<PAGE>
                    2U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB


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

             For the quarterly period ended      MARCH 31, 2002
                                            ----------------------

[  ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

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

                        COMMISSION FILE NUMBER: 333-19081

                                GBC Bancorp, Inc.

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

        (Exact name of small business issuer as specified in its charter)

           Georgia                                            58-2265327
-------------------------------                    -----------------------------

(State or other jurisdiction of                             (IRS Employer
incorporation or organization)                            Identification No.)


                  165 NASH STREET, LAWRENCEVILLE, GEORGIA 30045
                 ----------------------------------------------
                    (Address of principal executive offices)

                                 (770) 995-0000
                           ---------------------------
                           (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 [ ]


State the number of shares outstanding of each of the issuer's classes of common
equity, as of May 1, 2002: 1,711,083; $1 par value

Transitional Small Business Disclosure Format Yes [ ] No [X]




<PAGE>


                        GBC BANCORP, INC. AND SUBSIDIARY


================================================================================



                                      INDEX


<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----

<S>                                                                        <C>
PART I.  FINANCIAL INFORMATION

         ITEM 1.  FINANCIAL STATEMENTS

            CONSOLIDATED BALANCE SHEET - MARCH 31, 2002......................3

            CONSOLIDATED STATEMENTS OF INCOME AND
             COMPREHENSIVE INCOME (LOSS) - THREE MONTHS ENDED
             MARCH 31, 2002 AND 2001.........................................4

            CONSOLIDATED STATEMENTS OF CASH FLOWS - THREE
             MONTHS ENDED MARCH 31, 2002 AND 2001............................5

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.......................6

         ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                       FINANCIAL CONDITION AND RESULTS OF OPERATIONS.........7


PART II. OTHER INFORMATION

         ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.......13

         ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K..........................13

         SIGNATURES.........................................................14
</TABLE>



<PAGE>


                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

                        GBC BANCORP, INC. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEET
                                 March 31, 2002
                                   (Unaudited)

                                     ASSETS

<TABLE>
<S>                                                             <C>
  Cash and due from banks                                       $   4,184,119
  Federal funds sold                                               14,659,000
  Securities available-for-sale, at fair value                     10,703,073

  Loans                                                           125,811,662
  Less allowance for loan losses                                    1,684,546
                                                                -------------
      Loans, net                                                  124,127,116
                                                                -------------

  Premises and equipment                                              771,775
  Other assets                                                      4,615,695
                                                                -------------

                                                                $ 159,060,778
                                                                =============

                      LIABILITIES AND STOCKHOLDERS' EQUITY

  Deposits
    Noninterest-bearing                                         $  12,801,950
    Interest-bearing                                              124,749,843
                                                                -------------
      Total deposits                                              137,551,793
  Securities sold under repurchase agreements                         421,276
  Other liabilities                                                   801,136
                                                                -------------
      Total liabilities                                           138,774,205
                                                                -------------

  Commitments and contingencies

  Stockholders' equity
    Common stock, par value $1; 3,000,000 shares authorized;
        1,711,083 shares issued and outstanding                     1,711,083
    Capital surplus                                                18,068,982
    Retained earnings                                                 563,699
    Accumulated other comprehensive loss                              (57,191)
                                                                -------------
      Total stockholders' equity                                   20,286,573
                                                                -------------

                                                                $ 159,060,778
                                                                =============
</TABLE>

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



                                       3
<PAGE>


                        GBC BANCORP, INC. AND SUBSIDIARY

        CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
                   THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                          2002               2001
                                                                      -----------         ----------
<S>                                                                   <C>                 <C>
INTEREST INCOME
    Loans                                                             $ 2,375,357         $2,117,080
    Taxable securities                                                    142,480            159,696
    Federal funds sold                                                     52,284            176,185
                                                                      -----------         ----------
        TOTAL INTEREST INCOME                                           2,570,121          2,452,961
                                                                      -----------         ----------

