PRESS RELEASE


                              RESERVE BANCORP, INC.
                               2000 Mt. Troy Road
                         Pittsburgh, Pennsylvania 15212
                                 (412) 322-6107

FOR FURTHER INFORMATION CONTACT:
Mr. Richard A. Sinewe, President


                              RESERVE BANCORP, INC.
                  Earnings for Quarter Ended December 31, 2003

         March 9, 2004 -- Reserve  Bancorp,  Inc. (OTC Bulletin Board RSVB), the
parent holding company of Reserve Bank, Pittsburgh,  Pennsylvania,  recorded net
income of $199,000 for the quarter  ended  December 31, 2003, as compared to net
income of $192,000 for the quarter ended December 31, 2002.  Earnings per share,
diluted,  were $0.29 for the quarter  ended  December 31,  2003,  as compared to
$0.27 for the quarter ended December 31, 2002.

         The  $7,000  or 3.6%  increase  in net  income  for the  quarter  ended
December 31, 2003  compared to the same quarter in 2002 was primarily the result
of an increase in net  interest  income,  offset by  increases  in  non-interest
expense and provision for income taxes. Net interest income increased $57,000 or
10.8% for the 2003 period as compared to the 2002 period. The average balance of
interest-earning  assets  increased  $9.9 million or 16.2%,  whereas the average
rate  earned  thereon  decreased  84  basis  points.   The  average  balance  of
interest-bearing  liabilities  increased by $10.1 million or 20.7%,  whereas the
average  rate paid  thereon  decreased 95 basis  points.  The net interest  rate
spread,  which is the difference  between the yield on average  interest-earning
assets and the cost of average interest-bearing liabilities,  increased to 2.89%
for the  quarter  ended  December  31,  2003 from  2.78% for the  quarter  ended
December  31,  2002.  Gains on sales of  securities  were  $27,000  for the 2003
period, as compared to $17,000 for the 2002 period.

         Total assets of the Company were $72.0 million and stockholders' equity
was $12.3 million, or $17.31 per share, at December 31, 2003.

         Reserve Bank is a federally chartered stock savings bank which conducts
its  business  from its main  office in  Reserve  Township,  Pennsylvania  and a
full-service  branch  office  in the  McIntyre  Square  shopping  center in Ross
Township,  Pennsylvania.  The Bank changed its name from Mt. Troy Bank effective
February  20,  2004.  The Bank's  deposits  are insured up to the maximum  legal
amount by the Federal Deposit Insurance Corporation (FDIC). The Company's common
stock is traded on the OTC Bulletin Board under the symbol "RSVB."