U.S. SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

(Mark One)

X        Quarterly report pursuant to Section 13 or 15(d) of the
         Securities Exchange Act of 1934 For the quarterly period ended March
         31, 2001

___      Transition report pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934
         For the transition period from _______________ to ________________

                          Commission File No. 333-41545

                                 ebank.com, Inc.
--------------------------------------------------------------------------------
        (Exact Name of Small Business Issuer as Specified in its Charter)

          Georgia                                58-2349097
          -------                                ----------
 (State of Incorporation)           (I.R.S. Employer Identification No.)

                  2410 Paces Ferry Road, Atlanta, Georgia 30339
                    (Address of Principal Executive Offices)

                                 (770) 863-9229
                (Issuer's Telephone Number, Including Area Code)

                                 Not Applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last
Report)


     Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 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

     State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:

     1,469,250 shares of common stock, par value $.01 per share, were issued and
outstanding as of May 7, 2001.

         Transitional Small Business Disclosure Format:    Yes          No   X
                                                               --           --



<PAGE>
                                 ebank.com, Inc.
                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS
<TABLE>
<CAPTION>
                                                                             March 31,        December 31,
                                                                                2001            2001
                                                                                ----            ----
                                                                            (Unaudited)         (Audited)

<S>                                                                     <C>                   <C>
Cash and due from banks                                                 $       752,572       $      2,163,472
Interest bearing deposits in banks                                               25,108                 11,284
Federal funds sold                                                            6,019,000              3,330,000
Securities available for sale                                                   151,500                125,600
Loans, net of allowance for loan losses of $1,500,934 and                    69,323,714             68,123,423
$1,500,934, respectively
Premises and equipment, net                                                   1,965,820              2,141,767
Accrued interest receivable                                                     482,846                517,040
Other assets                                                                    185,213                826,384
                                                                        ---------------       ----------------
         Total assets                                                   $    78,905,773       $     77,238,970
                                                                        ===============       ================

                      LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                $      70,677,231     $     68,624,164
Accrued interest payable                                                          231,042              248,463
Other borrowings                                                                1,668,825            2,686,880
Other liabilities                                                                 195,631              659,023
                                                                        -----------------     ----------------
         Total liabilities                                                     72,772,729           72,218,530
                                                                        -----------------     ----------------

SHAREHOLDERS' EQUITY
Preferred stock, $.01 par value, 8% cumulative, convertible into one               13,598                9,118
share of common stock; 10,000,000 shares authorized; 1,359,760 and
911,760 issued and outstanding at March 31,2001 and December 31, 2000,
respectively; $88,881 and $25,592 accumulated undeclared dividends at
March 31, 2001 and December 31, 2000, respectively.
Common stock, $.01 par value, 10,000,000 shares authorized, 1,469,250
shares issued and outstanding                                                      14,693               14,693
Capital surplus                                                                16,760,408           15,700,198
Accumulated deficit                                                           (10,565,655)         (10,613,569)
Accumulated other comprehensive loss                                              (90,000)             (90,000)
                                                                        ------------------    -----------------
           Total shareholders' equity                                           6,133,044            5,020,440
                                                                        -----------------     ----------------

          Total liabilities and shareholders' equity                    $      78,905,773     $     77,238,970
                                                                        =================     ================


</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements


<PAGE>


                                 ebank.com, Inc.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                       For the three months ended
                                                                               March 31 ,
Interest income                                                         2001                   2000
                                                                        ----                   ----
<S>                                                          <C>                            <C>
         Loans, including fees.........................      $    1,754,540                 1,234,887
         Investment securities:
             U.S. Government agencies and
             corporations..............................                 ___                     2,503
         Other investments.............................               1,295                     1,217
         Federal funds sold............................              26,915                    34,032
                                                             --------------            --------------
         Total interest income.........................           1,782,750                 1,272,639
                                                             --------------            --------------
Interest expense
         Interest bearing demand and money market                   176,077                   179,967
         Savings.......................................                 514                       212
         Time deposits of $100,000 or more.............             203,687                   133,859
         Other time deposits...........................             610,848                   265,689
         Other borrowings..............................              34,787                     2,974
                                                             --------------            --------------
         Total interest expense........................           1,025,913                   582,701
                                                             --------------            --------------
Net interest income....................................             756,837                   689,938
Provision for possible loan losses.....................                  --                    58,000
                                                             --------------            --------------
Net inteInterest income after provision
         for possible loan losses......................             756,837                   631,938
                                                             --------------            --------------
Other income...........................................             149,868                    24,318
                                                             --------------            --------------
Other expense
         Salaries and other compensation...............             465,445                   630,668
         Employee benefits.............................             114,563                   202,957
         Net occupancy and equipment expense...........             314,862                   293,054
         Professional and other outside services.......            (116,291)                  996,304
         Other expense.................................              80,211                   118,000
                                                             --------------            --------------
               Total other expenses....................             858,790                 2,240,983
                                                             --------------            --------------
Income (loss) before income tax benefit................              47,915                (1,584,727)
Income tax ............................................                  --                        --
                                                             --------------            --------------
         Net income (loss).............................      $       47,915            $   (1,584,727)
                                                             ==============            ==============
Basic and diluted (loss) per common share..............      $        (.01)            $        (1.06)
                                                             ==============            ==============

