<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

[X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934

       For the quarterly period ended March 31, 2002

[ ]    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. 333-35548

                           SOUTHERN COMMUNITY BANCORP
------------------------------------------------------------------------------
        (Exact Name of Small Business Issuer as Specified in its Charter

            Florida                                      59-3619325
--------------------------------             ---------------------------------
(State or Other Jurisdiction of                       (I.R.S. Employer
  Incorporation or Organization)                    Identification No.)


                 250 North Orange Avenue, Orlando, Florida 32801
        -----------------------------------------------------------------
                    (Address of Principal Executive Offices)

                                 (407) 648-1844
          -------------------------------------------------------------
                (Issuer's telephone number, including area code)


         Check whether the issuer: (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 [ ]

         As of April 12, 2002, the issuer had 5,541,517 outstanding shares of
common stock, par value $1.00 per share.



<PAGE>


                           SOUTHERN COMMUNITY BANCORP

                                   FORM 10-QSB
                                 March 31, 2002

                                      INDEX
<TABLE>
<CAPTION>

                                                                                                           PAGE NO.
                                                                                                           --------
<S>                                                                                                           <C>
PART I:  FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements (Unaudited)
                 Condensed Consolidated Balance Sheets -
                 March 31, 2002 and 2001 (unaudited) and December 31, 2001................................... 1-2

                 Condensed Consolidated Statements of Earnings (Unaudited) -
                 Three Months Ended March 31, 2002 and 2001.....................................................3

                 Condensed Consolidated Statements of Cash Flows (Unaudited) -
                 Three Months Ended March 31, 2002 and 2001.....................................................4

                 Condensed Consolidated Statement of Stockholders' Equity (Unaudited) -
                  Three Months Ended March 31, 2002.............................................................5

                 Notes to Condensed Consolidated Financial Statements (Unaudited).............................6-9

                 Review by Independent Certified Public Accountants............................................10

                 Report on Review by Independent Certified Public Accountants..................................11

Item 2.  Management's Discussion and Analysis of Results of Operations
         and Financial Condition............................................................................12-20


PART II:  OTHER INFORMATION....................................................................................21

Item 2. Changes in Securities and Use of Proceeds..............................................................21

Item 4. Submission of Matters to a Vote of Securities Holders..................................................22

Item 5. Other Information......................................................................................22

Item 6. Exhibits and Reports on Form 8-K.......................................................................23

Signatures.....................................................................................................24
</TABLE>

<PAGE>

                                     PART I
                              FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.




                   SOUTHERN COMMUNITY BANCORP AND SUBSIDIARIES
                CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

                   ($ IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

<TABLE>
<CAPTION>

                                                                          AT MARCH 31,
                                                                    --------------------------
                                                                       2002             2001
                                                                    ---------        ---------
<S>                                                                 <C>                  <C>
         ASSETS

Cash and due from banks                                             $  15,263            5,697
Federal funds sold                                                     48,156           54,133
                                                                    ---------        ---------
         Cash and cash equivalents                                     63,419           59,830

Securities available for sale                                          39,510           13,062
Loans, net of allowance for loan losses of
         $4,834 in 2002 and $2,279 in 2001                            377,944          178,694
Accrued interest receivable                                             2,305            1,070
Federal Home Loan Bank stock, at cost                                     212              212
Premises and equipment, net                                            17,042           10,371
Deferred income tax asset                                               1,390              148
Bank owned life insurance                                               3,897            2,623
Goodwill, net                                                             971               --
Foreclosed assets, net                                                    280               --
Other assets                                                              321              256
                                                                    ---------        ---------
         Total assets                                               $ 507,291          266,266
                                                                    =========        =========

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
         Non-interest-bearing demand deposits                       $  47,093           23,431
         Money-market deposits                                         60,910           18,904
         Savings and NOW deposits                                     131,152           81,252
         Time deposits                                                218,354          112,544
                                                                    ---------        ---------
                  Total deposits                                      457,509          236,131

         Other borrowings                                               1,921               --
         Official checks                                                3,108            1,681
         Other liabilities                                              1,754            1,091
                                                                    ---------        ---------
                  Total liabilities                                   464,292          238,903
                                                                    ---------        ---------

Stockholders' equity:
         Common stock, $1.00 par value, 10,000,000 shares
                  authorized,  5,541,517 and 1,769,813 shares
                  issued and outstanding in 2002 and 2001               5,542            1,770
         Additional paid-in capital                                    38,798           25,918
         Accumulated deficit                                           (1,139)            (520)
         Accumulated other comprehensive income (loss)                   (202)             195
                                                                    ---------        ---------
                  Total stockholders' equity                           42,999           27,363
                                                                    ---------        ---------
                  Total liabilities and stockholders' equity        $ 507,291          266,266
                                                                    =========        =========

</TABLE>


                                       1
<PAGE>

                   SOUTHERN COMMUNITY BANCORP AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEET

                   ($ IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>

                                                                              AT
                                                                           DECEMBER 31,
                                                                              2001
                                                                            ---------
<S>                                                                         <C>
         ASSETS

Cash and due from banks                                                     $  14,625
Federal funds sold                                                             15,504
                                                                            ---------
                  Cash and cash equivalents                                    30,129

Securities available for sale                                                  41,472
Loans, net of allowance for loan losses of $4,457                             352,161
Accrued interest receivable                                                     2,083
Federal Home Loan Bank stock, at cost                                             212
Premises and equipment, net                                                    16,229
Deferred income tax asset                                                       1,236
Bank owned life insurance                                                       3,445
Goodwill, net                                                                     971
Foreclosed assets, net                                                            907
Other assets                                                                      282
                                                                            ---------
                  Total assets                                              $ 449,127
                                                                            =========

         LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

         Non-interest-bearing demand deposits                               $  37,397
         Money-market deposits                                                 37,379
         Savings and NOW deposits                                             140,354
         Time deposits                                                        184,843
                                                                            ---------
                  Total deposits                                              399,973

         Other borrowings                                                       1,658
         Official checks                                                        3,308
         Other liabilities                                                      1,840
                                                                            ---------
                  Total liabilities                                           406,779
                                                                            ---------

