<PAGE>   1
                                                                    EXHIBIT 10.3


                              AMENDED AND RESTATED
                          EMPLOYEE STOCK PURCHASE PLAN


      SOUTHERN COMMUNITY BANCORP, a Florida banking corporation, hereby adopts
this Amended and Restated Employee Stock Purchase Plan, for the benefit of its
employees, on the following terms and conditions:

                                   ARTICLE 1
                                    PURPOSE

      The purpose of the Plan is to advance the growth and development of the
Bank by affording an opportunity to employees to purchase shares of the Bank's
common stock, thereby providing incentives for them to put forth maximum
efforts for the success of the Bank's business.

                                   ARTICLE II
                                 DEFINED TERMS

      The following terms shall have the meanings ascribed to them:

      "Annual Enrollment Period" means the period from March 1 to March 31 of
each calendar year during which any Eligible Employee may elect to enroll and
participate in the Plan.

      "Bank" means Southern Community BanCorp, a Florida banking corporation.

      "Board" means the board of the directors of the Bank.

      "Eligible Employee" means any full-time employee of the Bank who has been
employed on a full-time basis for ninety (90) consecutive days.

      "Fair Market Value" means the fair market value of the Stock, which shall
be determined annually by the Board within 90 days after the end of each fiscal
year of the Bank. Fair Market Value determined for an applicable fiscal year
and shall apply for all purposes until the next determination of Fair Market
Value.

      "Participant" means a Bank employee who has elected to participate in the
Plan.

      "Plan" means the Bank's Employee Stock Purchase Plan.

      "Stock" means the authorized and unissued common stock of the Bank, par
value $1.00 per share.

                                  ARTICLE III
                           STOCK RESERVED UNDER PLAN

      The total number of shares of Stock which may be purchased by all
employees under this Plan is fifteen thousand (15,000) shares. The total number
of shares of Stock which may be so issued may be increased only by a resolution
adopted by the Board. Shares of Stock which have been issued pursuant to this
Plan and subsequently repurchased by the Bank under Article VII herein shall be
available for purchase by another Participant.


                                   ARTICLE IV
                                 ADMINISTRATION


      4.1   ADMINISTRATION. The Plan shall be administered by the Board, which
shall have the complete and express authority, subject to the terms of this
Plan, to (i) amend, modify or discontinue the Plan; (ii) determine, establish,
decrease or increase, where it so desires, in its sole and absolute discretion,
the number of shares of Stock available for purchase under the Plan; (iii)
determine and
<PAGE>   2
establish the acceptable methods of payment for shares of Stock purchased under
the Plan, and to take any and all actions required of it hereunder; (iv)
interpret, implement and administer any and all terms and provisions of the
Plan, with advice of counsel or other professionals as may be deemed
appropriate, advisable or otherwise in the best interests of the Bank; (v)
adopt, amend, and rescind interests of the Bank for the administration of the
Plan; and (vi) take any and all such other actions as may be deemed
appropriate, advisable, or otherwise in the best interests of the Bank in the
creation, modification, amendment, administration, and/or discontinuance of the
Plan.

      4.2   EMPLOYMENT OF AGENTS. The Board may employ, upon such terms, as it
deems appropriate in its sole and absolute discretion, such employees, agents,
clerical help, custodians, servants, contractors, professional and other
persons as it may deem appropriate, advisable or otherwise in the best
interests of the Bank to render advice with regard to any responsibility or
obligation it may have under the Plan or to perform other services for the
effective operation and administration of the Plan, including, without
limitation, legal counsel, accountants, trustees and/or certified financial
planners.

