UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-QSB


[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 2002

                                       OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

          For the transition period _______________    to    __________________

                           Commission File No. 0-33413

                           CLOVER LEAF FINANCIAL CORP.
             (Exact Name of Registrant as Specified in its Charter)

       Delaware                                            37-1416016
(State of incorporation)                       (IRS Employer Identification No.)


200 East Park Street, Edwardsville, Illinois                           62025
  (Address of Principal Executive Offices)                           (Zip Code)

                                 (618) 656-6122
              (Registrant's Telephone Number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  Registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days.

Yes [X]                    No [   ]

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock as of the latest practicable date.

            Class                             Outstanding at November 13, 2002
Common stock $.10 par value                               661,250



                                TABLE OF CONTENTS


                                                                            Page
PART I - FINANCIAL INFORMATION

         ITEM 1.  FINANCIAL STATEMENTS (UNAUDITED)
                    Consolidated Balance Sheets                               3
                    Consolidated Statements of Income                         4
                    Consolidated Statement of Changes in Stockholders'
                       Equity and Comprehensive Income                        5
                    Consolidated Statements of Cash Flows                     6
                    Notes to Consolidated Financial Statements                7

         ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                      FINANCIAL CONDITION AND RESULTS OF OPERATIONS           9

         ITEM 3.  CONTROLS AND PROCEDURES                                    16


PART II - OTHER INFORMATION

         ITEM 1.  LEGAL PROCEEDINGS                                          17

         ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS                  17

         ITEM 3.  DEFAULTS UPON SENIOR SECURITIES                            17

         ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS        17

         ITEM 5.  OTHER INFORMATION                                          17

         ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                           18

SIGNATURE AND CERTIFICATIONS                                                 19

                                       2



PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

CLOVER LEAF FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in Thousands, except per share data)


                                                                                             September 30,         December 31,
                                                                                                 2002                  2001
                                                                                            ----------------     -----------------
ASSETS
                                                                                                                     
     Cash and due from banks                                                                        $ 1,904                $2,513
     Interest bearing deposits in other financial institutions                                        2,316                10,279
                                                                                            ----------------     -----------------
        Total cash and cash equivalents                                                               4,220                12,792

     Securities available-for-sale                                                                   14,223                14,306
     Federal Home Loan Bank stock                                                                     3,409                 3,065
     Loans, net of allowance for loan losses of
         $670 in 2002 and $646 at December 31, 2001                                                  65,384                62,435
     Bank premises and equipment                                                                      2,518                 2,601
     Accrued interest receivable                                                                        409                   488
     Other assets                                                                                       361                   414
                                                                                            ----------------     -----------------
               TOTAL ASSETS                                                                         $90,524               $96,101
                                                                                            ================     =================
LIABILITIES
     Deposits:
          Noninterest bearing                                                                        $6,885               $13,061
          Interest bearing                                                                           62,259                67,872
                                                                                            ----------------     -----------------
               Total deposits                                                                        69,144                80,933

     Federal Home Loan Bank advances                                                                  8,000                 1,500
     Other borrowings                                                                                   406                   354
     Accrued interest payable                                                                           227                   315
     Other liabilities                                                                                  177                   489
                                                                                            ----------------     -----------------
               TOTAL LIABILITIES                                                                     77,954                83,591

STOCKHOLDERS' EQUITY
     Preferred stock, $.10 par value - 250,000 shares authorized;
          none issued or outstanding at September 30, 2002 or December 31, 2001                           -                     -
     Common stock, $.10 par value - 2,000,000 shares authorized; 661,250
          shares issued at September 30, 2002 and December 31, 2001, respectively                        66                    66
     Surplus                                                                                          6,066                 6,134
     Retained earnings                                                                                6,511                 6,158
     Accumulated other comprehensive income                                                              93                   177
     Unearned Employee Stock Ownership Plan shares                                                    (166)                  (25)
                                                                                            ----------------     -----------------
               TOTAL STOCKHOLDERS' EQUITY                                                            12,570                12,510
                                                                                            ----------------     -----------------
               TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                           $90,524               $96,101
                                                                                            ================     =================


See the accompanying notes to unaudited consolidated financial statements.


                                       3


CLOVER LEAF FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in Thousands)


                                                              Three Months Ended                        Nine Months Ended
                                                                 September 30,                            September 30,
                                                      ------------------------------------      -----------------------------------
                                                           2002                2001                  2002                2001
                                                      ----------------    ----------------      ----------------    ---------------
Interest Income and dividend income:
                                                                                                                
     Loans, including fees                                     $1,142              $1,143                $3,331             $3,470
     Securities                                                   168                 235                   525                730
     Federal Home Loan Bank dividends                              42                  43                   144                 60
     Interest-bearing deposits in other banks                      10                  35                    28                146
                                                      ----------------    ----------------      ----------------    ---------------
          TOTAL INTEREST AND FEE INCOME                         1,362               1,456                 4,028              4,406
Interest Expense:
     Deposits                                                     555                 953                 1,804              2,904
     Federal Home Loan Bank advances                               62                  21                   119                 87
     Other borrowings                                               1                   2                     5                  2
                                                      ----------------    ----------------      ----------------    ---------------
          TOTAL INTEREST EXPENSE                                  618                 976                 1,928              2,993

                                                      ----------------    ----------------      ----------------    ---------------
               NET INTEREST INCOME                                744                 480                 2,100              1,413

Provision for loan losses                                          24                  12                    66                 28
                                                      ----------------    ----------------      ----------------    ---------------
               NET INTEREST INCOME AFTER
               PROVISION FOR LOAN LOSSES                          720                 468                 2,034              1,385
Noninterest Income:
     Service charges on deposit accounts                           22                  18                    61                 55
     Other service charges and fees                                15                  13                    46                 51
     Loan servicing fees                                            5                   3                    14                  9
     Gain on sale of loans                                         50                   -                    69                  -
     Gain on sale of investments                                    3                   -                     7                 11
     Other                                                          3                   3                    48                 11
                                                      ----------------    ----------------      ----------------    ---------------
          TOTAL NONINTEREST INCOME                                 98                  37                   245                137
Noninterest Expense:
     Salaries and employee benefits                               306                 260                   869                748
     Occupancy and equipment, net                                 106                  67                   240                203
     Data processing                                               51                  53                   160                161
     Advertising and marketing                                     12                  13                    36                 28
     Directors' fees                                               25                  24                    74                 74
     Audit and accounting fees                                     17                   9                    65                 54
     Legal & collection expense                                     7                  10                    61                 16
     Other                                                         92                  85                   253                200
                                                      ----------------    ----------------      ----------------    ---------------
          TOTAL NONINTEREST EXPENSE                               616                 521                 1,758              1,484

