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           Mar. 31, 2010

o 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 o

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 o
Accelerated filer o
Non-accelerated filer o
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 o   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 May 19, 2010.
 
 
1
 

BOL BANCSHARES, INC. & SUBSIDIARY
INDEX

     
Page No.
       
PART I.  Financial Information
 
       
 
Item 1.
 
       
   
3
       
   
4
       
   
5
       
   
6
       
   
7
       
 
Item 2.
11
       
 
Item 3.
13
       
 
Item 4T.
13
       
PART II.  Other Information
 
       
 
Item 6.
14
       
15

 
2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements
BOL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CONDITION

   
Mar. 31
   
Dec. 31,
 
(Amounts in Thousands)
 
2010
   
2009
 
   
(Unaudited)
   
(Audited)
 
ASSETS
           
Cash and Due from Banks
           
Non-Interest Bearing Balances and Cash
  $ 3,136     $ 3,041  
Federal Funds Sold
    13,950       14,550  
Certificates of Deposit
    4,442       5,194  
Investment Securities
               
Securities Held to Maturity
    1,000       1,000  
Securities Available for Sale
    871       814  
Loans-Less Allowance for Loan Losses of $1,800 in 2010 and in 2009
    57,957       58,302  
Property, Equipment and Leasehold Improvements
               
(Net of Depreciation and Amortization)
    6,055       6,141  
Other Real Estate
    2,686       2,012  
Other Assets
    1,282       1,598  
TOTAL ASSETS
  $ 91,379     $ 92,652  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
                 
LIABILITIES
               
Deposits:
               
Non-Interest Bearing
    31,533       32,107  
NOW Accounts
    11,770       11,816  
Money Market Accounts
    3,632       3,772  
Savings Accounts
    20,574       20,780  
Time Deposits, $100,000 and over
    3,256       3,810  
Other Time Deposits
    6,907       6,802  
TOTAL DEPOSITS
    77,672       79,087  
Notes Payable
    1,144       1,144  
Other Liabilities
    832       968  
TOTAL LIABILITIES
    79,648       81,199  
                 
SHAREHOLDERS' EQUITY
               
                 
Preferred Stock - Par Value $1
1,816,824 Shares Issued and Outstanding in 2010
1,837,089 Shares Issued and Outstanding in 2009
    1,817       1,837  
Common Stock - Par Value $1
179,145 Shares Issued and Outstanding in 2010 and 2009
    179       179  
Accumulated Other Comprehensive Income
    508       471  
Capital in Excess of Par - Retired Stock
    195       190  
Undivided Profits
    8,777       8,640  
Current Earnings
    255       136  
TOTAL SHAREHOLDERS' EQUITY
    11,731       11,453  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
  $ 91,379     $ 92,652  
 
The accompanying notes are an integral part of these financial statements.

 
3

BOL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

   
Three months ended
 
   
Mar. 31
 
(Amounts in Thousands)
 
2010
   
2009
 
             
INTEREST INCOME
           
Interest and Fees on Loans
  $ 1,487     $ 1,526  
Interest on Investment Securities
    2       14  
Interest on Federal Funds Sold
    4       10  
Interest on Certificates of Deposit
    17       8  
Total Interest Income
    1,510       1,558  
INTEREST EXPENSE
               
Interest on Deposits
    90       93  
Interest Expense on Notes Payable and Debentures
    19       28  
Total Interest Expense
    109       121  
NET INTEREST INCOME
    1,401       1,437  
Provision for Loan Losses
    75       95  
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
    1,326       1,342  
NON-INTEREST INCOME
               
Service Charges on Deposit Accounts
    112       94  
Cardholder & Other Credit Card Income
    101       102  
Other Operating Income
    314       236  
Total Non-interest Income
    527       432  
NON-INTEREST EXPENSE
               
Salaries and Employee Benefits
    624       693  
Occupancy Expense
    268       269  
Communications
    47       53  
Outsourcing Fees
    319       359  
Loan & Credit Card Expense
    26       27  
Professional Fees
    54       53  
ORE Expense
    110       13  
Other Operating Expense
    13       186  
Total Non-interest Expense
    1,461       1,653  
                 
Income Before Tax Provision
    392       121  
                 
Provision For Income Taxes
    137       2  
                 
NET INCOME
  $ 255     $ 119  
                 
Earnings Per Share of Common Stock
  $ 1.42     $ 0.67  

The accompanying notes are an integral part of these financial statements.

