FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

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

For the quarterly period ended December 31, 1999

                           Commission File No. 0-24793

                           CGB&L FINANCIAL GROUP, INC.
             (Exact name of registrant as specified in its charter)

             Delaware                                     37-1374123
     (State or other jurisdiction                      (I.R.S. Employer
   of incorporation or organization)                   Identification No.)

               229 East South Street, Cerro Gordo, Illinois 61818
              (Address of principal executive offices and Zip Code)

                                 (217) 763-2911
              (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______

         As of December 31, 1999, the registrant had outstanding 96,635 shares
of its $.01 par value common stock.

         Transitional Small Business Disclosure Format (Check One):
                                                               Yes/__/    No_X_/



                               Page 1 of 14 pages


<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

Part I - FINANCIAL INFORMATION
                                                                                        Page
                                                                                        ----

<S>                                                                                     <C>
         Item 1.  Financial Statements                                                  3-7

         Item 2.  Management's Discussion and Analysis                                   8
                  Of Financial Condition and Results of Operations

Part II - OTHER INFORMATION

         Item l.   Legal Proceedings                                                    12

         Item 2.  Change in Securities and Use of Proceeds                              12

         Item 3.  Defaults Upon Senior Securities                                       12

         Item 4.  Submission of Matters to a Vote of Security Holders                   12

         Item 5.  Other Information                                                     12

         Item 6.  Exhibits and Reports on Form 8-K                                      12

         Signatures                                                                     12
</TABLE>


Statements contained in the Form 10-QSB which are not historical facts are
forward-looking statements, as that term is described in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
risk and uncertainties that could cause actual results to differ materially from
those projected. Such risks and uncertainties include potential changes in
interest rates, competitive factors in the financial services industry, general
economic conditions, the effect of new legislation and other risks detailed in
documents filed by the Company with the Securities and Exchange Commission from
time to time and in the Company's last filed Form 10KSB.


                                       2

<PAGE>


                           CGB&L Financial Group, Inc.
                           Consolidated Balance Sheet
                      As of December 31 and March 31, 1999

<TABLE>
<CAPTION>
                                                        Dec. 31          March 31
                                                          1999             1999
                                                       -----------     -----------
                                                       (unaudited)
<S>                                                    <C>             <C>
Assets
  Cash and Cash Equivalents                            $   399,191     $   775,314
  Interest-bearing time deposits                           594,000         891,000
  Investment securities available for sale                 173,250         211,827
  Loans                                                  6,614,531       5,422,973
  Allowance for Loan losses                                (32,700)        (32,700)
                                                       -----------     -----------
     Net Loans                                           6,581,831       5,390,273
  Premises and equipment                                    16,862          16,193
  Federal Home Loan Bank stock                              55,100          55,100
  Other assets                                              32,224          43,025
                                                       -----------     -----------
      Total Assets                                     $ 7,852,458     $ 7,382,732
                                                       ===========     ===========

Liabilities
  Interest-bearing deposits                            $ 5,249,246     $ 4,995,294
  Long-term debt                                           600,000         600,000
  Short-term debt                                          300,000
  Other liabilities                                        102,092         111,485
                                                       -----------     -----------
      Total liabilities                                  6,251,338       5,706,779
                                                       -----------     -----------
Equity Received from Contributions to the ESOP              13,456           8,375
Stockholders' Equity
  Preferred stock,  $.01 par value
     Authorized and unissued --  100,000 shares
  Common stock, $ .01 par value
      Authorized-- 900,000  shares
      Issued--99,000 shares                                    911             911
  Paid in capital                                          619,044         619,193
  Treasury Stock - 2,365 shares & 0 shares                 (24,832)
  Unearned Incentive Plan Shares - 3,762 & 0 Shares        (39,501)
  Retained earnings                                        920,085         910,056
  Accumulated comprehensive Income                         111,957         137,418
                                                       -----------     -----------
Total Stockholder's Equity                               1,587,664       1,667,578
                                                       -----------     -----------
Total liabilities and stockholders' equity             $ 7,852,458     $ 7,382,732
                                                       ===========     ===========

</TABLE>


See note to consolidated financial statements.



