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, 1997 33-41045


                          SARASOTA BANCORPORATION, INC.
--------------------------------------------------------------------------------

        (Exact name of small business issuer as specified in its charter)



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



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



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



                                 Not applicable
              (Former name, former address and former fiscal year,
                         if changed since last report)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the last 12 months (or
for such shorter  period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

                  Yes x                        No

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

 Common Stock, $.01 Par Value                               471,500
 ----------------------------                  ---------------------------------
            Class                                Outstanding at August 8, 1997

Transitional Small Business Disclosure Format (Check One):

                  Yes                          No      X


<PAGE>
<TABLE>
<CAPTION>

                          PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
                       June 30, 1997 and December 31, 1996
                                   (UNAUDITED)
                                                       June 30,     December 31,
ASSETS                                                   1997            1996
------                                                   ----            ----
<S>                                                <C>              <C>         
Cash and Due From Banks                            $  2,209,491     $  2,467,658
Federal Funds Sold                                    2,034,000        3,718,000
Securities Held to Maturity                                --               --
Securities Available for Sale                        12,835,704       11,212,512
Loans (Net)                                          36,421,385       30,994,843
Accrued Interest Receivable                             348,844          313,185
Foreclosed Real Estate                                   71,673           71,673
Furniture and Equipment, Net                            406,356          432,879
Deferred Income Taxes                                   236,200          220,288
Other Assets                                             23,672           44,165
                                                   ------------     ------------

   TOTAL ASSETS:                                   $ 54,587,325     $ 49,475,203
                                                   ============     ============

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:

Demand Deposits                                    $ 11,002,140     $  5,666,640
NOW and Money Market Accounts                         6,840,903       10,509,570
Savings Accounts                                        789,176          952,080
Other Time Deposits                                  30,326,641       26,733,473
                                                   ------------     ------------
     Total Deposits                                  48,958,860       43,861,763
                                                   ------------     ------------

Repurchase Agreements                                 1,183,970        1,487,823
Accrued Interest Payable                                 85,691           68,137
Other Liabilities                                       143,922          130,802
                                                   ------------     ------------

   TOTAL LIABILITIES:                              $ 50,372,443     $ 45,548,525

STOCKHOLDERS' EQUITY:

Preferred stock, $.10 Par Value.  Authorized
   1,000,000 shares; None issued or Outstanding            --               --   
Common stock, $.01 Par Value.  Authorized
Additional Paid-In Capital                            4,710,285        4,710,285
Treasury Stock                                          (15,730)            --   
Accumulated Deficit                                    (509,986)        (815,415)
Net unrealized appreciation on Available
           For Sale Securitites (Net)                    25,598           27,093
                                                   ------------     ------------

   TOTAL STOCKHOLDERS' EQUITY:                        4,214,882        3,926,678
   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY:     $ 54,587,325     $ 49,475,203
                                                   ============     ============

                                       1
</TABLE>

<PAGE>


<TABLE>
<CAPTION>

                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
              For the Three Months Ended June 30, 1997 and 1996 and
                For the Six Months Ended June 30, 1997 and 1996
                                  (UNAUDITED)


                                              THREE MONTHS   THREE MONTHS  SIX MONTHS    SIX MONTHS
                                                 ENDED          ENDED        ENDED         ENDED
                                                06/30/97       06/30/96     06/30/97     06/30/96
                                                --------       --------     --------     --------
<S>                                            <C>          <C>          <C>           <C>      
INTEREST INCOME:
Interest and Fees on Loans                    $  818,849    $  587,989   $ 1,561,493   $ 1,130,330
Interest on Federal Funds Sold                    60,554        15,040        95,944        18,051
Interest on Investment Securities                211,486       157,755       392,349       320,378
                                               ---------       -------     ---------     ---------
TOTAL INTEREST INCOME:                         1,090,889       760,784     2,049,786     1,468,759


INTEREST EXPENSE:
-----------------
Interest on Deposits                             513,546       332,638       957,071       629,144
Interest on Borrowings                             -             2,049           139        16,186
Interest on Repurchase Agreements                 16,919        12,553        33,467        23,695
                                               ---------       -------     ---------     ---------
TOTAL INTEREST EXPENSE:                          530,465       347,240       990,677       669,025
                                               ---------       -------     ---------     ---------

NET INTEREST INCOME:                             560,424       413,544     1,059,109       799,734
Provision For Possible Loan Losses                72,300        50,700       120,800        57,950
                                               ---------       -------     ---------     ---------

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES                        488,124       362,844       938,309       741,784

OTHER OPERATING INCOME:
-----------------------
Service Charges on Deposit Accounts               27,951        22,727        60,501        47,678
Other Fees and Other Income                       21,506        15,813        46,237        29,650
                                               ---------       -------     ---------     ---------

