**SECURITIES      AND EXCHANGE COMMISSION **

**Washington,      DC 20549 **

**FORM      10-QSB **

**QUARTERLY      REPORT UNDER SECTION 13 OR 15(d) OF THE **

**SECURITIES      EXCHANGE ACT OF 1934 **

**For      the Quarterly Period Ended June 30, 2005 **

**Commission      File Number 333-100460 **

**CN      BANCORP, INC. **

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

| **Maryland**                                                                                        |   | **52-1954386**                                                            |
|-----------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
| **(State                or other Jurisdiction of****Incorporation                or Organization)** |   | **(I.R.S.                Employer****Identification                No.)** |

**7401      Ritchie Highway, Glen Burnie 21061 **

**(Address      of principal executive offices) **

**(410)      760-7000 **

**(Issuer’s      telephone number, including area code) **

----

**PART      I - FINANCIAL INFORMATION**

**Item      1.**
**Financial      Statements**

**CN      BANCORP, INC. AND SUBSIDIARY**

**CONSOLIDATED      STATEMENTS OF FINANCIAL CONDITION**

**December      31, 2004 and June 30, 2005 (Unaudited)**

|                                                                                                                               |   | (Unaudited)             |        |                        |   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|-------------|-----------------------------|--------|
|                                                                                                                               |   | June                30, |        | December                31, |   |
|                                                                                                                               |   | 2005                    |        | 2004                        |   |
| ASSETS                                                                                                                             |   |                    |        |                        |   |
|                                                                                                                               |   |                    |        |                        |   |
| Cash                and due from banks                                                                                             |   | $                       | 3,136,875   |                        | $      | 2,759,279 |   |
| Federal                funds sold                                                                                                  |   |                    | 13,981,591  |                        |   | 7,109,536 |   |
|                      Cash and cash equivalents                                                            |   |                    | 17,118,466  |                        |   | 9,868,815 |   |
| Interest                bearing deposits                                                                                           |   |                    | 2,867,828   |                        |   | 4,387,283 |   |
| Investment                securities - available for sale                                                                          |   |                    | 24,670,724  |                        |   | 26,214,112 |   |
| Investment                securities - held to maturity                                                                            |   |                    | 9,786,401   |                        |   | 10,359,122 |   |
| Other                securities                                                                                                    |   |                    | 773,800     |                        |   | 737,900 |   |
| Loans                receivable, net of allowance for loan losses of $820,000                                                      |   |                    |        |                        |   |   |   |
|                      at June 30, 2005 and $800,000 at December 31, 2004                                   |   |                    | 84,158,600  |                        |   | 78,894,775 |   |
| Property,                equipment and leasehold improvements, net                                                                 |   |                    | 4,030,046   |                        |   | 4,179,185 |   |
| Cash                surrender value of life insurance                                                                              |   |                    | 2,551,524   |                        |   | 1,337,917 |   |
| Other                assets                                                                                                        |   |                    | 990,465     |                        |   | 891,856 |   |
|                            Total Assets                                     |   | $                       | 146,947,854 |                        | $      | 136,870,965 |   |
|                                                                                                                               |   |                    |        |                        |   |   |   |
| LIABILITIES                                                                                                                        |   |                    |        |                        |   |   |   |
|                                                                                                                               |   |                    |        |                        |   |   |   |
| Deposits                                                                                                                           |   | $                       | 126,214,392 |                        | $      | 119,310,484 |   |
| Securities                sold under agreements to repurchase                                                                      |   |                    | 1,699,089   |                        |   | 522,540 |   |
| Official                checks                                                                                                     |   |                    | 1,882,336   |                        |   | 890,654 |   |
| Accounts                payable and accrued expenses                                                                               |   |                    | 617,963     |                        |   | 452,432 |   |
|                            Total Liabilities                                |   |                    | 130,413,780 |                        |   | 121,176,110 |   |
|                                                                                                                               |   |                    |        |                        |   |   |   |
|                                                                                                                               |   |                    |        |                        |   |   |   |
| STOCKHOLDERS’                EQUITY                                                                                          |   |                    |        |                        |   |   |   |
| Preferred                stock - $.01 par value; authorized 5,000,000 shares.                                                      |   |                    |        |                        |   |   |   |
|                      None issued or outstanding                                                           |   |                    | -           |                        |   | - |   |
| Common                stock - $10 par value; authorized 5,000,000 shares.                                                          |   |                    |        |                        |   |   |   |
|                      Issued and outstanding: 1,437,602 shares at June 30,                2005             |   |                    |        |                        |   |   |   |
|                          and 1,384,565 at December 31, 2004                           |   |                    | 14,376,024  |                        |   | 13,845,652 |   |
| Additional                paid in capital                                                                                          |   |                    | 935,414     |                        |   | 917,340 |   |
| Retained                earnings                                                                                                   |   |                    | 1,382,620   |                        |   | 1,078,002 |   |
| Accumulated                other comprehensive loss:                                                                               |   |                    |        |                        |   |   |   |
|                      Unrealized loss on securities available for sale                                     |   |                    | (159,984    | )                           |   | (146,139 | ) |
|                            Total Stockholders’ Equity                 |   |                    | 16,534,074  |                        |   | 15,694,855 |   |
|                                                                                                                               |   |                    |        |                        |   |   |   |
|                            Total Liabilities and Stockholders’ Equity |   | $                       | 146,947,854 |                        | $      | 136,870,965 |   |