Net (loss) income before income taxes                             202                (16)                   521                 38
Income (benefit) Taxes                                             66                 (8)                   168                (8)
                                                      ----------------    ----------------      ----------------    ---------------

NET (LOSS)  INCOME                                              $ 136               $ (8)                  $353                $46
                                                      ================    ================      ================    ===============

Average Shares Outstanding:
     Basic and Diluted                                        648,550                 N/A               649,025                N/A


 Basic and Diluted Earnings Per Share                            $.21                 N/A                  $.54                N/A



See the accompanying notes to unaudited consolidated financial statements.

                                       4





CLOVER LEAF FINANCIAL CORP.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME (Unaudited)
(Dollars in Thousands)

                                                       Nine Months Ended September 30, 2002
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                              Unearned
                                                                                           Accumulated        Employee
                                                                                              Other             Stock
                                         Common                            Retained       Comprehensive       Ownership    Total
                                          Stock           Surplus          Earnings       Income (Loss)      Plan Shares   Equity
                                        --------------------------------------------------------------------------------------------
                                                                                                         
Balance at December 31, 2001               $66           $6,134            $6,158            $177              $(25)      $12,510


Comprehensive income

   Net income                               -                -                353               -                 -           353

   Other comprehensive income,
   net of tax:

     Change in unrealized gain              -                -                 -              (79)                -           (79)
     on securities available-for-sale
       arising during the period,
     net of tax of $(42)

       Reclassification adjustment,         -                -                 -               (5)                             (5)
       Net of tax of $(2)                                                                                                  ---------

       Other comprehensive income (loss)                                                                                      (84)
       net of tax of $(44)                                                                                                 ---------

   Comprehensive income                                                                                                       269

Loan to ESOP for purchase of                -                -                 -                -              (141)         (141)
shares

Costs related to issuance of                -               (68)                -                -               -            (68)
common stock                            --------------------------------------------------------------------------------------------

Balance at September 30, 2002              $66           $6,066            $6,511             $93             $(166)      $12,570
                                          =====          ======            ======             ====            =====       =======



See the accompanying notes to unaudited consolidated financial statements.

                                       5



CLOVER LEAF FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in Thousands)


                                                                                                   Nine Months Ended
                                                                                                     September 30,
                                                                                     ----------------------------------------------
                                                                                            2002                      2001
                                                                                     --------------------     ---------------------
Cash Flows from Operating Activities
                                                                                                                         
     Net income                                                                                    $ 353                       $46
     Adjustments to reconcile net income to net cash provided
          by operating activities:
                Depreciation                                                                         106                       123
                Provision for loan losses                                                             66                        28
                Net amortization (accretion) on investments                                           27                      (17)
                Deferred tax provision                                                                50                         7
                Realized gain on sale of investments                                                 (7)                      (11)
                Federal Home Loan Bank stock dividend                                              (144)                      (67)
                Gain on sale of loans                                                               (69)                         -
                Proceeds from sales of loans held for sale                                         2,054                         -
                Origination of loans held for sale                                               (1,986)                         -
                Decrease in accrued interest receivable                                               79                        14
                Decrease in other assets                                                               3                        96
                Increase (decrease) in accrued interest payable                                     (88)                       302
                Decrease in other liabilities                                                      (312)                     (510)
                                                                                     --------------------     ---------------------
                            Net cash provided by operating activities                                132                        11
                                                                                     --------------------     ---------------------


Cash  Flows from Investing Activities:
     Purchase of securities available-for-sale                                                   (4,177)                   (5,608)
     Proceeds of sales and maturities of securities available-for-sale and paydowns                4,156                     5,490
     Purchase of Federal Home Loan Bank stock, net                                                 (200)                   (2,500)
     Increase in loans, net                                                                      (3,014)                   (4,471)
     Purchases of premises and equipment                                                            (23)                      (10)
                                                                                     --------------------     ---------------------
                            Net cash provided by (used in) investing activities                  (3,258)                   (7,099)
                                                                                     --------------------     ---------------------

Cash Flows from Financing Activities
     Increase (decrease) in deposits                                                            (11,789)                     2,547
     Proceeds from Federal Home Loan Bank advances                                                 6,500                         -
     Repayments of Federal Home Loan Bank advances                                                     -                   (1,500)
     Net increase in securities sold under agreements to repurchase                                   52                       187
     Loans to ESOP for purchase of shares                                                          (141)                         -
     Costs associated with issuance of stock                                                        (68)                         -
                                                                                     --------------------     ---------------------
                            Net cash provided by (used in) financing activities                  (5,446)                     1,234
                                                                                     --------------------     ---------------------
                            Net decrease in cash and cash equivalents                            (8,572)                   (5,854)
Cash and cash equivalents:
  Beginning                                                                                       12,792                     9,211
                                                                                     --------------------     ---------------------
  Ending                                                                                          $4,220                    $3,357
                                                                                     ====================     =====================

Supplemental Disclosures of Cash Flow Information
 Cash paid for:
     Interest                                                                                     $2,016                    $2,691
     Income taxes                                                                                     33                         -
Supplemental disclosure of non cash investing activities
Assets acquired through foreclosure                                                                    5                         -


See the accompanying notes to unaudited consolidated financial statements.

                                       6




CLOVER LEAF FINANCIAL CORP.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note A--Principles of Accounting

   The consolidated financial statements of Clover Leaf Financial Corp. ("Clover
Leaf  Financial"  or the  "Company")  have  been  prepared  in  accordance  with
accounting  principles generally accepted in the United States of America and in
the banking industry and with the instructions to Form 10-QSB. Accordingly, they
do not include  all of the  information  and  footnotes  required by  accounting
principles  generally  accepted  in the  United  States of  America  for  annual
reporting.  Reference  is  hereby  made to the notes to  consolidated  financial
statements  contained in Clover Leaf  Financial's  annual report on Form 10-KSB.
The foregoing consolidated  financial statements are unaudited.  However, in the
opinion of management,  all adjustments necessary for a fair presentation of the
consolidated  financial statements have been made. All such adjustments are of a
normal  recurring  nature.  The results of  operations  for the interim  periods
presented  herein are not  necessarily  indicative of the results to be expected
for the full year.