                                        3



<PAGE>

                           CGB&L Financial Group, Inc.
                   Consolidated Income Statements (Unaudited)
              For the nine months ended December 31, 1999 and 1998
<TABLE>
<CAPTION>
                                                    ------------------------------
                                                    For the 9 months ended Dec. 31
                                                    ------------------------------
                                                          1999        1998
                                                        --------    --------
<S>                                                     <C>         <C>
Interest Income
  Loans receivable                                      $410,229    $379,527
  Investment securities                                    4,500       3,983
  Deposits with financial institutions                    58,476      44,220
                                                        --------    --------
      Total interest income                              473,205     427,730

Interest Expense
  Deposits                                               204,515     209,922
  FHLB advances                                           34,473      29,150
                                                        --------    --------
     Total interest expense                              238,988     239,072
                                                        --------    --------

Net Interest Income                                      234,217     188,658
Provision for Loan Loss                                        0           0
                                                        --------    --------
Net Interest Income After Provision for Loan Losses      234,217     188,658
                                                        --------    --------
Noninterest Income                                         2,525       4,831
                                                        --------    --------

Noninterest Expense
   Salaries and Employee Benefits                        121,511     106,249
   Net occupancy and equipment expenses                    6,030       3,520
   Deposit Insurance Expense                               2,257       2,570
   Insurance expense                                       3,789       2,468
   Other expenses                                         63,424      35,242
                                                        --------    --------
     Total noninterest expense                           197,011     150,049
                                                        --------    --------

Income Before Income Tax                                  39,731      43,440
   Income tax expense                                      9,902      12,944
                                                        --------    --------
Net Income                                              $ 29,829    $ 30,496
                                                        ========    ========

                     Per share data:
                              Basic Weighted Average    $   0.33         N/A
                              Shares Outstanding          91,629         N/A

</TABLE>


See notes to consolidated financial statements.


                                                   4

<PAGE>

                           CGB&L Financial Group, Inc.
                   Consolidated Income Statements (Unaudited)
             For the three months ended December 30, 1999 and 1998

<TABLE>
<CAPTION>

                                                    ------------------------------
                                                    For the 3 months ended Dec. 31
                                                    ------------------------------
                                                          1999        1998
                                                        --------    --------
<S>                                                     <C>         <C>
Interest Income
  Loans receivable                                      $140,709    $127,670
  Investment securities                                    1,596       1,348
  Deposits with financial institutions                    17,195      15,267
                                                        --------    --------
      Total interest income                              159,500     144,285

Interest Expense
  Deposits                                                68,656      67,448
  FHLB advances                                           13,608       9,752
                                                        --------    --------
     Total interest expense                               82,264      77,200
                                                        --------    --------

Net Interest Income                                       77,236      67,085
Provision for Loan Loss                                        0           0
                                                        --------    --------
Net Interest Income After Provision for Loan Losses       77,236      67,085
                                                        --------    --------
Noninterest Income                                           622       1,575
                                                        --------    --------

Noninterest Expense
   Salaries and Employee Benefits                         40,358      37,638
   Net occupancy and equipment expenses                    2,051         841
   Deposit Insurance Expense                                 766         944
   Insurance expense                                       1,263           0
   Other expenses                                         17,715      20,436
                                                        --------    --------
     Total noninterest expense                            62,153      59,859
                                                        --------    --------

Income Before Income Tax                                  15,705       8,801
   Income tax expense                                      3,837       4,653
                                                        --------    --------
Net Income                                              $ 11,868    $  4,148
                                                        ========    ========

                     Per share data:
                              Basic Weighted Average    $   0.13    $   0.05
                              Shares Outstanding          90,561      91,345

</TABLE>


See notes to consolidated financial statements.


                                        5

<PAGE>



                          CGB&L Financial Group, Inc.
     Nine Month Consolidated Statements of Comprehensive Income (Unaudited)


<TABLE>
<CAPTION>
                                              Nine Months Ended        Nine Months Ended
                                              December 31, 1999        December 31, 1998
                                              -----------------        -----------------

<S>                                              <C>                      <C>
Net Income                                       $29,829                  $30,496

Other comprehensive income, net of tax
     Unrealized gain (loss) on securities:
          Unrealized holding gain (loss) arising
          during the period                      (25,461)                  41,469
          Less: Reclassification adjustment
          for gains included in net income             0                        0
                                                 -------                  -------
Other comprehensive income (loss)                (25,461)                  41,469
                                                 -------                  -------

Comprehensive income                              $4,368                  $71,965
                                                 =======                  =======