</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.


<PAGE>


                                 ebank.com, Inc.
             Consolidated Statements of Comprehensive Income (Loss)
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                          For the three months ended
                                                                                   March 31,
                                                                                   ---------
                                                                            2001                      2000
                                                                            ----                      ----
<S>                                                           <C>                               <C>
Net income (loss)                                             $     47,915                      $ (1,584,727)
Other comprehensive loss:
       Unrealized loss on securities
          available for sale                                            --                               --
                                                              ------------                      ------------
Comprehensive income / (loss)                                   $   47,915                      $ (1,584,727)
                                                              ============                      =============

</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.



<PAGE>


                                 ebank.com, Inc.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                     For the three months ended
                                                                                              March 31,
                                                                                          2001                 2000
                                                                                          ----                 ----

<S>                                                                           <C>
Cash flows from operating activities:
         Net income (loss)                                                    $              47,915       $  (1,584,727)
         Adjustment to reconcile net income (loss)
                  to net cash used in operating activities:
         Net accretion of investment securities                                                 ---              (3,650)
         Depreciation expense                                                               167,142             112,134
         Provision for possible loan losses                                                     ---              58,000
             Gain on sale of other real estate owned                                       (120,764)                ---
         Decrease (increase) in other assets                                                 26,938            (856,773)
         Decrease (increase) in accrued interest receivable                                  34,194            (164,597)
         (Decrease) increase in accrued interest payable                                    (17,421)             16,516
         (Decrease) increase in other liabilities                                          (463,394)                884
                                                                              ---------------------   -----------------
                  Net cash used in operating activities                                    (325,390)         (2,422,213)
                                                                              ---------------------   -----------------
Cash flows from investing activities:
         Purchase of securities available for sale                                          (25,900)             (2,600)
         Maturities of securities available for sale                                            ---           1,000,000
         Loans originated, net of principal repayments                                   (1,200,291)         (2,512,568)
             Net proceeds from sale of other real estate owned                              734,998                 ---
             Refund of equipment cost                                                        22,500                 ---
         Purchases of furniture and equipment                                               (13,695)            (811,513)
                                                                              ---------------------  -------------------
                  Net cash used by investing activities                                    (482,388)          (2,326,681)
                                                                              ---------------------  -------------------
Cash flows from financing activities:
         Net proceeds from sale of preferred stock                                        1,064,690                  ---
         Principal repayments of other borrowings                                        (1,018,055)                 ---
         Net increase in deposits                                                         2,053,067            7,385,728
                                                                              --------------------- -------------------
                  Net cash provided by financing activities                               2,099,702            7,385,728
                                                                              ---------------------  -------------------
Net increase in cash and cash equivalents                                                 1,291,924            2,636,834

Cash and cash equivalents:
         Beginning of period                                                              5,504,756              772,899
                                                                              ---------------------  -------------------
         End of period                                                        $           6,796,680  $         3,409,733
                                                                              =====================  ===================


</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.


