FOR IMMEDIATE RELEASE
February 23, 2005


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 Earnings for Quarter Ended December 31, 2004

         February 23, 2005 -- RSV Bancorp,  Inc. (OTC Bulletin Board: RSVI), the
parent  holding  company  of Mt.  Troy  Bank,  Pittsburgh,  Pennsylvania,  today
announced  that for the quarter ended  December 31, 2004, it recorded net income
of  $118,000,  as compared to net income of $199,000  for the three months ended
December 31, 2003. Earnings per share, diluted, were $0.22 compared to $0.29 for
the three months ended December 31, 2004 and 2003, respectively.

         The net  interest  rate spread  decreased  to 2.50% for the three month
period  ended  December  31,  2004 from 2.89% for the three month  period  ended
December 31, 2003. The average balance of interest-earning assets increased $4.8
million or 6.7%,  while the  average  rate  earned  thereon  decreased  35 basis
points. The average balance of  interest-bearing  liabilities  increased by $6.8
million or 13.4%,  while the average rate paid thereon increased 4 basis points.
Gains on sales of  securities  were $52,000 for the 2004 period,  as compared to
$27,000 for the 2003 period.

         Total assets of the Company were $76.7 million and stockholders' equity
was $9,933,578, or $17.49 per share, at December 31, 2004, as compared to assets
of $72.0 million and stockholders'  equity of $12,327,163,  or $17.31 per share,
at December 31, 2003. The decrease in stockholders'  equity was primarily due to
repurchases of the Company's  common stock as part of the Modified Dutch Auction
conducted during the quarter.

         Mt.  Troy  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
McCandless,  Pennsylvania.  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 "RSVI."