----

**CN      BANCORP, INC. AND SUBSIDIARY**

**CONSOLIDATED      STATEMENTS OF OPERATIONS**

**For      the Six and Three Months ended June 30, 2005 and 2004      (Unaudited)**

|                                                                                                  |   |                                                                         |      |                                                                           |   |      |   |   |      |
|-------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------|--------|-----------|--------|--------|-----------|
|                                                                                                  |   | Six                  Months EndedJune                  30,    |      | Three                  Months EndedJune                  30,    |   |
|                                                                                                  |   | 2005                                                                         |      | 2004                                                                           |   | 2005      |   | 2004   |      |
| Interest                  income:                                                                     |   |                                                                         |      |                                                                           |   |      |   |   |      |
|                       Interest and fees on loans                                  |   | $                                                                            | 2,536,754 |                                                                           | $      | 2,171,966 |   | $      | 1,318,265 |   | $ | 1,097,693 |       |
|                       Federal funds sold                                          |   |                                                                         | 148,011   |                                                                           |   | 54,922    |   |   | 88,764    |   |   | 29,307 |   |
|                       Interest bearing deposits                                   |   |                                                                         | 46,119    |                                                                           |   | 30,352    |   |   | 22,855    |   |   | 14,747 |   |
|                       Securities                                                  |   |                                                                         | 584,962   |                                                                           |   | 434,667   |   |   | 286,578   |   |   | 229,648 |   |
|                                                                                                  |   |                                                                         | 3,315,846 |                                                                           |   | 2,691,907 |   |   | 1,716,462 |   |   | 1,371,395 |   |
| Interest                  expense:                                                                    |   |                                                                         |      |                                                                           |   |      |   |   |      |   |   |   |   |
|                       Certificates of deposit, $100,000 or more                   |   |                                                                         | 163,113   |                                                                           |   | 132,087   |   |   | 82,096    |   |   | 65,236 |   |
|                       Other deposits                                              |   |                                                                         | 712,008   |                                                                           |   | 390,502   |   |   | 372,825   |   |   | 191,307 |   |
|                       Repurchase agreements                                       |   |                                                                         | 7,967     |                                                                           |   | 7,807     |   |   | 3,491     |   |   | 3,558 |   |
|                                                                                                  |   |                                                                         | 883,088   |                                                                           |   | 530,396   |   |   | 458,412   |   |   | 260,101 |   |
|                                                                                                  |   |                                                                         |      |                                                                           |   |      |   |   |      |   |   |   |   |
|                            Net interest income           |   |                                                                         | 2,432,758 |                                                                           |   | 2,161,511 |   |   | 1,258,050 |   |   | 1,111,294 |   |
|                                                                                                  |   |                                                                         |      |                                                                           |   |      |   |   |      |   |   |   |   |
| Provision                  for loan losses                                                            |   |                                                                         | 77,349    |                                                                           |   | 77,334    |   |   | 40,851    |   |   | 40,719 |   |
|                                                                                                  |   |                                                                         |      |                                                                           |   |      |   |   |      |   |   |   |   |
|                       Net interest income after                                   |   |                                                                         |      |                                                                           |   |      |   |   |      |   |   |   |   |
|                           provision for loan losses           |   |                                                                         | 2,355,409 |                                                                           |   | 2,084,177 |   |   | 1,217,199 |   |   | 1,070,575 |   |
|                                                                                                  |   |                                                                         |      |                                                                           |   |      |   |   |      |   |   |   |   |
| Other                  income:                      Fees and service charges from |   |                                                                         |      |                                                                           |   |      |   |   |      |   |   |   |   |
|                          depository accounts                       |   |                                                                         | 417,032   |                                                                           |   | 378,006   |   |   | 222,099   |   |   | 198,853 |   |
|                       Loss on sales of securities                                 |   |                                                                         | -         |                                                                           |   | (625      | )      |   | -         |   |   | - |   |
|                       Gain on sale of loans                                       |   |                                                                         | 35,437    |                                                                           |   | -         |   |   | -         |   |   | - |   |
|                       Increase in cash surrender value of life                    |   |                                                                         |      |                                                                           |   |      |   |   |      |   |   |   |   |
|                            insurance                     |   |                                                                         | 38,607    |                                                                           |   | 22,335    |   |   | 24,540    |   |   | 13,047 |   |
|                       Other income                                                |   |                                                                         | 60,516    |                                                                           |   | 47,519    |   |   | 35,756    |   |   | 24,689 |   |
|                                                                                                  |   |                                                                         | 551,592   |                                                                           |   | 447,235   |   |   | 282,395   |   |   | 236,589 |   |
| Operating                  expenses:                                                                  |   |                                                                         |      |                                                                           |   |      |   |   |      |   |   |   |   |
|                       Compensation and related expenses                           |   |                                                                         | 1,177,959 |                                                                           |   | 1,126,955 |   |   | 598,067   |   |   | 571,752 |   |
|                       Occupancy expense                                           |   |                                                                         | 210,557   |                                                                           |   | 195,523   |   |   | 102,402   |   |   | 95,411 |   |
|                       Depreciation and amortization                               |   |                                                                         | 181,101   |                                                                           |   | 205,099   |   |   | 88,217    |   |   | 105,304 |   |
|                       Consulting expense                                          |   |                                                                         | 50,334    |                                                                           |   | 42,184    |   |   | 26,281    |   |   | 28,004 |   |
|                       Data processes expense                                      |   |                                                                         | 96,515    |                                                                           |   | 94,058    |   |   | 47,975    |   |   | 46,162 |   |
|                       Director fees                                               |   |                                                                         | 48,150    |                                                                           |   | 37,650    |   |   | 24,050    |   |   | 18,750 |   |
|                       Marketing expense                                           |   |                                                                         | 27,884    |                                                                           |   | 75,144    |   |   | 12,450    |   |   | 24,058 |   |
|                       Equipment maintenance costs                                 |   |                                                                         | 59,214    |                                                                           |   | 56,092    |   |   | 30,544    |   |   | 27,412 |   |
|                       Electronic funds transfer fees                              |   |                                                                         | 52,250    |                                                                           |   | 34,900    |   |   | 25,250    |   |   | 20,650 |   |
|                       Stationery and office supplies                              |   |                                                                         | 43,507    |                                                                           |   | 47,890    |   |   | 19,060    |   |   | 17,081 |   |
|                       Other operating expenses                                    |   |                                                                         | 281,227   |                                                                           |   | 259,136   |   |   | 143,477   |   |   | 132,188 |   |
|                                                                                                  |   |                                                                         | 2,228,698 |                                                                           |   | 2,174,631 |   |   | 1,117,773 |   |   | 1,086,772 |   |
|                            Income before income taxes    |   |                                                                         | 678,303   |                                                                           |   | 356,781   |   |   | 381,821   |   |   | 220,392 |   |
| Income                  tax expense                                                                   |   |                                                                         | 231,892   |                                                                           |   | 115,277   |   |   | 128,522   |   |   | 73,330 |   |
|                            NET INCOME                    |   | $                                                                            | 446,411   |                                                                           | $      | 241,504   |   | $      | 253,299   |   | $ | 147,062 |   |
|                                                                                                  |   |                                                                         |      |                                                                           |   |      |   |   |      |   |
| Basic                  earnings per share                                                             |   | $                                                                            | .32       |                                                                           | $      | .18       |   | $      | .18       |   | $ | .11 |   |
| Diluted                  earnings per share                                                           |   | $                                                                            | .30       |                                                                           | $      | .17       |   | $      | .17       |   | $ | .10 |   |
| Dividends                  declared                                                                   |   | $                                                                            | .10       |                                                                           | $      | .13       |   | $      | .05       |   | $ | .04 |   |