 
4

BOL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

BOL BANCSHARES, INC. & SUBSIDIARY
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
             
   
Three Months Ended
 
   
Mar. 31
   
Mar. 31
 
(Amounts in thousands)
 
2010
   
2009
 
             
NET INCOME
  $ 255     $ 119  
                 
OTHER COMPREHENSIVE INCOME, NET OF TAX
               
Unrealized Holding (Losses) Gains on Investment
               
Securities Available-for-Sale, Arising
               
During the Period
    37       (6 )
                 
                 
COMPREHENSIVE INCOME
  $ 292     $ 113  

The accompanying notes are an integral part of these financial statements.

 
5

BOL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Three Months Ended March 31,
 
(Amounts in thousands)
 
2010
   
2009
 
OPERATING ACTIVITIES
           
Net Income
  $ 255     $ 119  
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
               
Provision for Loan Losses
    75       95  
Depreciation and Amortization Expense
    97       101  
Amortization of Investment Security Premiums
    -       -  
Decrease in Deferred Income Taxes
    (258 )     (21 )
Gain on Sale of Other Real Estate
    (200 )     -  
Decrease in Other Assets
    172       148  
Decrease in Other Liabilities and Accrued Interest
    247       (352 )
Net Cash Provided by Operating Activities
    388       90  
                 
INVESTING ACTIVITIES
               
Proceeds from Held-to-Maturity Investment Securities
               
Released at Maturity
    1,000       -  
Purchases of Held-to-Maturity Investment Securities
    (1,000 )     -  
Purchases of Property and Equipment
    (11 )     -  
Proceeds from Sale of Other Real Estate
    200       -  
OREO Costs Capitalized
    (180 )     -  
Decrease (Increase) in Certificate of Deposit with Other Banks
    752       (3,875 )
Net (Increase) in Loans
    (224 )     (1,299 )
Net Cash Provided by (Used in) Investing Activities
    537       (5,174 )
                 
FINANCING ACTIVITIES
               
Net Decrease in Non-Interest Bearing and Interest Bearing Deposits
    (1,415 )     (2,619 )
Preferred Stock Retired
    (15 )     (36 )
Net Cash Used in Financing Activities
    (1,430 )     (2,655 )
                 
Net (Decrease)Increase in Cash and Cash Equivalents
    (505 )     (7,739 )
Cash and Cash Equivalents - Beginning of Year
    17,591       28,479  
Cash and Cash Equivalents - End of Period
    17,086       20,740  
 
The accompanying notes are an integral part of these financial statements.

 
6

BOL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)

SUPPLEMENTAL DISCLOSURES:
 
2010
   
2009
 
             
Cash Paid During the Year for Interest
  $ 28     $ 192  
Cash Paid During the Year for Income Taxes
  $ 0     $ 0  
Market Value Adjustment for Unrealized (Loss) Gain on Securities Available-for-Sale
  $ 57     $ (9 )
Additions to Other Real Estate Through Foreclosure
  $ 494     $ 61  

The accompanying notes are an integral part of these financial statements.

 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note A Summary of Accounting Policies

Basis of Presentation
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Bank of Louisiana (the Bank), and the Bank’s wholly owned subsidiary, BOL Assets, LLC.  These consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X, and do not include information or footnotes for a complete presentation of financial condition, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America.  However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included.

Use of Estimates
In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Statements of Financial Condition and reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the allowance for loan losses.

Cash and Cash Equivalents
Cash equivalents include amounts due from banks and federal funds sold.  Generally, federal funds are purchased and sold for one-day periods.

Disclosure about Fair Value of Financial Instruments
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the value:

Cash and Short-Term Investments
For cash, the carrying amount approximates fair value.  For short-term investments, fair values are calculated based upon general investment market interest rates for similar maturity investments.

 
7

Investment Securities
For securities and marketable equity securities held-for-investment purposes, fair values are based on quoted market prices.

Loan   Receivables
For certain homogeneous categories of loans, such as residential mortgages, credit card receivables and other consumer loans, fair value is estimated using the current U.S. treasury interest rate curve, a factor for cost of processing and a factor for historical credit risk to determine the discount rate.

