UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

                   Quarterly Report Under Section 13 or 15(d)
                     of the Securities Exchange Act of 1934



For Quarter Ended                           Commission File No. 333-70361-01
September 30, 1999


                            RESOURCE CAPITAL TRUST I


           Delaware                                              31-6614995
(State or Other Jurisdiction of                               (I.R.S. Employer
Incorporation or Organization)                               Identification No.)



          3720 Virginia Beach Boulevard, Virginia Beach, Virginia 23452
                     (Address of Principal Executive Office)


                                 (757) 463-2265
              (Registrant's Telephone Number, Including Area Code)

Indicate by check mark 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 12 months (or for 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 ___

         As of November 12, 1999 the  Registrant had 11,382 shares of its Common
Stock outstanding.

         * This Form 10-Q also covers 368,000 shares of the Registrant's $2.3125
Capital  Securities,  which were registered under the Securities Act of 1933, as
amended, pursuant to a registration statement declared effective on February 11,
1999.



<PAGE>


                                     PART I
                              FINANCIAL INFORMATION

Item 1.    Financial Statements. (See Note Below)

Item 2.    Management's  Discussion  and  Analysis of  Financial  Condition  and
           Results of Operations.

         Resource  Capital Trust I (the "Trust") is a statutory  business  trust
formed under the Delaware  Business  Trust Act, as amended,  pursuant to a trust
agreement,  as amended  by an amended  and  restated  declaration  of trust (the
"Declaration"),  and the  filing of a  certificate  of trust  with the  Delaware
Secretary  of State on December 23,  1998.  The Trust  exists for the  exclusive
purposes  of (i)  issuing and selling  trust  securities  consisting  of $2.3125
Capital Securities (the "Capital Securities") and common securities (the "Common
Securities," and together with the Capital Securities,  the "Trust Securities"),
representing  undivided  beneficial  ownership  interests  in the  assets of the
Trust,  (ii)  investing the proceeds  from such issuance in Junior  Subordinated
Debt  Securities  (the  "Junior   Subordinated  Debt  Securities")  of  Resource
Bankshares  Corporation,  a Virginia corporation (the "Corporation"),  and (iii)
engaging in only those  other  activities  necessary,  advisable  or  incidental
thereto.  The Trust's  sole  assets are  $9,484,550  principal  amount of Junior
Subordinated  Debt Securities,  and payments under the Junior  Subordinated Debt
Securities  are the  sole  revenues  of the  Trust.  Ownership  of the  Trust is
evidenced by $284,550 aggregate liquidation amount of Common Securities,  all of
which  are held by the  Corporation,  and by  $9,200,000  aggregate  liquidation
amount  of  Capital  Securities.  The  Trust  makes  distributions  on the Trust
Securities to the extent it receives  distributions  from the Corporation on the
Junior  Subordinated Debt Securities.  Distributions on the Trust Securities are
guaranteed  by the  Corporation,  but  only to the  extent  that the  Trust  has
available funds to pay such distributions.

         On March 9, 1999,  the Trust  invested the  proceeds  from the sale and
issuance of the Trust Securities in the Junior Subordinated Debt Securities. The
Trust's ability to pay distributions to the holders of the Capital Securities is
dependent  on its  receipt  of  distributions  on the Junior  Subordinated  Debt
Securities  from the  Corporation.  Therefore,  upon the receipt by the Trust of
payments from the Corporation,  the Trust will pass through such payments to the
holders of the Capital Securities.

Item 3.    Quantitative and Qualitative Disclosures About Market Risk. (See Note
           Below)

         NOTE:  Because the Trust is a special purpose  financing entity with no
separate  business  operations  and the only  assets of the Trust are the Junior
Subordinated  Debt  Securities,  the  Trust  does  not  believe  that  financial
statements for the Trust are meaningful.  Accordingly,  financial statements and
related  financial  information  have not been  included in this Form 10-Q.  For
further information  concerning the Corporation,  including financial statements
and other financial  information,  see the  Corporation's  Annual Report on Form
10-K for the year ended  December  31,  1998,  and the  Corporation's  Quarterly
Reports on Form 10-Q for the quarters  ended March 31,  1999,  June 30, 1999 and
September 30, 1999, as filed with the Securities and Exchange Commission, copies
of which may be obtained from the Corporate Secretary of the Corporation at 3720
Virginia Beach Boulevard, Virginia Beach, Virginia 23452.



                                       2
<PAGE>

                                     PART II
                                OTHER INFORMATION

Item 1.  Legal Proceedings.

         None.

Item 2.  Changes in Securities and Use of Proceeds.

         None.

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.

               None.

         (b)   Reports on Form 8-K.

               None.





                                       3
<PAGE>

                                   SIGNATURES

         Pursuant to the  requirements  of the  Securities  and  Exchange Act of
1934,  the  registrant has duly caused this report to be singed on its behalf by
the undersigned thereunto duly authorized.

                                        RESOURCE CAPITAL TRUST I
                                        (Registrant)




Date:  November 15, 1999                By: /s/ T. A. Grell, Jr.
                                            ------------------------------------
                                            T. A. Grell, Jr.
                                            Administrative Trustee



Date:  November 15, 1999                By: /s/ Harvard R. Birdsong
                                            ------------------------------------
                                            Harvard R. Birdsong
                                            Administrative Trustee