<PAGE>   1
                   U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC 20549

                              Amendment No. 1 to
                                 FORM 10-QSB


(Mark One)

/x/    Quarterly report under Section 13 or 15(d) of the Securities Exchange
       Act of 1934

For the quarterly period ended March 31, 1996

                                      OR

/ /    Transition report under Section 13 or 15(d) of the Exchange Act

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

Commission file number 33-53656A


                          G&W FINANCIAL CORPORATION
      (Exact Name of Small Business Issuer as Specified in Its Charter)

            Georgia                                      58-2015438
  (State or Other Jurisdiction of                     (I.R.S. Employer
  Incorporation or Organization)                      Identification No.)

            1800 Lake Park Drive, Suite 100, Smyrna, Georgia 30080
                   (Address of Principal Executive Offices)

                                (770) 432-2284
               (Issuer's Telephone Number, Including Area Code)

              1950 Lake Park Drive, Suite 110, Atlanta, GA 30080
        (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                     No
                        ---------              ---------

     State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: 10,000 shares of common stock
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        This Amendment is being filed solely to include the Financial


           Data Schedules required under Item 601 of Regulation S-B
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                                  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.

                                        G&W FINANCIAL CORPORATION

                                        By: /s/ Donald A. Wagley, President
                                           --------------------------------
                                                Donald A. Wagley, President

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
form 10-QSB was signed by the following persons in the capacities indicated on
January 21, 1997.


<TABLE>
<CAPTION>
Signature                                  Title
---------                                  -----
<S>                                        <C>

/s/ Donald A. Wagley                       President and a Director (principal
------------------------                   executive officer)
Donald A. Wagley                           


/s/ Priscilla J. Granese                   Vice President, Secretary, Treasurer 
------------------------                   and a Director (principal financial
Priscilla J. Granese                       officer)
</TABLE>