Deposit Liabilities
The fair value of demand deposits, savings deposits and certain money market deposits are calculated based upon general investment market interest rates for investments with similar maturities.  The value of fixed maturity certificates of deposit is estimated using the U.S. treasury interest rate curve currently offered for deposits of similar remaining maturities.

Commitments to Extend Credit
The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit-worthiness of the counterparties.

The estimated fair values of the Company’s financial instruments at March 31, 2010 and December 31, 2009, are as follows (amounts in thousands):

   
March 31, 2010
 
   
Carrying
   
Fair
 
   
Amount
   
Value
 
Financial Assets:
           
Cash and Short-Term Investments
  $ 3,136     $ 3,136  
Certificates of Deposit
    4,442       4,442  
Investment Securities
    1,871       1,871  
Loans
    59,757       60,287  
Less:  Allowance for Loan Losses
    (1,800 )     (1,800 )
    $ 67,406     $ 67,936  
                 
                 
Financial Liabilities:
               
Deposits
  $ 77,672     $ 78,225  
                 
                 
Unrecognized Financial Instruments:
         
Commitments to Extend Credit
  $ 3,135     $ 3,135  
Credit Card Arrangements
    16,588       16,588  
    $ 19,723     $ 19,723  

 
8
 
   
December 31, 2009
 
   
Carrying
   
Fair
 
   
Amount
   
Value
 
Financial Assets:
           
Cash and Short-Term Investments
  $ 3,041     $ 3,041  
Certificates of Deposit
    5,194       5,194  
Investment Securities
    1,814       1,814  
Loans
    60,102       60,297  
Less:  Allowance for Loan Losses
    (1,800 )     (1,800 )
    $ 68,351     $ 68,546  
                 
                 
Financial Liabilities:
               
Deposits
  $ 79,087     $ 79,851  
                 
                 
Unrecognized Financial Instruments:
         
Commitments to Extend Credit
  $ 2,627     $ 2,627  
Credit Card Arrangements
    16,758       16,758  

Financial Instruments
On January 1, 2008, the Company adopted the FASB fair value guidance  pertaining for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually).  This guidance defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

The fair value guidance defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability.  The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.  In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.

 
9

In addition to defining fair value, the fair value guidance expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs.  The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.  Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety.  These levels are:

 
·
Level 1 - Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets

 
·
Level 2 - Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market date for substantially the full term of the assets or liabilities

 
·
Level 3 - Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.  The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2010 (amounts in thousands):

   
Level 1
   
Level 2
   
Level 3
   
Net Balance
 
                         
Assets
                       
Equity Securities
  $ -     $ 871     $ -     $ 871  
                                 
Total
  $ -     $ 871     $ -     $ 871  

 
10

Subsequent Events
In accordance with the subsequent events topic of the ASC, the Company evaluates events and transactions that occur after the balance sheet date for potential recognition in the financial statements.  The effect of all subsequent events that provide additional evidence of conditions that existed at the balance sheet date are recognized in the financial statements as of March 31, 2010.  In preparing these financial statements, the Company evaluated the events and transactions that occurred from March 31, 2010 through the date these financial statements were issued.

ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS

MARCH 31, 2010 COMPARED WITH DECEMBER 31, 2009

BALANCE SHEET

Total assets at March 31, 2010 were $91,379,000 compared to $92,652,000 at December 31, 2009, for a decrease of $1,273,000, or 1.37%.  Federal Funds Sold decreased $600,000 from $14,550,000 at December 31, 2009 to $13,950,000 at March 31, 2010.  Certificates of Deposit decreased $752,000 from $5,194,000 at December 31, 2009 to $4,442,000 at March 31, 2010. Both Federal Funds Sold and Certificates of Deposit decreases was due to normal fluctuations.  Investment securities show a slight increase of $57,000 to $1,871,000 at March 31, 2010 from $1,814,000 at December 31, 2009.  Total loans decreased $345,000, or 0.59%, to $57,957,000 at March 31, 2010 from $58,302,000 at December 31, 2009. This decrease in the loan portfolio is due mainly to a decrease in construction loans of $586,000, a decrease in second mortgage loans of $90,000, a decrease in other real estate loans of $22,000, a decrease in personal loans of $117,000, a decrease in overdrafts of $99,000 and a decrease of $524,000 in the credit card portfolio.  The credit card portfolio decrease was largely attributable to (i) competition from other banks and non-traditional credit card issuers; (ii) tightening of the Bank’s underwriting standards; and (iii) normal attrition, in addition to the cyclical nature of the business.  These decreases were partially offset by an increase in 1-4 residential loans of $735,000, an increase in commercial real estate loans of $43,000, and increase in commercial loans of $315,000.