----

**CN      BANCORP, INC.**

**CONSOLIDATED      STATEMENTS OF COMPREHENSIVE INCOME**

**For      the Six and Three Months ended June 30, 2005 and 2004      (Unaudited)**

|                                                                                    |   |                                                                     |    |                                                                       |   |     |   |   |    |
|-----------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|---------|----------------------------------------------------------------------------|--------|----------|--------|--------|---------|
|                                                                                    |   |  Six                Months EndedJune                30,   |    |  Three                Months EndedJune                30,   |   |
|                                                                                    |   | 2005                                                                     |    | 2004                                                                       |   | 2005     |   | 2004   |    |
|                                                                                    |   |                                                                     |    |                                                                       |   |     |   |   |    |
| Net                income                                                               |   | $                                                                        | 446,411 |                                                                       | $      | 241,504  |   | $      | 253,299 |   | $ | 147,062 |   |
|                                                                                    |   |                                                                     |    |                                                                       |   |     |   |   |    |   |   |   |   |
|                    Change in unrealized gains and                        |   |                                                                     |    |                                                                       |   |     |   |   |    |   |   |   |   |
|                      (losses) on securities available for sale |   |                                                                     | (39,180 | )                                                                          |   | (363,468 | )      |   | 197,402 |   |   | (528,831 | ) |
|                      Tax effect                                |   |                                                                     | 25,335  |                                                                       |   | 123,567  |   |   | (76,217 | ) |   | 179,803 |   |
|                            Net   |   |                                                                     | (13,845 | )                                                                          |   | (239,901 | )      |   | 121,185 |   |   | (349,028 | ) |
|                                                                                    |   |                                                                     |    |                                                                       |   |     |   |   |    |   |   |   |   |
| Reclassification                adjustment for (gains)                                  |   |                                                                     |    |                                                                       |   |     |   |   |    |   |   |   |   |
|                   losses included in net income                               |   |                                                                     | -       |                                                                       |   | 625      |   |   | -       |   |   | - |   |
| Tax                effect                                                               |   |                                                                     | -       |                                                                       |   | (200     | )      |   | -       |   |   | - |   |
|                      Net                                       |   |                                                                     | -       |                                                                       |   | 425      |   |   | -       |   |   | - |   |
|                   Other comprehensive income (loss)                           |   |                                                                     | (13,845 | )                                                                          |   | (239,476 | )      |   | 121,185 |   |   | (349,028 | ) |
|                                                                                    |   |                                                                     |    |                                                                       |   |     |   |   |    |   |   |   |   |
|                   Total comprehensive income                                  |   | $                                                                        | 432,566 |                                                                       | $      | 2,028    |   | $      | 374,484 |   | $ | (201,966 | ) |

