UNITED STATES
          SECURITIES AND EXCHANGE COMMISSION
                Washington, D.C.  20549

                       FORM 10-Q


    [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
        OF THE SECURITIES EXCHANGE ACT OF 1934

     For the quarterly period ended March 31, 2000

                          OR

    [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d)
        OF THE SECURITIES EXCHANGE ACT OF 1934

        For the transition period from <> to <>

            Commission file number: 0-20167

          NORTH COUNTRY FINANCIAL CORPORATION
      (Exact name of registrant as specified in its
                       charter)

              MICHIGAN                           38-2062816
   (State or other jurisdiction of   (I.R.S. Employer Identification No.)
    incorporation or organization)

          3530 NORTH COUNTRY DRIVE, TRAVERSE CITY, MI       49684
            (Address of principal executive offices)      (Zip Code)

Registrant's telephone number, including area code:  (231) 929-5600


Indicate by check mark whether the registrant  (1)  has
filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months, (or for such shorter periods  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  [ ]


As of April 30, 2000, there were outstanding 6,982,577
shares of the registrant's common stock, no par value.

<PAGE>

          NORTH COUNTRY FINANCIAL CORPORATION
                         INDEX



PART 1.  FINANCIAL INFORMATION                                    Page No.

  Item 1.  Financial Statements

           Independent Accountant's Report                            1

           Condensed Consolidated Balance Sheets -
            March 31, 2000 (Unaudited) and December 31, 1999          2

          Condensed Consolidated Statements of Income - Three
            Months Ended March 31, 2000 (Unaudited) and
            March 31, 1999 (Unaudited)                                3

          Condensed Consolidated Statements of Changes in
            Shareholders' Equity - Three Months Ended
            March 31, 2000 (Unaudited) and
            March 31, 1999 (Unaudited)                                4

          Condensed Consolidated Statements of Cash Flows -
            Three Months Ended March 31, 2000 (Unaudited) and
            March 31, 1999 (Unaudited)                                5

          Notes to Condensed Consolidated Financial
            Statements (Unaudited)                                  6-8


   Item  2.  Management's Discussion and Analysis of Financial
              Condition and Results of Operations                  9-12


PART II.  OTHER INFORMATION

   Item 2.   Changes in Securities and Use of Proceeds               13

   Item  6.  Exhibits and Reports on Form 8-K                        14

   SIGNATURES                                                        15

<PAGE>

                                  Wipifli Ullrich
                                   Bertelson LLP
                           -------------------------------
                            CPAs * CONSULTANTS * ADVISORS
                           -------------------------------

                          Independent Accountant's Report



Board of Directors and Shareholders
North Country Financial Corporation
Traverse City, Michigan


We have reviewed the accompanying unaudited
consolidated balance sheet of North Country Financial
Corporation and Subsidiaries as of March 31, 2000, and
the related unaudited consolidated statements of
income, changes in shareholders' equity, and cash flows
for the three-month period then ended.  These financial
statements are the responsibility of the Corporation's
management.

We conducted our review in accordance with standards
established by the American Institute of Certified
Public Accountants.  A review of interim financial
information consists principally of applying analytical
procedures to financial data and making inquiries of
persons responsible for financial and accounting
matters.  It is substantially less in scope than an
audit conducted in accordance with generally accepted
auditing standards, the objective of which is the
expression of an opinion regarding the financial
statements taken as a whole.  Accordingly, we do not
express such an opinion.

Based on our review, we are not aware of any material
modifications that should be made to the accompanying
consolidated financial statements for them to be in
conformity with generally accepted accounting
principles.



/s/ Wipfli Ullrich Bertelson LLP
Wipfli Ullrich Bertelson LLP


May 10, 2000
Appleton, Wisconsin

<PAGE>


          NORTH COUNTRY FINANCIAL CORPORATION
         CONDENSED CONSOLIDATED BALANCE SHEETS
                (Dollars in thousands)


                                                  March 31,     December 31,
                                                     2000           1999
                                                 (Unaudited)
ASSETS
  Cash and due from banks                         $  19,778      $  26,160
  Federal funds sold                                  5,587              0
                                                  ---------      ---------
     Total cash and cash equivalents                 25,365         26,160

  Interest-bearing deposits in other
   financial institutions                               685            679
  Securities available for sale                      57,573         43,343

