SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-K

              ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

                         SECURITIES EXCHANGE ACT OF 1934

                   For the fiscal year ended December 31, 1999

                       Commission file number 333-70361-01

                            RESOURCE CAPITAL TRUST I

             (Exact Name of Registrant as Specified in its Charter)

                Delaware                                      31-6614995
      (State or Other Jurisdiction                         (I.R.S. Employer
            of Incorporation)                            Identification No.)

      3720 Virginia Beach Boulevard                             23452
        Virginia Beach, Virginia                              (Zip Code)
(Address of Principal Executive Offices)

                                 (757) 463-2265

              (Registrant's Telephone Number, Including Area Code)

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

                                                          Name of Each Exchange
Title of Each Class                                        On Which Registered
-------------------                                        -------------------

       None                                                        n/a

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

                                      None

                                (Title of Class)

         Indicate  by check  mark  whether  the  registrant:  (1) has  filed all
reports  required to be filed by Section 13 or 15(d) of the  Exchange Act 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 past 90 days.

                           Yes   X       No
                              -----        -----

         Indicate by check mark if disclosure of delinquent  filers  pursuant to
Item 405 of Regulation S-K 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-K or any
amendment to this Form 10-K. [X]

         The aggregate  market value of the voting and non-voting  common equity
held by non-affiliates as of December 31, 1999: N/A

         The number of outstanding  shares of common equity as of March 15, 2000
was 11,382.

         *This Form 10-K also covers 368,000 shares of the  Registrants  $2.3125
Capital  Securities,  which were registered under the Securities Act of 1933, as
amended, pursuant to a registration statement declared effective on February 11,
1999,

         Resource  Capital Trust I (the "Trust") is a statutory  business  trust
formed under the Delaware  Business  Trust Act, as amended,  pursuant to a trust
agreement,  as amended  by an amended  and  restated  declaration  of trust (the
"Declaration"),  and the  filing of a  certificate  of trust  with the  Delaware
Secretary  of State on December 23,  1998.  The Trust  exists for the  exclusive
purposes  of (i)  issuing and selling  trust  securities  consisting  of $2.3125
Capital Securities (the "Capital Securities") and common securities (the "Common
Securities," and together with the Capital Securities,  the "Trust Securities"),
representing  undivided  beneficial  ownership  interests  in the  assets of the
Trust,  (ii)  investing the proceeds  from such issuance in Junior  Subordinated
Debt  Securities  (the  "Junior   Subordinated  Debt  Securities")  of  Resource
Bankshares  Corporation,  a Virginia corporation (the "Corporation"),  and (iii)
engaging in only those  other  activities  necessary,  advisable  or  incidental
thereto.  The Trust's  sole  assets are  $9,484,550  principal  amount of Junior
Subordinated  Debt Securities,  and payments under the Junior  Subordinated Debt
Securities  are the  sole  revenues  of the  Trust.  Ownership  of the  Trust is
evidenced by $9,200,000  aggregate  liquidation amount of Capital Securities and
by $284,550 aggregate liquidation amount of Common Securities,  all of which are
held by the Corporation.  The Trust makes  distributions on the Trust Securities
to the  extent it  receives  distributions  from the  Corporation  on the Junior
Subordinated  Debt  Securities.   Distributions  on  the  Trust  Securities  are
guaranteed  by the  Corporation,  but  only to the  extent  that the  Trust  has
available funds to pay such distributions.

         On March 9, 1999,  the Trust  invested the  proceeds  from the sale and
issuance of the Trust Securities in the Junior Subordinated Debt Securities. The
Trust's ability to pay distributions to the holders of the Capital Securities is
dependent  on its  receipt  of  distributions  on the Junior  Subordinated  Debt
Securities  from the  Corporation.  Therefore,  upon the receipt by the Trust of
payments from the Corporation,  the Trust will pass through such payments to the
holders of the Capital Securities.

