1,321,023         1,309,196
                                                                 ----------        ----------

      Net interest income                                         1,815,712         1,779,925

Provision for credit losses                                         170,365           107,250
                                                                 ----------        ----------

      Net interest income after provision for credit losses       1,645,347         1,672,675
                                                                 ----------        ----------

Other Income
   Mortgage loan servicing fee                                          507            29,695
   Service charges and other fees                                   244,571           167,703
   Rental income                                                     18,123             3,939
   Loss on sale of securities                                             0           (36,347)
   Gain on sale of loan servicing                                     9,658           152,344
   Gain on sale of loans                                             86,242            90,763
                                                                 ----------        ----------
      Total other income                                            359,101           408,097
                                                                 ----------        ----------

Other operating expenses                                          1,637,219         1,410,913
                                                                 ----------        ----------

      Income before income taxes                                    367,229           669,859

Provision for income taxes                                          111,030           257,300
                                                                 ----------        ----------

      Net income                                                 $ $256,199        $  412,559
                                                                 ==========        ==========

Earnings per share
   Net income per share                                          $     0.17        $     0.27
                                                                 ==========        ==========

Weighted average number of shares outstanding                     1,544,466         1,538,417
                                                                 ==========        ==========
</TABLE>

The accompanying notes are an integral part of these financial statements.
<PAGE>   5
<TABLE>
<CAPTION>
         NINE MONTHS ENDED SEPTEMBER 30,
              1996             1995
          <S>              <C>
          $7,913,223       $7,283,482
             201,257          204,122
             719,632          718,634
             246,726          129,971
             275,193          323,928
          ----------       ----------
           9,356,031        8,660,137
          ----------       ----------


           3,849,500        3,567,470
              40,711           39,113
          ----------       ----------
           3,890,211        3,606,583
          ----------       ----------

           5,465,820        5,053,554

             550,852          243,527
          ----------       ----------

           4,914,968        4,810,027
          ----------       ----------


               5,725           92,700
             713,563          457,869
              56,883           10,669
                   0          (36,347)
             209,227          251,631
             297,234          205,293
          ----------       ----------
           1,282,632          981,815
          ----------       ----------

           4,940,154        4,079,897
          ----------       ----------

           1,257,446        1,711,945

             410,903          641,400
          ----------       ----------

          $  846,543       $1,070,545
          ==========       ==========


          $     0.55       $     0.70
          ==========       ==========

           1,543,759        1,534,440
          ==========       ==========
</TABLE>





                                      2
<PAGE>   6
WEST COAST BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

<TABLE>
<CAPTION>
                                                                    NINE MONTHS ENDED SEPTEMBER 30,
                                                                         1996             1995
<S>                                                                  <C>              <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES                            $ 7,698,348      $ 1,978,306
                                                                     -----------      -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Capital Expenditures                                                 (913,444)        (563,008)
   Purchase of investment securities                                 (10,235,203)      (8,922,766)
   Maturities of investment securities                                 6,822,662        5,905,000
   Proceeds from sale of investment securities                                 0          508,962
   Proceeds from principal reductions of investment securities            52,778           80,556
   Purchase of mortgage-backed securities                               (497,438)               0
   Proceeds from principal reductions of mortgage-backed
        securities                                                       550,204          108,982
   Proceeds from sale of other real estate owned                       1,673,290          166,503
   Proceeds from maturities of interest-bearing deposits                 250,000          250,000
   Net loans to customers                                            (11,523,888)     (12,466,464)
                                                                     -----------      -----------

        Net cash used in investing activities                        (13,821,039)     (14,932,235)
                                                                     -----------      -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Net increase (decrease) in demand deposits, NOW, money
        market and savings accounts                                   11,005,021       (3,551,079)
   Net increase (decrease) in certificates of deposit                 (2,878,724)       7,401,043
   Proceeds from borrowings                                                    0        1,000,000
   Repayment of borrowings                                            (1,028,846)      (1,039,360)
   Cash dividend paid                                                   (277,740)        (245,557)
   Proceeds from stock options exercised                                  43,590           54,963
                                                                     -----------      -----------

        Net cash provided by financing activities                      6,863,301        3,620,010
                                                                     -----------      -----------

        Net increase (decrease) in cash and cash equivalents             740,610       (9,333,919)

        Cash and cash equivalents at beginning of period               9,690,460       19,276,317

        Cash and cash equivalents at end of period                   $10,431,070      $ 9,942,398
                                                                     ===========      ===========

SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING TRANSACTIONS:

Loans transferred to other real estate owned                         $ 2,681,250      $   409,713
                                                                     ===========      ===========
</TABLE>

The accompanying notes are an integral part of these financial statements.





