____________________

FORM 10-QSB

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

For the quarterly period ended September 30, 2000
Commission File No. 333-71773

HORIZON BANCORPORATION, INC.
(Exact name of small business issuer as specified in its charter)

3005-26th Street West, Bradenton, Florida 34205
(Address of Principal Executive Offices)

(941) 753-2265
(Issuer's Telephone Number, Including Area Code)

Not Applicable
(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 Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No ___

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common equity as of the latest practicable date.

Common stock, par value $.01 per share, 1,146,077 shares issued and outstanding as of November 4, 2000.

Transitional Small Business Disclosure Format (Check one): Yes X No

Refer to notes to the consolidated financial statements.

Refer to notes to the consolidated financial statements.

Refer to notes to the consolidated financial statements.

Refer to notes to the consolidated financial statements.

Refer to notes to the consolidated financial statements.

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month and nine-month periods ended September 30, 2000 are not necessarily indicative of the results that may be expected for the year ending December 31, 2000. These statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Form 10-KSB for the year ended December 31, 1999.

Manasota Group, Inc. ("Manasota") was incorporated on May 27, 1998 for the purpose of becoming a bank holding company with respect to a proposed de novo bank, Horizon Bank (the "Bank") to be located in Bradenton, Florida. Manasota was later renamed Horizon Bancorporation, Inc., Bradenton, Florida (the "Company"). Accordingly, all financial transaction undertaken by Manasota are reflected in the Company's financial statements as of September 30, 2000 and all other prior periods. In a public offering of its shares conducted during 1999, the Company raised approximately $6.0 million, net of selling expenses, by selling 1,146,077 shares of its common stock. The Company invested $5.3 million in its sole subsidiary, Horizon Bank, Bradenton, Florida (the "Bank") and kept the remaining funds for working capital and future corporate purposes. Banking operation commenced on October 25, 1999 when the Bank opened for business.

The Company is authorized to issue up to 25.0 million shares of its $.01 par value per share common stock. Each share is entitled to one vote and shareholders have no preemptive or conversion rights. As of September 30, 2000 and December 31, 1999, there were 1,146,077 shares of the Company's common stock issued and outstanding. Additionally, the Company has authorized the issuance of up to 1.0 million shares of its $.01 par value per share preferred stock. The Company's Board of Directors may, without further action by the shareholders, direct the issuance of preferred stock for any proper corporate purpose with preferences, voting powers, conversion rights, qualifications, special or relative rights and privileges which could adversely affect the voting power or other rights of shareholders of common stock. As of September 30, 2000 and December 31, 1999, there were no shares of the Company's preferred stock issued or outstanding. During the nine-month period ended September 30, 2000, the Company granted 29,460 stock options to key employees, thus increasing the number of stock options granted and outstanding to 63,840. Additionally, as of September 30, 2000, there were 206,280 stock warrants outstanding. Since the Company's inception, none of the stock options or stock warrants issued has been exercised or cancelled. The Company's Articles of Incorporation and Bylaws contain certain provisions that might be deemed to have potential

defensive "anti takeover" effect. These certain provisions are more fully described on Form 10-KSB for the year ended December 31, 1999.

In June 1998, the Financial Accounting Standards Board issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities." SFAS No. 133 establishes new accounting and reporting activities for derivatives. The Standard requires all derivatives to be (i) measured at fair market value and (ii) recognized as either assets or liabilities in the balance sheet. Under certain conditions, a derivative may be specifically designated as a hedge. Accounting for the changes in fair value of a derivative depends on the intended use of the derivative and the resulting designation. In July 1999, the Financial Accounting Standards Board issued SFAS No. 137, "Accounting for Derivative Instruments and Hedging Activities - Deferral of the Effective Date of SFAS No. 133." SFAS No. 137 delays the effective date of SFAS No. 133 for one year. In June 2000, the Financial Accounting Standards Board issued SFAS No. 138, "Accounting for Certain Derivative Instruments and Certain Hedging Activities, an amendment of SFAS No. 133." SFAS No. 138 amends certain provisions of SFAS No. 133. Adoption of the Standard is required for the Company's December 31, 2001, financial statements with early adoption allowed as of the beginning of any quarter after June 30, 1998. Adoption is not expected to result in a material financial impact based on the Company's limited use of derivatives.

