<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-KSB

                        ANNUAL REPORT UNDER SECTION 13 OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                     FOR FISCAL YEAR ENDED DECEMBER 31, 2002

                        Commission File Number: 000-30517

                       AMERICAN COMMUNITY BANCSHARES, INC.
             (Exact Name of Registrant as specified in its charter)

                                 NORTH CAROLINA
                            (State of Incorporation)

                                   56-2179531
                      (I.R.S. Employer Identification No.)

                          2593 West Roosevelt Boulevard
                          Monroe, North Carolina 28110
                          (Address of Principal Office)

                                 (704) 225-8444
              (Registrant's telephone number, including area code)

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

                          COMMON STOCK, $1.00 PAR VALUE

Check whether the Registrant (1) has 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
                                                                       ---

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B not contained in this form, and no disclosure will be contained,
to the best of the 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 revenues for the year ended December 31, 2002 were $13,493,259.

The aggregate market value of the voting stock held by non-affiliates of the
Registrant at December 31, 2002 was approximately $21,942,000.

The number of shares of the Registrant's Common Stock outstanding on December
31, 2002 was 2,824,376.

                      Documents Incorporated by Reference:

     1.   Portions of Annual Report to Shareholders for the Fiscal Year Ended
          December 31, 2002 (Part I and II).
     2.   Portions of Registrant's Proxy Statement for the 2003 Annual Meeting
          of Shareholders (Part III).

Transitional Small Business Disclosure Format         Yes ____  No  X
                                                                   ---
                                       1

<PAGE>

                        FORM 10-KSB CROSS-REFERENCE INDEX

<TABLE>
<CAPTION>
PART I                                                                               PROXY
                                                                     FORM 10-KSB   STATEMENT    ANNUAL REPORT
                                                                     -----------   ---------    -------------
<S>                                                                  <C>           <C>          <C>
Item 1 -  Description of Business
Item 2 -  Property                                                                                    4
Item 3 -  Legal Proceedings                                                                          22
Item 4 -  Submission of Matters to a Vote of Security Holders            N/A                         23

PART II

Item 5 -  Market for Common Equity and Related Shareholder Matters                                   24
Item 6 -  Management's Discussion & Analysis                                                         25
Item 7 -  Financial Statements                                                                       42
Item 8 -  Changes in and Disagreements with Accountants on               N/A
          Accounting and Financial Disclosure

PART III

Item 9 -  Directors, Executive Officers, Promoters and Control                       4-6, 9
          Persons; Compliance with Section 16(a) of the
          Exchange Act
Item 10 - Executive Compensation                                                     10, 11
Item 11 - Security Ownership of Certain Beneficial Owners                4             3, 4
          and Management
Item 12 - Certain Relationships and Related Transactions                              6, 12
Item 13 - Exhibits and Reports on Form 8-K                               5
Item 14 - Controls and Procedures                                        6
</TABLE>

                                       2

<PAGE>

                                     PART I

ITEM 1 - DESCRIPTION OF BUSINESS

The information contained in the section captioned "Business" in the 2002 Annual
Report to Shareholders is incorporated herein by reference.

ITEM 2 - PROPERTIES

The information contained in the section captioned "Business - Properties" in
the 2002 Annual Report to Shareholders is incorporated herein by reference.

ITEM 3 - LEGAL PROCEEDINGS

The information contained in the section captioned "Business - Litigation" in
the 2002 Annual Report to Shareholders is incorporated herein by reference.

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

NOT APPLICABLE.

                                     PART II

ITEM 5 - MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

The information contained in the section captioned "Market for Common Equity and
Related Stockholder Matters" in the 2002 Annual Report to Shareholders is
incorporated herein by reference.

ITEM 6 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The information contained in the section captioned "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the 2002 Annual
Report to Shareholders is incorporated herein by reference.

ITEM 7 - FINANCIAL STATEMENTS

The information contained in the Independent Auditors' Report in the 2002 Annual
Report to Shareholders is incorporated herein by reference.

ITEM 8 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

Not Applicable.

                                       3

<PAGE>

                                    Part III

ITEM 9 - DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT

The information contained in the sections captioned "Proposal 1: Election of
Directors," "Executive Officers," and "Required Reports of Beneficial Ownership"
in the 2003 Annual Meeting Proxy Statement is incorporated herein by reference.

ITEM 10 - EXECUTIVE COMPENSATION

The information contained in the sections captioned "Director Compensation" and
"Executive Compensation" in the 2003 Annual Meeting Proxy Statement is
incorporated herein by reference.

ITEM 11 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The information contained in the sections captioned "Ownership of Voting
Securities" in the 2003 Annual Meeting Proxy Statement is incorporated herein by
reference.