----

**CN      BANCORP, INC. AND SUBSIDIARY**

**CONSOLIDATED      STATEMENTS OF STOCKHOLDERS’ EQUITY**

**For      the Six Months ended June 30, 2004 and 2005 (Unaudited**

|                                                                                                  |   |    CommonStock |       |   AdditionalPaid                inCapital |   |    RetainedEarnings |   |  AccumulatedOtherComprehensiveIncome                (Loss) |      |     Total |   |
|-------------------------------------------------------------------------------------------------------|--------|-------------------------------|------------|-----------------------------------------------------|--------|------------------------------------|--------|-----------------------------------------------------------------|-----------|-------------------------------|--------|
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |
| December                31, 2003                                                                      |   | $                             | 12,647,450 |                                                | $      | 705,730                            |   | $                                                               | 781,891   |                          | $      | 1,351 |   | $ | 14,136,422 |   |
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                     Net income June 30, 2004                                      |   |                          |       |                                                |   |                               |   |                                                            | 241,504   |                          |   |   |   |   | 241,504 |   |
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                     Change in unrealized gains and losses                         |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                     on securities available for sale, net                         |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   | (239,476 | ) |   | (239,476 | ) |
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                     Proceeds from warrant exercises                               |   |                          | 918,000    |                                                |   | 183,600                            |   |                                                            |      |                          |   |   |   |   | 1,101,600 |   |
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                     Dividends ($.13 per share)                                    |   |                          |       |                                                |   |                               |   |                                                            | (176,350  | )                             |   |   |   |   | (176,350 | ) |
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
| Balance                at June 30, 2004                                                               |   | $                             | 13,565,450 |                                                | $      | 889,330                            |   | $                                                               | 847,045   |                          | $      | (238,125 | ) | $ | 15,063,700 |   |
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
| December                31, 2004                                                                      |   | $                             | 13,845,652 |                                                | $      | 917,340                            |   | $                                                               | 1,078,002 |                          | $      | (146,139 | ) | $ | 15,694,855 |   |
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                     Net income June 30, 2005                                      |   |                          |       |                                                |   |                               |   |                                                            | 446,411   |                          |   |   |   |   | 446,411 |   |
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                     Change in unrealized gains and losses                         |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                     on securities available for sale, net                         |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   | (13,845 | ) |   | (13,845 | ) |
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                     Sale of common stock under the                                |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                          Dividend Reinvestment and Stock |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                          Purchase Plan (DRIP)            |   |                          | 43,572     |                                                |   | 18,074                             |   |                                                            |      |                          |   |   |   |   | 61,646 |   |
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
| Proceeds                from warrant exercises                                                        |   |                          | 486,800    |                                                |   |                                    |   |                                                            |      |                          |   |   |   |   | 486,800 |   |
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
|                     Dividends ($.10 per share)                                    |   |                          |       |                                                |   |                               |   |                                                            | (141,793  | )                             |   |   |   |   | (141,793 | ) |
|                                                                                                  |   |                          |       |                                                |   |                               |   |                                                            |      |                          |   |   |   |   |   |   |
| Balance                at June 30, 2005                                                               |   | $                             | 14,376,024 |                                                | $      | 935,414                            |   | $                                                               | 1,382,620 |                          | $      | (159,984 | ) | $ | 16,534,074 |   |

