UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31,2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period __________from to _________
Commission file number 333-81551
Lehigh Acres First National Bancshares, Inc.
---------------------------------------------------
(Exact name of registrant as specified in its charter)
Florida 65-0921046
- ----------------------------- -----------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
1300 Homestead Road N.
Lehigh Acres, FL 33936
- ------------------------------------------ --------------
(Address of principal executive offices) (Zip Code)
941-368-1190
------------------------
(Telephone Number)
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 Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
YES XX NO
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
18,000 shares of common stock, $.01 par value per share, issued and outstanding
as of March 31, 2000.
Transitional Small Business Disclosure Format (check one): YES NO XX
--- ---
<PAGE>
Lehigh Acres First National Bancshares, Inc.
(A Development Stage Corporation)
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
The financial statements of Lehigh Acres First National Bancshares,
Inc. (the "Company") are set forth in the following pages.
<PAGE>
Lehigh Acres First National Bancshares, Inc.
(A Development Stage Corporation)
Balance Sheet
March 31, 2000
(Unaudited)
Assets
Cash $ 4,922
Furniture & equipment, net 3,586
Deferred Registration costs 147,276
Other assets 15,899
-----------
$ 171,683
Liabilities and Stockholders' Equity
Liabilities:
Notes payable $ 83,064
Advances from organizers 255,628
Accounts payable 33,298
Accrued expenses 58,607
-----------
Total liabilities 430,597
-----------
Stockholders' equity:
Common stock, par value $.01, 10,000,000 shares
authorized; 18,000 shares issued and outstanding 180,000
Additional paid-in capital
Deficit accumulated during the development stage (438,914)
------------
Total stockholders' equity (255,914)
------------
Total Liabilities and Stockholders' Equity $ 171,683
===========
See accompanying notes to financial statements.
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<PAGE>
Lehigh Acres First National Bancshares, Inc.
(A Development Stage Corporation)
Statement of Operations
For the Three Months Ended March 31,2000 and
March 31,1999
For the three-months ended March
31,
2000 1999
Revenues:
Interest Income $ -- $ 261
--------- --------
Total -- 261
Expenses:
Organizing consultant $ -- 12,000
Temporary services 7,467 --
Legal and Professional -- 230
Rent Expense 20,625 --
Utilities and telephone 2,664 178
Organizational expenses 26,925 --
Interest and Loan Expense 4,446 --
Supplies Expense 517 --
Insurance Expense -- 1,248
Advertising and Promotional 1,058 --
Miscellaneous other expenses 5,333 34
Total Expenses 69,035 13,690
--------- --------
Net (loss) $ (69,035) $(13,429)
---------- ---------
Basic (loss) per share
See accompanying notes to financial statements
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<PAGE>
Lehigh Acres First National Bancshares, Inc.
(A Development Stage Corporation)
<TABLE>
<CAPTION>
Statement of Operations
For the Three Months Ended March 31, 2000 and
the Period from April 14, 1998 (inception) to December 31, 1999
(Unaudited)
Three Months ended Cumulative through
March 31, 2000 December 31, 1999
Revenues:
- --------
<S> <C> <C>
Interest income $ -- 2,896
Total Revenues -- 2,896
Expenses:
Organizing Consultants -- 162,500
Temporary Services 7,467 16,057
Legal and Professional -- 12,623
Rent Expense 20,625 41,251
Utilities and Telephone 2,664 6,893
Organizational Expenses 26,925 71,087
Interest and Loan Expense 4,446 5,405
Supplies Expense 517 7,707
Insurance Expense -- 11,617
Advertising and Promotional 1,058 1,996
Travel and entertainment -- 6,839
Miscellaneous other expenses 5,333 28,800
Total expense 69,035 372,775
------------ ----------
Net loss $ (69,035) $ (369,879)
------------ ----------
Net loss per share $ (3.84) $ (20.55)
============ ==========
</TABLE>
See accompanying notes to financial statements.
-5-
<PAGE>
Lehigh Acres First National Bancshares, Inc.