INTEREST EXPENSE
    Deposits                                                            1,229,268          1,335,082
    Securities sold under repurchase agreements                             2,650              4,064
                                                                      -----------         ----------
        TOTAL INTEREST EXPENSE                                          1,231,918          1,339,146
                                                                      -----------         ----------

        Net interest income                                             1,338,203          1,113,815
PROVISION FOR LOAN LOSSES                                                 157,348            115,361
                                                                      -----------         ----------
        Net interest income after provision for loan losses             1,180,855            998,454
                                                                      -----------         ----------

OTHER  INCOME
    Service charges on deposit accounts                                    32,421             32,132
    Other operating income                                                 76,790             66,943
                                                                      -----------         ----------
                                                                          109,211             99,075
                                                                      -----------         ----------

OTHER EXPENSES
    Salaries and employee benefits                                        695,313            542,079
    Equipment and occupancy expenses                                      221,305            220,161
    Other operating expenses                                              291,170            231,233
                                                                      -----------         ----------
                                                                        1,207,788            993,473
                                                                      -----------         ----------

        Income before income taxes                                         82,278            104,056

INCOME TAX EXPENSE                                                         13,502             41,511
                                                                      -----------         ----------

          Net income                                                       68,776             62,545
                                                                      -----------         ----------

OTHER COMPREHENSIVE INCOME (LOSS):
    Unrealized gains (losses) on securities available-for-sale
      arising during period, net of tax                                  (113,987)            60,397
                                                                      -----------         ----------

        Comprehensive income (loss)                                   $   (45,211)        $  122,942
                                                                      ===========         ==========

BASIC EARNINGS PER SHARE                                              $      0.04         $     0.07
                                                                      ===========         ==========

DILUTED EARNINGS PER SHARE                                            $      0.04         $     0.06
                                                                      ===========         ==========

CASH DIVIDENDS PER SHARE                                              $        --         $       --
                                                                      ===========         ==========
</TABLE>

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.


                                       4
<PAGE>


                        GBC BANCORP, INC. AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                                       2002                 2001
                                                                                  ------------         ------------
<S>                                                                               <C>                  <C>
OPERATING ACTIVITIES
  Net income                                                                      $     68,776         $     62,545
  Adjustments to reconcile net income to net
    cash provided by (used in) operating activities:
    Depreciation                                                                        68,311               70,553
    Provision for loan losses                                                          157,348              115,361
    Loss on sales of other real estate owned                                                --                4,290
    (Increase) decrease in interest receivable                                          (3,562)             210,075
    Increase (decrease) in interest payable                                            (71,413)               8,951
    Decrease in income taxes payable                                                      (460)            (326,339)
    Net other operating activities                                                    (156,157)            (160,553)
                                                                                  ------------         ------------

          Net cash provided by (used in) operating activities                           62,843              (15,117)
                                                                                  ------------         ------------

INVESTING ACTIVITIES
  Purchases of securities available-for-sale                                        (1,555,290)          (3,495,571)
  Proceeds from maturities of securities available-for-sale                                 --            4,000,000
  Net (increase) decrease in federal funds sold                                     (9,358,000)          11,124,000
  Net increase in loans                                                             (3,658,821)         (10,622,136)
  Purchase of premises and equipment                                                   (30,551)            (147,622)
                                                                                  ------------         ------------

        Net cash provided by (used in) investing activities                        (14,602,662)             858,671
                                                                                  ------------         ------------

FINANCING ACTIVITIES
    Net increase (decrease) in deposits                                             11,627,484           (1,620,599)
    Net increase (decrease) in securities sold under repurchase agreements            (164,721)             351,189
    Net proceeds from sale of common stock                                           2,913,695                   --
    Deferred stock offering costs                                                           --              (50,357)
    Net increase in subscription deposits                                                   --               72,800
                                                                                  ------------         ------------

          Net cash provided by (used in) financing activities                       14,376,458           (1,246,967)
                                                                                  ------------         ------------

Net decrease in cash and due from banks                                               (163,361)            (403,413)

Cash and due from banks at beginning of period                                       4,347,480            4,111,520
                                                                                  ------------         ------------

Cash and due from banks at end of period                                          $  4,184,119         $  3,708,107
                                                                                  ============         ============

CASH FLOW INFORMATION
     Cash paid during the period for:
        Interest                                                                  $  1,303,331         $  1,330,195

        Income taxes                                                              $     13,962         $    367,850

NONCASH TRANSACTIONS

    Financed sales of other real estate owned                                     $         --         $     37,710
</TABLE>

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.