   The consolidated  financial  statements include the accounts of the Company's
subsidiary.  Clover Leaf Financial is a bank holding company that engages in its
business  through  its sole  subsidiary,  Clover  Leaf  Bank  (the  "Bank"),  an
Illinois-chartered  state savings bank. All material  intercompany  transactions
and  balances  are  eliminated.  Clover  Leaf  Financial  was  organized  at the
direction of the Board of Directors of the Bank for the purpose of owning all of
the outstanding capital stock of the Bank following the completion of the Bank's
mutual-to-  stock  conversion.  Clover Leaf  Financial  offered for sale 661,250
shares  of its  outstanding  common  stock  in a  public  offering  to  eligible
depositors  and members of the general public and this offering was completed on
December 27, 2001.  Prior to that date,  Clover Leaf  Financial had no assets or
liabilities.  Accordingly,  the accompanying  unaudited  consolidated  financial
statements for the three-month and nine-month  periods ending September 30, 2001
represent only the accounts of the Bank and its wholly owned subsidiary,  Clover
Leaf Financial Services, Inc.

   In  preparing  the  financial  statements,  management  is  required  to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  as of the date of the  consolidated  balance sheet and revenues and
expenses for the period.  Actual results could differ  significantly  from those
estimates.

Note B--Business Segments

   Financial  Accounting  Standards No. 131,  "Disclosures  about Segments of an
Enterprise and Related  Information,"  requires business segments to be reported
based on the way management organizes segments within an organization for making
operating  decisions  and  assessing  performance.  Management  has not included
disclosures  regarding  segments since management makes operating  decisions and
assesses performance based on Clover Leaf Financial as a whole.

Note C--Net Income Per Share

   Basic  earnings  per share  are  determined  by  dividing  net  income by the
weighted  average number of common shares  outstanding.  Shares  acquired by the
ESOP are held in trust but are not  considered  in the weighted  average  shares
outstanding  until the  shares  are  committed  for  allocation  or vested to an
employee's individual account.

   The Company has not issued any stock  options or other  potentially  dilutive
shares, therefore, diluted earnings are the same as basic earnings per share.

                                       7



CLOVER LEAF FINANCIAL CORP.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



  (Dollars in Thousands, Except Per Share Data)               Three Months Ended                         Nine Months Ended
                                                                 September 30,                             September 30,
                                                      ------------------------------------      ------------------------------------
                                                           2002                2001                  2002                2001
                                                      ----------------    ----------------      ----------------    ----------------

                                                                                                                    
  Net income available to common  shareholders                   $136                $(8)                  $353                 $46

  Weighted average shares outstanding                         661,250                 N/A               661,250                 N/A
  Weighted average ESOP shares                               (12,700)                 N/A              (12,225)                 N/A

                                                      ----------------    ----------------      ----------------    ----------------
  Basic average shares outstanding                            648,550                 N/A               649,025                 N/A
                                                      ----------------    ----------------      ----------------    ----------------


  Basic and diluted earnings per share                           $.21                 N/A                  $.54                 N/A
                                                      ================    ================      ================    ================



                                       8


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

   The  following  discussion  describes  Clover  Leaf  Financial's  results  of
operations  during the  three-month  and nine-month  periods ended September 30,
2002 and 2001, and its financial condition, asset quality, and capital resources
as of September 30, 2002.  This  discussion  should be read in conjunction  with
Clover Leaf Financial's  unaudited  consolidated  financial statements and notes
thereto.  The results of operations for the interim periods presented herein are
not necessarily indicative of the results to be expected for the full year.

FORWARD-LOOKING STATEMENTS

   This  filing  and  future  filings  made by Clover  Leaf  Financial  with the
Securities and Exchange Commission,  as well as other filings, reports and press
releases made or issued by Clover Leaf  Financial,  and oral  statements made by
executive   officers  or  directors  of  Clover  Leaf   Financial   may  include
forward-looking  statements,  which are based on assumptions and describe future
plans, strategies,  projections and expectations of Clover Leaf Financial. These
forward-looking  statements are generally  identified by use of terms "believe",
"expect",  "anticipate",   "should",  "planned",  "estimated"  and  "potential".
Examples  of  forward-looking  statements  include,  but  are  not  limited  to,
estimates with respect to Clover Leaf Financial's  financial condition,  results
of operations and business that are subject to various factors which could cause
actual  results  to  differ  materially  from  these  estimates  and most  other
statements that are not historical in nature. These factors include, but are not
limited to, general and local economic  conditions,  changes in interest  rates,
deposit  flows,  demand for mortgage and other loans,  real estate  values,  and
competition;  changes in accounting principles,  policies or guidelines; changes
in legislation or regulation;  and other  economic,  competitive,  governmental,
regulatory,   and  technological   factors  affecting  Clover  Leaf  Financial's
operations, pricing, products and services.

FINANCIAL CONDITION

   Total assets as of September 30, 2002 were $90.5 million,  a decrease of $5.6
million,  or 5.8%,  from  assets of $96.1  million at  December  31,  2001.  The
decrease in assets  resulted  primarily from stock offering  subscription  funds
held by the Bank at  December  31,  2001 that had been  returned  to but not yet
cashed by subscribers. Net loans as of September 30, 2002 were $65.4 million, an
increase of $3.0  million,  or 4.7%,  from net loan balances of $62.4 million at
December 31, 2001.  The  commercial  real estate loan  portfolio  increased $6.9
million, or 49.5%,  compared to fiscal year-end.  During the past year, the Bank
has increased its focus on commercial lending, and has begun to sell residential
loans on the secondary  market,  while retaining  servicing  rights for the sold
loans.  Securities,  including Federal Home Loan Bank stock, increased $261,000,
or 1.5% to $17.6  million at September  30, 2002 from $17.3  million at December
31, 2001.  Cash and cash  equivalents  decreased $8.6 million,  or 67.0% to $4.2
million at September  30, 2002 from $12.8  million at December  31,  2001.  This
decrease in cash resulted primarily from the subscription funds held by the Bank
at December 31, 2001, as part of the stock offering as discussed above.