Total deposits decreased $1,415,000, or 1.79%, to $77,672,000 at March 31, 2010 from $79,087,000 at December 31, 2009.  Total non-interest bearing deposits decreased $574,000 and interest-bearing accounts decreased $841,000. The decrease of interest earning deposits was mainly attributable to a decrease in NOW accounts of $47,000, a decrease in money market accounts of $140,000, a decrease in savings accounts of $206,000 and a decrease of $448,000 in time deposits.
 
Other liabilities decreased $136,000 from $968,000 at December 31, 2009 to $832,000 at March 31, 2010.  This decrease is due mainly to a decrease in accrued expenses of $99,000, a decrease of deferred membership fees of $6,000, a decrease in deferred taxes of $176,000 and a decrease in accrued interest of $13,000.  These decreases were partially offset by an increase in other miscellaneous liability accounts of $160,000.
 
Shareholder’s Equity increased $278,000 from $11,453,000 at December 31, 2009 to $11,731,000 at March 31, 2010. This increase is due mainly to net income for the three months ended March 31, 2010 of $255,000, an increase in accumulated other comprehensive income of $37,000, and an increase in capital in excess of par-retired Preferred Stock of $5,000.  These increases were partially offset by a decrease in Preferred Stock of $20,000.

 
11

THREE MONTHS ENDED MARCH 31, 2010 COMPARED WITH THREE MONTHS ENDED MARCH 31, 2009

INCOME

The Company’s net income for the three months ended March 31, 2010 was $255,000, or $1.42 per share, an increase of $136,000 from the Company’s total net income of $119,000, or $0.67 per share, for the same period last year.
 
Interest income decreased $48,000 for the three months ended March 31, 2010 over the same period last year. Interest on federal funds sold decreased $6,000 primarily due to a decrease in the average interest rate paid from .19% at March 31, 2009 to .11% at March 31, 2010.  The average balance of federal funds sold decreased $7,211,000 from $21,189,000 at March 31, 2009 to $13,978,000 at March 31, 2010.  Interest on investment securities decreased $12,000 due mainly to a decrease in the average balance from $2,821,000 at March 31, 2009 to $1,853,000 at March 31, 2010. Interest in the loan portfolio decreased $39,000 due mainly to a decrease in the average interest rate of 10.84% at March 31, 2009 to 10.20% at March 31, 2010.  The average balance of Certificates of Deposit purchased was $4,929,000 at an average interest rate of 1.38% for 2010 as compared to an average balance of Certificates of Deposit of $2,547,000 with an average interest rate of 1.26% for 2009.
 
Interest expense decreased $12,000 for the three months ended March 31, 2010 over the same period last year.  This was caused primarily by a decrease in the average interest rate paid on interest-bearing deposits from .84% at March 31, 2009 to .78% as of March 31, 2010. The impact of the decrease in the average interest rate paid on interest-bearing deposits was partially offset by an increase in the average balance of interest bearing deposits from $44,192,000 at March 31, 2009 to $46,428,000 at March 31, 2010.   The average interest rate on interest-bearing liabilities decreased from 1.06% at March 31, 2009 to .92% at March 31, 2010.
 
Net interest income decreased $36,000 for the three months ended March 31, 2010 compared to the same period last year.  Our interest rate spread increased from 6.46% at March 31, 2009 to 6.72% at March 31, 2010.  The increase in the rate spread was due to an increase of .12% on the yield on interest-earning assets from 7.52% to 7.64% for the three months ended March 31, 2009 compared to the three months ended March 31, 2010, and a decrease of .14% on the average rate paid out on interest bearing liabilities from 1.06% paid for the three months ended March 31, 2009 as compared to .92% paid during the three months ended March 31, 2010.
 