</TABLE>



                          CGB&L Financial Group, Inc.
 Three Month Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

<TABLE>
<CAPTION>
                                             Three Months Ended        Three Months Ended
                                              December 31, 1999        December 31, 1998
                                              -----------------        -----------------

<S>                                                <C>                   <C>
Net Income                                         $11,868               $4,148

Other comprehensive income (loss)+A49, net of tax
     Unrealized gain (loss) on securities:
          Unrealized holding gain (loss) arising
          during the period                        (12,501)              36,133
          Less: Reclassification adjustment
          for gains included in net income               0                    0
                                                   -------              -------
Other comprehensive income (loss)                  (12,501)              36,133
                                                   -------              -------

Comprehensive income (loss)                          ($633)             $40,281
                                                   =======              =======

</TABLE>


See notes to consolidated financial statements.



                                       6


<PAGE>


                           CGB&L Financial Group, Inc.
                      Consolidated Statement of Cash Flows
                 Nine Months Ended December 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
                                                         -----------     -----------
                                                              1999           1998
                                                         -----------     -----------
<S>                                                      <C>             <C>
Operating Activities
    Net income                                           $    29,829     $    30,496
  Adjustments to reconcile net income to net
  cash provided by operating activities
     Depreciation                                              1,008           1,008
     Compensation Expense related to ESOP & incentive          7,011           4,019
     Net change in :
       Other liabilities                                       3,723           5,960
       Other assets                                           10,801          10,532
                                                         -----------     -----------
       Net cash provided by operating activities              52,372          52,015
                                                         -----------     -----------

Investing Activities
  Net change in interest-bearing deposit                     297,000        (103,000)
  Net change in loans                                     (1,191,558        (110,110)
  Purchase of premises and equipment                          (1,677)         (1,811)
  Purchase of FHLB stock                                           0          (8,900)
                                                         -----------     -----------
       Net cash used by investing activities                (896,235)       (223,821)
                                                         -----------     -----------

Financing Activities
  Net change in deposits                                     253,952        (156,239)
  Payment of Dividend                                        (19,800)              0
  Issuance of Common Stock                                         0         620,103
  Purchase of Treasury Stock                                 (24,832)
  Purchase of Stock for Incentive Plan                       (41,580)
  Net change in short term debt                              300,000
                                                         -----------     -----------
       Net cash provided by financing activities             467,740         463,864
                                                         -----------     -----------

Net Change in Cash and Cash Equivalents                     (376,123)        292,058
Cash and Cash Equivalents, Beginning of Period               775,314         524,845
                                                         -----------     -----------
Cash and Cash Equivalents, End of Period                 $   399,191     $   816,903
                                                         ===========     ===========

Additional Cash Flows Information
   Interest paid                                         $   238,242     $   238,904
   Income tax paid                                       $    15,658     $    12,944

</TABLE>


See notes to consolidated financial statements.

                                                    7


<PAGE>


                                                                               2
     Notes to Consolidated Financial Statements

     1.  BACKGROUND  INFORMATION

         CGB&L Financial Group, Inc. (the "Company") was incorporated on May 21,
         1998 and on September 22, 1998 acquired all of the outstanding shares
         of common stock of Cerro Gordo Building and Loan, s.b. of Cerro Gordo,
         (the "Bank") upon the Bank's conversion from a state chartered mutual
         savings bank to a state chartered savings bank. The Company purchased
         100% of the outstanding capital stock of the Bank using 50% of the net
         proceeds from the Company's initial stock offering, which was completed
         on September 22, 1998. The Company sold 99,000 shares of common stock
         in the initial offering at $10 per share, including 7,919 shares
         purchased by the Bank's Employee Stock Ownership Plan ("ESOP"). The
         Bank acquired the ESOP shares with proceeds from a Company loan
         totaling $79,190. The net proceeds of the offering totaled $699,293:
         $990,000 less $290,707 in underwriting costs and other conversion
         expenses.

         The acquisition of the Bank by the Company was accounted for as a
         "pooling-of-interests" under generally accepted accounting principles.
         The application of the pooling-of-interests method records the assets
         and liabilities of the merged companies on a historical cost basis with
         no goodwill or other intangible assets being recorded.



