----

----

**U.      S. SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-QSB**

| x | QUARTERLY                REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934 |
|---|-----------------------------------------------------------------------------------------------------------------|

**June      30, 2006**

| o | TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|---|---------------------------------------------------------------------------------------------------------------------------------------|

**Commission      File Number: 000-50713**

|   | Seasons                Bancshares, Inc.                                                    |   |
|--------|--------------------------------------------------------------------------------------------|--------|
|   | ** **(Exact                name of small business issuer as specified in its charter) |   |

| Georgia                                                                       |   | 58-2633700                                       |
|-------------------------------------------------------------------------------|--------|--------------------------------------------------|
| (State                or other jurisdiction of incorporation or organization) |   | (IRS                Employer Identification No.) |

|   | **336                  Blue Ridge Street, Blairsville, GA 30512** |   |
|--------|-------------------------------------------------------------------|--------|
|   | (Address                  of principal executive offices)         |   |

|   | **(706)                  745-5588**          |   |
|--------|----------------------------------------------|--------|
|   | (Issuer's                  telephone number) |   |

|   | N/A                                                                                                              |   |
|--------|------------------------------------------------------------------------------------------------------------------|--------|
|   | (Former                name, former address and former fiscal year, if changed since last                report) |   |

----

----

----

**SEASONS      BANCSHARES, INC.**

**AND      SUBSIDIARY**

|                                                        |                                                                                      | Page   |
|-------------------------------------------------------------|-------------------------------------------------------------------------------------------|--------|
|                                                        |                                                                                      |   |
| Part                I. Financial                Information |                                                                                      |
|                                                        |                                                                                      |   |
| Item                1.                                      | Financial                Statements (unaudited)                                           | 3-9    |
|                                                        |                                                                                      |   |
| Item                2.                                      | Management's                Discussion and Analysis                                       | 10-14  |
|                                                        |                                                                                      |   |
| Item                3.                                      | Controls                and Procedures                                                    | 15     |
|                                                        |                                                                                      |   |
|                                                        |                                                                                      |   |
| Part                II. Other                Information    |                                                                                      |
|                                                        |                                                                                      |   |
| Item                1.                                      | Legal                Proceedings                                                          | 16     |
|                                                        |                                                                                      |   |
| Item                2.                                      | Unregistered                Sales of Equity Securities and Use of                Proceeds | 16     |
|                                                        |                                                                                      |   |
| Item                3.                                      | Defaults                Upon Senior Securities                                            | 16     |
|                                                        |                                                                                      |   |
| Item                4.                                      | Submission                of Matters to a Vote of Security                Holders         | 16     |
|                                                        |                                                                                      |   |
| Item                5.                                      | Other                Information                                                          | 16     |
|                                                        |                                                                                      |   |
| Item                6.                                      | Exhibits                                                                                  | 17     |
|                                                        |                                                                                      |   |
| Signatures                                                  | 18                                                                                        |

