U. S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549

                                   FORM 10-QSB


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

          For the quarterly period ended      SEPTEMBER 30, 2001
                                         -----------------------

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

          For the transition period from __________  to __________

                       COMMISSION FILE NUMBER:  333-34908

                   North Georgia Community Financial Partners, Inc.
                   ------------------------------------------------

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

            Georgia                                             58-2585603
-------------------------------                             -------------------
(State or other jurisdiction of                               (IRS Employer
 incorporation or organization)                             Identification No.)

                  350 W. BELMONT DRIVE, CALHOUN, GEORGIA 30701
             ------------------------------------------------------
                    (Address of principal executive offices)

                                 (706) 629-6499
                          ---------------------------
                          (Issuer's telephone number)

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

Check  whether  the issuer (1) filed all reports required to be filed by Section
13  or  15(d) of the Exchange Act during the past 12 months (or for such shorter
period  that  the registrant was required to file such reports) and (2) has been
subject  to  such  filing  requirements  for  the  past  90  days.
Yes  X      No
    ---        ---


State the number of shares outstanding of each of the issuer's classes of common
equity, as of November 1, 2001:   911,167; no par value.

Transitional Small Business Disclosure Format      Yes      No   X
                                                       ---      ---


<PAGE>
<TABLE>
<CAPTION>
                NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.



--------------------------------------------------------------------------------

                                      INDEX
                                      -----

                                                                               PAGE
                                                                               ----
<S>                                                                            <C>
PART I.  FINANCIAL INFORMATION

         ITEM 1.  FINANCIAL STATEMENTS

             CONSOLIDATED BALANCE SHEET - SEPTEMBER 30, 2001. . . . . . . . .      3

             CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
               INCOME (LOSS) - THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
               AND NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000. . . . . . .      4

             CONSOLIDATED STATEMENTS OF CASH FLOWS - NINE
               MONTHS ENDED SEPTEMBER 30, 2001 AND 2000 . . . . . . . . . . .      5

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS . . . . . . . . . . .      6

          ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                      FINANCIAL CONDITION AND RESULTS OF OPERATIONS . . . . .   7-13


PART II.  OTHER INFORMATION

          ITEM 1 - LEGAL PROCEEDINGS. . . . . . . . . . . . . . . . . . . . .     14

          ITEM 2 - CHANGE IN SECURITIES AND USE OF PROCEEDS . . . . . . . . .     14

          ITEM 3 - DEFAULTS UPON SENIOR SECURITIES. . . . . . . . . . . . . .     14

          ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. . . .     14

          ITEM 5 - OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . .     14

          ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K . . . . . . . . . . . . .  14-15

          SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . . . . .     16
</TABLE>


<PAGE>
                         PART I - FINANCIAL INFORMATION
ITEM  I.                       FINANCIAL  STATEMENTS

                NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

                            CONSOLIDATED BALANCE SHEET
                               SEPTEMBER 30, 2001
                                   (UNAUDITED)

                       ASSETS
                       ------

Cash and due from banks                                          $ 3,805,626
Interest-bearing deposits in banks                                    10,768
Federal funds sold                                                 7,725,000
Securities available-for-sale, at fair value                      17,687,227

Loans                                                             36,387,936
Less allowance for loan losses                                       463,861
                                                                 ------------
          Loans, net                                              35,924,075
                                                                 ------------
Premises and equipment                                             2,018,496
Other assets                                                       1,470,484
                                                                 ------------
          TOTAL ASSETS                                           $68,641,676
                                                                 ============


           LIABILITIES AND STOCKHOLDERS' EQUITY
           ------------------------------------

DEPOSITS
    Noninterest-bearing                                          $ 5,185,363
    Interest-bearing                                              55,748,089
                                                                 ------------
          TOTAL DEPOSITS                                          60,933,452
Federal funds purchased                                              147,714
Other liabilities                                                    226,542
                                                                 ------------
          TOTAL LIABILITIES                                       61,307,708
                                                                 ------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
    Preferred stock, no par value; 2,000,000 shares authorized;
       none issued or outstanding                                          -
    Common stock, no par value; 10,000,000 shares authorized;
       910,167 shares issued and outstanding                       9,393,401
    Accumulated deficit                                           (2,285,193)
    Accumulated other comprehensive income                           225,760
                                                                 ------------
          TOTAL STOCKHOLDERS' EQUITY                               7,333,968
                                                                 ------------

          TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY             $68,641,676
                                                                 ============

SEE  NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS.


