SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-QSB



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

For Quarterly Period Ended               Commission File No.   000-33355
                                                             ----------------
   September 30, 2002

                            TRANSCOMMUNITY BANKSHARES
                                  INCORPORATED


               Virginia                                        54-2032355
---------------------------------------                   -------------------
(State or Other Jurisdiction of                             (I.R.S. Employer
 Incorporation or Organization)                           Identification No.)

                             9025 Forest Hill Avenue
                            Richmond, Virginia 23235

                                (804) 320-6000
                          --------------------------
             (Registrant's Telephone Number, Including Area Code)



      Check whether the registrant: (1) 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 such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirement for
the past 90 days. Yes ____ X ____ No

      Transitional  Small  Business  Disclosure  Format  (check  one):  Yes
                                                                           --
   No  X
      ----



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

                Class                       Outstanding at September 30, 2002
---------------------------------           ---------------------------------
Common Stock, par value - $0.01                        1,311,862 shares


<PAGE> 1


                   TRANSCOMMUNITY BANKSHARES INCORPORATED

                                      INDEX


PART I   FINANCIAL INFORMATION

Item 1.  Financial Statements

         Consolidated Statements of Income - Nine Months Ended
         September 30, 2002 and 2001                                      2

         Consolidated Statements of Income - Three Months Ended
         September 30, 2002 and 2001                                      3

         Consolidated Statements of Financial Condition -
         September 30, 2002 and December 31, 2001                         4

         Consolidated Statements of Changes in Stockholders' Equity -
         Nine Months Ended September 30, 2002 and 2001                    5

         Consolidated Statements of Cash Flows - Nine Months Ended
         September 30, 2002 and 2001                                      6

         Notes to Consolidated Financial Statements                       7

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                       10

Item 3.  Controls and Procedures                                         17

PART II  OTHER INFORMATION

Item 1.  Legal Proceedings                                               17

Item 2.  Changes in Securities                                           18

Item 4.  Submission of Matters to a Vote of Security Holders             19

Item 6.  Exhibits and Reports on Form 8-K                                20


         SIGNATURES                                                      21

          CERTIFICATION OF CHIEF EXECUTIVE OFFICER                       22
          CERTIFICATION OF EXECUTIVE OFFICER                             23
          CERTIFICATION OF CHIEF FINANCIAL OFFICER                       24


<PAGE> 2

Part I  Financial Information
Item 1. Financial Statements

                   TRANSCOMMUNITY BANKSHARES INCORPORATED
                      CONSOLIDATED STATEMENTS OF INCOME
            FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                                   (UNAUDITED)

                                                         Nine Months Ended
                                                            September 30,
                                                        2002         2001
                                                     ----------   ----------

Interest and Dividend Income
   Loans                                              $1,441,449  $ 577,238
   Federal funds sold                                     5,096      96,523
   Investments                                          189,815     282,334
   Federal Reserve Bank Stock                             6,039       6,039
                                                       --------   ---------

   Total Interest Income                               1,642,399    962,134
                                                       ---------   --------

Interest Expense
   Interest on deposits                                 528,846     412,524
   Interest on other borrowed funds                      30,070       7,040
                                                       --------    --------

   Total Interest Expense                               558,916     419,564
                                                       --------    --------

Net Interest Income                                   1,083,483     542,570

Provision for Loan Losses                               203,100     135,863
                                                       --------    --------

Net Interest Income After Provision for Loan Losses     880,383     406,707
                                                       --------    --------

Noninterest Income
   Bank service charges and fees                        110,392      38,134
   Commissions and fees from loan originations          946,157     624,156
                                                       --------    --------

   Total Noninterest Income                            1,056,549    662,290
                                                       ---------   --------

Noninterest Expense
   Salaries and employee benefits                     1,561,285   1,009,683
   Occupancy expense                                    145,702      96,354
   Equipment expense                                    208,231      89,673
   Other operating expenses                             868,487     723,174
                                                       --------    --------

   Total Noninterest Expense                           2,783,705  1,918,884
                                                       ---------  ---------

Net Loss                                              $(846,773)  $(849,887)
                                                       =========   ========

   Net Loss Per Share (Basic and Diluted)             $   (0.85)  $   (1.27)
                                                       =========   ========

   Weighted Average Shares Outstanding                  994,695     670,703


       The accompanying notes are an integral part of this statement.


<PAGE> 3


                   TRANSCOMMUNITY BANKSHARES INCORPORATED
                      CONSOLIDATED STATEMENTS OF INCOME
           FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                                   (UNAUDITED)

                                                       Three Months Ended
                                                          September 30,
                                                       2002          2001
                                                    ----------    ----------

Interest and Dividend Income
   Loans                                            $  587,099    $ 262,624
   Federal funds sold                                      136       18,142
   Investments                                          43,818      118,142
                                                     ---------     --------

   Total Interest Income                               631,053      398,908
                                                     ---------     --------

Interest Expense
   Interest on deposits                                181,853      172,979
   Interest on other borrowed funds                     17,101        2,397
                                                     ---------     --------

   Total Interest Expense                              198,954      175,376
                                                     ---------     --------

Net Interest Income                                    432,099      223,532

Provision for Loan Losses                               82,400       36,790
                                                     ---------     --------

Net Interest Income After Provision for Loan Losses    349,699      186,742
                                                     ---------     --------

Noninterest Income
   Bank service charges and fees                        48,103       15,740
   Commissions and fees from loan originations         401,877      279,477
                                                     ---------     --------

   Total Noninterest Income                            449,980      295,217
                                                     ---------     --------

Noninterest Expense
   Salaries and employee benefits                      583,957      420,335
   Occupancy expense                                    48,733       41,205
   Equipment expense                                    80,310       56,097
   Other operating expenses                            305,860      297,828
                                                     ---------     --------

   Total Noninterest Expense                         1,018,860      815,465
                                                     ---------     --------

Net Loss                                            $ (219,181)   $ (333,506)
                                                     =========     =========

   Net Loss Per Share (Basic and Diluted)           $    (0.19)   $   (0.50)
                                                     ==========    =========

   Weighted Average Shares Outstanding               1,126,552      670,436


       The accompanying notes are an integral part of this statement.


