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:
   September 30, 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                              589,000
----------------------------                ------------------------------------
        Class                                Outstanding at November 12th, 2002

Transitional Small Business Disclosure Format (Check One):

Yes                   No    X
    ----------------     -------------------


<PAGE>



REFER TO NOTES TO THE FINANCIAL STATEMENTS
                          PART I. FINANCIAL INFORMATION
Item 1.                    FINANCIAL STATEMENTS.

                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
                    September 30, 2002 and December 31, 2001
                                   (UNAUDITED)

<TABLE>
<CAPTION>
ASSETS                                                                             September 30, 2002              December 31, 2001
------                                                                           -----------------------           -----------------
<S>                                                                                        <C>                            <C>
Cash and due from banks                                                                    $   3,649,301                  2,313,342
Federal funds sold                                                                             9,518,304                  6,267,245
                                                                                           -------------              -------------
Cash and cash equivalents                                                                     13,167,605                  8,580,587
Interest-bearing deposits in bank                                                                      -                    100,000
Securities available for sale                                                                 30,603,023                 20,659,101
Federal Home Loan Bank stock, at cost                                                            354,800                    302,400
Loans (Net)                                                                                  108,627,049                 94,835,930
Accrued interest receivable                                                                      645,207                    639,510
Repossesed assets                                                                                  3,500                     36,800
Servicing rights                                                                                 159,025                    318,055
Furniture and equipment, net                                                                     275,584                    265,661
Deferred income taxes                                                                            105,550                    382,905
Other assets                                                                                      39,389                     34,648
                                                                                           -------------              -------------

     TOTAL ASSETS:                                                                         $ 153,980,732              $ 126,155,597
                                                                                           =============              =============

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:

Noninterest-bearing demand deposits                                                        $  12,233,998                 10,855,010
Interest-bearing demand deposits                                                              28,082,457                 23,515,093
Savings deposits                                                                                 846,594                    856,706
Other time deposits                                                                           87,376,134                 73,059,760
                                                                                           -------------              -------------
  Total deposits                                                                             128,539,183                108,286,569

FHLB advances                                                                                  7,000,000                  3,000,000
Repurchase agreements                                                                          6,622,344                  5,430,659
Income taxes payable                                                                              55,000                     39,061
Accrued interrest payable                                                                        148,263                    237,666
Other liabilities                                                                                242,414                     59,427
                                                                                           -------------              -------------

     TOTAL LIABILITIES:                                                                      142,607,204                117,053,382

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 589,000 shares                                                                    5,890                      5,591
Additional paid-in capital                                                                     6,150,463                  5,588,927
Treasury stock, at cost                                                                           (9,990)                    (3,473)
Retained earnings                                                                              4,791,357                  3,547,617
Accumulated other comprehensive income (loss)                                                    435,808                    (36,447)
                                                                                           -------------              -------------

TOTAL STOCKHOLDERS' EQUITY:                                                                   11,373,528                  9,102,215
                                                                                           -------------              -------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY:                                                $ 153,980,732              $ 126,155,597
                                                                                           =============              =============
</TABLE>

REFER TO NOTES TO THE FINANCIAL STATEMENTS

<PAGE>



                          SARASOTA BANCORPORATION, INC.
                                SARASOTA, FLORIDA
                      CONSOLIDATED STATEMENTS OF OPERATIONS
      FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002 AND SEPTEMBER 30, 2001
       FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND SEPTEMBER 30, 2001
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                          THREE MONTHS        THREE MONTHS         NINE MONTHS          NINE MONTHS
                                                              ENDED              ENDED                 ENDED               ENDED
                                                            9/30/2002           9/30/2001            9/30/2002            9/30/2001
                                                            ---------           ---------            ---------            ---------
INTEREST INCOME:
<S>                                                        <C>                   <C>                  <C>                 <C>
Loans receivable and fees on loans                         $ 2,068,485           2,144,173            6,075,404           6,563,869
Investment securities                                          369,733             274,394            1,055,392             816,169
Federal funds sold                                              21,952              60,578               66,682             237,687
                                                           -----------         -----------          -----------         -----------