----

**CN      BANCORP, INC. AND SUBSIDIARY**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

**For      the Six Months ended June 30, 2005 and 2004**

**(Unaudited)**

|                                                                           |   |  For                the Six Months EndedJune                30,   |       |
|--------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|------------|
|                                                                           |   | 2005                                                                             |       | 2004 |   |
| CASH                FLOWS FROM OPERATING ACTIVITIES                            |   |                                                                             |       |   |   |
| Net                income                                                      |   | $                                                                                | 446,411    |   | $ | 241,504 |   |
| Adjustments                to reconcile net income to net cash                 |   |                                                                             |       |   |   |   |   |
|                   provided by operations:                            |   |                                                                             |       |   |   |   |   |
|                   Depreciation and amortization                      |   |                                                                             | 181,101    |   |   | 205,099 |   |
|                   Loss on sales of securities                        |   |                                                                             | -          |   |   | 625 |   |
|                   Gain on sale of loans                              |   |                                                                             | (35,437    | ) |   | - |   |
|                   Deferred income taxes                              |   |                                                                             | (57,317    | ) |   | 8,079 |   |
|                   Provision for loan losses                          |   |                                                                             | 77,349     |   |   | 77,334 |   |
|                   Decrease (increase) in other assets                |   |                                                                             | (15,957    | ) |   | 95,258 |   |
|                   Increase in other liabilities                      |   |                                                                             | 149,034    |   |   | 58,196 |   |
|                   Increase in cash surrender value of life insurance |   |                                                                             | (38,607    | ) |   | (22,335 | ) |
|                   Amortization of premium/discount and other         |   |                                                                             | 20,240     |   |   | 21,054 |   |
| Net                cash provided by operating activities                       |   |                                                                             | 726,817    |   |   | 684,814 |   |
|                                                                           |   |                                                                             |       |   |   |   |   |
| CASH                FLOWS FROM INVESTING ACTIVITIES                            |   |                                                                             |       |   |   |   |   |
| Net                increase in loans                                           |   |                                                                             | (7,105,737 | ) |   | (4,816,022 | ) |
| Redemption                of (investment in) interest bearing deposits         |   |                                                                             | 1,519,455  |   |   | (967,663 | ) |
| Purchase                of securities - available for sale                     |   |                                                                             | -          |   |   | (8,735,507 | ) |
| Purchase                of other securities                                    |   |                                                                             | (35,900    | ) |   | (125,600 | ) |
| Principal                proceeds from redemption of securities                |   |                                                                             | 2,056,689  |   |   | 2,702,978 |   |
| Proceeds                from sales of available for sale securities            |   |                                                                             | -          |   |   | 1,999,375 |   |
| Proceeds                from sales of loans                                    |   |                                                                             | 1,800,000  |   |   | - |   |
| Investment                in life insurance                                    |   |                                                                             | (1,175,000 | ) |   | - |   |
| Purchase                of property, equipment and leasehold                   |   |                                                                             |       |   |   |   |   |
|                   Improvements                                       |   |                                                                             | (31,962    | ) |   | (468,129 | ) |
| Net                cash used by investing activities                           |   |                                                                             | (2,972,455 | ) |   | (10,410,568 | ) |
|                                                                           |   |                                                                             |            |   |   |  |   |
| CASH                FLOWS FROM FINANCING ACTIVITIES                            |   |                                                                             |       |   |   |   |   |
| Net                increase in deposits including interest credited            |   |                                                                             | 6,903,908  |   |   | 13,879,803 |   |
| Net                increase in securities sold under agreements to repurchase  |   |                                                                             | 1,176,549  |   |   | 510,528 |   |
| Sales                of common stock under DRIP                                |   |                                                                             | 61,646     |   |   | - |   |
| Proceeds                from stock warrant exercises                           |   |                                                                             | 486,800    |   |   | 1,101,600 |   |
| Dividends                paid                                                  |   |                                                                             | (125,296   | ) |   | (160,030 | ) |
| Increase                in official checks                                     |   |                                                                             | 991,682    |   |   | 647,030 |   |
| Net                cash provided by financing activities                       |   |                                                                             | 9,495,289  |   |   | 15,978,931 |   |
|                                                                           |   |                                                                             |       |   |   |   |   |
| NET                INCREASE IN CASH                                            |   |                                                                             | 7,249,651  |   |   | 6,253,177 |   |
| Cash                at beginning of period                                     |   |                                                                             | 9,868,815  |   |   | 10,945,679 |   |
| Cash                at end of period                                           |   | $                                                                                | 17,118,466 |   | $ | 17,198,856 |   |
|                                                                           |   |                                                                             |       |   |   |   |   |
| SUPPLEMENTAL                CASH FLOW INFORMATION                              |   |                                                                             |       |   |   |   |   |
| Interest                paid                                                   |   | $                                                                                | 881,755    |   | $ | 534,339 |   |
| Income                taxes paid                                               |   | $                                                                                | 280,154    |   | $ | 117,500 |   |

----

**CN      BANCORP, INC. AND SUBSIDIARY**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

|                                                 |   |  Six                Months                   Ended June 30:   |      |  Three                Months                     Ended June 30:   |   |
|------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------------|--------|
|                                                 |   | 2005                                                                                        |      | 2004                                                                                                 |   | 2005 |   | 2004 |   |
| Weighted                average shares outstanding   |   |                                                                                        | 1,409,187 |                                                                                                 |   | 1,354,516 |   |   | 1,423,406 |   |   | 1,356,545 |   |
| Common                stock equivalents              |   |                                                                                        | 101,968   |                                                                                                 |   | 102,596 |   |   | 97,602 |   |   | 97,244 |   |
| Average                common shares and equivalents |   |                                                                                        | 1,511,155 |                                                                                                 |   | 1,457,112 |   |   | 1,521,008 |   |   | 1,453,789 |   |
| Net                income                            |   | $                                                                                           | 446,411   |                                                                                                 | $      | 241,504 |   | $ | 253,299 |   | $ | 147,062 |   |
| Basic                earnings per share              |   | $                                                                                           | .32       |                                                                                                 | $      | .18 |   | $ | .18 |   | $ | .11 |   |
| Diluted                earnings per share            |   | $                                                                                           | .30       |                                                                                                 | $      | .17 |   | $ | .17 |   | $ | .10 |   |