----

*Index*

**PART        I - FINANCIAL INFORMATION**

**ITEM        I. FINANCIAL STATEMENTS**

**SEASONS        BANCSHARES, INC.**

**AND        SUBSIDIARY**

**CONSOLIDATED        BALANCE SHEETS**

**JUNE        30, 2006 AND DECEMBER 31, 2005**

**(Unaudited)**

| **Assets**                                                                                                                                                       |   | **2006** |       | **2005**     |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|--------------|--------|
|                                                                                                                                                             |   |     |       |    |   |
| Cash                  and due from banks                                                                                                                         |   | $        | 1,236,306  |         | $      | 1,185,008 |   |
| Interest                  bearing deposits in banks                                                                                                              |   |     | 26,444     |         |   | 80,139 |   |
| Federal                  funds sold                                                                                                                              |   |     | -          |         |   | 464,000 |   |
| Securities                  available-for-sale, at fair value                                                                                                    |   |     | 6,529,953  |         |   | 6,176,439 |   |
| Restricted                  equity securities, at cost                                                                                                           |   |     | 331,400    |         |   | 334,200 |   |
| Loans                  net of unearned loan fees                                                                                                                 |   |     | 75,302,903 |         |   | 64,493,962 |   |
| Less                  allowance for loan losses                                                                                                                  |   |     | 1,009,547  |         |   | 900,123 |   |
| Loans,                  net                                                                                                                                      |   |     | 74,293,356 |         |   | 63,593,839 |   |
|                                                                                                                                                             |   |     |            |         |   |  |   |
| Premises                  and equipment                                                                                                                          |   |     | 3,450,382  |         |   | 3,313,720 |   |
| Other                  assets                                                                                                                                    |   |     | 691,031    |         |   | 610,529 |   |
|                                                                                                                                                             |   |     |       |         |   |   |   |
| **Total                  assets**                                                                                                                                |   | $        | 86,558,872 |         | $      | 75,757,874 |   |
|                                                                                                                                                             |   |     |            |         |   |  |   |
| **Liabilities                  and Stockholder's Equity**                                                                                                        |   |     |       |         |   |  |   |
|                                                                                                                                                             |   |     |            |         |   |  |   |
| **Deposits**                                                                                                                                                     |   |     |            |         |   |   |   |
| Noninterest-bearing                                                                                                                                              |   | $        | 5,528,119  |         | $      | 5,898,811 |   |
| Interest-bearing                                                                                                                                                 |   |     | 68,011,987 |         |   | 57,992,799 |   |
| **Total                  deposits**                                                                                                                              |   |     | 73,540,106 |         |   | 63,891,610 |   |
|                                                                                                                                                             |   |     |            |         |   |  |   |
| Federal                  funds purchased                                                                                                                         |   |     | 774,000    |         |   | - |   |
| Other                  borrowings                                                                                                                                |   |     | 4,000,000  |         |   | 4,400,000 |   |
| Other                  liabilities                                                                                                                               |   |     | 425,190    |         |   | 325,653 |   |
| **Total                  liabilities**                                                                                                                           |   |     | 78,739,296 |         |   | 68,617,263 |   |
|                                                                                                                                                             |   |     |       |         |   |  |   |
| **Commitments                  and contingencies**                                                                                                               |   |     |            |         |   |   |   |
|                                                                                                                                                             |   |     |       |         |   |  |   |
| **Stockholder's                  equity**                                                                                                                        |   |     |       |         |   |   |   |
| Preferred                  stock, no par value; 2,000,000 shares authorized; no shares issued                  and                  outstanding                  |   |     | -          |         |   | - |   |
| Common                  stock, $1 par value; 10,000,000 shares authorized; 1,032,890 and                  973,471                  shares issued and outstanding |   |     | 1,032,890  |         |   | 973,471 |   |
| Capital                  surplus                                                                                                                                 |   |     | 9,334,891  |         |   | 8,709,565 |   |
| Accumulated                  deficit                                                                                                                             |   |     | (2,456,543 | )            |   | (2,458,324 | ) |
| Accumulated                  other comprehensive loss                                                                                                            |   |     | (91,662    | )            |   | (84,101 | ) |
| **Total                  stockholder's equity**                                                                                                                  |   |     | 7,819,576  |         |   | 7,140,611 |   |
| **Total                  liabilities and stockholder's equity**                                                                                                  |   | $        | 86,558,872 |         | $      | 75,757,874 |   |
|                                                                                                                                                             |   |     |       |         |   |   |   |
| **See                  Notes to Consolidated Financial Statements.**                                                                                             |   |     |       |         |   |   |   |

----

*Index*

**SEASONS          BANCSHARES, INC.**

**AND          SUBSIDIARY**

**CONSOLIDATED          STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**THREE          MONTHS ENDED JUNE 30, 2006 AND 2005**