                                        3
<PAGE>
<TABLE>
<CAPTION>
                           NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

                                 CONSOLIDATED STATEMENTS OF OPERATIONS
                                    AND COMPREHENSIVE INCOME (LOSS)
                            THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                           AND NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                              (UNAUDITED)

                                                       THREE MONTHS ENDED        NINE MONTHS ENDED
                                                          SEPTEMBER 30,            SEPTEMBER 30,
                                                     -----------------------  ------------------------
                                                        2001         2000        2001         2000
                                                     -----------  ----------  -----------  -----------
<S>                                                  <C>          <C>         <C>          <C>
INTEREST INCOME
     Loans                                           $  798,290   $ 677,947   $2,343,480   $1,600,793
    Taxable securities                                  204,751      94,631      473,100      198,527
    Federal funds sold                                   48,669      16,480      196,261       51,500
    Interest-bearing deposits in banks                       87           -          284            -
                                                     -----------  ----------  -----------  -----------
              TOTAL INTEREST INCOME                   1,051,797     789,058    3,013,125    1,850,820
                                                     -----------  ----------  -----------  -----------

INTEREST EXPENSE
    Deposits                                            612,979     371,607    1,707,384      836,109
    Other borrowings                                      1,840       9,189       13,278       28,632
                                                     -----------  ----------  -----------  -----------
              TOTAL INTEREST EXPENSE                    614,819     380,796    1,720,662      864,741
                                                     -----------  ----------  -----------  -----------

              NET INTEREST INCOME                       436,978     408,262    1,292,463      986,079
PROVISION FOR LOAN LOSSES                                15,000      80,000       75,000      170,000
                                                     -----------  ----------  -----------  -----------
              NET INTEREST INCOME AFTER
                PROVISION FOR LOAN LOSSES               421,978     328,262    1,217,463      816,079
                                                     -----------  ----------  -----------  -----------

OTHER INCOME
    Service charges on deposit accounts                  48,981      38,873      151,354      114,870
    Loss on sales of securities available-for-sale            -     (26,573)           -      (26,573)
    Other operating income                               31,148      16,029       96,660       28,711
                                                     -----------  ----------  -----------  -----------
              TOTAL OTHER INCOME                         80,129      28,329      248,014      117,008
                                                     -----------  ----------  -----------  -----------

OTHER EXPENSES
    Salaries and employee benefits                      263,040     237,100      783,655      691,977
    Occupancy and equipment expenses                     68,229      63,200      202,253      185,585
    Other operating expenses                            181,553     173,120      509,640      553,900
                                                     -----------  ----------  -----------  -----------
              TOTAL OTHER EXPENSES                      512,822     473,420    1,495,548    1,431,462
                                                     -----------  ----------  -----------  -----------

              LOSS BEFORE INCOME TAXES                  (10,715)   (116,829)     (30,071)    (498,375)

INCOME TAX EXPENSE                                            -           -            -            -
                                                     -----------  ----------  -----------  -----------

              NET LOSS                                  (10,715)   (116,829)     (30,071)    (498,375)
                                                     -----------  ----------  -----------  -----------

OTHER COMPREHENSIVE INCOME :
    Unrealized gains  on securities
      available-for-sale arising during period          145,303      50,535      180,785       33,170
                                                     -----------  ----------  -----------  -----------

              COMPREHENSIVE INCOME (LOSS)            $  134,588   $ (66,294)  $  150,714   $ (465,205)
                                                     ===========  ==========  ===========  ===========

BASIC AND DILUTED LOSESS PER SHARE                   $    (0.01)  $   (0.13)  $    (0.03)  $    (0.56)
                                                     ===========  ==========  ===========  ===========

CASH DIVIDENDS PER SHARE                             $        -   $       -   $        -   $        -
                                                     ===========  ==========  ===========  ===========
</TABLE>

SEE  NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS.