NET OTHER OPERATING INCOME:                       49,457        38,540       106,738        77,328

OPERATING EXPENSES:
-------------------
Salaries and Employee Benefits                   162,995       149,444       332,685       321,792
Occupancy                                         74,376        76,967       149,831       143,339
Data Processing                                   27,354        25,550        40,234        49,339
Professional Fees                                 26,238        16,825        60,702        55,324
Other                                             75,995        63,174       150,166       139,354
                                               ---------       -------     ---------     ---------
TOTAL OPERATING EXPENSES:                        366,958       331,960       733,618       709,148
                                               ---------       -------     ---------     ---------
INCOME BEFORE TAXES:                             170,623        69,424       311,429       109,964
PROVISION FOR TAXES:                               3,000          --           6,000          --
                                               ---------       -------     ---------     ---------

NET INCOME:                                   $  167,623    $   69,424   $   305,429   $   109,964
                                              ==========        ======       =======       =======
INCOME PER SHARE:                             $     0.36    $     0.15   $      0.65   $      0.23
                                              ==========        ======       =======       =======
</TABLE>
                                       2
<PAGE>

<TABLE>
<CAPTION>

                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                 For the Six Months Ended June 30, 1997 and 1996
                                   (UNAUDITED)

                                                        SIX MONTHS        SIX MONTHS
                                                           ENDED             ENDED
                                                         06/30/97          06/30/96
                                                         --------          --------
<S>                                                    <C>             <C>        
CASH FLOWS FROM OPERATING ACTIVITY:

   NET INCOME                                         $   305,429      $  109,964
   ADJUSTMENTS TO RECONCILE NET INCOME TO NET
        CASH FLOWS FROM OPERATIONS:

Depreciation                                               28,399          22,874
Amortization of Organizational Costs                       19,413          19,414
Provision for Loan Losses                                 120,800          57,950
(Increase) Decrease in Accrued Interest Receivable        (35,659)          1,389
(Increase) Decrease in Foreclosed Real Estate                --            (3,166)
(Increase) Decrease in Deferred Income Taxes              (15,912)        (37,961)
(Increase) Decrease in Other Assets                         1,080          23,903
(Decrease) Increase in Repurchase Agreements             (303,853)           --
(Decrease) Increase in Accrued Interest Payable            17,554          (1,541)
(Decrease) Increase in Other Liabilities                   13,120          20,679
                                                       ----------      ---------- 

   NET CASH USED IN OPERATING ACTIVITY:                   150,371         213,505
                                                       ----------      ---------- 


CASH FLOWS FROM INVESTING ACTIVITY:

Purchase of Investment Securities, Net                 (1,624,687)        662,404
Purchase of Furniture & Equipment                          (1,876)         (4,014)
Purchase of Other Real Estate                                --            (3,166)
Increase in Loans, Net                                 (5,547,342)     (4,961,792)
                                                       ----------      ---------- 

   NET CASH USED IN INVESTING ACTIVITY:                (7,173,905)     (4,306,568)
                                                       ----------      ---------- 

CASH FLOWS FROM FINANCING ACTIVITY:

Net Increase in Deposits                                5,097,097       2,804,082
Purchase of Treasury Stock                                (15,730)           --
Net Increase in Repurchase Agreements                        --         1,109,943
                                                       ----------      ---------- 

   NET CASH PROVIDED BY FINANCING ACTIVITY:             5,081,367       3,914,025
                                                       ----------      ---------- 

   NET INCREASE (DECREASE) IN CASH:                    (1,942,167)       (179,038)

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

   CASH AT END OF PERIOD:                             $ 4,243,491      $2,229,337
                                                        =========       =========

Supplemental Disclosure of Cash Flow Information
    Cash Paid During The Period For Interest:         $   990,677      $  669,025
                                                      ===========         =======
</TABLE>

                                       3
<PAGE>



                          SARASOTA BANCORPORATION, INC.
                                 AND SUBSIDIARY
                    Notes to Financial Statements (Unaudited)
                                  June 30, 1997


Note 1 - Basis of Presentation

         The accompanying  financial statements have been prepared in accordance
with generally accepted accounting  principles for Interim Financial  Statements
and with the instructions to form 10-QSB.  Accordingly,  they do not include all
the  information  and  footnotes  required  by  generally  accepted   accounting
principles for complete financial statements. In the opinion of management,  all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Operating results for the six month period
ended June 30, 1997 are not  necessarily  indicative  of the results that may be
expected for the year ending December 31, 1997. For further  information,  refer
to the financial  statements and footnotes  thereto included in Form 10- KSB for
the year ended December 31, 1996.


