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


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                                    FORM 8-K


                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

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         Date of Report (Date of earliest event reported): July 1, 2003

                           JEFFERSON BANCSHARES, INC.
               (Exact name of registrant as specified in charter)


                Tennessee                                 (45-0508261)
  (State of incorporation or organization)     (IRS Employer Identification No.)



120 Evans Avenue, Morristown, Tennessee                       37814
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(Address of principal executive offices)                    (Zip Code)

                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)




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ITEMS 1, 2, 3, 4, 6, 8, 10, 11 AND 12       NOT APPLICABLE.


ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

    (a) Not applicable.
    (b) Not applicable.
    (c) Exhibits.

Exhibit No.                Description
- -----------                -----------
99.1                       Press release dated July 1, 2003


ITEM 9.      REGULATION FD DISCLOSURE

         On July 1, 2003,  Jefferson  Bancshares,  Inc., the holding company for
Jefferson  Federal Bank,  formerly known as Jefferson  Federal  Savings and Loan
Association  of  Morristown,  issued a press release  reporting that it has sold
6,612,500  shares  at $10.00  per  share,  representing  an  offering  amount of
$66,125,000 (the "adjusted  maximum" of the offering range),  in its second-step
conversion offering,  which was consummated on July 1, 2003.  In connection with
the  conversion,  each share of common  stock of  Jefferson  Federal,  excluding
shares held by Jefferson Bancshares,  M.H.C., was exchanged for 4.2661 shares of
common stock of Jefferson  Bancshares,  Inc. In addition,  Jefferson Bancshares,
Inc.  issued  375,000  shares  of its  common  stock  to the  Jefferson  Federal
Charitable Foundation.

         A copy of the press release is filed as Exhibit 99.1 to this report and
incorporated by reference.



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                                   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 hereunto duly authorized.


                                      JEFFERSON BANCSHARES, INC.


                                      By: /s/ Anderson L. Smith
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                                          Anderson L. Smith
                                          President and Chief Executive Officer

Date:  July 2, 2003




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