FOR IMMEDIATE RELEASE

Reserve Bancorp, Inc.
Mt. Troy Bank
2000 Mt. Troy Road
Pittsburgh, Pennsylvania 15212

Contact:  Richard A. Sinewe, President
          Reserve Bancorp, Inc.
          Mt. Troy Bank
          (412) 322-6107

                              RESERVE BANCORP, INC.

               ANNOUNCES EARNINGS FOR QUARTER ENDED MARCH 31, 2003
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                        AND DECLARATION OF $0.10 DIVIDEND
                        ---------------------------------


     Pittsburgh,  Pennsylvania  - May  9,  2003 -  Reserve  Bancorp,  Inc.  (the
"Company")  (OTC Electronic  Bulletin Board "RSVB"),  the holding company of Mt.
Troy Bank,  announced  today  that for the  quarter  ended  March 31,  2003,  it
recorded net income of $182,000,  a 58.3%  increase as compared to net income of
$115,000  for the same period in 2002.  For the six months ended March 31, 2003,
the Company  earned  $374,000,  as compared to $231,000 for the 2002 period.  At
March 31, 2003, total assets of the Company were $71.1 million and stockholders'
equity was $12.7 million, or $16.80 per share.

     Richard A. Sinewe, President of the Company, attributed the increase in net
income for the quarter ended March 31, 2003 as compared to 2002  primarily to an
increase of  $136,000,  or 33.7% in net  interest  income.  The  increase in net
interest  income was due primarily to a higher average balance of investment and
mortgage-backed  securities,  resulting  mainly from the  investment of proceeds
received in the Company's stock offering in connection with the  mutual-to-stock
conversion of Mt. Troy Bank completed in April 2002.

     The Company also announced today that its Board of Directors has declared a
semi-annual  cash  dividend of $0.10 per share to  stockholders  of record as of
June 15, 2003 payable June 30, 2003.  This  represents a 100%  increase from the
prior semi-annual  dividend of $0.05 per share paid to stockholders of record at
December 15, 2002.  Mr.  Sinewe  stated that it is the current  intention of the
Company's Board of Directors to continue to pay a semi-annual dividend. However,
the payment of future  dividends will be subject to the Board's  periodic review
of the financial condition, earnings and capital requirements of the Company and
the Bank.

     Mt. Troy Bank is a  federally-chartered  savings bank that on April 5, 2002
completed a conversion from the mutual to the stock form of ownership as part of
the $7.575 million  initial public offering of the Company's  common stock.  The
Company's  common  stock is traded on the OTC  Bulletin  Board  under the symbol
"RSVB."

     The foregoing material contains  forward-looking  statements concerning the
financial  condition,  results of operations and business of the Company and its
plans, objectives,  expectations, estimates and intentions. The Company cautions
that such statements are subject to a number of uncertainties and actual results
could differ  materially and therefore,  readers should not place undue reliance
on  any  forward-looking   statements.  The  Company  does  not  undertake,  and
specifically disclaims, any obligation to update any forward-looking  statement,
whether  written or oral,  that may be made from time to time by or on behalf of
the Company.