----

**Item      2. Management’s Discussion and Analysis of Financial Condition and Results of      Operations**

----

**Overview**

| ·   | Total                assets at June 30, 2005 increased by 7.4% to $147 million as compared                to                $137 million as of December 31, 2004. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Net                loans outstanding increased by 6.7% from $79 million as of December                31,                2004 to $84 million as of June 30,                2005. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Deposits                at June 30, 2005 were $126 million, an increase of $7 million or                5.8% from                December 31, 2004. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                Company’s net income increased to $446,411, or 84.8%, for the six month                period ended June 30, 2005 as compared to net income of $241,504                for the                six month period ended June 30,                2004. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Net                interest income, the Company’s main source of income, was $2.4 million                during the six month period ended June 30, 2005 compared to $2.2                million                for the same period in 2004. This represents an increase of 12.6%                for the                six months ended June 30, 2005 as compared to the same period in                2004. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Non-interest                income increased by $104,357 or 23.3%, for the six month period ended                June                30, 2005, as compared to the six month period ended June 30, 2004. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Non-interest                expenses increased by $54,067 or 2.5%, for the six month period ended                June                30, 2005, as compared to the same period in 2004. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CRITICAL      ACCOUNTING POLICIES**

----

**FINANCIAL      CONDITION**

|                                             |   | June                30, |       | December                31, |   |
|--------------------------------------------------|--------|-------------------------|------------|-----------------------------|--------|
|                                             |   | 2005                    |       | 2004                        |   |
| Real                estate -construction         |   | $                       | 6,220,285  |                        | $      | 5,997,847 |   |
| Residential                real estate           |   |                    | 26,106,859 |                        |   | 21,646,113 |   |
| Commercial                real estate            |   |                    | 28,455,188 |                        |   | 28,987,012 |   |
| Commercial-other                                 |   |                    | 18,740,047 |                        |   | 18,923,232 |   |
| Installment                and other             |   |                    | 5,421,283  |                        |   | 4,100,900 |   |
|                                             |   |                    | 84,943,662 |                        |   | 79,655,104 |   |
| Unearned                loan fees and costs, net |   |                    | 34,938     |                        |   | 39,671 |   |
|                                             |   |                    | 84,978,600 |                        |   | 79,694,775 |   |
| Allowance                for loan losses         |   |                    | (820,000   | )                           |   | (800,000 | ) |
|                                             |   | $                       | 84,158,600 |                        | $      | 78,894,775 |   |
|                                             |   |                    |       |                        |   |   |   |

----

|                                            |   |                    |        |                        |   |
|-------------------------------------------------|--------|-------------------------|-------------|-----------------------------|--------|
|                                            |   | June                30, |        | December                31, |   |
|                                            |   | 2005                    |        | 2004                        |   |
|                                            |   |                    |        |                        |   |
| Non-interest                bearing deposits    |   | $                       | 38,695,077  |                        | $      | 30,078,225 |   |
| Savings                deposits                 |   |                    | 39,529,094  |                        |   | 39,334,411 |   |
| Interest                bearing demand deposits |   |                    | 13,526,764  |                        |   | 13,376,653 |   |
| Certificates                of deposit          |   |                    | 34,463,457  |                        |   | 36,521,195 |   |
|                                            |   | $                       | 126,214,392 |                        | $      | 119,310,484 |   |

