<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-KSB
(Mark One)
         [X]    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                EXCHANGE ACT OF 1934

                  For the Fiscal Year Ending December 31, 2001

                                      OR
         [ ]     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. 000-29422
                    ---------
                             Eufaula BancCorp, Inc.
             (Exact name of registrant as specified in its charter)
--------------------------------------------------------------------------------
       Delaware                                                      63-0989868
       --------                                                      ----------
(State or other jurisdiction of                                   (IRS Employer
incorporation or organization)                              Identification No.)

224 East Broad Street, Eufaula, Alabama                                   36027
--- ---- ----- ------- -------- -------                                   -----
(Address of principal executive office)                              (Zip Code)
--------------------------------------------------------------------------------

       Registrant's telephone number, including area code: (334) 687-3581
       SECURITIES REGISTERED UNDER SECTION 12(b) OF THE EXCHANGE ACT: NONE
         SECURITIES REGISTERED UNDER SECTION 12(g) OF THE EXCHANGE ACT:
--------------------------------------------------------------------------------

          Title of Class            Name of each Exchange on which registered
          --------------            -----------------------------------------
  ----------------------------------------------------------------------------

   Common Stock, $1.00 par value                   NASDAQ-Small Cap
  ----------------------------------------------------------------------------

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. [ ]

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 preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes [x] No [ ]

State issuer's revenues for its most recent fiscal year: $21,597,000.

As of March 1, 2002, 2,631,473 shares of the Registrant's Common Stock, $1.00
par value were issued and outstanding, and the approximate aggregate market
value of the voting stock held by non-affiliates of the registrant was
approximately $19,966,869. (For purposes of the above stated amount only, all
directors and officers of the registrant are presumed to be affiliates.)

                       DOCUMENTS INCORPORATED BY REFERENCE

Portions of the following documents are incorporated by reference into the
listed Parts and Items of Form 10-KSB:

Annual Report to Stockholders for the year ending December 31, 2001 to the
extent indicated in the Form 10-KSB cross reference index - PARTS I, II and III.

Definitive Proxy Statement for 2002 Annual Meeting to be filed with the
Securities and Exchange Commission not later than 120 days after the close of
the Registrant's fiscal year - PART III.

                                      1

<PAGE>



                             EUFAULA BANCCORP, INC.
                          ANNUAL REPORT ON FORM 10-KSB
                                December 31, 2001

                                     PART I
                                     ------

ITEM 1.     DESCRIPTION OF BUSINESS.
            ----------- -- --------

DESCRIPTION OF BUSINESS
----------- -- --------

Eufaula BancCorp, Inc. (EBC) is a multi-bank holding company incorporated in
Delaware in 1988 for the purpose of holding all of the outstanding stock of
Southern Bank of Commerce (SBC). Between 1981 and 2001, EBC acquired one other
bank, First American Bank of Walton County (FAB).

The subsidiary banks offer customary services of banks of similar size and
similar markets, including interest-bearing and non-interest-bearing deposit
accounts, commercial, real estate and personal loans, correspondent banking
services and safe deposit box activities. For further discussion of EBC
operations, see the 2001Annual Report to Stockholders under the caption
"Overview," which is incorporated by reference.

COMPETITION
-----------

The banking business is highly competitive. The banking subsidiaries of EBC
compete actively with national and state banks, savings and loan associations,
trust companies, securities dealers, mortgage bankers, finance companies and
insurance companies.