   Non-performing loans decreased $304,000 to $1.2 million at September 30, 2002
from $1.6 million at December 31, 2001. The non-performing  loans to total loans
ratio at September 30, 2002 was 1.89% compared to 2.46% at December 31, 2001.

   Deposits as of  September  30, 2002 were $69.1  million,  a decrease of $11.8
million,  or 14.6%,  from  December 31, 2001.  The decline in deposits  resulted
primarily  from stock offering  subscription  funds held by the Bank at December
31,  2001  that had been  returned  to but not yet  cashed by  subscribers.  The
remaining  decline in deposits is  attributable  to  decreased  activity in time
deposits during a period of declining interest rates.

   Total  shareholders'  equity as of September 30, 2002 was $12.6  million,  an
increase of $60,000 or 0.5% from the $12.5  million at December  31,  2001.  The
increase in equity from  December 31, 2001 to September  30, 2002 was  primarily
the result of the  addition of earnings of  $353,000,  offset by the purchase of
10,700 shares of stock to fund the ESOP and a decrease in the unrealized gain on
investment  securities  available  for sale.  At  September  30, 2002 there were
661,250 shares of common stock outstanding, at a book value per share of $19.01.

                                       9



ASSET QUALITY

   Clover Leaf Financial's asset quality management  program,  particularly with
regard to loans,  is designed to analyze  potential risk elements and to support
the growth of a high quality loan portfolio.  Clover Leaf Financial's  policies,
consistent with regulatory  guidelines,  require that loans and other assets are
classified  as  substandard,  doubtful or loss if they are  determined  to be of
lesser  quality.  Assets  which  possess  some  weaknesses,  but do not  warrant
classification in the aforementioned categories are required to be designated as
special mention.  Management  regularly reviews the asset portfolio to determine
whether  any  assets  require   classification  in  accordance  with  applicable
regulatory guidelines and accounting principles generally accepted in the United
States of America.

   At September 30, 2002,  nonperforming assets totaled $1,255,000,  or 1.39% of
total assets,  compared to nonperforming  assets at year-end 2001 of $1,554,000,
or 1.62% of total  assets.  Nonperforming  assets at September 30, 2002 included
$5,000  relating to foreclosed  assets.  The Bank held no  foreclosed  assets at
December 31,  2001.  Management  does not  anticipate  any material  losses upon
disposition of the foreclosed assets held at September 30, 2002.

                                       10



   The  following  table sets forth a summary of Clover  Leaf  Financial's  loan
portfolio mix and nonperforming assets.



Loan Portfolio Mix and Nonperforming Assets
(Dollars in Thousands)
                                                September 30, 2002                     December 31, 2001
                                    ----------------------------------    ----------------------------------
                                       Loans and                            Loans and
                                      Foreclosed        Non-performing     Foreclosed        Non-performing
                                        Assets              Assets           Assets              Assets
                                    ---------------    ---------------    --------------    ----------------

Real Estate
                                                                                     
  One- to four-family                    $35,406           $   600            $33,773            $   406
  Commercial                              20,890                22             13,971               --
  Construction and land                      710               182              1,193                483

Non-real estate
  Consumer                                 3,287               163              6,412                175
  Commercial Business                      5,761               283              7,732                490
                                         -------           -------            -------            -------
Gross loans                               66,054             1,250             63,081              1,554
Foreclosed assets                              5                 5               --                 --
                                         -------           -------            -------            -------
          Total                          $66,059           $ 1,255            $63,081            $ 1,554
                                         =======           =======            =======            =======

Nonaccrual loans                                           $ 1,156                               $ 1,439
Accruing loans past due
     90 days or more                                            94                                   115
Troubled debt restructurings                                  --                                    --
                                                           -------                               -------
     Total nonperforming loans                               1,250                                 1,554
Foreclosed assets                                                5                                  --
                                                           -------                               -------
     Total nonperforming assets                            $ 1,255                               $ 1,554
                                                           =======                               =======

Nonperforming loans to gross loans
                                                             1.89%                                 2.46%
Nonperforming assets to gross loans
     and foreclosed assets                                   1.90%                                 2.46%
Nonperforming assets to total assets                         1.39%                                 1.62%



   The Bank  recorded  net  recoveries  of $4,000 for the third  quarter of 2002
compared to net charge-offs of $46,000 for the third quarter of 2001. During the
first nine months of 2002, net charge-offs (recoveries) totaled $42,000 compared
to $51,000 for the first nine months of 2001. Net charge-offs as a percentage of
average  total loans was (.01)% for the third  quarter of 2002  compared to .08%
for the third quarter of 2001. For the nine months ended  September 30, 2002 and
2001, net  charge-offs as a percentage of average total loans was .06% and .09%,
respectively.

   Clover Leaf  Financial's  allowance  for loan losses at  September  30, 2002,
increased to $670,000 from $646,000 at December 31, 2001. At September 30, 2002,
the  allowance  for loan  losses  represented  53.60%  of  non-performing  loans
compared to 41.57% at December 31,  2001.  The ratio of the  allowance  for loan
losses to total  loans was 1.01% at  September  30,  2002  compared  to 1.02% at
December 31, 2001.  Management  believes  that the  allowance for loan losses at
September 30, 2002 was adequate to absorb  probable  losses inherent in the loan
portfolio. However, past loan loss experience as it relates to current portfolio
mix,  evaluation of potential  losses in the  portfolio,  subsequent  changes in
economic  conditions and other factors may require  changes in the levels of the
allowance for loan losses.

