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:
        June 30, 2001                                          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 August 13, 2001

Transitional Small Business Disclosure Format (Check One):

Yes ___No __X__

<PAGE>
<TABLE>

                          PART I. FINANCIAL INFORMATION
Item 1.  Financial Statements
                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEETS
                       JUNE 30, 2001 AND DECEMBER 31, 2000
                                   (UNAUDITED)


ASSETS                                                                                        June 30, 2001        December 31, 2000
----------------------------------------------------                                          -------------        -----------------
<S>                                                                                          <C>                   <C>
Cash and due from banks                                                                      $   4,213,576         $      2,319,123
Federal funds sold                                                                               3,683,542                1,656,000
Securities available for sale                                                                   17,500,856               18,072,356
Loans (Net)                                                                                     94,999,727               92,216,319
Accrued interest receivable                                                                        726,754                  716,706
Foreclosed real estate                                                                             231,516                  238,716
Repossesed assets                                                                                  119,728                  369,890
Furniture and equipment,net                                                                        286,075                  310,031
Deferred income taxes                                                                              322,700                  360,116
Other assets                                                                                        40,448                  301,448
                                                                                                    ------                  -------

     TOTAL ASSETS:                                                                           $ 122,124,922         $    116,560,705
                                                                                             =============              ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------

LIABILITIES:

Noninterest-bearing demand deposits                                                          $  11,354,631         $     13,187,296
NOW and money market deposits                                                                   25,227,742               29,715,138
Savings deposits                                                                                   743,731                  734,369
Other time deposits                                                                             66,353,726               57,166,856
                                                                                                ----------               ----------
  Total deposits                                                                               103,679,830              100,803,659
                                                                                               -----------              -----------

FHLB advances                                                                                    3,000,000                3,000,000
Repurchase agreements                                                                            6,012,765                3,949,178
Income taxes payable                                                                               138,299                        -
Accrued interest payable                                                                           245,389                  269,182
Other liabilities                                                                                   91,016                  143,833
                                                                                                    ------                  -------

     TOTAL LIABILITIES:                                                                        113,167,299              108,165,852

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                                                                             (3,474)                  (7,781)
Retained earnings                                                                                3,345,319                2,871,824
Accumulated other comprehensive income (loss)                                                       21,260                  (63,708)
                                                                                                    ------                  -------

     TOTAL STOCKHOLDERS' EQUITY:                                                                 8,957,623                8,394,853
                                                                                                 ---------                ---------


     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY:                                             $ 122,124,922         $    116,560,705
                                                                                             =============              ===========
</TABLE>
                                       2
<PAGE>
<TABLE>
                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY

                        CONSOLIDATED STATEMENTS OF INCOME
         FOR THE THREE MONTHS ENDED JUNE 30, 2001 AND JUNE 30, 2000 AND
            FOR THE SIX MONTHS ENDED JUNE 30, 2001 AND JUNE 30, 2000
                                   (UNAUDITED)
                                                          THREE MONTHS     THREE MONTHS     SIX MONTHS        SIX MONTHS
                                                             ENDED            ENDED            ENDED            ENDED
                                                            6/30/01          6/30/00          6/30/01          6/30/00
                                                            -------          -------          -------          -------
<S>                                                      <C>             <C>             <C>              <C>
INTEREST INCOME:

Loans receivable and fees on loans                       $2,194,447      $ 1,908,290     $  4,419,696     $   3,729,507
Investment securities                                       271,065          333,981          541,775           631,760
Federal funds sold                                           80,165           62,583          177,109           122,559

     TOTAL INTEREST INCOME:                               2,545,677        2,304,854        5,138,580         4,483,826

INTEREST EXPENSE:

Deposits                                                  1,253,817        1,150,278        2,554,381         2,189,035
Other                                                       102,168           47,664          219,322            91,501

     TOTAL INTEREST EXPENSE:                              1,355,985        1,197,942        2,773,703         2,280,536

     NET INTEREST INCOME:                                 1,189,692        1,106,912        2,364,877         2,203,290

Provision for loan losses                                   106,750          102,000          153,850           146,600

     NET INTEREST INCOME AFTER
        PROVISION FOR LOAN LOSSES                         1,082,942        1,004,912        2,211,027         2,056,690
                                                         ----------       ----------       ----------        ----------

