| x | Quarterly report under section 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------|

|  ̈ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
|--------|-----------------------------------------------------------------|

| Florida                         | 65-0840545          |
|---------------------------------|---------------------|
| (State or Other Jurisdiction of | (IRS Employer       |
| Incorporation or Organization)  | Identification No.) |

| Large Accelerated Filer  ̈ | Accelerated Filer  ̈    |
|--------------------------------|-----------------------------|
| Non-Accelerated Filer  ̈   | Smaller reporting company x |

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| Part I. Financial Information                                                                              |         |   |
|------------------------------------------------------------------------------------------------------------|--------------|--------|
|                                                                                                       |         |   |
| Item 1. Financial Statements (unaudited)                                                                   |         |   |
|                                                                                                       |         |   |
| Consolidated Balance Sheets as of June 30, 2011 and December 31, 2010                                      |         | 3      |
|                                                                                                       |         |   |
| Consolidated Statements of Income for the Six Months Ended June 30, 2011 and 2010                          |         | 4      |
|                                                                                                       |         |   |
| Consolidated Statements of Cash Flows for the  Six Months Ended June 30, 2011 and 2010           |         | 5      |
|                                                                                                       |         |   |
| Consolidated Statements of Changes in Shareholders' Equity for the Six Months Ended June 30, 2011 and 2010 |         | 6      |
|                                                                                                       |         |   |
| Notes to Consolidated Financial Statements                                                                 |         | 7      |
|                                                                                                       |         |   |
| Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations             |         | 10     |
|                                                                                                       |         |   |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                         |         | 11     |
|                                                                                                       |         |   |
| Item 4T. Controls and Procedures                                                                           |         | 12     |
|                                                                                                       |         |   |
| Part II. Other Information                                                                                 |         |   |
|                                                                                                       |         |   |
| Item 1. Legal Proceedings                                                                                  |         | 13     |
|                                                                                                       |         |   |
| Item 1A. Risk Factors                                                                                      |         | 13     |
|                                                                                                       |         |   |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                        |         | 13     |
|                                                                                                       |         |   |
| Item 3. Defaults Upon Senior Securities                                                                    |         | 13     |
|                                                                                                       |         |   |
| Item 4. Submission of Matters to a Vote of Security Holders                                                |         | 13     |
|                                                                                                       |         |   |
| Item 5. Other Information                                                                                  |         | 13     |
|                                                                                                       |         |   |
| Item 6. Exhibits                                                                                           |    | 13     |