<PAGE>



                                 ebank.com, Inc.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

NOTE 1 -BASIS OF PRESENTATION

         The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and Item 310 (b)
of Regulation S-B. Accordingly, they do not include all the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring adjustments) considered necessary for a fair presentation
have been included. Operating results for the three month period ended March 31,
2001 are not necessarily indicative of the results that may be expected for the
year ending December 31, 2001. For further information, refer to our
consolidated financial statements and footnotes included in our annual report on
Form 10-KSB.

         ebank.com, Inc. (formerly known as Southeastern Commerce Holding
Company) provides a full range of banking and bank-related services to
individual and corporate customers through its bank subsidiary, located in north
Atlanta, Georgia. Shortly after the opening of the bank subsidiary, plans were
developed to offer Internet banking services, and regulatory approval for such
services was obtained in December 1998. Effective April 20, 1999, the corporate
name was changed to "ebank.com, Inc." and the Internet domain name "ebank.com"
was acquired. Internet banking services began on June 30, 1999. ebank.com, Inc.
and its subsidiary are subject to intense competition for all banking services,
including Internet banking, from other financial institutions and nonbank
financial service companies.

         ebank.com, Inc. was incorporated under the laws of the State of Georgia
on August 22, 1997 to operate as a unitary thrift holding company under the
supervision of the Office of Thrift Supervision. ebank began as a general
banking business on August 17, 1998, as a wholly owned subsidiary of the
company. The consolidated financial statements include the accounts of the
company and its wholly owned subsidiary, the bank, collectively known as the
"company." All significant intercompany accounts and transactions have been
eliminated in consolidation.



<PAGE>


NOTE 2 -LOSSES PER COMMON SHARE

                  Presented below is a summary of the components used to
                  calculate basic and diluted losses per common share.
<TABLE>
<CAPTION>

                                                                                          For the three months ended
                                                                                               March 31,
                                                                                         ------------------------------------
                                                                                              2001                2000
                                                                                         ----------------   -----------------

  <S>                                                                                <C>                      <C>
                  Basic Losses Per Common Share:
                     Weighted average common shares outstanding                                 1,469,250           1,497,635
                                                                                        =================  ==================

                     Net income (loss)                                                  $          47,915    $     (1,584,727)
                     Undeclared preferred stock dividends                                         (63,289)                  -
                                                                                        -----------------  ------------------

                     Net loss attributable to common stockholders                       $         (15,374)   $     (1,584,727)
                                                                                        =================  ==================

                     Basic losses per common share                                      $            (.01)   $          (1.06)
                                                                                        =================  ==================

                  Diluted Losses Per Common Share:
                     Weighted average common shares outstanding                                 1,469,250           1,497,635
                     Net effect of the assumed exercise of stock
                        options and warrants based on the treasury stock method
                        using average market prices for the year                                        -                   -
                     Net effect of convertible preferred stock                                          -                   -
                                                                                        -----------------  ------------------
                     Total weighted average common shares and
                        common stock equivalents outstanding                                    1,469,250           1,497,635
                                                                                        =================  ==================

                     Net loss attributable to common stockholders                       $         (15,374)   $     (1,584,727)
                                                                                        =================  ==================

                     Diluted losses per common share                                    $            (.01)   $          (1.06)
                                                                                        =================  ==================
</TABLE>


NOTE 3 - NEW ACCOUNTING PRONOUNCEMENTS

Accounting Pronouncements

         The Financial Accounting Standards Board has issued Statement of
Financial Accounting Standards No. 133 (SFAS 133) "Accounting for Derivative
Instruments and Hedging Activities." SFAS 133 is effective for fiscal years
beginning after June 15, 2000. Under SFAS 133, a company recognizes all
derivative instruments in the statement of financial position as either assets
or liabilities and will measure them at fair value. The difference between a
derivative's previous carrying amount and its fair value is reported as a
transition adjustment presented in net income or other comprehensive income, as
appropriate, in a manner similar to the cumulative effect of a change in
accounting principle. This statement also determines the accounting for the
changes in fair value of a derivative, depending on the intended use of the
derivative and resulting designation. The adoption of SFAS 133 did not have a
significant impact on the consolidated financial condition or our results of
operations.



<PAGE>


NOTE 4 - ACCUMULATED OTHER COMPREHENSIVE LOSS

         Accumulated other comprehensive loss is as follows:
Unrealized
                                                             Gains (Losses)
                                                             On Securities
                                                             -------------

                   Beginning balance - December 31, 2000   $  (90,000)
                   Current - period change                         --
                                                           ------------
                   Ending balance -  March 31, 2001        $  ( 90,000)
                                                           ============

NOTE 5 - OTHER BORROWING

         The company established a $2,500,000 credit line in July 2000. Interest
on the note is payable quarterly at prime minus .50% (7.50% at March 31, 2001).
The note, due July 31, 2001, is collateralized by common stock of the bank, and
guaranteed by the Company's organizing directors. The principal balance on the
note at March 31, 2001 was $1,500,000.

