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, 2003.

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, 2,011,495 shares outstanding as of May 12, 2003.

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, 2,011,495 shares issued and outstanding
	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,                                        
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------
|                                                                                                                                                                                                                                      | 2003                                                                   
|Interest income
Interest expense
Net interest income                                                                                                                                                                                  | $4,146,6321,841,6882,304,944                                           
|Provisions for possible loan losses                                                                                                                                                                                                   | 350,000                                                                
|Net interest income after provisions for possible loan losses                                                                                                                                                                         | 1,954,944                                                              
|Service charges 
Other fees
Gain on settlement of securities
Total other income                                                                                                                                                       | 304,899
98,5411,155
404,595                                            
|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 | 1,092,473
44,247
62,718
108,466
133,484
111,859
68,096408,841
2,030,184
|Net income (loss) before taxes
Provision for income taxes                                                                                                                                                                             | 329,355109,582                                                         
|Net income                                                                                                                                                                                                                            | $219,773                                                               
|Basic income per share                                                                                                                                                                                                                | $ 0.11                                                                 
|Diluted income per share                                                                                                                                                                                                              | $ 0.11                                                                 



Refer to notes to the consolidated financial statements.



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

|                                                                                                                                                                                                                                                                                                                 | March 31,                                                          
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                 | 2003                                                               
|Cash flows from operating activities                                                                                                                                                                                                                                                                             | $954,033                                                           
|Cash flows from investing activities:
	Increase in other real estate owned
	Increase in goodwill 
	Securities, available-for-sale:
		Sale of securities
		Purchase of securities
		Maturity and paydowns 
		(Increase) in loans, net
	Purchase of property and equipment
		Net cash used in investing activities | 240,081
- -
500,469
(6,042,450)
5,200,000
(8,041)6,376,1106,266,169
|Cash flows from financing activities:
	Increase in customers' deposits
	Increase in borrowings
	Payment of cash dividends
Net cash provided from financing activities                                                                                                                                            | (5,577,630)
- -- -(5,577,630)                                      
|Net (decrease) in cash and cash equivalents
Cash and cash equivalents,
	beginning of period
Cash and cash equivalents, end of period                                                                                                                                                                             | 1,642,57225,262,350$26,904,922                                     









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, 2002 and 2003

|                                                                           | No. ofShares | Common StockZero Par | Treasury Stock | RetainedEarnings | Accumulated
Other
ComprehensiveIncome | Total      
|-------------------------------------------------------------------------- | ------------ | -------------------- | -------------- | ---------------- | ------------------------------------- | -----------
|Balance December 31, 2001                                                  | 1,932,381    | 11,224,734           | $(26,970)      | $7,092,559       | $87,555                               | $18,377,878
|Treasury Stock                                                             | - -          | - -                  | - -            | - -              | (26,970)                              | (26,970)   
|Comprehensive Income:
Net income,
three-month period 
ended March 31, 2002 | - -          | - -                  | - -            | 3,498            | - -                                   | 3,498      
|Net unrealized gain
on securities, three-month
period ended
March 31, 2002 | - -          | - -                  | - -            | - -              | (53,191)                              | (53,191)   
|Total comprehensive income                                                 | - -          | - -                  | - -            | 219,773          | 25,965                                | 245,738    
|Less: Dividends paid                                                       | - -          | - -                  | - -            | (192,900)        | - -                                   | (192,900)  
|Balance,
March 31, 2002                                                    | 1,932,381    | 11,274,734           | $(26,970)      | $6,903,157       | $7,394                                | $18,135,285
|                                                                           |              |                      |                |                  |                                       |            
|Balance,
December 31, 2002                                                 | 2,011,495    | 11,488,452           | $(26,970)      | $7,405,223       | $241,631                              | $19,108,336
|Comprehensive Income:
Net income, three-month period ended March 31, 2003  | - -          | - -                  | - -            | 219,773          | - -                                   | 219,773    
|Net unrealized gain on securities, three-month period ended March 31, 2003 | - -          | - -                  | - -            | - -              | 25,965                                | 25,965     
|Total comprehensive income                                                 | - -          | - -                  | - -            | 219,773          | 25,965                                | 245,738    
|Balance, March 31, 2003                                                    | 2,011,495    | 11,488,452           | $(26,970)      | $7,624,996       | $267,596                              | $19,354,074





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, 2003 are not necessarily indicative of the results that may be expected for the year ending December 31, 2003. 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, 2002.

