SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                              Form 10-KSB/Amendment
(Mark One)

 X     Annual Report under Section 13 or 15(d) of the Securities Exchange Act
----   of 1934 For the fiscal year ended December 31, 2002

       or

       Transition Report under Section 13 or 15(d) of the Securities Exchange
----   Act of 1934
               For the transition period from          to
                                              --------    --------
                        Commission file number 333-66734

                             First Southern Bancorp
                             ----------------------
                 (Name of Small Business Issuer in Its Charter)


         Georgia                        6021                     58-2635782
  ---------------------       -------------------------       ----------------
(State or other Jurisdiction  (Primary Standard Industrial   (I.R.S. Employer
 of Incorporation or          Classification Code Number)    Identification No.)
 Organization)


           201 South Main Street
           Statesboro, Georgia                                     30458
           --------------------                                  ---------
         (Address of Principal Executive Offices)                (Zip Code)

                                  912-489-7600
                                  ------------
                 Issuer's Telephone Number, Including Area Code

        Securities registered pursuant to Section 12(b) of the Act: None.
        Securities registered pursuant to Section 12(g) of the Act: None.

         Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act 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 past 90 days.  Yes X    No
                                                                   ---     ---

     Check if there is no disclosure of delinquent filers in response to Item
405 of Regulation S-B 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. [X]

     The issuer's revenues (total interest income plus noninterest income)
for its most recent fiscal year was $1,101,684.

     The aggregate market value of the Common Stock held by non-affiliates of
the Company on March 26, 2003 was $9,195,470. This calculation is based upon
an estimate of the fair market value of the Common Stock of $10.00 per share,
which was the price of the last trade of which management is aware prior to this
date. There is not an active trading market for the Common Stock and it is not
possible to identify precisely the market value of the Common Stock.

     Transitional Small Business Disclosure Format.  (Check one):  Yes     No X
                                                                      ---    ---




<PAGE>

                                EXPLANATORY NOTE

         This 10-KSB/A is being filed to add Exhibit 10.5 - a construction
contract which the Company entered into on April 22, 2002 and which was not
filed as a part of the original 10-KSB. No other changes have been made to the
original 10-KSB.

Item 13. Exhibits, List and Reports on Form 8-K
-----------------------------------------------
(a)   The following documents are filed as part of this report:

3.1.  Articles of Incorporation (incorporated by reference as Exhibit 3.1 to the
      Company's Form SB-2 filed with the SEC, File No. 333-66734).

3.2.  Bylaws (incorporated by reference as Exhibit 3.2 to the Company's Form
      SB-2 filed with the SEC, File No. 333-66734).

4.1.  See Exhibits 3.1 and 3.2 for provisions in First Southern Bancorp's
      Articles of Incorporation and Bylaws defining the rights of holders of the
      common stock (incorporated by reference as Exhibit 4.1 to the Company's
      Form SB-2 filed with the SEC, File No. 333-66734).

4.2.  Form of certificate of common stock (incorporated by reference as Exhibit
      34.2 to the Company's Form SB-2 filed with the SEC, File No. 333-66734).

10.1. Employment Agreement between First Southern Bancorp and F. Thomas David
      effective as of the opening date of First Southern National Bank
      (incorporated by reference as Exhibit 10.1 to the Company's Form SB-2
      filed with the SEC, File No. 333-66734).

10.2. Employment Agreement between First Southern Bancorp and Christopher T.
      Cliett effective as of June 1, 2001 (incorporated by reference as Exhibit
      10.2 to the Company's Form SB-2 filed with the SEC, File No. 333-66734).

10.3. Employment Agreement between First Southern Bancorp and Charles R. Fennell
      effective as of June 1, 2001 (incorporated by reference as Exhibit 10.3 to
      the Company's Form SB-2 filed with the SEC, File No. 333-66734).

10.4. Form of Stock Warrant Agreement (incorporated by reference as Exhibit 10.4
      to the Company's Form SB-2 filed with the SEC, File No. 333-66734).

10.5  Construction Contract between First Southern National Bank and Pope
      Construction Co., Inc. dated April 22, 2002.

13    Company's 2002 Annual Report (incorporated by reference as Exhibit 13 to
      the Company's Form 10-KSB for the period ended December 31, 2002).

21.1  Subsidiaries of the Company (incorporated by reference as Exhibit 21.1 to
      the Company's Form 10-KSB for the period ended December 31, 2002).

24.1  Power of Attorney (incorporated by reference as Exhibit 24.1 to the
      Company's Form 10-KSB for the period ended December 31, 2002).

