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, 2001.

Commission File No. 33-31013-A

COMMUNITY NATIONAL BANCORPORATION

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

|Georgia(State of Incorpration) | 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, 1,823,507 shares outstanding as of May __, 2001.

<Page 1>

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
		Total deposits
FHLN advances
Note payable
Other liabilities
	Total liabilities                                                                                                                                                                                            
|Commitments and contingencies                                                                                                                                                                                                                                                                                                      
|Shareholder's Equity:
	Common stock, no par value, 50,000,000
	shares authorized, 1,823,507 shares 
	issued and outstanding at March. 31,
	2001 and December 31, 2000, respectively
	Retained earnings
	Treasury stock
	Unrealized (loss) on securities, net
	Total Shareholders' Equity
Total liabilities and shareholders' equity

Refer to notes to the consolidated financial statements.

<Page 2>

COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Unaudited Consolidated Statements of Income
for the three months ended

|                                                                                                                                                                                                                                      | For the quarter 
Ended March 31,                                   
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------
|                                                                                                                                                                                                                                      | 2001                                                               
|Interest Income
Interest expense
Net interest margin                                                                                                                                                                                  | $5,147,7092,825,5322,322,177                                       
|Provisions for possible loan losses                                                                                                                                                                                                   | 310,000                                                            
|Net interest income after provisions for possible loan losses                                                                                                                                                                         | 2,012,177                                                          
|Service charges
Other income
Total other income                                                                                                                                                                                       | $288,08275,491$363,573                                             
|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 | 856,590
57,178
66,105
125,800
46,002
76,085
29,191351,517
1,608,468
|Net income (loss) before taxes
Provision for income taxes                                                                                                                                                                             | 767,282266,500                                                     
|Net income                                                                                                                                                                                                                            | $500,782                                                           
|Basic income per share                                                                                                                                                                                                                | $	.28                                                              
|Diluted income per share                                                                                                                                                                                                              | $	.26                                                              



Refer to notes to the consolidated financial statements.

<Page 3>

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

|                                                                                                                                                                                                                                    | March 31,                                                       
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------
|                                                                                                                                                                                                                                    | 2001                                                            
|Cash flows from operating activities                                                                                                                                                                                                | $1,951,318                                                      
|Cash flows from investing activities:
	Purchase of goodwill 
	Securities, available-for-sale:
	Maturity, paydowns, calls
	Purchase of securities
	Purchase of fixed assets
	Increase in loans
Net cash used in investing activities | $	 - - 
2,530,000
(2,577,308)
(22,567)(21,273,934)
$(21,343,809)
|Cash flows from financing activities:
	Increase in equity
	Increase in customer deposits
	Increase in borrowings
	Payment of cash dividends
Net cash provided from financing activities                                             | $	 - - 
15,112,456
4,900,000(182,116)
$19,830,341               
|Net increase in cash and cash equivalents
Cash and cash equivalents,
	beginning of period
Cash and cash equivalents, end of period                                                                                                  | $ 437,84915,892,968
$16,330,817                                 



Refer to notes to the consolidated financial statements.

<Page 4>

COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIA
Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
for the three-month periods ended March 31, 2000 and 2001

|                                                                               | Common Stock | Paid inCapital | RetainedEarnings | Accumulated
Other
ComprehensiveIncome |           
|------------------------------------------------------------------------------ | ------------ | -------------- | ---------------- | ------------------------------------- | ----------
|                                                                               | Shares       | Par Value      | Total           
|Balance,
December 31, 1999                                                     | 1,534,711    | $- -           | $7,702,091       | $5,731,110                            | $(229,220)
|Common stock issued                                                            | 188,322      | - -            | 2,858,795        | - -                                   | - -       
|Comprehensive Income:
Net income,
three-month period 
ended March 31, 2000     | - -          | - -            | - -              | 217,469                               | - 0-      
|Net unrealized (losses) on securities, three-month period ended March 31, 2000 | - -          | - -            | - -              | - -                                   | (21,060)  
|Total comprehensive income                                                     | - -          | - -            | - -              | 217,469                               | (21,060)  
|Less: Distribution of dividends                                                | - -          | - -            | - -              | (153,471)                             | - -       
|Balance,
March 31, 2000                                                        | 1,720,593    | $- -           | $10,490,315      | $5,795,108                            | $(250,280)
|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  



Refer to notes to the consolidated financial statements.

<Page 5>

COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIANotes to financial Statements (Unaudited)
March 31, 2001

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, 2001 are not necessarily indicative of the results that may be expected for the year ending December 31, 2001. 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, 2000.

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.

<Page 6>

COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIANotes to financial Statements (Unaudited)
March 31, 2001

Note 3 - Recent Accounting Pronouncements

In June, 1998, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities." Statement No. 133 establishes
accounting and reporting standards requiring that every derivative instrument (including certain derivative instruments embedded in other contracts) be recorded in the balance sheet as either an asset or a liability measured at its fair value. The
Statement requires that changes in the derivative instrument's fair value be recognized currently in earnings unless specific hedge accounting criteria are met. Statement No. 133, as amended, is effective for fiscal years beginning after June 15, 2000.
The Company adopted Statement No. 133 as of September 30, 2000. The adoption of Statement No. 133 did not have a material impact on the financial position or results of operations of the Company.

In September, 2000, FASB issued Statement No. 140, "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities." This new Statement replaces Statement No. 125, issued in June, 1996. Statement No.
140 resolves certain implementation and other issues that have arisen since the initial adoption of Statement No. 125, but it carries over most of Statement No. 125's provisions without change. Statement No. 140 is effective for transfers occurring after
March 31, 2001 and for disclosures relating to securitization transactions and collateral for fiscal years ending after December 15, 2000. The adoption of Statement No. 140 will not have a significant impact on the financial position or results of
operations of the Company.