2.       STATEMENT OF INFORMATION FURNISHED


         The accompanying unaudited consolidated financial statements have been
         prepared in accordance with Form 10-QSB instructions and item 310 (b)
         of Regulations S-B. In the opinion of management these statements
         contain all adjustments necessary to present fairly the financial
         position as of December 1999 and March 1999, the results of operations
         for the nine months and three months ended December 1999 and December
         1998, comprehensive income and the cash flows for the nine and three
         months ended September 1999 and September 1998. All adjustments to the
         financial statements were normal and recurring in nature. These results
         have been determined on the basis of generally accepted accounting
         principles. The results of operations for the nine months and three
         months ended December 1999 are not necessarily indicative of the
         results to be expected for the entire fiscal year.

         The consolidated financial statements are those of the Company and the
         Bank. These consolidated financial statements should be read in
         conjunction with the audited financial statements and notes thereto
         included in the Company's Annual Report to shareholders dated July 6,
         1999.



      PART I.  FINANCIAL INFORMATION

      ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF FINANCIAL
               CONDITION AND RESULTS OF OPERATION

      CGB&L Financial Group, Inc. (the "Company") is the holding company for
      Cerro Gordo Building and Loan, s.b. (the "Bank"). Prior to the Company's
      acquisition of the Bank on September 22, 1998, the Company had no material
      assets or operations. Accordingly, the following information reflects
      management's discussion and analysis of the financial condition and
      results of operations for the Bank at and for the period prior to
      September 22, 1998 and the Company and its subsidiary thereafter.




                                        8


<PAGE>

                               FINANCIAL CONDITION

      Total assets increased $469,726 from March 31, 1999 to December 31, 1999
      or 6.36% for the nine month period. This increase was attributable
      primarily to increases in the loan portfolio offset by a decrease in cash
      and cash equivalents, interest bearing time deposits, investment
      securities and other assets. Net loans increased $1,191,558, cash and cash
      equivalents decreased $376,123, interest-bearing deposits decreased
      $297,000, investment securities decreased $38,577 and other assets
      decreased $10,801.

      The increase in net loans from March 31, 1999 to December 31, 1999 was the
      result of increase in one-to-four family residential mortgage loans. This
      growth was the result of management's continued emphasis on the Bank's
      loan portfolio.

      The Company experienced an increase in total deposits from March 31, 1999
      to December 31, 1999 of $253,952 or 5.08%. Borrowings at Federal Home Loan
      Bank of Chicago (FHLB) increased $300,000 and other liabilities decreased
      $9,393. The rate of the FHLB borrowings is 5.03% and funds were used to
      finance the growth in the loan portfolio.

      In a private transaction, the Company repurchased 6,325 shares at
      $10.50/share. The Company used 3,960 shares for the incentive plan and
      2,365 shares were included as treasury stock. Total stockholders' equity
      decreased $79,914 from March 31, 1999 to December 31, 1999; the decrease
      summarized as follows:

<TABLE>
<CAPTION>

<S>                                                                       <C>
          Stockholder's equity, March 31, 1999........................... $1,667,578
          Net Income (Loss)..............................................     29,829
          Purchase of Treasury Stock.....................................    (24,832)
          Purchase of Unearned Plan Shares...............................    (41,580)
          Earned Incentive Plan Shares...................................      1,930
          Decrease in unrealized gain on securities available for sale...    (25,461)
          Dividends Paid.................................................    (19,800)
                                                                          -----------
          Stockholders' equity, December 31, 1999........................ $ 1,587,664
                                                                          ===========
</TABLE>

                                    RESULTS OF OPERATIONS

     NINE MONTHS COMPARISON

     Net income was $667 less in the nine months ended December 31, 1999
     compared to the same period in 1998, due to an increase in employee
     compensation and expenses related to being a public company offset by an
     increase in net interest income.

      Net interest income was $45,559 higher in the nine months ended December
      31, 1999 compared to the same period in 1998. Interest income was $45,475
      higher, primarily due to increases in the mortgage loan portfolio.
      Interest expense decreased by $84 in the period ended December 31, 1999
      compared to the period ended December 31, 1998.

      The provision for loan losses remained stable for the first nine months in
      1999 compared to the same period in 1998. Management of the Bank believes
      that the allowance for loan losses is sufficient based on information
      currently available. No assurances can be made that future events or
      conditions or regulatory directives will not result in increased
      provisions for loan losses or additions to the Bank's allowance for loan
      losses which may adversely affect net income.