**AND          SIX MONTHS ENDED JUNE 30, 2006 AND 2005**

**(Unaudited)**

|                                                                                                                    |   | **Three                    Months**   |          |  **Three                    Months**   |   |  **Six                    Months**     |   |  **Six                    Months**     |          |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|---------------|---------------------------------------------|--------|---------------------------------------------|--------|---------------------------------------------|---------------|
|                                                                                                                    |   | **Ended                    June 30,** |          |  **Ended                    June 30,** |   |  **Ended                    June 30,** |   |  **Ended                    June 30,** |          |
|                                                                                                                    |   | **2006**                              |          |  **2005**                              |   |  **2006**                              |   |  **2005**                              |          |
|                                                                                                                    |   |                                  |          |                                        |   |                                        |   |                                        |          |
| **Interest                    income**                                                                                  |   |                                  |          |                                   |   |                                   |   |                                   |          |
| Loans                                                                                                                   |   | **$**                                 | **1,607,219** |                                        | $      | 977,209                                     |   | **$**                                       | **3,021,346** |   | $ | 1,750,960 |   |
| Taxable                    securities                                                                                   |   |                                  | **69,037**    |                                        |   | 42,495                                      |   |                                        | **126,348**   |   |   | 86,250 |   |
| Federal                    funds sold                                                                                   |   |                                  | **3,569**     |                                        |   | 333                                         |   |                                        | **10,826**    |   |   | 2,285 |   |
| Interest                    on deposits in other banks                                                                  |   |                                  | **1,191**     |                                        |   | 156                                         |   |                                        | **3,452**     |   |   | 1,098 |   |
| **Total                    interest income**                                                                            |   |                                  | **1,681,016** |                                        |   | 1,020,193                                   |   |                                        | **3,161,972** |   |   | 1,840,593 |   |
|                                                                                                                    |   |                                  |               |                                        |   |                                             |   |                                        |               |   |   |  |   |
| **Interest                    expense**                                                                                 |   |                                  |          |                                        |   |                                        |   |                                        |          |   |   |   |   |
| Deposits                                                                                                                |   |                                  | **660,808**   |                                        |   | 344,578                                     |   |                                        | **1,253,832** |   |   | 631,606 |   |
| Other                    borrowings                                                                                     |   |                                  | **60,930**    |                                        |   | 63,742                                      |   |                                        | **94,064**    |   |   | 66,694 |   |
| **Total                    interest expense**                                                                           |   |                                  | **721,738**   |                                        |   | 408,320                                     |   |                                        | **1,347,896** |   |   | 698,300 |   |
|                                                                                                                    |   |                                  |               |                                        |   |                                             |   |                                        |               |   |   |  |   |
| **Net                    interest income**                                                                              |   |                                  | **959,278**   |                                        |   | 611,873                                     |   |                                        | **1,814,076** |   |   | 1,142,293 |   |
| **Provision                    for loan losses**                                                                        |   |                                  | **198,000**   |                                        |   | 126,000                                     |   |                                        | **308,000**   |   |   | 197,000 |   |
| **Net                    interest income**                                                                              |   |                                  |               |                                        |   |                                             |   |                                        |               |   |   |  |   |
| **Net                    interest income after provision for loan losses**                                              |   |                                  | **761,278**   |                                        |   | 485,873                                     |   |                                        | **1,506,076** |   |   | 945,293 |   |
|                                                                                                                    |   |                                  |               |                                        |   |                                             |   |                                        |               |   |   |  |   |
| **Other                    income**                                                                                     |   |                                  |          |                                        |   |                                        |   |                                        |          |   |   |   |   |
| Service                    charges, fees and other income                                                               |   |                                  | **76,442**    |                                        |   | 35,160                                      |   |                                        | **125,089**   |   |   | 68,049 |   |
| **Total                    other income**                                                                               |   |                                  | **76,442**    |                                        |   | 35,160                                      |   |                                        | **125,089**   |   |   | 68,049 |   |
|                                                                                                                    |   |                                  |               |                                        |   |                                             |   |                                        |               |   |   |  |   |
| **Other                    expenses**                                                                                   |   |                                  |          |                                        |   |                                        |   |                                        |          |   |   |   |   |
| Salaries                    and employee benefits                                                                       |   |                                  | **347,928**   |                                        |   | 264,278                                     |   |                                        | **735,882**   |   |   | 546,696 |   |
| Occupancy                    and equipment expenses                                                                     |   |                                  | **167,041**   |                                        |   | 130,047                                     |   |                                        | **299,104**   |   |   | 249,145 |   |
| Other                    operating expenses                                                                             |   |                                  | **358,859**   |                                        |   | 227,852                                     |   |                                        | **594,397**   |   |   | 408,399 |   |
| **Total                    other expenses**                                                                             |   |                                  | **873,828**   |                                        |   | 622,177                                     |   |                                        | **1,629,383** |   |   | 1,204,240 |   |
|                                                                                                                    |   |                                  |               |                                        |   |                                             |   |                                        |               |   |   |  |   |
| **Net                    income (loss) before income taxes**                                                            |   |                                  | **(36,108**   | **)**                                       |   | (101,144                                    | )      |                                        | **1,782**     |   |   | (190,898 | ) |
|                                                                                                                    |   |                                  |          |                                        |   |                                        |   |                                        |          |   |   |   |   |
| **Income                    taxes**                                                                                     |   |                                  | **-**         |                                        |   | -                                           |   |                                        | **-**         |   |   | - |   |
|                                                                                                                    |   |                                  |               |                                        |   |                                             |   |                                        |               |   |   |  |   |
| **Net                    income (loss)**                                                                                |   |                                  | **(36,108**   | **)**                                       |   | (101,144                                    | )      |                                        | **1,782**     |   |   | (190,898 | ) |
|                                                                                                                    |   |                                  |               |                                        |   |                                             |   |                                        |               |   |   |  |   |
| **Other                    comprehensive loss:**                                                                        |   |                                  |          |                                        |   |                                        |   |                                        |          |   |   |   |   |
| Unrealized                    gains (losses) on securities available-for- sale arising during                    period |   |                                  | **(10,634**   | **)**                                       |   | 17,084                                      |   |                                        | **(7,561**    | **)** |   | (32,175 | ) |
|                                                                                                                    |   |                                  |               |                                        |   |                                             |   |                                        |               |   |   |  |   |
| **Comprehensive                    loss**                                                                               |   | **$**                                 | **(46,742**   | **)**                                       | $      | (84,060                                     | )      | **$**                                       | **(5,779**    | **)** | $ | (223,073 | ) |
|                                                                                                                    |   |                                  |               |                                        |   |                                             |   |                                        |               |   |   |  |   |
| **Basic                    and diluted earnings (losses) per share**                                                    |   | **$**                                 | **(0.03**     | **)**                                       | $      | (0.11                                       | )      | **$**                                       | **-**         |   | $ | (0.21 | ) |
|                                                                                                                    |   |                                  |               |                                        |   |                                             |   |                                        |               |   |   |  |   |
| **Cash                    dividends per share**                                                                         |   | **$**                                 | **-**         |                                        | $      | -                                           |   | **$**                                       | **-**         |   | $ | - |   |

