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, 2002                                                 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                                559,140
----------------------------                    -----------------------------
            Class                               Outstanding at May 10th, 2002


Transitional Small Business Disclosure Format (Check One):

Yes ____   No  X


<PAGE>



                          PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

<TABLE>

                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEETS
                      March 31, 2002 and December 31, 2001
                                   (UNAUDITED)




ASSETS                                                     March 31, 2002      December 31, 2001
-------------------------------------------------          --------------       -----------------

<S>                                                        <C>                         <C>
Cash and due from banks                                    $    1,809,382              2,313,342
Federal funds sold                                              3,943,621              6,267,245
                                                           --------------       ----------------
 Total cash and  cash equivalents                               5,753,003              8,580,587
Interest-bearing deposit in bank                                  100,000                100,000
Securities available for sale                                  24,970,873             20,659,101
Federal home loan bank stock, at cost                             356,800                302,400
Loans (Net)                                                    97,441,223             94,835,930
Accrued interest receivable                                       662,626                639,510
Repossesed assets                                                  22,700                 36,800
Servicing rights                                                  265,045                318,055
Furniture and equipment,net                                       279,695                265,661
Deferred income taxes                                             448,219                382,905
Other assets                                                       36,305                 34,648
                                                           --------------       ----------------
     TOTAL ASSETS:                                         $  130,336,489            126,155,597
                                                           ==============       ================




LIABILITIES AND STOCKHOLDERS' EQUITY
-------------------------------------------------


LIABILITIES:

Noninterest-bearing demand deposits                        $   10,884,009             10,855,010
Interest-bearing demand deposits                               24,592,266             23,515,093
Savings deposits                                                1,077,201                856,706
Other time deposits                                            73,814,520             73,059,760
                                                           --------------       ----------------
  Total deposits                                              110,367,996            108,286,569

FHLB advances                                                   3,000,000              3,000,000
Repurchase agreements                                           7,078,160              5,430,659
Income taxes payable                                              236,514                 39,061
Accrued interrest payable                                         195,665                237,666
Other liabilities                                                 145,313                 59,427
                                                           --------------       ----------------
     TOTAL LIABILITIES:                                       121,023,648            117,053,382
                                                           ==============       ================

COMMITMENTS AND CONTINGENCIES                                           -                      -

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 559,140 shares                                     5,591                  5,591
Additional Paid-In Capital                                      5,588,927              5,588,927
Treasury stock, at cost                                                 -                 (3,473)
Retained earnings                                               3,865,980              3,547,617
Accumulated other comprehensive income (loss)                    (147,657)               (36,447)
                                                           --------------       ----------------
     TOTAL STOCKHOLDERS' EQUITY:                                9,312,841              9,102,215
                                                           --------------       ----------------

     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY:           $  130,336,489            126,155,597
                                                           ==============       ================
</TABLE>



                                       2
<PAGE>

<TABLE>
                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY

                        CONSOLIDATED STATEMENTS OF INCOME
               FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001

                                   (UNAUDITED)

                                                                    THREE MONTHS       THREE MONTHS
                                                                       ENDED              ENDED
                                                                      3/31/02            3/31/01
                                                               -----------------    ------------------

INTEREST INCOME:
<S>                                                                  <C>                     <C>
Loans receivable and fees on loans                                   $ 1,950,831             2,225,249
Investment securities                                                    312,132               270,710
Federal funds sold                                                        30,699                96,944
                                                                     -----------             ---------
     TOTAL INTEREST INCOME                                             2,293,662             2,592,903
                                                                     -----------             ---------
INTEREST EXPENSE:

Deposits                                                                 884,862             1,300,564
Other                                                                     64,901               117,154
                                                                     -----------             ---------
     TOTAL INTEREST EXPENSE                                              949,763             1,417,718
                                                                     -----------             ---------
     NET INTEREST INCOME                                               1,343,899             1,175,185
                                                                     -----------             ---------
Provision for loan losses                                                150,000                47,100
                                                                     -----------             ---------
     NET INTEREST INCOME AFTER
         PROVISION FOR LOAN LOSSES                                     1,193,899             1,128,085
                                                                     -----------             ---------
Noninterest income:

Service charges on deposit accounts                                       46,936                58,152
Net gain (loss) from sale of repossed assets                                (659)             (174,818)
Other income                                                              33,880                33,025
                                                                     -----------             ---------
     Total noninterest income                                             80,157               (83,641)
                                                                     -----------             ---------

Noninterest Expenses:

Salaries and employee benefits                                           318,702               271,661
Occupancy                                                                106,179                91,093
Data processing                                                           51,359                52,783
Professional Fees                                                         57,179                46,622
Other                                                                    200,774               265,881
                                                                     -----------             ---------
     Total noninterest expenses:                                         734,193               728,040
                                                                     -----------             ---------
     INCOME BEFORE TAXES                                                 539,863               316,404

     PROVISION FOR TAXES                                                 221,500               172,750
                                                                     -----------             ---------
     NET INCOME                                                        $ 318,363               143,654
                                                                     -----------             ---------

NET INCOME PER SHARE OF COMMON STOCK                                        0.57                  0.26
                                                                     -----------             ---------
</TABLE>


                                       3
<PAGE>

<TABLE>
                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001

                                   (UNAUDITED)

                                                                      THREE MONTHS                     THREE MONTHS
                                                                          ENDED                           ENDED
                                                                         3/31/02                         3/31/01
                                                                 ------------------------        ------------------------


CASH FLOWS FROM OPERATING ACTIVITY:

<S>                                                                   <C>                                  <C>
NET INCOME                                                            $  318,363                           143,654
ADJUSTMENTS TO RECONCILE NET INCOME TO
  NET CASH FLOWS FROM OPERATIONS:

Depreciation and amortization                                             11,768                            13,307
Provision for Loan Losses                                                150,000                            47,100
Net Change In -
  Accrued interest receivable                                            (23,116)                          (21,098)
  Foreclosed real estate                                                       -                             3,600
  Repossesed assets                                                       14,100                           169,189
  Servicing rights                                                        53,010                                 -
  Other assets                                                            (2,543)                          258,470
  Income taxes payable                                                   197,453                           217,244
 Accrued interest payable and other liabilities                           43,885                           (40,006)
                                                                      ----------                        ----------
     NET CASH PROVIDED BY OPERATING ACTIVITIES:                          762,920                           791,460
                                                                      ----------                        ----------

CASH FLOW FROM INVESTING ACTIVITIES:

Purchase of investment securities, net                                (4,542,696)                        2,187,108
Purchase of furniture & equipment                                        (24,916)                           (1,329
Increase in Loans, net                                                (2,755,293)                       (2,087,588
                                                                      ----------                        ----------

    NET CASH PROVIDED BY (USED IN)
     INVESTING ACTIVITIES                                             (7,322,905)                           98,191
                                                                      ----------                        ----------
CASH FLOW FROM FINANCING ACTIVITIES:

Net increase in deposits                                               2,081,427                         3,126,135
Proceeds from sale of treasury stock                                       3,473                                 -
Increase in repurchase agreements                                      1,647,501                         2,020,992
                                                                      ----------                        ----------
NET CASH PROVIDED BY FINANCING ACTIVITIES:                             3,732,401                         5,147,127
                                                                      ----------                        ----------
NET INCREASE (DECREASE) IN CASH:                                      (2,827,584)                        6,036,778

CASH AT BEGINNING OF PERIOD:                                           8,580,587                         3,975,123
                                                                      ----------                        ----------
CASH AT END OF PERIOD:                                                 5,753,003                        10,011,901
                                                                      ----------                        ----------
Supplemental Disclosure of Cash Flow Information -
    Cash Paid During The Period For Interest:                         $  991,765                         1,421,391
                                                                      ----------                        ----------
    Cash Paid During The Period For income taxes:                     $   24,047                                 -
                                                                      ==========                        ==========
</TABLE>


