<PAGE>

               UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                  FORM 10-QSB

Mark One

[ X ]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND
            EXCHANGE ACT OF 1934

          For the quarterly period ended    September 30, 1999
                                        --------------------------

[   ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

          For the transition period from            to
                                         ----------    ----------

                       Commission File Number: 333-12293

                          First Georgia Community Corp.
        -----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

           Georgia                                       58-2261088
-------------------------------                    --------------------------
(State or other jurisdiction of                         (IRS Employer
incorporation or organization)                        Identification No.)

                 150 Covington Street, Jackson, Georgia 30233
                 --------------------------------------------
                   (Address of principal executive offices)

                                 (770) 504-1090
                           ---------------------------
                           (Issuer's telephone number)

                                      N/A
--------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
                                    report)

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 the past 90 days. Yes  X  No
                                                             -----  -----

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by court.
Yes     No
   -----  -----

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of November 1, 1999:      758,458; $5 par value.

Transitional Small Business Disclosure Format (Check One)  Yes     No  X
                                                              -----  -----
<PAGE>

                          FIRST GEORGIA COMMUNITY CORP.
                                 AND SUBSIDIARY





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

                                     INDEX


                                                                           Page
                                                                           ----
PART I.  FINANCIAL INFORMATION

         Item 1.  Financial Statements

            Consolidated Balance Sheet - September 30, 1999...................3

            Consolidated Statements of Operations and Comprehensive Income
             (Loss) - Three Months Ended September 30, 1999 and 1998
             and Nine Months Ended September 30, 1999 and 1998................4

            Consolidated Statements of Cash Flows - Nine
             Months Ended September 30, 1999 and 1998.........................5

            Notes to Consolidated Financial Statements........................6

         Item 2.  Management's Discussion and Analysis of
                       Financial Condition and Results of Operations..........8


PART II. OTHER INFORMATION

         Item 4 - Submission of Matters to a Vote of Security Holders........15

         Item 6 - Exhibits and Reports on Form 8-K...........................15

         Signatures..........................................................16


                                       2
<PAGE>
                         PART I - FINANCIAL INFORMATION
                              FINANCIAL STATEMENTS

                  FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEET
                               SEPTEMBER 30, 1999
                                   (Unaudited)

                                  Assets
                                  ------

Cash and due from banks                                           $  2,234,365
Federal funds sold                                                   2,820,000
Securities available-for-sale, at fair value                         7,881,200

Loans                                                               34,854,650
Less allowance for loan losses                                         597,011
                                                                  -------------
        Loans, net                                                  34,257,639
                                                                  -------------

Premises and equipment                                               2,219,318
Other assets                                                           446,151
                                                                  -------------

        Total assets                                              $ 49,858,673
                                                                  =============


                   Liabilities and Stockholders' Equity
                   ------------------------------------

Deposits
    Demand                                                        $  5,213,188
    Interest-bearing demand                                         12,450,350
    Savings                                                            923,578
    Time                                                            22,371,899
                                                                  -------------
       Total deposits                                               40,959,015
Other borrowings                                                     1,750,000
Other liabilities                                                      248,032
                                                                  -------------
       Total liabilities                                            42,957,047
                                                                  -------------

Commitments and contingent liabilities

Stockholders' equity
    Common stock, par value $5; 10,000,000 shares authorized;
       758,458 shares issued and outstanding                         3,792,290
    Capital surplus                                                  3,754,816
    Accumulated deficit                                               (405,118)
    Accumulated other comprehensive loss                              (240,362)
                                                                  -------------
          Total stockholders' equity                                 6,901,626
                                                                  -------------

          Total liabilities and stockholders' equity              $ 49,858,673
                                                                  =============

The accompanying notes are an integral part of these consolidated financial
statements.