TOTAL INTEREST INCOME:                                       2,460,170           2,479,145            7,197,478           7,617,725

INTEREST EXPENSE:

Deposits                                                       858,929           1,231,805            2,584,267           3,786,186
Other                                                           51,378              96,789              191,339             316,111
                                                           -----------         -----------          -----------         -----------

TOTAL INTEREST EXPENSE:                                        910,307           1,328,594            2,775,606           4,102,297
                                                           -----------         -----------          -----------         -----------

NET INTEREST INCOME:                                         1,549,863           1,150,551            4,421,872           3,515,428

Provision for loan losses                                      169,000             710,000              452,800             863,850
                                                           -----------         -----------          -----------         -----------

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES                                    1,380,863             440,551            3,969,072           2,651,578

Noninterest income:

Service Charges on Deposit
Accounts                                                        51,334              67,506              150,634             201,459
Net gain (loss) from sale of
repossed assets                                                  3,000             (12,660)               2,661            (155,913)
Other income                                                    29,148              62,249              125,423             129,219
                                                           -----------         -----------          -----------         -----------

Total noninterest income                                        83,482             117,095              278,718             174,765

Noninterest expenses:

Salaries and employee
benefits                                                       311,498             241,773              952,522             719,676
Occupancy                                                      108,166              94,524              324,356             278,344
Data processing                                                 52,120              46,605              155,256             140,161
Professional Fees                                               56,243             161,656              183,182             307,925
Other                                                          182,478             218,502              591,884             765,844
                                                           -----------         -----------          -----------         -----------

     Total noninterest
     expenses                                                  710,505             763,060            2,207,200           2,211,950
                                                           -----------         -----------          -----------         -----------

     INCOME (LOSS) BEFORE TAXES                                753,840            (205,414)           2,040,590             614,393

     PROVISION FOR TAXES                                       291,000             (82,000)             796,850             264,311
                                                           -----------         -----------          -----------         -----------

     NET INCOME (LOSS)                                     $   462,840         $  (123,414)         $ 1,243,740         $   350,082
                                                           ===========         ===========          ===========         ===========
     INCOME (LOSS) PER SHARE OF
     COMMON STOCK                                          $      0.79         $     (0.22)         $      2.11         $      0.63
                                                           ===========         ===========          ===========         ===========
</TABLE>

REFER TO NOTES TO THE FINANCIAL STATEMENTS

<PAGE>

                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                          NINE MONTHS ENDED        NINE MONTHS ENDED
                                                                                             9/30/2002                   9/30/2001
                                                                                             ---------                   ---------

CASH FLOWS FROM OPERATING ACTIVITY:
<S>                                                                                          <C>                            <C>
NET INCOME                                                                                   $  1,243,740                   350,082
ADJUSTMENTS TO RECONCILE NET INCOME TO NET
     CASH FLOWS FROM OPERATIONS:

Depreciation and amortization                                                                      37,342                    39,921
Amortization of servicing rights                                                                  159,030                         -
Provision for loan losses                                                                         452,800                   863,850
Net change in -                                                                                         -
  Accrued interest receivable                                                                      (5,697)                   37,356
  Foreclosed real estate                                                                                -                    10,800
  Repossessed assets                                                                               33,300                   302,906
  Other assets                                                                                     (4,741)                  252,691
  Income taxes payable                                                                             15,939                    26,600
  Accrued interest payable and other liabilities                                                   93,584                    (8,029)
                                                                                             ------------              ------------

   NET CASH PROVIDED BY OPERATING ACTIVITIES:                                                   2,025,297                 1,876,177
                                                                                             ------------              ------------

CASH FLOW FROM INVESTING ACTIVITIES:

Purchase of investment securities, Net                                                         (9,294,312)               (6,443,250)
Purchase of FHLB stock                                                                            (52,400)                        -
Proceeds from maturity of interest-bearing deposit
in bank                                                                                           100,000                         -
Net increase in loans                                                                         (14,243,919)               (4,218,026)
Purchase of furniture and equipment                                                               (47,265)                   (1,598)
                                                                                             ------------              ------------

