<PAGE>



                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB
                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


     For Quarterly Period Ended                          Commission File Number:
         March 31, 1997                                          33-41045


                          SARASOTA BANCORPORATION, INC.
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)



              Florida                                        65-0235255
--------------------------------------------------------------------------------
(State or other jurisdiction of                           (I.R.S. Employer
 incorporation or organization)                          Identification No.)



           Two North Tamiami Trail, Suite 100, Sarasota, Florida 34236
                    (Address of principal executive offices)



                                 (941) 955-2626
--------------------------------------------------------------------------------
                           (Issuer's telephone number)



                                 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 last 12 months (or
for such shorter  period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

                    Yes    [X]                         No

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

    Common Stock, $.01 Par Value                        471,500
    ----------------------------               --------------------------
                Class                          Outstanding at May 9, 1997

Transitional Small Business Disclosure Format (Check One):

                    Yes                                No     [X]



<PAGE>



                          PART I. FINANCIAL INFORMATION

Item 1.          Financial Statements

<TABLE>
<CAPTION>

                         SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY

                          CONSOLIDATED BALANCE SHEETS
                      March 31, 1997 and December 31, 1996
                                  (UNAUDITED)


ASSETS                                                                March 31, 1997   December 31, 1996
------                                                                --------------   -----------------
<S>                                                                   <C>                 <C>
Cash and Due From Banks                                               $  2,309,009        2,467,658
Federal Funds Sold                                                       3,640,000        3,718,000
Securities held to maturity                                                   --               --
Securities available for sale                                           12,504,010       11,212,512
Loans (Net)                                                             32,284,829       30,994,843
Accrued interest receivable                                                282,307          313,185
Foreclosed real estate                                                      71,673           71,673
Furniture and equipment,net                                                416,530          432,879
Deferred income taxes                                                      236,200          220,288
Other assets                                                                29,700           44,165
                                                                      ------------       ----------

TOTAL ASSETS:                                                         $ 51,774,258       49,475,203
                                                                      ============       ==========



LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:

Demand deposits                                                       $  7,060,197        5,666,640
NOW and money market deposits                                            8,858,827       10,509,570
Savings deposits                                                           781,925          952,080
Other time deposits                                                     29,436,986       26,733,473
                                                                      ------------       ----------
Total deposits                                                          46,137,935       43,861,763
                                                                      ------------       ----------

Repurchase agreements                                                    1,424,782        1,487,823
Accrued interest payable                                                   84,732           68,137
Other liabilities                                                          101,101          130,802
                                                                      ------------       ----------
TOTAL LIABILITIES:                                                      47,748,550       45,548,525



STOCKHOLDERS' EQUITY:

Preferred stock, $.10 Par Value. Authorized 1,000,000 shares;
     None Issued or Outstanding                                               --               --
Common Stock, $.01 Par Value. Authorized 10,000,000 shares;
     Outstanding 471,500                                                     4,715            4,715
dditional Paid-In Capital                                                4,710,285        4,710,285
Accumulated Deficit                                                       (677,609)        (815,415)
Net unrealized appreciation on available-for-sale securities (net)         (11,683)          27,093
                                                                      ------------       ----------


TOTAL STOCKHOLDERS' EQUITY:                                              4,025,708        3,926,678
                                                                      ------------       ----------


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY:                           $ 51,774,258       49,475,203
                                                                      ============       ==========
</TABLE>

                                       -1-

<PAGE>

<TABLE>
<CAPTION>

                         SARASOTA BANCORPORATION, INC.
                               SARASOTA, FLORIDA

                     CONSOLIDATED STATEMENTS OF OPERATIONS
               FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                                   (UNAUDITED)

                                         THREE MONTHS THREE MONTHS
                                                  ENDED ENDED
                                             3/31/97      3/31/96
                                          ------------  ------------

<S>                                          <C>          <C>
INTEREST INCOME:
----------------
Interest and Fees on Loans                   $742,644    $542,341
Interest on Federal Funds Sold                 35,390       3,011
Interest on Investment Securities             180,863     162,623
                                             --------     -------
TOTAL INTEREST INCOME:                        958,897     707,975


INTEREST EXPENSE:
-----------------
Interest on Deposits                          443,525     296,506
Interest on Borrowings                            139      14,137
Interest on Repurchase agreements              16,548      11,142
                                             --------     -------

TOTAL INTEREST EXPENSE:                       460,212     321,785
                                             --------     -------

NET INTEREST INCOME:                          498,685     386,190

Provision For Possible Loan Losses             48,500       7,250
                                             --------     -------

NET INTEREST INCOME (LOSS) AFTER
     PROVISION FOR POSSIBLE LOAN LOSSES:      450,185     378,940

OTHER OPERATING INCOME:
-----------------------
Service Charges on Deposit Accounts            32,550      24,951
Other Fees and Other Income                    24,731      13,837
                                             --------     -------

NET OTHER OPERATING INCOME:                    57,281      38,788

OPERATING EXPENSES:
-------------------
Salaries and employee benefits                169,690     172,348
Occupancy                                      75,455      66,372
Data processing                                12,880      23,789
Professional Fees                              34,464      36,736
Other                                          74,171      77,943
                                             --------     -------

TOTAL OTHER OPERATING EXPENSES:               366,660     377,188
                                             --------     -------

INCOME BEFORE TAXES                           140,806      40,540

PROVISION FOR TAXES                             3,000        --
                                             --------     -------

NET INCOME                                   $137,806      40,540
                                             ========      ======

INCOME PER SHARE                                 0.29        0.09
                                             ========      ======
</TABLE>
REFER TO NOTES TO FINANCIAL STATEMENTS

                                       -2-
<PAGE>

<TABLE>
<CAPTION>

                         SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                                   (UNAUDITED)

                                                            THREE MONTHS      THREE MONTHS
                                                               ENDED             ENDED
                                                              3/31/97           3/31/96
                                                            ------------      ------------

<S>                                                       <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITY:
NET INCOME                                                $   137,806          40,540
ADJUSTMENTS TO RECONCILE NET INCOME TO NET
     CASH FLOWS FROM OPERATIONS:

Depreciation                                                   16,349           8,832
Amortization of Organizational Costs                            9,707           9,707
Provision for Loan Losses                                      48,500           7,250
(Increase) Decrease in Accrued Interest Receivable             30,878          51,460
(Increase) Decrease in Foreclosed real estate                    --            (3,166)
(Increase) Decrease in Deferred income taxes                  (15,912)        (37,961)
(Increase) Decrease in other assets                             4,758           3,254
(Decrease) Increase in Repurchase agreements                  (63,041)           --
(Decrease) Increase in Accrued Interest Payable                16,595          (5,232)
(Decrease) Increase in other liabilities                      (29,701)         20,854
                                                           ----------      ----------



NET CASH USED IN OPERATING ACTIVITIES:                        155,939          95,538
                                                           ----------      ----------

CASH FLOW FROM INVESTING ACTIVITIES:

Purchase of investment securities, Net                     (1,330,274)       (501,218)
Purchase of furniture & equipment                                --            (4,014)
Increase in Loans, Net                                     (1,338,486)       (824,728)
                                                           ----------      ----------


NET CASH USED IN INVESTING ACTIVITIES:                     (2,668,760)     (1,329,960)
                                                           ----------      ----------


CASH FLOW FROM FINANCING ACTIVITIES:

Net Increase in Deposits                                    2,276,172         685,741
                                                           ----------      ----------

NET CASH PROVIDED BY FINANCING ACTIVITIES:                  2,276,172         685,741
                                                           ----------      ----------

NET INCREASE (DECREASE) IN CASH:                             (236,649)       (548,681)

CASH AS BEGINNING OF PERIOD:                                6,185,658       2,408,375
                                                           ----------      ----------

CASH AT END OF PERIOD:                                      5,949,009       1,859,694
                                                            =========       =========

Supplemental Disclosure of Cash Flow Information -
     Cash Paid During The Period For Interest:            $   460,212         321,785
                                                          ===========         =======
</TABLE>

                                      -3-
<PAGE>



                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY
                    Notes to Financial Statements (Unaudited)
                                 March 31, 1997

Note 1 - Basis of Presentation

         The accompanying  financial statements have been prepared in accordance
with generally accepted accounting  principles for Interim Financial  Statements
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, 1997 are not  necessarily  indicative of the results that
may be expected for the year ended December 31, 1997.  For further  information,
refer  to  the  financial  statements  and  footnotes  thereto  included  in the
Company's Form 10-KSB for the year ended December 31, 1996.

Note 2 - Summary of Organization

         Sarasota BanCorporation,  Inc. Sarasota,  Florida (the "Company"),  was
incorporated  under the laws of the State of Florida on December 28,  1990,  for
the purpose of becoming a bank  holding  company  with  respect to a proposed de
novo bank, Sarasota Bank (the "Bank") Sarasota,  Florida.  Prior to formation of
the  Company,   the  Company's  organizers  formed  a  partnership  to  commence
organizing a bank holding company.  The partnership was subsequently merged into
the Company as of December  30,  1990.  As a result,  each  organizers'  capital
account in the partnership was exchanged for common stock of the Company and all
assets  of the  partnership  were  contributed  as  capital  to the  Company  in
consideration  of the  issuance  of its  common  stock  to  the  organizers.  On
September  15, 1992,  the  organizers  received  approval from the Office of the
Comptroller of the State of Florida for the  organization of a new state banking
association;  an  approval  was also  received  on May 29, 1992 from the Federal
Reserve Board to form a one-bank  holding  company.  On September 15, 1992,  the
Company  acquired 100% of the Bank's  capital  stock by injecting  $4.25 million
into the Bank's capital accounts.

Note 3 - Significant Accounting Policies

         The  accounting  and  reporting  policies  of the  Company  conform  to
generally accepted accounting principles and to general practices in the banking
industry. The following summarizes the more significant of these policies:

         Investment  Securities.  As of March 31, 1997 no Investment  Securities
are carried as "Held to Maturity".

         Available for Sale Securities. As of March 31, 1997 the market value of
"Available for sale Securities" is $12,504,010.




                                      -4-
<PAGE>




         Organizational  Costs.  In  accordance  with FASB  Statement No. 7, the
Company and the subsidiary Bank  capitalized all direct costs that were incurred
in the  expectation  that they would  generate  future  revenues  and  otherwise
benefit periods after the Bank opened for business.  These capitalized costs, or
organizational costs, are amortized over a sixty-month period using the straight
line method. As of March 31, 1997,  unamortized  organizational cost amounted to
$16,734.

         Profit Per Share.  Profit per share .29 for the quarter ended March 31,
1997 may not be  indicative of projected  earnings for the year ending  December
31, 1997.

         Income Taxes. The Company will be subject to taxation  whenever taxable
income is  generated.  As of March 31,  1997,  no income taxes have been accrued
because of net operating loss carry-overs.

         Statement  of Cash Flows.  The  presentation  of the  statement of cash
flows is condensed as permitted by the Securities and Exchange  Commission  (the
"SEC").  The classification of cash flows is consistent with the requirements of
FASB Statement No. 95.

Note 4 -  Related Parties

         One of the Company's directors serves as legal counsel for the Company.
Gross fees for services  provided by this director during the three months ended
March 31, 1997 was $1,235.  This amount  includes  sums paid by the Bank to such
director's  law firm as well as sums paid by Bank  customers and cost  advances.
Another director provides advertising, printing and other miscellaneous services
to the Company. The gross billings, which includes costs passed through to other
companies  providing  services to the  Company,  was $9,050 for the three months
ended March 31, 1997.




                                      -5-
<PAGE>



Item 2.           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                  CONDITION AND RESULTS OF OPERATIONS

         The  following  discussion  addresses  the factors  that have  affected
Sarasota Bancorporation,  Inc.'s (the "Company") financial condition and results
of operations as reflected in the Company's unaudited  financial  statements for
the first quarter ended March 31, 1997.

Results of Operations

         The Company's net income for the first quarter of 1997 was $137,806,  a
239.9%  increase  compared to $40,540 for the same period in 1996.  Earnings per
share  increased  to $0.29 in the first  quarter of 1997  compared  to $0.09 per
share for the same period in 1996.  The  increases  in net income are  primarily
attributable  to a 36.9%  increase  in  interest  and fees on loans  and a 30.6%
increase in interest on investment securities and fed funds sold.

         Net interest  income after the  provision for loan losses for the first
quarter  of 1997  increased  $71,245  or 18.8% to  $450,185  from a  balance  of
$378,940 for the first quarter of 1996.
 The increases in net interest  income  resulted  primarily  from an increase in
loan volume and a  corresponding  increase in interest and fees on loans as well
as an  increase  in  investment  securities  with a  corresponding  increase  in
interest  income on securities.  The cost of deposits  averaged 4.17% during the
first quarter of 1997  compared to 3.92% for the first quarter of 1996.  The net
interest  margin  was 4.13% as of March 31,  1997 on average  earning  assets of
$46,273,993.  For the same period in 1996, the net interest  margin was 4.37% on
average  earning assets of  $34,238,278.  The decrease in net interest margin is
reflective of growth in higher priced interest bearing liability accounts.

         Non-interest expense for the first quarter of 1997 decreased $10,528 or
2.79% as compared to the first  quarter of 1996.  This decrease is primarily the
result  of a refund  of  unused  accrued  funds to data  processing  fees.  Data
processing  fees  were  expended  each  month of 1996 in  order  for the Bank to
purchase a "Voice Response," or telephone  banking system.  The Bank elected not
to  purchase  the system  during the first  quarter of 1997 and  reimbursed  the
expense account in the amount of $10,600.

         Non-interest  income  increased  $18,493  or  47.68%  during  the first
quarter  ended  March 31,  1997 as  compared  to the same  period  in 1996.  The
increase in non-interest  income is attributable to increased  overdraft service
fees on depository accounts as well as increased rental income earned on certain
office space located in the Bank's  principal  office facility that is subleased
by the Company.

Financial Condition

         For  the  three  month  period  ended  March  31,  1997,   the  Company
experienced  continued  asset,  loan  and  deposit  growth.  Total  assets  have
increased  4.65% to $51,774,258  for the three month period ended March 31, 1997
from  $49,475,203 at December 31, 1996. This increase is primarily  attributable
to an  increase  in loans of  approximately  $1.3  million  and an  increase  in
securities available for sale of approximately $1.3 million during this period.




                                      -6-
<PAGE>





         The allowance for loan loss provision for the first quarter of 1997 was
$48,500 compared to $7,250 in the first quarter of 1996. The reserve balance for
loan  losses as of March 31,  1997 was  $360,611  as  compared  to  $313,939  at
December 31, 1996. At March 31, 1997, the allowance for loan losses  represented
1.11% of total loans  outstanding.  Management  considers  the  allowance  to be
adequate  based upon  evaluations of specific loans and the weighting of various
loan  categories  as suggested by the Bank's  internal loan rating  system.  The
provision  for loan losses is based upon  management's  continuing  analysis and
evaluation of various factors,  including current economic conditions,  the size
of the loan portfolio,  past loan loss experience,  underlying collateral value,
the  Bank's  internal  rating  system  and  other  factors  deemed  relevant  by
management.

         Through the first quarter of 1997,  charged-off  loans  totaled  $3,628
with  recoveries  of  $3,100,  or a  net  of  less  than  .01%  of  total  loans
outstanding.  The ratio of non-performing loans (including loans 90 days or more
past due) to total  outstanding  loans was $11,000 or .03% of total  outstanding
loans as of March 31,  1997  compared  to $95,000  or .41% of total  outstanding
loans  as of the  same  period  in  1996.  At  year  ended  December  31,  1996,
non-performing  loans  were  $7,000  or .02% of  total  loans  outstanding.  The
increase in non-performing loans as compared to year ended December 31, 1996, is
primarily  attributable  to one consumer line of credit past due in excess of 90
days.

Capital Adequacy

         Federal banking  regulators have  established  certain capital adequacy
standards required to be maintained by banks and bank holding  companies.  These
regulations  establish  minimums of risk-based  capital of 4.0% for core capital
(tier 1 capital),  8.0% for total risk-based capital,  and at least 3.0% for the
leverage ratio.  Three percent is the minimum leverage ratio for the most highly
rated  banks.  All other banks are required to meet a minimum of at least 100 or
200 basis points above the 3.0% level.  The Company's tier 1 risk-based  capital
ratio at March 31,  1997 was  11.78%,  its total  risk-based  capital  ratio was
12.85%, and its leverage ratio was 7.66%, well above the required minimums.

Liquidity

         The Company  views  liquidity  as the ability to provide for the credit
needs of the market and to provide funds for deposit withdrawals. With a loan to
deposit ratio of 69.97% at March 31, 1997, cash and due from banks of $2,309,009
and federal funds sold of $3,640,000, the Company does not anticipate any events
which would require  liquidity  beyond that which is available  through  deposit
growth or its investment  portfolio.  The Company  actively  manages the levels,
types, and maturities of earning assets in relation to the sources  available to
fund  current and future needs to ensure  adequate  funding will be available at
all times.  There are no known trends or any known  commitments or uncertainties
that will result in the  Company's  liquidity  increasing  or  decreasing in any
material way.



                                      -7-
<PAGE>









                           PART II. OTHER INFORMATION


Item 6.           Exhibits and Reports on Form 8-K

         (a)      The following exhibit is filed with this report:

                  Exhibit No.                        Description
                  -----------                        -----------

                           27               Financial Data Schedule 
                                             (for SEC use only)

         (b)      Reports on Form 8-K. No reports on Form 8-K were filed during 
                  the quarter ended March 31, 1997.




                                      -8-
<PAGE>









                                   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.


                          SARASOTA BANCORPORATION, INC


Dated:   May 9, 1997          By:  /s/  Christine L. Jennings
                                   ------------------------------
                                        Christine L. Jennings
                                        President (Principal Executive Officer)



                              By:  /s/  Susan K. Flynn
                                   ------------------------------
                                        Susan K. Flynn
                                        Vice President and
                                             Chief Financial Officer
                                             (Principal Financial and
                                              Accounting Officer)




                                       -9-
<PAGE>









                                  EXHIBIT INDEX

Exhibit No.                         Description                   Page No.
-----------                         -----------                   --------

    27                              Financial Data Schedule






<PAGE>