                                       3
<PAGE>

                  FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                         AND COMPREHENSIVE INCOME (LOSS)
                 THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
                AND NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                       Three Months Ended                   Nine Months Ended
                                                                          September 30,                       September 30,
                                                                  -----------------------------       -----------------------------

                                                                      1999             1998               1999             1998
                                                                  -----------       -----------       -----------       -----------

Interest income
<S>                                                              <C>                <C>                <C>              <C>
    Loans                                                         $   793,913       $   502,151       $ 2,103,374       $ 1,076,711
    Taxable securities                                                113,852            57,752           316,086           141,573
    Federal funds sold                                                 53,478            66,736           130,615           172,059
                                                                  -----------       -----------       -----------       -----------
              Total interest income                                   961,243           626,639         2,550,075         1,390,343
                                                                  -----------       -----------       -----------       -----------

Interest expense
    Deposits                                                          436,171           257,835         1,131,052           502,671
    Other borrowings                                                   15,209                 0            15,209                 0
                                                                  -----------       -----------       -----------       -----------
              Total interest expense                                  451,380           257,835         1,146,261           502,671
                                                                  -----------       -----------       -----------       -----------

              Net interest income                                     509,863           368,804         1,403,814           887,672
Provision for loan losses                                              63,500           120,000           164,500           310,000
                                                                  -----------       -----------       -----------       -----------
              Net interest income after
                provision for loan losses                             446,363           248,804         1,239,314           577,672
                                                                  -----------       -----------       -----------       -----------

Other operating income                                                 73,766            48,407           186,456           136,590
                                                                  -----------       -----------       -----------       -----------

Other expenses
    Salaries and employee benefits                                    188,504           157,447           547,041           435,480
    Occupancy and equipment expenses                                   60,966            46,343           178,340           137,846
    Other operating expenses                                          145,765           189,133           429,779           399,563
                                                                  -----------       -----------       -----------       -----------
              Total other expenses                                    395,235           392,923         1,155,160           972,889
                                                                  -----------       -----------       -----------       -----------

              Net income (loss) before income taxes                   124,894           (95,712)          270,610          (258,627)

Income tax expense                                                          0                 0                 0                 0
                                                                  -----------       -----------       -----------       -----------

              Net income (loss)                                       124,894           (95,712)          270,610          (258,627)
                                                                  -----------       -----------       -----------       -----------

Other comprehensive income (loss):
    Unrealized gains (losses) on securities
      available-for-sale arising during period                        (46,144)           22,109          (238,786)           23,698
                                                                  -----------       -----------       -----------       -----------

              Comprehensive income (loss)                         $    78,750       $   (73,603)      $    31,824       $  (234,929)
                                                                  ===========       ===========       ===========       ===========

Basic and diluted earnings (losses)
  per common share                                                $      0.16       $     (0.13)      $      0.36       $     (0.34)
                                                                  ===========       ===========       ===========       ===========

Weighted average shares outstanding                                   758,458           758,458           758,458           758,458
                                                                  ===========       ===========       ===========       ===========

Cash dividends per common share                                   $         0       $         0       $         0       $         0
                                                                  ===========       ===========       ===========       ===========
</TABLE>


The accompanying notes are an integral part of these consolidated financial
statements.

                                       4
<PAGE>

                  FIRST GEORGIA COMMUNITY CORP. AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                  NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                                    1999                   1998
                                                                                ------------           ------------
OPERATING ACTIVITIES
<S>                                                                               <C>                   <C>
    Net income (loss)                                                           $    270,610           $   (258,627)
    Adjustments to reconcile net income (loss) to net cash
        provided by operating activities:
        Depreciation and amortization                                                 93,915                142,565
        Provision for loan losses                                                    164,500                310,000
        Increase in interest receivable                                             (131,786)              (156,753)
        Increase in interest payable                                                  61,944                 46,170
        Other operating activities                                                    37,890                 76,188
                                                                                ------------           ------------

              Net cash provided by operating activities                              497,073                159,543
                                                                                ------------           ------------

INVESTING ACTIVITIES
    Purchases of securities available-for-sale                                    (3,060,000)            (3,518,300)
    Proceeds from sales of securities available-for-sale                                   0                500,000
    Proceeds from maturities of securities available-for-sale                        505,042                499,499
    Net decrease in Federal funds sold                                               590,000              2,450,000
    Net increase in loans                                                        (10,289,800)           (15,483,287)
    Purchase of premises and equipment                                               (71,031)              (106,205)
                                                                                ------------           ------------