NET CASH USED IN INVESTING ACTIVITIES:                                                        (23,537,896)              (10,662,874)
                                                                                             ------------              ------------

CASH FLOW FROM FINANCING ACTIVITIES:

Net increase in deposits                                                                       20,252,614                 6,819,876
Net increase in repurchase agreements                                                           1,191,685                 2,267,077
Net increase in FHLB advances                                                                   4,000,000                         -
Proceeds from sale of common stock                                                                561,835                         -
Purchase of treasury stock                                                                         (9,990)                        -
Proceeds from sale of treasury stock                                                                3,473                     4,307
                                                                                             ------------              ------------

NET CASH PROVIDED BY FINANCING ACTIVITIES:                                                     25,999,617                 9,091,260
                                                                                             ------------              ------------

NET CHANGE IN CASH AND CASH EQUIVALENTS                                                         4,487,018                   304,563

CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD                                                   8,680,587                 3,975,123
                                                                                             ------------              ------------

CASH AND CASH EQUIVALENT END OF PERIOD                                                       $ 13,167,605              $  4,279,686
                                                                                             ============              ============

Supplemental Disclosure of Cash Flow Information -
     Interest paid                                                                           $  2,865,009              $  4,104,504
                                                                                             ============              ============
       Income taxes paid                                                                     $    756,869              $    208,012
                                                                                             ============              ============
</TABLE>

REFER TO NOTES TO THE FINANCIAL STATEMENTS

<PAGE>

                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY

                    Notes to Financial Statements (Unaudited)
                               September 30, 2002

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 nine-month  period
ended September 30, 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 Annual Report on 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  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  and  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 September 30, 2002, no Investment Securities
     ----------------------
were carried as "Held to Maturity."

     Available for Sale  Securities.  As of September 30, 2002, the market value
     ------------------------------
of "Available for Sale Securities" was $30,603,023.

     Earnings  Per Share.  Earnings  per share were $0.79 for the quarter  ended
     -------------------
September 30, 2002 and may not be indicative of projected  earnings (losses) for
the year ending December 31, 2002.

<PAGE>

     Income  Taxes.  The Company  will be subject to taxation  whenever  taxable
     -------------
income is generated.  As of September  30, 2002,  the provision for income taxes
was $796,850.

     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 nine months ended  September 30, 2002
were $17,156. Another director of the Company 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
$55,295 for the nine months ended September 30, 2002.  Another director provides
accounting services for the Company. Fees for these services for the nine months
ended September 30, 2002 were $2,350.

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 three and nine months ended September 30, 2002.

Results of Operations

     The  Company's  net income for the third  quarter of 2002 was  $462,840,  a
475.03%  increase as compared to a net loss of ($123,414) for the same period in
2001. Earnings per share increased from ($0.22) to $0.79 per share for the third
quarter of 2002 as  compared  to the same  period in 2001.  The  increase in net
income for the third quarter of 2002 is primarily  attributable to a decrease in
the provision for loan losses and decreased interest paid on deposit accounts.

     The Company's  net income for the nine months ended  September 30, 2002 was
$1,243,740  compared  to $350,082  for the same  period in 2001,  an increase of
$893,658 or 255.27%.  Earnings per share increased $1.48 from $0.63 to $2.11 per
share for the nine-month period ended September 30, 2002 as compared to the same
period in 2001.  The increase in net income for the nine months ended  September
30, 2002 was  primarily  attributable  to a $1,326,691  or a 32.34%  decrease in
total interest  expense.  The increase in net income was also  attributable to a
$411,050  or a  47.58%  decrease  in the  provision  for  loan  losses  for  the
nine-month  period  ended  September  30, 2002 as compared to the same period in
2001.

     Interest and fees on loans decreased $488,465 or, 7.44%, for the nine-month
period ended September 30, 2002. Interest on investment  securities increased by
$239,223,  or 29.31% while interest on Federal Funds sold decreased by $171,005,
or 71.95%, for the nine-month period ended September 30, 2002.