Stock Option Plans

Set forth below is certain information regarding the Registrant's various stock
option plans.

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Plan Category                   Number of securities to be   Weighted-average exercise    Number of securities
                                issued upon exercise of      price of outstanding         remaining available for
                                outstanding options,         options, warrants, and       future issuance under
                                warrants, and rights         rights                       equity compensation plans
                                                                                          (excluding securities
                                                                                          reflected in column (a))
                                                                                          (c)
                                (a)

                                                             (b)
----------------------------------------------------------------------------------------------------------------------
<S>                             <C>                          <C>                          <C>
Equity compensation plans       1999 Incentive:
approved by security holders             129,675                     $8.39                        17,052
                                1999 Nonstatutory:
                                         164,127                     $8.33                            -0-
                                2001 Incentive:
                                          53,158                     $7.57                        37,042
                                2002 Nonstatutory:
                                          15,000                     $8.35                        10,000
----------------------------------------------------------------------------------------------------------------------
Equity compensation plans not
approved by security holders    None                         None                         None

----------------------------------------------------------------------------------------------------------------------
Total                                    361,960                     $8.24                        64,094
----------------------------------------------------------------------------------------------------------------------
</TABLE>

                                       4




<PAGE>

ITEM 12 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The information contained in the sections captioned "Director Relationships" and
"Indebtedness of and Transactions with Management" in the 2003 Annual Meeting
Proxy Statement is incorporated herein by reference.

ITEM 13 - EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Index to Exhibits

         EXHIBIT
          NUMBER     DESCRIPTION OF EXHIBIT

           3.1       Registrant's Articles of Incorporation *

           3.2       Registrant's Bylaws *

           4.1       Specimen Stock Certificate*

           4.2       Specimen Warrant Certificate**

           4.3       Warrant Agreement**

           10.1      Employment Agreement of Randy P. Helton*

           10.2      1999 Incentive Stock Option Plan*

           10.3      1999 Nonstatutory Stock Option Plan*

           10.4      401(k) Plan*

         10.5(i)     Issuance of Trust Preferred Securities by
                     American Community Capital Trust I Indenture
                     dated December 31, 2001**

         10.5(ii)    Issuance of Trust Preferred Securities by
                     American Community Capital Trust I Expense
                     Agreement dated December 31, 2001**

         10(iii)     Issuance of Trust Preferred Securities by
                     American Community Capital Trust I Amended
                     and Restated Trust Agreement dated March 1,
                     2002**

          10(iv)     Issuance of Trust Preferred Securities by
                     American Community Capital Trust I
                     Supplemental Indenture dated March 1, 2002**

          10(v)      Issuance of Trust Preferred Securities by
                     American Community Capital Trust I
                     Subordinated Debenture dated March 1, 2002
                     ($2,061,860) **

                                       5

<PAGE>

          10(vi)    Issuance of Trust Preferred Securities by
                    American Community Capital Trust I
                    Subordinated Debenture dated March 1, 2002
                    ($1,546,000) **

         10(vii)    Issuance of Trust Preferred Securities by
                    American Community Capital Trust I Amended
                    and Restated Preferred Securities Guarantee
                    Agreement dated March 1, 2002**

           10.6     2001 Incentive Stock Option Plan***

           10.7     2002 Nonstatutory Stock Option plan****

            13      2002 Annual Report

            21      Subsidiaries of Registrant**

            99      Registrant's Definitive Proxy Statement *****



          *     Incorporated by reference from exhibits to Registrant's
                Registration Statement on Form S-4 (File No. 333-31148)

          **    Incorporated by reference from exhibits to Registrant's
                Registration statement on Form SB-2 (File No. 333-84484)

          ***   Incorporated by reference from exhibit 10.5 to Registrant's
                Annual Report for the year ended December 31, 2000 on Form
                10-KSB.

          ****  Incorporated by reference from Registrant's Registration
                Statement on Form S-8 (File No. 333-101208)

          ***** Filed with the Commission pursuant to Rule 14a-6.

     (b)  Reports on Form 8-K.

          None.

ITEM 14. -- CONTROLS AND PROCEDURES

Within the 90 days prior to the date of this report, the Registrant carried out
an evaluation under the supervision and with the participation of the
Registrant's management, including the Registrant's Chief Executive Officer and
Chief Financial Officer, of the effectiveness of the design and operation of the
Registrant's disclosure controls and procedures pursuant to Securities Exchange
Act Rule 13a-14. Based upon that evaluation, the Chief Executive Officer and
Chief Financial Officer concluded that the Registrant's disclosure controls and
procedures are effective in timely alerting them to material information
relating to the Registrant required to be included in the Registrant's periodic
SEC Filings. There were no significant changes in the Registrant's internal
controls or in other factors that could significantly affect these controls
subsequent to the date of their evaluation.