              Net cash used in investing activities                              (12,325,789)           (15,658,293)
                                                                                ------------           ------------

FINANCING ACTIVITIES
    Net increase in deposits                                                      11,637,112             14,938,852
    Net proceeds from other borrowings                                             1,750,000                      0
                                                                                ------------           ------------

              Net cash provided by financing activities                           13,387,112             14,938,852
                                                                                ------------           ------------

Net increase (decrease) in cash and due from banks                                 1,558,396               (559,898)

Cash and due from banks, beginning of period                                         675,969              1,568,017
                                                                                ------------           ------------

Cash and due from banks, end of period                                          $  2,234,365           $  1,008,119
                                                                                ============           ============

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

    Cash paid during period for interest                                        $  1,084,317           $    456,501

NONCASH TRANSACTION
    Net unrealized (gains) losses on securities available-for-sale              $    238,786           $    (23,698)

</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.

                                       5
<PAGE>

                     FIRST COMMUNITY CORP. AND SUBSIDIARY
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)




NOTE 1.   BASIS OF PRESENTATION

          The consolidated financial information included herein is unaudited;
          however, such information reflects all adjustments (consisting solely
          of normal recurring adjustments) which are, in the opinion of
          management, necessary for a fair statement of results for the interim
          period.

          The results of operations for the nine month period ended September
          30, 1999 are not necessarily indicative of the results to be expected
          for the full year.


NOTE 2.   CURRENT ACCOUNTING DEVELOPMENTS

          In June 1998, the Financial Accounting Standards Board issued SFAS No.
          133, "Accounting for Derivative Instruments and Hedging Activities".
          The effective date of this statement has been deferred by SFAS No. 137
          until fiscal years beginning after June 15, 2000. However, the
          statement permits early adoption as of the beginning of any fiscal
          quarter after its issuance. The Company expects to adopt this
          statement effective January 1, 2001. SFAS No. 133 requires the Company
          to recognize all derivatives as either assets or liabilities in the
          balance sheet at fair value. For derivatives that are not designated
          as hedges, the gain or loss must be recognized in earnings in the
          period of change. For derivatives that are designated as hedges,
          changes in the fair value of the hedged assets, liabilities, or firm
          commitments must be recognized in earnings or recognized in other
          comprehensive income until the hedged item is recognized in earnings,
          depending on the nature of the hedge. The ineffective portion of a
          derivative's change in fair value must be recognized in earnings
          immediately. Management has not yet determined what effect the
          adoption of SFAS No. 133 will have on the Company's earnings or
          financial position.

          There are no other recent accounting pronouncements that have had, or
          are expected to have, a material effect on the Company's financial
          statements.

                                       6
<PAGE>

                     FIRST COMMUNITY CORP. AND SUBSIDIARY




Item 2.   Management's Discussion and Analysis of Financial Condition and
          Results of Operations

          The following is management's discussion and analysis of certain
          significant factors which have affected the financial position and
          operating results of the Company and its bank subsidiary, First
          Georgia Community Bank, during the periods included in the
          accompanying consolidated financial statements.

          SPECIAL CAUTIONARY NOTICE REGARDING FORWARD LOOKING STATEMENTS

          Certain of the statements made herein under the caption "Management's
          Discussion and Analysis of Financial Condition and Results of
          Operations" ("MD&A") are forward-looking statements for purposes of
          the Securities Act of 1933, as amended (the "Securities Act") and the
          Securities Exchange Act of 1934, as amended (the "Exchange Act"), and
          as such may involve known and unknown risks, uncertainties and other
          factors which may cause the actual results, performance or
          achievements of the Company to be materially different from future
          results, performance or achievements expressed or implied by such
          forward-looking statements. Such forward looking statements include
          statements using the words such as "may," "will," "anticipate,"
          "should," "would," "believe," "contemplate," "expect," "estimate,"
          "continue," "may," "intend," or other similar words and expressions of
          the future. Our actual results may differ significantly from the
          results we discuss in these forward-looking statements.