NOTE 6 - CAPITALIZED LEASE OBLIGATION

         The Company capitalized a lease obligation during the quarter ended
September 30, 2000. The terms of the lease require payments of $7,390 for a term
of 36 months. The Company recognized a capital lease asset and related
obligation under the capital lease in the amount of $221,981. The remaining
obligation was $168,825 as of March 31, 2001.

NOTE 7 - PREFERRED STOCK

         In the third and fourth quarters of 2000 and the first quarter of 2001,
the Company offered, through a private placement memorandum, to sell up to
500,000 "capital units" at a price of $10 per unit. Each capital unit consists
of four shares of 8% cumulative preferred stock and a warrant to purchase two
shares of common stock for $3.50 per share. Each share of preferred stock is
convertible into one share of common stock. The preferred stock is convertible
at any time at the option of the holder. In addition, the Company can require
conversion of the preferred stock if the closing price of its common stock
equals or exceeds $10.00 per share for fifteen consecutive trading days. At the
Company's election, dividends on the preferred stock may be paid in cash or in
additional shares of common stock. Currently, the Company can pay no cash
dividends. The warrants terminate on the earlier of five years or thirty days
after the Company notifies the holder that the closing price of the Company's
common stock has equaled or exceeded $5.00 per share for twenty consecutive
trading days.

             In connection with the sale of the preferred stock, the Company has
agreed to pay its underwriter (a) a commission equal to 10% of the sales price
for each unit sold by the underwriter (with the exception of units sold to
directors and officers of the Company or units sold to investors located by the
Company's directors and officers who purchase at least 50,000 units) plus (b) a
$25,000 fee when 50,000 units have been sold by the underwriter, plus (c) a
warrant to purchase 200,000 shares of the Company's common stock at a price of
$4.00 per share, exercisable for a period of five years.


<PAGE>

<TABLE>
<CAPTION>


     A summary of the preferred stock issued as of March 31, 2001 follows:

<S>                                                                                  <C>
Capital units sold                                                                                 339,940
                                                                                          ================

Gross proceeds from offering                                                               $     3,399,400

Offering costs including underwriter commission                                                   (347,466)
                                                                                           ---------------

Net proceeds received from offering                                                        $     3,051,934
                                                                                           ===============

Preferred shares issued                                                                          1,359,760
                                                                                           ===============

Accumulated undeclared dividends                                                           $        88,881
                                                                                           ===============

Common stock available for purchase under warrants issued to preferred shareholders                679,880

Common stock available for purchase under warrants issued to underwriter                           200,000
                                                                                           ---------------

Total common stock available for purchase under warrants                                           879,880
                                                                                           ===============
</TABLE>



<PAGE>

PART I - FINANCIAL INFORMATION

Item 2.  Management's Discussion and Analysis or Plan of Operation.

         This Report contains statements, which constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
the Securities Exchange Act of 1934. These statements are based on many
assumptions and estimates and are not guarantees of future performance. Our
actual results may differ materially from those projected in any forward-looking
statements, as they will depend on many factors about which we are unsure,
including many factors, which are beyond our control. The words "may," "would,"
"could," "will," "expect," "anticipate," "believe," "intend," "plan," and
"estimate," as well as similar expressions, are meant to identify such
forward-looking statements. Other potential risks and uncertainties include, but
are not limited to:

o        significant increases in competitive pressure in the banking and
         financial services industries;

o        changes in the interest rate environment which could reduce anticipated
         or actual margins;

o        changes in political conditions or the legislative or regulatory
         environment;

o        general economic conditions, either nationally or regionally and
         especially in primary service area, becoming less favorable than
         expected resulting in, among other things, a deterioration in credit
         quality;

o        changes occurring in business conditions and inflation;

o        changes in technology;

o        changes in monetary and tax policies;

o        changes in the securities markets; and

o        other risks and uncertainties detailed from time to time in our filings
         with the Securities and Exchange Commission.

Financial Condition

         Total consolidated assets increased by $1,666,803, or 2.2%, to
$78,905,773 during the three month period ended March 31, 2001. The increase was
generated primarily through a net increase in deposits of $2,053,067, or 3.0%.

         At March 31, 2001, our assets consisted primarily of federal funds sold
of $6,019,000, net loans of $69,323,714, and property at cost less accumulated
depreciation of $1,965,820. Our liabilities at March 31, 2001 totaled
$72,772,729, consisting of deposits of $70,677,231, accrued expenses and other
liabilities of $426,673, and other borrowings of $1,668,825. Our shareholders'
equity totaled $6,133,044 at March 31, 2001.