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|                                                                                                                                                                 |   | June 30,2011 |       |   | December 31,2010 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------|-----------------------|--------|
| Cash and due from banks                                                                                                                                              |   | $                 | 768        |   |                  | $      | 13,440 |   |
|                                                                                                                                                                 |   |              |       |   |                  |   |   |   |
| Property and equipment, net                                                                                                                                          |   |              | 1,233,235  |   |                  |   | 1,247,180 |   |
| Assets of discontinued operations                                                                                                                                    |   |              | 0          |   |                  |   | 0 |   |
| Other assets                                                                                                                                                         |   |              | 3,000      |   |                  |   | 3,000 |   |
| Total Assets                                                                                                                                                         |   | $                 | 1,237,003  |   |                  | $      | 1,263,620 |   |
| LIABILITIES & SHAREHOLDERS' EQUITY                                                                                                                               |   |              |       |   |                  |   |   |   |
| Liabilities:                                                                                                                                                         |   |              |       |   |                  |   |   |   |
| Liabilities of discontinued operations                                                                                                                               |   |              | 0          |   |                  |   | 0 |   |
| Note payable                                                                                                                                                         |   |              | 1,006,177  |   |                  |   | 981,782 |   |
| Accrued professional expenses                                                                                                                                        |   |              | 51,440     |   |                  |   |   |   |
| Other liabilities                                                                                                                                                    |   |              | 91,000     |   |                  |   | 91,000 |   |
| Total Liabilities                                                                                                                                                    |   | $                 | 1,148,617  |   |                  | $      | 1,072,782 |   |
| Shareholders' Equity:                                                                                                                                                |   |              |       |   |                  |   |   |   |
| Preferred stock, $.01 par value, 1.0 million shares authorized; zero shares issued and outstanding                                                              |   | $                 | —    |   |                  | $      | — |   |
| Treasury Stock: 39,773 shares                                                                                                                                        |   |              | (479,393   | )      |                  |   | (479,393 | ) |
| Common stock, $.01 par value,  25,000,000 shares authorized;  1,809,912 issued and 1,770,139 outstanding at June 30, 2011 and December 31, 2010. |   |              | 18,099     |   |                  |   | 18,099 |   |
| Paid-in-capital                                                                                                                                                      |   |              | 10,428,214 |   |                  |   | 10,428,214 |   |
| Retained (deficit)                                                                                                                                                   |   |              | (9,878,534 | )      |                  |   | (9,776,082 | ) |
| Accumulated other comprehensive income/(loss), net of tax                                                                                                            |   |              | 0          |   |                  |   | 0 |   |
| Total Shareholders' Equity                                                                                                                                           |   | $                 | 88,386     |   |                  | $      | 190,838 |   |
| Total Liabilities and Shareholders' Equity                                                                                                                           |   | $                 | 1,237,003  |   |                  | $      | 1,263,620 |   |

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|                                                               |   | Three Months Ended June 30, |      |   | Six Months Ended June 30, |   |
|--------------------------------------------------------------------|--------|-------------------------------------------------|-----------|--------|-----------------------------------------------|--------|
|                                                               |   | 2011                                            |      |   | 2010                                          |   |   | 2011 |   |   | 2010 |   |
| Operating Income                                                   |   |                                            |      |   |                                          |   |   |   |   |   |   |   |
| Gain on sale of asset                                              |   |                                            | 0         |   |                                          |   | 49,400 |   |   |   | 0 |   |   |   | 49,400 |   |
| Other miscellaneous income                                         |   |                                            | 0         |   |                                          |   | 0 |   |   |   | 64 |   |   |   | 0 |   |
| Total operating income                                             |   | $                                               | 0         |   |                                          | $      | 49,400 |   |   | $ | 64 |   |   | $ | 49,400 |   |
| Operating Expenses                                                 |   |                                            |      |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense on note                                           |   |                                            | 15,050    |   |                                          |   | 13,270 |   |   |   | 24,396 |   |   |   | 28,363 |   |
| Other operating expenses                                           |   |                                            | 66,044    |   |                                          |   | 40,824 |   |   |   | 78,121 |   |   |   | 46,171 |   |
| Total operating expenses                                           |   |                                            | 81,094    |   |                                          | $      | 54,094 |   |   | $ | 102,517 |   |   | $ | 74,534 |   |
| (LOSS)/GAIN FROM CONTINUING OPERATIONS BEFORE INCOME TAX PROVISION |   | $                                               | (81,094   | )      |                                          | $      | (4,694 | ) |   | $ | (102,453 | ) |   | $ | (25,134 | ) |
| Income tax provision/(benefit)                                     |   |                                            | 0         |   |                                          |   | (2,852 | ) |   |   | 0 |   |   |   | (9,802 | ) |
| (LOSS)/GAIN FROM CONTINUING OPERATIONS                             |   | $                                               | (81,094   | )      |                                          | $      | (1,842 | ) |   | $ | (102,453 | ) |   | $ | (15,332 | ) |
| DISCONTINUED OPERATIONS                                            |   |                                            |      |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| (Loss)/gain from discontinued operations                           |   |                                            | 0         |   |                                          |   | 82,195 |   |   |   | 0 |   |   |   | (2,633,225 | ) |
| Income tax provision/(benefit)                                     |   |                                            | 0         |   |                                          |   | (49,295 | ) |   |   | 0 |   |   |   | (919,974 | ) |
| (LOSS)/GAIN ON DISCONTINUED OPERATIONS                             |   |                                            | 0         |   |                                          |   | 131,490 |   |   |   | 0 |   |   |   | (1,713,251 | ) |
|                                                               |   |                                            |      |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| NET (LOSS)/GAIN                                                    |   | $                                               | (81,094   | )      |                                          | $      | 129,648 |   |   | $ | (102,453 | ) |   | $ | (1,728,583 | ) |
| Net (loss)/gain per common share: basic and diluted, from:         |   |                                            |      |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| Continuing operations                                              |   |                                            | (0.05     | )      |                                          | $      | 0.00 |   |   | $ | (0.06 | ) |   | $ | (0.01 | ) |
| Discontinued operations                                            |   |                                            | (0.00     | )      |                                          |   | 0.06 |   |   |   | (0.00 | ) |   |   | (0.96 | ) |
| NET (LOSS)/GAIN PER BASIC AND DILUTED SHARE                        |   |                                            | (0.05     | )      |                                          | $      | 0.07 |   |   | $ | (0.06 | ) |   | $ | (0.97 | ) |
| Weighted average number of shares outstanding:                     |   |                                            |      |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| Basic and Diluted                                                  |   |                                            | 1,779,139 |   |                                          |   | 1,779,139 |   |   |   | 1,779,139 |   |   |   | 1,779,139 |   |