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"). 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 ("Cumberland"). On February 24, 2000, the Company acquired Tarpon Financial Corporation and its 100% owned subsidiary bank, First National Bank, Tarpon Springs, Florida ("Tarpon"). The above acquisition was effected through both the exchange of shares and the payment of cash. CNB, Cumberland and Tarpon (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

In December 2001, the American Institute of Certified Public Accountants issued Statement of Position ("SOP") 01-6, "Accounting by Certain Entities (Including Entities With Trade Receivables) That Lend to or Finance the Activities of Others." SOP 01-6 reconciles the specialized accounting and financial reporting guidance in the existing Banks and Savings Institutions Guide, Audits of Credit Unions Guide, and Audits of Finance Companies Guide. The SOP eliminates differences in accounting and disclosure established by the respective guides and carries forward accounting guidance for transactions determined to be unique to certain financial institutions. Adoption of this pronouncement has not had a material impact on the Company's results of operations or financial position.

In October 2002, the Financial Accounting Standards Board ("FASB") issued SFAS No. 147, "Acquisitions of Certain Financial Institutions," which addresses accounting for the acquisition of certain financial institutions. The provisions of SFAS No. 147 rescind the specialized accounting guidance in paragraph 5 of SFAS No. 72 and would require unidentifiable intangible assets to be reclassified to goodwill if certain criteria are met. Financial institutions meeting the conditions outlined in SFAS No. 147 will be required to restate previously issued financial statements after September 30, 2002. The adoption of SFAS No. 147 has had no material impact on the Company's results of operations or financial position.

In December 2002, FASB issued SFAS No. 148, "Accounting for Stock-Based Compensation - Transition and Disclosure," which amended SFAS No. 123, "Accounting for Stock-Based Compensation" to provide alternative methods of transition for a voluntary change to the fair value based method of accounting for stock-based compensation. In addition, this statement amended the disclosure requirements of SFAS No. 123 to require prominent disclosures in both annual and interim financial statements about the method of accounting for stock-based employee compensation and the effect of the chosen method on reporting results. The provisions of SFAS No. 148 are effective for annual periods ending December 15, 2002, and for interim periods beginning after December 15, 2002.

In November 2002, FASB issued Interpretation No. 45, "Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others." It addresses the accounting for the stand-ready obligation under guarantees. A guarantor is required to recognize a liability with respect to its stand-ready obligation under the guarantee even if the probability of future payments under the guarantee is remote. The initial liability will be measured as the fair value of the stand-ready obligation. Additionally, the Interpretation addresses the disclosure requirements for guarantees including the nature and terms of the guarantees, maximum potential for future amounts and the carrying amount of the liabilities. The disclosure requirements are effective for interim and annual financial statements ending after December 15, 2002. The initial recognition and measurement provisions are effective for all guarantees within the scope of Interpretation 45 issued or modified after December 31, 2002. Commercial letters of credit and other loan commitments, which are commonly thought of as guarantees of funds were not included in the scope of interpretation. The Company has made relevant disclosures in the current year financial statements. The Company does not expect the adoption of Interpretation No. 45 to have a material impact on its financials.

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

Results of Operations

For the three-month periods ended March 31, 2003 and 2002, net income amounted to $219,773 and $3,498, respectively. For the three-month periods ended March 31, 2003 and 2002, basic (and diluted) earnings per share amounted to $.11 and zero, respectively, i.e. earnings per share were higher during the three-month period ended March 31, 2003 when compared to the three-month period ended March 31, 2002. Two of the three bank subsidiaries, CNB and Tarpon, earned net income of approximately $460,000 and $6,000, respectively. Cumberland recorded a net loss of approximately $152,000 over the same time period.

Below is a more detailed discussion concerning results of operations for the three-month periods ended March 31, 2003 and 2002.