          These forward-looking statements involve risks and uncertainties and
          may not be realized due to a variety of factors, including, without
          limitation: the effects of future economic conditions; governmental
          monetary and fiscal policies, as well as legislative and regulatory
          changes; the risks of changes in interest rates on the level and
          composition of deposits, loan demand, and the values of loan
          collateral, securities, and other interest-sensitive assets and
          liabilities; interest rate risks; the effects of competition from
          other commercial banks, thrifts, mortgage banking firms, consumer
          finance companies, credit unions, securities brokerage firms,
          insurance companies, money market and other mutual funds and other
          financial institutions operating in the Company's market area and
          elsewhere, including institutions operating regionally, nationally,
          and internationally, together with such competitors offering banking
          products and services by mail, telephone, computer, and the Internet;
          the possible effects of the Year 2000 issues on the Company.

                                       7
<PAGE>

          Management's current assessment and estimates with respect to the
          Company's Year 2000 compliance efforts and the impact of Year 2000
          issues on the Company's business and operations have been included in
          the MD&A. Various factors could cause actual plans and results to
          differ materially from those contemplated by such assessments,
          estimates and forward-looking statements, many of which are beyond the
          control of the Company. Some of these factors include, but are not
          limited to representations by the Company's vendors and
          counterparties, technological advances, economic considerations, and
          consumer perceptions.

          The Company's Year 2000 compliance program is an ongoing process
          involving continual evaluation and may be subject to change in
          response to new developments.

          Liquidity and Capital Resources

          As of September 30, 1999, the liquidity ratio of the Bank, as
          determined under guidelines established by regulatory authorities, was
          satisfactory.

          At September 30, 1999, the capital ratios of the Company and the Bank
          were adequate based on regulatory minimum capital requirements. The
          minimum capital requirements and the actual capital ratios for the
          Company and the Bank are as follows:

                                            Actual
                                   -------------------------
                                     First          First
                                    Georgia        Georgia
                                   Community      Community      Regulatory
                                     Corp.          Bank        Requirement
                                   ---------     -----------  ---------------

 Leverage capital ratios             14.52%        12.67%          4.00%
 Risk-based capital ratios:
    Core capital                     18.10%        15.79%          4.00%
    Total capital                    19.35%        17.04%          8.00%

                                       8
<PAGE>

Financial Condition

Following is a summary of the Company's balance sheets for the periods
indicated:

<TABLE>
                                          September 30,       December 31,
                                              1999                1998                      Increase (Decrease)
                                          -------------       ------------           --------------------------------
                                                (Dollars in Thousands)                  Amount               Percent
                                          --------------------------------           --------------------------------
<S>                                       <C>                    <C>                  <C>                    <C>
Cash and due from banks                     $  2,234             $    676             $  1,558                230.47%
Federal funds sold                             2,820                3,410                 (590)               (17.30)
Securities                                     7,881                5,565                2,316                 41.62
Loans                                         34,258               24,132               10,126                 41.96
Premises and equipment                         2,219                2,242                  (23)                (1.03)
Other assets                                     447                  326                  121                 37.12
                                            --------             --------             --------
                                            $ 49,859             $ 36,351             $ 13,508                 37.16
                                            ========             ========             ========

Deposits                                    $ 40,959             $ 29,322             $ 11,637                 39.69%
Other borrowings                               1,750                   --                1,750                    --
Other liabilities                                248                  159                   89                 55.97
Stockholders' equity                           6,902                6,870                   32                  0.47
                                            --------             --------             --------
                                            $ 49,859             $ 36,351             $ 13,508                 37.16
                                            ========             ========             ========
</TABLE>

As indicated in the above table, the Company's total assets grew at a rate of
37.16%. This continued high rate of growth is not uncommon for a de novo bank.
Significant deposit growth of 39.69% was invested in loans and securities. The
Company's loan to deposit ratio has increased from 83.78% at December 31, 1998
to 85.10% at September 30, 1999. The Company has also received Federal Home Loan
Bank advances of $1,750,000 to assist in the funding of loan growth.
Stockholders' equity has increased by $32,000 due to net income of $271,000
being offset by decreases in accumulated other comprehensive income of $239,000.
Accumulated other comprehensive income has decreased due to increased unrealized
losses on securities available-for-sale.