<PAGE> 4


                   TRANSCOMMUNITY BANKSHARES INCORPORATED
               CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                  SEPTEMBER 30, 2002 AND DECEMBER 31, 2001


                                                   September 30,December 31,
                                                       2002         2001
                                                    Unaudited      Audited
                                                   -----------    ---------
     ASSETS

Cash and due from banks                            $ 5,699,913   $   941,995
Federal funds sold                                                   485,000
                                                    ----------    ----------

Total Cash and Cash Equivalents                      5,699,913     1,426,995

Securities available-for-sale, at fair value                       1,492,847
Securities held to maturity                          1,200,000     7,699,217
Loans net of allowance for loan losses of
   $438,100 at September 30, 2002 and
   $235,000 at December 31, 2001                    35,658,287    15,161,755
Bank premises and equipment, net                     2,059,172     1,908,025
Federal Reserve Bank stock (restricted)                201,300       201,300
Other assets                                           722,286       710,228
                                                    ----------    ----------

   Total Assets                                    $45,540,958   $28,600,367
                                                    ==========    ==========

     LIABILITIES

Deposits:
   Demand deposits:
     Noninterest bearing                           $ 7,695,368   $ 4,137,943
     Interest bearing                                4,474,726     2,355,015
   Savings deposits                                  2,690,108     1,538,786
   Other time deposits                              18,568,050    13,554,427
                                                    ----------    ----------

   Total Deposits                                   33,428,252    21,586,171

Federal funds purchased                              1,595,101
Long-term debt                                         198,000       115,588
Accrued interest payable                                72,881        72,263
Accrued expenses and other liabilities                 183,552       306,312
                                                    ----------    ----------

   Total Liabilities                                35,477,786    22,080,334
                                                    ----------    ----------

     STOCKHOLDERS' EQUITY

Common stock subscriptions                             100,000       803,800
Expenses of stock offering                            (512,453)     (217,189)
Common stock (5,000,000 shares authorized
   $.01 par value)
     772,586 shares issued and outstanding                             7,726
     1,311,862 shares issued and outstanding            13,119
Paid-in-surplus                                     12,900,984     7,523,617
Accumulated deficit                                 (2,438,478)   (1,591,705)
Accumulated other comprehensive income (loss)                         (6,216)
                                                    ----------    ----------

   Total Stockholders' Equity                       10,063,172     6,520,033
                                                    ----------    ----------

   Total Liabilities and Stockholders' Equity      $45,540,958   $28,600,367
                                                    ==========    ==========

       The accompanying notes are an integral part of this statement.


<PAGE> 5

<TABLE>

                   TRANSCOMMUNITY BANKSHARES INCORPORATED
         CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
            FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                                   (UNAUDITED)
<CAPTION>

                                                 Expenses of                                           Accumulated
                       Shares of      Common       Current                                                Other
                        Common         Stock        Stock        Common      Paid in     Accumulated  Comprehensive
                        Stock     Subscriptions   Offerings       Stock      Surplus       Deficit    (Loss) Income    Total

<S>                      <C>       <C>          <C>           <C>          <C>          <C>           <C>           <C>
Balance,
  December 31, 2001      772,586   $  803,800   $  (217,189)  $    7,726   $ 7,523,617  $ (1,591,705)  $    (6,216) $6,520,033

Net Loss                                                                                    (846,773)                 (846,773)

Unrealized gain on
  securities available
  for sale                                                                                                    6,216      6,216
                                                                                                                       ----------

  Total comprehensive loss                                                                                            (840,557)

  Subscriptions received
  during period                     4,688,960                                                                         4,688,960

  Common stock issued    539,276   (5,392,760)                     5,393     5,387,367

  Payment to dissenting
  shareholder                                                                  (10,000)                                 (10,000)

Expenses of current
  stock offering                                   (295,264)                                                           (295,264)
                          -------    ---------   ----------    ---------      --------    ----------   ------------   ---------

Balance
  September 30, 2002   1,311,862   $  100,000   $  (512,453)  $   13,119   $12,900,984  $ (2,438,478)  $            $10,063,172
                      ==========    =========    ==========    =========    ==========   ===========    ==========   ==========



Balance
  December 31, 2000      670,836   $            $             $1,677,090   $ 4,936,918   $  (193,231)  $            $ 6,420,777

Net Loss                                                                                    (849,887)                  (849,887)
Sale of Stock                100                                     250           750                                    1,000
Stock Exchange of
  TransCommunity for
  Bank of Powhatan        (1,000)                             (1,670,641)    1,670,641                                      -
Expenses of current
  stock offering                                   (144,340)                                                            (144,340)
Common stock
  subscribed                          826,335                                                                            826,335
                      --------     ----------    ----------    ---------    ----------    ----------    ----------    ----------


Balance
  September 30,
  2001                   669,936   $   826,335  $  (144,340) $   6,699    $   6,608,309 $ (1,043,118)   $            $ 6,253,885
                      ==========    ==========   ===========   ========     ===========  ===========     ==========   ==========


                                             The accompanying notes are an integral part of this statement.
</TABLE>


<PAGE> 6


                   TRANSCOMMUNITY BANKSHARES INCORPORATED
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
            FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                                   (UNAUDITED)

                                                       Nine Months Ended
                                                            September 30,
                                                       2002          2001
                                                    ----------    ----------
Cash Activities:
   Net loss                                        $  (846,773)  $ (849,887)
   Adjustments to reconcile net loss to net
     cash used in operating activities:
       Provision for loan losses                       203,100      135,863
       Accretion income                                 (1,720)     (43,481)
       Loss on disposition of bank premises and
         equipment                                      10,399
       Depreciation                                    155,237       99,995
       Net change in:
         Other assets                                  (12,058)    (141,678)
         Accrued expenses and other liabilities       (122,142)      56,653
                                                    ----------    ---------

