- Quarterly Report (10-Q)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM 10-Q

/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the quarterly period ended Sept. 30, 2009

/ / TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT

For the transition period from to

Commission file Number 00-16934

 BOL BANCSHARES, INC.
 (Exact name of registrant as specified in its charter.)

 Louisiana 72-1121561
(State of incorporation) (I.R.S. Employer Identification
No.)

300 St. Charles Avenue, New Orleans, La. 70130
(Address of principal executive offices)

(504) 889-9400
(Registrant's telephone number)

Indicate by check mark whether the registrant (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 registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No __

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
Large accelerated filer __ Accelerated filer __ Non-accelerated filer __ Smaller reporting company X

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes __ No X

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date: 179,145 SHARES AS OF Oct. 31, 2009.

BOL BANCSHARES, INC. & SUBSIDIARY
INDEX

 Page No.


PART I. Financial Information

 Item 1. Financial Statements

 Consolidated Statements of Condition 3

 Consolidated Statements of Income 4

 Consolidated Statements of Comprehensive Income 5

 Consolidated Statements of Cash Flow 6

 Notes to Consolidated Financial Statements 7

 Item 2. Management's Discussion and Analysis 11


 Item 3. Quantitative and Qualitative Disclosures about Market Risk,
 Catastrophic Events and Future Growth 13

 Item 4T. Controls and Procedures 14


PART II. Other Information

 Item 6. Exhibits 15


 Signatures 16

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

BOL BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CONDITION

 Sept 30 Dec. 31,
(Amounts in Thousands) 2009 2008
 (Unaudited) (Audited)
ASSETS
Cash and Due from Banks
 Non-Interest Bearing Balances and Cash $2,942 $3,104
Federal Funds Sold 16,100 25,375
Certificates of Deposit 5,447 0
Investment Securities
 Securities Held to Maturity 999 2,001
 Securities Available for Sale 814 823
Loans-Less Allowance for Loan Losses of $1,800
 in 2009 and in 2008 57,970 55,608
Property, Equipment and Leasehold Improvements
 (Net of Depreciation and Amortization) 6,240 6,516
Other Real Estate 1,584 1,153
Other Assets 785 926
 TOTAL ASSETS $92,881 $95,506

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES

Deposits:
 Non-Interest Bearing 32,244 34,930
 NOW Accounts 11,824 10,766
 Money Market Accounts 2,987 3,667
 Savings Accounts 20,857 22,717
 Time Deposits, $100,000 and over 4,203 1,880
 Other Time Deposits 7,070 7,018
 TOTAL DEPOSITS 79,185 80,978
Notes Payable 1,144 1,543
Other Liabilities 952 1,533
 TOTAL LIABILITIES 81,281 84,054

SHAREHOLDERS' EQUITY
Preferred Stock - Par Value $1
 1,837,089 Shares Issued and Outstanding in 2009
 1,997,360 Shares Issued and Outstanding in 2008 1,837 1,997
Common Stock - Par Value $1
 179,145 Shares Issued and Outstanding in 2009 and 2008 179 179
Accumulated Other Comprehensive Income 471 477
Capital in Excess of Par - Retired Stock 191 158
Undivided Profits 8,641 7,917
Current Earnings 281 724
 TOTAL SHAREHOLDERS' EQUITY 11,600 11,452
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $92,881 $95,506