                                        4
<PAGE>
<TABLE>
<CAPTION>
                        NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.

                              CONSOLIDATED STATEMENTS OF CASH FLOWS
                         NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                          (UNAUDITED)

                                                                       2001           2000
                                                                   -------------  -------------
<S>                                                                <C>            <C>
OPERATING ACTIVITIES
    Net loss                                                       $    (30,071)  $   (498,375)
    Adjustments to reconcile net loss  to net cash
        provided by (used in) operating activities:
        Depreciation                                                    126,894        119,111
        Loss on sales of securities available-for-sale                        -         26,573
        Provision for loan losses                                        75,000        170,000
        Increase in other assets                                        (74,088)      (172,214)
        Increase in other liabilities                                    54,247         66,871
                                                                   -------------  -------------
              Net cash provided by (used in) operating activities       151,982       (288,034)
                                                                   -------------  -------------

INVESTING ACTIVITIES
    Net increase in interest-bearing deposits in banks                   (6,916)             -
    Proceeds from sales of securities available-for-sale                      -        721,406
    Proceeds from maturities of securities available-for-sale         4,876,880              -
    Purchases of securities available-for-sale                      (16,338,363)    (4,246,950)
    Net increase in federal funds sold                               (3,010,000)      (880,000)
    Net increase in loans                                            (4,425,692)   (13,754,135)
    Purchase of premises and equipment                                  (20,648)       (87,939)
    Purchase of life insurance policies                                (950,000)             -
                                                                   -------------  -------------
              Net cash used in investing activities                 (19,874,739)   (18,247,618)
                                                                   -------------  -------------

FINANCING ACTIVITIES
    Net increase in deposits                                         22,284,462     18,028,548
    Net increase (decrease) in federal funds purchased                 (515,592)       441,451
    Net proceeds from sale of common stock                               72,000        368,243
                                                                   -------------  -------------

              Net cash provided by financing activities              21,840,870     18,838,242
                                                                   -------------  -------------

Net increase  in cash and due from banks                              2,118,113        302,590

Cash and due from banks, beginning of period                          1,687,513      1,541,141
                                                                   -------------  -------------
Cash and due from banks, end of period                             $  3,805,626   $  1,843,731
                                                                   =============  =============
</TABLE>


SEE  NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS.


                                        5
<PAGE>
                NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.
                   NOTES TO CONSOLIDATED  FINANCIAL STATEMENTS
                                   (UNAUDITED)



NOTE 1.   BASIS OF PRESENTATION

          The  financial  information  for  North  Georgia  Community  Financial
          Partners,  Inc. (the "Company") included herein is unaudited; however,
          such information reflects all adjustments (consisting solely of normal
          recurring  adjustments)  which  are,  in  the  opinion  of management,
          necessary  for  a  fair  statement  of results for the interim period.

          The  results  of operations for the three and nine month periods ended
          September 30, 2001 are not necessarily indicative of the results to be
          expected  for  the  full  year.


NOTE  2.  CURRENT  ACCOUNTING  DEVELOPMENTS

          In June 1998, the Financial Accounting Standards Board issued SFAS No.
          133,  "Accounting  for Derivative Instruments and Hedging Activities".
          The  effective  date  of  this  statement was deferred by SFAS No. 137
          until  fiscal  years  beginning  after  June  15,  2000.  However, the
          statement  permitted  early adoption as of the beginning of any fiscal
          quarter  after  its  issuance.  The  Company  adopted  this  statement
          effective  January  1,  2001.  SFAS  No.  133  requires the Company to
          recognize  all  derivatives  as  either  assets  or liabilities in the
          balance  sheet  at fair value. For derivatives that are not designated
          as  hedges,  the  gain  or  loss must be recognized in earnings in the
          period  of  change.  For  derivatives  that  are designated as hedges,
          changes  in  the fair value of the hedged assets, liabilities, or firm
          commitments  must  be  recognized  in  earnings or recognized in other
          comprehensive  income until the hedged item is recognized in earnings,
          depending  on  the  nature  of the hedge. The ineffective portion of a
          derivative's  change  in  fair  value  must  be recognized in earnings
          immediately.  The  adoption  of SFAS No. 133 had no material effect on
          the  Company's  operations  or  financial  position.