  Total loans                                       486,973        466,621
     Allowance for loan losses                       (6,861)        (6,863)
                                                  ---------      ---------
                                                    480,112        459,758
  Premises and equipment                             18,827         19,118
  Other assets                                       20,780         19,384
                                                  ---------      ---------
     Total assets                                 $ 603,342      $ 568,442
                                                  =========      =========
LIABILITIES AND SHAREHOLDERS' EQUITY
  Deposits
     Noninterest-bearing                          $  41,118      $  43,606
     Interest-bearing                               434,882        419,392
                                                  ---------      ---------
       Total deposits                               476,000        462,998
  Borrowings                                         66,878         46,878
  Accrued expenses and other liabilities              5,603          5,296
                                                  ---------      ---------
     Total liabilities                              548,481        515,172
                                                  ---------      ---------
  Guaranteed preferred beneficial interests in
   the Corporation's subordinated debentures         12,450         12,450
                                                  ---------      ---------
Shareholders' equity
    Preferred stock, no par value, 500,000 shares
      authorized, no shares outstanding
    Common stock, no par value, 18,000,000 shares
      authorized, 6,988,408 and 7,000,176 issued
      and outstanding at March 31, 2000 and
      December 31, 1999, respectively                16,226         16,418
  Retained earnings                                  26,682         25,058
  Accumulated other comprehensive deficit              (497)          (656)
                                                  ---------      ---------
    Total shareholders' equity                       42,411         40,820
                                                  ---------      ---------
      Total liabilities and shareholders' equity  $ 603,342      $ 568,442


See accompanying notes to condensed consolidated financial statements.

<PAGE>

         NORTH COUNTRY FINANCIAL CORPORATION
      CONDENSED CONSOLIDATED STATEMENTS OF INCOME
     (Dollars in thousands, except per share data)
                      (Unaudited)


                                                Three months ended
                                                     March 31,
                                                 2000         1999
Interest income
  Interest and fees on loans                   $11,235      $ 9,449
  Interest on securities
     Taxable                                       777          186
     Tax-exempt                                    169           19
  Other interest income                             91           78
                                               -------      -------
     Total interest income                      12,272        9,732
                                               -------      -------
Interest expense
  Deposits                                       5,172        4,230
  Borrowings                                       805          392
  Subordinated debentures                          273            0
                                               -------      -------
     Total interest expense                      6,250        4,622
                                               -------      -------
Net interest income                              6,022        5,110
Provision for loan losses                          350          213
                                               -------      -------
Net interest income after provision for
 loan losses                                     5,672        4,897
                                               -------      -------
Other income
  Service fees                                     479          423
  Gain on sales of loans                            13           70
  Net gain on sale of branches                     292            0
  Other operating income                           182          122
                                               -------      -------
     Total other income                            966          615
                                               -------      -------
Other expenses
  Salaries and employee benefits                 1,659        1,472
  Occupancy and equipment                          770          630
  Other                                          1,785        1,334
                                               -------      -------
     Total other expenses                        4,214        3,436
                                               -------      -------
Income before provision for income taxes         2,424        2,076
Provision for income taxes                         474          535
                                               -------      -------
Net income                                     $ 1,950      $ 1,541
                                               =======      =======

Basic  earnings  per common  share             $  0.28      $  0.22
                                               =======      =======

Diluted earnings per common share              $  0.28      $  0.21
                                               =======      =======

Dividends  paid  per common  share             $  0.05      $  0.05
                                               =======      =======


See accompanying notes to condensed consolidated financial statements.

<PAGE>

                  NORTH COUNTRY FINANCIAL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                       (Dollars in thousands)
                           (Unaudited)


                                                   Three months ended
                                                        March 31,
                                                   2000          1999

Balance - beginning of period                   $ 40,820       $ 39,469

Net income for period                              1,950          1,541
Net unrealized gain (loss) on securities
  available for sale                                 159            (41)
                                                --------       --------
  Total comprehensive income                       2,109          1,500

Cash dividends                                      (326)          (321)

Issuance of common stock                             102             93

Common stock retired                                (294)        (2,527)
                                                --------       --------
Balance - end of period                         $ 42,411       $ 38,214
                                                ========       ========


See accompanying notes to condensed consolidated financial statements.