   Potential Problem Loans. We utilize an internal asset  classification  system
as a means of reporting  problem and potential problem assets. At each scheduled
meeting  of the board of  directors  of our  subsidiary  bank,  a watch  list is
presented,  showing  all  loans  listed  as  "Special  Mention,"  "Substandard,"
"Doubtful" and "Loss." An asset is classified  Substandard if it is inadequately
protected by the current net worth and paying  capacity of the obligor or of the
collateral  pledged,  if any.  Substandard assets include those characterized by
the distinct  possibility that we will sustain some loss if the deficiencies are
not corrected. Assets classified as Doubtful have all the weaknesses inherent in
those classified  Substandard with the added  characteristic that the weaknesses
present  make  collection  or  liquidation  in full,  on the basis of  currently
existing  facts,  conditions and values,  highly  questionable  and  improbable.
Assets  classified  as Loss are those  considered  uncollectible  and  viewed as
non-bankable assets,  worthy of charge-off.  Assets that do not currently expose
us to sufficient  risk to warrant  classification  in one of the  aforementioned
categories,  but possess weaknesses that may or may not be within the control of
the customer are deemed to be Special Mention.

                                       11



   Our  determination as to the  classification  of our assets and the amount of
our valuation  allowances is subject to review by the Bank's primary regulators,
which can require  the  establishment  of  additional  general or specific  loss
allowances.  The Office of Banks and Real Estate,  in conjunction with the other
federal banking  agencies,  has adopted an interagency  policy  statement on the
allowance for loan losses.  The policy statement provides guidance for financial
institutions on both the  responsibilities  of management for the assessment and
establishment  of adequate  allowances and guidance for banking agency examiners
to use in determining the adequacy of general valuation  guidelines.  Generally,
the policy statement recommends that (1) institutions have effective systems and
controls to identify, monitor and address asset quality problems; (2) management
has  analyzed all  significant  factors  that affect the  collectibility  of the
portfolio in a reasonable manner; and (3) management has established  acceptable
allowance  evaluation processes that meet the objectives set forth in the policy
statement.  Management  believes it has  established  an adequate  allowance for
probable loan losses. We analyze our process regularly,  with modifications made
if needed, and report those results four times per year at meetings of our board
of directors  however,  there can be no assurance that regulators,  in reviewing
our loan portfolio, will not request us to materially increase our allowance for
loan losses at the time. Although management believes that adequate specific and
general loan loss allowances have been established,  actual losses are dependent
upon future events and, as such,  further additions to the level of specific and
general loan loss allowances may become necessary.

   Potential problem loans are loans included on the watchlist  presented to the
Board of Directors that do not meet the definition of a non-performing loan, but
where known  information  about  possible  credit  problems of borrowers  causes
management to have serious  doubts as to the ability of such borrowers to comply
with present loan repayment terms. The aggregate  principal amounts of potential
problem  loans as of September,  2002 and December 31, 2001,  were $1.7 million,
and $2.2 million, respectively.

   Allowance for Loan Losses.  Management believes the allowance for loan losses
accounting  policy  is  critical  to  the  portrayal  and  understanding  of our
financial  condition  and  results  of  operations.   As  such,   selection  and
application of this "critical accounting policy" involves judgements,  estimates
and  uncertainties  that are susceptible to change.  In the event that different
assumptions  or conditions  were to prevail,  and depending upon the severity of
such changes,  the possibility of materially  different  financial  condition or
results of operations is a reasonable likelihood.

                                       12



   The following table presents information pertaining to the activity in and an
analysis of Clover Leaf  Financial's  allowance  for loan losses for the periods
presented.




Allowance For Loan Losses
(Dollars in Thousands)
                                                       Three Months Ended        Nine Months Ended
                                                          September 30             September 30
                                                   ------------------------    --------------------
                                                      2002         2001          2002       2001
                                                   ----------    ----------    --------   ---------

                                                                                 
Balance at beginning of period                       $ 642         $ 636       $ 646         $ 625
Loans charged off:
     Commercial, financial and agricultural           --            --          --               4
     Consumer                                           23            60          85            97
                                                     -----         -----       -----         -----
               Total charge-offs                        23            60          85           101
                                                     -----         -----       -----         -----

Recoveries of loans previously charged off:
     Consumer                                           27            14          43            50
                                                     -----         -----       -----         -----
               Total recoveries                         27            14          43            50
                                                     -----         -----       -----         -----

Net charge-offs (recoveries)                            (4)           46          42            51
Provision for loan losses                               24            12          66            28
                                                     -----         -----       -----         -----
Balance at end of period                             $ 670         $ 602       $ 670         $ 602
                                                     =====         =====       =====         =====

Net charge-offs (recoveries) as a percent of
     average total loans                              (.01)%         .08%        .06%          .09%
Allowance for loan losses to gross loans
                                                      1.01%          .97%       1.01%          .97%
Allowance for loan losses to
     nonperforming loans                             53.60%        41.18%      53.60%        41.18%


Income Information - Quarter

   Net income for the 3 months ended  September 30, 2002 was $136,000,  compared
to a net loss of $8,000 for the prior year's quarter ended September 30, 2001.

   Net  interest  income  after  provision  for loan losses for the three months
ended September 30, 2002 was $720,000, compared to $468,000 for the three months
ended September 30, 2001, an increase of $252,000 or 53.8%.  The increase in net
interest  income  resulted  primarily  from a 132 basis  point  increase  in the
average net interest margin to 3.43% from 2.11% in the prior year. This increase
in the average net interest  margin is largely  attributed  to a decrease of 149
basis points paid on time  deposits to 4.25% at September 30, 2002 from 5.74% in
the prior year.

   Interest  income for the three months ended  September  30, 2002  declined to
$1.4 million,  a decrease of $94,000,  or 6.5% compared to the year-ago  period.
The decrease was primarily due to lower average yields on loans and  securities,
partially offset by higher average balances in loans.  Average  interest-earning
assets for the three  months ended  September  30, 2002 were $86.3  million,  an
increase of $3.7 million, or 4.5%, over average  interest-earning assets for the
three months ended  September 30, 2001 of $82.6  million.  Average loan balances
increased $5.8 million while average  security  balances  decreased by $265,000.
This net growth was  partially  offset by a decline of $1.8  million in interest
bearing  deposits  in other  financial  institutions.  The  average  loan  yield
declined 79 basis points to 6.58% at September  30, 2002 from 7.37% in the prior
year. The average security yield declined 137 basis points to 4.62% at September
30, 2002 from 5.99% in the prior year.