Non-interest income increased $95,000 for the three month period from $432,000 at March 31, 2009 to $527,000 at March 31, 2010.  Other income increased $78,000 for the three months ended March 31, 2010. This increase is due mainly to the gain on sale of ORE property of $200,000 in the first three months of 2010. This was partially offset by a decrease in miscellaneous income of $150,000 pertaining to insurance proceeds relating to Hurricane Katrina that were not needed for repairs and recognized as miscellaneous income for the three months ended March 31, 2009. Deposit related fees increased $18,000 and cardholder and other credit card fees decreased $1,000.
 
Non-interest expense decreased $192,000 for the three month period of 2010 as compared to the same period last year.  Salaries and Employee Benefits decreased $69,000 from $693,000 at March 31, 2009 to $624,000 at March 31, 2010.  This decrease was due mainly to a reduction in number of employees from 81 in March 31, 2009 to 74 in March 31, 2010, a decrease of 7 employees. Occupancy expense decreased by $1,000 and communications decreased by $6,000.  Outsourcing fees decreased $40,000 from $359,000 in 2009 to $319,000 in 2010 due mainly to a decrease in credit card sales of $539,000.  Other operating expenses decreased $173,000 due mainly to a reversal of a 2009 accrual for bank stock taxes and 2009 additional expenses. The offset to the decrease in non-interest expense is due mainly to an increase in FDIC assessments of $20,000 between the two periods and the increase in ORE expenses of $63,000 for repairs to the Esplanade property and $27,000 for expenses of an additional ORE property. The provision for income taxes increased $135,000, from a provision of $2,000 at March 31, 2009 to a provision of $137,000 at March 31, 2010.

 
12

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

Management considers interest rate risk to be a market risk that could have a significant effect on the financial condition of the Company.
Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results.  Difficult conditions in the financial services markets may materially and adversely affect the business and results of operations of the Bank and the Company.
 
Dramatic declines in the housing market during the past year, along with falling home prices and increasing foreclosures and unemployment, have resulted in significant write downs of asset values by financial institutions, including government-sponsored entities and major commercial and investment banks.  These write-downs, initially of mortgage-backed securities by spreading to credit default swaps and other derivative securities, have caused many financial institutions to seek additional capital, to merge with larger and stronger institutions, and, in some cases, to fail.  Many lenders and institutional investors have reduced, and in some cases, ceased to provide funding to borrowers, including other financial institutions.  This market turmoil and tightening of credit have led to an increased level of commercial and consumer delinquencies, lack of consumer confidence, increased market volatility, and widespread reduction of business activity generally, which could have a material adverse effect on our business and operations.  A worsening of these conditions would likely exacerbate any adverse effects of these difficult market conditions on us and others in the financial institutions industry.  However, the majority of small community banks, such as Bank of Louisiana, have strong reserve positions and are well capitalized.
 
The occurrence of catastrophic events such as hurricanes, tropical storms, earthquakes, windstorms, floods, severe winter weather, fires and other catastrophes could adversely affect our consolidated financial condition or results of operations.  Unpredictable natural and other disasters could have an adverse effect on us in that such events could materially disrupt our operations or the ability or willingness of our customers to access financial services offered by us.  The incidence and severity of catastrophic events could nevertheless reduce our earnings and cause volatility in our financial results for any fiscal quarter or year and have a material adverse effect on our financial condition or results of operation.
 
The Company is a customer-focused organization.  Future growth is expected to be driven in a large part by the relationships maintained with customers.  T he Company has assembled an experienced management team, and has management development plans in place.

Item 4T Controls and Procedures

Under the supervision and with the participation of our management, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934) as of the end of the period covered by this report.  Based upon that evaluation, the certifying officers of the Company have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities and Exchange Act of 1934, is recorded, processed, summarized and reported within the applicable time periods specified by the Securities and Exchange Commission’s rules and forms.  There has been no change in the Company’s internal control over financial reporting during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 
13

PART II - OTHER INFORMATION

Item 6 Exhibits

Exhibits
 
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
 
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
 
Certification Pursuant to 18 U.S.C. Section 1350

 
14

BOL BANCSHARES, INC.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

 
BOL BANCSHARES, INC.
   
May 20, 2010
/s/ G. Harrison Scott
 
Date
G. Harrison Scott
 
Chairman
 
(in his capacity as a duly authorized officer of the Registrant)
   
 
/s/ Peggy L. Schaefer
 
 
Peggy L. Schaefer
 
Treasurer
 
(in her capacity as Chief Accounting
 
Officer of the Registrant)
 
 
15
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