   Net Cash Used in Operating Activities              (613,957)    (742,535)
                                                    ----------    ---------

Investing Activities:
   Purchase of investment securities                             (2,777,910)
   Net change in loans                             (20,699,632)  (9,337,930)
   Proceeds from maturities of investment
     securities                                      8,000,000
   Proceeds from the sale of bank premises
     and equipment                                      30,000
   Purchase of Main Street Mortgage and
     Investment Corporation                                        (231,176)
   Payments for the purchase of bank premises
     and equipment                                    (148,783)    (970,761)
                                                    ----------    ---------

   Net Cash Used in Investing Activities           (12,818,415)  (13,317,777)
                                                   -----------   -----------

Financing Activities:
   Federal funds purchased                           1,595,101
   Proceeds from sale of common stock                4,688,960      826,335
   Payment to dissenting shareholder                   (10,000)
   Repayment of note payable                          (115,588)
   Costs associated with stock offering               (295,264)    (144,340)
   Net change in:
     Demand deposits                                 5,677,136    3,443,849
     Savings deposits                                1,151,322      986,688
     Time deposits                                   5,013,623    9,205,676
                                                    ----------    ---------

   Net Cash Provided by Financing Activities        17,705,290    14,318,208
                                                    ----------    ----------

Net Increase in Cash and Cash Equivalents            4,272,918      257,896

Cash and Cash Equivalents, Beginning of Period       1,426,995      883,875
                                                    ----------    ---------

Cash and Cash Equivalents, End of Period           $ 5,699,913   $1,141,771
                                                    ==========    =========

Supplemental Information:
   Interest paid                                   $   558,298   $  377,493
   Non-cash transactions:
     Transfer of 669,936 shares of TransCommunity
       stock for 669,936 shares of Bank of Powhatan,
       N.A. stock                                                 1,670,641
     Note payable issued as part of the purchase of
       Main Street Mortgage and Investment Corporation              115,588
     Note payable issued to purchase land              198,000
     Accounts payable for costs associated with
       stock offering                                   14,345

       The accompanying notes are an integral part of this statement.


<PAGE> 7


                    TRANSCOMMUNITY BANKSHARES INCORPORATED
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1    REORGANIZATION:

              TransCommunity Bankshares Incorporated ("TransCommunity") was
         organized and incorporated under the laws of the Commonwealth of
         Virginia on March 16, 2001. On August 15, 2001 the shareholders of the
         Bank of Powhatan, N.A. ("Bank") approved a plan of reorganization
         under which the shareholders of the Bank exchanged their common stock
         for common stock in TransCommunity Bankshares Incorporated
         ("TransCommunity"). On the same date, the reorganization was completed
         and the Bank became a wholly owned subsidiary of TransCommunity. As a
         result of the transaction, TransCommunity is the successor to the Bank
         and all transactions prior to March 16, 2001, included in the financial
         statements, reflect transactions of the Bank.

NOTE 2    ACCOUNTING PRINCIPLES:

              The consolidated financial statements of TransCommunity conform
         to generally accepted accounting principles and to general industry
         practices. In the opinion of management, the accompanying unaudited
         consolidated financial statements contain all adjustments (consisting
         of only normal recurring accruals) necessary to present fairly the
         financial position as of September 30, 2002, and the results of
         operations for the nine and three month periods ended September 30,
         2002 and 2001. The notes included should be read in conjunction with
         the notes to financial statements included in the audited December 31,
         2001 financial statements for TransCommunity, which statements were
         included in the Company's annual report on Form 10-KSB filed with the
         Securities and Exchange Commission.

          Consolidation Policy

              The consolidated financial statements include TransCommunity, the
         Bank and Main Street Mortgage and Investment Corporation ("Main Street
         Mortgage"), a wholly owned subsidiary of the Bank. All significant
         intercompany balances and transactions have been eliminated.


NOTE 3   INVESTMENT SECURITIES:

              The carrying values, unrealized gains, unrealized losses and
         approximate fair values of investment securities at September 30, 2002
         are shown in the table below. As of September 30, 2002, U.S. Agency
         securities with a carrying value of $1,200,000 were pledged as
         collateral for public deposits.

                                            Gross      Gross
                               Amortized  Unrealized  Unrealized     Fair
                                  Cost      Gains      Losses       Value

          Securities Held to Maturity
          September 30, 2002

          U.S. Agency         $ 1,200,000   $ 3,376   $           $ 1,203,376
                               ==========    ======    ========    ==========


<PAGE> 8


                    TRANSCOMMUNITY BANKSHARES INCORPORATED
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 3    INVESTMENT SECURITIES (CONTINUED):

                                             Gross     Gross
                                Amortized Unrealized Unrealized   Fair
                                  Cost       Gains     Losses     Value
         Securities Available for Sale
         December 31, 2001

         U.S. Agency note       $1,499,063  $        $ (6,216) $1,492,847
                                 =========   ======   =======   =========


         Securities Held to Maturity
         December 31, 2001
                                              Gross     Gross
                                Amortized Unrealized Unrealized   Fair
                                  Cost       Gains     Losses     Value
         U.S. Agency discount
            notes               $2,499,842  $        $   (466) $2,499,376
         U.S. Agency notes       5,199,375   15,680   (20,735)  5,194,320
                                 ---------  -------   -------   ---------

                                $7,699,217  $15,680  $(21,201) $7,693,696
                                 =========   ======   =======   =========


NOTE 4    LOANS:

              Loans by type are shown in the following schedule:

                                                         (In Thousands)
                                                   September 30, December 31,
              Type                                     2002          2001
              ----                                     ----          ----

              Commercial, financial,
                and agricultural                     $  5,619      $ 4,218
              Real estate -construction                 5,862        1,207
              Real estate -mortgage                    20,775        7,840
              Installment loans to individuals          3,840        2,132
                                                      -------       ------