NONINTEREST INCOME:

Service charges on deposit accounts                          75,801           62,872          133,953           114,024
Net gain (loss) from sale of repossessed assets              31,565                -         (143,253)                -
Other income                                                 33,945           74,912           66,970           178,566
                                                                                                             ----------

    TOTAL NONINTEREST INCOME                                141,311          137,784           57,670           292,590
                                                         ----------       ----------       ----------        ----------
NONINTEREST EXPENSES:

Salaries and employee benefits                              206,242          242,251          477,903           495,683
Occupancy                                                    92,727           92,334          183,820           172,570
Data processing                                              40,773           52,377           93,556           102,571
Professional Fees                                            99,647           56,416          146,269           105,065
Loan Costs
Other                                                       281,461          279,241          547,342           543,406

     TOTAL NONINTEREST EXPENSES                             720,850          722,619        1,448,890         1,419,295

     INCOME BEFORE TAXES                                    503,403          420,077          819,807           929,985

     PROVISION FOR TAXES                                    173,561          159,175          346,311           357,275

     NET INCOME                                          $  329,842      $   260,902     $    473,496     $     572,710


INCOME PER SHARE OF COMMON STOCK                         $     0.59      $      0.47     $       0.85     $        1.02
</TABLE>

                                       3
<PAGE>
<TABLE>
                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                 FOR THE SIX MONTHS ENDED JUNE 30, 2001 AND 2000

                                   (UNAUDITED)
                                                                                                 SIX MONTHS              SIX MONTHS
                                                                                                   ENDED                    ENDED
                                                                                                  6/30/01                  6/30/00
                                                                                                -----------              -----------
<S>                                                                                           <C>                           <C>
CASH FLOWS FROM OPERATING ACTIVITY:

NET INCOME                                                                                    $   473,496                $  572,710
ADJUSTMENTS TO RECONCILE NET INCOME TO NET
     CASH FLOWS FROM OPERATING ACTIVITIES:

Depreciation and amortization                                                                      26,613                    22,781
Provision for Loan Losses                                                                         153,850                   146,600
Net Change In -
     Deferred Tax Benefit                                                                               -                   (48,837)
     Accrued Interest Receivable                                                                  (10,048)                  (74,825)
     Foreclosed real estate                                                                         7,200                  (189,424)
     Repossesed assets                                                                            250,162                   423,583
     Other assets                                                                                 258,342                   244,050
     Income taxes payable                                                                         138,299                   (59,300)
     Accrued interest payable and other                                                           (76,610)                    9,557
                                                                                                  -------                     -----

     NET CASH PROVIDED BY OPERATING ACTIVITIES:                                                 1,221,304                 1,046,895
                                                                                                ---------                 ---------

CASH FLOW FROM INVESTING ACTIVITIES:

Purchase of investment securities, Net                                                            693,884                  (816,693)
Purchase of furniture & equipment                                                                       -                         -
Increase in Loans, Net                                                                         (2,937,258)               (9,758,423)
                                                                                              -----------               -----------

NET CASH USED IN INVESTING ACTIVITIES:                                                         (2,243,374)              (10,575,116)
                                                                                               ----------               -----------
CASH FLOW FROM FINANCING ACTIVITIES:

Proceeds from sale of treasury stock                                                                4,307                     6,507
Net Increase in Deposits                                                                        2,876,171                11,510,026
Increase in repurchase agreements                                                               2,063,587                 1,132,185
                                                                                                ---------                 ---------

NET CASH PROVIDED BY FINANCING ACTIVITIES:                                                      4,944,065                12,648,718
                                                                                                ---------                ----------

NET INCREASE IN CASH AND CASH EQUIVALENTS:                                                      3,921,995                 3,120,497

CASH AND CASH EQUIVALENTS AS BEGINNING OF PERIOD:                                               3,975,123                 4,034,503
                                                                                                ---------                 ---------

CASH AND CASH EQUIVALENTS AT END OF PERIOD:                                                   $ 7,897,118                $7,155,000
                                                                                                =========                 =========

Supplemental Disclosure of Cash Flow Information
    Cash Paid During The Period For Interest:                                                 $ 2,797,496                $2,280,536
                                                                                              ===========                 =========
</TABLE>

                                       4
<PAGE>
                          SARASOTA BANCORPORATION, INC
                                 AND SUBSIDIARY

                    Notes to Financial Statements (Unaudited)
                                  June 30, 2001

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  adjustments)  considered  necessary for a fair
presentation  have been  included.  Operating  results for the six month  period
ended June 30, 2001 are not  necessarily  indicative  of the results that may be
expected for the year ending December 31, 2001. 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, 2000.