<PAGE>


Results of Operations

         From the bank's opening date on August 17, 1998 through March 31, 2001,
the bank had attracted approximately $71 million in deposits and net loans of
$69 million. Net interest income, before provision for loan losses, for the
three-month period ending March 31, 2001 totaled $756,837, compared to net
interest income, before provision for loan losses, of $689,938 for the
three-month period ending March 31, 2000. This increase in net interest income
in the first quarter of 2001 over the first quarter of 2000 was primarily due to
an increase in average loans outstanding.

         Our provision for loan losses for the three months ended March 31, 2001
and 2000 was $0 and $58,000, respectively. Other income earned for the three
months ended March 31, 2001 and 2000 was $149,868 and $24,318, respectively.
Included in other income for 2001 was a gain of $120,764 recognized on the sale
of other real estate owned.

         On an annualized basis, exclusive of the gain on sale of other real
estate owned, other income represents less than 0.15% of total assets. This
figure is relatively low because in order to attract new banking relationships,
the bank's fee structure and charges are low when compared to other banks.

         Operating expenses for the three-month period ending March 31, 2001
totaled $858,790, including salaries and other compensation of $465,445,
employee benefits expenses of $114,563, occupancy and equipment expenses of
$314,862, professional and other outside services of $155,954 less favorable
resolutions to vendor fee disputes totaling $272,245, and other expenses of
$80,211. On an annualized basis, other expenses represent 4.35% of total assets.
Operating expenses for the three-month period ending March 31, 2000 totaled
$2,240,983. Therefore, operating expenses decreased by $1,382,193 for the
three-month period ending March 31, 2001 as compared to the same period in 2000.

         We had a net income of $47,915 for the three-month period ended March
31, 2001, compared to a net loss of $1,584,727 for the three-month period ended
March 31, 2000. After taking into account $63,289 in undeclared dividends on
preferred stock, we had a net loss of $(.01) per common share for the
three-month period ended March 31, 2001, compared to a net loss of $(1.06) per
common share for the three-month period ended March 31, 2000.

Allowance for Loan Losses

         There are risks inherent in making all loans, including risks with
respect to the period of time over which loans may be repaid, risks resulting
from changes in economic and industry conditions, risks inherent in dealing with
individual borrowers, and, in the case of a collateralized loan, risks resulting
from uncertainties about the future value of the collateral. To address these
risks, we have developed policies and procedures to evaluate the overall quality
of our credit portfolio and the timely identification of potential problem
loans. We maintain an allowance for possible loan losses, which we establish
through charges in the form of a provision for loan losses. We charge loan
losses and credit recoveries directly to this allowance.

         We attempt to maintain the allowance at a level that will be adequate
to provide for potential losses in our loan portfolio. To maintain the allowance
at an adequate level, we periodically make additions to the allowance by
charging an expense to the provision for loan losses on our statement of
operations. We evaluate the allowance for loan losses on an overall portfolio
basis, as well as allocating the allowance to loan categories. We consider a
number of factors in determining the level of this allowance, including our
total amount of outstanding loans, our amount of past due loans, our historic
loan loss experience, general economic conditions, and our assessment of
potential losses. Our evaluation is inherently subjective as it requires
estimates that are susceptible to significant change. Our losses will
undoubtedly vary from our estimates, and there is a possibility that charge-offs
in future periods will exceed the allowance for loan losses as estimated at any
point in time.

<PAGE>


         As of March 31, 2001, and December 31, 2000, the allowance was
$1,500,934. The allowance for loan losses, as a percentage of total gross loans,
was 2.12% as of March 31, 2001, compared to 2.16% as of December 31, 2000. We
did not have any past due loans greater than 60 days as of March 31, 2001. There
were no loans charged-off for the three-month period ending March 31, 2001.