(A Development Stage Corporation)
Statement of Cash Flows
<TABLE>
<CAPTION>
For the Three months Ended March 31, 2000 and
the Year Ended December 31, 1999
(Unaudited)
Three Months ended Year ended
March 31, 2000 December 31, 1999
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (69,035) (214,266)
Adjustments to reconcile net loss to net cash used in
Operating activities:
Depreciation 160 746
Decrease (increase) in other assets -- (12,988)
(Decrease) increase in accounts payable and accrued expenses (13,252) (100,347)
-------------
Net cash used in operating activities (55,623) (326,855)
------------- ------------
Cash flows from investing activities:
Purchase of furniture and equipment -- (4,492)
(Increase) in deferred registration costs -- (147,276)
------------
Net cash used in investing activities -- (151,768)
Cash flows from financing activities:
Proceeds from issuance of common stock -- 179,000
Net cash provided by financing activities 59,500 428,192
------------ -----------
Net increase (decrease) in cash 3,877 (50,431)
Cash at beginning of period 1,045 51,476
Cash at end of period $ 4,922 $ 1,045
============ ===========
Supplemental disclosure of cash flow information:
Interest paid $ -- 1,551
============ ===========
</TABLE>
See accompanying notes to financial statements.
-6-
<PAGE>
Lehigh Acres First National Bancshares, Inc.
(A Development Stage Corporation)
Notes to Financial Statements
(1) Organization
Lehigh Acres First National Bancshares, Inc. (in organization)
(hereinafter, the "Company") was incorporated in the State of Florida on
May 19, 1999 for the purpose of becoming a bank holding company with
respect to a proposed de novo bank, Lehigh Acres First National Bank (the
"Bank") to be located in Lehigh Acres, Florida. Prior to the formation of
the Company, a group of organizers, on April 14, 1998, formed a separate
company, Lehigh One, Inc., to be used as a tool to facilitate in the
process of organizing and forming both the Company and the Bank. All
assets, liabilities, rights, revenues and expenses acquired, incurred or
undertaken by Lehigh One, Inc. from inception (April 14, 1998) have been
transferred, by mutual agreement of the Boards of Directors of both Lehigh
One, Inc. and the Company, to the Company. Accordingly, all financial
transactions undertaken by Lehigh One, Inc. during 1998 and 1999 are
reflected in the Company's financial statements as of March 31, 2000.
On March 30, 1999, the Company received preliminary approval from the
Office of the Comptroller of the Currency (the "OCC") to charter a bank,
and on April 2, 1999, the Company received preliminary approval from the
Federal Deposit Insurance Corporation (the "FDIC") to insure deposits up
to $100,000 per depositor. The Federal Reserve Board (the "FRB") approved
our application to form a bank holding company on August 13, 1999. When
all regulatory applications are approved and the minimum stock sale is
successfully completed, the Company will acquire 100 percent of the voting
stock of the Bank by injecting a minimum of $5.0 million into the Bank's
capital accounts.
The Company is authorized to issue up to 10.0 million shares of its
$.01 par value per share common stock ("Common Stock"). Each share is
entitled to one vote and shareholders have no preemptive, cumulative
voting or conversion rights. The organizers as a group capitalized the
Company by acquiring 18,000 shares of the Company's Common Stock for an
aggregate amount of $180,000. The organizers intend to purchase an
additional 97,000 shares of the Company's Common Stock in the Offering. As
of March 31, 2000, there were 18,000 shares of the Company's Common Stock
issued and outstanding.
The Company is also authorized to issue up to 10.0 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 March 31, 2000, there were no
shares of the Company's preferred stock issued or outstanding.
The Company's Articles of Incorporation and Bylaws contain certain
provisions that might be deemed to have potential "anti takeover" effects.
These certain provisions include: (i) provisions relating to meetings of
the shareholders which limit who may call meetings and what matters will
be voted upon; (ii) the ability of the Board of Directors to issue
additional shares of authorized Common Stock and preferred stock without
shareholder approval, thus retaining the ability to dilute any potential
acquirer attempting to gain control by purchasing Company stock; (iii) a
staggered Board of Directors, limiting the ability to change the members
of the Board; and (iv) a provision that individuals affiliated with the
Company's competitors may not qualify to serve on its Board.