                                       6

<PAGE>

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



March 28, 2003                   /s/ Randy P. Helton
                                 -------------------
                                 Randy P. Helton
                                 President and Chief Executive Officer

                                       7

<PAGE>

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.



/s/ Randy P. Helton                                       March 28, 2003
-------------------
Randy P. Helton, President,
Chief Executive Officer and Director

/s/ Dan R. Ellis, Jr.                                     March 28, 2003
---------------------
Dan R. Ellis, Jr., Chief Financial Officer

/s/ Robert G. Dinsmore                                    March 28, 2003
----------------------
Robert G. Dinsmore, Director

/s/ Frank L. Gentry                                       March 28, 2003
-------------------
Frank L. Gentry

/s/ Thomas J. Hall                                        March 28, 2003
------------------
Thomas J. Hall, Director

/s/ Larry S. Helms                                        March 28, 2003
------------------
Larry S. Helms, Director

________________________
Peter A. Pappas, Director

/s/ L. Steven Philips                                     March 28, 2003
---------------------
L. Steven Phillips, Director

---------------------
Alison J. Smith, Director

_________________________
L. Carlton Tyson, Director

_________________________
David D. Whitley, Director

/s/ Gregory N. Wylie                                      March 28, 2003
--------------------
Gregory N. Wylie, Director

                                       8

<PAGE>

         EXHIBIT
          NUMBER            DESCRIPTION OF EXHIBIT
          ------            ----------------------

          3.1               Registrant's Articles of Incorporation *

          3.2               Registrant's Bylaws *

          4.1               Specimen Stock Certificate*

          4.2               Specimen Warrant Certificate**

          4.3               Warrant Agreement**

         10.1               Employment Agreement of Randy P. Helton*

         10.2               1999 Incentive Stock Option Plan*

         10.3               1999 Nonstatutory Stock Option Plan*

         10.4               401(k) Plan*

         10.5(i)            Issuance of Trust Preferred Securities by
                            American Community Capital Trust I Indenture
                            dated December 31, 2001**

         10.5(ii)           Issuance of Trust Preferred Securities by
                            American Community Capital Trust I Expense
                            Agreement dated December 31, 2001**

         10(iii)            Issuance of Trust Preferred Securities by
                            American Community Capital Trust I Amended
                            and Restated Trust Agreement dated March 1,
                            2002**

         10(iv)             Issuance of Trust Preferred Securities by
                            American Community Capital Trust I
                            Supplemental Indenture dated March 1, 2002**

         10(v)              Issuance of Trust Preferred Securities by
                            American Community Capital Trust I
                            Subordinated Debenture dated March 1, 2002
                            ($2,061,860) **

         10(vi)             Issuance of Trust Preferred Securities by
                            American Community Capital Trust I
                            Subordinated Debenture dated March 1, 2002
                            ($1,546,000) **

         10(vii)            Issuance of Trust Preferred Securities by
                            American Community Capital Trust I Amended
                            and Restated Preferred Securities Guarantee
                            Agreement dated March 1, 2002**

                                       9

<PAGE>

           10.6             2001 Incentive Stock Option Plan***

           10.7             2002 Nonstatutory Stock Option plan****

           13               2002 Annual Report

           21               Subsidiaries of Registrant**

           99               Registrant's Definitive Proxy Statement *****

*      Incorporated by reference from exhibits to Registrant's Registration
       Statement on Form S-4 (File No. 333-31148)

**     Incorporated by reference from exhibits to Registrant's Registration
       statement on Form SB-2 (File No. 333-84484)

***    Incorporated by reference from exhibit 10.5 to Registrant's Annual Report
       for the year ended December 31, 2000 on Form 10-KSB.

****   Incorporated by reference from Registrant's Registration Statement on
       Form S-8 (File No. 333-101208)

*****  Filed with the Commission pursuant to Rule 14a-6.

                                       10

<PAGE>

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002


I, Randy P. Helton, certify that:

     1.   I have reviewed this annual report on Form 10-KSB of American
          Community Bancshares, Inc.;

     2.   Based on my knowledge, this annual report does not contain any untrue
          statement of material fact or omit to state a material fact necessary
          to make the statements made, in light of the circumstances under which
          such statements were made, not misleading with respect to the period
          covered by this annual report;

     3.   Based on my knowledge, the financial statements, and other financial
          information included in this annual report, fairly present in all
          material respects the financial condition, results of operations and
          cash flows of the registrant as of, and for, the periods presented in
          this annual report;

