<PAGE>
 
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 FORM 10-KSB/A


[X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
      EXCHANGE ACT OF 1934 [FEE REQUIRED]

      For the fiscal year ended December 31, 1997

                                       OR

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
      EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

      For the transition period from                    to

          Commission file number:  33-23062

                EUFAULA BANCCORP, INC. (A DELAWARE CORPORATION)
                I.R.S. EMPLOYER IDENTIFICATION NUMBER 63-0989868
                  218-220 BROAD STREET, EUFAULA, ALABAMA 36027
                        TELEPHONE NUMBER: (334) 687-3581

           Securities registered pursuant to Section 12(b) of the Act

                                      None

           Securities registered pursuant to Section 12(g) of the Act

                      Common Stock, par value $1 per share

Check whether the registrant (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 
             --     ----

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained herein, and will not 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. [X]

The registrant's total revenues for the fiscal year ended December 31, 1997 were
$9,836,000.

As of March 1, 1998, registrant had outstanding 2,097,916 shares of common
stock, $1 par value per share, which is registrant's only class of common stock.
The aggregate market value of the voting stock held by nonaffiliates of the
registrant was approximately $22,639,800.

                      DOCUMENTS INCORPORATED BY REFERENCE

                                    Part III

Portions of the Company's Definitive Proxy Statement for its 1998 Annual Meeting
<PAGE>
 
                                   SIGNATURES

     Pursuant to the requirement of Section 13 or 15(d) of the Securities
Exchange Act of 1934 (the "Exchange Act"), the Registrant has duly caused this
Form 10-KSB to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                    EUFAULA BANCCORP, INC.

Date:       September 4, 1998            /s/  Gregory B. Faison
       --------------------------       -------------------------------------
                                        Gregory B. Faison, President, 
                                        Chief Executive Officer and Director
<PAGE>
 
                         INDEPENDENT AUDITOR'S REPORT
------------------------------------------------------------------------------


TO THE BOARD OF DIRECTORS
EUFAULA BANCCORP, INC.
EUFAULA, ALABAMA


  We have audited the accompanying consolidated balance sheets of EUFAULA
BANCCORP, INC. AND SUBSIDIARIES as of December 31, 1997 and 1996, and the
related consolidated statements of income, stockholders' equity and cash flows
for the years then ended. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.


  We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.


  In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Eufaula BancCorp, Inc. and
subsidiaries as of December 31, 1997 and 1996, and the results of their
operations and their cash flows for the years then ended, in conformity with
generally accepted accounting principles.



                                           /s/ Mauldin & Jenkins, LLC



Albany, Georgia
February 4, 1998


                                      F-2
<PAGE>
 
                             EUFAULA BANCCORP, INC.
                                AND SUBSIDIARIES
                                        
                CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                     YEARS ENDED DECEMBER 31, 1997 AND 1996

--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                 
                                                                                                   Unrealized   
                                                                                                     Gains      
                                                                                                   (Losses) on  
                                                                                                   Securities   
                                         Common Stock                                             Available for 
                               -----------------------------        Capital         Retained       Sale, Net of  
                                    Shares         Par Value        Surplus         Earnings           Taxes             Total
                               -------------------------------------------------------------------------------------------------
 
<S>                                <C>           <C>             <C>             <C>             <C>               <C>
BALANCE, DECEMBER 31,
 1995                                676,602    $    676,602    $   909,189     $  8,263,021     $      98,972     $   9,947,784
 Net income                                -               -              -        1,229,089                 -         1,229,089
 Cash dividend declared,
   $.13 per share                          -               -              -         (270,641)                -          (270,641)
 Net change in unrealized
   (losses) on securities
   available-for-sale,
   net of tax                              -               -              -                -          (191,381)         (191,381)
 Two-for-one common
   stock split                       676,602         676,602       (676,602)               -                 -                 -
                               -------------    ------------     ----------     ------------        ----------     -------------
 
BALANCE, DECEMBER 31,
 1996                              1,353,204       1,353,204        232,587        9,221,469           (92,409)       10,714,851
 Net income                                -               -              -        1,007,392                 -         1,007,392
 Cash dividend declared,
   $.14 per share                          -               -              -         (291,584)                -          (291,584)
 Net change in unrealized
   (losses) on securities,
   available-for-sale,
   net of tax                              -               -              -                -            90,065            90,065
 Three-for-one common
   stock split                       699,301         699,301       (699,301)               -                 -                 -
 Proceeds from exercise
   of stock options                   45,411          45,411        207,455                -                 -           252,866
 Purchase of fractional
   shares                                  -               -            (85)               -                 -               (85)
 Reduction in income
   taxes payable resulting
   from exercise of
   stock options                           -               -        167,822               -                   -           167,822
 Transfer to surplus                       -               -        199,301        (199,301)                  -                 -
                               -------------    ------------     ----------    ------------          ----------     -------------
 
BALANCE, December 31,
 1997                              2,097,916    $  2,097,916     $  107,779    $  9,737,976          $   (2,344)    $  11,941,327
                               =============    ============     ==========    ============          ==========     =============
</TABLE>


SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

                                      F-4
<PAGE>
 
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


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



NOTE 9.   STOCK OPTIONS

          Prior to 1995, the Company entered into or assumed liability for
          various nonqualified stock option agreements with key employees.
          During 1995, the Company adopted the 1994 Stock Option Plan whereby
          the Company may grant options to certain key employees to purchase up
          to 600,000 shares of the Company's $1 par value common stock at an
          option price of $4 per share.  During 1996, the Plan was amended to
          include the directors of the Company.  As of December 31, 1997,
          options that had been granted to five key employees to purchase a
          total of 297,000 shares of common stock were outstanding.

