----

----

| OCONEE      FINANCIAL CORPORATION                          |
|------------------------------------------------------------|
| (Exact      name of Registrant as specified in itsCharter) |

| Georgia                                                             |   | 58-2442250                                |
|---------------------------------------------------------------------|--------|-------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) |   | (I.R.S.      Employer Identification No.) |
|                                                                |   |                                      |
|                                                                |   |                                      |
| 35      North Main StreetWatkinsville,      Georgia                 |   |  30677                               |
| (Address      of principal executive offices)                       |   | (Zip      Code)                           |

| 706-769-6611                                                   |
|----------------------------------------------------------------|
| (Registrant’s      telephone number, including areacode) |

| Large      accelerated filer:      o                                                                   | Accelerated      filer: o              |
|---------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|
|                                                                                                                            |                                   |
| Non-accelerated      filer:      o   (Do      not check if a smaller reporting company) | Smaller      reporting company: þ |

----

----

----

| INDEX                                                                                                                           |   |
|---------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                            |   |
|                                                                                                                            |   |
|                                                                                                                            |   | Page      No. |   |
| PART      I - FINANCIAL INFORMATION                                                                                             |   |   |   |
|                                                                                                                            |   |   |   |
| Item      1.Financial Statements                                                                                                |   |   |   |
|                                                                                                                            |   |   |   |
| Consolidated      Balance Sheets at March 31, 2009 and December 31, 2008                                                        |   |   | 1 |   |
|                                                                                                                            |   |   |   |   |
| Consolidated      Statements of Operations (unaudited) for the Three Months Ended March 31,      2009 and 2008                  |   |   | 2 |   |
|                                                                                                                            |   |   |   |   |
| Consolidated      Statements of Comprehensive Income (Loss) (unaudited) for the Three Months      Ended March 31, 2009 and 2008 |   |   | 3 |   |
|                                                                                                                            |   |   |   |   |
| Consolidated      Statements of Cash Flows (unaudited) for the Three Months Ended March 31,      2009 and 2008                  |   |   | 4 |   |
|                                                                                                                            |   |   |   |   |
| Notes      to Consolidated Financial Statements (unaudited)                                                                     |   |   | 6 |   |
|                                                                                                                            |   |   |   |   |
| Item 2.Management’s      Discussion and Analysis of Financial Condition and Results of      Operations                    |   |   | 9 |   |
|                                                                                                                            |   |   |   |   |
| Item      3. Quantitative and Qualitative Disclosures about Market      Risk                                               |   |   | 13 |   |
|                                                                                                                            |   |   |   |   |
| Item      4T. Controls and Procedures                                                                                           |   |   | 13 |   |
|                                                                                                                            |   |   |   |   |
| PART      II - OTHER INFORMATION                                                                                                |   |
|                                                                                                                            |   |   |   |   |
| Item      1. Legal Proceedings                                                                                                  |   |   | 14 |   |
|                                                                                                                            |   |   |   |   |
| Item      1A. Risk Factors                                                                                                      |   |   | 14 |   |
|                                                                                                                            |   |   |   |   |
| Item      2. Unregistered Sales of Equity Securities and Use of    Proceeds                                                     |   |   | 14 |   |
|                                                                                                                            |   |   |   |   |
| Item      3. Defaults Upon Senior Securities                                                                                    |   |   | 14 |   |
|                                                                                                                            |   |   |   |   |
| Item      4.  Submission of Matters to a Vote of Security      Holders                                                |   |   | 14 |   |
|                                                                                                                            |   |   |   |   |
| Item      5.  Other Information                                                                                       |   |   | 14 |   |
|                                                                                                                            |   |   |   |   |
| Item      6.  Exhibits                                                                                                |   |   | 14 |   |