          There  are no other recent accounting pronouncements that have had, or
          are  expected  to  have,  a material effect on the Company's financial
          statements.


                                        6
<PAGE>
                NORTH GEORGIA COMMUNITY FINANCIAL PARTNERS, INC.


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

          The  following  is  management's  discussion  and  analysis of certain
          significant  factors  which  have  affected the financial position and
          operating  results of North Georgia Community Financial Partners, Inc.
          and  its  bank  subsidiary,  North  Georgia  National Bank, during the
          periods  included  in  the  accompanying  financial  statements.

          SPECIAL  CAUTIONARY  NOTICE  REGARDING  FORWARD  LOOKING
          STATEMENTS

          The  management's  discussion  and  analysis  which  follows  contains
          forward-looking  statements  in  addition  to  historical  information
          including,  but  not  limited  to,  statements  regarding management's
          beliefs,  current  expectations,  estimates  and projections about the
          financial  services  industry,  the  economy, and about the Company in
          general.  Such  forward-looking  statements  are  subject  to  certain
          factors  that  could  cause  actual  results to differ materially from
          historical  results  or  anticipated events, trends, or results. These
          factors  include,  but  are  not  limited  to:

          -    Increased  competition  with  other  financial  institutions,
          -    Lack  of  sustained  growth  in  the  economy  of  Gordon County,
          -    Rapid  fluctuations  in  interest  rates,
          -    The  inability  of  the  Company  to  maintain regulatory capital
               standards,  and
          -    Changes  in  the  legislative  and  regulatory  environment.

          The  purpose  of  the  following  discussion is to address information
          relating to our financial condition and results of operations that may
          not  be readily apparent from a review of the financial statements and
          the  notes to the financial statements, which are included in the Form
          10-QSB.


                                        7
<PAGE>
LIQUIDITY  AND  CAPITAL  RESOURCES

As  of  September  30, 2001, our liquidity ratio, as determined under guidelines
established  by  regulatory  authorities,  was  satisfactory.  We  consider  our
liquidity  to  be adequate to meet operating and loan funding requirements.  The
liquidity  ratio (i.e. cash, short-term assets, and marketable assets divided by
deposits and other borrowings) for the Bank was approximately  22%.  As we grow,
we  will continue to monitor liquidity and make adjustments as deemed necessary.

At  September  30,  2001,  our  capital ratios were adequate based on regulatory
minimum  capital  requirements.  The minimum capital requirements and the actual
capital  ratios  on  a  consolidated  and  bank-only  basis  are  as  follows:

                                               ACTUAL
                                        ---------------------  REGULATORY
                                                                MINIMUM
                                        CONSOLIDATED    BANK   REQUIREMENT
                                        -------------  ------  -----------

            Leverage capital ratios            11.64%  11.51%         4.00%
            Risk-based capital ratios:
              Core capital                     15.78   15.61          4.00
              Total capital                    16.81   16.64          8.00

These  ratios  may decline as asset growth continues, but are expected to exceed
the regulatory requirements.  Anticipated future earnings will assist in keeping
these  ratios  at  satisfactory  levels.


                                        8
<PAGE>
FINANCIAL  CONDITION

Following is a summary of our balance sheets for the periods indicated:

                            SEPTEMBER 30,   DECEMBER 31,
                               2001           2000
                          --------------  -------------
                               (DOLLARS IN THOUSANDS)
                          -----------------------------

Cash and due from banks.  $        3,817  $       1,692
Securities                        17,687          6,045
Federal funds sold                 7,725          4,715
Loans, net                        35,924         31,573
Premises and equipment             2,018          2,125
Other assets                       1,471            446
                          --------------  -------------
                          $       68,642  $      46,596
                          ==============  =============

Deposits                  $       60,933  $      38,649
Federal funds purchased              148            664
Other liabilities                    227            172
Stockholders' equity               7,334          7,111
                          --------------  -------------
                          $       68,642  $      46,596
                          ==============  =============