          A summary of information relating to the stock option plans at
          December 31, 1997 and 1996 and changes during the years ended on those
          dates is as follows:

<TABLE>
<CAPTION>
                                                                                     DECEMBER 31,
                                                       ----------------------------------------------------------------------
                                                                       1997                                 1996
                                                       ----------------------------------     -------------------------------
                                                                               WEIGHTED-                           WEIGHTED-
                                                                                AVERAGE                             AVERAGE
                                                                               EXERCISE                            EXERCISE
                                                             NUMBER              PRICE             NUMBER            PRICE
                                                       ---------------      -------------     --------------    -------------
<S>               <C>                                    <C>                  <C>               <C>               <C> 
                  Under option, beginning of year              402,000        $      3.83            402,000      $      3.83
                    Granted                                     75,000               9.27                  -                -
                    Exercised                                  (68,117)              3.27                  -                -
                    Forfeited                                 (111,883)              4.00                  -                -
                                                       ---------------                        --------------
                  Under option, end of year                    433,234               5.27            402,000             3.83
                                                       ===============                        ==============
 
                  Exercisable at end of year                    84,000                               114,000
                                                       ===============                        ==============
 
                  Available for grant at end of year           165,000                               240,000
                                                       ===============                        ==============

                  Weighted average fair value per
                    option of options granted during
                    the year                                     $3.38                              $      -
                                                       ===============                        ==============
</TABLE>


          Additional information about options outstanding at December 31, 1997
          is as follows:

<TABLE>
<CAPTION>
                                          OPTIONS OUTSTANDING                                   OPTIONS EXERCISABLE
                 --------------------------------------------------------------------    --------------------------------
                                                        WEIGHTED-         WEIGHTED-                           WEIGHTED-
                     RANGE OF                            AVERAGE           AVERAGE                             AVERAGE
                     EXERCISE           NUMBER         CONTRACTUAL        EXERCISE           NUMBER           EXERCISE
                      PRICES          OUTSTANDING        LIFE IN            PRICE          OUTSTANDING          PRICE
                                                          YEARS
                 ---------------    -------------    -------------    ---------------    -------------    ---------------
<S>                <C>                <C>              <C>              <C>                <C>              <C>    
                   $        2.54           12,000              0.5      $        2.54           12,000      $        2.54
                            4.00          120,000              5.0               4.00           45,000               4.00
                            4.00           90,000              7.0               4.00           27,000               4.00
                            9.00           45,000             10.0               9.00                -                  -
                            9.67           30,000             10.0               9.67                -                  -
                                    -------------                                        -------------
                                          297,000             6.69               5.27           84,000               3.79
                                    =============                                        =============
</TABLE>


                                     F-21
<PAGE>
 
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


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


NOTE 9.   STOCK OPTIONS (CONTINUED)

          As permitted by SFAS No. 123, "Accounting for Stock-based
          Compensation", the Company recognizes compensation cost for stock-
          based employee awards in accordance with APB Opinion No. 25,
          "Accounting for Stock Issued to Employees."  The Company recognized no
          compensation cost for stock-based employee compensation for the years
          ended December 31, 1997 and 1996 because the exercise price is equal
          to the fair value of the stock at the grant date. No options were
          granted during the year ended December 31, 1996.  Pro forma net income
          and pro forma earnings per share required by SFAS No. 123 have not
          been presented for the year ended December 31, 1997 because all of the
          options granted in 1997 vest at a rate of 10% each year beginning on
          January 1, 1998.

          The fair value of the options granted in 1997 was based upon the
          discounted value of future cash flows of the options using the
          following assumptions:

<TABLE>
<S>               <C>                                                                  <C>
                  Risk-free interest rate                                                    6.13%
                  Expected life of the options                                            10 years
                  Expected dividends (as a percent of the fair value of the stock)           1.92%
                  Expected volatility                                                       23.30%
</TABLE>


NOTE 10.  EARNINGS PER COMMON SHARE

          The following is a reconciliation of net income (the numerator) and
          the weighted average shares outstanding (the denominator) used in
          determining basic and diluted earnings per share:

<TABLE>
<CAPTION>
                                                                          Year Ended December 31, 1997
                                                            ------------------------------------------------------
                                                                 Income              Shares            Per Share
                                                            ---------------    -----------------    --------------
<S>               <C>                                         <C>                <C>                  <C>   
               Basic earnings per share
 
                  Net income                                  $   1,007,392            2,082,715      $       0.48
                                                                                                      ============
                Effect of dilutive securities
 
                  Stock options                                           -              158,464
                                                              -------------        --------------
                Dilutive earnings per share
 
                  Net income                                  $   1,007,392            2,241,179      $       0.45
                                                              =============        =============      ============
</TABLE>
                                                                                
                                     F-22