**See          Notes to Consolidated Financial Statements.**

----

*Index*

**SEASONS        BANCSHARES, INC.**

**AND        SUBSIDIARY**

**CONSOLIDATED        STATEMENTS OF CASH FLOWS**

**SIX        MONTHS ENDED JUNE 30, 2006 AND 2005**

**(Unaudited)**

|                                                                                                                                                  |   | **2006** |            | **2005**         |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------------|------------------|--------|
| **OPERATING                  ACTIVITIES**                                                                                                             |   |     |            |  ** ** |   |
| Net                  income (loss)                                                                                                                    |   | **$**    | **1,782**       |             | **$**  | **(190,898** | **)** |
| Adjustments                  to reconcile net income (loss) to net cash provided by (used in)                  operating                  activities: |   |     |            |             |   |   |   |
| Depreciation                  and amortization                                                                                                        |   |     | **116,827**     |             |   | **94,348** |   |
| Provision                  for loan losses                                                                                                            |   |     | **308,000**     |             |   | **197,000** |   |
| Increase                  in interest receivable                                                                                                      |   |     | **(165,441**    | **)**            |   | **(125,585** | **)** |
| Increase                  in interest payable                                                                                                         |   |     | **72,150**      |             |   | **40,709** |   |
| Stock                  compensation expense                                                                                                           |   |     | **49,252**      |             |   | **-** |   |
| Other                  operating activities                                                                                                           |   |     | **112,325**     |             |   | **(18,634** | **)** |
|                                                                                                                                                  |   |     |            |             |   |   |   |
| Net                  cash provided by (used in) operating activities                                                                                  |   |     | **494,895**     |             |   | **(3,060** | **)** |
|                                                                                                                                                  |   |     |            |             |   |   |   |
| **INVESTING                  ACTIVITIES**                                                                                                             |   |     |            |             |   |   |   |
| Net                  decrease in federal funds sold                                                                                                   |   |     | **464,000**     |             |   | **1,094,000** |   |
| Net                  (increase) decrease in interest-bearing deposits in banks                                                                        |   |     | **53,695**      |             |   | **(99,419** | **)** |
| Purchases                  of securities available-for-sale                                                                                           |   |     | **(3,000,000**  | **)**            |   | **-** |   |
| Proceeds                  from maturities of securities available-for-sale                                                                            |   |     | **2,638,925**   |             |   | **198,745** |   |
| Net                  increase in loans                                                                                                                |   |     | **(11,007,517** | **)**            |   | **(15,267,309** | **)** |
| Net                  (increase) decrease in restricted equity securities                                                                              |   |     | **2,800**       |             |   | **(299,000** | **)** |
| Purchase                  of premises and equipment and computer software                                                                             |   |     | **(253,489**    | **)**            |   | **(448,399** | **)** |
|                                                                                                                                                  |   |     |            |             |   |   |   |
| Net                  cash used in investing activities                                                                                                |   |     | **(11,101,586** | **)**            |   | **(14,821,382** | **)** |
|                                                                                                                                                  |   |     |            |             |   |   |   |
| **FINANCING                  ACTIVITIES**                                                                                                             |   |     |            |             |   |   |   |
| Net                  increase in deposits                                                                                                             |   |     | **9,648,496**   |             |   | **9,791,649** |   |
| Net                  increase (decrease) in other borrowings                                                                                          |   |     | **(400,000**    | **)**            |   | **3,900,000** |   |
| Net                  increase in federal funds purchased                                                                                              |   |     | **774,000**     |             |   | **80,000** |   |
| Net                  proceeds from sale of stock                                                                                                      |   |     | **635,493**     |             |   | **-** |   |
|                                                                                                                                                  |   |     |            |             |   |   |   |
| Net                  cash provided by financing activities                                                                                            |   |     | **10,657,989**  |             |   | **13,771,649** |   |
|                                                                                                                                                  |   |     |            |             |   |   |   |
| Net                  increase (decrease) in cash and due from banks                                                                                   |   |     | **51,298**      |             |   | **(1,052,793** | **)** |
|                                                                                                                                                  |   |     |            |             |   |   |   |
| Cash                  and due from banks, beginning of period                                                                                         |   |     | **1,185,008**   |             |   | **1,656,205** |   |
|                                                                                                                                                  |   |     |            |             |   |   |   |
| Cash                  and due from banks, end of period                                                                                               |   | **$**    | **1,236,306**   |             | **$**  | **603,412** |   |
|                                                                                                                                                  |   |     |            |             |   |   |   |
|                                                                                                                                                  |   |     |            |             |   |   |   |
| **SUPPLEMENTAL                  DISCLOSURE OF CASH FLOW INFORMATION**                                                                                 |   |     |            |             |   |   |   |
| Cash                  paid for:                                                                                                                       |   |     |            |             |   |   |   |
| Interest                                                                                                                                              |   | **$**    | **1,275,746**   |             | **$**  | **657,591** |   |