              Total loans                              36,096       15,397

              Less allowance for loan losses             (438)        (235)
                                                      -------       ------

              Net Loans                              $ 35,658      $15,162
                                                      =======       ======


NOTE 5    ALLOWANCE FOR LOAN LOSSES:

          Transactions in the Bank's allowance for loan losses are shown in the
          following schedule:
                                                    For the Nine Months Ended
                                                          September 30,
                                                       2002         2001
                                                       ----         ----

          Balance, beginning of period               $235,000     $ 38,000
          Provision for loan losses                   203,100      135,863
                                                      -------      -------

          Balance, End of Period                     $438,100     $173,863
                                                      =======      =======


<PAGE> 9


                    TRANSCOMMUNITY BANKSHARES INCORPORATED
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 6    COMMON STOCK:

          TransCommunity issued 251,325 shares of stock during the third quarter
          of 2002 and 539,276 shares for the first nine months of the year for
          $10 per share pursuant to the offering that began September 24, 2001.
          TransCommunity has incurred costs relating to the offering of
          $512,453. Of these costs, $295,264 was incurred during 2002. During
          the first quarter, $10,000 was paid to a dissenting shareholder of the
          Bank of Powhatan,  N.A. These transactions resulted in 1,311,862
          shares being issued and outstanding as of September 30, 2002.


NOTE 7    GOODWILL:

          Other assets contain $320,917 of goodwill attributable to the purchase
          of Main Street Mortgage by the Bank. In June of 2001, the Financial
          Accounting Standards Board ("FASB") issued SFAS No. 142 "Goodwill and
          Other Intangible Assets." The new accounting standard requires that
          goodwill not be amortized, however, it will be tested for impairment
          and adjusted to fair value using one of several methods. Management
          has determined that the goodwill related to the above purchase was not
          impaired as of January 1, 2002. Management anticipates that the
          goodwill will be reviewed for impairment again as of January 1, 2003
          and adjusted in the year 2003 if appropriate.


NOTE 8    EARNINGS PER SHARE:

              Since TransCommunity continues to incur losses, the effect on loss
         per share of TransCommunity's outstanding stock options would be
         antidilutive and a decrease in loss per share is not appropriate.
         Therefore, basic and dilutive loss per share are identical.


<PAGE> 10


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

Overview

     TransCommunity  Bankshares  Incorporated  ("TransCommunity") was organized
and incorporated under the laws of the Commonwealth of Virginia on March 16,
2001. TransCommunity received approval from the Board of Governors of the
Federal Reserve System to become a bank holding company effective August 15,
2001. Also on August 15, 2001, 669,936 shares of TransCommunity common stock
were issued in exchange for all the common stock of the Bank of Powhatan, N.A.
(the "Bank") in a statutory share exchange transaction. As a result of the
transaction, TransCommunity is the successor to the Bank and all transactions
prior to March 16, 2001, included in the financial statements, reflect
transactions of the Bank. In addition, TransCommunity has filed applications
with, and has received preliminary approval from, the Comptroller of the
Currency to establish two new independent community banks in the central
Virginia Area, the Bank of Goochland, N.A. and the Bank of Louisa, N.A.

     TransCommunity's predecessor, the Bank of Powhatan N.A., was organized as a
national bank in 1998 and commenced its general banking operation on March 20,
2000, providing services to businesses and individuals. On January 1, 2001, the
Bank acquired Main Street Mortgage and Investment Corporation ("Main Street
Mortgage") as a wholly owned subsidiary.

     With an emphasis on personal service, TransCommunity's bank subsidiaries
offer a range of commercial and retail banking products and services including
checking, saving and time deposits,  individual  retirement accounts, merchant
bankcard processing, residential and commercial mortgages, home equity loans,
consumer installment loans, investment, small business loans, commercial lines
of credit, letters of credit, Visa check card, mortgage brokerage services and
internet banking.

     TransCommunity is currently engaged in a non-underwritten  public
offering of 1,500,000 shares of its common stock at a purchase price of $10 per
share. TransCommunity intends to use the proceeds of the offering to capitalize
the two proposed banks, and for general corporate purposes. As of September 30,
2002,  TransCommunity had raised  $4,980,307,  after deduction of expenses
from the offering through the sale of 539,276 shares and the subscription of
10,000 shares. Expenses related to the current offering amounted to $512,453
through September 30, 2002. As of October 31, 2002, TransCommunity had sold
824,963 shares in this offering and had received gross proceeds of $8.25
million.

     For the nine months ended September 30, 2002, TransCommunity had a net loss
of $846,773 compared with a net loss of $849,887 for the nine months ended
September 30, 2001. The net loss per share was $.85 and $1.27 for the nine
months ended September 30, 2002 and 2001, respectively.

     For the three months ended September 30, 2002, TransCommunity had a net
loss of $219,181 compared with a loss of $333,506 for the three months ended
September 30, 2001. The net loss per share was $.19 for the three months ended
September 30, 2002 as compared with $.50 for the same period a year earlier.

Prospects for the Future

     Through  September 30, 2002  TransCommunity,  through its banking
subsidiary, has been able to attract deposits of $33,428,252 and loans of
$35,658,287. Additionally, TransCommunity has raised $4,980,307, net of offering
costs of $512,453  through  September 30, 2002 primarily to capitalize the
proposed Bank of Goochland, N.A. (I.O.) and Bank of Louisa, N.A.(I.O.). Based on
current acceptance by the community and the growth to date, management believes
that the prospects for the Banks are excellent.


<PAGE> 11


Net Interest Margin

     The net interest margin of TransCommunity's banking subsidiary was 4.41%
for the nine months ended September 30, 2002, as compared to 4.23% for the same
period a year earlier. Growth in new loans were 135.19% and 193.27% over the net
loans present at December 31, 2001 and September 30, 2001, respectively.
Deposits increased 54.86% and 79.57% for the same periods, respectively. The net
interest margin for the nine months ended September 30, 2002,  compares
favorably with other commercial banks, however, management anticipates it will
continue to offer favorable rates on loans and deposits to attract new
customers.

