U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
__________
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: October 12, 1999
Commission File Number 33-31013-A
COMMUNITY NATIONAL BANCORPORATION
a Georgia corporation
(IRS Employer Identification No. 58-1856963)
561 East Washington Avenue - Box 2619
Ashburn, Georgia 31714-2619
(912) 567-9686
Securities Registered Pursuant to Section 12(g)
of the Securities Exchange Act of 1934:
Common Stock, No Par Value
Item 5. Other Events.
1. Effective October 1, 1999, the registrant acquired
all of the issued and outstanding capital stock of
Cumberland National Bank, a de novo national bank located in
St. Marys, Camden County, Georgia ("Cumberland"), which will
operate as the registrant's second wholly-owned bank
subsidiary.
The registrant established Cumberland to take advantage
of a newly-enacted change in Georgia's banking laws. Before
July 1, 1999, a Georgia bank holding company could expand
into another county only by having its subsidiary bank open
a new branch in that county. The registrant was
instrumental in convincing the Georgia Department of Banking
and Finance that a bank holding company should be able to
expand into a new county through the formation of a de novo
bank, which could garner a higher level of local identity
and support than a branch. Legislation permitting such
expansion passed the Georgia legislature on March 15, 1999
and became effective on July 1, 1999. Cumberland is one of
the first, if not the first, de novo bank established by a
Georgia bank holding company under the new law.
2. The registrant has entered into an Agreement and
Plan of Merger, effective October 8, 1999, whereby the
registrant will acquire all of the issued and outstanding
capital stock of Tarpon Financial Corporation, Inc., a
Florida corporation and a bank holding company ("Tarpon"),
by way of a merger of Tarpon into the registrant, for the
aggregate purchase price of between $3,720,000 and
$3,952,500, depending on certain contingencies. After the
merger, Tarpon's sole subsidiary, First National Bank,
Tarpon Springs, Florida, with assets of approximately $20.9
million, will become the third banking subsidiary of the
registrant and would facilitate the expansion of the
registrant's business into a rapidly growing region of the
west coast of Florida.
3. The registrant's common stock has been trading on
the OTC Bulletin Board under the symbol "CBAC" since July
1999.
Pursuant to the requirements of the Securities and
Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned
hereunto duly authorized.
COMMUNITY NATIONAL
BANCORPORATION
By: /S/ T. Brinson Brock
_______________________________
T. Brinson Brock, Sr.
President and Chief
Executive
Officer