**See          Notes to Consolidated Financial Statements.**

----

*Index*

**SEASONS      BANCSHARES, INC.**

**AND      SUBSIDIARY**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

| **NOTE                1.** | **NATURE                OF BUSINESS AND BASIS OF                PRESENTATION** |
|----------------------------|--------------------------------------------------------------------------------|

| **NOTE                2.** | **STOCK                COMPENSATION PLANS** |
|----------------------------|---------------------------------------------|

*Accounting      for Stock Issued to Employees,*
*Accounting      for Stock-Based Compensation. *
*Share-Based      Payment, *

----

*Index*

|                                                                                                                                                               |   | Three                  Months Ended June                  30, 2005 |     | Six                  Months Ended June                  30, 2005 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|----------|------------------------------------------------------------------|--------|
|                                                                                                                                                               |   |                                                               |     |                                                             |   |
| Net                  loss, as reported                                                                                                                             |   | $                                                                  | (101,144 | )                                                                | $      | (190,898 | ) |
| Add:                  Stock-based employee compensation expense included in reported                  net                  loss                                    |   |                                                               | -        |                                                             |   | - |   |
| Deduct:                  Total stock-based employee compensation expense determined under                  fair                  value based method for all awards |   |                                                               | (77,240  | )                                                                |   | (152,654 | ) |
| Pro                  forma net loss                                                                                                                                |   | $                                                                  | (178,384 | )                                                                | $      | (343,552 | ) |
| Losses                  per share:                                                                                                                                 |   |                                                               |     |                                                             |   |   |   |
| Basic                  - as reported                                                                                                                               |   | $                                                                  | (.11     | )                                                                | $      | (.21 | ) |
| Basic                  - pro forma                                                                                                                                 |   | $                                                                  | (.20     | )                                                                | $      | (.38 | ) |
| Diluted                  - as reported                                                                                                                             |   | $                                                                  | (.11     | )                                                                | $      | (.21 | ) |
| Diluted                  - pro forma                                                                                                                               |   | $                                                                  | (.20     | )                                                                | $      | (.38 | ) |

|                                             |   | Three                and Six Months Ended June 30, 2006 |    |
|--------------------------------------------------|--------|---------------------------------------------------------|---------|
|                                             |   | Number                                                  |    | Weighted-                Average Exercise Price |   | Weighted-                Average Remaining Contractual                Life |   |
| Under                option, beginning of period |   |                                                    | 294,002 |   | $ | 10.17 |   |   |   |   |
| Granted                                          |   |                                                    | -       |   |   | - |   |   |   |   |
| Exercised                                        |   |                                                    | -       |   |   | - |   |   |   |   |
| Forfeited                                        |   |                                                    | -       |   |   | - |   |   |   |   |
| Under                option, end of period       |   |                                                    | 294,002 |   |   | 10.17 |   |   | 6.93                years |   |
| Exercisable                at end of period      |   |                                                    | 260,335 |   |   | 10.00 |   |   | 6.64                years |   |

