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 of 1934

       Date of Report (date of earliest event reported): January 12, 2001

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

           Delaware                     000-15205                592518405
(State or other jurisdiction           (Commission             (IRS Employer
       of incorporation)               File Number)          Identification No.)


 6428 Parkland Drive, Sarasota, Florida                             34243
(Address of principal executive offices)                         (Zip Code)

                         Registrant's telephone number,
                       including area code: (941) 758-0389

                                     <PAGE>

Item 5. Other Events

      On January 12, 2001,  Bank of America,  N.A.  (the "Bank") filed a lawsuit
under case number  2001CA192  against Elcotel,  Inc. and its  subsidiaries  (the
"Company")  in the  Circuit  Court of the  Twelfth  Judicial  Circuit in and for
Manatee  County,  Florida Civil Division (the  "Court").  The suit is seeking to
foreclose on a mortgage and other security  agreements on the Company's real and
personal  property  and  substantially  all  other  assets of the  Company  (the
"Collateral")  securing obligations payable to the Bank pursuant to the terms of
the loan agreements between the Company and the Bank. As previously disclosed in
the Company's  Quarterly Report on Form 10-Q for the Quarter Ended September 30,
2000, all obligations  outstanding  pursuant to the loan agreements  between the
Company  and the Bank  became due and  payable  on  September  30,  2000 and the
Company defaulted with regard to the payment thereof.  The suit alleges that the
Company has failed to pay its obligations  under the loan  agreements  including
principal of approximately $11.2 million,  non-default interest of approximately
$509,000, default interest, fees, expenses and costs and breached other terms of
the loan agreements,  and requests the Court to enter a judgment of foreclosure,
appoint a receiver to take  possession and control over the Collateral and award
the Bank such other and further relief appropriate under the circumstances.

      On January 22, 2001, the Elcotel, Inc. and its subsidiaries  (collectively
the "Debtors")  filed voluntary  petitions under chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the Middle District of
Florida (the "Bankruptcy  Court"),  which cases are jointly  administered  under
case number  01011077  (the "Chapter 11  Proceeding").  The Company is presently
operating   its  business  as   debtor-in-possession   and  is  subject  to  the
jurisdiction  of  the  Bankruptcy  Court  while  a  plan  of  reorganization  is
formulated. As a debtor-in-possession,  the Company is authorized to continue to
operate its business in the ordinary course during the Chapter 11 Proceeding. In
addition,  Section 362 of the  Bankruptcy  Code imposes an  automatic  stay that
precludes any creditors,  including the Bank and other interested parties,  from
taking any remedial action outside of the Chapter 11 Proceeding.


                                       2

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                                   SIGNATURES

      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.

                                       ELCOTEL, INC.

Date: January 22, 2001                 By: /s/ William H. Thompson
                                           -------------------------------------
                                           William H. Thompson
                                           Senior Vice President,
                                           Administration and Finance