REGULATION
----------

EBC is a registered bank holding company pursuant to the Bank Holding Company
Act of 1956, as amended (the "Act"), and as such, is subject to regulation and
examination by the Federal Reserve Board and is required to file with the
Federal Reserve Board annual reports and other information regarding the
business operations of itself and its subsidiaries. The Act provides that a bank
holding company may be required to obtain Federal Reserve Board approval for the
acquisition of more than 5% of the voting securities or substantially all of the
assets of any bank or bank holding company, unless it already owns a majority of
the voting securities of such bank. The Act prohibits EBC from engaging in any
business other than banking or bank-related activities specifically allowed by
the Federal Reserve Board. The Act also prohibits EBC and its subsidiaries from
engaging in certain tie-in arrangements in connection with the extension of
credit, the lease or sale of property or the provision of any services. Under
Title VI of the Financial Institutions, Reform, Recovery and Enforcement Act of
1989, the Act has been amended to authorize bank holding companies to acquire
savings and thrift institutions without tandem operations restrictions.

                                     2

<PAGE>

EBC's two banking subsidiaries ("the Banks") are subject to a variety of
regulations concerning the maintenance of reserves against deposits, limitations
on the rates that can be charged on loans or paid on deposits, branching,
restrictions on the nature and amounts of loans and investments that can be made
and limits on daylight overdrafts. All of the Banks are regulated by the Federal
Deposit Insurance Corporation. In addition, as state banking associations, SBC
and FAB are subject to the regulation and supervision of Alabama and Florida
State Bank Departments, respectively.

The Banks are limited in the amount of dividends they may declare. Prior
approval must be obtained from the appropriate regulatory authorities before
dividends can be paid by the Banks to EBC if the amount of adjusted capital,
surplus and retained earnings is below defined regulatory limits. See Note 15 of
Notes to the Consolidated Financial Statements, which is incorporated by
reference into Item 8 of this Annual Report on Form 10-KSB. The Banks are also
restricted from extending credit or making loans to or investments in EBC and
certain other affiliates as defined in the Federal Reserve Act. Furthermore,
loans and extensions of credit are subject to certain other collateral
requirements.

On November 12, 1999, President Clinton signed into law the Gramm-Leach-Bliley
Act ("GLBA").

GLBA enables bank holding companies to acquire insurance companies and
securities firms and repeals certain depression-era laws which prohibited the
affiliation of banks and those other financial services entities under a single
holding company. Bank holding companies and other types of financial service
entities may elect to become financial holding companies under the new law.
Financial holding companies are permitted to engage in activities considered
financial in nature, and other activities that are determined to be incidental
or complementary to financial activities as defined in GLBA, and may engage in a
broader range of activities than are otherwise permitted for bank holding
companies or banks. GLBA will enable financial holding companies to offer a
variety of financial services, or services incidental or complementary to
financial services, including banking, securities underwriting, merchant banking
and insurance (both underwriting and agency services). The new financial
services authorized by GLBA also may be engaged in by a "financial subsidiary"
of a national or state bank, with the exception of insurance or annuity
underwriting, insurance company portfolio investments, real estate investment
and development, and merchant banking, all of which must be conducted under the
financial holding company.

To become a financial holding company, a bank holding company must provide
notice to the Federal Reserve Board of its intention to become a financial
holding company, and certify to the Federal Reserve Board that each of its bank
subsidiaries is "well-capitalized," "well-managed" and has at least a
"satisfactory" rating under the CRA.

GLBA establishes a system of functional regulation under which the Federal
Reserve Board will regulate the banking activities of financial holding
companies and serve as the umbrella regulator for activities that are separately
regulated, either at the state or federal level, such as insurance

                                      3

<PAGE>

and securities activities. Other federal regulators will regulate banks'
financial subsidiaries. The SEC will regulate securities activities of
financial holding companies and state insurance regulators will regulate
insurance activities. GLBA also provides new protections against the transfer
and use by financial institutions of consumers' non-public, personal
information.

At this time, EBC is not a financial holding company under GLBA.

EMPLOYEES
---------

At December 31, 2001, EBC and its subsidiaries had approximately 105 full-time
equivalent employees and considers its relationship with its employees to be
good.

EXECUTIVE OFFICERS
--------- --------

See Item 9 below.