                                       9
<PAGE>

Results of Operations For The Three Months Ended September 30, 1999 and 1998 and
for the Nine Months Ended September 30, 1999 and 1998

Following is a summary of the Company's operations for the periods indicated.

<TABLE>
<CAPTION>
                                               Three Months Ended
                                                  September 30,
                                             ------------------------
                                               1999            1998                      Increase (Decrease)
                                             ----------     ---------              ---------------------------------
                                              (Dollars in Thousands)                 Amount                Percent
                                             ------------------------              -----------           -----------
<S>                                        <C>            <C>                      <C>                   <C>
Interest income                             $  961         $  627                   $  334                  53.27%
Interest expense                               451            258                      193                  74.81
Net interest income                            510            369                      141                  38.21
Provision for loan losses                       64            120                      (56)                (46.67)
Other income                                    74             48                       26                  54.17
Other expense                                  395            393                        2                   0.51
Net income (loss)                              125            (96)                     221                 230.21


                                                Nine Months Ended
                                                  September 30,
                                          -------------------------------
                                             1999                1998                      Increase (Decrease)
                                          ------------        -----------         -----------------------------------
                                              (Dollars in Thousands)                 Amount                 Percent
                                          -------------------------------         --------------       --------------
<S>                                       <C>                  <C>                  <C>                     <C>
Interest income                            $ 2,550             $ 1,390              $ 1,160                  83.45%
Interest expense                             1,146                 503                  643                 127.83
Net interest income                          1,404                 887                  517                  58.29
Provision for loan losses                      165                 310                 (145)                (46.77)
Other income                                   186                 137                   49                  35.77
Other expense                                1,155                 973                  182                  18.71
Net income (loss)                              271                (259)                 530                 204.63
</TABLE>

As indicated in the above tables, the Company's net interest income has
increased by $141,000 and $517,000 for the third quarter and first nine months
of 1999, respectively, as compared to the same periods in 1998. The Company's
net interest margin decreased to 4.66% during the first nine months of 1999 as
compared to 5.52% for the previous year. The increase in net interest income is
due primarily to the increased volume of average interest-earning assets. The
decrease in net interest margin is due to lower overall yields on average
interest-earning assets.

The provision for loan losses decreased by $56,000 and $145,000 for the third
quarter and first nine months of 1999, respectively, as compared to the same
periods in 1998. The decrease was due primarily to a slower rate of loan growth.

                                       10
<PAGE>

The Company's allowance for loan losses amounted to 1.71% of total loans at
September 30, 1999 as compared to 1.77% at December 31, 1998. The allowance for
loan losses is maintained at a level that is deemed appropriate by management to
adequately cover all known and inherent risks in the loan portfolio.
Management's evaluation of the loan portfolio includes a continuing review of
loan loss experience, current economic conditions which may affect the
borrower's ability to repay and the underlying collateral value.

Information with respect to nonaccrual, past due and restructured loans at
September 30, 1999 and 1998 is as follows:


<TABLE>
                                                                                                 September 30,
                                                                                           ------------------------
                                                                                               1999        1998
                                                                                           -----------  -----------
                                                                                            (Dollars in Thousands)
                                                                                           ------------------------
                                                                                            <S>          <C>
Nonaccrual loans                                                                            $       -    $       -
Loans contractually past due ninety days or more as to interest
   or principal payments and still accruing                                                         5            -
Restructured loans                                                                                  -            -
Loans, now current about which there are serious doubts as to the
   ability of the borrower to comply with loan repayment terms                                      -            -
Interest income that would have been recorded on nonaccrual
   and restructured loans under original terms                                                      -            -
Interest income that was recorded on nonaccrual and restructured loans                              -            -
</TABLE>

It is the policy of the Bank to discontinue the accrual of interest income when,
in the opinion of management, collection of such interest becomes doubtful. This
status is accorded such interest when (1) there is a significant deterioration
in the financial condition of the borrower and full repayment of principal and
interest is not expected and (2) the principal or interest is more than ninety
days past due, unless the loan is both well-secured and in the process of
collection.