     The Bank's net interest margin analysis and average balance sheets are
shown in Schedule I.

Provision for Loan Losses

     The provision for loan losses for the first nine months of 2002 was
$203,100, resulting in an allowance for loan losses of $438,100 (1.21% of total
loans).  The  calculation of the allowance for loan losses is considered a
critical accounting policy. The allowance for loan losses is evaluated on a
regular basis by management, and is based upon management's periodic review of
the collectibility of the loans, industry historical experience, the nature and
volume of the loan portfolio, adverse situations that may affect the borrower's
ability to repay, estimated value of any underlying collateral and prevailing
economic conditions.  An adequate allowance is calculated using risk factors
depending on the type of borrower and whether the loan is secured or unsecured.
Commercial loans secured by real estate and secured consumer loans are assigned
a risk factor of 1%. Other commercial loans and unsecured consumer loans are
assigned a risk factor of 2%. As the Bank matures, the factors will be adjusted
to reflect actual experience. In addition, an allowance would be established for
problem loans individually or by grouping. This evaluation is inherently
subjective as it requires estimates that are susceptible to significant revision
as more information becomes available. Management has not identified any
potential problem loans.

Noninterest Income

     Noninterest income increased from $662,290 in the first nine months of 2001
to $1,056,049 in the first nine months of 2002. Noninterest income as a
percentage (annualized) of average assets for the first nine months of 2002 was
4.04% compared to 4.61% for the first nine months of 2001. Commissions and fees
received by TransCommunity's affiliate, Main Street Mortgage, increased
$332,001, or 51.59%. This was due to the increase in the volume of loans
originated. The Bank's service charges and fees increased $72,258, or 189.48%,
due to its continued growth in loans and deposits.

Noninterest Expense

     Noninterest expense increased from $1,918,884 in the first nine months of
2001 to $2,783,705, or 45.07%, in the first nine months of 2002. A schedule of
noninterest expense by company is shown below. The expenses of Main Street
Mortgage are mostly salaries and commissions related to the origination of
mortgage loans. The expenses of TransCommunity  relate mainly to
organizational and start up cost of the holding company and two proposed new
banks. The increase in expenses at the Bank was due to additional staffing and
the general growth in operations. Noninterest expense, as a percentage
(annualized) of average assets for the first nine months of 2002, was 10.64%
compared with 13.36% for the first nine months of 2001.

                                                       Nine Months Ended
                                                         September 30,
                                                       2002        2001

              TransCommunity                       $1,016,339   $  776,445
              Bank of Powhatan                        810,550      483,198
              Main Street Mortgage                    956,816      659,241
                                                   ----------    ---------

                 Total                             $2,783,705   $1,918,884
                                                    =========    =========


<PAGE> 12


Income Taxes

     No income tax benefit has been recorded since, at this time, there is
insufficient evidence to conclude that the TransCommunity will produce taxable
income in the future that can be offset by loss carryforwards from the current
period.


Loans

     Total loans have increased $20,699,632 during the first nine months of 2002
to $36,096,387.

     Loans by type are shown in the following schedule:

                                                     (In Thousands)
                                                September 30,  December 31,
     Type                                            2002          2001
     ----                                            ----          ----

     Commercial, financial, and agricultural      $   5,619    $   4,218
     Real estate - construction                       5,862        1,207
     Real estate - mortgage                          20,775        7,840
     Installment loans to individuals                 3,840        2,132
                                                   --------     --------

     Total loans                                  $  36,096    $  15,397
                                                   ========     ========


Nonaccrual, Past Due and Restructured Loans

     At September 30, 2002 and December 31, 2001, the Bank had one real
estate loan in the amount of $23,800 which was more than ninety days past due
and placed on nonaccrual status. Loans are placed in a nonaccrual status when,
in the opinion of management, the accrued interest income will not be collected.


Allocation for the Allowance for Loan Losses

                                                                 Percent of
                                                               loans in each
   Balance at end of period                                     category to
          applicable to                                 Amount  total loans
------------------------------                          ------  -----------

      Real estate                                     $323,295     73.79%
      Non-real estate                                  114,805     26.21%
                                                       -------     -----

                                                      $438,100     100.00%
                                                       =======     ======

Deposits

     The Bank's deposits increased $11,842,081, or 54.86% during the first
nine months of 2002 to $33,428,252 at September 30, 2002. A schedule of deposits
by type is shown in the statements of condition. Time deposits of $100,000 or
more equaled 20.77% of deposits at September 30, 2002.


<PAGE> 13


Bank Premises

     TransCommunity's bank premises and equipment consisted of the following as
of September 30, 2002:

     Land                                               $  415,009
     Land improvements                                     171,832
     Building                                              843,974
     Furniture and fixtures                                894,940
     Automobiles                                            17,167
     Construction in progress                               60,433
                                                         ---------

                                                         2,403,355
     Less:  Accumulated Depreciation                       344,183
                                                         ---------

     Total Bank Premises and Equipment                  $2,059,172
                                                         =========

     TransCommunity purchased property in the Town of Louisa for a price of
$200,000 from a Trust. The Trustee of the Trust is a member of the Board of
Directors of the Bank of Louisa, N.A. (I.O.) The Board has received two
independent appraisals and is of the opinion that the terms of the agreement are
equal to or better than the terms that might be available for similar property
purchased from an unrelated third-party. In connection with this transaction,
the seller financed $198,000 at an interest rate of 4.75% with principal and
interest due on November 1, 2003.


Capital

     TransCommunity's capital as a percentage of total assets was 22.10% at
September 30, 2002, and 22.80% at December 31, 2001, which significantly
exceeded regulatory requirements at both dates.