         Because  the  Trust  is a  special  purpose  financing  entity  with no
separate  business  operations  and the only  assets of the Trust are the Junior
Subordinated  Debt  Securities,  the  Trust  does  not  believe  that  financial
statements for the Trust are meaningful.  Accordingly,  financial statements and
related  financial  information  have not been  included in this Form 10-K.  For
further information  concerning the Corporation,  including financial statements
and other financial  information,  see the  Corporation's  Annual Report on Form
10-K for the year ended  December 31,  1999,  as filed with the  Securities  and
Exchange  Commission,  copies  of  which  may be  obtained  from  the  Corporate
Secretary of the Corporation at 3720 Virginia Beach  Boulevard,  Virginia Beach,
Virginia 23452.

         The following documents are exhibits to this report:

     4.1  Certificate of Trust  (incorporated by reference to Exhibit 4.1 of the
          Registration  Statement of the Trust on Form S-2 (Nos.  333-70361  and
          333-70361-01)).

     4.2  Trust Agreement between Resource Bankshares Corporation and Wilmington
          Trust Company, as Trustee (incorporated by reference to Exhibit 4.2 of
          the  Registration  Statement of the Trust on Form S-2 (Nos.  333-70361
          and 333-70361-0l)).

     4.3  Form of Amended and Restated  Declaration  of Trust  (incorporated  by
          reference to Exhibit 4.3 of the Registration Statement of the Trust on
          Form S-2 (Nos. 333-70361 and 333-70361-01)).

     4.4  Form of Junior  Subordinated  Indenture  between  Resource  Bankshares
          Corporation and Wilmington Trust Company, as Trustee  (incorporated by
          reference to Exhibit 4.4 of the Registration Statement of the Trust on
          Form S-2 (Nos. 333-70361 and 333-70361-01)).

     4.5  Form of Capital Security (included in Exhibit 4.3 above).

     4.6  Form of Junior  Subordinated  Debt  Security  (included in Exhibit 4.4
          above).

     4.7  Form of  Guarantee  Agreement  with  respect  to the Trust  Securities
          (incorporated   by  reference  to  Exhibit  4.7  of  the  Registration
          Statement of the Trust on Form S-2 (Nos. 333-70361 and 333-70361-01)).



<PAGE>



                                   SIGNATURES

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

                                              RESOURCE CAPITAL TRUST I



Date:  March 29, 2000                By:      /s/ T. A. Grell, Jr.
                                        --------------------------
                                             T. A. Grell, Jr.
                                             Administrative Trustee


Date:  March 29, 2000                By:      /s/ Harvard R. Birdsong
                                        -----------------------------
                                             Harvard R. Birdsong
                                             Administrative Trustee


<PAGE>



                                  EXHIBIT INDEX

     Number                              Document
     ------                              --------

       4.1         Certificate  of Trust  (incorporated  by reference to Exhibit
                   4.1 of the  Registration  Statement  of the Trust on Form S-2
                   (Nos. 333-70361 and 333-70361-01)).

       4.2         Trust Agreement between Resource  Bankshares  Corporation and
                   Wilmington  Trust  Company,   as  Trustee   (incorporated  by
                   reference to Exhibit 4.2 of the Registration Statement of the
                   Trust on Form S-2 (Nos. 333-70361 and 333-70361-01)).

       4.3         Form  of   Amended   and   Restated   Declaration   of  Trust
                   (incorporated by reference to Exhibit 4.3 of the Registration
                   Statement  of the  Trust  on Form  S-2  (Nos.  333-70361  and
                   333-70361-01)).

       4.4         Form  of  Junior  Subordinated   Indenture  between  Resource
                   Bankshares  Corporation  and  Wilmington  Trust  Company,  as
                   Trustee  (incorporated  by  reference  to Exhibit  4.4 of the
                   Registration  Statement  of  the  Trust  on  Form  S-2  (Nos.
                   333-70361 and 333-70361-01)).

       4.5         Form of Capital Security (included in Exhibit 4.3 above).

       4.6         Form  of  Junior  Subordinated  Debt  Security  (included  in
                   Exhibit 4.4 above).

       4.7         Form  of  Guarantee  Agreement  with  respect  to  the  Trust
                   Securities  (incorporated  by reference to Exhibit 4.7 of the
                   Registration  Statement  of  the  Trust  on  Form  S-2  (Nos.
                   333-70361 and 333-70361-01)).