                                       5
<PAGE>

                        GBC BANCORP, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)




NOTE 1.  BASIS OF PRESENTATION

         The consolidated financial information for GBC Bancorp, Inc. (the
         "Company") 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 three month period ended March 31,
         2002 is not necessarily indicative of the results to be expected for
         the full year.


NOTE 2.  CURRENT ACCOUNTING DEVELOPMENTS

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


                                       6
<PAGE>



                        GBC BANCORP, INC. 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 GBC Bancorp, Inc. and its bank subsidiary,
         Gwinnett Banking Company, during the periods included in the
         accompanying consolidated financial statements.

         FORWARD-LOOKING STATEMENTS

         We may from time to time make written or oral forward-looking
         statements, including statements contained in our filings with the
         Securities and Exchange Commission and reports to stockholders.
         Statements made, other than those concerning historical information,
         should be considered forward-looking and subject to various risks and
         uncertainties. Such forward-looking statements are made based upon
         management's belief as well as assumptions made by, and information
         currently available to, management pursuant to "safe harbor" provisions
         of the Private Securities Litigation Reform Act of 1995. Our actual
         results may differ materially from the results anticipated in
         forward-looking statements due to a variety of factors, including
         governmental monetary and fiscal policies, deposit levels, loan demand,
         loan collateral values, securities portfolio values, interest rate risk
         management, the effects of competition in the banking business from
         other commercial banks, thrifts, mortgage banking firms, consumer
         finance companies, credit unions, securities brokerage firms, insurance
         companies, money market funds and other financial institutions
         operating in our market area and elsewhere, including institutions
         operating through the Internet, changes in governmental regulation
         relating to the banking industry, including regulations relating to
         branching and acquisitions, failure of assumptions underlying the
         establishment of reserves for loan losses, including the value of
         collateral underlying delinquent loans and other factors. We caution
         that such factors are not exclusive. We do not undertake to update any
         forward-looking statement that may be made from time to time by, or on
         our behalf.

         LIQUIDITY AND CAPITAL RESOURCES

         Our liquidity is monitored on a periodic basis by management and State
         and Federal regulatory authorities. We monitor our liquidity
         requirements under two categories, operational needs and emergency
         needs. The operational needs category establishes the cash requirements
         to sufficiently fund our deposit reserve requirements and pay operating
         expenses. The emergency needs category establishes sufficient cash
         requirements to fund the volatility of deposits. As determined under
         these categories, our liquidity as of March 31, 2002 was considered
         satisfactory.


                                       7
<PAGE>


         At March 31, 2002, our capital ratios were adequate based on regulatory
         minimum capital requirements. The minimum capital requirements and the
         actual capital ratios on a consolidated and bank-only basis are as
         follows:

<TABLE>
<CAPTION>
                                                             ACTUAL
                                                   ------------------------
                                                                                MINIMUM
                                                                               REGULATORY
                                                   CONSOLIDATED      BANK     REQUIREMENT
                                                   ------------      ----     -----------

                <S>                                <C>               <C>      <C>
                Leverage capital ratios               13.29%         12.86%        4.00%
                Risk-based capital ratios:
                   Core capital                       15.49          14.99         4.00
                   Total capital                      16.74          16.24         8.00
</TABLE>

         We raised approximately $10.6 million in capital through a public
         offering that closed on March 15, 2002. The capital raised from this
         offering provides a base for future growth.