Liquidity and Interest Sensitivity

     At  September  30,  2002,  TransCommunity  had liquid assets of
approximately $5.7 million in the form of cash and short-term
investments. Management believes that the liquid assets are adequate at
September 30, 2002. During the month of October an additional $2.86 million in
gross proceeds was received from the current stock offering. TransCommunity
plans to capitalize the Bank of Goochland, N.A. with $5,000,000. During the
first year of operations, management estimates that capital expenditures will
be $2,700,000. This will be funded by the proceeds of the current stock
offering and the growth in deposits. Additional liquidity will be provided by
the growth in deposit accounts and loan repayments. TransCommunity's bank
subsidiaries also have the ability to purchase federal funds and borrow from
the Federal Reserve Bank, if necessary. Management is not aware of any
other trends, events or uncertainties that are reasonably likely to have
a material impact on the Bank's short term or long term liquidity.

     At September 30, 2002, the Bank had a negative cumulative Gap Rate
Sensitivity Ratio of 13.66% for the one-year repricing period. This generally
indicates that earnings would improve in a declining interest rate environment
as liabilities reprice more quickly than assets. Conversely, earnings would
probably decrease in periods during which interest rates are increasing.
Management constantly monitors the interest rate risk and believes that the
current position is an acceptable risk for a growing community bank.
TransCommunity's interest rate sensitivity analysis is shown in Schedule II.


<PAGE> 14


Employees

     TransCommunity's full time equivalent employees totaled thirty-five at
December 31, 2001, and forty-six at September 30, 2002, including thirteen at
the Bank, twenty-three at Main Street Mortgage and ten at TransCommunity.

     The number of new employees hired for the fourth quarter of 2002 will
depend on the continued growth in operations. Upon opening the Bank of
Goochland, N.A., the bank will have a staff of nine, of which four will be new
employees.


<PAGE> 15
Schedule I

<TABLE>

                   TRANSCOMMUNITY BANKSHARES INCORPORATED
                          NET INTEREST MARGIN ANALYSIS
                            AVERAGE BALANCE SHEET
            FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                            (In Thousands of Dollars)

<CAPTION>

                                                2002                                       2001
                                    ---------------------------                   ------------------------
                                   Average                   Average         Average                  Average
                                   Balance    Income/         Rates          Balance      Income/      Rates
                                    Sheet     Expense      Earned/Paid        Sheet       Expense   Earned/Paid
ASSETS
<S>                              <C>            <C>           <C>          <C>            <C>          <C>

   Loans including fees          $ 26,469,775   $1,441,449    7.26%        $  7,714,476   $ 577,238    9.98%
   Federal Funds sold                 393,541        5,096    1.73%           2,799,685      96,523    4.60%
   Other investments                5,872,393      195,854    4.45%           6,587,426     288,373    5.84%
                                    ---------   ----------  ------          -----------    --------    ----

   Total Earning Assets            32,735,709    1,642,399    6.69%          17,101,587     962,134    7.50%
                                   ----------    ----------    ----          -----------    --------    ----

   Allowance for loan losses         (324,666)                                  (91,616)
   Non-earning assets               2,467,934                                 2,137,985
                                   ----------                                 ---------

   Total Assets                   $34,878,977                              $ 19,147,956
                                   ==========                               ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

   Deposits
     Demand -
       Interest bearing           $ 5,286,188  $   69,640     1.76%        $  2,103,242   $  44,512    2.82%
     Savings                        2,077,577      31,628     2.03%             594,701      13,251    2.97%
     All other time
       deposits                    15,391,554     427,578     3.70%           8,065,842     354,761    5.86%
                                   ----------  ----------   ------          -----------    --------    ----

     Total Deposits                22,755,319     528,846     3.10%          10,763,785     412,524    5.11%

     Other borrowed
       funds                        1,487,125      30,070      2.70%            109,147        7,040   8.60%
                                    ---------   ---------    ------          ----------    ---------   ----

     Total Interest Bearing
       Liabilities                 24,242,444     558,916      3.07%         10,872,932      419,564   5.15%
                                   ----------   ---------     -----          ----------    ---------   ----

   Non-interest bearing
     Deposits                       4,605,150                                 1,888,011
   Other liabilities                  103,018                                   118,461
                                     --------                                  --------

     Total Liabilities             28,950,612                                12,879,404

   Stockholders' Equity             5,928,365                                 6,268,552
                                   ----------                                 ---------

   Total Liabilities and
     Stockholders' Equity        $ 34,878,977                               $19,147,956
                                  ===========                                ==========

   Net Interest Earnings                       $1,083,483                                   $542,570
                                                =========                                    =======

   Net Yield on Interest
     Earning Assets                                            4.41%                                    4.23%
                                                              =====                                     ====
</TABLE>


<PAGE> 16
Schedule II

                    TRANSCOMMUNITY BANKSHARES INCORPORATED
                          INTEREST SENSITIVITY ANALYSIS
                               SEPTEMBER 30, 2002
                            (In Thousands of Dollars)


                               1 - 365      1 - 5     Over 5
                                 Days       Years      Years        Total

Uses of Funds

Loans
   Commercial                 $   3,553   $   2,066   $           $   5,619
   Real estate                   12,704       9,543       4,390      26,637
   Installment                    2,151       1,654          35       3,840
                              ---------   ---------   ---------   ---------

Loans                            18,408      13,263       4,425      36,096

Investment securities at cost                             1,200       1,200
                               --------    --------    --------    --------

Total                         $  18,408   $  13,263   $   5,625   $  37,296
                               --------    --------    --------    --------

Sources of Funds

Demand Deposits
   Interest bearing           $   4,475   $           $           $   4,475
Savings accounts                  2,690                               2,690
Time deposits                    14,744       3,824                  18,568
                               --------    --------    --------    --------

   Total Interest Bearing
     Deposits                    21,909       3,824                  25,733

Long-term debt                                  198                     198
Federal funds purchased           1,595                               1,595
                               --------    --------    --------    --------

Total                         $  23,504   $   4,022   $           $  27,526
                               --------    --------    --------    --------

Discrete Gap                     (5,096)      9,241       5,625       9,770
Cumulative Gap                   (5,096)      4,145       9,770

