U. S. SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549
                                  Form 10 - QSB

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

     For the quarterly period ended December 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 000-49696

                              RESERVE BANCORP, INC.
             ------------------------------------------------------
             (Exact name of Registrant as specified in its Charter)

                  Pennsylvania                                23-3102103
- ---------------------------------------------    -------------------------------
(State or other jurisdiction of incorporation    (I.R.S. Employer Identification
        or organization)                         Number)

2000 Mt. Troy Road, Pittsburgh, Pennsylvania                    15212
- ----------------------------------------                      ----------
(Address of principal executive offices)                      (Zip Code)

Registrant's telephone number, including area code:           (412) 322-6107
                                                              --------------

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.

                              Yes                         X     No
                  ------------                     -------------

As of March 14, 2002, there were no shares of the Registrant's common stock, par
value  $0.10 per share,  outstanding.  The  Registrant  has no other  classes of
common equity outstanding.

Transitional small business disclosure format:

                                Yes                        X       No
                  ------------                       ------------



                              RESERVE BANCORP, INC.
                                 AND SUBSIDIARY
                            Pittsburgh, Pennsylvania


                                      Index

PART I.                                                                  Page(s)
- -------                                                                  -------

FINANCIAL INFORMATION - Not Applicable.........................................3

PART II.
- --------

OTHER INFORMATION

Item 1.      Legal Proceedings.................................................4

Item 2.      Changes in Securities.............................................4

Item 3.      Defaults Upon Senior Securities...................................4

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

Item 5.      Other Information.................................................4

Item 6.      Exhibits and Reports on Form 8-K..................................4

Signatures.....................................................................5


                                        2


                             PART I - NOT APPLICABLE


The  information  as  required  by Part 1 of the Form  10-QSB  has been  omitted
because  the  conversion  from  the  mutual  to  stock  form of  ownership  (the
"Conversion"),  as described in the Form SB-2 (File no. 333-75212),  has not yet
occurred.  It is anticipated that the Conversion will be completed in late March
or early April 2002.

                                        3




                                OTHER INFORMATION


Part II.

Item 1.      Legal Proceedings
             -----------------
                    None

Item 2.      Change in Securities
             --------------------
                    Not Applicable

Item 3.      Defaults Upon Senior Securities
             -------------------------------
                    Not Applicable

Item 4.      Submission of Matters to a Vote of Security Holders
             ---------------------------------------------------
                    Not Applicable

Item 5.      Other Information
             -----------------
                    None

Item 6.      Exhibits and Reports on Form 8-K
             --------------------------------
                 99           Financial Statements of Mt. Troy Savings Bank, FSB

                              No reports  on Form 8-K were  filed  during the
                              quarter ended December 31, 2001.

                                        4



                                   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.


                              RESERVE BANCORP, INC.


Date:        March 18, 2002               By    /s/Richard A. Sinewe
             --------------------------         --------------------------------
                                                Richard A. Sinewe
                                                (President and Director)

Date:        March 18, 2002               By    Robert B. Kastan
             --------------------------         --------------------------------
                                                Robert B. Kastan
                                                (Treasurer/Controller)



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