During 1999, the Company filed a Registration Statement on Form SB-2 with
the Securities and Exchange Commission (the "SEC") offering for sale a
minimum of 700,000 and maximum of 1,000,000 shares of its $.01 par value
common stock (the "Offering"). The sales price for each share of Common
Stock was $10.00. The above Offering was declared effective by the SEC on
September 14, 1999. Because the Company was unable to sell a meaningful
number of shares by December 31, 1999, the Company's Board of Directors
undertook certain actions which resulted in changes in both its management
team and the Company's Board's constituency. These changes were considered
to be significant, requiring the refund of all funds raised in the
Offering. Additionally, the Board of Directors filed a post effective
amendment to the Registration Statement (the "Amendment") which, in
addition to describing the changes in the Offering, included the Company's
financial statements as of and for the periods ended December 31, 1999 and
1998. The Amendment was declared effective on March 23, 2000 and the
Company has re-commenced selling activities. If the sale of the minimum
(600,000) shares of Common Stock is not
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<PAGE>
accomplished by the expiration date, as extended, all subscriptions will
be canceled and all proceeds returned, with interest, to the subscribers.
If the sale of the minimum (600,000) shares of Common Stock is
accomplished in a timely manner, the Company will capitalize the Bank with
at least $5.0 million immediately prior to commencement of banking
operations.
Certain organizers of the Company will receive up to one warrant, at no
additional cost, for each share of Common Stock purchased by that person
in the Offering. Each warrant entitles its holder to purchase one share of
the Company's Common Stock for $10.00 for a period of ten years from the
later of (i) the date the bank opens for business or (ii) one year after
the date of its Offering prospectus. The warrants will vest immediately on
the above date, as applicable, and may be exercised either in whole or in
part. All warrants are subject to approval by the banking regulatory
agencies, and all warrants, in the aggregate, shall not exceed 20% of the
number of shares outstanding upon completion of the Offering.
The Company is a development stage enterprise as defined by the Financial
Accounting Standards Board Statement No. 7, "Accounting and Reporting by
Development Stage Enterprises," as it devotes substantially all its
efforts to establishing a new business, its planned principal operations
have not commenced and there has been no significant revenue from the
planned principal operations.
(2) Summary of Significant Accounting Policies
Basis of Accounting. The accounting and reporting policies of the Company
conform to generally accepted accounting principles and to general
practices in the banking industry. The Company uses the accrual basis of
accounting by recognizing revenues when they are earned and expenses in
the period incurred, without regard to the time of receipt or payment of
cash. The Company has adopted a fiscal year that ends on December 31,
effective for the period ended December 31, 1999.
Organization Costs
Costs incurred for the organization of the Company and the Bank
(consisting principally of legal, accounting, consulting and incorporation
fees) are expensed as incurred.
Deferred Offering Expenses
Costs incurred in connection with the stock offering, consisting of
direct, incremental costs of the offering, are deferred and will be offset
against the proceeds of the stock sale as a charge to additional paid in
capital.
Pre-Opening expenses
Costs incurred for overhead and other operating expenses are included in
the current period's operating results.
Proforma Net Loss Per Common Share
Proforma net loss per common share was calculated by dividing net loss by
the number (18,000) of common shares outstanding as of March 31, 2000.
-8-
<PAGE>
Lehigh Acres First National Bancshares, Inc.
(A Development Stage Corporation)
Notes to Financial Statements, continued
(3) Commitments and Related Party Transactions
On June 10, 1999, the Company obtained a one-year, $250,000 line of credit
("LOC") at a floating rate of interest of prime less one percent. The LOC
was obtained in order to fund pre-operating activities. As of March 31,
2000, the LOC has an outstanding balance of $83,064
In connection with the Company's formation and organization of its
subsidiary Bank, the Company has entered into three separate agreements
with a bank consulting firm, a law firm and an accounting firm to assist
ii in: (i) preparing and filing all organizational and incorporation
papers; (II) preparing and filing applications with the bank regulatory
authorities concerning the formation of a bank holding company and the
organization of a Federally chartered bank; (III) preparing a Registration
Statement on Form SB-2, including the financial audit and filing same with
the Securities and Exchange Commission; and (iv) drafting of employment
agreements, stock option plans and other matters relating to compensation.