                                       3
<PAGE>   7
WEST COAST BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

1.       BASIS OF PRESENTATION:

         In the opinion of management, the accompanying unaudited consolidated
         condensed financial statements contain all adjustments (consisting of
         only normal recurring adjustments) necessary to present fairly the
         Company's consolidated financial position as of September 30, 1996 and
         the consolidated results of its operations and cash flows for the nine
         month period ended September 30, 1996.  The results of operations for
         the nine month period ended September 30, 1996 are not necessarily
         indicative of the results to be expected for the full year.  For
         further information refer to the consolidated financial statements and
         notes thereto included in the Company's annual report on Form 10-KSB
         for the year ended December 31, 1995.

2.       EARNINGS PER SHARE:

         Earnings per share have been computed by dividing net income by the
         weighted average number of shares outstanding for each period.  Common
         stock equivalents in the form of outstanding common stock options and
         warrants are not included due to the immaterial impact on dilution of
         earnings per share.

3.       CAPITAL:

         On January 18, 1996, the Company declared a cash dividend of $0.06 per
         share which was payable on February 12, 1996 to shareholders of record
         on February 2, 1996.  On April 19, 1996, the Company declared a cash
         dividend of $0.06 per share which was payable on May 13, 1996 to
         shareholders of record on May 3, 1996.  In addition, a cash dividend
         of $0.06 per share was declared by the Company on July 18, 1996, which
         was payable on August 12, 1996 to shareholders of record on August 2,
         1996.

         On June 20, 1996, the Company's Board of Directors authorized the
         issuance of stock options for 7,000 shares of the Company's common
         stock to Bank directors and senior officers.  500 shares were granted
         at an exercise price of $16.50 per share, which was the market price
         of record on that date, to each of the ten directors and four senior
         officers of record at that time.  No shares have been exercised of
         those granted.

4.       IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS:

         Statement of Financial Accounting Standards (SFAS) No. 121,
         "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
         Assets to be Disposed of," issued by the Financial Accounting
         Standards Board (FASB) in March 1995, was effective for the Company
         beginning January 1, 1996.  SFAS No. 121 requires that long-lived
         assets and certain identifiable intangibles to be held and used by an
         entity be reviewed for impairment whenever events or changes in
         circumstances indicate that the carrying amount of an asset may not be
         recoverable.  In performing the review for recoverability, the entity
         should estimate the future cash flows expected to result from the use
         of the asset and its eventual disposition.  If the sum of the expected
         future cash flows (undiscounted and without interest charges) is less
         than the carrying amount of the asset, an impairment loss is
         recognized.  Measurement of an impairment loss for long-lived assets
         and identifiable intangibles that an entity expects to hold and use
         should be based on the fair value of the asset.  No change in the
         Company's financial statements was required due to the adoption of
         SFAS 121.

         In May 1995, the FASB issued SFAS No. 122, "Accounting for Mortgage
         Servicing Rights."  SFAS No. 122 requires companies that engage in
         mortgage banking activities to allocate the





                                       4
<PAGE>   8

         total cost of the mortgage loans it acquires or originates and then
         sells with servicing rights retained between the estimated fair value
         of the loans and the capitalized mortgage servicing rights, if
         practical.  SFAS No. 122 also requires that capitalized mortgage
         servicing rights be assessed for impairment based on the fair value of
         those rights.  The Company adopted SFAS No. 122 as of January 1, 1996
         as required.  The adoption of the provisions of SFAS No. 122 had no
         impact on the financial position of the Company.

         In October 1995, SFAS No. 123, "Accounting for Stock-Based
         Compensation," was issued and was effective for the Company beginning
         January 1, 1996.  SFAS No. 123 provides an alternative method of
         accounting for stock-based compensation determined by an option
         pricing model utilizing various assumptions regarding the underlying
         attributes of the options and Company's stock, rather than the
         existing method of accounting for stock-based compensation which is
         provided in Accounting Practices Bulletin Opinion No. 25, "Accounting
         for Stock Issued to Employees" (APB 25).  The Company has elected to
         apply APB 25 and, therefore, there will be no impact on the
         consolidated financial position and consolidated results of operations.





                                       5
<PAGE>   9
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS


LIQUIDITY AND CAPITAL RESOURCES

Total assets of the Company at September 30, 1996, compared to December 31,
1995, increased by approximately $7.6 million.  Net loans increased
approximately 8%, from $98 to $106 million, which was funded primarily by an
increase in deposits of approximately $8 million or 6.5%.  At this time, all
mortgage loans held for sale have been sold, which has resulted in a reduction
of approximately $6 million dollars in this category since December 31, 1995.
Long-term borrowings were also eliminated with repayments of $1,028,846
occurring during the first nine months of this year.

