FOR IMMEDIATE RELEASE
October 1, 2004

RSV BANCORP, INC.                            FOR FURTHER INFORMATION CONTACT:
2000 Mt. Troy Road                           Mr. Gerard R. Kunic
Pittsburgh, Pennsylvania 15212               President
                                             (412) 322-6107

                           RSV BANCORP, INC. CLARIFIES
                       ODD-LOT PREFERENCE IN DUTCH AUCTION
                                  TENDER OFFER

         PITTSBURGH,  PENNSYLVANIA:  RSV Bancorp,  Inc. (OTCBB:  RSVI) announced
today a  clarification  to the odd-lot  preference  in its  previously-announced
modified  Dutch  Auction  tender  offer for up to  202,000  shares of its common
stock.  The Company stated that the offer was available to any  stockholder  who
was an "odd-lot  holder" (as such term is defined in the Offer to  Purchase)  at
any  time  prior  to  the  expiration  date  and  continues  to be so as of  the
expiration date. The letter of transmittal had stated that only such parties who
were odd -lot holders as of the close of business on September  14, 2004 and who
continued to be such as of the expiration date of the offer would be entitled to
the preference.  Stockholders  who become odd-lot holders after the commencement
of the tender offer will be eligible for this purchase priority and may complete
the box labeled "Odd-lots" on the letter of transmittal.

            The  Company is the holding  company of Mt.  Troy Bank,  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 McCandless,  Pennsylvania.  The Company's common stock
is traded on the OTC Bulletin Board under the symbol "RSVI."

         D. F. King & Co., Inc. acts as the information agent, and Registrar and
Transfer  Company is the  depositary  for the shares  tendered.  Questions to or
requests for assistance may be directed to D. F. King & Co., Inc.,  toll free at
(800) 207-3158.

         Neither RSV nor its Board of Directors nor the information  agent makes
any  recommendation  to any  stockholder as to whether to tender or refrain from
tendering  any or all of such  stockholder's  shares  in the  offer  and has not
authorized any person to make any such recommendation.

         This announcement is neither an offer to purchase nor a solicitation of
an offer to sell  shares of RSV common  stock.  The offer is made  solely by the
offer  to  purchase  dated   September  14,  2004  and  the  related  letter  of
transmittal.