The aggregate cost of the above services is estimated to approximate
$160,000 and may vary depending upon the degree of complexity and time
spent on the above projects.
The bank consulting firm mentioned above is 100% owned by a certain
organizer of the Company. The agreement with the bank consulting firm
estimates the cost of its services to approximate $35,000 plus out of
pocket expenses. In addition, this organizer will receive options to
purchase 3,000 shares of the Company's Common Stock. Each option will
entitle the organizer to purchase one share of the Company's Common Stock
for $10.00 per share. The options will be exercisable for a period of ten
years from the date the Bank opens for business. In the event that (i) the
minimum offering (600,000 shares) is not met, or (ii) the options are not
awarded for any reason within six months after the Bank opens for
business, the Company will compensate this organizer the amount of $4,200.
From inception (April 14, 1998) through March 31, 2000, the bank
consulting firm had been paid $37,551.
The Company has entered into an agreement with Brenda O'Neil (CEO) to
provide consulting and organizational services prior to the opening of the
bank. Ms. O'Neil will receive a consultant fee of $6,500 per month until
the Office of the Comptroller of the Currency grants permission to open
the bank for business.
The Company has entered into an employment agreement with Brenda M. O'Neil
for a four-year term, which may be renewed for two consecutive one-year
periods and pursuant to which Ms. O'Neil will serve as the President,
Chief Executive Officer, and director of Lehigh Acres First National
Bancshares, Inc. and Lehigh Acres First National Bank. Ms. O'Neil will
receive an annual salary of $96,000, plus her yearly medical insurance
premium. Ms. O'Neil is eligible for an annual cash performance bonus equal
to 5% of the bank's net income, not to exceed 25% of her annual salary, in
the event specified bank performance goals are attained. Ms. O'Neil is
also eligible to participate in any management incentive program of the
bank or any long-term equity incentive program and will be eligible for
grants of stock options and other awards under these plans.
The Company entered into two lease agreements with two unrelated parties.
Both agreements cover the same facility from which the proposed Bank will
operate. The first agreement obligates the Company to pay $6,486 for each
of the initial eleven months beginning July 1, 1999 and $7,252 per month
thereafter until May 31, 2005. The second agreement obligates the Company
to pay $7,977 per month for five years beginning June 1, 2005 and $8,775
per month for five years beginning June 1, 2010. The second agreement also
contains two five year options to renew. The first option, if exercised,
obligates the Company to pay $9,652 per month beginning June 1, 2015. The
second option, if exercised, obligates the Company to pay $10,618 per
month beginning June 1, 2020. In addition to the monthly lease payments,
the Company is obligated to pay sales tax, repairs and maintenance,
insurance and property tax.
A group of fourteen individuals advanced $210,000 to the Company in order
the fund the Company's pre-operating expenses. These funds were advanced
interest free. No imputed interest was charged to operations in the
Company's financial statement as of and for the period ended March 31,
2000. Of the above advance of $210,000, on June 22, 1999, $180,000 was
converted into 18,000 shares of the Company's common stock.
-9-
<PAGE>
Under an agreement dated June 26, 1998, an organizer was engaged to review
certain contracts, leases and documents relevant to the organization of
the Company. This organizer, upon a successful completion of the sale of
at least the minimum Offering (600,000 shares), will receive the sum of
$10,000 in consideration for services rendered. As of March 31, 2000, no
accrual was recorded and no payments had been paid with respect to this
agreement.
Unaudited Interim Financial Statements
The financial statements and related notes and schedules as of March 31,
2000 and 1999, and for the three and six month periods then ended are
unaudited. However, the opinion of the Company's management, all
adjustment (consisting of normal recurring accruals) considered necessary
for a fair presentation of those financial statements have been included.
Operating results for the three-month period ended March 31, 2000 are not
necessarily indicative of the results that may be expected for the year
ending December 31, 1999.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Forward-Looking Statements
The following is a discussion of the Company's financial condition as of
and for the period ending March 31, 2000. These comments should be read in
conjunction with the Company's condensed consolidated financial statements
and accompanying footnotes appearing in this report. This report contains
"forward-looking statements" relating to, without limitation, future
economic performance, plans and objectives of management for future
operations, and projections of revenues and other financial items that are
based on the beliefs of the Company's management, as well as assumptions
made by and information currently available to the Company's management.