Average Balances, Income and Expense, and Rates

         Net interest income represents the difference between interest received
on interest earning assets and interest paid on interest bearing liabilities.
The following represents, in a tabular form, the main components of
interest-earning assets and interest-bearing liabilities for the three months
ended March 31, 2001:

            Interest                                    Interest
        Earning Assets/            Average              Income/           Yield/
      Bearing Liabilities          Balance               Cost              Cost
      --------------------         -------              --------          ------

Federal funds sold            $     2,312,431     $        26,915        4.66%
Investment securities                  66,454               1,295        7.79%
Loans                              71,828,440           1,754,540        9.77%
                              ---------------     ---------------      -------

     Total                    $    74,207,325     $     1,782,750        9.61%
                              ===============     ===============      =======

Deposits                           70,595,562             991,126        5.62%
Other borrowings                    1,504,529              34,787        9.25%
                              ---------------     ---------------      -------


     Total                    $    72,100,091     $     1,025,913        5.69%
                              ===============     ===============      =======

Net interest income/spread                        $       756,837        3.92%
                                                  ===============      =======

Net interest margin                                                      4.08%
                                                                       =======



         The net interest margin for the first quarter of 2001 has decreased to
4.08% as compared to 5.39% for the first quarter of 2000 and 4.46% for the
entire year of 2000. This decrease is due to decreases in the prime rate. As the
prime rate has decreased, the rates earned on our variable rate loans has
decreased as well. We are not able to reprice our interest bearing liabilities
as quickly as these loan rates have decreased. As deposits mature and are
repriced, we expect our net interest margin to increase.


  Liquidity and Sources of Capital

         Liquidity is our ability to meet all deposit withdrawals immediately,
while also providing for the credit needs of customers. The March 31, 2001
financial statements evidence a satisfactory liquidity position as total cash,
cash equivalents, and federal funds sold amounted to approximately $6.8 million,
or 8.6% of total assets. Additionally, our ability to maintain and expand our
deposit base and borrowing capabilities are a source of liquidity. For the
three-month period ended March 31, 2001, total deposits increased from $68.6
million to $70.7 million, representing an increase of 3.0%. We closely monitor
and attempt to maintain appropriate levels of interest-earning assets and
interest-bearing liabilities so that maturities of assets are such that adequate
funds are available to meet our customer withdrawals and loan demand.


<PAGE>


         The company and the bank maintain adequate levels of capitalization as
measured by the following capital ratios and the respective minimum capital
requirements by the OTS, the bank's primary regulator.

                                                 Bank     Company     Minimum
                                               Capital    Capital   Regulatory
           Capital ratios at March 31, 2001     Ratio     Ratio    Requirement
                                                -----     -----    -----------
           Tier 1 capital                           8.9%     5.6        4.0%
           Tier 2 capital                           1.3%     4.1%
                                               ---------  -------    -------
             Total risk-based capital ratio        10.2%     9.7%       8.0%
                                               =========  =======    =======

           Leverage ratio                           8.3%     5.2%       4.0%
                                               =========  =======    =======


         The OTS has established a 3.0% minimum leverage ratio requirement. The
leverage ratio is computed by dividing Tier 1 capital into average assets. For
all except the highest rated banks, the minimum leverage ratio should be 3.0%
plus an additional cushion of at least 1 to 2 percent, depending upon risk
profiles and other factors.

         We believe that, as of March 31, 2001, we meet all capital requirements
to which we are subject.

Liquidity And Rate Sensitivity

         Asset/liability management is the process by which we monitor and
control the mix and maturities of our assets and liabilities. The essential
purposes of asset/liability management are to ensure adequate liquidity and to
maintain an appropriate balance between interest sensitive assets and
liabilities to minimize potentially adverse impacts on earnings from changes in
market interest rates.

         We measure interest rate sensitivity as the difference between amounts
of interest-earning assets and interest-bearing liabilities, which either
reprice or mature within a given period of time. The difference, or the interest
rate repricing "gap," provides an indication of the extent to which an
institution's interest rate spread will be affected by changes in interest
rates. A gap is considered positive when the amount of interest-rate sensitive
assets exceeds the amount of interest-sensitive liabilities, and is considered
negative when the amount of interest-rate sensitive liabilities exceeds the
amount of interest-sensitive assets. Generally, during a period of rising
interest rates, a negative gap within shorter maturities would adversely affect
net interest income, while a positive gap within shorter maturities would result
in an increase in net interest income, and during a period of falling interest
rates, a negative gap within shorter maturities would result in an increase in
net interest income while a positive gap within shorter maturities would have
the opposite effect.

