FOR IMMEDIATE RELEASE
October 27, 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. ANNOUNCES
                            RESULTS OF DUTCH AUCTION
                                  TENDER OFFER

     PITTSBURGH,  PENNSYLVANIA:  RSV Bancorp,  Inc. (OTCBB:  RSVI) announced the
results of its modified  "Dutch  auction" tender offer to purchase up to 202,000
shares of its common stock,  $0.10 par value per share. The tender offer expired
at 5:00 p.m., New York City time, on Friday, October 22, 2004.

     A count by the  depositary  for the tender offer  indicates that a total of
105,674 shares were properly tendered at prices at or below $19.00 per share and
not  withdrawn.  Because  shareholders  tendered less than 202,000  shares,  the
tendered  shares  will not be subject to  proration.  As a result,  the  Company
expects to purchase 105,674 shares at a purchase price of $19.00 per share.

     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  North Hills office  located 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.