<PAGE>

         NORTH COUNTRY FINANCIAL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                (Dollars in thousands)
                      (Unaudited)


                                                       Three months ended
                                                            March 31,
                                                        2000         1999
Cash flows from operating activities
  Net income                                         $  1,950      $  1,541
  Adjustments to reconcile net income to
    net cash provided by operating activities
     Depreciation and amortization                        593           522
     Provision for loan losses                            350           213
     Net gain on sale of branches                        (292)            0
     Change in other assets                            (1,681)         (430)
     Change in other liabilities                          320           198
                                                     ---------     ---------
       Net cash provided by operating activities        1,240         2,044
                                                     ---------     ---------
Cash flows from investing activities
  Net increase in interest-bearing deposits in
    other financial institutions                           (6)            0
  Purchase of securities available for sale           (14,163)         (495)
  Proceeds from  maturities, calls or paydowns of
    securities available for sale                         203           683
  Net increase in loans                               (20,712)      (10,991)
  Purchase of premises and equipment                     (159)         (576)
  Net cash paid for branch sales                       (4,540)            0
                                                     ---------     ---------
     Net cash used in investing activities            (39,377)      (11,379)
                                                     ---------     ---------
Cash flows from financial activities
  Net increase in deposits                             17,860        12,895
  Proceeds from borrowings                             20,000         8,000
  Payment on borrowings                                     0        (5,788)
  Proceeds from issuance of common stock                  102            93
  Retirement of common stock                             (294)       (2,527)
  Payment of cash dividends                              (326)         (321)
                                                     ---------     ---------
     Net cash provided by financing activities         37,342        12,352
                                                     ---------     ---------
Net change in cash and cash equivalents                  (795)        3,017

Cash and cash equivalents at beginning of period       26,160        22,641
                                                     ---------     ---------
Cash and cash equivalents at end of period           $ 25,365      $ 25,658
                                                     =========     =========
Supplemental disclosures of cash flow information

  Cash paid for:
     Interest                                        $  6,130      $  4,679
     Income taxes                                         663             0

  Assets and liabilities divested in branch sales:
     Loans                                                 (8)
     Premises and equipment, net                          (31)
     Deposits                                           4,858
     Other liabilities                                     13


See accompanying notes to condensed consolidated financial statements.

<PAGE>

                 NORTH COUNTRY FINANCIAL CORPORATION
         NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                           (Unaudited)


1. BASIS OF PRESENTATION

   The   unaudited   condensed  consolidated   financial
   statements  of  North  Country Financial  Corporation
   (the  Registrant)  have been prepared  in  accordance
   with  generally  accepted accounting  principles  for
   interim  financial information and  the  instructions
   to  Form  10-Q  and  Rule 10-01  of  Regulation  S-X.
   Accordingly,  they  do  not  include   all   of   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 three-month period ended March 31, 2000  are
   not  necessarily indicative of the results  that  may
   be  expected for the year ending December  31,  2000.
   The  unaudited consolidated financial statements  and
   footnotes thereto should be read in conjunction  with
   the  audited  consolidated financial  statements  and
   footnotes   thereto  included  in  the   Registrant's
   Annual  Report  on  Form  10-K  for  the  year  ended
   December 31, 1999.

   The   preparation   of   financial   statements   in
   conformity   with   generally  accepted   accounting
   principles requires management to make estimates and
   assumptions  that  affect the  reported  amounts  of
   assets  and liabilities and disclosure of contingent
   assets  and liabilities at the date of the financial
   statements, and the reported amounts of revenue  and
   expenses  during the period.  Actual  results  could
   differ from those estimates.

2. FUTURE ACCOUNTING CHANGES

   In  June  1998,  the  Financial Accounting  Standards
   Board   ("FASB")   issued  Statement   of   Financial
   Accounting  Standards  ("FAS") No.  133,  "Accounting
   for  Derivative Instruments and Hedging  Activities".
   This   Statement   requires   that   all   derivative
   financial instruments be recognized as either  assets
   or  liabilities  in  the Balance  Sheet.   Derivative
   financial  instruments not designated as hedges  will
   be  measured at fair value with changes in fair value
   being  recognized  in  earnings  in  the  period   of
   change.   If a derivative is designated as  a  hedge,
   the  accounting for changes in fair value will depend
   on   the   specific  exposure  being   hedged.    The
   Statement  is  effective for fiscal  years  beginning
   after  June  15,  2000.  Management,  at  this  time,
   cannot   determine  the  effect  adoption   of   this
   Statement  may  have  on  the consolidated  financial
   statements  of  the  Registrant  as  the  effect   is
   dependent  on  the amount and nature  of  derivatives
   and  hedges  held  at  the time of  adoption  of  the
   Statement.