----

|                                                                                                                                                                    |   | March      31, 2009 (unaudited) |        |   | December      31, 2008 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|-------------|--------|------------------------|--------|
| Assets                                                                                                                                                                  |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |
| Cash      and due from banks, including reserve requirements of    $25,000                                                                                              |   | $                               | 16,947,434  |   |                   |   | 4,353,492 |   |
| Federal      funds sold                                                                                                                                                 |   |                            | -           |   |                   |   | 15,709,000 |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |   |   |
|                    Cash      and cash equivalents                        |   |                            | 16,947,434  |   |                   |   | 20,062,492 |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |   |   |
| Investment      securities available for sale                                                                                                                           |   |                            | 90,267,102  |   |                   |   | 79,761,570 |   |
| Other      investments                                                                                                                                                  |   |                            | 556,300     |   |                   |   | 679,229 |   |
| Mortgage      loans held for sale                                                                                                                                       |   |                            | 1,671,887   |   |                   |   | 1,638,561 |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |   |   |
| Loans,      net of allowance for loan losses of $5,306,107 and    $4,215,262                                                                                            |   |                            | 185,987,763 |   |                   |   | 191,557,145 |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |   |   |
| Premises      and equipment, net                                                                                                                                        |   |                            | 6,747,942   |   |                   |   | 6,903,890 |   |
| Other      real estate owned                                                                                                                                            |   |                            | 4,064,458   |   |                   |   | 1,776,960 |   |
| Accrued      interest receivable and other assets                                                                                                                       |   |                            | 6,300,935   |   |                   |   | 5,775,732 |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |   |   |
|                    Total      assets                                     |   | $                               | 312,543,821 |   |                   |   | 308,155,549 |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |   |   |
| Liabilities and Stockholders’      Equity                                                                                                                         |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |   |   |
| Liabilities:                                                                                                                                                            |   |                            |        |   |                   |   |   |   |
|        Deposits                                                                                                                      |   |                            |        |   |                   |   |   |   |
|             Noninterest-bearing                                                                             |   | $                               | 29,697,483  |   |                   |   | 27,413,165 |   |
|             Interest-bearing                                                                                |   |                            | 240,685,865 |   |                   |   | 247,624,987 |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |   |   |
|                    Total      deposits                                   |   |                            | 270,383,348 |   |                   |   | 275,038,152 |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |   |   |
|        Securities      sold under repurchase agreements                                                                              |   |                            | 16,438,925  |   |                   |   | 6,453,272 |   |
|        Accrued      interest payable and other liabilities                                                                           |   |                            | 770,383     |   |                   |   | 866,937 |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |   |   |
|                    Total      liabilities                                |   |                            | 287,592,656 |   |                   |   | 282,358,361 |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |   |   |
| Stockholders’      equity:                                                                                                                                        |   |                            |        |   |                   |   |   |   |
|        Common      stock, $2 par value;                                                                                              |   |                            |        |   |                   |   |   |   |
|              authorized      1,500,000 shares;                                                         |   |                            |        |   |                   |   |   |   |
|              issued      and outstanding 899,815 shares                                                |   |                            | 1,799,630   |   |                   |   | 1,799,630 |   |
|        Additional      paid-in capital                                                                                               |   |                            | 4,243,332   |   |                   |   | 4,243,332 |   |
|        Retained      earnings                                                                                                        |   |                            | 18,801,862  |   |                   |   | 19,500,772 |   |
|        Accumulated      other comprehensive income                                                                                   |   |                            | 106,341     |   |                   |   | 253,454 |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |   |   |
|                    Total      stockholders’ equity                 |   |                            | 24,951,165  |   |                   |   | 25,797,188 |   |
|                                                                                                                                                                    |   |                            |        |   |                   |   |   |   |
|                    Total      liabilities and stockholders’ equity |   | $                               | 312,543,821 |   |                   |   | 308,155,549 |   |