Stockholders' equity:
         Common stock, $1.00 par value, 10,000,000 shares
                  authorized, 5,460,202 shares issued and outstanding           5,460
         Additional paid-in capital                                            38,206
         Accumulated deficit                                                   (1,406)
         Accumulated other comprehensive income                                    88
                                                                            ---------
                  Total stockholders' equity                                   42,348
                                                                            ---------
                  Total liabilities and stockholders' equity                $ 449,127
                                                                            =========

</TABLE>

                                       2
<PAGE>


                   SOUTHERN COMMUNITY BANCORP AND SUBSIDIARIES
            CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

                   ($ IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>

                                                                                          THREE MONTHS ENDED
                                                                                              MARCH 31,
                                                                                     ---------------------------
                                                                                         2002             2001
                                                                                     ----------       ----------
<S>                                                                                  <C>                   <C>
Interest income:
         Loans                                                                       $    6,693            4,031
         Securities available for sale                                                      463              313
         Other interest-earning assets                                                      136              500
                                                                                     ----------       ----------
                  Total interest income                                                   7,292            4,844
                                                                                     ----------       ----------
Interest expense:
         Deposits                                                                         3,390            2,725
         Other borrowings                                                                    15
                                                                                     ----------       ----------
                  Total interest expense                                                  3,405            2,725
                                                                                     ----------       ----------

Net interest income                                                                       3,887            2,119
         Provision for loan losses                                                          405              484
                                                                                     ----------       ----------
Net interest income after provision for loan losses                                       3,482            1,635
                                                                                     ----------       ----------
Noninterest income:
         Service charges on deposit accounts                                                120               73
         Other service charges and fees                                                     276               62
         Earnings on bank owned life insurance                                               47               39
         Gain on sale of securities available for sale                                       33              396
                                                                                     ----------       ----------
                  Total noninterest income                                                  476              570
                                                                                     ----------       ----------
Noninterest expense:
         Salaries and employee benefits                                                   1,821              878
         Occupancy expense                                                                  733              325
         Data processing                                                                    237              107
         Printing and office supplies                                                        88               62
         Marketing and advertising                                                          120               64
         Professional fees                                                                  104               71
         Preopening expense                                                                  66               --
         Other                                                                              365              209
                                                                                     ----------       ----------
                  Total noninterest expense                                               3,534            1,716
                                                                                     ----------       ----------
Earnings before income taxes                                                                424              489
         Income taxes                                                                       157              183
                                                                                     ----------       ----------
Net earnings                                                                         $      267              306
                                                                                     ==========       ==========
Basic earnings per share                                                             $      .05              .09
                                                                                     ==========       ==========
Weighted-average number of common shares outstanding for basic                        5,487,428        3,498,764
                                                                                     ==========       ==========
Diluted earnings per share                                                           $      .05              .09
                                                                                     ==========       ==========
Weighted-average number of common shares outstanding for diluted                     $5,710,546        3,529,674
                                                                                     ==========       ==========
Dividends per share                                                                  $       --               --
                                                                                     ==========       ==========
</TABLE>

                                       3
<PAGE>



                   SOUTHERN COMMUNITY BANCORP AND SUBSIDIARIES
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                ($ IN THOUSANDS)
<TABLE>
<CAPTION>

                                                                                     THREE MONTHS ENDED
                                                                                         MARCH 31,
                                                                                 ------------------------
                                                                                   2002            2001
                                                                                 --------        --------
<S>                                                                              <C>                  <C>
Cash flows from operating activities:
Net earnings                                                                     $    267             306
     Adjustments to reconcile net earnings to net cash
         provided by operating activities:
              Provision for loan losses                                               405             484
              Depreciation and amortization                                           542             119
              Gain on sale of securities available for sale                           (33)           (396)
              Provision for deferred income taxes                                      --             150
              Net amortization of premiums and discounts on securities                 (4)             (8)
              Net amortization of deferred loan fees and costs                       (175)             --
              Common stock issued as compensation                                     143              11
              Earnings on bank owned life insurance                                   (47)            (39)
              (Increase) decrease in accrued interest receivable                     (222)             85
              Increase in other assets                                                (39)           (142)
              (Decrease) increase in official checks                                 (200)            235
              (Decrease) increase in accrued other liabilities                        (86)            300
                                                                                 --------        --------
                  Net cash provided by operating activities                           551           1,105
                                                                                 --------        --------
Cash flows from investing activities:
     Calls and repayments of securities available for sale                            250           9,333
     Purchases of securities available for sale                                    (4,978)        (13,497)
     Proceeds from sale of securities available for sale                            6,283          10,104
     Net increase in loans                                                        (25,479)        (28,444)
     Purchases of premises and equipment                                           (1,355)           (786)
     Net proceeds from sales of foreclosed assets                                      93              --
     Purchase of bank owned life insurance                                           (405)             --
                                                                                 --------        --------
                  Net cash used in investing activities                           (25,591)        (23,290)
                                                                                 --------        --------
Cash flows from financing activities:
     Net increase in deposits                                                      57,536          53,919
     Net decrease in other borrowings                                                 263              --
     Proceeds from issuance of common stock, net                                      531             783
                                                                                 --------        --------
                  Net cash provided by financing activities                        58,330          54,702
                                                                                 --------        --------
Net increase in cash and cash equivalents                                          33,290          32,517

Cash and cash equivalents at beginning of period                                   30,129          27,313
                                                                                 --------        --------
Cash and cash equivalents at end of period                                       $ 63,419          59,830
                                                                                 ========        ========
Supplemental disclosures of cash flow information:
     Cash paid during the period for:
         Interest                                                                $  3,573           2,557
                                                                                 ========        ========
         Income taxes                                                            $     65              --
                                                                                 ========        ========
     Noncash financing and investing activities:
         Change in accumulated other comprehensive income (loss),
              unrealized loss on securities available for sale, net of tax       $   (290)            (89)
                                                                                 ========        ========
         Transfer of loans to foreclosed assets                                  $    186              --
                                                                                 ========        ========
         Loans originated on sales of foreclosed assets                          $    720              --
                                                                                 ========        ========
</TABLE>

                                       4
<PAGE>



                   SOUTHERN COMMUNITY BANCORP AND SUBSIDIARIES
      CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED)