Our  total  assets  grew  by  47%  for the first nine months of 2001.  Continued
deposit  growth,  net  of  decreased  federal  funds  purchased  positions,  of
$21,768,000 was invested in securities, loans and federal funds sold.  We slowed
our  rate  of  loan  growth  as  compared  to 2000 to insure that we continue to
adequately  service  and monitor the loan portfolio.  Current federal funds sold
and  securities balances should provide funds for increased loan growth rates in
the  future.  Our  loan  to  deposit ratio has decreased to 60% at September 30,
2001  from  83% at December 31, 2000.  Other assets have increased primarily due
to  the  purchase  of $950,000 of life insurance policies on our president/chief
executive  officer.  Our  total  equity  has increased by $223,000 consisting of
year-to-date  losses  of  $30,000,  increased  unrealized  gains  on  securities
available-for-sale  of  $181,000, and proceeds from the issuance of common stock
of  $72,000.


                                        9
<PAGE>
RESULTS  OF  OPERATIONS  FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
AND  FOR  THE  NINE  MONTHS  ENDED  SEPTEMBER  30,  2001  AND  2000

Following is a summary of our operations for the periods indicated.

                                       THREE MONTHS ENDED
                                         SEPTEMBER 30,
                                        2001     2000
                                       -------  -------

            Interest income            $1,052   $  789
            Interest expense              615      381
                                       -------  -------
            Net interest income           437      408
            Provision for loan losses      15       80
            Other income                   80       28
            Other expense                 513      473
                                       -------  -------
            Net loss                   $  (11)  $ (117)
                                       =======  =======

                                      NINE MONTHS ENDED
                                        SEPTEMBER 30,
                                        2001     2000
                                       -------  -------
            Interest income            $3,013   $1,851
            Interest expense            1,721      865
                                       -------  -------
            Net interest income         1,292      986
            Provision for loan losses      75      170
            Other income                  248      117
            Other expense               1,495    1,431
                                       -------  -------
            Net loss                   $  (30)  $ (498)
                                       =======  =======

Our  net  interest  income  has  increased by $29,000 and $306,000 for the third
quarter  and  first  nine  months of 2001, respectively, as compared to the same
periods  in  2000.  Our  net interest margin decreased to 3.43% during the first
nine  months  of 2001 as compared to 4.53% for the same period in 2000 and 4.63%
for  the  entire  year  of  2000.  The  increase  in  net interest income is due
primarily  to  the  increased  volume  of  average  loans.  The  decrease in net
interest  margin  is due to continued pressures on the rates that we can earn on
our interest-earning assets, as the prime rate has now been lowered ten times in
2001  to 5.00%.  The reduction in the prime rate immediately lowers the rates we
earn on variable rate loans and overnight federal funds balances as well as puts
pressure  on the rates we earn on fixed rate loans.  We have been able to offset
some  of the decrease in our net interest margin by lowering the rates we pay on
our  interest-bearing  liabilities.  As  deposits  mature  and  are repriced, we
expect  to  see  our  net interest margin increase.  However, the prime rate may
continue  to  drop  which  would  continue  to have a negative impact on our net
interest  margin.


                                       10
<PAGE>
The  provision  for  loan  losses decreased by $65,000 and $95,000 for the third
quarter  and  first  nine  months of 2001, respectively, as compared to the same
periods  in  2000.  We  have  continued  to  provide for loan losses due to loan
growth  and  our  assessment  of  the  inherent  risk in the loan portfolio. The
allowance  for  loan  losses as a percentage of total loans amounted to 1.27% at
September 30, 2001 as compared to 1.33% at December 31, 2000.  The allowance for
loan losses is maintained at a level that is deemed appropriate by management to
adequately  cover  all  known  and  inherent  risks  in  the loan portfolio. Our
evaluation  of  the  loan  portfolio  includes  a continuing review of loan loss
experience,  current economic conditions which may affect the borrower's ability
to  repay  and  the  underlying  collateral  value.