      4.3   LIABILITY AND INDEMNIFICATION. The Bank may purchase insurance to
cover potential liability of those persons who shall serve on the Board in
administering the Plan, and the Bank shall indemnify such persons to the
maximum extent permitted by applicable law against any and all liabilities and
expenses incurred in connection with any actions or proceedings to which such
persons may be made a party by reason of their being or having been a member of
the Board and having any responsibility or obligation for the administration of
the Plan; provided, however, that no such person shall be entitled to
indemnification from the Bank for any act determined by a court of competent
jurisdiction to be fraudulent or without good faith. Furthermore, no Board
member shall be liable to any Participant or officer or employee of the Bank
for any action taken or determination made in good faith or at the advice of
counsel.


                                    ARTICLE V
                     ELIGIBILITY AND PARTICIPATION IN PLAN

      5.1   GENERAL. All full-time employees of the Bank who have been employed
on a full-time basis for at least ninety (90) consecutive days shall be deemed
Eligible Employees who may elect to participate in the Plan. No Eligible
Employee shall be required to participate in the Plan and, once enrolled, may
terminate participation at any time.

      5.2   PARTICIPATION IN THE PLAN.

            5.2.1       INITIAL ENROLLMENT PERIOD. Each employee who qualifies
as an Eligible Employee as of October 1, 1999, shall be eligible to participate
and enroll in the Plan during an initial enrollment period commencing effective
October 1, 1999, and continuing through and including October 31, 1999
("Initial Enrollment Period"). The Board shall notify each Eligible Employee of
such eligibility on or before October 10, 1999. An employee who wishes to
participate in the Plan must provide the Board written Notice of Participation
setting forth the payroll deduction requested for each pay period on or before
October 31, 1999. Following the expiration of the Initial Enrollment Period, an
Eligible Employee only may enroll and participate in the Plan under the
provisions of Section 5.2.2. No Eligible Employee shall be obligated to
participate in the Plan or to purchase Stock hereunder.

            5.2.2       ANNUAL ENROLLMENT PERIOD. Following the expiration of
the Initial Enrollment Period, an Eligible Employee who became an Eligible
Employee after October 1, 1999 may enroll as a participant in the Plan only
when first notified by the Board of his/her eligibility to participate during
each Annual Enrollment Period. Within ten (10) days after the date on which an
employee first becomes eligible to participate in this Plan, the Board shall
notify him/her of such eligibility. Within ten (10) days after such employee's
receipt of notification of eligibility, an employee who wishes to participate
in the Plan must provide the Board written Notice of Participation setting
forth the payroll deduction requested for each pay period. Thereafter, (i) any
Eligible Employee who elects not to participate in the Plan upon first becoming
eligible to do so (either during the Initial Enrollment Period or any Annual
Enrollment Period, as the case may be), and (ii) any employee who


                                       2
<PAGE>   3
during a Plan Year elects to terminate participation in the Plan may re-enroll
and participate in the Plan only during the next Annual Enrollment Period by
providing a new Notice of Participation. An employee who elects to participate
in the Plan by purchasing Stock may terminate his participation at any time
during a Plan Year by providing the Board written Notice of Termination of
Participation, however, this Employee will not be eligible to re-enroll and
participate in the Plan until the next Annual Enrollment Period.

                                   ARTICLE VI
                        PURCHASE OF STOCK UNDER THE PLAN

      6.1   METHOD OF PURCHASE AND PURCHASE PRICE. Participants purchasing
Stock under the Plan shall pay for such Stock by means of an automatic payroll
deduction administered by the Board or agents of the Board. Certificates
representing the Stock purchased by each Participant will be issued as set
forth in Section 6.3. The purchase price for the Stock shall be the Fair Market
Value, but shall never be less than $15.00 per share.

      6.2   REPORTS.

            6.2.1       QUARTERLY REPORTS. Within thirty (30) days following
the end of each calendar quarter, the Board will provide each Participant a
report setting forth (i) the number of shares of Stock and the purchase price
paid for such shares purchased in each pay period during such calendar quarter,
(ii) the total number of shares purchased and the aggregate purchase price paid
for all shares of Stock purchased during the quarter, and (iii) the aggregate
number of shares of Stock purchased and the aggregate purchase price paid for
such shares of Stock on a calendar year-to-date basis.