   Interest expense for the most recent  three-month  period fell by $358,000 to
$618,000,  a decrease  of 36.7%  compared  to the same  period  last  year.  The
decrease was primarily due to lower rates paid on interest-bearing  deposits and
borrowings, as well as to lower balances of certificates of deposit accounts and
a higher concentration of non-interest-bearing and low interest-bearing deposits
among total  deposits  for the period.  Average  rates paid on  interest-bearing
liabilities  for the three months ended September 30, 2002 declined by 174 basis
points to 3.41% from 5.15% for the same period last year.  The average  interest
rate paid on  certificates  of deposit fell by 149 basis points to 4.25% for the
three months ended September 30, 2002, from 5.74% for the prior-year period. For
the three months ended  September  30,2002,  the average  balances of lower-cost
savings and money market accounts  increased by $1.9 million,  while the average
balances of higher yielding  certificates of deposits  declined by $12.5 million
compared to the three months ended September 30, 2001.

                                       13



   Non-interest income for the three months ended September 30, 2002 was $98,000
compared to $37,000 for the three months ended  September  30, 2001, an increase
of $61,000, or 164.9%.  This increase was primarily  attributable to the gain on
sale of loans of $50,000.  These  loans were sold with  servicing  rights  being
maintained by the Bank.  Service  charges on deposits and other service  charges
and fees  increased  a total of $6,000 or 19.4%  between  the two  periods.  The
Company also recorded net gains on sales of securities of $3,000 for the quarter
ended September 30, 2002 compared to no gains for the same quarter last year.

   Non-interest  expense  for the three  months  ended  September  30,  2002 was
$95,000,  or 18.2% more than expense for the three months  ended  September  30,
2001. The increase was primarily  attributable to increases in compensation  and
employee benefits of $46,000, or 17.7%, and in occupancy expenses of $39,000, or
58.2%.  Compensation  increased as a result of staff  additions and annual merit
increases,  and  additional  occupancy  costs  were  attributable  to a  $27,000
increase  in real  estate  property  taxes,  and a $15,000  increase in building
maintenance  as several  projects were  completed to enhance the  efficiency and
appearance of the current building.


Income Information - Nine Months

   Net  income  for the nine  months  ended  September  30,  2002 was  $353,000,
compared to net income of $46,000 for the nine months ended  September 30, 2001,
an increase of 667.4%.

   Net interest income after provision for loan losses for the nine months ended
September  30,  2002 was $2.0  million,  compared  to $1.4  million for the nine
months ended  September  30, 2001,  an increase of $649,000,  or 46.9%.  The net
interest margin for the nine-month period was 3.33%,  compared to a net interest
margin of 2.26% for the nine-month period ended September 30, 2001.

   Interest income declined $378,000,  or 8.6%, compared to the year-ago period.
The decrease was primarily due to lower average yields on loans and  securities,
partially offset by higher average balances in loans.  Average  interest-earning
assets for the nine  months  ended  September  30, 2002 were $84.6  million,  an
increase of $4.0 million, or 5.0%, over average interest-earning assets of $80.6
million for the nine months  ended  September  30, 2001.  Average loan  balances
increased $4.8 million,  or 8.1% to $64.0 million for the period ended September
30,  2002  compared  to $59.2  million  for the same  period in the prior  year.
Average security balances  increased $1.2 million,  or 7.0% to $18.4 million for
the period  ended  September  30, 2002  compared  to $17.2  million for the same
period in the prior year.  The average  loan yield  declined 84 basis  points to
6.75% at September 30, 2002 from 7.59% in the prior year.  The average  security
yield declined 121 basis points to 4.86% at September 30, 2002 from 6.07% in the
prior year.

   Interest expense for the nine-month period ended September 30, 2002 decreased
to $1.9 million, a decline of $1.1 million or 35.6%, compared to the same period
last  year.   The   decrease   was   primarily   due  to  lower  rates  paid  on
interest-bearing  deposits,  as well as to  lower  balances  of  certificate  of
deposit  accounts and a higher  concentration  of  non-interest-bearing  and low
interest-bearing  deposits  among total  deposits  for the  period.  The average
interest paid on  certificates  of deposit fell by 150 basis points to 4.52% for
the nine months ended September 30, 2002, from 6.02% for the prior-year  period.
The average balances of lower-cost  savings and money market accounts  increased
by $5.8  million,  while average  balances of  higher-yielding  certificates  of
deposit  declined by $12.3 million  compared to the nine months ended  September
30, 2001.

   As noted in the above  discussion,  the  increase in the Bank's net  interest
income is due, in large part,  to the relative  changes in the yield and cost of
the Bank's  assets and  liabilities  as a result of decreasing  market  interest
rates in calendar 2001 and early 2002.  This decrease in market  interest  rates
has reduced  the cost of  interest-bearing  liabilities  faster and to a greater
extent than the rates on interest-earning assets such as loans and securities.

                                       14



   Non-interest income for the nine months ended September 30, 2002 was $245,000
compared to $137,000 for the nine months ended  September  30, 2001, an increase
of $108,000,  or 78.8%. This increase was primarily  attributable to the gain on
sale of loans of $69,000.  The Company also  recorded a gain on the sale of NYCE
Stock,  which was  classified as an Other Asset for balance sheet  purposes,  of
$42,000 for the current nine-month period compared to no such gains for the same
period a year ago. These increases were partially  offset by a slight decline in
other operating income.

   Non-interest  expense for the nine months ended  September  30, 2002 was $1.8
million,  or $274,000 more than expenses for the nine months ended September 30,
2001.  The  increase was  primarily  attributable  to increases in  compensation
expenses, occupancy, and legal and collection expenses. Salary expense increased
$121,000,  or 16.2%, as a result of staff additions and annual merit  increases.
Occupancy expense increased  $37,000,  or 18.2%, due to increases in real estate
property taxes and building maintenance as discussed above. Legal and collection
expense  increased  $45,000,  or 281.2% as a result of the filing and accounting
regulations  related  to being a public  company,  and as a result  of  expenses
incurred  related to  collection  efforts on our  non-performing  consumer  loan
portfolio.  The  remaining  increase is a result of slight  increases in several
expense categories, of which none are due to significant events.