1. Earning assets have decreased from $244.0 million at March 31, 2002 to $234.7 million at March 31, 2003. Net interest income, an amount which represents the difference between interest received on interest earning assets and interest paid on interest bearing liabilities, also decreased from $2,338,050 to $2,304,944 for the same period one year later.
2. Net yield on earning assets increased from 3.83% during the three-month period ended March 31, 2002 to 3.93% during the three-month period ended March 31, 2003. The primary reason for the increase is attributed to the fact that the decline in the cost of funds for the 2003 period, vis-a-vis the decline in the 2002 period, out-paced the decline in the yield on earning assets over the same time span, thus resulting in an increase in net yield on earning assets.
3. Other income decreased from $414,902 for the three-month period ended March 31, 2002 to $404,595 for the three-month period ended March 31, 2003. This decline is primarily due to reduced activity in transactional accounts due to a lower deposit base. As a percent of total assets, however, other income increased from .64% to .65% when comparing the three-month periods ended March 31, 2002 and 2003, respectively. This increase is due to a lower asset base.
4. Other operating expenses increased from $1,855,603 for the three-month period ended March 31, 2002 to $2,030,184 for the three-month period ended March 31, 2003. The above increase which amounted to $174,581 represents an increase of 9.4%. As a percent of total assets, other operating expenses increased from 2.87% for the three-month period ended March 31, 2002 to 3.28% for the three-month period ended March 31, 2003.
5. Provision for loan losses for the three-month period ended March 31, 2003 and 2002 amounted to $350,000 and $750,000, respectively. The lower provision in the 2003 period is due to the fact that management believes the allowance for loan losses to be sufficient.

At December 31, 2002, the allowance for loan losses amounted to $4,323,848, or 2.13% of gross loans. At March 31, 2003, the allowance amounted to $4,100,344, or 2.09% 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.

Liquidity and sources of capital

The Company was organized in August, 1989 and began banking operations through its wholly owned subsidiary, CNB, on August 6, 1990. Since then, CNB established three additional branches and had total assets approximating $161.8 million at March 31, 2003. During 1999, the Company sold additional stock for approximately $4.0 million, utilizing the proceeds to establish Cumberland, which began operations in October, 1999. On March 31, 2003, Cumberland had total assets amounting to $54.5 million. On February 24, 2000, the Company acquired Tarpon, which, as of March 31, 2003, had total assets approximating $30.9 million.

The Company opened for business in 1990 with $3.4 million in its capital accounts. By March 31, 2003, the capital accounts had increased to $19.3 million through the sale of additional common 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. Below are the capital ratios of CNB, the Company's largest subsidiary bank, as well as the minimum capital guidelines for "well capitalized" banks.

|Bank | LeverageRatio | Minimum
RegulatoryGuidelines | Risk
WeightedRatio | Minimum
RegulatoryGuidelines
|---- | ------------- | ---------------------------- | ------------------ | ----------------------------
|CNB  | 8.8%          | 4.0%                         | 11.9%              | 8.0%                        

During the three-month period ended March 31, 2003, total assets decreased by $5.2 million, to $247.6 million. This decline in assets was effected by management in order to achieve higher capital ratios. Once the Company attains higher profits, it will resume its asset growth. During the three-month period ended March 31, 2003, cash and cash equivalents increased by $1.6 million, to $26.9 million; securities increased by $.6 million, to $17.8 million; loans decreased by $6.7 million to $191.7 million; property and equipment decreased by $.1 million, to $5.5 million; and other assets, including goodwill, decreased by $.6 million, to $5.8 million. To accommodate the decline in assets, deposits declined by $5.6 million to $221.9 million, other liabilities increased by $.2 million to $1.3 million, and the capital accounts increased by $.2 million to $19.3 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, 2003 financial statements evidence a satisfactory liquidity position as total cash and cash equivalents amounted to $26.9 million, representing 10.9% of total assets. Investment securities amounted to $17.8 million, representing 7.2% 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. 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 March 31, 2002, the Company obtained a ten-year $6 million line of credit facility from an unrelated financial institution. The Company's obligations under the facility are secured by the common stock of all three Banks and include annual principal payments beginning on April 1, 2003, each in an amount equal to 10% of the outstanding principal balance. As of December 31, 2002, the Company was determined by the lender to be in default of several of the facility's covenants applicable to the Company as a whole and two of the Banks.