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 June 30, 2001, no Investment Securities were
     ----------------------
carried as "Held to Maturity."

     Available  for Sale  Securities.  As of June 30, 2001,  the market value of
     -------------------------------
"Available for Sale Securities" was $17,500,856.

     Earnings Per Share. Earnings per share were $.59 for the quarter ended June
     ------------------
30,  2001.  The earnings  per share for this  quarter may not be  indicative  of
projected earnings (losses) for the year ending December 31, 2001.



                                       5
<PAGE>

     Income  Taxes.  The Company  will be subject to taxation  whenever  taxable
     -------------
income is  generated.  As of June 30, 2001,  the  provision for income taxes was
$346,311.

     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 six months  ended June 30,  2001 were
$6,351. 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 $29,520 for the six
months ended June 30, 2001.  Another director provides  accounting  services for
the Company.  Fees for these  services for the quarter  ended June 30, 2001 were
$1,300.


                                       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 as reflected in the Company's unaudited financial  statements for the
second quarter ended June 30, 2001.

Results of Operations


     The  Company's net income for the second  quarter of 2001 was  $329,800,  a
26.41% increase  compared to $260,900 for the same period in 2000.  Earnings per
share were $0.59 in the second  quarter of 2001  compared to $0.47 per share for
the same period in 2000. The Company's net income for the six-month period ended
June 30, 2001 was  $473,500  compared  to $572,700  for the same period in 2000.
Earnings per share decreased from $1.02 for the six-month  period ended June 30,
2000 to $0.85 per share for the same period in 2001.  The increase in net income
for the second quarter is primarily attributable to an increase in loan interest
and fee income.  The decrease in net income for the six-month  period ended June
30, 2001 is  primarily  due to a  significant  decrease in  non-interest  income
during the first  quarter of 2001 Interest on  investment  securities  decreased
14.25%,  while interest on Federal Funds sold increased 44.51% for the six-month
period ended June 30, 2001.  Interest  and fees on loans  increased  $690,200 or
18.51% for the six-month period ended June 30, 2001.

     Net  interest  income  after the  provision  for loan losses for the second
quarter of 2001 increased  $78,000,  or 7.76%, to $1,082,900 from $1,004,900 for
the  second  quarter of 2000.  The  increase  in net  interest  income  resulted
primarily  from an  increase  in loan  volume and a  corresponding  increase  in
interest and fees on loans.  The cost of deposits  averaged 4.74% for the second
quarter  of 2001  compared  to 4.77% for the  second  quarter  of 2000.  The net
interest  margin  for the six months and three  months  ended June 30,  2001 was
3.75% and 3.76% on average  earning  assets of  $120,530,183  and  $119,526,809,
respectively,  for the periods  stated.  For these same periods in 2000, the net
interest margin was 4.30% and 4.76%, respectively,  on average earning assets of
$98,889,700 and $102,293,400,  respectively. The decrease in net interest margin
reflects the overall market  decrease in borrowing rates and a minimal change in
the rates paid on deposits.

     Non-interest  expense for the second quarter of 2001 decreased  $1,800,  or
0.24%,  as  compared  to the second  quarter of 2000.  This  slight  decrease is
primarily the result of decreased salary and employee benefit expenses.

     Non-interest  income increased $3,500, or 2.56%,  during the second quarter
ended June 30, 2001 as compared  to the same period in 2000.  For the  six-month
period ending June 30, 2001,  non-interest income decreased $234,900,  or 80.29%
to $57,700  compared to $292,600 for the same period in 2000.  This decrease for
the  six-month  period is  primarily  attributable  to the losses on the sale of
repossessed  assets  associated  with the First  Florida  Financial  Ltd.,  Inc.
consumer loan  portfolio.  During the six-month  period ended June 30, 2001, the
Company reported losses on the sale of repossessed  assets of $165,000  compared
to $0 for the same period in 2000.  These losses on sales of repossessed  assets
are largely due to


                                       7
<PAGE>

increased  charge-offs  of loans  during the first six months of 2001 related to
the First Florida Financial loan portfolio. Gross charge-offs,  including losses
on sales of repossessed assets,  relating to the First Financial loan portfolio,
totaled  $546,500 during this period.  Sarasota Bank has filed a lawsuit against
First  Florida  Financial  seeking  to  prevent  First  Florida  Financial  from
continuing to service these consumer loans. For more  information  regarding the
pending  legal  proceedings  with First  Florida  Financial,  see "Item 1. Legal
Proceedings" in Part II of this Form 10-QSB.