----

|                                           |   | Six Months ended June 30 |    |
|------------------------------------------------|--------|----------------------------------------------|---------|
|                                           |   | 2011                                         |    |   | 2010 |   |
| Cash flow from operating activities:           |   |                                         |    |   |   |   |
| Net cash from operating activities             |   | $                                            | (37,068 | ) |   | $ | 67.999 |   |
|                                           |   |                                         |    |   |   |   |   |   |
| Cash flow from investing activities:           |   |                                         |    |   |   |   |   |   |
| Payment from county for land right of way      |   | $                                            | 0       |   |   | $ | 49,400 |   |
| Net cash from investing activities             |   | $                                            | 0       |   |   | $ | 49,400 |   |
|                                           |   |                                         |    |   |   |   |   |   |
| Cash flow from financing activities:           |   |                                         |    |   |   |   |   |   |
| Increase/(Decrease) in note payable            |   | $                                            | 24,396  |   |   | $ | (100,000 | )  |
|                                           |   |                                         |    |   |   |   |   |   |
| Net cash from financing activities             |   | $                                            | 24,396  |   |   | $ | (100,000 | ) |
|                                           |   |                                         |    |   |   |   |   |   |
| Net change in cash and cash equivalents        |   | $                                            | (12,672 | )  |   | $ | 17,399 |   |
| Cash and cash equivalents, beginning of period |   |                                         | 13,440  |   |   |   | 376 |   |
| Cash and cash equivalents, end of period       |   | $                                            | 768     |   |   | $ | 17,775 |   |