            6.2.2       ANNUAL PLAN REPORTS. The Board shall prepare and
maintain reports annually on the status and implementation of the Plan,
including all purchases thereunder and current Fair Market Value determination.

            6.2.3       ANNUAL REPORT OF BANK. The Bank shall provide each
Participant a copy of the Bank's annual report or other communication issued to
its stockholders.

      6.3   MINIMUM PURCHASE AMOUNT. The minimum purchase per month by any
Participant shall be one (1) share of Stock. All Stock purchases must be made
in even share increments, and no fractional shares may be purchased.

      6.4   LIMITATIONS ON PURCHASE. No Participant may spend in any single pay
period more than ten percent (10%) of his gross wages on the purchase of Stock
under the Plan.

      6.5   NO FRACTIONAL SHARES. No fractional shares of Stock may be
purchased or will be issued. In the even that, as of the end of each calendar
quarter, there remains a balance in any Participant's payroll deduction account
which has not been applied to the purchase of Stock because such purchase, if
applied, would result in the issuance of a fractional share, then such balance
will be carried over and applied to purchases of Stock in the immediately
following calendar quarter. If, at any time of any Participant's termination of
participation in the Plan, there remains a balance in a Participant's payroll
deduction account because application of such balance to the purchase of Stock
would result in the issuance of a fractional share, then the balance in such
account will be returned to such Participant within a reasonable period
following the effective date of such termination.

      6.6   RESTRICTIVE LEGEND. Each certificate for Stock purchased by a
Participant shall contain a legend or legends to the following effect:

                  THESE SHARES HAVE NOT BEEN REGISTERED
                  UNDER THE SECURITIES ACT OF 1933, AS
                  AMENDED (THE "ACT"), THE FLORIDA
                  SECURITIES AND INVESTOR PROTECTION ACT, OR
                  ANY OTHER STATE SECURITIES LAWS AND,
                  THEREFORE, CANNOT BE SOLD UNLESS THEY ARE
                  SUBSEQUENTLY REGISTERED UNDER THE ACT AND
                  ANY



                                       3
<PAGE>   4
                  APPLICABLE STATE SECURITIES LAWS OR AN
                  EXEMPTION FROM REGISTRATION IS AVAILABLE.

                  THE SHARES OF COMMON STOCK EVIDENCED BY
                  THIS CERTIFICATE HAS BEEN ISSUED UNDER THE
                  SOUTHERN COMMUNITY BANCORP EMPLOYEE STOCK
                  PURCHASE PLAN (THE "PLAN") AND ARE SUBJECT
                  TO THE TERMS AND PROVISIONS OF SUCH PLAN.

                  THESE SHARES ARE SUBJECT TO A REPURCHASE
                  AGREEMENT AS SET FORTH IN THE PLAN, AND
                  ANY SALE, TRANSFER, GIFT, PLEDGE, OR
                  ENCUMBRANCE OF THESE SHARES IS SUBJECT TO
                  THIS REPURCHASE AGREEMENT AND RIGHT OF
                  FIRST REFUSAL.

                                  ARTICLE VII
                            BANK'S REPURCHASE RIGHTS

      In the event a Participant ceases to be an employee of the Bank for any
reason, including, without limitation, voluntary termination of employment,
death, retirement, termination due to disability, or termination by the Bank
with or without cause, the Bank shall have the option, but not the obligation,
to purchase all or any part of the shares of Stock purchases by such
Participant under the Plan at any time during the twenty-four (24) months
immediately preceding the effective date of Participant's termination of
employment for a price equal to the Fair Market Value per share of Stock as
determined by the most recent valuation of the Stock by an independent public
accounting firm selected by the Bank. The Bank shall provide the Participant
written notice of the exercise of its repurchase option on or before ninety
(90) days following the effective date of the Employee's termination of
employment. If the Bank elects to purchase such Stock, the purchase price will
be paid in cash and the closing of such purchase shall be thirty (30) days
after the exercise of such rights.