Loans classified for regulatory purposes as loss, doubtful, substandard, or
special mention that have not been included in the table above do not represent
or result from trends or uncertainties which management reasonably expects will
materially impact future operating results, liquidity or capital resources.
These classified loans do not represent material credits about which management
is aware of any information which causes management to have serious doubts as to
the ability of such borrowers to comply with the loan repayment terms.

                                       11
<PAGE>

Information regarding certain loans and allowance for loan loss data through
September 30, 1999 and 1998 is as follows:

<TABLE>

                                                                          Nine Months Ended
                                                                            September 30,
                                                                   ------------------------------
                                                                     1999                  1998
                                                                   --------              --------
                                                                       (Dollars in Thousands)
                                                                   ------------------------------
<S>                                                                <C>                    <C>
Average amount of loans outstanding                                $29,451                $13,995
                                                                   =======                =======

Balance of allowance for loan losses at beginning of period        $   434                $    72
                                                                   -------                -------

Loans charged off
   Commercial and financial                                        $    --                $    --
   Real estate mortgage                                                 --                      2
   Instalment                                                            3                      5
                                                                   -------                -------
                                                                         3                      7
                                                                   -------                -------

Loans recovered
   Commercial and financial                                             --                     --
   Real estate mortgage                                                 --                     --
   Instalment                                                            1                     --
                                                                   -------                -------
                                                                         1                     --
                                                                   -------                -------

Net charge-offs                                                          2                      7
                                                                   -------                -------

Additions to allowance charged to
   operating expense during period                                     165                    310
                                                                   -------                -------

Balance of allowance for loan losses at end of period              $   597                $   375
                                                                   =======                =======

Ratio of net loans charged off during the period to
   average loans outstanding                                           .01%                   .05%
                                                                   =======                =======
</TABLE>

Other income increased by $26,000 and $49,000 for the third quarter and first
nine months of 1999, respectively, as compared to the same periods in 1998 due
primarily to increases in service charges on deposit accounts.

Other expenses have increased by $2,000 and $182,000 for the third quarter and
first nine months of 1999, respectively, as compared to the same periods in
1998. Increased salaries and employee benefits of $31,000 and $112,000 during
the third quarter and first nine months of 1999, respectively, have accounted
for the majority of the increases. The small net increase in other operating
expenses for the third quarter of 1999 is due to the write-off of $59,000 of
organization costs in 1998. Overall deposit and asset growth have contributed to
the remaining increases in other operating expenses.

The Company has recorded no provision for income taxes due to cumulative net
operating losses.

                                       12
<PAGE>

Year 2000 Disclosures
---------------------

The Situation: Now that 1999 is well into the fourth quarter and the millennium
draws closer, the Company recognizes the global concern that information systems
may be subject to the much discussed "Year 2000 Bug". The Year 2000 ("Y2K")
problem is the existence of many programs and systems that will not operate
correctly unless they are reprogrammed to accommodate the new century. In fact,
many programs were originally written to only accommodate a two digit year field
and/or defaulted to the nineteenth century.

No country, government, business, or person is immune from the potential adverse
effects of the Y2K problem. The banking industry is especially susceptible to
the Y2K problem. If loan or deposit interest accruals are not calculated
properly, the impact can be devastating. A system crash could result in a
disruption of business which in turn could cause the Company to lose a
significant portion of its customer base, either of which could result in
material adverse consequences for the Company.

Because of the potential risk posed by the Y2K problem, the Company has taken a
proactive role in addressing the impact to the Company and its customer base.
The Company formed a Y2K committee, consisting of key management, directors, and
staff, to address the impact. The Committee has been charged with the
responsibility of assessing the problem, overseeing corrective action, as well
as testing Y2K readiness of all equipment, software, and applications.