                                       4
<PAGE>


                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY

                    Notes to Financial Statements (Unaudited)
                                 March 31, 2002

Note 1 - Basis of Presentation

     The accompanying financial statements have been prepared in accordance with
accounting  principles  generally  accepted  in the United  States  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  adjustments)
considered  necessary  for a fair  presentation  have been  included.  Operating
results for the three  month  period  ended  March 31, 2002 are not  necessarily
indicative of the results that may be expected for the year ending  December 31,
2002. 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,
2001.

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  organizer's  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, 2002, no Investment Securities were
     ---------------------
carried as "Held to Maturity."

     Available for Sale  Securities.  As of March 31, 2002,  the market value of
     ------------------------------
"Available for Sale Securities" was $24,970,873.


                                       5
<PAGE>

     Earnings  Per Share.  Earnings  per share were $.57 for the  quarter  ended
     -------------------
March 31, 2002. The earnings per share for this quarter may not be indicative of
projected earnings (losses) for the year ending December 31, 2002.

     Income  Taxes.  The Company  will be subject to taxation  whenever  taxable
     -------------
income is  generated.  As of March 31, 2002,  the provision for income taxes was
$221,500.

     Statement of Cash Flows. The presentation of the statement of cash flows is
     -----------------------
condensed  as  permitted  by  the  Securities  and  Exchange   Commission.   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 these services  during the three months ended March 31, 2002 were
$7,156. Another director provides advertising,  printing and other miscellaneous
services to the Company. The gross billings,  which include costs passed through
to other companies providing services to the Company, were $14,115 for the three
months ended March 31, 2002. Another director provides  accounting  services for
the Company.  Fees for these  services for the quarter ended March 31, 2002 were
$700.


                                       6
<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  reflected in the Company's  unaudited  financial  statements for the
first quarter ended March 31, 2002.

Results of Operations

     The  Company's  net income for the first  quarter of 2002 was  $318,363 , a
121.6% increase  compared to $143,654 for the same period in 2001.  Earnings per
share were $0.57 in the first quarter of 2002 compared to $.26 per share for the
same period in 2001. The increase in net income is primarily  attributable  to a
increase  in  non-interest  income and a decrease  in  interest  expense for the
three-month  period  ended March 31,  2002.  Interest on  investment  securities
increased  15.3%,  while interest on Federal Funds sold decreased  68.3% for the
three-month  period ended March 31, 2002.  Interest and fees on loans  decreased
$274,418 or 12.33% for the same period.

     Net  interest  income  after the  provision  for loan  losses for the first
quarter of 2002 increased  $65,814,  or 5.83%,  to $1,193,899  from a balance of
$1,128,085  for the first quarter of 2002.  The increase in net interest  income
resulted primarily from a decrease in interest expense associated with deposits.
The cost of deposits  averaged  3.20% for the first  quarter of 2002 compared to
5.02% for the first  quarter  of 2001.  The net  interest  margin  for the three
months ended March 31, 2002 was 4.16% on average earning assets of $127,325,297.
For the same  period in 2001,  the net  interest  margin  was  3.75% on  average
earning assets of  $119,526,809.  The increase in net interest margin reflects a
rapid  decrease in the higher cost time  deposits  rates and  relatively  little
change in loan rates.

     Non-interest  expense for the first quarter of 2002  increased  $6,153,  or
0.85%,  as compared to the first quarter of 2001. This increase is primarily the
result of an increase in costs associated with employee benefits.

     Non-interest income increased $163,798, or 195.8%, during the quarter ended
March  31,  2002 as  compared  to the same  period  in  2001.  The  increase  in
non-interest  income is primarily  attributable  to a decrease in the net losses
associated with the sale of repossessed assets.