     Net interest  income after  provision for loan losses for the third quarter
of 2002 increased $940,312 or 213.44%, to $1,380,863 from $440,551 for the third
quarter of 2002.  The increase in net interest  income  resulted  primarily from

<PAGE>

decreased expenses for the provision for loan losses and decreased interest paid
on deposit accounts.

     The net interest  margin for the third quarter ended September 30, 2001 was
3.57% on average earning assets of $123,747,500  for the period stated.  For the
same  period in 2002,  the net  interest  margin was 4.23%,  on average  earning
assets of $143,410,400. The increase in net interest margin is reflective of the
Bank's  decision  to purchase  brokered  deposits at rates less than the current
market rate and to allow higher priced interest  bearing  liability  accounts to
rollover at lower interest rates.

     Net interest  income after the provision for loan losses for the nine-month
period ended  September 30, 2002 increased  $1,317,494 or 49.69%,  to $3,969,072
from $2,651,578 for the comparable  period in 2001. The increase in net interest
income resulted primarily from a decrease in the interest paid on deposits.  The
net interest  margin for the nine months ended  September  30, 2002 was 4.28% on
average  earning  assets of  $134,777,300  for the period  stated.  For the same
period in 2001, the net interest  margin was 3.69%, on average earning assets of
$121,605,043.  The  increase in net  interest  margin is  reflective  of a rapid
decrease in the higher cost time deposit rates and a relatively slower change in
loan rates.

     Non-interest  expense for the third  quarter of 2002  decreased  $52,555 or
6.89%,  as compared to the third quarter of 2001.  Non-interest  expense for the
nine-month  period  ended  September  30,  2002  decreased  $4,750 or 0.21%,  as
compared to the same period in 2001. These decreases are primarily the result of
decreased professional service fees.

     Non-interest income decreased $33,613, or 28.71%,  during the third quarter
ended  September 30, 2002 as compared to the same period in 2001.  This decrease
is  primarily  attributable  to a decrease in other income  associated  with the
termination  of a  sublease  on a  portion  of  the  Bank's  premises.  For  the
nine-month  period ended  September  30,  2002,  non-interest  income  increased
$103,953 or 59.48% to $278,718 compared to $174,765 for the same period in 2001.
The increase for the  nine-month  period ended  September  30, 2002 is primarily
attributable  to the decrease in losses  associated with the sale of repossessed
assets.

Financial Condition

         For the nine-month period ended September 30, 2002, the Company
experienced continued asset, loan and deposit growth. Total assets increased
22.06% to $153,980,732 at September 30, 2002 from $126,155,597 at December 31,
2001. This increase is primarily attributable to loan growth and an increase in
securities available-for-sale.

     The  allowance  for loan loss  provision  for the third quarter of 2002 was
$169,000  compared to $710,000 in the third quarter of 2001. The reserve balance
for  loan  losses  as of  September  30,  2002 was  $1,355,422  as  compared  to
$1,217,166 at December 31, 2001.  At September 30, 2002,  the allowance for loan
losses  represented  1.23%  of  total  loans  outstanding  compared  to 1.26% at
December 31, 2001. Although management considers the allowance to be adequate at
September 30, 2002,  management expects to increase the allowance throughout the
remainder  of fiscal  2002  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,

<PAGE>

underlying collateral value, the Bank's internal rating system and other factors
deemed relevant by management.

     Through the third quarter of 2002,  there were 72 charged-off  loans in the
aggregate  amount of $397,283 and total  recoveries of $58,213 or a net of 0.30%
of total loans outstanding.  The ratio of non-performing  loans (including loans
90 days or more past due) to total outstanding  loans was $1,127,000,  or 1.02%,
as of September  30, 2002  compared to 0.85% for the same period in 2001.  As of
December 31, 2001,  non-performing loans were $824,000, or 0.85%, of total loans
outstanding.  The Bank  also has one  relationship  which  has  been  placed  on
non-accrual  status.  This  relationship  consists of five loans and amounted to
$1,032,000  as of  September  30,  2002.  The Bank has  entered  into a  workout
agreement with regard to this  relationship  in an effort to assist the borrower
in  restructuring  certain   financial-related   operations  of  the  borrower's
business.  The anticipated  workout period for this relationship is three years.
There  were no other  loans  past due in excess of 90 days as of  September  30,
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),  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 September 30, 2002 was 9.79%, its total risk-based  capital ratio was 11.01%,
and its leverage ratio was 7.54%.