----

*Index*

|                                            |   | Three                  Months EndedJune                  30, 2006 |   | Six                  Months EndedJune                  30, 2006                                             |   |
|-------------------------------------------------|--------|-------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|--------|
|                                            |   | Number                                                            |   | Weighted-                  average                  Grant-Date                  Fair                  Value |   | Number |   | Weighted-                  average                  Grant-Date                  Fair                  Value |   |
|                                            |   |                                                              |   |                                                                                                        |   |   |   |   |   |
| Nonvested,                  beginning of period |   |                                                              | 35,667 |                                                                                                        | $      | 3.91 |   |   | 120,005 |   | $ | 3.70 |   |
| Granted                                         |   |                                                              | -      |                                                                                                        |   | - |   |   | - |   |   | - |   |
| Vested                                          |   |                                                              | 2,000  |                                                                                                        |   | 3.46 |   |   | 86,338 |   |   | 3.60 |   |
| Forfeited                                       |   |                                                              | -      |                                                                                                        |   | - |   |   | - |   |   | - |   |
| Nonvested,                  end of period       |   |                                                              | 33,667 |                                                                                                        | $      | 3.94 |   |   | 33,667 |   | $ | 3.94 |   |

|                                                   |   | Options                and Warrants Outstanding |   | Options                and Warrants Exercisable                                         |   |
|--------------------------------------------------------|--------|-------------------------------------------------|--------|-----------------------------------------------------------------------------------------|--------|
| Range                of Exercise                Prices |   | Number                                          |   | Weighted-average                Contractual                Life                in Years |   | Weighted-Average                Exercise                Price |   |  Number |   | Weighted-average                Exercise                Price |   |
|                                                   |   |                                            |   |                                                                                    |   |   |   |   |   |   |   |
| $10.00                - $12.00                         |   | 294,002                                         |   | 6.93                years                                                               |   | $ | 10.17 |   | 260,335 |   | $ | 10.00 |   |

| **NOTE                3.** | **EARNINGS                (LOSSES) PER SHARE** |
|----------------------------|------------------------------------------------|

|                                                                                                                                                                                       |   | Three                  Months Ended June 30, |      | Six                  Months Ended June                  30, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------|-----------|-------------------------------------------------------------|--------|
|                                                                                                                                                                                       |   | 2006                                         |      | 2005                                                        |   | 2006 |   | 2005 |   |
| Basic                  Earnings (Losses) Per Share:                                                                                                                                        |   |                                         |      |                                                        |   |   |   |   |   |   |   |   |   |
| Weighted                  average common shares outstanding                                                                                                                                |   |                                         | 1,032,890 |                                                        |   | 913,834 |   |   | 1,017,132 |   |   | 913,834 |   |
|                                                                                                                                                                                       |   |                                         | -         |                                                        |   | - |   |   | - |   |   | - |   |
| Net                  income (loss)                                                                                                                                                         |   | $                                            | (36,108   | )                                                           | $      | (101,144 | ) | $ | 1,782 |   | $ | (190,898 | ) |
|                                                                                                                                                                                       |   |                                         |      |                                                        |   |   |   |   |   |   |   |   |   |
| Basic                  earnings (losses) per share                                                                                                                                         |   | $                                            | (.03      | )                                                           | $      | (.11 | ) | $ | - |   | $ | (.21 | ) |
|                                                                                                                                                                                       |   |                                         |      |                                                        |   |   |   |   |   |   |   |   |   |
| Diluted                  Earnings (Losses) Per Share:                                                                                                                                      |   |                                         |      |                                                        |   |   |   |   |   |   |   |   |   |
| Weighted                  average common shares outstanding                                                                                                                                |   |                                         | 1,032,890 |                                                        |   | 913,834 |   |   | 1,017,132 |   |   | 913,834 |   |
| Net                  effect of the assumed exercise of stock options and warrants based                  on the                  treasury stock using average market prices for the period |   |                                         | -         |                                                        |   | - |   |   | 34,022 |   |   | - |   |
| Total                  weighted average common shares and common stock equivalents                  outstanding                                                                            |   |                                         | 1,032,890 |                                                        |   | 913,834 |   |   | 1,051,154 |   |   | 913,834 |   |
|                                                                                                                                                                                       |   |                                         |      |                                                        |   |   |   |   |   |   |   |   |   |
| Net                  income (loss)                                                                                                                                                         |   | $                                            | (36,108   | )                                                           | $      | (101,144 | ) | $ | 1,782 |   | $ | (190,898 | ) |
|                                                                                                                                                                                       |   |                                         |      |                                                        |   |   |   |   |   |   |   |   |   |
| Diluted                  earnings (losses) per share                                                                                                                                       |   | $                                            | (.03      | )                                                           | $      | (.11 | ) | $ | - |   | $ | (.21 | ) |