The words "may, " "would," "could," "will," "expect", "anticipate",
"believe," "intend," "plan," and "estimate," as well as similar
expressions, are intended to identify forward-looking statements. The
Company's actual results may differ materially from the results discussed
in the forward-looking statements, and the Company's operating performance
each quarter is subject to various risks and uncertainties that are
discussed in detail in the Registration Statement (Registration Number
333-81551) as filed with and declared effective by the Securities and
Exchange Commission.
Financial Condition
The Company is in the process of raising a minimum of $6,000,000 in an
initial public stock offering. When all regulatory applications are
approved and the minimum stock sale is successfully completed, the Company
will acquire 100 percent of the voting stock of the Bank by injecting a
minimum of $5.0 million into the Bank's capital accounts. A group of
fourteen individuals advanced $210,000 to the Company in order to fund the
Company's pre-operating expenses. These funds were advanced interest-free.
No imputed interest was charged to operations in the Company's financial
statements as of and for the periods ended March 31, 2000 and December 31,
1999. Of the above advance of $210,000, on June 22, 1999, $180,000 was
converted into 18,000 shares of the Company's common stock. At March 31,
2000, the Company had total assets of $171,683. The Company's liabilities
at March 31, 2000 were $430,597 and consisted primarily of a note-payable
line of credit and advances from organizers. The Company had a
stockholder's deficit of $258,914 at March 31, 2000.
The Company had a net loss of $69,035 for the three months ended March 31,
2000 and $369,879 cumulatively from inception through December 31, 1999,
or a pro forma net loss of $20.55 per share for the quarter ended March
31, 2000 and $24.38 per share cumulatively since inception based on the
actual shares of 18,000 which were outstanding as of March 31, 2000. This
loss resulted from expenses incurred in connection with activities related
to the organization of the Company and the Bank. These activities included
preparing and filing an application with the OCC and the FDIC to charted
the Bank and to obtain deposit insurance, preparing an application with
the Federal Reserve Board for approval of the Company to acquire the Bank,
responding to questions and providing additional information to the OCC,
the FDIC, and the Federal Reserve Board in connection with the application
process, preparing a prospectus and filing a registration statement with
the Securities and Exchange Commission (the "SEC"), selling the Company's
common stock, meeting and discussions amount various organizers regarding
preopening issues, hiring qualified personnel to work for the Bank,
conducting public relation activities on behalf of the Bank, developing
prospective business contacts for the Bank and the Company, and taking
other actions necessary for a successful bank opening. Because the Company
is in the organizational stage, it had no operations from which to
generate revenues.
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<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
There are no material pending legal proceedings to which the Company
is a party or of which any of their property is the subject.
Item 2. Changes in Securities
(a) Not applicable
(b) Not applicable
Item 3. Defaults Upon Senior Securities
Not applicable
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to security holders for a vote during
the three months ended March 31, 2000.
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits - See attached Exhibit Index hereto.
(b) No reports on Form 8-K were filed during the period ended March
31, 2000.
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
LEHIGH ACRES FIRST NATIONAL BANCSHARES
CORPORATION
Date: May 22, 2000 By: /s/ Brenda M. O'Neil
-----------------------------------------
Brenda M. O'Neil
Chief Executive Officer and Principal
Accounting Officer
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<PAGE>
EXHIBIT INDEX
Exhibit Description
- ------- -----------
3.1. *Articles of Incorporation
3.2. *Bylaws
3.3. *Assignment and Assumption Agreement dated June 21, 1999 between Lehigh
Acres First National Bancshares, Inc. and Lehigh One Incorporated.
4.1. *See Exhibits 3.1 and 3.2 for provisions in Lehigh Acres First National
Bancshares, Inc.'s Articles of Incorporation and Bylaws defining the
rights of holders of the common stock
4.2. *Form of certificate of common stock
5.1. *Opinion Regarding Legality
10.1. *Employment Agreement dated October 9, 1998 between Lehigh Acres First
National Bancshares, Inc. and Lloyd J. Weber.
10.2. *Consulting Agreement dated January 16, 1999 between Lehigh One
Incorporated and Lloyd J. Weber.