3. EARNINGS PER SHARE

   The factors used in the earnings per share
   computation follow (in thousands, except per share data):

                                               Three months   Three months
                                                  ended           ended
                                                 March 31,       March 31,
                                                   2000            1999
  Basic earnings per common share:
    Net income                                   $  1,950       $  1,541
    Weighted average common shares outstanding      6,996          7,073
                                                 --------       --------
     Basic earnings per common share             $   0.28       $   0.22
                                                 ========       ========
  Diluted earnings per common share:
    Net income                                   $  1,950       $  1,541

    Weighted average common shares outstanding
      for basic earnings per common share           6,996          7,073
    Add:  Dilutive effect of assumed exercises
      of stock options                                 31            110
    Add:  Dilutive effect of directors' deferred
      stock compensation                               26              8
                                                 --------       --------
     Average shares and dilutive potential common
       shares                                       7,053          7,191
                                                 --------       --------
      Diluted earnings per common share          $   0.28       $   0.21
                                                 ========       ========

<PAGE>

4. INVESTMENT SECURITIES

   The  amortized  cost  and  estimated  fair  value  of
   investment securities available for sale as of  March  31, 2000
   and December 31, 1999 are as  follows  (in thousands):

                                       March 31, 2000      December 31, 1999
                                     Amortized  Estimated   Amortized  Estimated
                                       Cost    Fair Value     Cost    Fair Value
  U.S. Treasury securities and
    obligations of U.S. Government
    agencies and corporations        $ 10,883  $ 10,463    $  9,863   $  9,392
  Obligations of states and
    political subdivisions             19,103    19,167      16,356     16,210
  Corporate securities                  3,551     3,601       3,049      3,008
  Mortgage-related securities          24,789    24,342      15,070     14,733
                                     --------  --------    --------   --------
    Total investment securities
      available for sale             $ 58,326  $ 57,573    $ 44,338   $ 43,343
                                     ========  ========    ========   ========

5. ALLOWANCE FOR LOAN LOSSES

   Activity  in  the allowance for loan losses  for  the
   three  months  ended  March 31, 2000  and  1999,  are
   summarized as follows (in thousands):

                                                March 31,   March 31,
                                                  2000        1999

   Balance at beginning of period               $ 6,863   $ 6,112
   Charge-offs                                    (374)     (147)
   Recoveries                                        22        33
   Provision for loan losses                        350       213
                                                -------   -------
                                                $ 6,861   $ 6,211
                                                =======   =======

  Information regarding impaired loans follows (in thousands):

                                              As of and      As of and
                                            for the three   for the year
                                             months ended      ended
                                              March 31,     December 31,
                                                 2000           1999

   Average investment in impaired loans       $ 5,502         $ 6,128
   Balance of impaired loans                    5,400           5,604


<PAGE>

6. BORROWINGS

   Borrowings consist of the following at
   March 31, 2000 and December 31, 1999 (in thousands):

                                                     March 31,   December 31,
                                                       2000          1999

     Federal Home Loan Bank advances at various
     rates with various maturities (see annual
     financial statements as referenced in Note 1)   $65,067        $45,067

     Farmers Home Administration, $2,000,000 fixed
     rate note payable maturing August 24, 2024,
     interest payable at 1%                            1,811          1,811
                                                     -------        -------
                                                     $66,878        $46,878
                                                     =======        =======

   The   Federal   Home   Loan   Bank   borrowings   are
   collateralized by a blanket collateral  agreement  on
   the  Registrant's  residential mortgage  loans,  U.S.
   Government  and agency securities, and  Federal  Home
   Loan  Bank  stock.   Prepayment of  the  advances  is
   subject  to  the  provisions and  conditions  of  the
   credit  policy  of  the Federal  Home  Loan  Bank  of
   Indianapolis  in  effect  as  of  March   31,   2000.
   Borrowings   other  than  Federal  Home   Loan   Bank
   advances are not subject to prepayment penalties.


7. CURRENT EVENTS

   On  January  14, 2000, the Registrant sold  a  branch
   office   located   in  Garden  in  Michigan's   Upper
   Peninsula   with   total   deposits   of   $4,858,000
   resulting  in  a net gain on sale of $292,000.   This
   branch    disposition   is   consistent   with    the
   Registrant's   strategy   of   improving    operating
   efficiency   by  maintaining  a  presence   only   in
   locations  such as commercial centers  where  it  can
   operate profitably.

