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 JUNE 30, 2003
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         Pittsburgh, Pennsylvania - August 21, 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 June 30, 2003, it recorded
net income of $157,000 as compared to net income of $149,000 for the same period
in 2002. For the nine months ended June 30, 2003, the Company earned $531,000 as
compared to $380,000 for the 2002 period.  At June 30, 2003, total  consolidated
assets of the  Company  were $72.0  million and  stockholders'  equity was $12.6
million.

         Richard A. Sinewe, President of the Company, attributed the increase in
net income for the  quarter  ended June 30,  2003  primarily  to an  increase of
$103,000,  or 22.7% in net interest income,  partially offset by an $83,000,  or
29.6%,  increase in  noninterest  expense and a $15,000,  or 21.1%,  decrease in
noninterest income as compared to the quarter ended June 30, 2002.

         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.