FINANCIAL CONDITION

Following is a summary of our balance sheets for the periods indicated:

<TABLE>
<CAPTION>
                                                   MARCH 31,     DECEMBER 31,
                                                     2002            2001
                                                   --------        --------
                                                    (DOLLARS IN THOUSANDS)
                                                   ------------------------

<S>                                                <C>           <C>
Cash and due from banks                            $  4,184        $  4,347
Federal funds sold                                   14,659           5,301
Securities                                           10,703           9,327
Loans, net                                          124,127         120,626
Premises and equipment                                  772             810
Other assets                                          4,616           4,500
                                                   --------        --------
                                                   $159,061        $144,911
                                                   ========        ========

Deposits                                           $137,552        $125,924
Securities sold under repurchase agreements             421             586
Other liabilities                                       801             983
Stockholders' equity                                 20,287          17,418
                                                   --------        --------
                                                   $159,061        $144,911
                                                   ========        ========
</TABLE>

Our total assets increased by 9.76% for the first quarter of 2002. Deposit
growth of $11,628,000 was invested primarily in the interest earning categories
of loans and federal funds sold. Our loan to deposit ratio has decreased to 90%
at March 31, 2002 from 96% at December 31, 2001 as excess funds were temporarily
invested in federal funds sold. Our total equity increased by year-to-date net
income of $69,000 and proceeds from the issuance of common stock of $2,924,000,
net of stock offering costs of $10,000 and decreased by unrealized losses on
securities available-for-sale, net of tax, of $114,000.


                                       8
<PAGE>



RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001

Following is a summary of our operations for the periods indicated.

<TABLE>
<CAPTION>
                                     THREE MONTHS ENDED
                                         MARCH 31,
                                   ----------------------
                                    2002            2001
                                   ------          ------
                                    (DOLLARS IN THOUSANDS)
                                   ----------------------

<S>                                <C>             <C>
Interest income                    $2,570          $2,453
Interest expense                    1,232           1,339
                                   ------          ------
Net interest income                 1,338           1,114
Provision for loan losses             157             115
Other income                          109              99
Other expense                       1,208             993
                                   ------          ------
Pretax income                          82             105
Income tax                             13              42
                                   ------          ------
Net income                         $   69          $   63
                                   ======          ======
</TABLE>


Our net interest income has increased by $224,000 during the first quarter of
2002 as compared to the same period in 2001. Our net interest margin decreased
to 3.66% during the first quarter of 2002 as compared to 4.49% for the first
quarter of 2001 and 4.25% for the entire year of 2001. The increase in net
interest income is due primarily to the increased volume of average loans. The
decrease in net interest margin is due to the decrease in yields earned on loans
that decreased 7.67% in the first quarter of 2002 as compared to 11.10% in the
first quarter of 2001. The cost of funds has decreased as well as deposits have
been able to be repriced as they matured. Our cost of funds decreased to 4.07%
in the first quarter of 2002 as compared to 6.34% in the first quarter of 2001.

The provision for loan losses increased by $42,000 during the first quarter of
2002 as compared to the same period in 2001. The amounts provided are due
primarily to loan growth and our assessment of the inherent risk in the loan
portfolio. Based upon our evaluation of the loan portfolio, we believe the
allowance for loan losses to be adequate to absorb losses on existing loans that
may become uncollectible. Our evaluation considers significant factors relative
to the credit risk and loss exposure in the loan portfolio, including past due
and classified loans, past experience, underlying collateral values, and current
economic conditions that may affect the borrower's ability to repay. The
allowance for loan losses is evaluated by segmenting the loan portfolio into
unclassified and classified loans. The unclassified loans are further segmented
by loan type with an allowance percentage applied to each type in order to
establish a general allowance for loan losses. The allowance percentage
determined is based upon our experience specifically and the historical
experience of the banking industry generally. The classified loans, including
impaired loans, are analyzed individually in order to establish a specific
allowance for losses. The allowance for loan losses as a percentage of total
loans was 1.34% at March 31, 2002 as compared to 1.25% at December 31, 2001.