                        THREE MONTHS ENDED MARCH 31, 2002
                                 (IN THOUSANDS)
<TABLE>
<CAPTION>

                                                                                      ACCUMULATED
                                                                                         OTHER
                                                         ADDITIONAL                  COMPREHENSIVE       TOTAL
                                            COMMON        PAID-IN      ACCUMULATED      INCOME        STOCKHOLDERS'
                                            STOCK         CAPITAL       DEFICIT         (LOSS)          EQUITY
                                            -------       -------     ------------     -------      ----------------
<S>                                         <C>            <C>           <C>                <C>        <C>
Balance at December 31, 2001                $ 5,460        38,206        (1,406)            88         42,348
                                                                                                      -------
Comprehensive income (loss):
Net earnings (unaudited)                         --            --           267             --            267
Net change in unrealized gain on
         securities available for
         sale, net of tax of $154
         (unaudited)                             --            --            --           (290)          (290)
                                                                                                      -------
Comprehensive income (loss)
         (unaudited)                                                                                      (23)
                                                                                                      -------
Common stock issued as compensation
         (unaudited)                             18           125            --             --            143

Sale of common stock in connection
         with 401(k) Profit Sharing
         Plan (unaudited)                        35           250            --             --            285

Sale of common stock in connection
         with Employee Stock Purchase
         Plan (unaudited)                        15           112            --             --            127

Sale of common stock (unaudited)                 14           105            --             --            119
                                            -------       -------       -------        -------        -------
Balance at March 31, 2002 (unaudited)       $ 5,542        38,798        (1,139)          (202)        42,999
                                            =======       =======       =======        =======        =======

</TABLE>

                                       5
<PAGE>



                   SOUTHERN COMMUNITY BANCORP AND SUBSIDIARIES

        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

         1. GENERAL. In the opinion of the management of Southern Community
Bancorp and its subsidiaries (the "Company" or "Southern"), the accompanying
condensed consolidated financial statements contain all adjustments (consisting
principally of normal recurring accruals) necessary to present fairly the
financial position at March 31, 2002 and 2001, and the results of operations and
cash flows for the three-month periods then ended. The results of operations and
other data for the three months ended March 31, 2002 are not necessarily
indicative of the results to be expected for the year ending December 31, 2002.

                  Southern Community Bancorp (the "Holding Company") owns 100%
of the outstanding common stock of Southern Community Bank (the "Orlando Bank"),
Southern Community Bank of Southwest Florida (the "Bonita Springs Bank") and
Southern Community Bank, Atlantic (the "Daytona Beach Bank"). The banks are
state chartered commercial banks and their deposits are insured by the Federal
Deposit Insurance Corporation ("FDIC") through the Bank Insurance Fund. The
Daytona Beach Bank was acquired by the Company on April 30, 2001.

                  The Orlando Bank owns 100% of the outstanding common stock of
Southern Community Insurance Agency, Inc. (the "Insurance Agency"). The
Insurance Agency refers customers of the Orlando Bank to certain insurance
agencies for the purchase of insurance products. In January 2001, the Holding
Company acquired a 50% equity interest in Southern Community Bank Mortgage LLC
(the "Mortgage Company"). The Mortgage Company originates, processes and closes
residential mortgage loans in Central Florida.

         2. LOAN IMPAIRMENT AND LOSSES. The average net investment in collateral
dependent impaired loans and interest income recognized and received on these
loans is as follows (in thousands):
<TABLE>
<CAPTION>

                                                                 THREE MONTHS ENDED
                                                                       MARCH 31,
                                                              -------------------------
                                                                 2002            2001
                                                              ---------       ---------
<S>                                                           <C>              <C>
Gross loans with no related allowance, at end of period       $      --              --
                                                              =========       =========
Gross loans with related allowance, at end of period              2,275           2,132
                                                              =========       =========
Allowance on these loans                                            228             107
                                                              =========       =========
Average net investment in impaired loans                          2,028             699
                                                              =========       =========
Interest income recognized on impaired loans                         --              43
                                                              =========       =========
Interest income received on impaired loans                           --              43
                                                              =========       =========
</TABLE>


             An analysis of the change in the allowance for loan losses was as
follows (in thousands):

                                       THREE MONTHS ENDED
                                           MARCH 31,
                                     ----------------------
                                      2002           2001
                                     -------        -------
Balance at beginning of period       $ 4,457          1,795
Provision charged to earnings            405            484
Charge-offs, net                         (28)            --
                                     -------        -------
Balance at end of period             $ 4,834          2,279
                                     =======        =======


                                       6
<PAGE>


                   SOUTHERN COMMUNITY BANCORP AND SUBSIDIARIES

   NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED), CONTINUED

         3. STOCK DIVIDEND. The Company's Board of Directors declared a
two-for-one stock split, effected in the form of a 100% stock dividend, on
August 6, 2001 to stockholders of record on October 19, 2001. All per share
information has been restated for the three-month period ended March 31, 2001 to
reflect this split.

         4. EARNINGS PER SHARE . Earnings per share of common stock were
computed on the basis of the weighted-average number of shares of common stock
outstanding. Diluted earnings per share were computed based on the
weighted-average number of shares outstanding plus the effect of outstanding
stock options, computed using the treasury stock method. The following table
presents the calculations of earnings per share ($ in thousands, except per
share amounts):

<TABLE>
<CAPTION>

                                                                THREE MONTHS ENDED MARCH 31,
                                          ---------------------------------------------------------------------------
                                                        2002                                     2001
                                          -----------------------------------     -----------------------------------
                                                      WEIGHTED-                                WEIGHTED-
                                          EARNINGS     AVERAGE      PER SHARE                   AVERAGE    PER SHARE
                                          EARNINGS      SHARES        AMOUNT     EARNINGS       SHARES      AMOUNT
                                          ---------    ---------    ---------    ---------    ---------    ---------

<S>                                       <C>          <C>          <C>          <C>          <C>          <C>
Basic earnings per share:
     Net earnings available to
         common stockholders              $     267    5,487,428    $     .05    $     306    3,498,764    $     .09
                                                                    =========                              =========

Effect of dilutive securities -
     Incremental shares from assumed
         exercise of options                             223,118                                 30,910
                                                       ---------                              ---------
Diluted earnings per share:
     Net earnings  available to common
     stockholders and assumed
         conversion                       $     267    5,710,546    $     .05    $     306    3,529,674    $     .09
                                          =========    =========    =========    =========    =========    =========