CAUTIONARY STATEMENT FORWARD-LOOKING STATEMENTS
---------- --------- --------------- ----------

This Report and the documents incorporated herein by reference uses certain
forward-looking statements about the financial status, operations and business
of EBC. The words "estimate," "project," "intend," "anticipate," "expect,"
"believe" and similar expressions identify forward-looking statements. These
forward-looking statements are subject to risks and uncertainties that could
cause actual results to differ materially from those contemplated in such
statements. Because forward-looking statements involve risks and uncertainties,
there are important factors that could cause actual results to differ materially
from those expressed or implied by the forward-looking statements. Those factors
are risks associated with the banking business, including the potential adverse
effect of competition, interest rate risks, the potential adverse effect of
unpredictable economic conditions, potential limitations on growth resulting
from low lending limits, changes in the regulatory environment and other
factors.

ITEM 2.     DESCRIPTION OF PROPERTY.
            ----------- -- --------

PROPERTIES
----------

The two banking subsidiaries of EBC hold in fee and primarily occupy their main
office buildings. In addition, the subsidiaries occupy and operate branches
located in eight (8) communities throughout Alabama and Florida. The majority of
the branch locations are held in fee. The locations not held in fee are leased
for various terms. EBC leases real property in connection with its corporate
administrative operations. EBC does not own any real property. The
administrative office space required for EBC's officers and employees is leased
from a third party.

                                      4

<PAGE>

ITEM 3.     LEGAL PROCEEDINGS.
            ----- -----------

LEGAL PROCEEDINGS
----- -----------

EBC and its subsidiaries have been named as defendants in various legal actions
arising from normal business activities in which damages of various amounts are
claimed. The amount, if any, of ultimate liability with respect to such matters
cannot be determined. However, after consulting with legal counsel, management
believes any such liability will not have a material effect on EBC's
consolidated financial condition or results of operations.

ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
            ---------- -- ------- -- - ---- -- -------- -------

Not applicable.

                                   PART II
                                   -------

ITEM 5.     MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
            ------ --- ------ ------ --- ------- ----------- -------

The common stock of EBC is traded as a NASDAQ - Small Cap security, and EBC has
approximately 380 holders of record. The information otherwise required in
response to this Item is incorporated by reference from the disclosure contained
under the caption "Table 14: Common Stock Market Price and Dividends Per Share"
of the Annual Report to Stockholders, which is included as Exhibit 13 hereto.

ITEM 6.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
            ------------ ---------- --- -------- -- --------- --------- ---
            RESULTS OF OPERATIONS.
            ------- -- ----------

The information required in response to this Item is incorporated by reference
from the disclosure contained under the captions "Overview," "Earnings
Analysis," "Balance Sheet Analysis," "Capital Adequacy and Resources,"
"Asset-Liability Management" of the Annual Report to Stockholders, which is
included as Exhibit 13 hereto.

ITEM 7.     FINANCIAL STATEMENTS.
            --------- ----------

The information required in response to this Item is incorporated by reference
from the disclosure contained under the caption "Independent Auditor's Report"
and accompanying financial statements and notes of the Annual Report to
Stockholders, which is included as Exhibit 13 hereto.

                                      5

<PAGE>

ITEM 8.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
            ------- -- --- ------------- ---- ----------- -- ---------- ---
            FINANCIAL DISCLOSURE.
            --------- ----------

Not applicable.

                                   PART III
                                   --------

ITEM 9.     DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
            ---------- --------- --------- --------- --- ------- --------
            COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT.
            ---------- ---- ------- ----- -- --- -------- ---

The following shows the executive officers of EBC:

<TABLE>
<S>                          <C>
James R. Balkcom, 57         Chairman of EBC since December, 2000
                             Director, Century South Banks, Inc. Dahlonega, GA 1998-2001
                             Founding Partner, Council Ventures, LP
                             Director, American Remanufacturers, Inc
                             President, PAMECO Corporation Atlanta, GA 1999-2000
                             Chairman, PAMECO Corporation Atlanta, GA 1996-2000

