FORM OF
                                WARRANT AGREEMENT
                                   (DIRECTOR)


     THIS AGREEMENT is made and entered into as of the ____ day of ___________,
200_ by and between COMMUNITY BANK OF GEORGIA, INC., a Georgia corporation (the
"Corporation"), and _________________________ (the "Warrant Holder").


                               W I T N E S S E T H
                               - - - - - - - - - -


     WHEREAS, the Warrant Holder has served as an organizer in the formation of
the Corporation and the formation and establishment of     Community Bank of
Georgia (In Organization) (the "Bank"), the wholly owned subsidiary of the
Corporation; and

     WHEREAS, the Warrant Holder has purchased __________ shares of the
Corporation's common stock, $ 1.00 par value per share (the "Common Stock"), at
a price of $10.00 per share; and

     WHEREAS, the Warrant Holder will provide services to the Corporation as a
director of the Corporation and the Bank; and

     WHEREAS, the Corporation, in recognition of the financial risk undertaken
by the Warrant Holder in organizing the Bank and the Corporation and in order to
encourage the Warrant Holder's continued involvement in the successful operation
of the Corporation and the Bank, desires to issue to the Warrant Holder the
right to acquire additional shares of the Corporation's Common Stock.

     NOW, THEREFORE, in consideration of the promises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement agree as follows:

     1.   Grant of Warrant. Subject to the terms, restrictions, limitations and
          ----------------
conditions stated in this Agreement, the Corporation hereby grants to the
Warrant Holder the right (the "Warrant") to purchase all or any part of an
aggregate of _____________ shares of the Common Stock, subject to adjustment in
accordance with Section 7 of this Agreement.

     2.   (a). Term. The term for the exercise of this Warrant begins at 9:00
               ----
a.m., Eastern Time, on the first anniversary of the date that the Corporation
first issues its common stock (the "Issue Date"). The term for the exercise of
this Warrant ends at 5:00 p.m., Eastern Time (the "Expiration Time"), on the
earlier of:

               (i)  the tenth anniversary of the Issue Date, or


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               (ii) 90 days after the Warrant Holder ceases to serve as a
          director of the Bank, except that if the Warrant Holder ceases to be a
          director because he is disabled, retires or is deceased, then the
          Warrant Holder (or his estate) will have until the tenth anniversary
          of the Issue Date to exercise this Warrant.

          (b)  Required Exercise. Notwithstanding any other provision of this
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Agreement, if the Bank's capital falls below the minimum requirements as
determined by the primary federal or state regulator of the Corporation or the
Bank (the "Regulator"), the Regulator may direct the Corporation to require the
Warrant Holder to exercise or forfeit his or her Warrant. The Corporation will
notify the Warrant Holder within 45 days from the date the Regulator notifies
the Corporation in writing that the Warrant Holder must exercise or forfeit his
or her Warrant. The Corporation will cancel this Warrant if it is not exercised
within 21 days of the Corporation's notification to the Warrant Holder. The
Corporation agrees to comply with any Regulator's request that the Corporation
invoke its right to require the Warrant Holder to exercise or forfeit his or her
Warrant under the circumstances stated above.

          (c)  Vesting. The Warrant will vest in annual one-third (1/3)
               -------
increments over a period of three years, beginning on the first anniversary of
the Issue Date.  The vested portion of the Warrant may be exercised in whole, or
from time to time in part, at any time prior to the Expiration time.

     3.   Purchase Price. The price per share to be paid by the Warrant Holder
          --------------
for the shares of Common Stock subject to this Warrant shall be $10.00, subject
to adjustment as set forth in Section 6 of this Agreement (the price, as
adjusted, is called the "Purchase Price").

     4.   Exercise of Warrant. The Warrant Holder may exercise this Warrant by
          -------------------
delivering the following to the Corporation:

          (a)  Written notice of exercise specifying the number of shares of
     Common Stock with respect to which this Warrant is being exercised; and

          (b)  A cashier's or certified check payable to the Corporation for the
     full amount of the aggregate Purchase Price for the number of shares as to
     which this Warrant is being exercised.

     The Warrant Holder must deliver the notice of exercise and the cashier's or
certified check to the address of the Corporation as set forth in Section 11(a)
of this Agreement or any other address that the Corporation requests.

     5.   Issuance of Shares. Upon receipt of the items set forth in Section 4
          ------------------
of this Agreement, and subject to the terms of this Agreement, the Corporation
shall deliver to the Warrant Holder stock certificates for the number of shares
specified in the notice of exercise, and shall register the share or shares in
the name of the Warrant Holder. In no event shall the Corporation be required to
issue or deliver any certificate for shares of Common Stock purchased upon the
exercise of this Warrant or any portion of this Warrant prior to the fulfillment
of the following conditions:


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          (a)  The admission of such shares for listing on all stock exchanges
     on which the Common Stock is then listed;

          (b)  The completion of any registration or other qualification of such
     shares which the Corporation shall deem necessary or advisable under any
     federal or state law or under the rulings or regulations of the Securities
     and Exchange Commission or any other governmental regulatory body;

          (c)  The obtaining of any approval or other clearance from any federal
     or state governmental agency or body, which the Corporation shall determine
     to be necessary or advisable; including, but not limited to, approval by
     the Georgia Department of Banking and Finance, if the exercise of the
     Warrant will result in the Warrant Holder beneficially owning more than 20%
     of the outstanding common stock of the Bank; or

          (d)  The lapse of such reasonable period of time following the
     exercise of this Warrant as the Corporation may from time to time establish
     for reasons of administrative convenience.