Note 2 - Summary of Organization

         Sarasota BanCorporation,  Inc. Sarasota,  Florida (the "Company"),  was
incorporated  under the laws of the State of Florida on December 28,  1990,  for
the purpose of becoming a bank  holding  company  with  respect to a proposed de
novo bank, Sarasota Bank (the "Bank") Sarasota,  Florida.  Prior to formation of
the  Company,   the  Company's  organizers  formed  a  partnership  to  commence
organizing a Bank holding company.  The partnership was subsequently merged into
the Company as of December  30,  1990.  As a result,  each  organizers'  capital
account in the partnership was exchanged for common stock of the Company and all
assets  of the  partnership  were  contributed  as  capital  to the  Company  in
consideration  of the  issuance  of its  common  stock  to  the  organizers.  On
September  15, 1992,  the  organizers  received  approval from the Office of the
Comptroller of the State of Florida for the  organization of a new state banking
association  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 June 30, 1997 no Investment Securities are
carried as "Held to Maturity."

                                        4

<PAGE>





         Available for Sale Securities.  As of June 30, 1997 the market value of
"Available for Sale Securities" is $12,835,704.

         Organizational  Costs.  In  accordance  with FASB  Statement No. 7, the
Company and the subsidiary Bank  capitalized all direct costs that were incurred
in the  expectation  that they would  generate  future  revenues  and  otherwise
benefit periods after the subsidiary Bank opened for business. These capitalized
costs, or  organizational  costs, are amortized over a sixty-month  period using
the straight line method. As of June 30, 1997,  unamortized  organizational cost
amounted to $7,027.

         Profit Per Share.  Profit per share was $.36 for the quarter ended June
30, 1997 and may not be indicative of projected  earnings  (losses) for the year
ending December 31, 1997.

         Income Taxes. The Company will be subject to taxation  whenever taxable
income is generated. As of June 30, 1997 the provision for taxes is $6,000.

         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,  1997 was
$4,001.  This amount includes sums paid by the Bank to this firm as well as sums
paid by bank  customers  and cost  advances.  Another  director  of the  Company
provides advertising,  printing and other miscellaneous services to the Company.
The gross  billing,  which  includes  costs  passed  through to other  companies
providing services to the Company, was $22,019 for the six months ended June 30,
1997.


                                        5

<PAGE>



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

         The  following  discussion  addresses  the factors  that have  affected
Sarasota BanCorporation,  Inc.'s (the "Company") financial condition and results
of operations as reflected in the Company's unaudited  financial  statements for
the second quarter ended June 30, 1997.

Results of Operations

         The Company's net income for the second quarter of 1997 was $167,623, a
141.4%  increase  compared to $69,424 for the same period in 1996.  Earnings per
share increased to $.36 in the second quarter of 1997 compared to $.15 per share
for the same period in 1996.  Net income for the six months  ended June 30, 1997
was $305,429  compared to $109,964  for the same period in 1996,  an increase of
$195,465 or 177.8%. The increases in net income are primarily  attributable to a
39.3% and a 38.1%  increase in interest  and fees on loans for the three and six
month periods ended June 30, 1997, respectively.

         Net  interest  income  after  provision  for loan losses for the second
quarter  of 1997  increased  $125,280  or 34.5% to  $488,124  from a balance  of
$362,844 for the second quarter of 1996. Net interest income after provision for
loan losses for the six months ended June 30, 1997  increased  $196,525 or 26.5%
to  $938,309  from a  balance  of  $741,784  for the same  period  in 1996.  The
increases in net interest  income  resulted  primarily  from an increase in loan
volume and a corresponding  increase in interest and fees on loans.  The cost of
deposits averaged 4.24% for the second quarter of 1997 compared to 3.95% for the
second  quarter of 1996.  The net  interest  margin for the six months and three
months  ended  June 30,  1997 was 4.16% and 4.18% on average  earning  assets of
$48,811,990 and $51,414,072, respectively for the periods stated. For these same
periods in 1996, the net interest margin was 4.38% and 4.38%,  respectively,  on
average  earning  assets  of  $36,313,125  and  $37,349,328,  respectively.  The
decrease  in net  interest  margin is  reflective  of  growth  in higher  priced
interest bearing liability accounts.

         Non-interest  expense for the second quarter of 1997 increased  $34,998
or 10.5% as  compared  to the  second  quarter  of  1996.  Non-interest  expense
increased  $24,470  or 3.5% for the six  month  period  ended  June 30,  1997 as
compared to the same period of 1996.  This  increase is primarily  the result of
increased employee salaries and benefits, professional service fees and director
fees.

         Non-interest  income  increased  $10,917  or 28.3%  during  the  second
quarter ended June 30, 1997 as compared to the same period in 1996. Non-interest
income also  increased  $29,410 or 38.0% for the six month period ended June 30,
1997 as compared to the same period in 1996. The increase in non-interest income
is attributable to increased  overdraft  service fees on depository  accounts as
well as increased rental income from the Bank's tenant.

Financial Condition

         For the six month period ended June 30, 1997,  the Company  experienced
continued  asset,  loan and deposit  growth.  Total assets  increased  10.33% to
$54,587,325  for the six month  period ended June 30, 1997 from  $49,475,203  at
December 31, 1996.  This  increase is primarily  attributable  to an increase in
loans of approximately $5.4 million and an increase in securities  available for
sale of  approximately  $1.6  million  during this  period.  Federal  Funds sold
decreased  during the six months ended June 30, 1997 by $1.7 million in order to
accommodate  the increase in securities and the loan demand  experienced  during
the period.

                                       6

<PAGE>



         The  allowance for loan loss  provision for the second  quarter of 1997
was  $72,300  compared  to $50,700 in the second  quarter of 1996.  The  reserve
balance for loan losses as of June 30, 1997 was $412,977 as compared to $313,939
at  December  31,  1996.  At June  30,  1997,  the  allowance  for  loan  losses
represented 1.12% of total loans outstanding. Management considers the allowance
to be adequate  based upon  evaluations  of specific  loans and the weighting of
various loan  categories as suggested by the Bank's internal loan rating system.
The provision for loan losses is based upon management's continuing analysis and
evaluation of various factors,  including current economic conditions,  the size
of the loan portfolio,  past loan loss experience,  underlying collateral value,
the  Bank's  internal  rating  system  and  other  factors  deemed  relevant  by
management.

         Through the second quarter of 1997,  charged-off loans totalled $26,412
with  recoveries  of $4,650,  or a net of .05% of total loans  outstanding.  The
ratio of  non-performing  loans  (including  loans 90 days or more  past due) to
total outstanding loans was $59,000 or .16% as of June 30, 1997 compared to .81%
as of the  same  period  in  1996.  As of the  year  ended  December  31,  1996,
non-performing  loans were $7,000 or .02% of loans outstanding.  The increase in
non-performing  loans as compared to year ended  December  31, 1996 is primarily
attributable to several  consumer loans past due from 30 to 90 days.  There were
no loans past due in excess of 90 days as of June 30, 1997.

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, 1997 was 11.30%,  its total risk-based capital ratio was 12.43%, and
its leverage ratio was 7.77%.

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 74.29% at June 30, 1997,  cash and due from banks of $2,209,491
and federal funds sold of $2,034,000, the Company does not anticipate any events
which would require  liquidity  beyond that which is available  through  deposit
growth or its investment  portfolio.  The Company  actively  manages the levels,
types, and maturities of earning assets in relation to the sources  available to
fund  current and future needs to ensure  adequate  funding will be available at
all times.  There are no known trends or any known  commitments or uncertainties
that will result in the  Company's  liquidity  increasing  or  decreasing in any
material way.

                                        7

<PAGE>



                           PART II. OTHER INFORMATION


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

         The 1997  Annual  Meeting of  Shareholders  of the  Company was held on
April 5, 1997. At the meeting the following persons were elected as directors to
serve for a term of three  years and until  their  successors  are  elected  and
qualified:  Susan M. Baker,  Kenneth H. Barr,  Stanford H. Ross,  and Gilbert J.
Wellman.

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


                                   Votes               Votes
                                    FOR               WITHHELD
                                    ---               --------
     Susan M. Baker                293,145             27,800
     Kenneth H. Barr               320,145                800
     Stanford H. Ross              320,145                800
     Gilbert J. Wellman            320,145                800

         The following  persons did not stand for reelection to the Board at the
1997 Annual Meeting of Shareholders as their term of office  continued after the
Annual Meeting: Timothy J. Clarke, James W. Demler, M.D., Christine L. Jennings,
Edward S. Levi, A. Dean Pratt, Sam D. Norton and Michael R. Prender, Jr.

         Also at the 1997 Annual Meeting of Shareholders, the shareholders voted
to extend the expiration date of certain outstanding  warrants previously issued
to twelve (12)  organizers  of the Company from  September 15, 1997 to September
15, 2002. The results of the voting were 311,369 votes for, 7,076 votes against,
2,500 votes abstaining, and 150,555 broker non-votes.

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

Item 6.  Exhibits and Reports on Form 8-K

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

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

                      27            Financial Data Schedule (for SEC use only)

         (b)      Reports on Form 8-K. No reports on Form 8-K were filed  during
                  the quarter ended June 30, 1997.



                                        8

<PAGE>



                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                            SARASOTA BANCORPORATION, INC


Dated:   August 8, 1997       By:    /s/  Christine L. Jennings
                                     --------------------------
                                          Christine L. Jennings
                                          President
                                          (Principal Executive Officer)



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



                                        9

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