Gregory B. Faison, 54        President and CEO, EBC since November, 1988

Deborah M. Wiltse, 49        Chief Financial Officer and Principal Accounting Officer
                             of EBC since March, 2001 and Secretary and Treasurer
                             since March, 2001
</TABLE>

The remaining information required in response to this Item is incorporated by
reference from the Definitive Proxy Statement for the 2002 Annual Meeting under
the captions "Election of Directors" and "Section 16(a) Beneficial Ownership
Reporting Compliance" which will be filed with the Securities and Exchange
Commission no later than 120 days after the end of the 2001 fiscal year covered
by this Annual Report on 10-KSB.

ITEM 10.    EXECUTIVE COMPENSATION.
            --------- ------------

The information required in response to this Item is incorporated by reference
from the Definitive Proxy Statement for the 2002 Annual Meeting under the
caption "Executive Compensation" which will be filed with the Securities and
Exchange Commission no later than 120 days after the end of the 2001 fiscal year
covered by this Annual Report on 10-KSB.

ITEM 11.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
            -------- --------- -- ------- ---------- ------ --- ----------

The information required in response to this Item is incorporated by reference
from the Definitive Proxy Statement for the 2002 Annual Meeting under the
caption "Voting Securities and Principal Stockholders" which will be filed with
the Securities and Exchange Commission no later than 120 days after the end of
the 2001 fiscal year covered by this Annual Report on 10-KSB.

                                      6

<PAGE>

ITEM 12.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
            ------- ------------- --- ------- ------------

The information required in response to this Item is incorporated by reference
from the Definitive Proxy Statement for the 2002 Annual Meeting under the
caption "Certain Relationships and Related Transactions" which will be filed
with the Securities and Exchange Commission no later than 120 days after the end
of the 2001 fiscal year covered by this Annual Report on 10-KSB.

ITEM 13.    EXHIBITS AND REPORTS ON FORM 8-K.
            -------- --- ------- -- ---- ---

ITEM 13(a)  EXHIBITS
---- -----  --------

<TABLE>
<CAPTION>
Exhibit No.                Description
-----------                -----------
<S>                        <C>
3.1                        Restated Certificate of Incorporation of the Registrant (filed as Exhibit 3.1 to the Registrant's
                           Annual Report on Form 10-KSB (File No. 33-23062) filed with the Commission on March 23, 1998, and
                           incorporated herein by reference).

3.2                        Bylaws of the Registrant (amended and restated as of March 18, 1998) (filed as Exhibit 3.2 to the
                           Registrant's Annual Report on Form 10-KSB (File No. 33-23062) filed with the Commission on March
                           23, 1998 and incorporated by reference).

4                          Articles 4, 5, 8, 9 and 10 of the Certificate of Incorporation and Article II of the Bylaws
                           contained at Exhibits 3.1 and 3.2, respectively, herein and incorporated herein by reference.

10.1                       Eufaula Bank & Trust Company Employee Stock Purchase Plan (filed as Exhibit 10.1 to the
                           Registrant's Annual Report on Form 10-KSB (File No. 33-23062), filed with the Commission on April
                           29, 1994 and incorporated herein by reference.)

10.2                       Eufaula Bank & Trust Company Retirement Plan (filed as Exhibit 4.1 to the Registrant's
                           Registration Statement on Form S-8 (File Number 333-53520), filed with the Commission on January
                           11, 2001 and incorporated herein by reference).

10.3                       Registrant's Stock Option Agreement (filed as Exhibit 10.3 to the Registrant's Annual Report on
                           Form 10-KSB (File Number 33-23062), filed with the Commission on April 29, 1994 and incorporated
                           herein by reference).
</TABLE>
                                       7

<PAGE>

<TABLE>
<CAPTION>
<S>                        <C>
10.4                       Directors Deferred Compensation Plan (filed as Exhibit 4.1 to the Registrant's
                           Registration Statement on Form S-8 (File Number 333-53518) filed with Commission on January 11,
                           2001, and incorporated herein by reference).