<PAGE>


         The table below shows the interest rate sensitivity of our assets and
liabilities as of March 31, 2001:
<TABLE>
<CAPTION>

                                                         After three
                                            Within        but within         After one
                                            Three           twelve          But within    After five
                                            Months          months          five years      Years           Total

                                                                    (Dollars in Thousands)

<S>                                      <C>             <C>                <C>           <C>           <C>
 Interest-earning assets:
   Federal funds sold                    $    6,019      $       --         $        --   $       --    $     6,019
   Interest earning deposits                     25              --                  --           --             25
   Other securities                              92              --                  --           --             92
    Loans                                    43,978           2,466              17,687        6,694         70,825
                                         ----------      ==========         ===========   ==========    -----------
 Total earning assets                    $   50,114      $    2,466         $    17,687   $    6,694    $    76,961
                                         ==========      ==========         ===========   ==========    ===========

 Interest-bearing liabilities:
   Money market, savings and NOW         $   15,369      $       --         $        --   $       --    $    15,369
   Time deposits                             13,409          33,727               3,478           --         50,614
   Other borrowings                              19           1,558                  92           --          1,669
                                         ----------      ----------         -----------   ----------    -----------
 Total interest-bearing liabilities      $   28,797      $   35,285         $     3,570   $       --    $    67,652
                                         ==========      ==========         ===========   ===========   ===========

 Interest-sensitivity gap                $   21,317      $  (32,819)        $    14,117   $     6,694   $        --
                                         ==========      ==========         ===========   ===========   ===========
 Cumulative interest-sensitivity gap     $   21,317      $  (11,502)        $     2,615   $     9,309   $     9,309
                                         ==========      ==========         ===========   ===========   ===========



 Ratio of interest-sensitivity gap to
   total earning assets                       27.70%         (42.64)%           18.34%          8.70%

 Ratio of cumulative
   interest-sensitivity gap to total
   earning assets                             27.70%         (14.95)%            3.40%         12.10%

</TABLE>

         As evidenced by the table above, we are cumulatively
liability-sensitive at one year. However, our gap analysis is not a precise
indicator of its interest sensitivity position. The analysis presents only a
static view of the timing of maturities and repricing opportunities, without
taking into consideration that changes in interest rates do not affect all
assets and liabilities equally. Net interest income may be impacted by other
significant factors in a given interest rate environment, including changes in
the volume and mix of earning assets and interest-bearing liabilities.


<PAGE>



Loan Portfolio

         Because loans typically provide higher interest yields than do other
types of earning assets, our intent is to channel a substantial percentage of
our earning assets into the loans category. Average gross loans were
approximately $72,035,680 for the three-month period ended March 31, 2001. Total
gross loans outstanding at March 31, 2001 were $71,021,523.

         The following table summarizes the composition of the loan portfolio at
March 31, 2001:

                                                                     Percent
                                            Amount                   of total
                                        ----------------            -----------

 Commercial                             $    13,101,244                 18.45%
 Real estate - individual                    10,173,080                 14.32%
 Real estate - commercial                    44,853,206                 63.16%
 Installment loans to individuals             2,893,993                  4.07%
                                        ----------------            -----------
 Total loans                                 71,021,523                100.00%
                                                                    ===========
 Less:   Net deferred loan fees                (196,875)
         Allowance for loan loss             (1,500,934)
                                        ----------------
 Total net loans                            $69,323,714
                                        ================

         The principal components of our loan portfolio at March 31, 2001 were
mortgage loans and commercial loans, which represented 95.93% of the portfolio.
Due to the relative short time the portfolio has existed, the current mix of
loans may not be indicative of the ongoing portfolio mix. We will attempt to
maintain a relatively diversified loan portfolio to help reduce the risk
inherent in concentration of collateral.

Regulatory Matters

         From time to time, various bills are introduced in the United States
Congress with respect to the regulation of financial institutions. Certain of
these proposals, if adopted, could significantly change the regulation of banks
and the financial services industry. We cannot predict whether any of these
proposals will be adopted or, if adopted, how these proposals would affect us.



<PAGE>


                                     PART II
                                OTHER INFORMATION
Item 1.  Legal Proceedings.