   In  addition  to  the above branch  divestiture,  the
   Registrant  closed  the  Carney  branch   office   in
   February  of 2000.  The deposits and loans  for  this
   office  were transferred to an existing branch  in  a
   nearby location.

   In  February  2000, the Registrant  entered  into  an
   agreement  with  Old  Kent Bank to  purchase  banking
   offices  in  Alanson  and Glen  Arbor  in  Michigan's
   Lower Peninsula.  In addition to acquiring these  two
   offices,   the  Registrant  is  in  the  process   of
   establishing  new  offices in Cadillac  and  Traverse
   City.   These four offices, all located in Michigan's
   Lower  Peninsula,  are anticipated  to  open  in  the
   second quarter of 2000.

<PAGE>

               NORTH COUNTRY FINANCIAL CORPORATION
  ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                    AND RESULTS OF OPERATIONS



The  following  discussion and  analysis  of  financial
condition and results of operations provides additional
information   to  assess  the  condensed   consolidated
financial statements of the Registrant and its  wholly-
owned  subsidiaries through the first quarter of  2000.
The discussion should be read in conjunction with those
statements and their accompanying notes.

The   Registrant  is  not  aware  of  any   market   or
institutional  trends,  events, or  circumstances  that
will  have or are reasonably likely to have a  material
effect  on liquidity, capital resources, or results  of
operations  except  as  discussed  herein.   Also,  the
Registrant  is not aware of any current recommendations
by  regulatory authorities which will have such  effect
if implemented.


Forward-Looking Statements:

This report contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act
of  1933, as amended, and Section 21E of the Securities
Exchange  Act  of  1934,  as amended.   The  Registrant
intends  such forward-looking statements to be  covered
by  the  safe  harbor  provisions  for  forward-looking
statements  contained in the Private Securities  Reform
Act  of  1995,  and  is including  this  statement  for
purposes  of  these  safe harbor provisions.   Forward-
looking   statements,  which  are  based   on   certain
assumptions  and describe future plans, strategies  and
expectations   of   the   Registrant,   are   generally
identifiable  by use of the words "believe",  "expect",
"intend",   "anticipate",  "estimate",   "project"   or
similar  expressions.   The  Registrant's  ability   to
predict results or the actual effect of future plans or
strategies  is  inherently  uncertain.   Factors  which
could  have a material adverse affect on the operations
and   future  prospects  of  the  Registrant  and   the
subsidiaries include, but are not limited  to,  changes
in:    interest  rates,  general  economic  conditions,
legislative/regulatory  changes,  monetary  and  fiscal
policies of the U.S. Government, including policies  of
the  U.S.  Treasury and the Federal Reserve Board,  the
quality  or  composition  of  the  loan  or  investment
portfolios,  demand for loan products,  deposit  flows,
competition,  demand  for  financial  services  in  the
Registrant's  market  area and  accounting  principles,
policies and guidelines.  These risks and uncertainties
should  be  considered  in  evaluating  forward-looking
statements and undue reliance should not be  placed  on
such  statements.  Further information  concerning  the
Registrant   and  its  business,  including  additional
factors  that  could materially affect the Registrant's
financial  results,  is included  in  the  Registrant's
filings with the Securities and Exchange Commission.


Financial Highlights:

Year  to date consolidated net income was $1.95 million
through  March 31, 2000 compared to $1.54  million  for
the  same  period in 1999.  Diluted earnings per  share
was  $0.28 through March 31, 2000 compared to $0.21 for
the  same  period  in  1999.  The investment  portfolio
increased 32.8% from $43.3 million at December 31, 1999
to $57.5 million at March 31, 2000.  The loan portfolio
continues  a  growth trend with gross loans  increasing
$20.4  million or 4.4% since December 31,  1999.   Loan
growth   remains   focused  in   the   commercial   and
governmental  leasing areas.  The loan growth  in  2000
has  been  funded  primarily through increases  in  the
deposit   portfolio  and  borrowings.   Deposits   have
increased  $13.0  million or 2.8%  since  December  31,
1999,  with the primary area of growth being  interest-
bearing  demand  accounts.  Borrowings  have  increased
$20.0  million or 42.7% from December 31, 1999 to March
31, 2000.


Financial Condition:

Cash  and  Cash Equivalents:  Cash and cash equivalents
decreased $795,000 from December 31, 1999 to March  31,
2000.   The  decrease is due in part to  reducing  cash
accumulated  at  December 31, 1999 in  anticipation  of
Year 2000 liquidity needs.