10.3. *Consulting Agreement dated April 15, 1998 between Lehigh One
Incorporated and Lloyd J. Weber.
10.4. *Real Property Lease dated June 15, 1999 between Lehigh Acres First
National Bank , as tenant, and John E. Morgan and Leona P. Morgan,
husband and wife, as to an undivided one-half interest, and Elizabeth
E. Culbreth, a single person, as to an undivided one-quarter interest,
and Hazel M. Frantz, a single person, as to an undivided one quarter
interest, all as landlord.
10.5. *Assignment and Assumption Agreement effectively dated July 1, 1999
between Lehigh Acres First National Bank, as assignee, and SouthTrust
Bank, N.A., f/k/a First Federal Savings & Loan Association of DeSoto
County, as assignor.
10.6. *Lease effectively dated June 1, 1980 between First Federal Savings &
Loan Association of Desoto County, as tenant, and Lehigh Corporation,
as landlord.
10.7. *Amended Form of Sales Agency Agreement between Lehigh Acres First
National Bancshares, Inc. and Berthel Fisher & Company Financial
Services, Inc.
10.8. *Escrow Agreement dated June 15, 1999 between Lehigh Acres First
National Bancshares, Inc. and Independent Bankers' Bank of Florida.
10.9. *Form of Data Processing Services Agreement, between Lehigh Acres First
National Bancshares, Inc. and Marshall & Ilsley Corporation.
10.10. *Consulting Agreement dated March 18, 1998 between the Organizers and
Directors of the Company and Bank Resources, Inc.
10.11. *Legal Services Agreement dated June 26, 1998 between Lehigh Acres
First National Bancshares and Kenneth K. Thompson.
10.12. *Form of Stock Warrant Agreement
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<PAGE>
10.13. *Form of Subscription Agreement dated June 22, 1999 between Lehigh
Acres First National Bancshares, Inc. and twelve of the original
organizers.
10.14 *Line of Credit between Lehigh Acres First National Bancshares and the
Independent Bankers' Bank Of Florida dated June 10, 1999.
10.15 *Form of Escrow Agreement between Lehigh Acres First National
Bancshares, Inc. and The Bankers Bank of Georgia.
10.16 *Employment Agreement dated March 3, 2000 between Lehigh Acres First
National Bancshares, Inc., Lehigh Acres First National Bank, and Brenda
M. O'Neil.
10.17 *Consulting Agreement dated December 15, 1999 between Lehigh Acres
First National Bancshares, Inc. and Brenda M. O'Neil.
10.18 *First Amendment to Sales Agency Agreement between Lehigh Acres First
National Bancshares, Inc. and Bethel Fisher Financial Services, Inc.
10.19. * Form of Escrow Agreement between Lehigh Acres First National
Bancshares, Inc. and The Bankers Bank.
23.1. *Consent of Independent Public Accountants
23.2. *Consent of Nelson Mullins Riley & Scarborough, L.L.P. (appears in its
opinion filed as Exhibit 5.1)
24.1. *Power of Attorney filed as part of the signature page to the
Registration Statement
27.1 Financial Data Schedule (for electronic filing purposes)
- ---------------------------------
* Previously filed with the SEC on the Company's initial Registration
Statement or Post Effective Amendment No. 1, Registration File No.
333-81551
<TABLE> <S> <C>
<ARTICLE> 9
<CIK> 1089109
<NAME> Lehigh Acres First National Bancshares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 4,922
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 0
<ALLOWANCE> 0
<TOTAL-ASSETS> 171,683
<DEPOSITS> 0
<SHORT-TERM> 0
<LIABILITIES-OTHER> 430,597
<LONG-TERM> 0
0
0
<COMMON> 180
<OTHER-SE> (256,094)
<TOTAL-LIABILITIES-AND-EQUITY> 171,683
<INTEREST-LOAN> 0
<INTEREST-INVEST> 0
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 0
<INTEREST-DEPOSIT> 0
<INTEREST-EXPENSE> 4,446
<INTEREST-INCOME-NET> (4,446)
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 64,589
<INCOME-PRETAX> (69,035)
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (69,035)
<EPS-BASIC> (3.84)
<EPS-DILUTED> (3.84)
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