                                  ARTICLE VIII
                         OWNERSHIP AND VOTING OF STOCK

      Once a Participant purchases Stock under the Plan, the Participant shall
be deemed the owner of the Stock for all purposes, subject to the restrictions
set forth in this Plan. The Participant shall be entitled to exercise all
rights of a shareholder of the Stock issued to him/her, including voting and
receipt of dividends, if any.


                                   ARTICLE IX
                             LIABILITY OF THE BANK

      9.1   NO EMPLOYMENT RIGHTS. No provision in this Plan shall confer upon
any Participant any right to continue in the employ of the Bank or to interfere
with the right of the Bank to terminate such person's employment at any time,
nor shall this Plan be construed as evidence of any agreement of understanding,
expressed or implied, that the Bank will employ any Participant in any
particular position or at any particular rate of remuneration or for any
particular period of time. Furthermore, no provision of this Plan shall be
construed so as to limit the right of the Bank to (i) terminate any employee at
will without cause or reason, (ii) make changes, in its sole and absolute
discretion, in its accounting principles or the methods of applying such
principles, or (iii) enter into significant transactions with affiliates or in
the Board's sole and absolute discretion, to modify the Plan.

      9.2   LIMITATION OF LIABILITY. This Plan shall not be construed as
creating any right of any employee of the Bank to receive any benefit
hereunder, or as affecting the rights of the Bank with respect to its
employees, but instead, only as establishing the benefits of eligible
Participants under this Plan, and then only in strict accordance with the terms
hereof. No Participant shall ever have, or may ever assert, any rights or
claims against the Bank, the Board, or any Board member with respect to the
enforcement of any benefits under this Plan. Furthermore, no provision herein
shall be deemed to create a trust or fiduciary relationship between the Bank
(or the Board or any member


                                       4
<PAGE>   5
thereof) and any other person whatsoever, including, without limitation, any
employee, officer, or any eligible Participant hereunder. Furthermore, in the
event that any court of competent jurisdiction determines that any person has
any enforceable right or remedy hereunder vis-a-vis the Bank, such person shall
merely have the status as a general, unsecured creditor of the Bank. As a
condition precedent to participation in this Plan, the Board may require any
Participant or his/her beneficiary to execute a release and/or an indemnity in
such form as it shall determine.


                                   ARTICLE X
                       AMENDMENT AND TERMINATION OF PLAN

      10.1  AMENDMENT AND TERMINATION OF THE PLAN.

            10.1.1      DISCRETION OF THE BOARD. The Board may amend, suspend,
or terminate this Plan at any time without prior notice.

      10.2  AUTOMATIC TERMINATION. This Plan shall terminate automatically on
the earlier of (i) five (5) years after its effective date, or (ii) the date on
which all 15,000 shares of Stock reserved for purchase under this Plan have
been purchased (including all shares which have again become available for
purchase following exercise by the Bank of its repurchase option) unless the
Board shall, in its discretion, elect to terminate this Plan at an earlier date.


                                   ARTICLE XI
                            MISCELLANEOUS PROVISIONS

      11.1  EXCLUSIVE BENEFIT OF EMPLOYEES. This Plan is created for the
exclusive benefit of the Bank and employees, subject to the limitations herein
contained.

      11.2  COOPERATION OF ALL PARTIES. All persons claiming any interest
whatsoever under this Plan shall perform any and all acts and execute any and
all documents or papers which may be necessary or desirable by the Board for
the implementation and administration of this Plan or any of its provisions.

      11.3  IMPOSSIBILITY OF PERFORMANCE. In the event that it becomes
impossible for the Bank or the Board to perform any act under this Plan, or when
the provisions of this Plan are deemed ambiguous or unclear, then that act
shall be performed or action taken which, in the sole and absolute discretion of
the Board, will most nearly carry out the intent and purposes of this Plan
which intent and purposes shall be determined by the Board in good faith in the
best interests of the Bank. All persons in any way interested in this Plan,
including but not limited to, retired, disabled, terminated and deceased
Participants (and their estates and beneficiaries), shall be bound by all acts
performed by the Board or its delegees under such conditions.

