SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

___________________________________________

FORM 10-QSB

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

For the quarterly period ended March 31, 2002.

Commission File No. 33-31013-A

COMMUNITY NATIONAL BANCORPORATION

(Exact name of small business issuer as specified in its charter)

|Georgia(State of Incorporation) | 58-1856963
(I.R.S. Employer Identification No.)
|------------------------------- | -----------------------------------------------

561 E. Washington Avenue, P.O. Box 2619, Ashburn, Georgia 31714(Address of Principal Executive Offices)

(229) 567-9686(Issuer's Telephone Number, Including Area Code)

Not Applicable(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Check whether the issuer (1) 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 issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes XNo ______

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common equity as of the latest practicable date.

Common stock, no par value per share, 1,932,381 shares outstanding as of May 9, 2002.

PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements

COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Consolidated balance Sheets

|ASSETS                                                                                                                                                                                                                                                                   
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                         
|Cash and due from banks
Interest bearing deposits in other banks
Federal funds sold
TOTAL CASH AND CASH EQUIVALENTS
Securities:
Available for sale, at fair values
Loans, net
Property and equipment, net
Other real estate owned
Goodwill, net
Other assets
Total Assets
|LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                                                                                                                                                                     
|Liabilities:
	Deposits
		Non-interest bearing deposits
		Interest bearing deposits
		Total deposits
Note payable
Other liabilities
	Total liabilities                                                                                                                    
|Commitments and contingencies                                                                                                                                                                                                                                            
|Shareholder's Equity:
	Common stock, no par value, 50,000,000
	shares authorized, 1,923,981
	Retained earnings
	Treasury stock
	Unrealized gain (loss) on securities, net
	Total Shareholders' Equity
Total liabilities and shareholders' equity                         

Refer to notes to the consolidated financial statements.



COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Unaudited Consolidated Statements of Income

|                                                                                                                                                                                                                                      | For the quarter ended March 31,                                       
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------
|                                                                                                                                                                                                                                      | 2002                                                                  
|Interest income
Interest expense
Net interest income                                                                                                                                                                                  | $4,913,7002,575,6502,338,050                                          
|Provisions for possible loan losses                                                                                                                                                                                                   | 750,000                                                               
|Net interest income after provisions for possible loan losses                                                                                                                                                                         | 1,588,050                                                             
|Service charges 
Other fees
Gain on settlement of securities
Total other income                                                                                                                                                       | 355,358
77,2812,263
414,902                                           
|Salaries and benefits
Advertising and business development
Repairs and maintenance
Depreciation and amortization
Legal and professional
Data processing
Regulatory fees and assessments
Other operating expenses
Total other expenses | 1,037,895
55,175
60,906
143,247
75,056
100,720
30,544352,060
1,855,603
|Net income (loss) before taxes
Provision for income taxes                                                                                                                                                                             | 147,349143,851                                                        
|Net income                                                                                                                                                                                                                            | $ 3,498                                                               
|Basic income per share                                                                                                                                                                                                                | $ 0.00                                                                
|Diluted income per share                                                                                                                                                                                                              | $ 0.00                                                                



Refer to notes to the consolidated financial statements.



COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Unaudited Consolidated Statements of Cash Flows
for the quarter ended

|                                                                                                                                                                                                                                                                                            | March 30,                                                             
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                            | 2002                                                                  
|Cash flows from operating activities                                                                                                                                                                                                                                                        | $2,065,482                                                            
|Cash flows from investing activities:
	Increase in other real estate owned
	Increase in goodwill 
	Securities, available-for-sale:
		Purchase of securities
		Maturity and paydowns 
		(Increase) in loans, net
	Purchase of property and equipment
		Net cash used in investing activities | (192,939)
25,980
3,150,000
(7,020,300)
(9,288)
(6,543,331)(10,589,878)
|Cash flows from financing activities:
	Increase in customers' deposits
	Increase in borrowings
	Payment of cash dividends
Net cash provided from financing activities                                                                                                                       | 3,055,189
500,000(192,900)
3,362,289                                  
|Net (decrease) in cash and cash equivalents
Cash and cash equivalents,
	beginning of period
Cash and cash equivalents, end of period                                                                                                                                                        | (5,162,107)24,521,171
$19,359,064                                     









Refer to notes to the consolidated financial statements.



COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
for the three-month periods ended March 31, 2001 and 2002

|                                                                           | Common Stock | Paid inCapital | RetainedEarnings | Accumulated
Other
ComprehensiveIncome |          
|-------------------------------------------------------------------------- | ------------ | -------------- | ---------------- | ------------------------------------- | ---------
|                                                                           | Shares       | Par Value      | Total           
|Balance December 31, 2000                                                  | 1,823,507    | $- -           | $10,861,822      | $6,957,865                            | $(49,372)
|Treasury Stock                                                             | - -          | - -            | - -              | - -                                   | (26,941) 
|Sale of treasury stock                                                     | - -          | - -            | - -              | - -                                   | 26,941   
|Comprehensive Income:
Net income,
three-month period 
ended March 31, 2001 | - -          | - -            | - -              | 500,782                               | - -      
|Net unrealized gain
on securities, three-month
period ended
March 31, 2001 | - -          | - -            | - -              | - -                                   | 153,797  
|Total comprehensive income                                                 | - -          | - -            | - -              | 500,782                               | 153,797  
|Less: Distribution of dividends                                            | - -          | - -            | - -              | (182,116)                             | - -      
|Balance,
March 31, 2001                                                    | 1,823,507    | $ - -          | $10,861,822      | $7,276,531                            | $104,425 
|Balance,
December 31, 2001                                                 | 1,932,381    | $ - -          | $11,224,734      | $7,092,559                            | $87,555  
|Treasury Stock                                                             | - -          | - -            | - -              | - -                                   | (26,970) 
|Comprehensive Income:
Net income, three-month period ended March 31, 2002  | - -          | - -            | - -              | 3,498                                 | - -      
|Net unrealized loss on securities, three-month period ended March 31, 2002 | - -          | - -            | - -              | - -                                   | (53,191) 
|Total comprehensive income                                                 | - -          | - -            | - -              | 3,498                                 | (53,190) 
|Less: Distribution of dividends                                            | - -          | - -            | - -              | (192,900)                             | - -      
|Balance, March 31, 2002                                                    | 1,932,381    | $ - -          | $11,224,734      | $6,903,157                            | $7,394   

Refer to notes to the consolidated financial statements.

Note 1 - Basis of Presentation

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2002 are not necessarily indicative of the results that may be expected for the year ending December 31, 2002. These statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Form 10-KSB for the year ended December 31, 2001.

Note 2 - Organization of the Business

Community National Bancorporation, Ashburn, Georgia (the "Company") was organized in August, 1989 to serve as a holding company for a proposed de novo bank, Community National Bank, Ashburn, Georgia ("CNB Ashburn"). During 1998, the Company sold and issued 400,000 shares of its common stock at $10.00 per share. This public offering yielded approximately $4.0 million, all of which was invested during 1999 in a de novo bank, Cumberland National Bank, St. Marys, Georgia ("CNB St. Marys"). On February 24, 2000, the Company acquired Tarpon Financial Corporation and its 100% owned subsidiary bank, First National Bank, Tarpon Springs, Florida ("FNB Tarpon Springs"). The above acquisition was effected through both the exchange of shares and the payment of cash. CNB Ashburn, CNB St. Marys and FNB Tarpon Springs (collectively, "the Banks") were chartered by and are currently regulated by the Office of the Comptroller of the Currency (the "OCC"). The Banks are primarily engaged in the business of obtaining deposits and providing commercial, consumer and real estate loans to the general public. Bank deposits are each insured up to $100,000 by the Federal Deposit Insurance Corporation (the "FDIC") subject to certain limitations imposed by the FDIC.