Information  with  respect  to nonaccrual, past due and restructured loans is as
follows:

<TABLE>
<CAPTION>
                                                                              SEPTEMBER 30,
                                                                         ----------------------
                                                                             2001       2000
                                                                         ----------  ----------
                                                                         (DOLLARS IN THOUSANDS)
                                                                         ----------------------
<S>                                                                      <C>         <C>

Nonaccrual loans                                                         $      57   $      32
Loans contractually past due ninety days or more as to interest
  or principal payments and still accruing                                       0           0
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 nonaccrual
  and restructured loans under original terms                                    5           2
Interest income that was recorded on nonaccrual and restructured loans           0           0
</TABLE>


It  is  our  policy  to  discontinue the accrual of interest income when, in the
opinion  of  management, collection of interest becomes doubtful. We discontinue
the  accrual  of  interest  when (1) there is a significant deterioration in the
financial condition of the borrower and full repayment of principal and interest
is  not expected and (2) the principal or interest is more than ninety days past
due,  unless  the  loan  is  both well-secured and in the process of collection.

Loans  classified  for  regulatory  purposes  as loss, doubtful, substandard, or
special  mention that have not been included in the table above do not represent
or  result from trends or uncertainties which management reasonably expects will
materially  impact  future  operating  results,  liquidity or capital resources.
These  classified loans do not represent material credits about which management
is aware of any information which causes management to have serious doubts as to
the  ability  of  such  borrowers  to  comply  with  the  loan  repayment terms.


                                       11
<PAGE>
Information  regarding  certain  loans  and  allowance  for loan loss data is as
follows:

<TABLE>
<CAPTION>
                                                                    NINE MONTHS ENDED
                                                                      SEPTEMBER 30,
                                                                    ------------------
                                                                      2001      2000
                                                                    --------  --------
                                                                  (DOLLARS IN THOUSANDS)
                                                                   --------------------
<S>                                                                 <C>       <C>

Average amount of loans outstanding                                 $34,602   $23,738
                                                                    ========  ========

Balance of allowance for loan losses at beginning of period         $   424   $   200

Loans charged off
  Commercial and financial                                               11        26
  Real estate mortgage                                                    0         0
  Installment                                                            36        14
                                                                    --------  --------
                                                                         47        40
                                                                    --------  --------

Loans recovered
  Commercial and financial                                                2         0
  Real estate mortgage                                                    0         0
  Installment                                                            10         0
                                                                    --------  --------
                                                                         12         0
                                                                    --------  --------

Net charge-offs                                                          35        40
                                                                    --------  --------

Additions to allowance charged to operating expense during period        75       170
                                                                    --------  --------

Balance of allowance for loan losses at end of period               $   464   $   330
                                                                    ========  ========
Ratio of net loans charged off during the period to
  average loans outstanding                                             .10%      .17%
                                                                    ========  ========
</TABLE>

Other  income  increased  by  $52,000  and $131,000 during the third quarter and
first nine months of 2001, respectively, as compared to the same periods in 2000
due  to  increased  service  charges  on  deposit  accounts  and  increased fees
associated  with  mortgage  loan  origination  activities.

Other  expenses  increased  by  $40,000 and $64,000 during the third quarter and
first  nine  months  of  2001,  respectively, as compared to the same periods in
2000.  Salaries  and  employee  benefits  have  increased  due  to the number of
employees  increasing  to  23  as  of  September  30,  2001 as compared to 19 at
September  30,  2000  and  to  other  annual  salary increases. The increases in
salaries  and  employee benefits and relatively small increases in occupancy and
equipment  expenses  have  been  offset  by  lower  other  operating  expenses.

We  have  recorded  no  income  tax  provisions  due to cumulative net operating
losses.


                                       12
<PAGE>
The  terrorist  attacks  that  occurred in New York City and Washington, D.C. on
September  11,  2001  and the United States' subsequent response to these events
have  resulted  in  a  general  economic  slowdown that may adversely effect our
banking  business.  Economic  slowdowns or recessions in our primary market area
of  Gordon  County,  Georgia  may  be  accompanied by reduced demand for credit,
decreasing  interest margins and declining real estate values, which may in turn
result  in  a decrease in net earnings and an increased possibility of potential
loan losses in the event of default.  Any sustained period of decreased economic
activity, increased delinquencies, foreclosures or losses could limit our growth
and  negatively  effect our results of operations.  We cannot predict the extent
or  duration  of  these events or their effect upon our business and operations.
We  will, however, closely monitor the effect of these events upon our business,
and  make  adjustments  to  our  business  strategy  as  deemed  necessary.