----

|                                                                                                                                         |   | Three      Months Ended |       |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|------------|
|                                                                                                                                         |   | 2009                    |       |   | 2008 |   |
| Interest      Income:                                                                                                                        |   |                    |       |   |   |   |
|           Loans                                                                                                          |   | $                       | 2,343,516  |   |   |   | 3,466,266 |   |
|           Investment securities:                                                                                         |   |                    |       |   |   |   |   |   |
|         Tax      exempt                                                                              |   |                    | 192,330    |   |   |   | 235,614 |   |
|         Taxable                                                                                      |   |                    | 801,136    |   |   |   | 944,235 |   |
|           Federal funds sold and other                                                                                   |   |                    | 27,943     |   |   |   | 155,362 |   |
|                 Total interest income                                                      |   |                    | 3,364,925  |   |   |   | 4,801,477 |   |
|                                                                                                                                         |   |                    |       |   |   |   |   |   |
| Interest      Expense:                                                                                                                       |   |                    |       |   |   |   |   |   |
|           Deposits                                                                                                       |   |                    | 1,546,497  |   |   |   | 2,422,256 |   |
|           Other                                                                                                          |   |                    | 75,670     |   |   |   | 14,001 |   |
|                 Total interest expense                                                     |   |                    | 1,622,167  |   |   |   | 2,436,257 |   |
|                                                                                                                                         |   |                    |       |   |   |   |   |   |
|                 Net interest income                                                        |   |                    | 1,742,758  |   |   |   | 2,365,220 |   |
|                                                                                                                                         |   |                    |       |   |   |   |   |   |
| Provision      for loan losses                                                                                                               |   |                    | 1,100,000  |   |   |   | 57,600 |   |
|                                                                                                                                         |   |                    |       |   |   |   |   |   |
|               Net      interest income after provision for loan losses |   |                    | 642,758    |   |   |   | 2,307,620 |   |
|                                                                                                                                         |   |                    |       |   |   |   |   |   |
| Other      Income:                                                                                                                           |   |                    |       |   |   |   |   |   |
|                                                                                                                                         |   |                    |       |   |   |   |   |   |
|           Service charges on deposit accounts                                                                            |   |                    | 315,354    |   |   |   | 370,095 |   |
|      Mortgage      origination fees                                                                                 |   |                    | 139,599    |   |   |   | 77,715 |   |
|           Other operating income                                                                                         |   |                    | 219,723    |   |   |   | 270,871 |   |
|                 Total other income                                                         |   |                    | 674,676    |   |   |   | 718,681 |   |
|                                                                                                                                         |   |                    |       |   |   |   |   |   |
|  Other      Expense:                                                                                                                    |   |                    |       |   |   |   |   |   |
|           Salaries and other personnel expense                                                                           |   |                    | 1,330,641  |   |   |   | 1,483,706 |   |
|           Net occupancy and equipment expense                                                                            |   |                    | 356,173    |   |   |   | 353,633 |   |
| Loss      on Silverton Financial Services stock                                                                                              |   |                    | 100,429    |   |   |   | - |   |
|           Other operating expense                                                                                        |   |                    | 626,575    |   |   |   | 612,843 |   |
|                 Total other expense                                                        |   |                    | 2,413,818  |   |   |   | 2,450,182 |   |
|                                                                                                                                         |   |                    |       |   |   |   |   |   |
|                 Earnings (loss) before income taxes                                        |   |                    | (1,096,384 | ) |   |   | 576,119 |   |
|                                                                                                                                         |   |                    |       |   |   |   |   |   |
| Income      taxes (benefit)                                                                                                                  |   |                    | (397,474   | ) |   |   | 121,270 |   |
|                                                                                                                                         |   |                    |       |   |   |   |   |   |
|                 Net earnings (loss)                                                   |   | $                       | (698,910   | ) |   |   | 454,849 |   |
|                                                                                                                                         |   |                    |       |   |   |   |   |   |
| Earnings      (loss) per common share based on average outstanding                                                                           |   |                    |       |   |   |   |   |   |
|           shares of 899,815                                                                                              |   | $                       | (0.78      | ) |   |   | 0.51 |   |

----

|                                                                                                                    |   | Three      Months Ended |     |
|-------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|----------|
|                                                                                                                    |   | 2009                    |     |   | 2008 |   |
|                                                                                                                    |   |                    |     |   |   |   |
| Net      earnings (loss)                                                                                           |   | $                       | (698,910 | ) |   |   | 454,849 |   |
|                                                                                                                    |   |                    |     |   |   |   |   |   |
| Other      comprehensive income (loss), net of taxes:                                                                   |   |                    |     |   |   |   |   |   |
|     Unrealized      gains (losses) on securities available for sale:                                |   |                    |     |   |   |   |   |   |
|               Holding gains (losses) arising during period, net of    (benefit) |   |                    |     |   |   |   |   |   |
|                   tax of $(90,013) and  $247,641  |   |                    | (147,113 | ) |   |   | 404,733 |   |
|                                                                                                                    |   |                    |     |   |   |   |   |   |
|               Total other comprehensive income (loss)                           |   |                    | (147,113 | ) |   |   | 404,733 |   |
|                                                                                                                    |   |                    |     |   |   |   |   |   |
|               Comprehensive income (loss)                                       |   | $                       | (846,023 | ) |   |   | 859,582 |   |