      Noninterest expense was $46,962 higher in the nine months ended December
      31, 1999 compared to the same period in 1998. This was primarily
      attributable to additional expenses related to being a public company and
      an increase in employee compensation. The increase in employee
      compensation is related to the ESOP and incentive plan shares recognition.


                                     Page 9


<PAGE>

      Income tax expense was $3,042 less in the nine months ended December 31,
      1999 compared to the same period in 1998 due to a decrease in net income
      for the nine months ended December 31, 1999. The effective tax rate is
      estimated to be 24.9% in 1999 compared to 29.8% in 1998.

                             THREE MONTHS COMPARISON

      Net income was $7,720 more in the three months ended December 31, 1999
      compared to the same period in 1998, due to an increase of net interest
      income offset by noninterest expenses related to the recognition of
      incentive plan shares.

      Net interest income was $10,151 higher in the three months ended December
      31, 1999 compared to the same period in 1998. Interest income was $15,215
      higher due primarily to increases in the mortgage loan portfolio. Interest
      expense increased $5,064 in the period ended December 31, 1999 compared to
      the period ended December 31, 1998.

      Noninterest expense was $2,294 higher in the three months ended
      December 31, 1999 compared to the same 1998 period primarily due to
      $1,930 expense related to recognition of incentive plan shares.

      Income tax expense was $816 less in the three months ended December 31,
      1999 compared to the same 1998 period. The effective tax rate is
      estimated to be 24.4% in 1999.

      LIQUIDITY AND CAPITAL RESOURCES

      The Bank's primary sources of funds are deposits, principal and interest
      payments on loans and FHLB advances. While maturities and scheduled
      amortizations of loans are predictable sources of funds, deposit flows and
      mortgage prepayments are greatly influenced by general interest rates,
      economic conditions, and competition. The Federal Deposit Insurance
      Corporation ("FDIC"), the Company's and the Bank's primary regulator,
      requires the Bank to maintain minimum levels of liquid assets. Currently,
      the required ratio is 5%. The Bank's liquidity ratios were 15.32% and
      29.63% at December 30, 1999 and March 31, 1999, respectively, well above
      the required minimum.

      A review of the Consolidated Statement of Cash Flows included in the
      accompanying financial statement shows that the Company's cash and cash
      equivalents ("cash") decreased $376,123 from March 31, 1999 to December
      31, 1999. Cash and cash equivalent increased $292,058 from March 31, 1998
      to December 31, 1998. During the first nine months of fiscal 1999, net
      income, interest-bearing deposits, deposits and FHLB borrowings primarily
      provided cash. During the nine months of fiscal 1998, the issuance of
      common stock and net income provided cash. Cash was primarily used in 1999
      to fund mortgage loans, repurchase stock and pay dividends. In 1998 cash
      was primarily used to fund loans, invest in interest bearing time deposits
      and for deposit withdrawals.

      As of December 31, 1999, the Bank had outstanding commitments (including
      undisbursed loan proceeds) of $356,323. The bank anticipates that it will
      have sufficient funds available to meet its current loan origination
      commitments. Certificates of deposit, which are scheduled to mature in one
      year or less from December 31, 1999, total $2.1 million. Based upon the
      Bank's experience, management believes that a significant portion of such
      deposits will remain with the Bank.

      Federally insured state-chartered banks are required to maintain minimum
      levels of regulatory capital. Under current FDIC regulations, insured
      state-chartered banks generally must maintain ( I) a ratio of Tier 1
      leverage capital to total assets of at least 3.0% (4.0% to 5.0% for all
      but the most highly rated banks) and (II) ratio of Tier 1 capital to risk
      weighted assets of at least 4.0% and a ratio of total capital risk
      weighted assets of at least 8.0%. At December 31, 1999, the Bank was in
      compliance with applicable regulatory capital requirements as follows:

             Tier 1 Capital to Risk Weighted Assets               31.40%
             Tier 1 Capital to Total Assets                       15.12%
             Risk Based Capital to Risk Weighted Assets           32.30%


                                       10

<PAGE>

     RECENT ACCOUNTING PRONOUNCEMENTS

      In June 1998, the Financial Accounting Standards Board ("FASB") issued
      SFAS No. 133, "Accounting for Derivative Instruments and Hedging
      Activities." This Statement requires companies to record derivatives on
      the balance sheet at their fair value. Statement No. 133 also acknowledges
      that the method of recording a gain or loss depends on the use of the
      derivative.