LIQUIDITY AND CAPITAL RESOURCES

   Total stockholders'  equity increased $60,000 from $12.5 million, at December
31, 2001 to $12.6 million, at September 30, 2002. This increase in stockholders'
equity  during  the first  nine  months  of 2002 was a result  of net  income of
$353,000, partially offset by decreases due to the additional purchase of shares
by the Employee Stock Ownership Plan,  payments made during 2002 relative to the
stock offering  completed in December 2001, and a decrease in the net unrealized
gains  within the  available  for sale  securities  portfolio  from the level at
December 31, 2001.

   Financial  institutions  are required to maintain ratios of capital to assets
in accordance with guidelines promulgated by the federal banking regulators. The
guidelines  are commonly  known as  "Risk-Based  Guidelines"  as they define the
capital level  requirements of a financial  institution  based upon the level of
credit risk associated with holding various categories of assets. The Risk-Based
Guidelines  require minimum ratios of Tier 1 and Total Capital to  risk-weighted
assets of 4% and 8%,  respectively.  At September  30, 2002,  Clover Leaf Bank's
Tier 1 and Total  capital  ratios  were  17.04%  and  18.17%,  respectively.  In
addition  to the  Risk-Based  Guidelines,  the  federal  banking  agencies  have
established a minimum leverage ratio guideline for financial  institutions  (the
"Leverage Ratio Guideline"). The Leverage Ratio Guideline provides for a minimum
ratio of Tier 1 capital to average  assets of 4%.  Clover Leaf  Bank's  leverage
ratio at  September  30,  2002,  was 11.03%.  Accordingly,  Clover Leaf Bank has
satisfied these regulatory guidelines.

   Clover Leaf Bank's primary sources of liquidity or internally generated funds
are principal and interest  payments on loans  receivable,  cash flows generated
from  operations,  and cash flows generated by investments.  External sources of
liquidity consist primarily of increases in deposits.

   At September 30, 2002,  Clover Leaf Bank had loan commitments of $4.9 million
and unused  lines of credit of $2.3  million.  Clover Leaf Bank  believes it has
adequate  resources to fund loan  commitments as they arise. If Clover Leaf Bank
requires  funds  beyond its internal  funding  capabilities,  advances  from the
Federal  Home Loan  Bank of  Chicago  are  available.  At  September  30,  2002,
approximately $26.5 million of time deposits were scheduled to mature within one
year. We expect that  substantially  all of these time  deposits  either will be
renewed upon maturity or will be placed in money market  accounts at Clover Leaf
Bank.  Clover Leaf Bank intends to sell a greater  percentage of its residential
real estate loan originations, which will provide additional liquidity.

Sources of Funds

   Deposits  have  been our  primary  source  of funds  for  lending  and  other
investment  purposes.  In addition to deposits,  we derive funds  primarily from
principal and interest payments on loans. These loan repayments are a relatively
stable  source of funds,  while deposit  inflows and outflows are  significantly
influenced  by market  interest  rates.  Borrowings  may be used on a short-term
basis to  compensate  for  reductions  in the  availability  of funds from other
sources, and may be used on a longer-term basis for general business purposes.

                                       15


ITEM 3.  CONTROLS AND PROCEDURES

   The  Company's  Chief  Executive  Officer and Chief  Financial  Officer  have
concluded,  based on their evaluation within 90 days prior to the filing date of
this report,  that the Company's  disclosure controls and procedures (as defined
in  Securities  Exchange Act Rules  13a-14(c)  and  15d-14(c))  are effective to
ensure that information required to be disclosed in the reports that the Company
files  or  submits  under  the  Securities  Exchange  Act of 1934  is  recorded,
processed,  summarized  and reported,  within the time periods  specified in the
Securities  and  Exchange  Commission's  rules  and  forms.  There  have been no
significant  changes in the Company's internal controls or in other factors that
could  significantly  affect  these  controls  subsequent  to  the  date  of the
foregoing evaluation.







                                       16



PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         Clover Leaf Bank and Clover Leaf Financial are defendants in a lawsuit,
         Michael A.  Schell v.  Clover  Leaf Bank,  SB,  Clover  Leaf  Financial
         Corporation,  brought by Clover Leaf Bank's former President,  alleging
         that  the  plaintiff's  termination  in May 2,  2000  violated  Federal
         "whistle-blowing"  statues.  The  plaintiff  brought the lawsuit in the
         United States District Court for the Southern District of Illinois, and
         is seeking  damages of $2.8  million  for lost pay, as well as punitive
         damages.  Clover  Leaf Bank and Clover  Leaf  Financial  have  retained
         counsel and are vigorously defending against the plaintiff's claim.

         Clover Leaf Bank is otherwise involved, from time to time, as plaintiff
         or defendant in various legal  actions  arising in the normal course of
         its  business.  Other than as described  above,  at September 30, 2002,
         Clover Leaf Bank was not involved in any material legal proceedings.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

         None

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         None

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None

ITEM 5.  OTHER INFORMATION

         None









                                       17



ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K



(a)      Exhibits:  99.1  Certification  of Chief  Executive  Officer  and Chief
         Financial Officer Pursuant to Section 906 of the  Sarbanes-Oxley Act of
         2002

(b)      Reports on Form 8-K:  No reports on Form 8-K were filed by Clover  Leaf
         Financial during the third quarter of 2002.


                                       18


                                   SIGNATURES



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



                                               CLOVER LEAF FINANCIAL CORP.
                                                     (Registrant)


DATE:  November 13, 2002                       By: /s/ Dennis M. Terry
                                                  ------------------------------
                                                  Dennis M. Terry
                                                  President and Chief
                                                  Executive Officer



DATE:  November 13, 2002                       By: /s/ Darlene F. McDonald
                                                  ------------------------------
                                                  Darlene F. McDonald
                                                  Senior Vice President and
                                                  Treasurer (Principal Financial
                                                  And Accounting Officer)









                                       19


                    Certification of Chief Executive Officer
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002


I, Dennis M. Terry, President and Chief Executive Officer, certify that:

(1)      I have  reviewed  this  quarterly  report on Form 10-QSB of Clover Leaf
         Financial Corp.;

(2)      Based on my  knowledge,  this  quarterly  report  does not  contain any
         untrue  statement of a material  fact or omit to state a material  fact
         necessary to make the  statements  made, in light of the  circumstances
         under which such  statements  were made, not misleading with respect to
         the period covered by this quarterly report;

