EXHIBIT 23.2
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              [Letterhead of Shatswell, MacLeod and Company, P.C.]


                    Consent of Independent Public Accountants

As independent  public  accountants,  we hereby consent to the  incorporation by
reference in the Registration  Statement on Form S-8 of our report dated October
17,  1997,  except for Note 12, as to which the date is January 21, 1998 (and to
all references to our Firm) relating to the consolidated financial statements of
Revere Federal  Savings and Loan  Association and Subsidiary as of September 30,
1997  and  1996,  and for  each of the  years  in the  three-year  period  ended
September 30, 1997,  which report is included in the  Registration  Statement on
Form  SB-2  filed  by  RFS  Bancorp,  Inc.   (Registration  No.  333-63083)  and
incorporated herein by reference.


                                        /s/ Shatswell, MacLeod and Company, P.C.
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                                            SHATSWELL, MacLEOD and COMPANY, P.C.

West Peabody, Massachusetts
November 9, 1998