         In late May 1999, we received a notice from Huntington Bancshares
Incorporated asserting that it has superior trademark rights in the name
"ebank." In 1996, Huntington Bancshares Incorporated obtained a federal
trademark registration for the term "E-BANK." Based on our review of materials
Huntington sent us describing its use of the term "E-BANK," we believe that
Huntington's use of the term is limited to a description of a system platform,
which Huntington at one time offered or planned to offer on a wholesale basis to
other banks. We do not believe that Huntington has used the term in connection
with offering financial services to the public. Consequently, we do not believe
that our ownership rights in the service mark "ebank" and our use of the mark to
provide financial services on the Internet and elsewhere infringe upon
Huntington's federal trademark. In order to clarify the situation, on June 30,
1999 we filed an action in the United States District Court for the Northern
District of Georgia, asking for a declaratory judgment that we have the right to
use "ebank.com" as a trademark for Internet banking services despite
Huntington's registration. Rather than answering our complaint, Huntington filed
suit against us on August 10, 1999 in the United States District Court for the
Eastern District of Ohio, alleging trademark infringement over our use of the
name "ebank.com." In the Ohio action, Huntington sought an injunction against
our use of the name "ebank.com" and "ebank," as well as treble damages and all
profits realized by us by reason of our use of the name "ebank." Huntington
submitted a motion to dismiss the Georgia action, and we submitted a motion to
dismiss the Ohio action, in each case on the grounds of lack of jurisdiction. On
March 29, 2000, the district court in the Georgia action granted Huntington's
motion to dismiss on the grounds that the court did not have jurisdiction over
Huntington. On September 27, 2000, the district court in the Ohio action granted
our motion to dismiss on the grounds of lack of jurisdiction.

         Currently, there are no claims pending in either court relating to this
matter. We have had settlement discussions with Huntington regarding these
issues, but we cannot predict how the matter will be resolved or whether
Huntington will re-file and continue to pursue its claims against us.

         There are no material legal proceedings to which we or any of our
properties are subject.

Item 2.  Changes in Securities and Use of Proceeds.

         From October 4, 2000 through May 1, 2001, we issued 341,840 units of
securities in a private offering. Each unit consisted of four shares of 8%
cumulative convertible preferred stock and a warrant to purchase two shares of
common stock for $3.50 per share. Each share of preferred stock issued in this
offering is convertible into one share of common stock. The preferred stock is
convertible at any time at the option of the holder. In addition, we may require
conversion of the preferred stock when the closing price of our common stock
equals or exceeds $10.00 per share for 15 consecutive trading days. We may elect
to pay dividends on the preferred stock either in cash or in additional shares
of our common stock. The warrants will terminate on the earlier of five years or
30 days after we notify the holder that the closing price of our common stock
has equaled or exceeded $5.00 per share for 20 consecutive days.

         Attkisson, Carter & Akers, a broker dealer registered with the National
Association of Securities Dealers, Inc., served as placement agent for the
private offering. We raised gross proceeds of $3,418,400 and paid approximately
$347,000 in commissions to the placement agent and other stock offering costs.

         The private offering was made primarily to accredited investors
pursuant to an exemption from registration contained in Section 4(2) of the
Securities Act and Rule 506 promulgated under the Securities Act. The units are
subject to restrictions on transferability and resale, and may not be

<PAGE>

transferred or resold except as permitted under the Securities Act and
applicable state securities laws. However, we agreed to file a "shelf"
registration statement on behalf of the investors in this private placement no
later than 60 days after the closing of the offering. We required that investors
agree to a lock-up period restricting the resale of the common stock to the
following schedule: no more than 50% of the shares during the 120 day period
following the termination of the offering and an additional 50% of the shares on
the 180th day following the termination of the offering. The lock-up period will
expire in accordance with the foregoing schedule whether or not the registration
statement has become effective.

Item 3.  Defaults Upon Senior Securities.

         None.

Item 4.  Submission of Matters to a Vote of Security Holders.

         None.

Item 5.  Other Information.

         None.

Item 6.  Exhibits and Reports on Form 8-K.

(a)      Exhibits

10.1     Second Amendment to Agency Agreement between ebank.com, Inc. and
         Attkisson, Carter & Akers dated January 16, 2001 (Incorporated by
         reference to Exhibit 10.11 of the Company's report on Form 10-KSB filed
         on April 2, 2001).

10.2     Employment Agreement between Wayne W. Byers and ebank dated December 1,
         2000.

(b)      Reports on Form 8-K --  No reports on Form 8-K were filed during the
         quarter ended March 31, 2001.



<PAGE>



                                   SIGNATURES

         In accordance with Section 13 or 15(d) of the Securities Exchange Act
of 1934 (the "Exchange Act"), the registrant caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                        ebank.com, Inc.


Date:  May 14, 2001                By:  /s/ James L. Box
    ----------------------            --------------------------------------
                                        James L. Box
                                        President and Chief Executive Officer



                                   By:  /s/ Richard D. Jackson
                                      --------------------------------------
                                        Richard D. Jackson
                                        Chairman of the Board