Ratio of Cumulative Gap
   to Total Earning Assets       (13.66)%     11.11%      26.20%


<PAGE> 17


Item 3.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

      As a result of the enactment of the Sarbanes-Oxley Act of 2002, issuers
such as TransCommunity that file periodic reports under the Securities
Exchange Act of 1934 (the "Act") are now required to include in those reports
certain information concerning the issuer's controls and procedures for
complying with the disclosure requirements of the federal securities laws. Under
rules adopted by the Securities and Exchange Commission effective August 29,
2002, these disclosure  controls and procedures include, without limitation,
controls and procedures designed to ensure that information required to be
disclosed by an issuer in the reports it files or submits under the Act, is
communicated to the issuer's management, including its principal executive
officer or officers and principal financial officer or officers, or persons
performing similar functions, as appropriate to allow timely decisions regarding
required disclosure.

      We have established our disclosure controls and procedures to ensure that
material information related to TransCommunity is made known to our principal
executive officers and principal financial officer on a regular basis, in
particular during the periods in which our quarterly and annual reports are
being prepared.  These disclosure controls and procedures consist principally
of communications between and among the Chief Executive Officer, the Chief
Operating Officer and the Chief Financial Officer, and the other executive
officers of TransCommunity and its subsidiaries to identify any new
transactions, events, trends, contingencies or other matters that may be
material to TransCommunity's operations. As required, we will evaluate the
effectiveness of these disclosure  controls and procedures on a quarterly
basis, and most recently did so as of October 31, 2002, a date within 90 days
prior to the filing of this quarterly report. Based on this evaluation,
TransCommunity's management, including the Chief Executive Officer and the Chief
Financial Officer, concluded that such disclosure controls and procedures were
operating effectively as designed as of the date of such evaluation.

Changes in Internal Controls

      During the period reported upon, there were no significant changes in
TransCommunity's internal controls pertaining to its financial reporting and
control of its assets or in other factors that could significantly affect these
controls.



Part II Other Information


Item 1. Legal Proceedings

      In the ordinary course of operations, TransCommunity and subsidiaries
expect to be parties to various legal proceedings. At present, there are no
pending or threatened  proceedings  against  TransCommunity or any
subsidiary which, if determined adversely, would have material effect on the
business,  results  of operations, or financial position of TransCommunity.


<PAGE> 18


Item 2. Changes in Securites

      TransCommunity is currently engaged in a non-underwritten registered
offering of up to 1,500,000 shares of common stock, at a purchase price of
$10.00 per share. The proceeds of the offering will be used to capitalize two
new national banks proposed to be organized in Goochland and Louisa counties,
and for other general  corporate  purposes.  The following information
is furnished pursuant to Rule 463 and Item 701(f) of Regulation S-B:

      (1)   The registration statement on Form SB-2 (no. 333-64566) was
            declared effective on September  17, 2001, as amended by
            post-effective amendment declared effective on May 3, 2002, and by
            an amended prospectus filed under Rule 424(b) on June 6, 2002, and
            by a second  post-effective  amendment  declared effective
            October 30, 2002, and by an amended prospectus filed under Rule
            424(b) on November 1, 2002.
      (2)   The offering commenced on or about September 24, 2001.
      (3)   The offering did not terminate before any securities were sold.
      (4)   (i)   The offering has not terminated.
            (ii)  There is no underwriter in the offering.
            (iii) The only class of security registered is common stock.
            (iv)  The  registration  statement  covers  1,500,000  shares  of
                  common  stock  being  offered at $10 per share, or
                  $15,000,000 in the aggregate. As of September 30, 2002, the
                  Company had sold 539,276 shares, and had received gross
                  proceeds of $5,392,760. As of October 31, 2002, TransCommunity
                  had sold 824,963 shares, and had received gross proceeds of
                  $8,249,630.
             (v)  From the effective date of the registration statement to
                  September 30, 2002 (the ending date of the reporting period),
                  the reasonably estimated amount of expenses incurred for the
                  issuer's account in connection with the issuance and
                  distribution of the securities registered were: (1)
                  underwriters' discounts and commissions $-0-; (2) finder's
                  fees $-0; (3) expenses paid to or for underwriters $-0-; (4)
                  other expenses (including, advertising, legal and accounting)
                  $512,453; Total expenses $512,453.
                  Except for payments of $60,000 to DPO Holdings, Inc., a
                  consulting firm in which William C. Wiley, an officer and
                  director of  TransCommunity,  has a majority  equity
                  interest, and except as noted in the last sentence of this
                  paragraph (v), none of such payments were direct or indirect
                  payments  to  directors  or  officers  of TransCommunity or
                  its associates, or to affiliates of TransCommunity. No
                  portion of the fees paid to DPO Holdings were received,
                  directly or indirectly, by Mr. Wiley. A portion of the
                  Chief Executive Officer's and Chief Operating Officer's
                  salaries totaling $78,757 has been allocated to the offering
                  expenses.
            (vi)  The net offering proceeds as of September 30, 2002, after
                  deduction of expenses, was $4,980,307.
            (vii) From  January 1, 2002,  to  September  30, 2002 (the ending
                  date of the  reporting  period) the amount of net  offering
                  proceeds to the issuer were used as follows:
                  1. construction of plant, building and
                     facilities                                      $-0-
                  2. purchase and installation of machinery
                     and equipment                                   $-0-
                  3. purchase of real estate                         $-0-
                  4. acquisition of other business(es)               $-0-
                  5. repayment of indebtedness                       $-0-
                  6. working capital                           $4,980,307
                  7. temporary investments (to be specified)         $-0-
                  8. any other purposes for which at least
                     $75,000 has been used                           $-0-
            (viii)The  use of proceeds  described in clause 4(vii) above does
                  not  represent  a  material  change in the use of  proceeds
                  from that described in the prospectus.