10.5                       Deferred Compensation Agreement between Eufaula Bank & Trust Company and Director (Sample Form)
                           effective July 23, 1996 (filed as Exhibit 10.5 to the Registrant's Annual Report on Form 10-KSB
                           (File Number 33-23062), filed with the Commission on March 31, 1997 and incorporated herein by
                           reference).

10.6                       Eufaula BancCorp, Inc. 2000 Stock Option Plan (filed as an Exhibit to the Registrant's Proxy
                           Statement dated April 20, 2000 for its 2000 Annual Meeting of Stockholders and incorporated
                           herein by reference.)

10.7                       Employment Contract between the Registrant and Greg Faison (filed as an Exhibit to the
                           Registrant's Proxy Statement dated April 16, 2001 for its 2001 Annual Meeting of Stockholders and
                           incorporated herein by reference.)

13                         Eufaula BancCorp, Inc. 2001 Annual Report to Stockholders.

21                         Subsidiaries of the Registrant (filed as Exhibit 21 to the Registrant's Registration Statement on
                           Form SB-2 (Registration No. 333-48491), filed with the Commission on April 6, 1998 and
                           incorporated herein by reference).

24                         Power of Attorney relating to this Annual Report on Form 10-KSB is set forth on the signature
                           pages to this Annual Report.
</TABLE>

ITEM 13(b)  REPORTS ON FORM 8-K.
---- -----  -------------------

         Not applicable.

                                      8

<PAGE>

                                   SIGNATURES
                                   ----------

Pursuant to the requirements of Section 13 or 15(d) 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, on this 29th day of March,
2002.

                                         EUFAULA BANCCORP, INC.

                                         /s/ Greg B. Faison
                                         --- ------- ------
                                         By:  Greg B. Faison
                                              Chief Executive Officer

                                POWER OF ATTORNEY
                                ----- -- --------

Each person whose signature appears below hereby authorizes Gregory B. Faison
and/or Deborah M. Wiltse, to file one or more amendments to this Annual Report
on Form 10-KSB, which amendments may make such changes to the Annual Report on
Form 10-KSB as he deems appropriate, and each such person hereby appoints
Gregory B. Faison and/or Deborah M. Wiltse as his lawful attorney-in-fact to
execute in the name and on behalf of each such person individually, and in each
capacity stated below, any such amendments to the Annual Report on Form 10-KSB.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
SIGNATURE                                       TITLE                        DATE
---------                                       -----                        ----
-----------------------------------------------------------------------------------------
<S>                                <C>                                         <C>
/s/ James R. Balkcom, Jr.              Chairman of the Board                   *
--- ----- -- -------- ---
James R. Balkcom, Jr.
-----------------------------------------------------------------------------------------
/s/ Gregory B. Faison              President and Chief Executive               *
--- ------- -- ------
Gregory B. Faison                             Officer
-----------------------------------------------------------------------------------------
/s/ Deborah M. Wiltse               Chief Financial Officer, and               *
--- ------- -- ------
Deborah M. Wiltse                   Principal Accounting Officer
-----------------------------------------------------------------------------------------
/s/ Robert M. Dixon                           Director                         *
--- ------ -- -----
Robert M. Dixon
-----------------------------------------------------------------------------------------
</TABLE>

                                      9

<PAGE>

<TABLE>
-----------------------------------------------------------------------------------------
<S>                                           <C>                              <C>
/s/ Michael C. Dixon                          Director                         *
--- ------- -- -----
Michael C. Dixon
-----------------------------------------------------------------------------------------
/s/ Burt H. Rowe, Jr.                         Director                         *
--- ---- -- ----- ---
Burt H. Rowe, Jr.
-----------------------------------------------------------------------------------------
/s/ James A. Faulkner                         Director                         *
--- ----- -- --------
James A. Faulkner
-----------------------------------------------------------------------------------------
/s/ William D. Moorer, Jr.                    Director                         *
--- ------- -- ------- ---
William D. Moorer, Jr.
-----------------------------------------------------------------------------------------
/s/ Dennis A. Wallace                         Director                         *
--- ------ -- -------
Dennis A. Wallace
-----------------------------------------------------------------------------------------
</TABLE>