(b)   Reports on Form 8-K
      -------------------

     We filed a Form 8-K on November 12, 2002 to disclose that the Chief
Executive Officer, F. Thomas David, and the Chief Financial Officer, Charles R.
Fennell, Jr., each furnished to the SEC the certification required pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.


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<PAGE>


                                   SIGNATURES

     In accordance with Section 13 or 15(d) of the Securities Exchange Act of
1934 (the "Exchange Act"), the registrant caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                                       FIRST SOUTHERN BANCORP


Date:   April 10, 2003                 By:  /s/ F. Thomas David
       -----------------------            -------------------------------
                                          F. Thomas David
                                          President and Chief Executive Officer

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following in the capacities and on
the dates indicated.

Signature                       Title                           Date


 /s/ *                          Director
-----------------------------
Michael R. Anderson


 /s/ F. Thomas David            President, and                  April 10, 2003
-----------------------------
F. Thomas David                 Chief Executive Officer


 /s/ *                          Director
-----------------------------
Charles A. Deal


 /s/ *                          Principal Financial and
-----------------------------
Charles "Bo" R. Fennell, Jr.    Accounting Officer


 /s/ *                          Director
-----------------------------
William I. Griffis


 /s/ *                          Director
-----------------------------
Tracy D. Ham


 /s/ *                          Director
-----------------------------
James A. High


 /s/ *                          Director
-----------------------------
W. Pratt Hill, III


 /s/ *                          Director
-----------------------------
Michael R. Kennedy


 /s/ *                          Director
-----------------------------
R. Whitman Lord

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<PAGE>

 /s/ *                          Director
-----------------------------
Laura T. Marsh


 /s/ *                          Director
-----------------------------
Jeffrey D. Pope


 /s/ *                          Director
-----------------------------
Ronnie J. Pope


 /s/ *                          Director
-----------------------------
Hudson J. Powell, Sr.


 /s/ *                          Director
-----------------------------
Lamar O. Reddick


 /s/ *                          Director
-----------------------------
Devra P. Walker


 /s/ *                          Director
-----------------------------
L. Anthony Waters, III


 /s/ F. Thomas David            April 10, 2003
-----------------------------
F. Thomas David
As Attorney-in-Fact



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<PAGE>




                                  EXHIBIT INDEX

Exhibit
Number                     Description
------                     -----------
3.1.  Articles of Incorporation (incorporated by reference as Exhibit 3.1 to the
      Company's Form SB-2 filed with the SEC, File No. 333-66734).

3.2.  Bylaws (incorporated by reference as Exhibit 3.2 to the Company's Form
      SB-2 filed with the SEC, File No. 333-66734).

4.1.  See Exhibits 3.1 and 3.2 for provisions in First Southern Bancorp's
      Articles of Incorporation and Bylaws defining the rights of holders of the
      common stock (incorporated by reference as Exhibit 4.1 to the Company's
      Form SB-2 filed with the SEC, File No. 333-66734).

4.2.  Form of certificate of common stock (incorporated by reference as Exhibit
      34.2 to the Company's Form SB-2 filed with the SEC, File No. 333-66734).

10.1  Employment Agreement between First Southern Bancorp and F. Thomas David
      effective as of the opening date of First Southern National Bank
      (incorporated by reference as Exhibit 10.1 to the Company's Form SB-2
      filed with the SEC, File No. 333-66734).

10.2  Employment Agreement between First Southern Bancorp and Christopher T.
      Cliett effective as of June 1, 2001 (incorporated by reference as Exhibit
      10.2 to the Company's Form SB-2 filed with the SEC, File No. 333-66734).

10.3  Employment Agreement between First Southern Bancorp and Charles R. Fennell
      effective as of June 1, 2001 (incorporated by reference as Exhibit 10.3 to
      the Company's Form SB-2 filed with the SEC, File No. 333- 66734).

10.4  Form of Stock Warrant Agreement (incorporated by reference as Exhibit 10.4
      to the Company's Form SB-2 filed with the SEC, File No. 333-66734).

10.5  Construction Contract between First Southern National Bank and Pope
      Construction Co., Inc. dated April 22, 2002.

13    Company's 2002 Annual Report (incorporated by reference as Exhibit 13 to
      the Company's Form 10-KSB for the period ended December 31, 2002).

21.1  Subsidiaries of the Company (incorporated by reference as Exhibit 21.1 to
      the Company's Form 10-KSB for the period ended December 31, 2002).

24.1  Power of Attorney (incorporated by reference as Exhibit 24.1 to the
      Company's Form 10-KSB for the period ended December 31, 2002).


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