<PAGE> 19


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

    The following actions were approved at the Annual Meeting of
Shareholders of TransCommunity Bankshares, Incorporated held on September 4,
2002 by shareholders of record at July 29, 2002:

1.  Elected by a substantial majority the following directors of TransCommunity
    Bankshares, Incorporated to serve for the terms noted below and until their
    successors are elected and qualified:

    Class  I Directors serving until the 2005 Annual Meeting include:
    Richard W. Mayhew,  James L. Minter,  Stuart C. Siegel,  John C. Watkins,
    and Robin Traywick Williams

    Class II Directors serving until the 2003 Annual Meeting include:
    Thomas  M.  Crowder,  Julian  C.  Metts,  Jr.,  Troy  A.  Peery,  John J.
    Purcell, Jr., and George W. Rimlier

    Class III Directors serving until the 2004 Annual Meeting include:
    Dean P.  Agee,  Lawrence  B.  Nuckols,  John  W.  Pretlow,  Jr.,  John J.
    Sponski, and  William C. Wiley

2.  Ratified  the   designation  of  S.  B.  Hoover  &  Company,   L.L.P.  as
    independent public accountants  TransCommunity  Bankshares,  Incorporated
    for the fiscal year ending December 31, 2002.

      Voted For        610,777
      Voted Against        900
      Abstained          3,355
      Non-votes        479,275


<PAGE> 20


Item 6. Exhibits and Reports on 8-K

(a)   Exhibits

    The following exhibits are filed as part of this Form 10-QSB

    Exhibit No.  Description of Exhibits

      Part II Exhibits

        3.1      Articles of Incorporation of TransCommunity (2)

        3.2      By-laws of TransCommunity (2)

       10.1      Consulting  Agreement  by and between  TransCommunity
                 Bankshares  Inc. and DPO Holdings, Inc., dated as of July 11,
                 2001 (1)

       10.2(a)   Employment   Agreement   by   and   between   TransCommunity
                 Bankshares  Inc.  and William C. Wiley,  dated June 27, 2001
                 (1)

       10.2(b)   Employment   Agreement   by   and   between   TransCommunity
                 Bankshares Inc. and Bruce B. Nolte, dated June 27, 2001 (1)

        ----------------------

        1. Incorporated  by reference to  TransCommunity's Registration
           Statement on Form SB-2 filed with the Securities and
           Exchange Commission, and declared effective on September 17, 2001, as
           amended on June 6, 2002 and October 23, 2002.
        2. Incorporated  by reference to  TransCommunity's registration
           statement on Form S-4 filed with the Securities and
           Exchange Commission, and declared effective on July 12, 2001.

(b)     Reports on Form 8-K

        Not Applicable


<PAGE> 21


                                    Signature


     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 thereunto duly authorized.

                                         TRANSCOMMUNITY BANKSHARES,
                                         INCORPORATED


                                         /s/ WILLIAM C. WILEY
                                         -------------------------------
                                         William C. Wiley
                                         Chairman of the Board and Chief
                                         Executive Officer


                                         /s/ BRUCE B. NOLTE
                                         -------------------------------
                                         Bruce B. Nolte
                                         President and Chief
                                         Operating Officer


                                         /s/ RICHARD W. MAYHEW
                                         -------------------------------
                                         Richard W. Mayhew
                                         Chief Financial Officer


November 7, 2002


(Certification of CEO/COO/CFO under Section 906 of the Sarbanes-Oxley Act of
2002 enclosed separately as correspondence with this filing.)


<PAGE> 22


                                  CERTIFICATION
                         OF CHIEF EXECUTIVE OFFICER
          Pursuant to section 302 of the Sarbanes-Oxley Act of 2002
              Chapter 63, Title 18 USC Section 1350 (A) and (B)


I, William C. Wiley, certify that:

1.    I  have   reviewed   this   quarterly   report   on  Form   10-QSB   of
TransCommunity Bankshares, Incorporated;

2.    Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.    Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.    The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a)    designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b)    evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c)    presented in this quarterly  report our  conclusions  about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;

5.    The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

a)    all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b)    any fraud, whether or not material, that involves management or other
employees who have a significant role in the  registrant's  internal
controls; and

6.    The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: November 7, 2002

                                         /s/ WILLIAM C. WILEY
                                         -------------------------------
                                         William C. Wiley
                                         Chairman of the Board and Chief
                                         Executive Officer


<PAGE> 23


                                  CERTIFICATION
                         OF CHIEF OPERATING OFFICER
          Pursuant to section 302 of the Sarbanes-Oxley Act of 2002
              Chapter 63, Title 18 USC Section 1350 (A) and (B)


I, Bruce B. Nolte, certify that:

1.    I  have   reviewed   this   quarterly   report   on  Form   10-QSB   of
TransCommunity Bankshares, Incorporated;

2.    Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.    Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.    The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a)    designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b)    evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c)    presented in this quarterly  report our  conclusions  about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;

5.    The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

a)    all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b)    any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's  internal
controls; and

6.    The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: November 7, 2002


                                         /s/ BRUCE B. NOLTE
                                         -------------------------------
                                         Bruce B. Nolte
                                         President   and   Chief    Operating
                                         Officer


<PAGE> 24


                                  CERTIFICATION
                         OF CHIEF FINANCIAL OFFICER
          Pursuant to section 302 of the Sarbanes-Oxley Act of 2002
              Chapter 63, Title 18 USC Section 1350 (A) and (B)


I, Richard W. Mayhew, certify that:

1.    I  have   reviewed   this   quarterly   report   on  Form   10-QSB   of
TransCommunity Bankshares, Incorporated;

2.    Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.    Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.    The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a)    designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b)    evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c)    presented in this quarterly  report our  conclusions  about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;

5.    The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

a)    all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b)    any fraud, whether or not material, that involves management or other
employees who have a significant role in the  registrant's  internal
controls; and

6.    The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: November 7, 2002


                                         /s/ RICHARD W. MAYHEW
                                         -------------------------------
                                         Richard W. Mayhew
                                         Chief Financial Officer