On April 9, 2003, the Company made the 2003 annual principal payment of $504,200. To enable the Company to make the required principal payment, the Company sold 61,500 shares of its newly-issued Non-Voting Series A Preferred Stock to its directors for an aggregate price of $615,000. As of the date of this report, the outstanding principal under the facility is $4,537,800. No borrowing capacity remains under the facility.

In connection with the principal payment, the lender agreed to waive all existing defaults under the facility through June 30, 2003. The Company cannot give assurances that it will be able to avoid other defaults prior to June 30, 2003, or that it will not be in default after June 30, 2003. Such a default would have a material effect on the Company's liquidity and capital resources and could impair its ability to continue as a going concern.

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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|        | As previously reported, on April 11, 2002 and August 28, 2002, respectively, Cumberland and Tarpon, respectively, each entered into a formal agreement with the Office of the Comptroller of the Currency ("OCC"), pursuant to which each of Cumberland and Tarpon agreed to take certain actions to ensure its safe and sound operation. As of the date of this report, the Company believes that most of the requirements imposed on Cumberland have been substantially satisfied but the deadline for Cumberland's full compliance has expired. In the case of Tarpon, the Company believes that all but one of the requirements, appointment of a new President, have been substantially satisfied albeit after the deadline imposed by the OCC. Tarpon did submit a candidate for a new President for OCC's approval and is awaiting action from the OCC. The Company, Cumberland and Tarpon are continuing in their efforts to satisfy all the relevant conditions as soon as practicable.
These agreements will remain in place until the OCC is satisfied that all of these requirements have been met and the condition of the banks improves. Failure to comply with the terms of either agreement could result in additional regulatory enforcement action, including assessment of civil money penalties or issuance of a Cease and Desist Order, which could impose additional obligations on the banks.
Also, as previously reported, at the request of the Federal Reserve Board (the "Fed"), the Company's Board of Directors recently adopted resolutions that, among other things, prohibit the Company from incurring additional debt, declaring or paying dividends or redeeming treasury stock without prior Fed approval. As of the date of this report, the Company believes that it is in full compliance with the provisions of the resolutions calling for submission to the Fed of a consolidated budget, cash flow projections and adoption of a strategic and capital plans.
On May 2, 2003, the OCC delivered to CNB, the Company's largest bank, a draft formal agreement similar in scope to the formal agreements entered into by Cumberland and Tarpon. The Company and CNB are currently reviewing the draft and intend to communicate with the OCC with respect thereto in the next several weeks.
|        | Exhibits and Reports on Form 8-K.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(a)     | Exhibits:
99.1 Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350
99.2 Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|(b)     | Reports on Form 8-K
Registrant filed no reports on Form 8-K during the quarter ended March 31, 2003.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  



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.

|                   | Community National Bancorporation
(Registrant)
By: /S/ Theron G. Reed	Theron G. Reed
President and Chief Executive Officer
(Principal Executive Officer)
|------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------
|Date: May 14, 2003 | By: /S/ Terry L. Alston
	Terry L. Alston
Chief Financial Officer
(Principal Financial and Accounting Officer)                                           



CERTIFICATION

I, Theron G. Reed, certify that:

l.	I have reviewed this Quarterly Report on Form 10-QSB of Community National Bancorporation;

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

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

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

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

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

c)	Presented in this Quarterly Report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

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

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

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

6.	The registrant's other certifying officers and I have indicated in this Quarterly Report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: May 14, 2003.

/S/ Theron G. ReedTheron G. Reed
President and Chief Executive Officer

CERTIFICATION

I, Terry L. Alston, certify that:

l.	I have reviewed this Quarterly Report on Form 10-QSB of Community National Bancorporation;

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

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

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

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

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

c)	Presented in this Quarterly Report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

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

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

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

6.	The registrant's other certifying officers and I have indicated in this Quarterly Report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: May 14, 2003.

/S/ Terry L. Alston
Terry L. Alston
Chief Financial Officer