----

|                                                                                                                                                                                                                     |   | 2009   |        |   | 2008   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| Cash      flows from operating activities:                                                                                                                                                                               |   |   |        |   |   |   |
|      Net      earnings (loss)                                                                                                                                                                   |   | $      | (698,910    | )      |   |   | 454,849 |   |
|          Adjustments      to reconcile net earnings (loss) to net                                                                                                           |   |   |        |   |   |   |   |   |
|             cash      used by operating activities:                                                                                                          |   |   |        |   |   |   |   |   |
|                 Provision      for loan losses                                                                                           |   |   | 1,100,000   |   |   |   | 57,600 |   |
|                 Depreciation,      amortization and accretion                                                                            |   |   | 100,095     |   |   |   | 136,467 |   |
|                 Loss      on Silverton Financial Services stock                                                                          |   |   | 100,429     |   |   |   | - |   |
|                 Change      in assets and liabilities:                                                                                   |   |   |        |   |   |   |   |   |
|                     Interest      receivable and other assets                                                        |   |   | (498,732    | )      |   |   | (316,172 | ) |
|                     Interest      payable and other liabilities                                                      |   |   | (96,554     | )      |   |   | (119,607 | ) |
|                     Mortgage      loans held for sale                                                                |   |   | (33,326     | )      |   |   | (478,417 | ) |
|                                                                                                                                                                                                                     |   |   |        |   |   |   |   |   |
|                            Net      cash used by operating activities             |   |   | (26,998     | )      |   |   | (265,280 | ) |
|                                                                                                                                                                                                                     |   |   |        |   |   |   |   |   |
| Cash      flows from investing activities:                                                                                                                                                                               |   |   |        |   |   |   |   |   |
|      Proceeds      from calls, maturities, and paydowns of                                                                                                                                      |   |   |        |   |   |   |   |   |
|          investment      securities available for sale                                                                                                                      |   |   | 29,251,984  |   |   |   | 15,979,698 |   |
|      Purchases      of investment securities available for sale                                                                                                                                 |   |   | (39,931,612 | )      |   |   | (13,568,872 | ) |
|      Proceeds      from sale of other investments                                                                                                                                               |   |   | 22,500      |   |   |   | 27,500 |   |
|      Net      change in loans                                                                                                                                                                   |   |   | 2,245,396   |   |   |   | 7,667,912 |   |
|      Purchases      of premises and equipment                                                                                                                                                   |   |   | (7,177      | )      |   |   | (73,384 | ) |
|                                                                                                                                                                                                                     |   |   |        |   |   |   |   |   |
|                                  Net cash (used) provided by investing activities |   |   | (8,418,909  | )      |   |   | 10,032,854 |   |
|                                                                                                                                                                                                                     |   |   |        |   |   |   |   |   |
| Cash      flows from financing activities:                                                                                                                                                                               |   |   |        |   |   |   |   |   |
|      Net      change in deposits                                                                                                                                                                |   |   | (4,654,804  | )      |   |   | 1,503,373 |   |
|      Net      change in securities sold under repurchase agreements                                                                                                                             |   |   | 9,985,653   |   |   |   | (190,001 | ) |
|      Dividends      paid                                                                                                                                                                        |   |   | -           |   |   |   | (1,034,787 | ) |
|                                                                                                                                                                                                                     |   |   |        |   |   |   |   |   |
|                            Net      cash provided by financing activities         |   |   | 5,330,849   |   |   |   | 278,585 |   |
|                                                                                                                                                                                                                     |   |   |        |   |   |   |   |   |
| Net      (decrease) increase in cash and cash equivalents                                                                                                                                                                |   |   | (3,115,058  | )      |   |   | 10,046,159 |   |
|                                                                                                                                                                                                                     |   |   |        |   |   |   |   |   |
| Cash      and cash equivalents at beginning of period                                                                                                                                                                    |   |   | 20,062,492  |   |   |   | 20,889,937 |   |
|                                                                                                                                                                                                                     |   |   |        |   |   |   |   |   |
| Cash      and cash equivalents at end of period                                                                                                                                                                          |   | $      | 16,947,434  |   |   |   | 30,936,096 |   |

----

|                                                                                                |   | 2009   |      |   | 2008   |   |
|-----------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                                                                |   |   |      |   |   |   |
|                                                                                                |   |   |      |   |   |   |
| Supplemental      cash flow information:                                                            |   |   |      |   |   |   |
|      Cash      paid for interest                                           |   | $      | 1,640,496 |   |   | $      | 2,526,969 |   |
|      Cash      paid for taxes                                              |   | $      | 5,000     |   |   | $      | 5,000 |   |
|                                                                                                |   |   |      |   |   |   |   |   |
| Noncash      investing and financing activities:                                                    |   |   |      |   |   |   |   |   |
|      Transfer      from loans to other real estate owned                   |   | $      | 2,223,986 |   |   | $      | 155,920 |   |
|      Change      in net unrealized gains (losses) on investment securities |   |   |      |   |   |   |   |   |
|         available      for sale, net of taxes               |   | $      | (147,113  | )      |   | $      | 404,733 |   |
|      Change      in dividends payable                                      |   | $      | -         |   |   | $      | 1,034,787 |   |