      11.4  MISSTATEMENT OF FACT. Notwithstanding anything to the contrary
contained in this Plan, if a Participant shall at any time misstate any fact
relevant to the operation of this Plan, the matter shall be referred to the
Board. The Board shall, in its sole discretion, make such decision and give
such instructions as it shall determine to be equitable under the
circumstances. No member of the Board shall be liable for any action or
non-action taken by it in good faith in such cases.

      11.5  WAIVER; PARTIAL INVALIDITY. No waiver or application of any
provision or term of this Plan by any party hereto or by anyone concerned with
the operation of this Plan, whether such waiver or application be direct or
indirect, express of implied, or written or oral, shall be deemed to constitute
a waiver or application of any other provision or term of this Plan, or any
assent to the application or non-application of any provision or term of this
Plan in any other situation, whether such situation be of the same or of a
different nature. Unless otherwise provided herein, should any provision of
this Plan be held to be unlawful, as to any person or instance, such fact
shall not adversely affect the other provisions herein contained or the
application of said provisions to any other person or instance.

      11.6  APPLICABLE LAW. This Plan shall be construed and enforced in
accordance with the applicable laws of the State of Florida.


                                       5
<PAGE>   6
      11.7  NOTICES. All notices and elections by a Participant shall be in
writing and delivered in person, by certified mail or nationally recognized
courier service to the President or Secretary of the Bank at the principal
office of the Bank. Notices by the Bank shall be delivered to a Participant in
writing either by personal delivery, U.S. Mail or express courier service.

      11.8  EFFECTIVE DATE OF THE PLAN. The effective date of this Plan shall
be the date on which the Board adopts the Plan.

      11.9  RULES OF CONSTRUCTION. Whenever the context so requires, the use of
the masculine gender shall be deemed to include the feminine and vice versa,
and either gender shall be deemed to include the neuter, and vice versa, and
the use of the singular shall be deemed to include the plural and vice versa.

      11.10 HEADINGS. The headings of Articles and Sections of this Plan are
included only for convenience and shall not be construed as a part of this Plan
or in any respect affecting or modifying its provisions.

      11.11 INDEMNIFICATION. Each director of the Bank ("Indemnified Party")
shall be indemnified by the Bank against all costs and reasonable expenses,
including reasonable attorneys' fees, incurred by him in connection with any
action, suit, or proceeding, or in connection with any appeal therefore, to
which he may be a party by reason of any action taken or failure to act under
or in connection with this Plan or any Stock purchased hereunder, and against
all amounts paid by such Indemnified Party in settlement thereof (provided such
settlement is approved in advance by legal counsel selected by the Bank) or
paid by such Indemnified Party in satisfaction of a judgment in any such
action, suit, or proceedings; provided, however, that, within sixty (60) days
after institution of such action, suit, or proceedings, such Indemnified Party
shall in writing offer the Bank the opportunity, at its own expense, to defend
the same; and provided, further, however, that anything contained in this Plan
to the contrary notwithstanding, there shall be no indemnification of an
Indemnified Party who is finally adjudged by a court of competent jurisdiction
to be guilty of, or liable for, willful misconduct, gross neglect of duty, or
criminal actions in connection with this Plan or the sale and issuance of Stock
to any Participant hereunder. The foregoing rights of indemnification shall be
in addition to any other rights of indemnification that an Indemnified Party
may have as a  Director of the Bank.

      Adopted on September 16, 1999, by the Board of Directors.


                              SOUTHERN COMMUNITY BANCORP


                              By: /s/ JOHN G. SQUIRES
                                ---------------------------------
                                John G. Squires, President



                                       6