Investment  Securities:  Available for sale  securities
increased  $14.2 million through the first  quarter  of
2000.   The growth is a result of strategies to  manage
interest  rate  risk  through  diversification  of  the
balance  sheet.  Management has utilized its  available
capacity to borrow additional funds at the Federal Home
Loan Bank in order to match the pricing and maturity of
investment security purchases.

Loans:   Through  the  first  quarter  of  2000,   loan
balances   increased  by  $20.4  million.    Management
believes  loans  provide  the most  attractive  earning
asset  yield  available  to  the  Registrant  and  that
trained   personnel  and  controls  are  in  place   to
successfully  manage a growing portfolio.  Accordingly,
management intends to continue to maintain loans  at  a
high  level  while maintaining adequate liquidity.   As
shown   in  the  table  below,  the  loan  mix  remains
relatively   constant  with  a   slight   increase   in
commercial  and  governmental leases as  a  percent  of
total  loans for the three months ended March 31,  2000
compared to December 31, 1999.

<PAGE>

Following  is  a summary of the loan mix at  March  31,
2000 and December 31, 1999 (in thousands):

                                     March 31,  % of    December 31,   % of
                                       2000     Total      1999        Total
  Loans:
  Commercial real estate             $ 78,343   16.1%     $ 79,000     16.9%
  Commercial, financial, and
    agricultural                      177,687   36.5       179,592     38.5
  Leases:
     Commercial                        34,372    7.1        22,541      4.8
     Governmental                      58,242   11.9        48,148     10.3
  1-4 family residential real estate  111,969   23.0       107,751     23.1
  Consumer                             15,194    3.1        17,051      3.7
  Construction                         11,166    2.3        12,538      2.7
                                     --------   ------    ---------   ------
                                     $486,973   100.0%    $466,621    100.0%
                                     ========   ======    =========   ======

The   allowance  for  loan  losses  is  maintained   by
management  at  a level considered to  be  adequate  to
cover   probable   losses   related   to   specifically
identified  loans, as well as probable losses  inherent
in  the  balance of the loan portfolio.  At  March  31,
2000 the allowance for loan losses was equal to 1.4% of
total  loans  outstanding compared to 1.5% at  December
31,  1999.   The allocation of the allowance  for  loan
losses  between  portfolio categories has  not  changed
significantly since December 31, 1999.

Credit Quality:  Management analyzes the allowance  for
loan losses in detail on a monthly basis to ensure that
the  losses  inherent  in  the portfolio  are  properly
reserved  for  in the allowance for loan  losses.   The
Registrant's  success in maintaining  excellent  credit
quality  is  demonstrated in its charge-off experience.
Net  charge-offs to gross loans outstanding  was  0.07%
and  0.03%  for the three-month period ended March  31,
2000  and  1999,  respectively.   Charge-offs  for  the
period ended March 31, 2000 increased $227,000 from the
same  period in 1999; while increasing, the  charge-off
level  is  considered to be manageable.  To  compensate
for  the increased charge-offs, the provision for  loan
losses  was  increased $137,000 from $213,000  for  the
three-month period ended March 31, 1999 to $350,000 for
the same period in 2000.

The  table  presented below shows the balance  of  non-
performing loans - which include nonaccrual  loans  and
loans 90 or more days past due and still accruing -  as
of March 31, 2000 and December 31, 1999 (in thousands).

                                                    March 31,    December 31,
                                                      2000           1999

  Nonaccrual loans                                   $   349        $    95
  Loans 90 days or more past due and still accruing    2,760          2,452

Nonaccrual loans have increased $254,000 from  December
31,  1999 to March 31, 2000 while loans 90 days or more
past  due  have increased by $308,000 or  12.6%  during
that same time period.  Management is actively managing
the  current  loan delinquencies and has taken  various
actions  to  reduce the level of non-performing  loans.
Non-performing  loans to total gross loans  were  0.64%
and  0.55%  at  March 31, 2000 and December  31,  1999,
respectively.

Deposits:  Total deposits through the first quarter  of
2000  have  increased  $13.0 million  or  2.8%.   While
noninterest-bearing    deposit   balances    decreased,
interest-bearing  deposit  balances  increased  through
March  31,  2000.  The interest-bearing deposit  growth
has  come  from the branch network as well as from  the
issuance of brokered certificates of deposit.