     The Corporation shall have no obligation to obtain the fulfillment of these
conditions; provided, however, that the Warrant Holder shall have one full
calendar year after these conditions have been fulfilled to exercise his or her
Warrant, notwithstanding any other provision in this Agreement.

     6.   Antidilution, Etc.
          ------------------

          (a)  If, prior to the Expiration Time, the Corporation shall subdivide
     its outstanding shares of Common Stock into a greater number of shares, or
     declare and pay a dividend of its Common Stock payable in additional shares
     of its Common Stock, the Purchase Price, as then in effect, shall be
     proportionately reduced, and the Corporation shall proportionately increase
     the number of shares of Common Stock then subject to exercise under this
     Warrant (and not previously exercised).

          (b)  If, prior to the Expiration Time, the Corporation shall combine
     its outstanding shares of the Common Stock into a smaller number of shares,
     the Purchase Price, as then in effect, shall be proportionately increased,
     and the Corporation shall proportionately reduce the number of shares of
     Common Stock then subject to exercise under this Warrant (and not
     previously exercised).

     7.   Reorganization, Reclassification, Consolidation or Merger. If, prior
          ---------------------------------------------------------
to the Expiration Time, there shall be any reorganization or reclassification of
the Common Stock (other than a subdivision or combination of shares provided for
in Section 6 of this Agreement), or any consolidation or merger of the
Corporation with another entity, the Warrant Holder shall be entitled to
receive, during the remainder of the term of this Agreement and upon payment of
the Purchase Price, the number of shares of stock or other securities or
property of the Corporation or of the successor entity (or its parent company)
resulting from such consolidation or merger, as the case may be, to which a
holder of the Common Stock, deliverable upon the exercise of this Warrant, would
have been entitled upon such reorganization, reclassification,


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consolidation or merger; and in any case, the Corporation shall make appropriate
adjustments (as determined by the Board of Directors of the Corporation in its
sole discretion) in the application of the provisions with respect to the rights
and interests of the Warrant Holder so that the provisions set forth in this
Agreement  (including the adjustment of the Purchase Price and the number of
shares issuable upon the exercise of this Warrant) shall be applicable, as
nearly as may reasonably be practicable, to any shares or other property
thereafter deliverable upon the exercise of this Warrant.

     8.   Transfer and Assignment.
          -----------------------

          (a)  During the Warrant Holder's lifetime, this Warrant and any rights
under this Agreement shall be exercisable only by the Warrant Holder (or by the
Warrant Holder's guardian or legal representative, should one be appointed).
Except assignments or transfers made by will or under the laws of descent and
distribution, this Warrant or any rights under this Agreement may not be
assigned, transferred, pledged or hypothecated in any way (whether by operation
of law or otherwise) and shall not be subject to execution, attachment or
similar process. Any attempted assignment, transfer, pledge, hypothecation or
other disposition of this Warrant except as provided for in this Section 10
shall be null and void and without legal effect.

          (b)  Shares of Common Stock acquired by exercise of this Warrant
granted in this Agreement may not be transferred or sold unless the transfer is
exempt from further regulatory approval or otherwise permissible under
applicable law, including state and federal securities laws, and will bear a
legend to this effect.

     9.   Notice of Adjustments. Within thirty (30) days following any
          ---------------------
adjustment provided for in Section 7 or Section 8 of this Agreement, the
Corporation shall give written notice of the adjustment to the Warrant Holder at
the address set forth in Section 11(a) of this Agreement or such other address
as the Warrant Holder may request.  The notice shall state the Warrant Purchase
Price as adjusted and the increased or decreased number of shares purchasable
upon the exercise of this Warrant and shall set forth in reasonable detail the
method of calculation of each.

     10.  Miscellaneous.
          -------------

          (a)  All notices, requests, demands and other communications required
     or permitted hereunder shall be in writing and shall be deemed to have been
     duly given when delivered by hand, telegram or facsimile transmission, or
     if mailed, by postage prepaid first class mail, on the third business day
     after mailing, to the following address (or at such other address as a
     party may notify the other hereunder):

               To the Corporation:

                    Community Bank of Georgia, Inc.
                    [STREET]
                    [STATE, CITY, ZIP]
                    Attention:  Lloyd Gunter


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               To the Warrant Holder:

                    ____________________________________
                    ____________________________________
                    ____________________________________


          (b)  The Corporation covenants that it has reserved and will keep
     available, solely for the purpose of issue upon the exercise of this
     Warrant, a sufficient number of shares of Common Stock to permit the
     exercise hereof in full.

          (c)  No holder of this Warrant, as such, shall be entitled to vote or
     receive dividends with respect to the shares of Common Stock subject to
     this Warrant or be deemed to be a shareholder of the Corporation for any
     purpose until such Common Stock has been issued.

          (d)  This Agreement shall constitute the entire agreement contemplated
     by the Corporation and the Warrant Holder and may be amended only by an
     instrument in writing executed by the party against whom enforcement of the
     amendment is sought.

          (e)  This Agreement may be executed in counterparts, each of which
     shall be deemed an original, but all of which shall constitute one and the
     same instrument.

          (f)  This Agreement shall be governed by and construed and enforced in
     accordance with the laws of the State of Georgia.



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     IN WITNESS WHEREOF, the Corporation has caused this Agreement to be signed
by its duly authorized officers and its corporate seal to be affixed hereto, and
the Warrant Holder has executed this Agreement under seal, all as of the day and
year first above written.

                                COMMUNITY BANK OF GEORGIA, INC.


                                By: ____________________________________________

                                Print Name: ____________________________________

                                Title __________________________________________



                                WARRANT HOLDER


                                _________________________________________ (SEAL)
                                Print Name: ____________________________________


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