Note 3 - Recent Accounting Pronouncements

Statement of Financial Accounting Standards No. 141, "Business Combinations" ("FASB 141") addresses financial accounting and reporting for business combinations and supersedes both APB Opinion No. 16, "Business Combinations" and FASB Statement No. 38, "Accounting for Preacquisition Contingencies of Purchased Enterprises." All business combinations in the scope of FASB 141 are to be accounted for using one method - the purchase method. The provisions of FASB 141 apply to all business combinations initiated after June 30, 2001. The adoption of FASB 141 is not expected to have a material impact on the financial position or results of operations of the Company.

Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets" ("FASB 142") addresses financial accounting and reporting for acquired goodwill and other intangible assets and supersedes APB Opinion No. 17, "Intangible Assets." FASB 142 addresses how intangible assets that are acquired individually or with a group of other assets (but not those acquired in a business combination) should be accounted for in financial statements upon their acquisition. FASB 142 also addresses how goodwill and other intangible assets should be accounted for after they have been initially recognized in the financial statements. FASB 142 is effective for fiscal years beginning after December 15, 2001. The adoption of FASB 142 is not expected to have a material impact on the financial position or results of operations of the Company.

Statement of Financial Accounting Standards No. 143, "Accounting for Asset Retirement Obligations" ("FASB 143") addresses financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. FASB 143 applies to all entities. FASB 143 also applies to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and (or) the normal operation of a long-lived asset, except for certain obligations of leases. FASB 143 amends FASB Statement No. 19, "Financial Accounting and Reporting by Oil and Gas Producing Companies". FASB 143 is effective for fiscal years beginning after December 15, 2002. The adoption of FASB 143 is not expected to have a material impact on the financial position or results of operations of the Company.

Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("FASB 144") addresses financial accounting and reporting for the impairment or disposal of long-lived assets. FASB 144 supersedes both FASB Statement No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of" and the accounting and reporting provisions of APB Opinion No. 30, "Reporting the Results of Operation - Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and Transactions," for the disposal of a Segment of a business (as previously defined in that opinion). FASB 144 also amends ARB No. 51, "Consolidated Financial Statements" to eliminate the exception to consolidation for a subsidiary for which control is likely temporary. The provisions of FASB 144 are required to be applied with fiscal years beginning after December 15, 2001. Adoption of FASB 144 is not expected to have a material impact on the financial position or results of operations of the Company.

Item 2 - Management Discussion and Analysis of Financial Condition and Results of Operation.

Liquidity and sources of capital

Community National Bancorporation (the "Company") was organized in August, 1989 and began banking operations through its wholly owned subsidiary, CNB Ashburn, on August 6, 1990. Since then, CNB Ashburn established three additional branches and has total assets approximating $167.8 million at March 31, 2002. During 1999, the Company sold additional stock for approximately $4.0 million, utilizing the proceeds to establish another subsidiary, CNB St. Marys, which began operations in October, 1999. On March 31, 2002, CNB St. Marys had total assets amounting to $55.2 million. On February 24, 2000, the Company acquired FNB Tarpon Springs which, as of March 31, 2002, had total assets approximating $34.1 million.

The Company opened for business in 1990 with $3.4 million in its capital accounts. By March 31, 2002, the capital accounts had increased to $18.1 million through the sale of additional stock and through retained earnings. As evidenced by the table below, all three subsidiary banks comply with the minimum capital guidelines for "adequately capitalized" banks.

|Bank                                      | LeverageRatio  | Minimum
RegulatoryGuidelines | Risk
WeightedRatio | Minimum
RegulatoryGuidelines
|----------------------------------------- | -------------- | ---------------------------- | ------------------ | ----------------------------
|CNB Ashburn
CNB St. Marys
FNB Tarpon Spgs | 7.5%
8.0%
8.4% | 4.0%
4.0%
4.0%               | 10.3%
9.8%
14.9%   | 8.0%
8.0%
8.0%              

During the three-month period ended March 31, 2002, the Company received $275,000 in dividends from CNB Ashburn and also injected $500,000 into the capital accounts of FNB Tarpon Springs. In addition, the Company increased its borrowings by $500,000, from $3.0 million at December 31, 2001 to $3.5 million at March 31, 2002.