Borrowings:   The Registrant's branching network  is  a
relatively  high cost network in comparison  to  peers.
Accordingly,  the  Registrant uses alternative  funding
sources   to  provide  additional  funds  for   lending
activities and to grow the Bank's investment  portfolio
as  described above.  At March 31, 2000, $65.1  million
of the total borrowings

<PAGE>

were from the Federal Home Loan Bank  of  Indianapolis.
Alternative  sources  of  funding  can  be  obtained at
interest rates  which  are  competitive  with, or lower
than,   retail   deposit   rates   and   with   minimal
administrative costs.

Guaranteed  Preferred  Beneficial  Interests   in   the
Corporation's Subordinated Debentures:  Consistent with
the   Registrant's  strategic  plan,   the   Registrant
completed a private offering in May 1999 of Capital, or
Trust   Preferred,   securities  in   the   amount   of
$12,450,000.   The proceeds were used  to  support  the
Registrant's  capital  position  allowing  for   future
growth  and increased common shareholder value.   Under
regulatory guidelines, such securities are eligible  as
regulatory  capital,  as defined,  subject  to  certain
limitations.

Shareholder's   Equity:   Total  shareholder's   equity
increased $1.6 million from December 31, 1999 to  March
31,  2000.   The increase primarily resulted  from  net
income  of $1.95 million offset by cash dividends  paid
of  $326,000  and  the repurchase of  common  stock  of
$294,000.   The Registrant will continue to selectively
repurchase common stock as opportunities arise.


Results of Operations:

Net  Interest  Income:   Net interest  income  for  the
quarter  ended March 31, 2000 increased by $912,000  or
17.8%  compared to the same period one year  ago.   The
increase in net interest income was largely the  result
of an increase in the loan volume for the first quarter
of 2000 compared to the first quarter of 1999.  The net
interest  margin, on a fully taxable equivalent  basis,
for  the  quarter  ended  March  31,  2000  was  4.98%,
compared to 5.14% for the same period of 1999.  The net
interest margin has been impacted by the relatively low
interest  rate environment, the competitive  nature  of
the  Registrant's  market,  and  the  issuance  of  the
subordinated  debentures as discussed above.   Interest
income  from loans represented 91.5% of total  interest
income for the first quarter of 2000 compared to  97.1%
for  the  same  period of 1999.  For both periods,  the
total  interest income and the yield on  total  earning
assets are strongly influenced by lending activities.

Provision  for  Loan  Losses:  The allowance  for  loan
losses  is  maintained  at a level  adequate  to  cover
losses  inherent  in  the  portfolio.   The  Registrant
records  a  provision  for  loan  losses  necessary  to
maintain  the allowance at that level after considering
factors   such  as  loan  charge-offs  and  recoveries,
changes  in  the  mix of loans in the  portfolio,  loan
growth, and other economic factors.  The provision  for
loan  losses increased by $137,000 for the three months
ended  March  31, 2000 compared to the same  period  in
1999 primarily due to increased net charge-off and non-
performing   loan   levels  as  previously   discussed.
Management continues to fund the allowance  at  a  rate
consistent  with its analysis of problem credits,  also
considering  changes in the size and mix  of  its  loan
portfolio.

Noninterest  Income:  Noninterest income  increased  by
$351,000 or 57.1% for the three months ended March  31,
2000 compared to the same period in 1999.  The increase
was  primarily due to the $292,000 gain on the sale  of
the  Garden  office  as discussed  in  Note  7  and  an
increase  in  service  charges on deposit  accounts  of
$56,000.

Noninterest  Expenses:  Noninterest  expense  increased
$778,000 or 22.6% for the three months ended March  31,
2000  compared  to  the same period  of  1999.   Salary
expense increased by $187,000 or 12.7% during the first
quarter of 2000 compared to the first quarter of  1999.
Occupancy  and equipment expense increased by  $140,000
or  22.2% for the first quarter of 2000 compared to the
same   period  in  1999.   Other  noninterest   expense
increased by $451,000 or 33.8% for the first quarter of
2000  compared  to  the  same period  in  1999.   These
increases   are  primarily  the  result  of  additional
banking  offices and new subsidiaries of the Registrant
which were added since the first quarter of 1999.