(3)      Based on my knowledge,  the financial  statements,  and other financial
         information  included in this quarterly  report,  fairly present in all
         material  respects the financial  condition,  results of operations and
         cash flows of the  registrant as of, and for, the periods  presented in
         this quarterly report;

(4)      The registrant's  other  certifying  officers and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         have:

         a)       designed  such  disclosure  controls and  procedures to ensure
                  that  material   information   relating  to  the   registrant,
                  including its consolidated  subsidiaries,  is made known to us
                  by others  within  those  entities,  particularly  during  the
                  period in which this quarterly report is being prepared;

         b)       evaluated the  effectiveness  of the  registrant's  disclosure
                  controls and  procedures  as of a date within 90 days prior to
                  the filing  date of this  quarterly  report  (the  "Evaluation
                  Date"); and

         c)       presented in this quarterly  report our conclusions  about the
                  effectiveness of the disclosure  controls and procedures based
                  on our evaluation as of the Evaluation Date;

(5)      The registrant's other certifying officers and I have disclosed,  based
         on our most recent  evaluation,  to the  registrant's  auditors and the
         audit  committee  of  registrant's   board  of  directors  (or  persons
         performing the equivalent functions):

         a)       all  significant  deficiencies  in the design or  operation of
                  internal   controls   which   could   adversely   affect   the
                  registrant's ability to record, process,  summarize and report
                  financial  data  and  have  identified  for  the  registrant's
                  auditors any material weaknesses in internal controls; and

         b)       any fraud,  whether or not material,  that involves management
                  or  other  employees  who  have  a  significant  role  in  the
                  registrant's internal controls; and

(6)      The registrant's other certifying officers and I have indicated in this
         quarterly  report  whether there were  significant  changes in internal
         controls or in other factors that could  significantly  affect internal
         controls  subsequent  to  the  date  of  our  most  recent  evaluation,
         including   any   corrective   actions   with  regard  to   significant
         deficiencies and material weaknesses.


DATE:  November 13, 2002                            By: /s/ Dennis M. Terry
                                                        ------------------------
                                                        Dennis M. Terry
                                                        President and Chief
                                                        Executive Officer
                                       20



                    Certification of Chief Financial Officer
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002


I, Darlene F. McDonald,  Vice President and Treasurer (Chief Financial Officer),
certify that:

(1)      I have  reviewed  this  quarterly  report on Form 10-QSB of Clover Leaf
         Financial Corp.;

(2)      Based on my  knowledge,  this  quarterly  report  does not  contain any
         untrue  statement of a material  fact or omit to state a material  fact
         necessary to make the  statements  made, in light of the  circumstances
         under which such  statements  were made, not misleading with respect to
         the period covered by this quarterly report;

(3)      Based on my knowledge,  the financial  statements,  and other financial
         information  included in this quarterly  report,  fairly present in all
         material  respects the financial  condition,  results of operations and
         cash flows of the  registrant as of, and for, the periods  presented in
         this quarterly report;

(4)      The registrant's  other  certifying  officers and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         have:

         a)       designed  such  disclosure  controls and  procedures to ensure
                  that  material   information   relating  to  the   registrant,
                  including its consolidated  subsidiaries,  is made known to us
                  by others  within  those  entities,  particularly  during  the
                  period in which this quarterly report is being prepared;

         b)       evaluated the  effectiveness  of the  registrant's  disclosure
                  controls and  procedures  as of a date within 90 days prior to
                  the filing  date of this  quarterly  report  (the  "Evaluation
                  Date"); and

         c)       presented in this quarterly  report our conclusions  about the
                  effectiveness of the disclosure  controls and procedures based
                  on our evaluation as of the Evaluation Date;

(5)      The registrant's other certifying officers and I have disclosed,  based
         on our most recent  evaluation,  to the  registrant's  auditors and the
         audit  committee  of  registrant's   board  of  directors  (or  persons
         performing the equivalent functions):

         a)       all  significant  deficiencies  in the design or  operation of
                  internal   controls   which   could   adversely   affect   the
                  registrant's ability to record, process,  summarize and report
                  financial  data  and  have  identified  for  the  registrant's
                  auditors any material weaknesses in internal controls; and

         b)       any fraud,  whether or not material,  that involves management
                  or  other  employees  who  have  a  significant  role  in  the
                  registrant's internal controls; and

(6)      The registrant's other certifying officers and I have indicated in this
         quarterly  report  whether there were  significant  changes in internal
         controls or in other factors that could  significantly  affect internal
         controls  subsequent  to  the  date  of  our  most  recent  evaluation,
         including   any   corrective   actions   with  regard  to   significant
         deficiencies and material weaknesses.


DATE:  November 13, 2002                        By: /s/ Darlene F. McDonald
                                                    ----------------------------
                                                    Darlene F. McDonald
                                                    Vice President and Treasurer
                                                    (Chief Financial Officer)


                                       21

                                                                    Exhibit 99.1


      Certification of Chief Executive Officer and Chief Financial Officer
            Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002



Dennis M.  Terry,  Chief  Executive  Officer  and  Darlene  F.  McDonald,  Chief
Financial  Officer of Clover Leaf Financial  Corp.  (the "Company") each certify
that we have reviewed the quarterly  report on Form 10-QSB for the quarter ended
September 30, 2002. We further certify that:

(1)      the report fully complies with the  requirements  of Sections 13(a) and
         15(d) of the Securities Exchange Act of 1934; and

(2)      the  information  contained  in  the  report  fairly  presents,  in all
         material respects, the financial condition and results of operations of
         the Company.

The purpose of this  statement  is solely to comply  with Title 18,  Chapter 63,
Section  1350 of the United  States  Code,  as  amended  by  Section  906 of the
Sarbanes-Oxley Act of 2002.


DATE:  November 13, 2002                       By: /s/ Dennis M. Terry
                                                  ------------------------------
                                                  Dennis M. Terry
                                                  President and Chief
                                                  Executive Officer



DATE:  November 13, 2002                       By: /s/ Darlene F. McDonald
                                                  ------------------------------
                                                  Darlene F. McDonald
                                                  Senior Vice President and
                                                  Treasurer (Principal Financial
                                                  And Accounting Officer)