During the three-month period ended March 31, 2002, total assets increased by $3.5 million, to $258.7 million, representing an annualized growth rate of 5.5%. During the three-month period ended March 31, 2002, cash and cash equivalents decreased by $5.2 million, to $19.4 million; securities increased by $3.8 million, to $19.1 million; loans increased by $5.8 million to $206.5 million; property and equipment decreased by $.2 million, to $6.1 million; and other assets, including goodwill, decreased by $.8 million, to $7.5 million. To fund the above growth, deposits, borrowings and other liabilities increased by $3.0 million, $.5 million and $.2 million, respectively. Also, the capital accounts, including retained earnings, decreased by $.2 million.

Liquidity is the Company's ability to meet all deposit withdrawals immediately, while also providing for the credit needs of customers. The March 31, 2002 financial statements evidence a satisfactory liquidity position as total cash and cash equivalents amounted to $19.4 million, representing 7.5% of total assets. Investment securities amounted to $19.1 million, representing 7.4% of total assets; these securities provide a secondary source of liquidity since they can be converted into cash in a timely manner. The Banks are members of the Federal Reserve System and are maintaining relationships with several correspondent banks and, thus, could obtain funds on short notice. The Company's management closely monitors and maintains appropriate levels of interest earning assets and interest bearing liabilities, so that maturities of assets are such that adequate funds are provided to meet customer withdrawals and loan demand.

With the exception of the discussion in the following paragraph, the Company is not aware of any trends, demands, commitments, events or uncertainties that will result in or are reasonably likely to result in its liquidity increasing or decreasing in any material way.

On April 11, 2002, CNB St. Marys and the OCC, the Bank's primary regulator, entered into an agreement (the "Agreement") which resulted from weaknesses uncovered during an OCC examination conducted in January and February, 2002. The Agreement requires CNB St. Mary's to take the following actions:

1. Form a Compliance Committee to monitor and coordinate the bank's adherence to the Agreement;
2. Conduct a review of the Board's committee structure, and make necessary adjustments, if applicable;
3. By June 30, 2002 and until the Agreement is terminated, the bank achieve and maintain the following capital ratios:

1. Leverage ratio of at least 8.0%;
2. Tier one to risk-weighted assets ratio of at least 10.0%;
3. Total risk-based capital to risk weighted assets ratio of at least 12.0%.

1. Develop and implement a three-year capital plan;
2. Develop and implement a risk management program;
3. Develop and implement a program to improve the bank's loan portfolio management;
4. Develop and implement a system for identifying and monitoring problem credits;
5. Adopt, implement and adhere to a written program designed to eliminate the basis for criticism of assets classified or criticized by the OCC or by the bank's internal review program;
6. Employ a qualified consultant to perform an ongoing quality review of the bank's assets;
7. Take all steps necessary to obtain and maintain current credit information and proper documentation of loans;
8. Review the adequacy of the allowance for loan losses (the "Allowance") and maintain the Allowance at an adequate level;
9. Improve the bank's liquidity position and maintain adequate sources of stable funding;
10. Establish, implement and adhere to written procedures designed to prevent future violations of laws, rules and regulations, including taking the necessary steps to correct all violations and reducing to conforming amounts credits that exceed the bank's legal lending limits;
11. Develop or implement a three-year strategic plan for the bank;
12. Take all necessary actions to ensure that the bank's books, records and management information systems are complete and accurate;
13. Take all necessary actions to ensure that the bank's information systems activities are complete, accurate and effective; and
14. Adopt and implement a comprehensive and effective internal audit program.

Management is taking the actions necessary to comply with the Agreement as a matter of highest priority.

Results of Operations

For the three-month periods ended March 31, 2002 and 2001, net income amounted to $3,498 and $500,782, respectively. For the three-month periods ended March 31, 2002 and 2001, diluted earnings per share amounted to zero and $.26, respectively. Basic earnings per share amounted to zero and $.28 for the three month periods ended March 31, 2002 and 2001, respectively. Earnings per share were lower during the three-month period ended March 31, 2002 when compared to the three-month period ended March 31, 2001. Two of the three Bank subsidiaries, CNB St. Marys and FNB Tarpon Springs, experienced net losses of approximately $258,000 and $190,000, respectively. CNB Ashburn, the Company's largest subsidiary, recorded net income of approximately $525,000 during the three-month period ended March 31, 2002.