Readiness: The Company's Y2K committee has addressed each area of risk to the
Company's continued operation once the century date change takes place. The
Company has broken down the areas according to mission critical and non-mission
critical areas. Each area requiring attention are: service bureau (including ATM
processing and bank forms), correspondent relationship, check/coupon printers,
and internal office equipment. In efforts to ensure Y2K readiness, the Company
converted to a new core processing system in February 1999 with The InterCept
Group. The Company also engaged the services of an external firm to review and
monitor the progress of the Company's readiness plans. Readiness plans are under
constant review and scrutiny to ensure each aspect of the Federal Deposit
Insurance Corporation and the Federal Financial Institutions Examination
Council's Year 2000 guidelines for preparedness are met.

The Company also relies heavily on external vendors for its daily operations,
such as electricity, phone service, water, and gas. Each of these vendors is
under constant review as the century date change is rapidly approaching. An
initial review to assess readiness was completed in early 1998 and continues to
be monitored.

Contingency Plans: Due to the critical nature of our core processing systems and
our automated platform for new accounts and loan document preparation, the
Company has developed contingency plans that will be put into operation should
any of these systems not pass Year 2000 readiness testing. Contingency plans
have also been developed in the event of disruption of service due to power
outage, etc.

Cost: After completing an overall assessment of the Year 2000 impact to the
Company, the Company established a Y2K budget. The budget has been reviewed and
updated to keep up to date with the current Y2K status. Subsequently, the budget
was amended to its current level of $48,777 with provisions made for the core
processing conversion and hardware changes to facilitate conversion. Management
does not expect the cost of remediation to vary significantly from the present
budget.

                                       13
<PAGE>

Other Concerns: The Company has taken a proactive stance to communicate to the
customer base the Y2K problem, its impact, and how to stay informed. Customers
are receiving mailers in a timely manner to keep them updated on the Company and
the Federal Deposit Insurance Corporation's preparedness. The Company will
continue to keep its customer base updated. The Company is coordinating a public
awareness initiative with other banks in the community to inform the public of
its readiness.

In relation to credit risk, the Company has performed due diligence analysis on
both commercial loan customers and fund providers. The analysis is updated and
reviewed to ensure proper risk assessment.

In relation to the liquidity policy, the Company acknowledges that due to the
heightened media attention to the Year 2000 issue that customers may withdraw
extra amounts of money at the end of 1999. The increased withdrawal could result
in a liquidity issue for the Company; therefore, the Company has revised its
liquidity policy to address the liquidity needs anticipated in light of the Y2K
issue.

Finally, the Company has put forth great efforts to complete each of the
Regulatory Year 2000 preparedness phases leading up to Customer Awareness. The
Company finalized the validation of all systems that were identified as
susceptible to Year 2000 problems, as well as meeting Regulatory guidelines for
submission of the Company's contingency plan. In addition to the previously
mentioned communication efforts by the Company, the Company has also conducted
simulation testing with customers. The Company has simulated two "Power Off"
scenarios during normal business hours to demonstrate the Company's ability to
operate efficiently without the aid of computers and/or systems that may be
affected by Year 2000 problems. The Company continues to put emphasis on
communicating Year 2000 preparedness to its customer base.

The Company is not aware of any known trends, events or uncertainties, other
than the effect of events as described above, that will have or that are
reasonably likely to have a material effect on its liquidity, capital resources
or operations. The Company is also not aware of any current recommendations by
the regulatory authorities which, if they were implemented, would have such an
effect.

                                       14
<PAGE>

                           PART II - OTHER INFORMATION





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

         None.


ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K.

           (a)  Exhibits.

                27.  Financial Data Schedule.  (For SEC use only.)

           (b)  Reports on Form 8-K.

                None.

                                       15
<PAGE>

                                   SIGNATURES




     In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                             FIRST GEORGIA COMMUNITY CORP.
                                  (Registrant)



DATE:  November 12, 1999     BY:  /s/ John L. Coleman
       -----------------          ----------------------------------------------
                                  John L. Coleman. President and C.E.O.
                                     (Principal Executive Officer)


DATE:  November 12, 1999     BY:  /s/ Elaine S. Kendrick
       -----------------          ----------------------------------------------
                                     Elaine S. Kendrick, Secretary and Treasurer
                                  (Principal Financial and Accounting Officer)

                                       16