Financial Condition

     For the six month  period  ended June 30,  2001,  the  Company  experienced
continued  asset,  loan and deposit  growth.  Total  assets  increased  4.77% to
$122,124,922  at June 30, 2001 from  $116,560,705  at December  31,  2000.  This
increase is primarily attributable to an increase in loans of approximately $2.8
million and an increase in Federal Funds sold of approximately $2.0 million.

     The  allowance for loan loss  provision for the second  quarter of 2001 was
$106,750 compared to $102,000 in the second quarter of 2000.  Although there was
a slight  increase in the  allowance for loan loss  provision  during the second
quarter,  the  Company  anticipates  that the  provision  for loan  losses  will
increase by an additional $600,000 over the next six months due to the potential
for  future  losses  inconnection  the First  Florida  Financial  consumer  loan
portfolio.  The reserve balance for loan losses as of June 30, 2001 was $828,621
as compared to $1,036,767 at December 31, 2000. At June 30, 2001,  the allowance
for loan losses  represented 0.87% of total loans outstanding  compared to 1.03%
at December 31, 2000. Although management considers the allowance to be adequate
at June 30, 2001,  based upon evaluations of specific loans and the weighting of
various loan  categories as suggested by the Bank's internal loan rating system,
management expects to increase the allowance  throughoutthe  remainder of fiscal
2001  as  discussed   above.  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 second  quarter of 2001,  there were  charged-off  loans in the
aggregate amount of $381,459 and total recoveries of $19,463,  or a net of 0.38%
of total loans outstanding.  The ratio of non-performing  loans (including loans
90 days or more past due) to total outstanding loans was $525,000,  or 0.55%, as
of June 30, 2001 compared to 0.68% as of the same period in 2000. As of December
31,  2000,  non-performing  loans  were  $1,163,000,  or 1.24%,  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 June 30, 2001.

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 June 30, 2001 was 9.46%, its total risk-based  capital ratio was 10.33%,  and
its leverage ratio was 7.25%.



                                       8
<PAGE>

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  91.57%  at June  30,  2001,  cash and due from  banks of $4.2
million and federal funds sold of $3.7 million,  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  (the  "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 outcome of the First Florida  Financial
litigation;  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.


                                       9
<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
an appeal to 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,

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<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.

Item 4.  Submission of Matters to a Vote of Security Holders.

     The 2001 Annual  Meeting of  Shareholders  of the Company was held on April
17,  2001.  At the  meeting  the  following  persons  were  elected as Class III
directors  to serve for a term of three  years and until  their  successors  are
elected and qualified:  Timothy J. Clarke, Christine L. Jennings, Sam D. Norton,
Michael R. Pender, Jr.

     The  results  of  voting  with  respect  to the  election  of the Class III
directors were as follows:

                                            Votes                  Votes
                                             FOR                  WITHHELD
                                           -------                --------
                                           426,719                   0
Timothy J. Clarke
                                           426,719                   0
Christine L. Jennings
                                           426,719                   0
Sam D. Norton
                                           426,719                   0
Michael R. Pender, Jr.

     The following persons did not stand for reelection to the Board at the 2001
Annual  Meeting  of  Shareholders  as their term of office  continued  after the
Annual Meeting:  James W. Demler,  M.D., Edward S. Levi, A. Dean Pratt, Susan M.
Baker, Kenneth H. Barr and Gilbert J. Wellman.

     No other matters were presented or voted for at the Annual Meeting.


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 June 30, 2001.




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<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:   August 13th, 2001      By: /s/ Christine L. Jennings
                                        ---------------------
                                    Christine L. Jennings
                                    President (Principal Executive Officer)



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


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