Below is a more detailed discussion concerning results of operations for the three-month periods ended March 31, 2002 and 2001.

1. Earning assets have increased from $207.1 million at March 31, 2001 to $244.0 million at March 31, 2002. Net interest income, an amount which represents the difference between interest received on interest earning assets and interest paid on interest bearing liabilities, increased from $2,322,177 to $2,338,050 for the same period one year later, representing an increase of $15,873, or .7%.
2. Net yield on earning assets decreased from 4.71% during the three-month period ended March 31, 2001 to 3.83% during the three-month period ended March 31, 2002. The primary reason for the decrease is attributed to the Federal Reserve Board's monetary policy action, reducing interest rates in order to stimulate the economy. The impact of this action on the Company is evidenced in a lower net interest yield because the Company is primarily asset sensitive.
3. Other income increased from $363,573 for the three-month period ended March 31, 2001 to $414,912 for the three-month period ended March 31, 2002. The above increase of $51,329 represents a 14.1% improvement. This increase is primarily due to increased activity in transactional accounts due to a higher deposit base. As a percent of total assets, however, other income decreased from .65% to .64% when comparing the three-month periods ended March 31, 2001 and 2002, respectively.
4. Other operating expenses increased from $1,608,468 for the three-month period ended March 31, 2001 to $1,855,603 for the three-month period ended March 31, 2002. The above increase which amounted to $247,135 represents an increase of 15.4%. As a percent of total assets, other operating expenses held at 2.87% for the three-month periods ended March 31, 2002 and 2001.
5. For the three-month periods ended March 31, 2002 and 2001, provision for loan losses amounted to $750,000 and $310,000, respectively. The material increase in the provision is due to above average charge-offs in two of the three subsidiary Banks. The substantial majority of these charge-offs relates to loans that were originated by prior management at those Banks. The Company hired outside consultants to review the quality of its subsidiaries' loan portfolios. This review is an ongoing process that may take six to twelve months to complete. As weak credits are uncovered, the Company will move aggressively to protect its position with respect to those loans.

At December 31, 2001, the allowance for loan losses amounted to $4,242,268, or 2.07% of gross loans. At March 31, 2002, the allowance amounted to $4,183,040, or 1.98% of gross loans. Management considers the allowance for loan losses to be adequate and sufficient to absorb possible future losses; however, there can be no assurance that charge-offs in future periods will not exceed the allowance for loan losses or that additional provisions to the allowance will not be required.

The Company has a $6.0 million line of credit of which $3.5 million has been drawn. In order to satisfy the capital requirements detailed in the Agreement, an additional amount of approximately $1.2 million will be drawn from the line of credit and injected into CNB St. Marys' capital accounts by June 30, 2002, leaving the Company with approximately $1.3 million in borrowing capacity under current arrangements. Under the terms of the line of credit, the above $1.3 million may be utilized by the Company for any corporate purpose, including the injection of capital into a subsidiary Bank.

The Company cautions readers of this report that any forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Although the Company's management believes that its expectations of future performance are based on reasonable assumptions within the bounds of its knowledge of the Company's business and operations, there can be no assurance that actual results will not differ materially from their expectations.

PART II - OTHER INFORMATION

|Item 1. | Legal Proceedings.                                                                                                                                        
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|        | There are no material pending legal proceedings to which the Company or the subsidiary Banks are a party or of which any of their property is the subject.
|Item 2. | Changes in Securities.                                                                                                                                    
|(a)
(b) | None.
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.                                                                                                                                                     
|Item 6. | Exhibits and Reports on Form 8-K.                                                                                                                         
|(a)     | Exhibits:
None                                                                                                                                            
|(b)     | Reports on Form 8-K
Registrant filed no reports on Form 8-K during the quarter ended March 31, 2002.                                                      



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.

|Date: May 14, 2001 | Community National Bancorporation
(Registrant)
By: /S/ T. Brinson Brock	T. Brinson Brock
President and Chief Executive Officer
(Principal Executive, Financial and 
Accounting Officer)
|------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------