</TABLE>

                                       7
<PAGE>



         5. REGULATORY CAPITAL. The Holding Company, the Orlando Bank, the
Bonita Springs Bank and the Daytona Beach Bank are required to maintain certain
minimum regulatory capital requirements. The following is a summary at March 31,
2002 of the regulatory capital requirements and the actual capital on a
percentage basis:

<TABLE>
<CAPTION>

                                                                       REGULATORY
                                                           ACTUAL      REQUIREMENT
                                                           ------      -----------
<S>                                                        <C>            <C>
Total capital to risk-weighted assets
         Consolidated                                      10.38%         8.00%
         Bonita Springs Bank                               12.29%         8.00%
         Orlando Bank                                       8.30%         8.00%
         Daytona Beach Bank                                14.55%         8.00%

Tier I capital to risk-weighted assets
         Consolidated                                       9.27%         4.00%
         Bonita Springs Bank                               11.33%         4.00%
         Orlando Bank                                       7.16%         4.00%
         Daytona Beach Bank                                13.45%         4.00%

Tier I capital to total assets - leverage ratio
         Consolidated                                       8.65%         4.00%
         Bonita Springs Bank                               11.40%         4.00%
         Orlando Bank                                       6.72%         4.00%
         Daytona Beach Bank                                10.99%         4.00%
</TABLE>

         6. OTHER EVENTS. On December 18, 2000, the Holding Company entered into
an Agreement and Plan of Merger (the "Merger Agreement") with Peninsula Bancorp,
Inc., pursuant to which Peninsula agreed to merge with and into the Holding
Company. Peninsula is the parent company of Peninsula Bank of Central Florida
("Peninsula Bank"), a state bank with three offices in Volusia County, Florida.
The merger was consummated on April 30, 2001. Under the terms of the Merger
Agreement, each share of Peninsula common stock was converted into 0.625 shares
of the common stock of the Holding Company. The Holding Company issued 623,940
shares of common stock in connection with this transaction. The Holding Company
accounted for this transaction using the purchase method of accounting.
Peninsula Bank's name was subsequently changed to Southern Community Bank,
Atlantic.

The results for the three months ended March 31, 2002 include the results of
Peninsula. The excess purchase price over fair market value of the net assets
acquired of $1.0 million was allocated to goodwill which was being amortized
over twenty years. However, the Company adopted FASB 142, GOODWILL AND OTHER
INTANGIBLE ASSETS on January 1, 2002. Under this standard, goodwill amortization
ceased and the asset will be evaluated periodically for


                                       8
<PAGE>

impairment. The unaudited proforma results below assume the acquisition at the
beginning of 2001 (dollars in thousands, except per share amounts):

                                              THREE
                                           MONTHS ENDED
                                              MARCH 31,
                                               2001
                                           ------------

      Interest income                         $5,815
                                              ======

      Net interest income                     $2,578
                                              ======

      Net earnings                            $  271
                                              ======

      Earnings per share:
          Basic                               $  .06
                                              ======
          Diluted                             $  .06
                                              ======

         In management's opinion, the unaudited proforma combined results of
operations are not indicative of the actual results that would have occurred had
the acquisition been consummated at the beginning of the year ended December 31,
2001 or of future operations of the combined entities under the ownership and
management of the Company.

         7. NEW BANK CHARTER. The Company has applied for a new bank charter for
Southern Community Bank of South Florida which is expected to be located in Boca
Raton, Florida.




                                       9
<PAGE>


                   SOUTHERN COMMUNITY BANCORP AND SUBSIDIARIES

               REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

         Hacker, Johnson & Smith PA, the Company's independent certified public
accountants, have made a limited review of the financial data as of March 31,
2002 and 2001 and for the three-month periods then ended, presented in this
document, in accordance with standards established by the American Institute of
Certified Public Accountants.

         Their report furnished pursuant to Article 10 of Regulation S-X is
included herein.



                                       10
<PAGE>


          REPORT ON REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

The Board of Directors
Southern Community Bancorp
Orlando, Florida:

         We have reviewed the accompanying condensed consolidated balance sheets
of Southern Community Bancorp and Subsidiaries (the "Company") as of March 31,
2002 and 2001, and the related condensed consolidated statements of earnings and
cash flows for the three-month periods then ended, and the related condensed
consolidated statement of stockholders' equity for the three-month period ended
March 31, 2002. These financial statements are the responsibility of the
Company's management.

         We conducted our reviews in accordance with standards established by
the American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquires of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with auditing standards generally accepted in the United States of
America, the objective of which is the expression of an opinion regarding the
financial statements taken as a whole. Accordingly, we do not express such an
opinion.

         Based on our reviews, we are not aware of any material modifications
that should be made to the condensed consolidated financial statements referred
to above for them to be in conformity with accounting principles generally
accepted in the United States of America.

         We have previously audited, in accordance with auditing standards
generally accepted in the United States of America, the consolidated balance
sheet as of December 31, 2001, and the related consolidated statements of
operations, stockholders' equity and cash flows for the year then ended (not
presented herein); and in our report dated January 25, 2002 we expressed an
unqualified opinion on those consolidated financial statements. In our opinion,
the information set forth in the accompanying condensed consolidated balance
sheet as of December 31, 2001, is fairly stated, in all material respects, in
relation to the consolidated balance sheet from which it has been derived.

HACKER, JOHNSON & SMITH PA
Orlando, Florida
April 12, 2002



                                       11
<PAGE>


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
         FINANCIAL CONDITION

         THIS FORM 10-QSB CONTAINS "FORWARD LOOKING STATEMENTS" WHICH REPRESENT
         SOUTHERN'S EXPECTATIONS AND BELIEFS INCLUDING, BUT NOT LIMITED TO,
         STATEMENTS CONCERNING SOUTHERN'S OPERATIONS, PERFORMANCE, FINANCIAL
         CONDITION, GROWTH OR STRATEGIES. FOR THIS PURPOSE, ANY STATEMENTS
         CONTAINED IN THIS FORM 10-QSB THAT ARE NOT STATEMENTS OF HISTORICAL
         FACT MAY BE DEEMED TO BE FORWARD LOOKING STATEMENTS. WITHOUT LIMITING
         THE GENERALITY OF THE FOREGOING, WORDS SUCH AS "MAY", "WILL", "EXPECT",
         "BELIEVE", "ESTIMATE", "ANTICIPATE" OR "CONTINUE" OR THE NEGATIVE OR
         OTHER VARIATIONS THEREOF OR COMPARABLE TERMINOLOGY ARE INTENDED TO
         IDENTIFY FORWARD LOOKING STATEMENTS. THE STATEMENTS BY THEIR NATURE
         INVOLVE SUBSTANTIAL RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE
         BEYOND SOUTHERN'S CONTROL, AND ACTUAL RESULTS MAY DIFFER MATERIALLY
         DEPENDING ON A VARIETY OF IMPORTANT FACTORS, INCLUDING BUT NOT LIMITED
         TO THE POTENTIAL IMPACT OF CHANGES IN INTEREST RATES, COMPETITION,
         CREDIT RISKS AND COLLATERAL, CHANGES IN LOCAL OR REGIONAL ECONOMIC
         CONDITIONS, THE ABILITY OF SOUTHERN TO CONTINUE ITS GROWTH STRATEGY,
         DEPENDENCE ON MANAGEMENT AND KEY PERSONNEL, AND REGULATORY SUPERVISION.

RESULTS OF OPERATIONS - THREE MONTHS ENDED MARCH 31, 2002 AND 2001

         Southern had net earnings for the first quarter of 2002 of 267,000,
         compared to earnings of $306,000 for the comparable period in 2001.
         Earnings before income taxes in the first quarter of 2002 were $424,000
         compared to $489,000 for the first quarter of 2001.

         NET INTEREST INCOME. Southern's operating results depend primarily on
         Southern's net interest income, which is a difference between interest
         income on interest earning assets and interest expense on interest
         bearing liabilities. Net interest income is determined by the
         difference between yields earned on interest earning assets and rates
         paid on interest bearing liabilities and the relative amounts of
         interest earning assets and interest bearing liabilities. Southern's
         interest rates spread is affected by regulatory, economic and
         competitive factors that influence interest rates, loan demand and
         deposit flows. In addition, Southern's net earnings are also affected
         by the level of non-performing loans and foreclosed real estate, as
         well as the level of its non-interest income, and its non-interest
         expenses, such as salaries and employee benefits.

         Interest income for the first quarter of 2002 was $7.3 million,
         compared to $4.8 million for the first quarter of 2001. The growth in
         interest income reflects the growth in Southern's assets, which grew
         from $266.3 million at March 31, 2001 to $507.3 million at March 31,
         2002. During the same period, net loans grew from $178.7 million to
         $377.9 million. The increase in assets and loans is primarily
         attributable to the expansion of Southern's business in the Orlando and
         Bonita Springs markets, the acquisition of Peninsula Bancorp, Inc. in
         the second quarter of 2001 and the expansion into the Palm Beach market
         area during 2002.



                                       12
<PAGE>

         Interest expense was $2.7 million for the first quarter of 2001
         compared with $3.4 million for the first quarter of 2002. The increase
         in interest expense is primarily due to the higher level of deposits
         which were used to support the growth in loans.

         Southern's net interest margin decreased from approximately 3.9% for
         the first quarter of 2001 to approximately 3.5% for the first quarter
         of 2002. The adverse change in the net interest margin reflects the
         impact of the decrease in interest rates in the economy, which reduced
         the yield on the Company's loans and investment securities more rapidly
         than the yields paid by Southern on its deposits and other interest
         bearing liabilities. The net interest margin was also adversely
         affected by Southern's relatively high level of liquid assets, such as
         federal funds sold. Southern's goal is to utilize these liquid assets
         to fund loan growth during the balance of this year.

         NONINTEREST INCOME. Noninterest income in the first quarter of 2002
         totaled $476,000, compared with $570,000 in 2001. Customer service
         charges totaled $120,000 in 2002, up from $73,000 in 2001, due to an
         increase in the average number of deposit accounts. Other service
         charges and fees totaled $276,000 in 2002, up from $62,000 in 2001.
         This increase was primarily caused by an increase in insurance referral
         fees as well as overall growth of Southern. Gain on sale of securities
         available for sale totaled $33,000 in 2002, compared to $396,000 in
         2001.

         PROVISION FOR LOAN LOSSES. The provision for loan losses totaled
         $405,000 in the first quarter of 2002 compared to $484,000 in 2001. The
         allowance for loan losses at March 31, 2002 was $4.8 million.
         Management believes the allowance is adequate.

         NONINTEREST EXPENSES. Noninterest expenses for the first quarter of
         2002 totaled $3.5 million, up 105.9% from $1.7 million in 2001.
         Noninterest expenses included the following:

         o  Salaries and employee benefits represented 51.5% of total
            non-interest expenses in 2002. Salaries and employee benefits
            increased 107.4% to $1.8 million in 2002 from $878,000 in 2001. The
            increase was primarily due to additional employees resulting from
            the addition of the branches of the Daytona Beach Bank, two branches
            of the Orlando Bank and a branch of the Bonita Springs Bank all of
            which were not present in 2001, together with salary increases and
            higher benefit costs.

         o  Occupancy and equipment expense in 2002 totaled $733,000, up 125.5%
            from $325,000 in 2001. This increase was primarily due to the
            addition of the branches of the Daytona Beach Bank, two branches of
            the Orlando Bank and a branch of the Bonita Springs Bank, all of
            which were not present in 2001.

         o  Other non-interest expenses for the first quarter of 2002 totaled
            $980,000, up 91.0% from $513,000 in 2001. This increase resulted
            from the acquisition of the Daytona Beach Bank, opening of
            additional branches as well as organizational expense associated
            with Southern Community Bank of South Florida which, subject to



                                       13
<PAGE>

            regulatory approval, is expected to open in the second quarter of
            2002. Other non-interest expenses included data processing, printing
            and office supplies, marketing and advertising, professional fees
            and other expenses.

         INCOME TAX PROVISION. The income tax provision totaled $157,000 in 2002
         (effective rate of 37.0%) compared with $183,000 in 2001 (effective
         rate of 37.4%).

CAPITAL EXPENDITURES

         Southern makes capital expenditures in order to improve its ability to
provide quality services to its customers. Capital expenditures for the three
months ended March 31, 2002 equaled $1.4 million compared to $786,000 in 2001.
Most of these expenses are related to purchase and construction of new branches.

ASSET QUALITY AND CREDIT RISK

         SECURITIES AVAILABLE FOR SALE. Southern maintains a high quality
investment portfolio including securities of U.S. government entities and
mortgage-backed securities. Southern believes that the securities have very
little risk of default. At March 31, 2002, all of the securities held in
Southern's investment portfolio were classified available for sale and were
rated "A" or better (with a majority rated triple "A"). A rating of "A" or
better means that the bonds are of "upper medium grade, with strong ability to
repay, possibly with some susceptibility to adverse economic conditions or
changing circumstances." Ratings are assigned by independent rating agencies and
are subject to the accuracy of reported information concerning the issuers and
the subjective judgment and analysis of the rating agencies. They are not a
guarantee of collectibility.

         The following table sets forth information regarding the composition of
the investment portfolio for March 31, 2002 and 2001:

                              INVESTMENT PORTFOLIO


                                                         MARCH 31,
                                                  -----------------------
                                                    2002           2001
                                                  -------         -------
                                                     (IN THOUSANDS)

      U.S. Government agencies securities         $39,510          11,110

      Mortgage-backed securities                       --           1,952
                                                  -------         -------
                                                  $39,510          13,062
                                                  =======         =======

         LOANS. Southern maintains a high quality portfolio of real estate,
commercial and consumer loans. All loans over individual lending limits are
reviewed and approved by Southern's loan committee, which ensures that loans
comply with applicable credit standards. In most cases, Southern requires
collateral from the borrowers. The type and amount of collateral varies, but may



                                       14
<PAGE>

include residential or commercial real estate, deposits held by financial
institutions, U.S. Treasury securities, other marketable securities and personal
property. Southern monitors collateral values to ensure that they are maintained
at proper levels.

         As of March 31, 2002, the majority of Southern's real estate loans were
loans secured by real estate in central and south Florida. This level of
concentration could present a potential credit risk to Southern because the
ultimate collectibility of these loans is susceptible to adverse changes in real
estate market conditions in these markets. Southern has sought to address this
risk by limiting most loans to a maximum of 75% of the appraised value of the
underlying real estate and maximum amortization schedules of 20 years with
maturity dates not exceeding five years.

         The following table divides Southern's loan portfolio into five
categories. Most of the loans are short-term and may be renewed or rolled over
at maturity. At that time, Southern undertakes a complete review of the
borrower's credit worthiness and the value of any collateral. If these items are
satisfactory, Southern will generally renew the loan at prevailing interest
rates.

                                 TYPES OF LOANS
<TABLE>
<CAPTION>

                                                                             MARCH 31,
                                                                  ----------------------------
                                                                    2002               2001
                                                                  ---------          ---------
                                                                         (IN THOUSANDS)

<S>                                                               <C>                   <C>
Commercial                                                        $  94,198             33,384

Commercial real estate                                              138,080             49,283

Residential real estate                                              31,420             10,544

Construction                                                        109,480             78,246

Consumer and other                                                   11,883             10,829
                                                                  ---------          ---------

         Total loans                                                385,061            182,286
Less:
Allowance for loan losses                                            (4,834)            (2,279)

Net deferred loan fees and other discounts                           (2,283)            (1,313)
                                                                  ---------          ---------
         Loans, net                                               $ 377,944            178,694
                                                                  =========          =========
</TABLE>

                                       15
<PAGE>

         COMMERCIAL LOANS. Southern makes commercial loans to businesses located
in its target markets. The credit risk associated with business lending is
influenced by general economic conditions, deterioration in a borrower's capital
position resulting in increasing debt to equity ratios, deterioration in a
borrower's cash position resulting in a liquidity problem, and decreasing
revenues due to inefficient operations of the borrower. These loans are
generally secured by corporate assets, marketable securities or other liquid
financial instruments. These loans totaled approximately $94.2 million or 24.5%
of total loans at March 31, 2002, compared with $33.4 million or 18.3% of total
loans at March 31, 2001.

         REAL ESTATE LOANS. Southern's real estate loans totaled $279.0 million
or 72.5% of total loans at March 31, 2002, and $138.1 million or 75.7% at March
31, 2001.

         Southern makes real estate loans secured by commercial real estate,
including loans to acquire or refinance office buildings, warehouses and
apartments. These loans generally require a loan to value of not more than 75%.
Most of these loans have a maturity of five years or less. Almost all of these
loans are secured by real property located in central and south Florida. These
loans totaled $138.1 million, or 35.9% of total loans at March 31, 2002 compared
with $49.3 million or 27.0% of total loans at March 31, 2001. Risks associated
with commercial real estate mortgage loans include reliability of appraisals,
deterioration of market values, environmental contamination, and accelerated
depreciation of property due to deferred maintenance.

         Residential real estate loans totaled $31.4 million, or 8.2% of total
loans at March 31, 2002, compared with $10.5 million, or 5.8% at March 31, 2001.
Residential real estate mortgage loans are predominately adjustable rate home
mortgages which generally require a loan-to-collateral value of not more than
90% and equity credit lines which generally limit the loan-to-collateral value
to not more than 90%. Most loans have a maximum term of five to seven years.
Almost all of the residential real estate mortgage loans are secured by homes in
central and south Florida. Risks associated with residential real estate
mortgage loans include reliability of appraisals, deterioration of market
values, environmental contamination, and accelerated depreciation of property
due to deferred maintenance.

         Construction loans totaled $109.5 million or 28.4% of total loans at
March 31, 2002 compared to $78.2 million or 42.9% of total loans at March 31,
2001. Southern makes commercial and residential construction loans on property
mainly in central and south Florida.

         CONSUMER AND OTHER LOANS. Southern offers consumer loans and personal
and secured loans. The security for these loans ordinarily consists of
automobiles, consumer goods, marketable securities, certificates of deposit and
similar items. These loans totaled approximately $11.9 million, or 3.0% of total
loans, on March 31, 2002, compared with $10.8 million, or 6.0% of total loans,
on March 31, 2001. Risks associated with installment loans include loss of
employment of borrowers, declines in the financial condition of borrowers
resulting in delinquencies, and rapid depreciation of loan collateral.

         COMMITMENTS. Southern had legally binding commitments to extend credit,
including unused lines of credit and letters of credit totaling $107.6 million
at March 31, 2002.




                                       16
<PAGE>

NONPERFORMING ASSETS AND PAST DUE LOANS

         Nonperforming assets consist of nonaccrual loans and assets acquired in
partial or total satisfaction of problem loans which are known as "foreclosed
assets." Past due loans are loans that are delinquent 30 days or more which are
still accruing interest.

         Southern's credit review and approval process is critical to Southern's
ability to minimize non-performing assets on a long term basis. In addition to
the negative impact on interest income, non-performing assets also increase
operating costs due to the expense of collection efforts. It is Southern's
policy to place all loans which are past due 90 days or more on non-accrual
status, subject to exceptions made on a case by case basis.

         The following table presents Southern's non-performing assets and past
due loans for 2002 and 2001.

                 NON-PERFORMING ASSETS AND 90 DAY PAST DUE LOANS

                                                       MARCH 31,
                                                 ---------------------
                                                  2002           2001
                                                 ------         ------
                                                (AMOUNTS IN THOUSANDS)

Nonaccrual loans                                 $3,315          2,481

Foreclosed assets                                   280             --
                                                 ------         ------

Total nonperforming assets                       $3,595          2,481
                                                 ======         ======

Accruing loans past due 90 days                  $  551            615
                                                 ======         ======


         Of the total loan portfolio of $385.1 million at March 31, 2002, $3.9
million or 1.0%, was non-performing or past due 90 days, or an increase of
$770,000 from March 31, 2001. Non-performing loans at March 31, 2002 consisted
of commercial and residential real estate loans. Total nonperforming assets and
accruing loans past due 90 days totaled $4.1 million at March 31, 2002 compared
to $3.1 million at March 31, 2001. The increase in non-performing loans reflects
the growth in Southern's loan portfolio and the maturing of the loan portfolio.

ALLOWANCE AND PROVISION FOR LOAN LOSSES

          Southern evaluates the adequacy of its allowance for loan losses as
part of its ongoing credit review and approval process. The review process is
intended to identify, as early as possible, customers who may be facing
financial difficulties. Once identified, the extent of the client's financial
difficulty is carefully monitored by Southern's loan review officer, who
recommends to the directors loan committee the portion of any credit that needs
a specific reserve allocation or should be charged off. Other factors considered



                                       17
<PAGE>

by the loan committee in evaluating the adequacy of the allowance include
overall loan volume, historical net loan loss experience, the level and
composition of non-accrual and past due loans, local economic conditions, and
value of any collateral. From time to time, specific amounts of the reserve are
designated for certain loans in connection with the loan committee's review
officer's analysis of the adequacy of the allowance for loan losses.

          While the largest portion of this allowance is typically intended to
cover specific loan losses, it is considered a general reserve which is
available for all credit-related purposes. The allowance is not a precise
amount, but is derived based upon the above factors and represents management's
best estimate of the amount necessary to adequately cover probable losses from
current credit exposures. The provision for loan losses is a charge against
current earnings and is determined by management as the amount needed to
maintain an adequate allowance.

          Management relied on these factors, as well as its assessment of the
financial condition of specific clients facing financial difficulties, in
deciding to increase the allowance for loan losses to $4.8 million at March 31,
2002, from $4.5 million at December 31, 2001 and $2.3 million at March 31, 2001.

FINANCIAL CONDITION

         Southern's goal is to maintain a high quality and liquid balance sheet.
Southern seeks to achieve this objective through increases in collateralized
loans, a strong portfolio of real estate loans and a stable portfolio of
investment securities of high quality.

         SECURITIES AVAILABLE FOR SALE. On March 31, 2002, securities available
for sale were $39.5 million or 8.5% of total earning assets. Southern's strategy
for its investment account is to maintain a high quality portfolio. The
investment portfolio, all of which has been classified as available for sale,
increased 202.5% from $13.1 million in the first quarter of 2001.

         LOANS. Loans were $377.9 million as of March 31, 2002, compared to
$178.7 million as of March 31, 2001. See "Asset Quality and Credit Risk --
Loans," above.

         INTEREST-BEARING LIABILITIES. Interest bearing liabilities primarily
consisted of deposits and other borrowings. Total interest-bearing liabilities
were $412.3 million at March 31, 2002, up from $212.7 million in 2001. Money
market deposits increased $42.0 million or 222.2% to $60.9 million. There was an
increase in savings and NOW deposits of $49.9 million or 61.4% compared to 2001.
There was also a significant increase in time deposits of $105.8 million or
94.0% compared to 2001. The growth in Southern's deposits reflects Southern's
marketing efforts to obtain additional deposits to fund loan growth during this
period.

LIQUIDITY AND RATE SENSITIVITY

         The principal functions of asset and liability management are to
provide for adequate liquidity, to manage interest rate exposure by maintaining
a prudent relationship between rate sensitive assets and liabilities and to
manage the size and composition of the balance sheet so as to maximize net
interest income.



                                       18
<PAGE>

         Liquidity is the ability to provide funds at minimal cost to meet
fluctuating deposit withdrawals or loan demand. These demands are met by
maturing assets and the capacity to raise funds from internal and external
sources. Southern primarily utilizes cash, federal funds sold and securities
available for sale to meet its liquidity needs. Although not utilized in
managing daily liquidity needs, the sale of investment securities provides a
secondary source of liquidity.

         Fluctuating interest rates, increased competition and changes in the
regulatory environment continue to significantly affect the importance of
interest-rate sensitivity management. Rate sensitivity arises when interest
rates on assets change in a different period of time or a different proportion
than that of interest rates on liabilities. The primary objective of
interest-rate sensitivity management is to prudently structure the balance sheet
so that movements of interest rates on assets and liabilities are highly
correlated and produce a reasonable net interest margin even in periods of
volatile interest rates.

         Regular monitoring of assets and liabilities that are rate sensitive
within 30 days, 90 days, 180 days and one year is an integral part of Southern's
rate-sensitivity management process. It is Southern's policy to maintain a
reasonable balance of rate-sensitive assets and liabilities on a cumulative one
year basis, thus minimizing net interest income exposure to changes in interest
rates. Southern's sensitivity position at March 31, 2002 was such that net
interest income would increase modestly if there were an increase in short-term
interest rates.

         Southern monitors the interest rate risk sensitivity with traditional
gap measurements. The gap table has certain limitations in its ability to
accurately portray interest sensitivity; however, it does provide a static
reading of Southern's interest rate risk exposure.

         As of March 31, 2002, Southern was asset sensitive (interest sensitive
assets subject to repricing exceeded interest sensitive liabilities subject to
repricing) on a 365-day basis to the extent of $1.0 million. This positive gap
at March 31, 2002 was 0.2% of total assets compared with a negative gap of 8.2%
at March 31, 2001. Southern's target gap position is in the range of negative
20% and positive 20%.

         While the absolute level of gap is a measurement of interest rate risk,
the quality of the assets and liabilities in the balance sheet must be analyzed
in order to understand the degree of interest rate risk taken by Southern.
Southern does not invest in any derivative products in order to manage or hedge
its interest rate risk.

CAPITAL

         One of Southern's primary objectives is to maintain a strong capital
position to merit the confidence of customers, bank regulators and stockholders.
A strong capital position helps Southern withstand unforeseen adverse
developments and take advantage of attractive lending and investment
opportunities when they arise.

         Southern's tier one capital was 9.27% and the total capital was 10.38%
of risk-based assets at March 31, 2002. These risk-based capital ratios are well
in excess of the minimum requirements of 4.0% for tier one and 8.0% for total



                                       19
<PAGE>

risk-based capital ratios. Southern's leverage ratio (tier one capital to total
average quarterly assets) of 8.65% at March 31, 2002, is also in excess of the
minimum 4.0% requirement. Southern has committed to the Federal Reserve that it
will maintain, on a consolidated basis, a ratio of total capital to risk base
assets of at least 10% until January, 2004.

         Southern's ability to grow in the future will require Southern to
increase its stockholder's equity. In December 2001, Southern commenced on a
offering of 1,200,000 shares of its common stock at a price of $10.50 per share.
The principal purpose of this offering is to capitalize Southern's proposed new
Boca Raton bank. If the offering is successful, Southern's capital will increase
by the amount of the offering.



                                       20
<PAGE>


                                     PART II
                                OTHER INFORMATION

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.

PRIVATE SALES OF SECURITIES

         During the first quarter of 2002, Southern issued a total of 81,315
shares of common stock in transactions which were not registered under the
Securities Act of 1933 in reliance upon the exemption provided under Section
4(2) of the Securities Act:

         o  On February 26, 2002, Southern issued 7,834 shares to an executive
            of Southern under a restricted stock grant agreement. These shares
            were valued at $8.25 per share.

         o  On February 26, 2002, Southern issued 15,393 shares pursuant to
            Southern's Employee Stock Purchase Plan. These shares were valued at
            $8.25 per share.

         o  On February 26, 2002, Southern issued 14,000 shares pursuant to
            employment agreements entered into during 2001. These shares were
            valued at $8.475 per share.

         o  On February 26, 2002 and March 7, 2002, a total of 9,519 shares were
            issued as compensation to directors for directors fees earned during
            2001. These shares were valued at $8.25 per share.

         o  On March 7, 2002, Southern issued 34,569 shares as its contribution
            to Southern's 401(k) Profit Sharing Plan. These shares were valued
            at $8.25 per share.

         Each of the foregoing transactions represented the fulfillment of
commitments made by Southern in year 2001.

PUBLIC OFFERING

         During December 2001, Southern commenced a public offering of 1,200,000
shares of its common stock at a price of $10.50 per share. The shares were
offered on behalf of Southern by its executive officers who did not receive any
compensation for their efforts.

         If this offering is successful, Southern will receive proceeds in the
minimum amount of $10,500,000 and the maximum amount of $12,600,000. Southern
will utilize the first $10,500,000 of these proceeds as follows:

         -  Southern will pay the costs of the offering, which are estimated at
            $50,000.

         -  Southern will reimburse the organizers of its proposed Boca Raton
            bank for the organization costs of the new bank. These expenses are
            estimated at $450,000.

         -  Southern will make a capital contribution of at least $10,000,000 to
            the proposed Boca Raton bank. The new bank will initially utilize
            these proceeds to purchase marketable securities. The new bank will
            liquidate these securities as necessary to make loans and to pay its
            start-up and operating expenses.



                                       21
<PAGE>

         Southern will utilize the balance of the proceeds, if any, to create a
working capital reserve. Southern will utilize this reserve for the following
purposes:

         -  to pay operating expenses of its holding company, including
            salaries, and legal and accounting fees.

         -  to make capital contributions to its banks when it determines that
            such capital is required either for regulatory or liquidity
            purposes.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

         Southern held its annual meeting of shareholders on April 18, 2002.

         ELECTION OF DIRECTORS. The following persons were elected to serve
three-year terms as directors at the annual meeting:

         George D. Anderson
         P.T. Fleuchaus
         Dennis E. Gilkey
         Jennings L. Hurt III
         John K. Ritenour

         At the annual meeting, 3,390,107 shares were voted in favor of each of
the nominees listed above, with 10,000 shares voted against each nominee and 711
shares voted as abstentions.

         The following persons also continue to serve as directors:

         Charlie W. Brinkely, Jr.
         John G. Squires
         Thomas H. Dargan, Jr.
         Richard L. Garner
         Clark D. Jensen
         Sanford Miller
         Stanley H. Sandefur
         Joel E. Whittenhall

ITEM 5. OTHER INFORMATION.

         Not applicable.



                                       22
<PAGE>

ITEM 6.    EXHIBITS.

         (a)      EXHIBITS.

                  EXHIBIT NO.       DESCRIPTION
                  -----------       -----------

                  Not applicable.

         (b)      REPORTS ON FORM 8-K.

                  Not applicable.




                                       23
<PAGE>


                                   SIGNATURES

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

                                         SOUTHERN COMMUNITY BANCORP
                                                 (Registrant)

Date: May 14, 2002                      /s/  CHARLIE W. BRINKLEY, JR.
                                      -------------------------------------
                                           Charlie W. Brinkley, Jr.
                                      Chairman of the Board of Directors
                                          and Chief Executive Officer
                                         (Principal Executive Officer)

Date: May 14, 2002                          /s/  STEPHEN R. JEUCK
                                      -------------------------------------
                                               Stephen R. Jeuck
                                         Vice President and Secretary
                                        (Principal Accounting Officer)






                                       24