----

|                                                                                               |   |              |      |   |           |   |   |         |   |   |     |   |   | Accumulated   |       |   |   |   |
|---------------------------------------------------------------------------------------------------------|--------|-------------------|-----------|--------|----------------|--------|--------|--------------|--------|--------|----------|--------|--------|---------------|------------|--------|--------|--------|
|                                                                                                    |   |              |      |   |           |   |   |         |   |   |     |   |   | Other         |       |   |   |   |
|                                                                                                    |   | Common Stock |      |   | Treasury       |   |   | Paid in |   |   | Retained |   |   | Comprehensive |       |   |   |   |
|                                                                                                    |   | Shares            |      |   | Par Value |   |   | Stock        |   |   | Capital  |   |   | Earnings      |       |   | Income |   |   | Total |   |
| Balance December 31 , 2009                                                                              |   |              | 1,770,139 |   |           | $      | 18,099 |         |   | $      | (479,393 | )      |   | $             | 10,428,214 |   |   | $      | (4,006,176 | ) |   | $ | (293,583 | ) |   | $ | 5,667,161 |   |
| Comprehensive Income:                                                                                   |   |              |      |   |           |   |   |         |   |   |     |   |   |          |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income/(loss), six  month period ended June 30, 2010                                      |   |              |      |   |           |   |   |         |   |   |     |   |   |          |       |   |   | $      | (1,728,583 | ) |   |   |   |   |   | $ | (1,728,583 | ) |
| Net unrealized income on securities from discontinued operations, six -month period ended June 30, 2010 |   |              |      |   |           |   |   |         |   |   |     |   |   |          |       |   |   |   |   |   |   |   | 152,016 |   |   | $ | 152,016 |   |
| Total comprehensive income/(loss),net of tax                                                            |   |              |      |   |           |   |   |         |   |   |     |   |   |          |       |   |   |   |   |   |   |   |   |   |   |   | (1,576,567 | ) |
| Balance June 30,2010                                                                                    |   |              | 1,770,139 |   |           | $      | 18,099 |         |   | $      | (479,393 | )      |   | $             | 10,428,214 |   |   | $      | (5,734,759 | ) |   | $ | (141,567 | ) |   | $ | 4,090,594 |   |
| Balance December 31 , 2010                                                                              |   |              | 1,770,139 |   |           | $      | 18,099 |         |   | $      | (479,393 | )      |   | $             | 10,428,214 |   |   | $      | (9,776,082 | ) |   |   | 0 |   |   | $ | 190,838 |   |
| Net income/(loss), six -month period ended June 30, 2011                                                |   |              |      |   |           |   |   |         |   |   |     |   |   |          |       |   |   |   | (102,453 | ) |   |   |   |   |   | $ | (102,453 | ) |
| Balance June 30 , 2011                                                                                  |   |              | 1,770,139 |   |           | $      | 18,099 |         |   | $      | (479,393 | )      |   | $             | 10,428,214 |   |   | $      | (9,878,534 | ) |   |   | 0 |   |   | $ | 88,386 |   |

----

----

| Interest income                                     |   | $      | 4,310,683  |   |
|-----------------------------------------------------|--------|--------|------------|--------|
| Interest expense                                    |   |   | 2,005,900  |   |
| Net interest income                                 |   |   | 2,304,783  |   |
| Provision for possible loan losses                  |   |   | 2,697,973  |   |
| Net interest income after provision for loan losses |   |   | (393,190   | )      |
| Non-interest income                                 |   |   | 415,903    |   |
| Non-interest expense                                |   |   | (2,655,938 | )      |
| Loss before income tax                              |   |   | (2,633,225 | )      |
| Income tax (benefit)                                |   |   | (919,974   | )      |
| Net (loss)                                          |   | $      | (1,713,251 | )      |

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|   | 31.1   |         | Certification of Chief Executive Officer                                                                                                                     |
|--------|--------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |         |                                                                                                                                                         |
|   | 31.2   |         | Certification of Acting Chief Financial Officer                                                                                                              |
|   |   |         |                                                                                                                                                         |
|   | 32.1   |         | Certification  of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|   |   |         |                                                                                                                                                         |
|   | 32.2   |    | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002        |

----

|                  | /s/ Charles S. Conoley                       |
|-----------------------|----------------------------------------------|
|                  | Charles S. Conoley                           |
|                  | President and Chief Executive Officer        |
|                  | (Principal Executive Officer)                |
|                  |                                         |
|                  | /s/ Kathleen M. Jepson                       |
|                  | Kathleen M. Jepson                           |
|                  | Acting Chief Financial Officer               |
|             | (Principal Financial and Accounting Officer) |
| Date: August 19, 2011 |                                         |

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