      The New Statement applies to all entities. If hedge accounting is elected
      by the entity, the method of assessing the effectiveness of the hedging
      derivative and the measurement approach of determining the hedge's
      ineffectiveness must be established at the inception of the hedge.

      Statement No. 133 amends Statement No. 52 and supercedes Statements No.
      80, 105, and 119. Statement No. 107 is amended to include the disclosure
      provisions about the concentrations of credit risk from Statement No. 105.
      Several Emerging issues Task Force consensuses's are also changed or
      modified by the provisions of Statement No. 133.

      Statement No. 137 deferred the effective date of Statement No. 133 to all
      fiscal years beginning after June 15, 2000. The Statement may not be
      applied retroactively to financial statements of prior periods. The
      Statement's adoption will have no material impact on the Corporation's
      financial condition or result of operations.

      Also in 1998, the FASB issued Statement No. 134 "Accounting for
      Mortgage-Backed Securities Retained after the Securitization of Mortgage
      Loans Held for Sale by a Mortgage Banking Enterprise." This statement
      establishes accounting standards for certain activities of mortgage
      banking enterprises and for other enterprises with similar mortgage
      operations. This Statement amends SFAS No. 65 which as previously amended
      by SFAS Nos. 115 and 125, required a mortgage banking enterprise to
      classify a mortgage-backed security as a trading security following the
      securitization of the mortgage loan held for sale. This Statement further
      amends SFAS No. 65 to require that after the securitization of mortgage
      loans held for sale, an entity engaged in mortgage banking activities must
      classify the resulting mortgage-backed security or other retained
      interests based on the entity's ability and intent to sell or hold those
      investments.

      The determination of the appropriate classification for securities
      retained after the securitization of mortgage loans by a mortgage banking
      enterprise now conforms to SFAS No. 115. The only new requirement is that
      if an entity has a sales commitment in place, the security must be
      classified into trading. This Statement is effective for the first fiscal
      quarter beginning after December 15, 1998. The Statement's adoption had no
      impact on the bank's financial condition and results of operations.

     YEAR 2000 REPORT

      The Company and its subsidiary, the Bank, completed all Phases of its Year
      2000 preparedness assessment and adopted a detailed business resumption
      contingency plan. During the initial phase, the Bank identified those
      computer applications used to process information within the Bank
      including accounting software used for loans and deposits. Each of the
      companies providing these software programs assured the Bank in writing
      that its programs were Year 2000 compliant. In addition, the Bank
      contacted its principal external vendors and asked for assurance that they
      were adequately addressing system and software issues related to Year
      2000. Each vendor responded that they were Year 2000 ready. The Bank also
      completed a review of its loan portfolio and determined that the Bank had
      no significant loss exposure in the event a borrower's business was
      interrupted as a result of a Year 2000 compliance problem. The Bank
      completed testing of all mission critical systems. The Bank took steps to
      educate the public about their Year 2000 preparedness. The Bank incurred
      total costs of less than $1,000 with respect to the Year 2000 and has not
      had, nor anticipates, any complications associated with the Year 2000
      issue.


                                       11
<PAGE>

      Part II.  Other information

      Item l.   Legal Proceedings
                Not applicable

      Item 2.   Changes in Securities and Use of Proceeds
                Not applicable

      Item 3.   Defaults Upon Senior Securities
                Not applicable

      Item 4.   Submission of Matters to a Vote of Security Holders
                Not applicable

      Item 5.   Other Information
                Subsequent Event:  CGB&L Financial Group, Inc. Director Dale
                C. Born, 68, of Cerro Gordo, died February 6, 2000. The Company
                has a seven member staggered Board. Born's term was to expire in
                2001. Dale became a director of the Savings Bank in 1993.

      Item 6.   Exhibits and Reports on Form 8-K

       a.  Exhibits
           The following exhibits are filed as part of this report:

           11.0     Computation of earnings per share

           27.      Financial Data Schedule

       b.  Report on Form 8-K

                    none


                                   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.

      Dated:  February 14, 2000        By: /s/  Maralyn F. Heckman
                                                (Authorized Signor)
                                        President (Principal Executive Officer)
                                        and Treasurer (Chief Financial Officer)


                                       12