**RESULTS      OF OPERATIONS**

*Net      income*

*Net      Interest Income and Net Interest Margin*

----

| **AVERAGE                BALANCES, RATES AND INTEREST INCOME AND EXPENSE**                                           |   |
|----------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                 |   |   |   |   |   |   |   |
|                                                                                                                 |   |   |   | **Six                Months Ended June 30,** |   |   |   |
| ***(Dollars                in thousands)***                                                                          |   |   |   | **2005** |   |   |   |   |   | **2004** |   |   |   |
|                                                                                                                 |   | **Average** |   |   |   | **Yield/** |   | **Average** |   |   |   | **Yield/** |   |
|                                                                                                                 |   | **Balance** |   | **Interest** |   | **Rate** |   | **Balance** |   | **Interest** |   | **Rate** |   |
| **Assets:**                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-Earning                Assets:                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                    Federal funds sold                                                                 |   | $ | 10,757 |   | $ | 148 |   |   | 2.75 | % | $ | 10,923 |   | $ | 55 |   |   | 1.01 | % |
|                    Interest bearing deposits                                                          |   |   | 3,692 |   |   | 46 |   |   | 2.48 | % |   | 3,499 |   |   | 30 |   |   | 1.71 | % |
|                    Investment securities                                                              |   |   | 36,999 |   |   | 585 |   |   | 3.16 | % |   | 28,559 |   |   | 435 |   |   | 3.05 | % |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                receivable                                                                                      |   |   | 81,621 |   |   | 2,537 |   |   | 6.22 | % |   | 73,109 |   |   | 2,172 |   |   | 5.94 | % |
|                        Allowance for loan losses                                  |   |   | (831 | ) |   | - |   |   | - |   |   | (741 | ) |   | - |   |   | - |   |
|                                                                                                                 |   |   | 80,790 |   |   | 2,537 |   |   | 6.28 | % |   | 72,368 |   |   | 2,172 |   |   | 6.00 | % |
|                        Total Interest Earning Assets                              |   |   | 132,238 |   |   | 3,316 |   |   | 5.02 | % |   | 115,349 |   |   | 2,692 |   |   | 4.67 | % |
| Non-interest                Earning Assets                                                                           |   |   | 10,861 |   |   |   |   |   |   |   |   | 9,773 |   |   |   |   |   |   |   |
|                        **Total Assets**                                           |   | $ | 143,099 |   |   |   |   |   |   |   | $ | 125,122 |   |   |   |   |   |   |   |
| **Liabilities                and Stockholders' Equity:**                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                -Bearing Liabilities:                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                    Interest bearing demand deposits                                                   |   | $ | 13,979 |   | $ | 36 |   |   | 0.52 | % | $ | 13,487 |   | $ | 30 |   |   | 0.44 | % |
|                    Savings accounts                                                                   |   |   | 40,011 |   |   | 352 |   |   | 1.76 | % |   | 31,101 |   |   | 120 |   |   | 0.77 | % |
|                    Time deposits                                                                      |   |   | 35,560 |   |   | 487 |   |   | 2.74 | % |   | 32,322 |   |   | 372 |   |   | 2.30 | % |
|                    Securities sold under agreements                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                        to repurchase                                              |   |   | 2,142 |   |   | 8 |   |   | .75 | % |   | 2,093 |   |   | 8 |   |   | .76 | % |
|                            Total Interest Bearing Liabilities |   |   | 91,692 |   |   | 883 |   |   | 1.93 | % |   | 79,003 |   |   | 530 |   |   | 1.34 | % |
| Non-interest                Bearing Liabilities:                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                    Demand deposits                                                                    |   |   | 34,896 |   |   |   |   |   |   |   |   | 30,647 |   |   |   |   |   |   |   |
|                    Other                                                                              |   |   | 524 |   |   |   |   |   |   |   |   | 416 |   |   |   |   |   |   |   |
|              **Total                Liabilities**   |   |   | 127,112 |   |   |   |   |   |   |   |   | 110,066 |   |   |   |   |   |   |   |
| Stockholders'                Equity                                                                                  |   |   | 15,987 |   |   |   |   |   |   |   |   | 15,056 |   |   |   |   |   |   |   |
|                            **Total Liabilities and Equity**   |   | $ | 143,099 |   |   |   |   |   |   |   | $ | 125,122 |   |   |   |   |   |   |   |
| Net                Interest Income                                                                                   |   |   |   |   | $ | 2,433 |   |   |   |   |   |   |   | $ | 2,162 |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                Interest Spread                                                                                   |   |   |   |   |   |   |   |   | 3.09 | % |   |   |   |   |   |   |   | 3.33 | % |
| Net                Interest Margin                                                                                   |   |   |   |   |   |   |   |   | 3.68 | % |   |   |   |   |   |   |   | 3.75 | % |
| Ratio                of Interest-Earning Assets                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                    to Interest-Bearing Liabilities                                                    |   |   | 144.22 | % |   |   |   |   |   |   |   | 146.01 | % |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

*Yields      on securities are calculated based on amortized cost.*

*Nonaccruing      loans are included in the average loan balances outstanding.*

----

|                                                                      |   | 2005                vs. 2004                       Increase (Decrease)       |
|---------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                      |   | Volume                                                                                                                                   |   | Rate  |   | Total  |   |
| **Interest-Earning              Assets:**                                 |   |                                                                                                                                          |   |   |   |   |   |
|   Federal              funds sold and interest bearing          |   |                                                                                                                                          |   |   |   |   |   |
|                    deposits with banks                     |   |                                                                                                                                          |   | $ | 836 |   | $ | 108,021 |   | $ | 108,857 |   |
| Securities                                                                |   |                                                                                                                                          |   |   | 128,030 |   |   | 22,263 |   |   | 150,293 |   |
| Loans                receivable                                           |   |                                                                                                                                          |   |   | 240,630 |   |   | 124,159 |   |   | 364,789 |   |
| **                    Net Change in Interest Income** |   |                                                                                                                                          |   |   | 369,496 |   |   | 254,443 |   |   | 623,939 |   |
|                                                                      |   |                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| **Interest                Bearing Liabilities:**                          |   |                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Interest                bearing deposits                                  |   |                                                                                                                                          |   |   | 65,524 |   |   | 287,008 |   |   | 352,532 |   |
| Securities                sold under agreements                           |   |                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
|                    to repurchase                           |   |                                                                                                                                          |   |   | 182 |   |   | (22 | ) |   | 160 |   |
| **                   Net Change in Interest Expense**      |   |                                                                                                                                          |   |   | 65,706 |   |   | 286,986 |   |   | 352,692 |   |
|                                                                      |   |                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| **                   Change in Net Interest Income**       |   |                                                                                                                                          |   | $ | 303,790 |   | $ | (32,543 | ) | $ | 271,247 |   |