<Page 6>

COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIANotes to financial Statements (Unaudited)
March 31, 2001

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 $158.8 million at March 31, 2001. 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, 2001, CNB St. Marys had total assets amounting to $38.6 million. On February 24, 2000, the Company acquired FNB Tarpon Springs which, as of March 31, 2001, had total assets approximating $26.1 million.

The Company opened for business in 1990 with $3.4 million in its capital accounts. By March 31, 2001, 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 are well capitalized.

|Bank                                      | LeverageRatio  | Minimum
RegulatoryGuidelines | Risk
WeightedRatio | Minimum
RegulatoryGuidelines
|----------------------------------------- | -------------- | ---------------------------- | ------------------ | ----------------------------
|CNB Ashburn
CNB St. Marys
FNB Tarpon Spgs | 7.6%
9.1%
9.2% | 4.0%
4.0%
4.0%               | 10.2%
11.1%
12.4%  | 8.0%
8.0%
8.0%              

During the three-month period ended March 31, 2001, total assets increased by $21.0 million to $224.2 million, representing an annualized growth rate of 37.4%. During the three-month period ended March 31, 2001, cash and cash
equivalents increased by $.4 million, securities increased by $.2 million, loans increased by $20.9 million, property and equipment decreased by $.1 million, and other assets, including goodwill, decreased by $.4 million. To fund the above growth,
deposits, borrowings and other liabilities increased by $15.1 million, $4.9 million and $.5 million, respectively. In addition, the capital accounts, including retained earnings, increased by $.5 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, 2001 financial statements evidence a satisfactory liquidity position as total
cash and cash equivalents amounted to $16.3 million, representing 7.3% of total assets. Investment securities amounted to $13.4 million, representing 6.0% of total assets; these securities provide a secondary source of liquidity since they can be
converted into cash in a timely manner.

<Page 8>

COMMUNITY NATIONAL BANCORPORATION
ASHBURN, GEORGIANotes to financial Statements (Unaudited)
March 31, 2001

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. 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.

Results of Operations

For the three-month periods ended March 31, 2001 and 2000, net income amounted to $500,782 and $217,469, respectively. For the three-month periods ended March 31, 2001 and 2000, diluted earnings per share amounted to $.26 and
$.11, respectively. Basic earnings per share amounted to $.28 and $.13 for the three month periods ended March 31, 2001 and 2000, respectively. Earnings per share were higher during the three-month period ended March 31, 2001 when compared to the
three-month period ended March 31, 2000. The primary reasons for the higher earnings performance during the three-month period ended March 31, 2001 when compared to the three-month period ended March 31, 2000 are as follows:

1. CNB St. Marys reported a profit during the three-month period ended March 31, 2001, but had a significant loss during the three-month period ended March 31, 2000.
2. Significant expenses were incurred during the three-month period ended March 31, 2000 relating to the acquisition of FNB Tarpon Springs; there were no such expenses during the three-month period ended March 31, 2001.

Below is a more detailed discussion concerning results of operations for the three-month periods ended March 31, 2001 and 2000.

1. Earning assets have increased from $140.7 million at March 31, 2000 to $207.1 million at March 31, 2001. As a consequence, net interest income, which represents the difference between interest received on interest earning assets
and interest paid on interest bearing liabilities, has increased from $1,789,360 to $2,322,177 for the same period one year later, representing an increase of $532,817, or 29.8%.
2. Net yield on earning assets decreased from 5.13% during the three-month period ended March 31, 2000 to 4.71% during the three-month period ended March 31, 2001. 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 $315,888 for the three-month period ended March 31, 2000 to $363,573 for the three-month period ended March 31, 2001. The above increase of $47,685 represents a 15.1% 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 .80% to .65% when comparing the three-month periods ended March 31, 2000 and 2001, respectively.
4. Other operating expenses increased from $1,464,218 for the three-month period ended March 31, 2000 to $1,608,468 for the three-month period ended March 31, 2001. The above increase which amounted to $144,250 represents an increase
of 9.9%. As a percent of total assets, other operating expenses decreased from 3.73% to 2.87% for the three-month periods ended March 31, 2000 and 2001, respectively. This significant decrease in the ratio of operating expenses to total assets for the
three-month period ended March 31, 2001 when compared to the three-month period ended March 31, 2000 is primarily due to the attainment of economies of scale at two subsidiary banks and to the elimination of acquisition related expenses.

At December 31, 2000, the allowance for loan losses amounted to $2,577,473, or 1.58% of gross loans. At March 31, 2001, the allowance amounted to $2,802,424, or 1.52% 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 is not aware of any current recommendation by the regulatory authorities which, if they were to be implemented, would have a material effect on the Company's liquidity, capital resources, or results of operations.

<Page 10>

PART II - OTHER INFORMATION

|Item 1 | Legal Proceedings.
|------ | ------------------

There are no material pending legal proceedings to which the Company or the Bank is a party or of which any of their property is the subject.

|Item 2 | Changes in Securities.
|------ | ----------------------

(a)	None.
	(b)	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, 2001.

<Page 11>

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 9, 2000 | Community National Bancorporation
(Registrant)
By: /S/ T. Brinson Brock,	T. Brinson Brock
President and Chief Executive Officer
(Principal Executive, Financial and 
Accounting Officer)
|----------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

<Page 12>