<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001111196</cik>
        <entityName>Chestatee Bancshares, Inc.</entityName>
        <issuerAddress>
            <street1>6639 HIGHWAY 53 EAST</street1>
            <city>DAWSONVILLE</city>
            <stateOrCountry>GA</stateOrCountry>
            <zipCode>30534</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>7062162265</issuerPhoneNumber>
        <jurisdictionOfInc>GEORGIA</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>CHESTATEE BANCSHARES INC</previousName>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>Philip</middleName>
                <lastName>Hester</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6639 Highway 53</street1>
                <city>Dawsonville</city>
                <stateOrCountry>GA</stateOrCountry>
                <zipCode>30534</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Nathan</firstName>
                <lastName>Collins</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6639 Highway 53</street1>
                <city>Dawsonville</city>
                <stateOrCountry>GA</stateOrCountry>
                <zipCode>30534</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <middleName>M.</middleName>
                <lastName>Curry</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6639 Highway 53</street1>
                <city>Dawsonville</city>
                <stateOrCountry>GA</stateOrCountry>
                <zipCode>30534</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Anthony</firstName>
                <lastName>Straub</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6639 Highway 53</street1>
                <city>Dawsonville</city>
                <stateOrCountry>GA</stateOrCountry>
                <zipCode>30534</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>William</firstName>
                <middleName>Alan</middleName>
                <lastName>McRae</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6639 Highway 53</street1>
                <city>Dawsonville</city>
                <stateOrCountry>GA</stateOrCountry>
                <zipCode>30534</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <middleName>H.</middleName>
                <lastName>Grogan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6639 Highway 53</street1>
                <city>Dawsonville</city>
                <stateOrCountry>GA</stateOrCountry>
                <zipCode>30534</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Marcus</firstName>
                <middleName>Calvin</middleName>
                <lastName>Byrd</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6639 Highway 53</street1>
                <city>Dawsonville</city>
                <stateOrCountry>GA</stateOrCountry>
                <zipCode>30534</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Glennon</firstName>
                <middleName>Clay</middleName>
                <lastName>Grogan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6639 Highway 53</street1>
                <city>Dawsonville</city>
                <stateOrCountry>GA</stateOrCountry>
                <zipCode>30534</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Andrew</firstName>
                <middleName>M.</middleName>
                <lastName>Head</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6639 Highway 53</street1>
                <city>Dawsonville</city>
                <stateOrCountry>GA</stateOrCountry>
                <zipCode>30534</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kim</firstName>
                <middleName>M.</middleName>
                <lastName>Mills</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6639 Highway 53</street1>
                <city>Dawsonville</city>
                <stateOrCountry>GA</stateOrCountry>
                <zipCode>30534</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Martin</firstName>
                <lastName>Wilson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6639 Highway 53</street1>
                <city>Dawsonville</city>
                <stateOrCountry>GA</stateOrCountry>
                <zipCode>30534</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial Banking</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>$5,000,001 - $25,000,000</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-03-11</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isOptionToAcquireType>true</isOptionToAcquireType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>25000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>5000000</totalOfferingAmount>
            <totalAmountSold>25000</totalAmountSold>
            <totalRemaining>4975000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>0</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Chestatee Bancshares, Inc.</issuerName>
                <signatureName>Nathan Collins</signatureName>
                <nameOfSigner>Nathan Collins</nameOfSigner>
                <signatureTitle>CFO</signatureTitle>
                <signatureDate>2010-03-26</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