*Provision      for Loan Losses*

----

|                                                                                                      |   | **Six                    Months Ended** |        | **Six                    Months Ended** |   |
|-----------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|-------------|-----------------------------------------|--------|
|                                                                                                      |   | **June                    30, 2005**    |        | **June                    30, 2004**    |   |
|                                                                                                      |   |                                    |        |                                    |   |
| **Allowance                    for loan losses:**                                                         |   |                                    |        |                                    |   |
| Beginning                    balance                                                                      |   | $                                       | 800,000     |                                    | $      | 720,000 |   |
|                         Charge-offs:                                                  |   |                                    |        |                                    |   |   |   |
|                             Commercial loans                      |   |                                    | -           |                                    |   | (14,000 | ) |
|                              Real estate loans - residential |   |                                    | (50,027     | )                                       |   | - |   |
|                              Consumer loans                  |   |                                    | (22,408     | )                                       |   | (27,157 | ) |
|                         Recoveries:                                                   |   |                                    |             |                                    |   |   |   |
|                              Commercial loans                |   |                                    | 10,938      |                                    |   | - |   |
|                              Consumer loans                  |   |                                    | 4,148       |                                    |   | 8,323 |   |
|                         Provision for loan losses                                     |   |                                    | 77,349      |                                    |   | 77,334 |   |
| Ending                    balance                                                                         |   | $                                       | 820,000     |                                    | $      | 764,500 |   |
| **Ratios:**                                                                                          |   |                                    |        |                                    |   |   |   |
| Net                  charge-offs to average loans                                                    |   |                                    | 0.01        | %                                       |   | 0.04  | %  |
| Net                  charge-offs to provision for loan losses                                        |   |                                    | 74.14  | %                                       |   | 42.456  | % |
| Allowance                  for loan losses to loans receivable                                       |   |                                    | 0.96        | %                                       |   | 1.01 | % |

*Non-interest      Income*

*Non-interest      Expense*

----

*Income      Taxes*

*Net      income*

* *

----

**LIQUIDITY**

**OFF-BALANCE      SHEET ARRANGEMENTS**

----

| **Year                Ending**  |     |
|---------------------------------|----------|
| **December                31,** |     |
| 2005                            | $221,544 |
| 2006                            | 133,829  |
| 2007                            | 61,026   |
| 2008                            | 25,455   |

**CAPITAL      ADEQUACY**

|                                      |   |                                      |   |                                          |   | **Minimum                Ratios**                                            |
|-------------------------------------------|--------|-------------------------------------------|--------|-----------------------------------------------|--------|------------------------------------------------------------------------------|
|                                      |   |  **June                30,****2005** |   |  **December                31,****2004** |   |  **To                be “Adequately**** Capitalized”** |   |  **To                be “Well****Capitalized”** |
|                                      |   |                                      |   |                                          |   |                                                                         |   |   |
| Total                capital:             |   |                                      |   |                                          |   |                                                                         |   |   |
|                    Company |   | 18.9%                                     |   | 19.0%                                         |   | 8.0%                                                                         |   | N/A |
|                    Bank    |   | 13.6%                                     |   | 13.9%                                         |   | 8.0%                                                                         |   | 10.0% |
| Tier                I:                    |   |                                      |   |                                          |   |                                                                         |   |   |
|                    Company |   | 17.9%                                     |   | 18.1%                                         |   | 4.0%                                                                         |   | - |
|                    Bank    |   | 12.7%                                     |   | 12.9%                                         |   | 4.0%                                                                         |   | 6.0% |
| Leverage                Total:            |   |                                      |   |                                          |   |                                                                         |   |   |
|                    Company |   | 11.3%                                     |   | 11.2%                                         |   | 4.0%                                                                         |   | - |
|     Bank              |   | 7.8%                                      |   | 7.8%                                          |   | 4.0%                                                                         |   | 5.0% |

**EFFECTS      OF INFLATION**

----

**FORWARD      LOOKING STATEMENTS**

**Item      3. Controls and Procedures**

**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**

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

**(a)      Exhibits **

| 31.1   | Certification                of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| 31.2   | Certification                of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------|

**Reports      of Form 8-K.**

**SIGNATURES**

|                                        |                                                       |
|---------------------------------------------|------------------------------------------------------------|
|                                        | CN                  Bancorp, Inc.                          |
|                                        |                                                       |
|                                        |                                                       |
| Date :                  August 9, 2005 | By:                  /s/                  Jan W. Clark     |
|                                        | Jan                  W. Clark                              |
|                                        | President                  and Chief Executive Officer     |
|                                        |                                                       |
|                                        |                                                       |
| Date :                  August 9, 2005 | By:                  /s/                  Michael T. Storm |
|                                        | Michael                  T. Storm                          |
|                                        | Chief                  Financial Officer                   |

----