Federal Income Tax:  The provision for income taxes was
19.6% of income before income tax for the quarter ended
March  31, 2000 compared to 25.8% for the quarter ended
March  31,  1999.  The difference between the effective
tax  rate and the federal corporate income tax rate  of
34%  is primarily due to tax-exempt interest earned  on
loans, leases, and investments.  The effective tax rate
has  decreased as tax-exempt income has become a larger
percentage of total interest income.


<PAGE>

Interest Rate Risk:

Management  actively manages the Registrant's  interest
rate   risk.    In   relatively   low   interest   rate
environments  which  have been in place  the  last  few
years,  borrowers have generally tried  to  extend  the
maturities  and  repricing periods on their  loans  and
place  deposits in demand or very short term  accounts.
Management  has  taken various actions  to  offset  the
imbalance   which  those  tendencies  would   otherwise
create.   Commercial and real estate loans are  written
at  variable  rates or, if necessary, fixed  rates  for
relatively  short  terms.   Products  have  also   been
offered to give customers an incentive to accept longer
term  deposits.   Management can also  manage  interest
rate  risk  with  the  maturity periods  of  securities
purchased, selling securities available for  sale,  and
borrowing funds with targeted maturity periods.

As  of  March 31, 2000, the Registrant had a cumulative
liability gap position of $89.3 million within the one-
year  timeframe.  This position suggests  that  if  the
market  interest rates decline in the next  12  months,
the  Registrant  has the potential  to  earn  more  net
interest income.  Conversely, if market interest  rates
increase in the next 12 months, the Registrant has  the
potential to earn less net interest income.  Management
believes   that  it  is  properly  positioned   against
significant changes in rates without severely  altering
operating results.


Liquidity:

The Registrant's sources of liquidity include principal
payments  on loans and investments, sales of securities
available for sale, deposits from customers, borrowings
from the Federal Home Loan Bank, other bank borrowings,
and  the issuance of common stock.  The Registrant  has
ready access to significant sources of liquidity on  an
almost  immediate  basis.   Management  anticipates  no
difficulty  in  maintaining  liquidity  at  the  levels
necessary   to  conduct  the  Registrant's   day-to-day
business activities.


Capital Resources:

It  is the policy of the Registrant to maintain capital
at   a  level  consistent  with  both  safe  and  sound
operations   and   proper  leverage  to   generate   an
appropriate   return  on  shareholders'  equity.    The
capital  ratios of the Registrant exceed the regulatory
minimum guidelines.  The table below shows a summary of
the  Registrant's  capital position  in  comparison  to
regulatory requirements.
                                     Tier I      Tier I         Total
                                   Capital to  Capital to     Capital to
                                    Average   Risk Weighted  Risk Weighted
                                     Assets      Assets         Assets

  Regulatory minimum                  4.0%        4.0%           8.0%

  The Registrant
     March 31, 2000                   7.7%       11.1%          12.3%
     December 31, 1999                8.4%       11.8%          13.0%

The  capital levels include adjustment for the Capital,
or  Trust  Preferred, Securities issued  in  May  1999,
subject   to  certain  limitations.   Federal   Reserve
guidelines  limit  the  amount of cumulative  preferred
securities  which can be included in Tier 1 capital  to
25% of total Tier 1 capital.  As of March 31, 2000, all
of the $12,450,000 of Capital Securities were available
as  Tier  1  capital of the Registrant.  As  previously
noted,  the Capital Securities will be used to  support
the  Registrant's current capital position allowing for
future growth.

<PAGE>


              PART II - OTHER INFORMATION


Item 2.  Changes in Securities and Use of Proceeds

On March 15, 2000, the Registrant issued five shares of
stock each to two employees of the Company.  The shares
were  given  to  the  employees in connection  with  an
employee recognition program.  The issuance of stock to
the  employees was exempt from registration  under  The
Securities Act because the transaction did not  involve
an offer or sale of stock for value.


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

(a)  The  following exhibits are filed as part of  this
     report

Number                   Exhibit

10.1           North Country Financial Corporation 2000
               Stock Incentive Plan.

27             Financial Data Schedule.

(b)  There were no reports filed on Form 8-K during the
     quarter ended March 31, 2000.


<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.

                    NORTH COUNTRY FINANCIAL CORPORATION
                    ----------------------------------
                               (Registrant)



May 11, 2000         /s/ Ronald G. Ford
-------------       ----------------------------
Date                RONALD G. FORD,
                    CHAIRMAN AND CEO


May 11, 2000         /s/ Kristine E. Hoefler
------------        ----------------------------
Date                KRISTINE E. HOEFLER,
                    EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER