<PAGE>
                                                                      EXHIBIT 14

                [COMMUNITY FINANCIAL HOLDING COMPANY, INC. LOGO]

--------------------------------------------------------------------------------
                                                                  CODE OF ETHICS
--------------------------------------------------------------------------------

CONFLICT OF INTEREST

It is the policy of the Company to compete for business on quality of service
and price. The Company's reputation for honesty and integrity is embodied in the
honesty and integrity of its representatives. As employees of the Company you
must protect this sacred trust by avoiding situations that might cause a
conflict of interest or any charge of impropriety, real or implied. You should
conduct your personal and business affairs in a manner that exemplify our
commitment to honesty and integrity. This includes relationships with family,
business partners, customers and vendors.

Demands on our time and commitment that might bring about conflicts of interest
should be known to our associates and resolved in favor of the best interests of
the Company. Consultation with supervisors and management is appropriate where
there may appear to be an issue. Any clarifications of this policy must be
obtained by Senior Management or the Board of Directors.

COMPLIANCE WITH LAWS, RULES AND REGULATIONS

Full and complete compliance with all related laws and regulations is expected
from each employee. Such laws and regulations shall include but are not limited
to all Federal Reserve Regulations and the Comprehensive Crime Control Act of
1984.

Employees violating the Code of Ethics may be subject to disciplinary action
including discharge.

-        Refer to the Comprehensive Crime Control Act of 1984.

The Comprehensive Crime Control Act of 1984 makes it a CRIME for an officer,
director, employee, agent, or attorney of any financial institution, including a
bank holding company, to solicit or accept "anything of value" for himself or
any other person "in connection with any transaction or business of such
financial institution".

The Act also makes it a crime for anyone to give or offer to any officer,
director, employee, agent, or attorney of any bank holding company, savings and
loan holding company, bank, savings and loan association, savings bank, credit
union, SBIC or agricultural financing entity "anything of value for, or in
connection with, any transaction or business" of such financial institution.

GIFTS

Inducements, given or received, must be limited so as not to be a factor in the
decision of either party to a transaction. The application of these standards,
while on a case-by-case basis, must be considered in a context of full
disclosure in order to

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


                                                                               3
<PAGE>

                [COMMUNITY FINANCIAL HOLDING COMPANY, INC. LOGO]

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

avoid either the fact or appearance of wrong doing due to improper efforts to
influence decisions.

ACCEPTING GIFTS

General Rule:

1.       It is never permissible for an employee to solicit for himself or any
         other person a gift of any value from a customer over whose business
         relationship he has an influence.
2.       An employee should not accept a gift of any value from a customer if he
         has reason to believe that the customer expects or would be entitled to
         expect favored treatment in return.
3.       An employee should not accept from a customer, over whose business
         relationship he has influence - gifts, money or property that can
         easily be converted into money (for example: stock), no matter how
         small the amount or value.
4.       Even if the perceived motive for a gift is proper, an employee should
         not accept gifts that have a value exceeding $100 per year in the
         aggregate from any one customer over whose business relationship he/she
         has influence.

Exception:

Receipt of the following will not be considered prohibited "gifts": (a) a
non-extravagant and commonly offered service (for example: meals, lodging or
entertainment) received by an employee from a customer in the course of a
business meeting; (b) any service offered by a customer (for example: a trip)
where it is determined (on a case-by-case basis) by Senior Management, that
there are important bank reasons (such as expanded business contracts or greater
understanding of the customer) for him to accept the service.

GIVING GIFTS

The prohibitions of the Act apply only to the acceptance of gifts by persons who
are officers, directors, employees, agents or attorneys of financial
institutions. The Act does not prohibit the giving of a gift to the financial
institution itself, as distinguished from an individual connected with the
institution.

General Rule:
1.       No employee should on behalf of the Company give or offer to a person
         connected with a financial institution a gift with a value exceeding
         $100. Management will consider items or services with a value of $100
         and under as promotional items, not gifts.

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


                                                                               4
<PAGE>

                [COMMUNITY FINANCIAL HOLDING COMPANY, INC. LOGO]
--------------------------------------------------------------------------------

Exceptions:

1.       Reasonable meals and entertainment occasionally extended as a matter of
         common courtesy to an individual connected with a financial institution
         (for example: taking a correspondent banker to dinner and a ball game)
         will not be considered a "gift" to an individual.
2.       Company sponsored social functions for a large number of individuals
         (for example: a reception for bankers held by the Company) will not
         constitute the giving of a "gift" to the attendees.

EXTENSIONS OF CREDIT TO RELATIVES AND BUSINESS ASSOCIATES

No employee shall make or approve loans to entities in which they or their
immediate family, have an interest directly or indirectly. These entities
include: family businesses, partnerships, estates, trusts, associations, joint
ventures, companies where a shareholder interest is maintained unless it is
publicly traded and the ownership interest is less than 1%. Any credit request
under these circumstances must be referred to another lender with no connection
or affiliation to the borrower. Loans to persons who have approval authority and
which require Executive Committee or Board of Director approval must abstain
from voting. All transactions must be arm's-length transactions.

Employees must refrain from borrowing from individuals or business customers of
the Company. The only exception is a recognized lender or dealer financing
scenario.

Employees must conduct their business and that of their relatives at the Company
as would any other customer. Transactions must be handled "over the counter", by
using telephone banking or internet banking. Employees must not transact entries
to their accounts or loans via the on line entry system or directly through the
proof department.

CONFIDENTIALITY

It is the policy of the Company to treat all information regarding the Company,
its employees and customers in strictest confidence.

Information, which comes to employees of the Company through our work or
business contacts, is privileged and confidential. It is not to be used for the
benefit of us or other customers. Safeguarding the confidentiality of matters
entrusted to us by our customers is our first obligation to our customer.

It is expected that all employees respect this confidentially even among family
members.

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


                                                                               5
<PAGE>

                [COMMUNITY FINANCIAL HOLDING COMPANY, INC. LOGO]
--------------------------------------------------------------------------------

In addition to confidentiality of customer information, the Company will entrust
you with other items, which require safeguarding such as:

1)       Combinations
2)       Keys
3)       Passwords

You are not to share this information with others.

As an enforcement of this policy, all employees will be asked to sign a
statement subscribing fully to this policy.

Breach of this policy will not be tolerated and is grounds for dismissal.

BUSINESS CONDUCT

It is the policy of the Company to comply fully with the anti-bribery
provisions. It is a criminal offense for any U.S. enterprise of offer a bribe to
an official, political party, or candidate for political office for the purpose
of obtaining, retaining, or directing business to any person, regardless of
whether that person is the one making the bribe. A bribe may take the form of an
offer, payment, promise to pay, or authorization of the payment of any money or
anything of value.

When conducting the business of the Company, no bribes, kickbacks or similar
remuneration or consideration of any kind is to be given, offered, or accepted
to any individual or organization.

REFERRALS

Customers will often ask for referrals for other professional service providers
which relate to their finances such as: attorneys, securities brokers, CPA's,
real estate agents, etc. Employees are encouraged to refer customers to other
employees within the Company and to approved partners. Employees may, when
approved by management, offer several sources from which a customer can select.
Employees must be careful in making recommendations due to the potential
liability that could result if a recommended party fails to meet the clients'
expectation. Employees should never render an adverse or negative opinion
regarding an outside professional as it may be grounds for libel.

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


                                                                               6
<PAGE>

                [COMMUNITY FINANCIAL HOLDING COMPANY, INC. LOGO]
--------------------------------------------------------------------------------

Customers may ask a Company employee for an opinion. The Company does not give
investment, legal or tax advice. This is better left to an expert in that
particular field. Never discuss subjects outside your expertise.

FIDUCIARY APPOINTMENT

The Company does not have trust powers, therefore; no employee should act as an
agent or deputy in any signing capacity on any account (except for members of
their family) held in the Company. Further, employees may not act as executor,
administrator, trustee, guardian, custodian, or in any fiduciary capacity
without authority granted by the Company. Violations of this policy may result
in federal or state law violations as they govern the acceptance of fiduciary
fees.

SUPPLEMENTAL CODE OF ETHICS FOR FINANCE PROFESSIONALS

The Board of Directors has adopted this Supplemental Code of Ethics for Finance
Professionals which applies to the Chief Executive Officer and all of the
finance personnel for Community Financial Holding Company, Inc. and its
affiliates, including Gwinnett Community Bank.

The principal executive officer and all Finance Professionals will:

         (a)      Engage in and promote honest and ethical conduct, including
                  the ethical handling of actual or apparent conflicts of
                  interest between personal and professional relationships;

         (b)      Avoid conflicts of interest and disclose to the General
                  Counsel any material transaction or relationship that
                  reasonably could be expected to give rise to such a conflict;

         (c)      Take all reasonable measures to protect the confidentiality of
                  non-public information about Community Financial Holding
                  Company, Inc. or its subsidiaries and their customers obtained
                  or created in connection with employment activities and to
                  prevent the unauthorized disclosure of such information unless
                  required by applicable law or regulation or legal or
                  regulatory process;

         (d)      Produce full, fair, accurate, timely, and understandable
                  disclosure in reports and documents that the Company files
                  with, or submits to, the

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


                                                                               7
<PAGE>

                [COMMUNITY FINANCIAL HOLDING COMPANY, INC. LOGO]
--------------------------------------------------------------------------------

                  Securities and Exchange Commission and in other public
                  communications made by the Company;

         (e)      Comply with applicable governmental laws, rules and
                  regulations; and

         (f)      Promptly report any violation of this Code of Ethics for
                  Finance Professionals to the Chairman of the Audit Committee
                  or any of the Board of Directors.

The principal executive officer and all Finance Professionals are prohibited
from directly or indirectly taking any action to fraudulently influence, coerce,
manipulate or mislead the Company's independent public auditors for the purpose
of rendering the financial statements of the Company.

The principal executive officer and all Finance Professionals will be held
accountable for adherence to this Code of Ethics for Finance Professionals.
Failure to observe the terms of this Code of Ethics for Finance Professionals
may result in disciplinary action, up to and including termination of
employment. Violations of this Code of Ethics for Finance Professionals may also
constitute violations of law and may result in civil and criminal penalties for
you, your supervisors and/or the Company.

If you have any questions regarding the best course of action in a particular
situation, you should promptly contact the Chairman of the Audit Committee. You
may choose to remain anonymous in reporting any possible violation of this Code
of Ethics for Finance Professionals. Contact information for the Chairman of the
Audit Committee can be found on the Company's intranet web site.

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


                                                                               8