<PAGE>

                   U. S. SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                 FORM 10-KSB/A
                 Annual Report Pursuant to Section 13 or 15(d)
                    of the Securities Exchange Act of 1934

                  For the Fiscal Year Ended December 31, 1999

                        Commission File Number 0-27448

                     GOLDEN ISLES FINANCIAL HOLDINGS, INC.

                             A Georgia Corporation
                 (IRS Employer Identification No. 58-1756713)
                              3811 Frederica Road
                       St. Simons Island, Georgia 31522
                                (912) 638-0667

                Securities Registered Pursuant to Section 12(b)
                 of the Securities Exchange Act of 1934: None

                Securities Registered Pursuant to Section 12(g)
                    of the Securities Exchange Act of 1934:
                           Common Stock No Par Value
                               (Title of Class)

Check whether the Registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
twelve 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 _____
                   -----

Indicate by a check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-B is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of the Form 10-KSB or any amendment to
this Form 10-KSB.  [_]

The Registrant's revenues for the fiscal year ended December 31, 1999 were
$10,936,587.00.

The aggregate market value of the Common Stock of the Registrant held by
nonaffiliates of the Registrant on March 3, 2000, was $15,009,000.  The
aggregate market value of the Common Stock held by nonaffiliates was computed by
reference to the fair market value of $6.00 per share of the Company's Common
Stock as of March 3, 2000, as reported on NASDAQ, on which the Company's Common
Stock is traded.  For the purpose of this response, directors, officers and
holders of 5% or more of the Registrant's Common Stock are considered the
affiliates of the Registrant at that date. The number of shares outstanding of
the Registrant's Common Stock as of March 3, 2000: 2,501,500 shares of no par
value Common Stock.
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Security Ownership of Management*

                                                                      Percent
Name and Address                                                      -------
of Beneficial Owner                            Number of Shares       of Class
-------------------                            ----------------       --------

L. McRee Harden (1)                                 23,495             .94%
P.O. Box 2369
Darien, GA 31305

Michael D. Hodges (2)                               90,838            3.63%
207 Dunbarton Drive
St. Simons Island, GA 31522

Russell C. Jacobs, Jr. (3)                          24,769             .99%
308 Oak Grove Island Drive
Brunswick, GA 31525

C. Kermit Keenum (4)                                23,687             .95%
100 Old Mountain Road
Powder Springs, GA 30073

Jimmy D. Veal (5)                                   92,458            3.70%
290 Osprey
Brunswick, GA 31525

J. Thomas Whelchel (6)                              56,999            2.28%
22 Boundary Lane
St. Simons Island, GA 31522

Charles R. Acosta (7)                               36,173            1.45%
226 Medinah
St. Simons Island, GA 31522

James M. Fiveash (8)                                14,167             .57%
605 King Cotton Row
Brunswick, GA 31525

Charles K. Werk (9)                                154,636            6.18%
203 Medinah
St. Simons Island, GA 31522

All Directors and Executive                        517,222           20.68%
Officers as a Group (9 persons)

                                      -84-
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                                 SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been duly signed on behalf of Registrant by the undersigned,
thereunto duly authorized, in the City of St. Simons Island, State of Georgia,
on March 24, 2000.

                              GOLDEN ISLES FINANCIAL HOLDINGS, INC.

                              By:    /s/ J. Thomas Whelchel
                                 --------------------------------------------
                                 J. THOMAS WHELCHEL, Chairman of the Board of
                                 Directors and Chief Executive Officer

     Know All Men By These Presents, that each person whose signature appears
below constitutes and appoints J. Thomas Whelchel and Michael D. Hodges, and
either of them (with full power in each to act alone), as true and lawful
attorneys-in-fact, with full power of substitution, for him in his name, place
and stead, in any and all capacities, to sign any amendment to this report, and
to file the same, with exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
and about the premises, as full and to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that each of said
attorneys-in-fact, or either of them, or their substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed by the following persons in the capacities indicated on
March 24, 2000.

  /s/ J. Thomas Whelchel            Chairman of the Board of Directors,
----------------------------        Chief Executive Officer (principal executive
J. Thomas Whelchel                  officer)


  /s/ L. McRee Harden               Director
----------------------------
L. McRee Harden

  /s/ Michael D. Hodges             President, Chief Operating Officer
----------------------------        and Director
Michael D. Hodges

  /s/ Russell C. Jacobs, Jr.        Director
----------------------------
Russell C. Jacobs, Jr.

  /s/ James M. Fiveash              Director
----------------------------
James M. Fiveash

  /s/ Claude Kermit Keenum          Director
----------------------------
Claude Kermit Keenum

  /s/ Charles Ray Acosta            Director
----------------------------
Charles Ray Acosta

  /s/ Jimmy D. Veal                 Vice Chairman of the Board of
----------------------------        Directors; Secretary and Treasurer
Jimmy D. Veal

  /s/ Charles K. Werk               Director
----------------------------
Charles K. Werk

                                      -89-


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INDEX TO EXHIBITS

Exhibit                                                 Sequential
Number                   Description                   Page Number

27                       Financial Data Schedule