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*Index*

| **NOTE                4** | **BUSINESS                COMBINATION** |
|---------------------------|-----------------------------------------|

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*Index*

**SEASONS      BANCSHARES, INC. AND SUBSIDIARY**

**Part      I. Financial Information**

**Item      2. Management’s Discussion and Analysis **

**SPECIAL      CAUTIONARY NOTICE REGARDING FORWARD LOOKING STATEMENTS**

|   | · | significant                increases in competitive pressure in the banking and financial services                industries; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------|

|   | · | changes                in the interest rate environment which could reduce anticipated or                actual                margins; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | changes                in political conditions or the legislative or regulatory environment; |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | general                economic conditions, either nationally or regionally and especially                in                primary service area, becoming less favorable than expected resulting                in,                among other things, a deterioration in credit                quality; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | changes                occurring in business conditions and                inflation; |
|--------|--------|---------------------------------------------------------------------------------------|

|   | · | changes                in technology; |
|--------|--------|---------------------------------------|

|   | · | changes                in monetary and tax policies; |
|--------|--------|------------------------------------------------------|

|   | · | the                level of allowance for loan loss; |
|--------|--------|------------------------------------------------------|

|   | · | the                rate of delinquencies and amounts of                charge-offs; |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | the                rates of loan growth; |
|--------|--------|------------------------------------------|

|   | · | adverse                changes in asset quality and resulting credit risk-related losses                and                expenses; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | changes                in the securities markets; and |
|--------|--------|-------------------------------------------------------|

|   | · | other                risks and uncertainties detailed from time to time in our filings                with the                Securities and Exchange Commission. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Critical      Accounting Policies**

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*Index*

**SEASONS      BANCSHARES, INC. AND SUBSIDIARY**

**Part      I. Financial Information**

**Item      2. Management’s Discussion and Analysis **

**Liquidity      and Capital Resources**

|                                      |   |  Actual                                           |   |
|-------------------------------------------|--------|--------------------------------------------------------|--------|
|                                      |   |                                                   |   |   |   |   |   |
|                                      |   | Seasons                Bancshares,                Inc. |   | Seasons                Bank |   | Regulatory                Requirements |   |
|                                      |   |                                                   |   |   |   |   |   |
| Leverage                capital ratio     |   |                                                   | 9.28   | % |   | 8.84 | % |   | 4.00 | % |
| Risk-based                capital ratios: |   |                                                   |   |   |   |   |   |   |   |   |
| Core                capital               |   |                                                   | 10.77  | % |   | 10.27 | % |   | 4.00 | % |
| Total                capital              |   |                                                   | 12.04  | % |   | 11.52 | % |   | 8.00 | % |

**Off-Balance      Sheet Arrangements**

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*Index*

**SEASONS      BANCSHARES, INC. AND SUBSIDIARY**

**Part      I. Financial Information**

**Item      2. Management’s Discussion and Analysis **

**Financial      Condition**

**Results      of Operations for the Three and Six Months Ended June 30, 2006 and      2005**

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*Index*

**SEASONS      BANCSHARES, INC. AND SUBSIDIARY**

**Part      I. Financial Information**

**Item      2. Management’s Discussion and Analysis **

|                                                                                                                                                                       |   | 2006   |    | 2005   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|
| Non-accrual                loans                                                                                                                                           |   | $      | 537,000 |   |   | 245,000 |   |
| Loans                contractually past due ninety days or more as to interest or principal                payments and still accruing                                     |   |   | 7,000   |   |   | 34,000 |   |
| Restructured                loans                                                                                                                                          |   |   | 0       |   |   | 0 |   |
| Loans,                now current about which there are serious doubts as to the ability                of the                borrower to comply with loan repayment terms |   |   | 0       |   |   | 0 |   |
| Interest                income that would have been recorded on non-accrual and restructured                loans                under original terms                      |   |   | 28,000  |   |   | 4,000 |   |
| Interest                income that was recorded on non-accrual and restructured                loans                                                                      |   |   | 0       |   |   | 0 |   |

