SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  FORM 10-QSB/A
                                 AMENDMENT NO. 1
                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, 2001                                                 33-41045

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


         Florida                                               65-0235255
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(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                                   559,140
----------------------------                         ---------------------------
            Class                                    Outstanding at May 11, 2001

Transitional Small Business Disclosure Format (Check One):
Yes [ ]                            No [X]

<PAGE>

                           PART II. OTHER INFORMATION

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

     On March 16, 2001, the Bank filed a lawsuit against First Florida Financial
Ltd., Inc., and its principals ("First Florida").  The lawsuit, styled "Sarasota
Bank v. First Florida  Financial Ltd.,  Inc., F. Robert Furlong,  Joseph Furlong
and Jean Furlong,  In the Circuit Court of the Twelfth  Judicial  Circuit in and
for Sarasota County,  Florida,  2001-CA-3652-NC,"  alleges,  among other things,
that First Florida  breached its contract with the Bank for the  origination and
servicing of  automobile  loans (the "Loan  Contract").  In  addition,  the Bank
alleges that First Florida has interfered  with contract and business  relations
of the Bank.  The  lawsuit  arises  out of the  Bank's  termination  of the Loan
Contract with First Florida,  effective February 1, 2001. The Bank is seeking an
unspecified  amount of monetary  damages and injunctive  relief to prevent First
Florida  from  continuing  to  service  loans  under the Loan  Contract,  and an
accounting of the loans originated and serviced under the Loan Contract.

     On March 19, 2001,  First Florida filed a separate lawsuit against the Bank
regarding  the  Loan  Contract.  The  Court  subsequently  consolidated  the two
lawsuits.  As a result,  on April  13,  2001,  First  Florida  filed an  Answer,
Affirmative  Defenses and Counterclaim in response to the Bank's complaint.  The
Counterclaim filed by First Florida alleges,  among other things,  that the Bank
breached the Loan Contract,  tortiously interfered with First Florida's business
relationship with a competing financial  institution,  used unfair and deceptive
trade practices in its communications  with borrowers whom First Florida alleges
are their  customers,  and  breached  an implied  covenant  of good faith in its
dealings  with  First  Florida.  First  Florida  is  seeking  injunctive  relief
regarding  the  alleged  interference  with First  Florida's  customers  and its
business  relationship  with a competing  financial  institution,  deceptive and
unfair trade practices  allegedly used by the Bank and the alleged  infringement
by the Bank on trade secret  information  of First Florida.  In addition,  First
Florida is also seeking  monetary  damages in excess of $9 million and an action
for an accounting of the loans originated and serviced under the Loan Contract.

     On April 27,  2001,  the Court  entered  an order  which  denied the Bank's
motion for temporary  injunctive relief to prevent First Florida from continuing
to service loans originated under the Loan Contract and ordered an accounting of
the loans  originated  under the Loan  Contract.  On that  date,  the Court also
ordered a preliminary injunction to, among other things,  restrain the Bank from
interfering with the collection  activities of First Florida. The Bank has filed
to appeal both of the Court's orders.

     The  Company  and the Bank  believe  that the claims of First  Florida  are
unfounded and completely  without merit.  The Bank intends to deny all liability
with respect to these claims and intends to vigorously defend all claims made by
First Florida. Both lawsuits are in a very early procedural stage, therefore, it
is not  possible  at this time to  determine  the  outcome of the actions or the
effect  that their  outcome may have on the  Company's  financial  condition  or
operating results. There can be no assurances that this litigation will not have
a material adverse effect on the Company's results of operations for some period
or the Company's financial condition.

     There are no other material pending legal  proceedings to which the Company
or the Bank is a party or of which any of their properties are subject;  nor are
there  material  proceedings  known to the  Company  to be  contemplated  by any
governmental authority; nor are there material proceedings known to the Company,

<PAGE>

pending or  contemplated,  in which any  director,  officer or  affiliate or any
principal  security  holder  of  the  Company,  or any  associate  of any of the
foregoing is a party or has an interest adverse to the Company or the Bank.


                                   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:   June 1, 2001      By: /s/ Christine L. Jennings
                               --------------------------
                                    Christine L. Jennings
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)




Dated:   June 1, 2001      By: /s/ Susan K. Flynn
                               --------------------------
                                    Susan K. Flynn
                                    Vice President and Chief Financial Officer
                                    (Principal Financial and Accounting Officer)