Total assets increased by $13.1 million to $19.9 million during the nine-month period ended September 30, 2000. More specifically, securities increased by $2.8 million to $3.5 million, loans increased by $9.3 million to $13.1 million, fixed assets increased by $.9 million to $1.7 million, and other assets increased by $.1 million to $.2 million.

Liquidity is the Company's ability to meet all deposit withdrawals immediately, while also providing for the credit needs of customers. The September 30, 2000 financial statements evidence a satisfactory liquidity position as total cash and cash equivalents amounted to $1.5 million, representing 7.4% of total assets. Investment securities, which amounted to $3.5 million or 17.4% of total assets, provide a secondary source of liquidity because they can be converted into cash in a timely manner. The Bank is a member of the Federal Reserve System and maintains relationships with several correspondent banks and, thus, could obtain funds from these banks on short notice. The Company's management closely monitors and maintains appropriate levels of interest earning assets and interest bearing liabilities, so that maturities of assets can provide adequate funds to meet customer withdrawals and loan demand. The Company knows of no trends, demands, commitments, events or uncertainties that will result in or are reasonably likely to result in its liquidity increasing or decreasing in any material way. The Bank maintains an adequate level of capitalization as measured by the following capital ratios and the respective minimum capital requirements by the Bank's primary regulators.

Recall that principal operations commenced on October 25, 1999 and that from that point on the Bank was fully staffed and expenses were significantly higher than those incurred prior to commencement of principal operations. The Registrant therefore believes that comparing pre-opening to post opening periods could be misleading and thus should be avoided. Below is a brief discussion concerning the Company's operational results for the three-month and nine-month periods ended September 30, 2000.

For the three-month period ended September 30, 2000, net (loss) amounted to $(148,227), or $(.13) per share. Interest income amounted to $369,691 while interest expense amounted to $170,733, thus resulting in a net interest income of $198,958. Other income, primarily from fees and charges on deposit accounts, amounted to $14,129 while operating expenses amounted to $286,314. In addition, the Bank expensed $75,000 to increase the reserve for loan losses.

For the nine-month period ended September 30, 2000, net (loss) amounted to $(560,096), or $(.49) per share. Below is a brief explanation detailing the above results:

a. Net interest income, which represents the difference between interest received on interest earning assets and interest paid on interest bearing liabilities, amounted to $503,226.

The net interest yield, defined as net interest income divided by average interest earning assets, amounted to 5.45%. The Company's yield on earning assets amounted to 8.93%, and the cost of funds amounted to 5.77%, resulting in an interest margin of 3.16%. Below is pertinent information concerning the yield on earning assets and the cost of funds for the nine-month period ended September 30, 2000.

(Dollars in '000s)

b. For the nine-month period ended September 30, 2000, non-interest income amounted to $23,297, or .22% of average assets. Because the Bank is new and in need of deposits, its strategy is to attract deposits by charging little for services. In effect, it passes on the savings to its customers rather than pay for an expensive marketing campaign to increase deposits.

c. For the nine-month period ended September 30, 2000, non interest expense amounted to $861,619, or 8.15% of average assets. While non-interest expense as a percent of average assets is high, it is expected to decline as economies of scale are attained. Also, as the Bank grows, fixed costs as a percent of total assets will decline.

During the nine-month period ended September 30, 2000, the allowance for loan losses has grown by $225,000 to $325,000. The allowance for loan losses as a percentage of gross loans decreased from 2.54% at December 31, 1999 to 2.42% at September 30, 2000. Management considers the allowance for loan losses to be adequate and sufficient to absorb possible future losses; however, there can be no assurance that charge-offs in future periods will not exceed the allowance for loan losses or that additional provisions to the allowance will not be required.

The Company is not aware of any current recommendation by the regulatory authorities which, if it was to be implemented, would have a material effect on the Company's liquidity, capital resources, or results of operations.

Item 2. Changes in Securities.

None.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.