* March 29, 2002

                                      10

<PAGE>

                             EUFAULA BANCCORP, INC.
                           ANNUAL REPORT ON FORM 10-K
                                December 31, 2001

                                  EXHIBIT INDEX
                                  ------- -----

<TABLE>
<CAPTION>
Exhibit No.                Description
------- ---                -----------
<S>                        <C>
3.1                        Restated Certificate of Incorporation of the Registrant (filed as Exhibit 3.1 to the Registrant's
                           Annual Report on Form 10-KSB (File No. 33-23062) filed with the Commission on March 23, 1998, and
                           incorporated herein by reference).

3.2                        Bylaws of the Registrant (amended and restated as of March 18, 1998) (filed as Exhibit 3.2 to the
                           Registrant's Annual Report on Form 10-KSB (File No. 33-23062) filed with the Commission on March
                           23, 1998 and incorporated by reference).

4                          Articles 4, 5, 8, 9 and 10 of the Certificate of Incorporation and Article II of the Bylaws
                           contained at Exhibits 3.1 and 3.2, respectively, herein and incorporated herein by reference.

10.1                       Eufaula Bank & Trust Company Employee Stock Purchase Plan (filed as Exhibit 10.1 to the
                           Registrant's Annual Report on Form 10-KSB (File No. 33-23062), filed with the Commission on April
                           29, 1994 and incorporated herein by reference.)

10.2                       Eufaula Bank & Trust Company Retirement Plan (filed as Exhibit 4.1 to the Registrant's Registration
                           Statement on Form S-8 (File Number 333-53520), filed with the Commission on January 11, 2001 and
                           incorporated herein by reference).

10.3                       Registrant's Stock Option Agreement (filed as Exhibit 10.3 to the Registrant's Annual Report on
                           Form 10-KSB (File Number 33-23062), filed with the Commission on April 29, 1994 and incorporated
                           herein by reference).

10.4                       Directors Deferred Compensation Plan (filed as Exhibit 4.1 to the Registrant's Registration
                           Statement on Form S-8 (File Number 333-53518) filed with Commission on January 11, 2001, and
                           incorporated herein by reference).
</TABLE>

                                      11

<PAGE>

<TABLE>
<S>                        <C>
10.5                       Deferred Compensation Agreement between Eufaula Bank & Trust Company and Director (Sample Form)
                           effective July 23, 1996 (filed as Exhibit 10.5 to the Registrant's Annual Report on Form 10-KSB
                           (File Number 33-23062), filed with the Commission on March 31, 1997 and incorporated herein by
                           reference).

10.6                       Eufaula BancCorp, Inc. 2000 Stock Option Plan (filed as an Exhibit to the Registrant's Proxy
                           Statement dated April 20, 2002 for its 2002 Annual Meeting of Stockholders and incorporated herein
                           by reference.)

10.7                       Employment Contract between the Company and Greg Faison (filed as an Exhibit to the Registrant's
                           Proxy Statement dated April 16, 2001 for its 2001 Annual Meeting of Stockholders and incorporated
                           herein by reference.)

13                         Eufaula BancCorp, Inc. 2001 Annual Report to Stockholders.

21                         Subsidiaries of the Registrant (filed as Exhibit 21 to the Registrant's Registration Statement on
                           Form SB-2 (Registration No. 333-48491), filed with the Commission on April 6, 1998 and incorporated
                           herein by reference).

24                         Power of Attorney relating to this Annual Report on Form 10-KSB is set forth on the signature pages
                           to this Annual Report.
</TABLE>

                                      12