We  are  not  aware of any known trends, events or uncertainties, other than the
effect  of  events  as  described  above,  that will have or that are reasonably
likely  to  have  a  material  effect  on  our  liquidity,  capital resources or
operations.  We  are  also  not  aware  of  any  current  recommendations by the
regulatory  authorities  which,  if  they  were  implemented, would have such an
effect.


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                           PART II - OTHER INFORMATION


ITEM 1.   LEGAL PROCEEDINGS

          There  are  no material pending legal proceedings to which the Company
          is  a  party  or  of  which  any  of  its  property  is  the  subject.

ITEM 2.   CHANGE IN SECURITIES

          (a)  not  applicable
          (b)  not  applicable
          (c)  During  the  third quarter of 2001, the Company sold 1,000 shares
               of  common  stock,  no par value, for $12.00 per share to each of
               the  following  individuals  for  an  aggregate offering price of
               $72,000: David J. Lance, Thomas M. Kinnamon, Michael E. Jinright,
               Jim  Tyson  Griffin,  John  D.  Oxford,  and Ernest M. Acree. The
               registration  statement  and  prospectus  requirements  of  the
               Securities Act of 1933 do not apply to these transactions because
               they  did  not  involve  a  public  offering  and are exempt from
               registration  under  Section  4(2)  of the Securities Act and the
               regulations  promulgated  thereunder.
          (d)  not  applicable

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES

          Not applicable

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

          None

ITEM 5.   OTHER INFORMATION

          None

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

          (a)  Exhibits

               Exhibit Number          Exhibit
               --------------          -------

               2.1  Agreement  and  Plan  of  Share  Exchange(1)

               3.1  Articles  of  Incorporation(1)

               3.2  Bylaws(1)

               4.1  Instruments  Defining  the  Rights  of Security Holders. See
                    Articles  of  Incorporation at Exhibit 3.1 hereto and Bylaws
                    at  Exhibit  3.2  hereto.

              10.1  Reserved


                                       14
<PAGE>
              10.2* Employment  Agreement,  dated  as  of  September 22, 1999,
                    between  North  Georgia National Bank and David J. Lance.(2)

              10.3* Addendum to Employment Agreement, dated November 16, 1999,
                    between  North  Georgia National Bank and David J. Lance.(2)

              10.5* North Georgia Community Financial Partners, Inc. 2000 Stock
                    Incentive  Plan;  form  of  Incentive  Stock  Award; form of
                    Non-Qualified  Stock  Option  Award.  (2)

              10.6* Executive  Supplemental  Retirement Agreement, dated as of
                    September  25,  2001  by  and between North Georgia National
                    Bank  and  David  J.  Lance.

              99.1  2001  Proxy  Statement  sent  to securities holders of North
                    Georgia  Community  Financial  Partners,  Inc.(2)
               __________________________
               (1)  Incorporated  herein  by reference to exhibit of same number
                    in  the  Company's  Registration Statement on Form S-4, File
                    No.  333-34908,  declared  effective  by  the SEC on June 9,
                    2000.
               (2)  Incorporated  herein  by reference to exhibit of same number
                    in  the  Company's  Annual  Report  on Form 10-KSB, File No.
                    333-34908,  filed  with  the  SEC  on  March  30,  2001.

          (b)     Reports on Form 8-K:     None

* Indicates a management contract or compensatory plan or arrangement.


                                       15
<PAGE>
                                   SIGNATURES




          In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.


(Registrant)                       NORTH GEORGIA COMMUNITY
                                   FINANCIAL PARTNERS, INC.



DATE:  November 13, 2001           BY:__________________________________________
       -----------------           David J. Lance, President
                                   (Principal Executive Officer)


DATE:  November 13, 2001           BY:__________________________________________
       -----------------           Rhonda C. Massengill, Chief Financial Officer
                                   (Principal Financial and Accounting Officer)


                                       16
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