Financial Condition

     For the three month period ended March 31,  2002,  the Company  experienced
continued  asset,  loan and deposit  growth.  Total  assets  increased  3.31% to
$130,336,489 for the three-month  period ended March 31, 2002 from  $126,155,597
at December 31, 2001. This increase is primarily attributable to loan growth and
an increase securities available for sale.

     The  allowance  for loan loss  provision  for the first quarter of 2002 was
$150,000  compared to $47,100 in the first quarter of 2001. The reserve  balance
for loan losses as of March 31, 2002 was $1,184,444 as compared to $1,241,692 at
December 31, 2001. At March 31, 2002, the allowance for loan losses  represented

                                       7
<PAGE>

1.20% of total  loans  outstanding  compared  to 1.29%  at  December  31,  2001.
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 2002,  there were 36 charged-off  loans in the
aggregate amount of $230,265 and total recoveries of $23,017,  or a net of 0.21%
of total loans outstanding.  The ratio of non-performing  loans (including loans
90 days or more past due) to total  outstanding  loans was  $229,000 or 0.23% of
total loans  outstanding as of March 31, 2002,  compared to 0.38% of total loans
outstanding  as of March 31, 2001.  At December 31, 2001,  non-performing  loans
were $551,000 or .57%, of total loans outstanding.  The non-performing loans are
primarily consumer loans and all of the non-performing  loans are fully secured.
There were no other loans past due in excess of 90 days as of March 31, 2002.

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% for core  capital
(tier 1  capital),  8% for  total  risk-based  capital,  and at least 3% 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% level.  The  Company's  tier 1 risk-based  capital
ratio at March 31,  2002 was  9.69%,  its  total  risk-based  capital  ratio was
10.91%, and its leverage ratio was 7.35%.

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 88.3% at March 31, 2002,  cash and due from banks of $1,809,382
and federal funds sold of $3,943,621, 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.

Cautionary Note Regarding Forward-Looking Statements

     The Company may,  from time to time,  make written or oral  forward-looking
statements,  including  statements  contained in the Company's  filings with the
Securities  and  Exchange  Commission  and its  reports  to  stockholders.  Such
forward-looking  statements  are made  based on  management's  belief as well as
assumptions made by, and information currently available to, management pursuant
to "safe harbor" provisions of the Private  Securities  Litigation Reform Act of
1995.  The  Company's  actual  results  may differ  materially  from the results
anticipated  in these  forward-looking  statements  due to a variety of factors,
including  governmental  monetary  and fiscal  policies,  deposit  levels,  loan
demand,  loan collateral values,  securities  portfolio values and interest rate
risk  management;  the effects of competition in the banking business from other
commercial  banks,  savings  and  loan  associations,  mortgage  banking  firms,

                                       8
<PAGE>

consumer finance companies, credit unions, securities brokerage firms, insurance
companies,  money market mutual funds and other financial institutions operating
in the Company's  market area and elsewhere,  including  institutions  operating
through the Internet; changes in acquisitions; failure of assumptions underlying
the establishment of reserves for loan losses, including the value of collateral
underlying  delinquent  loans and other factors.  The Company cautions that such
factors  are not  exclusive.  The  Company  does not  undertake  to  update  any
forward-looking  statements  that may be made from time to time by, or on behalf
of, the Company.












                                       9
<PAGE>

                           PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K
-------  --------------------------------

         (a)      No exhibits have been filed with this report.

         (b)      Reports on Form 8-K. No reports on Form 8-K were filed  during
                  the quarter ended March 31, 2002.



                                   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 13, 2002       By: /s/ Christine L. Jennings
                                     Christine L. Jennings
                                     President and Chief Executive Officer
                                     (Principal Executive Officer)




Dated:  May 13, 2002       By: /s/ Susan K. Flynn
                                     Susan K. Flynn
                                     Vice  President  and  Chief Financial
                                     Officer (Principal Financial and Accounting
                                     Officer)