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*Index*

**SEASONS      BANCSHARES, INC. AND SUBSIDIARY**

**Part      I. Financial Information**

**Item      2. Management’s Discussion and Analysis **

|                                                                                                        |   | **2006** |   | **2005**                 |   |
|-------------------------------------------------------------------------------------------------------------|--------|----------|--------|--------------------------|--------|
|                                                                                                        |   |     |   |                     |   |
| Average                amount of loans outstanding                                                          |   | $        | 73,780 |      | $      | 48,265 |   |
|                                                                                                        |   |     |   |                     |   |   |   |
| Balance                of allowance for loan losses at beginning of period                                  |   | $        | 900    |                     | $      | 539 |   |
|                                                                                                        |   |     |   |                     |   |  |   |
| Loans                charged off                                                                            |   |     |   |                     |   |   |   |
| Commercial                and financial                                                                     |   |     | 117    |                     |   | 13 |   |
| Real                estate mortgage                                                                         |   |     | 47     |                     |   | 0 |   |
| Installment                                                                                                 |   |     | 60     |                     |   | 3 |   |
|                                                                                                        |   |     | 224    |                     |   | 16 |   |
|                                                                                                        |   |     |   |                     |   |  |   |
| Loans                recovered                                                                              |   |     |   |                     |   |   |   |
| Commercial                and financial                                                                     |   |     | 7      |                     |   | 0 |   |
| Real                estate mortgage                                                                         |   |     | 15     |                     |   | 0 |   |
| Installment                                                                                                 |   |     | 4      |                     |   | 1 |   |
|                                                                                                        |   |     | 26     |                     |   | 1 |   |
|                                                                                                        |   |     |   |                     |   |   |   |
| Net                charge-offs                                                                              |   |     | 198    |                     |   | 15 |   |
|                                                                                                        |   |     |   |                     |   |   |   |
| Additions                to allowance charged to operating expense during period                            |   |     | 308    |                     |   | 197 |   |
|                                                                                                        |   |     |   |                     |   |   |   |
| Balance                of allowance for loan losses at end of period                                        |   | $        | 1,010  |                     | $      | 721 |   |
|                                                                                                        |   |     |   |                     |   |  |   |
| Ratio                of net loans charged off during the period to average loans                outstanding |   |     | .27    | %                        |   | .03 | % |

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*Index*

**SEASONS      BANCSHARES, INC. AND SUBSIDIARY**

**Part      I. Financial Information**

**Item      2. Management’s Discussion and Analysis **

**Item      3.  Controls and Procedures**

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*Index*

**SEASONS      BANCSHARES, INC. AND SUBSIDIARY**

**PART      II - OTHER INFORMATION**

**Item      1.  LEGAL PROCEEDINGS**

**Item      2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF      PROCEEDS**

**Item      3.  DEFAULTS UPON SENIOR SECURITIES**

**Item      4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY      HOLDERS**

**Item      5.  OTHER INFORMATION**

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*Index*

**SEASONS      BANCSHARES, INC. AND SUBSIDIARY**

**PART      II - OTHER INFORMATION (Continued)**

**Item      6.  EXHIBITS**

|   | 10.1   | Employment                Agreement, dated as of March 21, 2006, by and between Seasons Bancshares,                Inc. and Nita Elliott                                                                                                  |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                      |
|   | 31.1   | Certification                of the Chief Executive Officer pursuant to Rule 13a-14(a) of the                Exchange                Act                                                                                                  |
|   |   |                                                                                                                                                                                                                                      |
|   | 31.2   | Certificate                of the Chief Financial Officer pursuant to Rule 13a-14(a) of the                Exchange                Act                                                                                                    |
|   |   |                                                                                                                                                                                                                                      |
|   | 32     | Certification                of Chief Executive Officer and Chief Financial Officer pursuant to                18                U.S.C. Section 1350, as adopted pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002 |

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*Index*

**SEASONS      BANCSHARES, INC. AND SUBSIDIARY**

**Signature**

|   |                             |   | SEASONS                  BANCSHARES, INC.       |   |
|--------|----------------------------------|--------|-------------------------------------------------|--------|
|   |                             |   | (Registrant)                                    |   |
|   |                             |   |                                            |   |
|   |                             |   |                                            |   |
| Date:  | August                  11, 2006 |   | /s/                  William L. Sutton          |   |
|   |                             |   | William                  S. Sutton              |   |
|   |                             |   | Chief                  Executive Officer        |   |
|   |                             |   | (Principal                  Executive Officer)  |   |
|   |                             |   |                                            |   |
|   |                             |   |                                            |   |
| Date:  | August                  11, 2006 |   | /s/                  Nita Elliott               |   |
|   |                             |   | Nita                  Elliott                   |   |
|   |                             |   | Chief                  Financial Officer        |   |
|   |                             |   | (Principal                  Accounting Officer) |   |

----