----

|                                              |   | Three      Months Ended March 31, |      |
|---------------------------------------------------|--------|-----------------------------------|-----------|
|                                              |   | 2009                              |      |   | 2008 |   |
|                                              |   |                              |      |   |   |   |
| Balance      at beginning of year                 |   | $                                 | 4,215,262 |   |   |   | 3,335,825 |   |
| Amounts      charged off                          |   |                              | (17,526   | ) |   |   | (39,430 | ) |
| Recoveries      on amounts previously charged off |   |                              | 8,371     |   |   |   | 8,490 |   |
| Provision      for loan losses                    |   |                              | 1,100,000 |   |   |   | 57,600 |   |
|                                              |   |                              |      |   |   |   |   |   |
| Balance      at March 31                          |   | $                                 | 5,306,107 |   |   |   | 3,362,485 |   |

----

----

|                     |   | Balance      at March 31, 2009 |   |   |           |   |   |           |   |   |           |   |
|--------------------------|--------|--------------------------------|--------|--------|----------------|--------|--------|----------------|--------|--------|----------------|--------|
|                     |   | (In      thousands)            |   |   | (Level      1) |   |   | (Level      2) |   |   | (Level      3) |   |
| Assets                   |   |                           |   |   |           |   |   |           |   |   |           |   |
| Securities               |   | $                              | 90,267 |   |           | $      | -      |           |   | $      | 90,267         |   |   | $ | - |   |
| Loans      held for sale |   |                           | 1,672  |   |           |   | -      |           |   |   | 1,672          |   |   |   | - |   |

|                   |   | Balance      at March 31, 2009 |   |   |           |   |   |           |   |   |           |   |
|------------------------|--------|--------------------------------|--------|--------|----------------|--------|--------|----------------|--------|--------|----------------|--------|
|                   |   | (In      thousands)            |   |   | (Level      1) |   |   | (Level      2) |   |   | (Level      3) |   |
| Assets                 |   |                           |   |   |           |   |   |           |   |   |           |   |
| Impaired      loans    |   | $                              | 14,323 |   |           | $      | -      |           |   | $      | -              |   |   | $ | 14,323 |   |
| Foreclosed      assets |   |                           | 4,065  |   |           |   | -      |           |   |   | -              |   |   |   | 4,065 |   |

----

|                                                                |   | Carrying            |    |   | Estimated  |   |
|---------------------------------------------------------------------|--------|---------------------|---------|--------|------------|--------|
|                                                                |   | Amount              |    |   | Fair Value |   |
| Assets:                                                             |   | (In      thousands) |    |
| Cash and cash      equivalents                                      |   | $                   | 16,947  |   |       |   | 16,947 |   |
| Investment      securities                                          |   | $                   | 90,267  |   |       |   | 90,267 |   |
| Restricted equity      securities                                   |   | $                   | 556     |   |       |   | 556 |   |
| Mortgage loans held for      sale                                   |   | $                   | 1,672   |   |       |   | 1,672 |   |
| Loans, net                                                          |   | $                   | 185,988 |   |       |   | 186,218 |   |
|                                                                |   |                |    |   |       |   |   |   |
| Liabilities:                                                        |   |                |    |   |       |   |   |   |
| Deposits      and securities sold under                             |   |                |    |   |       |   |   |   |
|        repurchase      agreement |   | $                   | 286,822 |   |       |   | 289,865 |   |

----

----

|                                                                                 |   | Amount              |    |   | Percentage |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|---------|--------|------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | (In      thousands) |    |   |       |   |
| Commercial,      financial and agricultural                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $                   | 28,993  |   |       |   | 15.1 | % |
| Real      estate – mortgage                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                | 105,890 |   |       |   | 55.4 | % |
| Real      estate – commercial construction                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                | 48,195  |   |       |   | 25.2 | % |
| Real      estate – consumer construction                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                | 994     |   |       |   | 0.5 | % |
| Consumer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                | 7,222   |   |       |   | 3.8 | % |
| Total      loans                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $                   | 191,294 |   |       |   | 100.0 | % |

|                                             |   | March      31, 2009 |   |   | December      31, 2008 |   |   | March      31, 2008 |   |
|--------------------------------------------------|--------|---------------------|--------|--------|------------------------|--------|--------|---------------------|--------|
| Other      real estate                           |   | $                   | 4,064  |   |                   |   | 1,777  |                |   |   | 156 |   |
| Repossessions                                    |   |                | 2      |   |                   |   | 5      |                |   |   | 59 |   |
| Non-accrual      loans                           |   |                | 29,776 |   |                   |   | 28,772 |                |   |   | 10,497 |   |
| Accruing      loans 90 days or morepast      due |   |                | 7      |   |                   |   | 24     |                |   |   | 237 |   |

|                                           |   | 2009   |   |   | 2008   |   |
|------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Balance      at January 1                      |   |   | 1,777  |   |   |   | - |   |
| Transfer      from loans to other real estate  |   |   | 2,224  |   |   |   | 156 |   |
| Capital      improvements on other real estate |   |   | 63     |   |   |   | - |   |
| Balance      at March 31                       |   |   | 4,064  |   |   |   | 156 |   |

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|                                        |   | Allocation      of Allowance for Loan Losses |   |   | %      of Allowance      for Loan Losses |   | %      of Loans by Category      toTotal Loans |
|---------------------------------------------|--------|---------------------------------------------------|--------|--------|------------------------------------------|--------|------------------------------------------------|
| Commercial,      financial and agricultural |   | $                                                 | 721    |   |                                     |   | 13.6                                           | % |   |   | 15.1 | % |
| Real      Estate - Commercial Construction  |   |                                              | 2,486  |   |                                     |   | 46.8                                           | % |   |   | 25.2 | % |
| Consumer                                    |   |                                              | 174    |   |                                     |   | 3.3                                            | % |   |   | 3.8 | % |
| Real      Estate - Mortgage                 |   |                                              | 1,824  |   |                                     |   | 34.4                                           | % |   |   | 55.4 | % |
| Unallocated                                 |   |                                              | 101    |   |                                     |   | 1.9                                            | % |   |   | 0.5 | % |
| Total                                       |   | $                                                 | 5,306  |   |                                     |   | 100.0                                          | % |   |   | 100.0 | % |

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| Risk-Based Capital Ratios                    |   |
|----------------------------------------------|--------|
|                                         |   |
| Tier      1 Capital, Actual                  |   |   | 11.7 | % |
| Tier      1 Capital minimum requirement      |   |   | 4.0 | % |
|                                         |   |   |   |   |
| Excess                                       |   |   | 7.7 | % |
|                                         |   |   |   |   |
| Total      Capital, Actual                   |   |   | 12.9 | % |
| Total      Capital minimum requirement       |   |   | 8.0 | % |
|                                         |   |   |   |   |
| Excess                                       |   |   | 4.9 | % |
|                                         |   |   |   |   |
| Leverage Ratio                               |   |   |   |   |
|                                         |   |   |   |   |
| Tier      1 Capital to adjusted total assets |   |   | 8.0 | % |
| Minimum      leverage requirement            |   |   | 3.0 | % |
|                                         |   |   |   |   |
| Excess                                       |   |   | 5.0 | % |

Item 1.     LegalProceedings

Item 1A.  RiskFactors

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Item 3.  Defaults Upon SeniorSecurities

Item 4.  Submission of Matters to aVote of Security Holders

Item 6.    Exhibits

| (a)   | Exhibits |                                                                                                                                                                                   |
|-----------------|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |     |                                                                                                                                                                                   |
|            | 31.1     | Certification      by B. Amrey Harden, CEO and President of the Corporation, as adopted      pursuant to Section 302 of the Sarbanes-Oxley Act of  2002.                               |
|            |     |                                                                                                                                                                                   |
|            | 31.2     | Certification      by Steven A. Rogers, Vice President and Chief Financial Officer of the      Corporation, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act      of 2002. |
|            |     |                                                                                                                                                                                   |
|            | 32       | Certification      of the Chief Executive Officer and the Chief Financial Officer pursuant to      Section 906 of the Sarbanes-Oxley Act of2002.                                       |

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|   |           OCONEE      FINANCIAL CORPORATION  By:      /s/ B. Amrey Harden                                                   B.      Amrey Harden, President and CEO       (Principal      Executive Officer) Date:         May 15,      2009                                                                     By:         /s/ Steven A. Rogers                                                 Steven      A. Rogers, Vice President and CFO Date:         May 15,      2009                                                               |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

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