UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT 0F 1934

Date of Report (Date of Event): March 255, ~~2009 (March 23, 2009)~~2010

Commission File Number 333-135107

LOTUS BANCORP, INC

(Exact name of registrant as specified in its charter)


Michigan		20-2377468
(State or other jurisdiction of		(IRS Employer
incorporation or organization)		Identification No.)

44350 West ~~Twelve~~12 Mile Road, Novi, MI 48377 (Address of principal executive offices, including zip code)

(248) 735-1000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5 8.0201 ~~Departure~~Other ~~of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers~~Events.

On March 235, ~~2009~~2010, ~~the board of directors of~~ Lotus Bancorp, Inc. (the “Company”) ~~was~~filed ~~notified of~~a ~~the~~Form 15 ~~decision~~to byterminate ~~director~~the registration ~~Sarada~~of ~~Gullapalli~~its ~~not~~common tostock ~~stand~~with ~~for re-election to~~ the ~~Company’s~~Securities ~~board of~~and ~~directors.~~Exchange DrCommission. ~~Gullapalli~~ ~~has~~The ~~decided~~Company toissued ~~devote~~a press ~~more~~release ~~time~~announcing ~~and~~the ~~attention~~filing toof ~~her~~the ~~medical practice~~Form 15, ~~Sarada~~which ~~Gullapalli,~~is ~~MD,~~filed ~~PLLC.~~as ~~The~~an ~~effective~~exhibit ~~date~~to ofthis ~~her~~Current Report ~~departure~~on ~~will~~Form be8-K ~~May 18,~~and ~~2009~~is incorporated herein by reference.

~~Concurrently, the board of directors of the Company has accepted the nomination of Ravindranath Gullapalli to stand for election to the Company’s board of directors in the seat being vacated by Dr.~~Item ~~Gullapalli~~9.01 ~~Dr. Gullapalli~~Financial isStatements ~~Mr. Gullapalli’s wife. Mr. Gullapalli has been a director of the Company’s subsidiary, Lotus Bank (the “Bank”) since February, 2007~~ and ~~is a member of the Bank’s Loan, Asset Liability, and Human Resources committees~~Exhibits. ~~Mr. Gullapalli has also been~~ an advisory member of the Company’s Audit Committee since February, 2007. If Mr. Gullapalli is elected at the Company’s annual meeting of shareholders on May 18, 2009, his term will expire in 2012 (like all other directors standing for re-election at this year’s annual meeting of shareholders).

(d) Exhibits.


Exhibit Number
99.1		Lotus Bancorp, Inc. Press Release

SIGNATURE

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 hereunto duly authorized.

	LOTUS BANCORP, INC.
Date: March 25, 2009	By:	/s/ Satish B. Jasti
Date: March 5, 2010	By:	/s/ Satish B. Jasti
		Satish B. Jasti, President & CEO

Exhibit Index


Exhibit No.		Description
99.1		Lotus Bancorp, Inc. Press Release.

Filing Compare · Lotus Bancorp, Inc.