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 84.49%  at  September  30,  2002,  cash and due from  banks of
$3,649,301 and federal funds sold of $9,518,304, 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.

<PAGE>

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  (the  "Commission")  and its  reports  to
shareholders.  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, 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.

Item 3. CONTROLS AND PROCEDURES.
------  -----------------------

     Within the 90 days prior to the filing  date of this  report,  the  Company
carried out an evaluation,  under the supervision and with the  participation of
the Company's  management,  including the Company's Chief Executive  Officer and
Chief Financial Officer, of the effectiveness of the design and operation of the
Company's  disclosure  controls  and  procedures  pursuant to Exchange  Act Rule
15d-15.  Based upon that evaluation,  the Company's Chief Executive  Officer and
Chief Financial  Officer  concluded that the Company's  disclosure  controls and
procedures  are  effective  in  timely  alerting  them to  material  information
relating  to the  Company  and its  subsidiary  required  to be  included in the
Company's Securities and Exchange Commission's filings.  Disclosure controls and
procedures  are  controls  and  procedures  that are  designed  to  ensure  that
information required to be disclosed in Company reports filed or submitted under
the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the Securities and Exchange Commission's rules and forms.

     There have been no significant  changes in the Company's  internal controls
or in other factors that could significantly affect internal controls subsequent
to the date management carried out this evaluation.

<PAGE>

                           PART II. OTHER INFORMATION

Item 2. Changes in Securities and Use of Proceeds
------  -----------------------------------------

     On September 15, 2002,  the Company issued an aggregate of 29,860 shares to
two  directors and one former  director of the Company in connection  with their
exercise of stock purchase warrants, received in connection with the founding of
the Bank at an exercise price of $18.86 per share.

     The issuances of the  securities  described  above were made in reliance on
the exemption from  registration  provided in Section 4(2) of the Securities Act
of 1933, as amended,  transactions by an issuer not involving a public offering.
Each of the purchasers has a pre-existing  relationship with the Company and the
offers and sales were made without any public  solicitation.  No underwriter was
involved in the transaction and no commissions were paid.

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

     (a)  Exhibits.
          --------

          Exhibit 99.1.  Certification Pursuant to Section 906 of Sarbanes-Oxley
          Act of 2002.

     (b)  Reports on Form 8-K.  No  reports  on Form 8-K were  filed  during the
          -------------------
          quarter ended September 30, 2002.

<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:   November 12, 2002       By: /s/ Christine L. Jennings
                                     ------------------------------------------
                                     Christine L. Jennings
                                     President and Chief Executive Officer
                                     (Principal Executive Officer)



Dated:  November 12, 2002        By: /s/ Susan K. Flynn
                                     ------------------------------------------
                                     Susan K. Flynn
                                     Sr. Vice President and Chief Financial
                                     Officer (Principal Financial and Accounting
                                     Officer)

<PAGE>

                                 CERTIFICATIONS

I, Christine L. Jennings, certify that:

1.   I  have  reviewed  this  quarterly   report  on  Form  10-QSB  of  Sarasota
     BanCorporation, Inc.;

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

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

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

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

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

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

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

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

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

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

Date:  November 12, 2002

                                          /s/ Christine L. Jennings
                                          -------------------------------------
                                          Christine L. Jennings
                                          President & Chief Executive Officer

<PAGE>



                                 CERTIFICATIONS
I, Susan K. Flynn, certify that:

1.   I  have  reviewed  this  quarterly   report  on  Form  10-QSB  of  Sarasota
     BanCorporation, Inc.;

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

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

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

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

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

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

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

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

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

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

Date:  November 12, 2002

                                          /s/ Susan K Flynn
                                          -------------------------------------
                                          Susan K. Flynn
                                          Sr. Vice President & Chief
                                          Financial Officer




<PAGE>

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit No.     Description of Exhibit
-----------     ----------------------
<C>             <C>
99.1            Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
</TABLE>