                                       9
<PAGE>



Information with respect to nonaccrual, past due and restructured loans at March
31, 2002 and 2001 is as follows:

<TABLE>
<CAPTION>
                                                                                      MARCH 31,
                                                                                --------------------
                                                                                  2002          2001
                                                                                ------          ----

<S>                                                                             <C>             <C>
Nonaccrual loans                                                                $   13          $512
Loans contractually past due ninety days or more as to interest
   or principal payments and still accruing                                          0             0
Restructured loans                                                                 317             0
Potential problem loans                                                          2,348             0
Interest income that would have been recorded on nonaccrual
   and restructured loans under original terms                                       6             9
Interest income that was recorded on nonaccrual and restructured loans               5             0
</TABLE>

Potential problem loans are defined as loans about which we have serious doubts
as to the ability of the borrower to comply with the present loan repayment
terms and which may cause the loan to be placed on nonaccrual status, to become
past due more than ninety days, or to be restructured.

It is our policy to discontinue the accrual of interest income when, in the
opinion of management, collection of such interest becomes doubtful. This status
is accorded 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.


                                       10
<PAGE>



Information regarding certain loans and allowance for loan loss data through
March 31, 2002 and 2001 is as follows:

<TABLE>
<CAPTION>
                                                                            THREE MONTHS ENDED
                                                                                  MARCH 31,
                                                                       -----------------------------
                                                                             2002            2001
                                                                       ---------------  ------------
                                                                            (DOLLARS IN THOUSANDS)
                                                                       -----------------------------

<S>                                                                    <C>             <C>
Average amount of loans outstanding                                    $      123,835  $      76,310
                                                                       ==============  =============

Balance of allowance for loan losses at beginning of period            $        1,532  $       1,106
                                                                       --------------  -------------

Loans charged off
   Commercial and financial                                                        --             --
   Real estate mortgage                                                            --             --
   Installment                                                                      4             --
                                                                       --------------  -------------
                                                                                    4             --
                                                                       --------------  -------------

Loans recovered
   Commercial and financial                                                        --             --
   Real estate mortgage                                                            --             --
   Installment                                                                     --             --
                                                                       --------------  -------------
                                                                                   --             --
                                                                       --------------  -------------

Net charge-offs                                                                     4             --
                                                                       --------------  -------------

Additions to allowance charged to operating expense during period                 157            115
                                                                       --------------  -------------

Balance of allowance for loan losses at end of period                  $        1,685  $       1,221
                                                                       ==============  =============

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

Other income increased by $10,000 during the first quarter of 2002 as compared
to the same period in 2001 due to an increase of $14,000 on income from life
insurance policies.

Other expenses increased by $215,000 during the first quarter of 2002 as
compared to the same period in 2001 due to increased salaries and employee
benefits of $154,000, increased occupancy and equipment expenses of $1,000, and
increased other operating expenses of $60,000. Salaries and employee benefits
have increased due to an increase in the number of full time equivalent
employees to 34 at March 31, 2002 from 28 at March 31, 2001 and to other annual
salary increases. Occupancy and equipment expenses have remained stable. The
increase in other operating expenses is primarily attributable to the overall
growth of the Bank.

We have provided for income taxes at an effective tax rate of 16% for the first
quarter of 2002 as compared to 40% for the first quarter of 2001. The decrease
is due to the nontaxability of income from life insurance policies.

We are 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. We are also not aware of any current recommendations by the
regulatory authorities which, if they were implemented, would have such an
effect.


                                       11
<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.

                          None.

                  (b)     Reports on Form 8-K.

                          None.


                                       12
<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.


                               GBC BANCORP, INC.
                                 (Registrant)



DATE:  May 14, 2002                BY:   /s/ Larry D. Key
       ------------                     ---------------------------------------
                                   Larry D. Key, President and Chief
                                   Executive Officer


DATE:  May 14, 2002                BY:  /s/ John Hopkins
       ------------                    ----------------------------------------
                                   John Hopkins, Chief Financial Officer


                                       13