     4.   The registrant's other certifying officer and I are responsible for
          establishing and maintaining disclosure controls and procedures (as
          defined in Exchange Act 13a-14 and 15-d-14) for the registrant and
          have:

               a.   designed such disclosure controls and procedures to ensure
                    that material information relating to the registrant,
                    including its consolidated subsidiaries, is made known to us
                    by others within those entities, particularly during the
                    period in which this annual report is being prepared;

               b.   evaluated the effectiveness of the registrant's disclosure
                    controls and procedures as of a date within 90 days prior to
                    the filing date of this annual report (the "Evaluation
                    Date"); and

               c.   presented in this annual report our conclusions about the
                    effectiveness of the disclosure controls and procedures
                    based on our evaluation as of the Evaluation Date;

     5.   The registrant's other certifying officer and I have disclosed, based
          upon our most recent evaluation, to the registrant's auditors and the
          audit committee of the registrant's board of directors:

               a.   all significant deficiencies in the design or operation of
                    internal controls which could adversely affect the
                    registrant's ability to record, process, summarize and
                    report financial data and have identified for the
                    registrant's auditors any material weaknesses in internal
                    controls; and

               b.   any fraud, whether or not material, that involves management
                    or other employees who have a significant role in the
                    registrant's internal controls; and

     6.   The registrant's other certifying officer and I have indicated in this
          annual report whether there were significant changes in internal
          controls or in other factors that could significantly affect internal
          controls subsequent to the date of our most recent evaluation,
          including any corrective actions with regard to significant
          deficiencies and material weaknesses.

Date: March 28, 2003              By:   /s/ Randy P. Helton
                                        -------------------
                                        Randy P. Helton
                                        President and Chief Executive Officer

                                       11

<PAGE>

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002


I, Dan R. Ellis, Jr., certify that:

     1.   I have reviewed this annual report on Form 10-KSB of American
          Community Bancshares, Inc.;

     2.   Based on my knowledge, this annual report does not contain any untrue
          statement of material fact or omit to state a material fact necessary
          to make the statements made, in light of the circumstances under which
          such statements were made, not misleading with respect to the period
          covered by this annual report;

     3.   Based on my knowledge, the financial statements, and other financial
          information included in this annual report, fairly present in all
          material respects the financial condition, results of operations and
          cash flows of the registrant as of, and for, the periods presented in
          this annual report;

     4.   The registrant's other certifying officer and I are responsible for
          establishing and maintaining disclosure controls and procedures (as
          defined in Exchange Act 13a-14 and 15-d-14) for the registrant and
          have:

               a.   designed such disclosure controls and procedures to ensure
                    that material information relating to the registrant,
                    including its consolidated subsidiaries, is made known to us
                    by others within those entities, particularly during the
                    period in which this annual report is being prepared;

               b.   evaluated the effectiveness of the registrant's disclosure
                    controls and procedures as of a date within 90 days prior to
                    the filing date of this annual report (the "Evaluation
                    Date"); and

               c.   presented in this annual report our conclusions about the
                    effectiveness of the disclosure controls and procedures
                    based on our evaluation as of the Evaluation Date;

     5.   The registrant's other certifying officer and I have disclosed, based
          upon our most recent evaluation, to the registrant's auditors and the
          audit committee of the registrant's board of directors:

               a.   all significant deficiencies in the design or operation of
                    internal controls which could adversely affect the
                    registrant's ability to record, process, summarize and
                    report financial data and have identified for the
                    registrant's auditors any material weaknesses in internal
                    controls; and

               b.   any fraud, whether or not material, that involves management
                    or other employees who have a significant role in the
                    registrant's internal controls; and

     6.   The registrant's other certifying officer and I have indicated in this
          annual report whether there were significant changes in internal
          controls or in other factors that could significantly affect internal
          controls subsequent to the date of our most recent evaluation,
          including any corrective actions with regard to significant
          deficiencies and material weaknesses.

Date: March 28, 2003                  By:   /s/ Dan R. Ellis, Jr.
                                            ---------------------
                                            Dan R. Ellis, Jr.
                                            Chief Financial Officer

                                       12

<PAGE>

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned hereby certifies that, to his knowledge, (i) the Form 10-KSB
filed by American Community Bancshares, Inc. (the "Issuer") for the year ended
December 31, 2002, fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934, and (ii) the information contained
in that report fairly presents, in all material respects, the financial
condition and results of operations of the Issuer on the dates and for the
periods presented therein.


                                      American Community Bancshares, Inc.


Date: March 28, 2003                  By:  /s/ Randy P. Helton
                                           -------------------
                                           Randy P. Helton
                                           President and Chief Executive Officer

Date: March 28, 2003                  By:  /s/ Dan R. Ellis, Jr.
                                           ---------------------
                                           Dan R. Ellis, Jr.
                                           Chief Financial Officer

                                       13