At September 30, 1996, investment securities comprised approximately 16% of the
Company's assets while mortgage-backed securities comprised approximately 3%.
Gross unrealized gains were less than 1% of the investment and mortgage-backed
securities.  Gross unrealized losses were approximately 1% of investment and
mortgage-backed securities.  Securities are purchased with the intent to use as
part of management's asset/liability management strategy and may be sold in
response to changes in interest rates or for liquidity purposes.  There were no
investment securities sold in the first nine months of 1996.  Management's
investment strategy for the current year has been to re-invest moneys received
from the maturity of securities and excess funds primarily in U.S. Treasury
bills and notes in a two-year ladder and, also, tax-exempt Florida bonds.
This strategy will enable the Company to take advantage of the current yield
curve.

The interest rate during 1996 remained fairly stable, resulting in little
overall impact on the market value of the Company's investment securities.

During 1990, the OCC issued a final rule amending the leverage capital
requirements applicable to national banks.  For all but the most highly rated
banks, the minimum leverage requirement is 3% of total assets plus an
additional 100 to 200 basis points.  At September 30, 1996, the Company's
leverage ratio was 10.95 %.





                                       6
<PAGE>   10
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (CONTINUED)


RESULTS OF OPERATIONS

The Company's net income for the quarter ended September 30, 1996 was $ 256,199
or $ 0.17  per share compared to the net income reported for the quarter ended
September 30, 1995 of $ 412,559 or $0.27 per share.

Other income, which totaled $1,282,632 for the nine months ended September 30, 
1996 increased  approximately $ 301,000 or 31% from the corresponding period in 
1995.  This increase was primarily due to an increase in service charges and 
fees of approximately $ 256,000.  Other expenses increased $860,000, due 
primarily to approximately $ 300,000 in increased operating costs related to 
the opening in January 1996 of a new branch, as well as the recording of 
expenses, including a provision for possible losses, on the Company's other 
real estate owned of approximately $ 350,000.  The remaining increase to other 
expenses is related to the growth in the Company.

The Company recorded a provision for income taxes of approximately $111,000 for
the third quarter of 1996 compared to approximately $ 257,000 for the third
quarter of 1995.  The Company recorded a $170,000 provision to the allowance
for credit losses during the quarter ended September 30, 1996 compared to a
provision of $ 107,000 recorded during the quarter ended September 30, 1995.
This continues the trend established in the first two quarters of 1996 of
recording additional provisions to reflect management's quarterly analysis of
its loan portfolio.  Based on the nature of the loan portfolio and prevailing
economic factors, the Company believes that the allowance for credit losses at
September 30, 1996 was sufficient to absorb potential losses in the loan
portfolio.  However, there can be no assurance that future provisions will not
be necessary.  At September 30, 1996, the Company had 32 non-accrual loans
totaling $ 2,354,108.  The amount of interest income the Company would have
recognized for the quarter ended September 30, 1996 had those loans been on an
accrual basis was approximately $ 55,000.

At September 30, 1996, the Company had approximately $ 2,386,000 in other real
estate owned as compared to $ 1,532,000 at December 31, 1995.  The increase was
due primarily to a foreclosure on a $621,000 commercial building.  Management
is actively seeking buyers for its properties.  Management cannot predict the
actual amounts which will be realized from the ultimate sale of these
properties and, as part of the ongoing review process, has assessed the
carrying values of the properties to ensure that the amounts recorded are
reasonable.  Management does not believe any potential write-down will have a
material effect on the Company's operations.





                                       7
<PAGE>   11
PART II - OTHER INFORMATION


ITEM 5.          OTHER INFORMATION


                 The Company has engaged the services of Advest, Inc., a 
                 financial advisor ("Advest"), to assist it in evaluating 
                 strategic alternatives available to the Company. In this 
                 capacity, Advest was instructed to analyze business strategies
                 associated with various branching alternatives, potential 
                 acquisitions and the possible sale of the Company.  As a 
                 result of this process, the Company has entered into and 
                 currently is conducting negotiations with another financial 
                 institution regarding its possible acquisition of the Company.


ITEM 6.          EXHIBITS AND REPORTS ON FORM 8-K



                 (a)      Exhibits.

                          27.1    Financial Data Schedule (for SEC use only)

                          99.1    Resolution Relating to Amendment of
                                  Non-Statutory Stock Option Plan With Stock
                                  Appreciation Rights

                 (b)      Reports on Form 8-K.  No report on Form 8-K was filed
                          during the quarter ended September 30, 1996.





                                       8
<PAGE>   12
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.





                                        /s/ Michael P. Geml
                                        ----------------------------------------
                                        Michael P. Geml, President and
                                        Chief Executive Officer
                                        (Principal Executive Officer)



                                        Date: November 12, 1996
                                             -----------------------------------



                                        /s/ Nicholas J. Panicaro
                                        ----------------------------------------
                                        Nicholas J. Panicaro
                                        Chief Financial Officer
                                        (Executive Vice President, Chief 
                                        Operating Officer)



                                        Date: November 12, 1996
                                             -----------------------------------