UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

___________________________

Date of Report (Date of Earliest Event Reported): ~~November~~March 81, ~~2006~~2007

ALLIED BANCSHARES, INC.

(Exact Name of Registrant as Specified in Charter)

Georgia	333-109462	92-0184877
(State of Incorporation)	(Commission File No.)	(IRS Employer Identification No.)

1800 Market Place Boulevard, Cumming, Georgia 30041

(Address of Principal Executive Offices, including Zip Code)

(770) 888-0063

(Registrant’s Telephone Number, including Area Code)

(Former Name, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]	Pre-commencement communications pursuant to Rule 14d2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e4(c))

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Item 1.01. ~~Amendment~~Entry tointo a Material Definitive Agreement

On ~~November~~March 81, ~~2006~~2007, Allied Bancshares, Inc. (“Allied”) entered into a definitive Agreement and Plan of Reorganization (the “~~registrant~~Agreement”) with Buckhead Community Bancorp, ~~its~~Inc. ~~subsidiary~~(“Buckhead”). At the effective time of the merger, the corporate existence of Allied will cease, and First National Bank of Forsyth County, (the ~~“bank”),~~wholly-owned ~~and~~subsidiary ~~Sam~~of ~~R. Story~~Allied, ~~III,~~will ~~Executive~~be ~~Vice~~merged ~~President~~into ~~and~~The ~~Chief~~Buckhead ~~Lending~~Community ~~Officer~~Bank, the wholly-owned subsidiary of Buckhead. Under the ~~registrant~~terms ~~and~~of the ~~bank~~Agreement, ~~executed~~Allied anshareholders ~~amendment~~will be entitled to ~~the~~elect ~~Employment~~to ~~Agreement,~~receive ~~dated~~1.2 asshares of ~~July 25,~~Buckhead ~~2003,~~common ~~among~~stock ~~Sam~~or R$30.00 ~~Story,~~in ~~III~~cash in exchange for each outstanding share of Allied, with the ~~registrant~~maximum cash consideration being limited to $13,375,000. The Agreement includes representations, warranties, covenants and ~~the~~indemnifications ~~bank~~typical for transactions of this type. A copy of the ~~Amendment to Employment~~ Agreement is attached tohereto ~~this~~as ~~Form~~Exhibit ~~8-K~~2.1 ~~Current~~and ~~Report~~is asincorporated ~~Exhibit~~herein 10by reference.1.

The ~~Amendment~~proposed ~~modifies~~merger ~~Mr.~~remains ~~Story’s~~subject ~~Employment~~to ~~Agreement~~the ~~regarding~~approval ~~his~~of ~~benefits~~Allied’s ifshareholders, heregulatory ~~terminates~~approval ~~his~~and ~~employment~~other ~~for~~customary ~~certain~~conditions ~~reasons~~set ~~following~~forth ain ~~change~~the ~~of control~~Agreement.

~~The~~Buckhead ~~Amendment~~will ~~provides~~be ~~that~~filing ifa ~~there~~registration isstatement aon ~~merger,~~Form S-4 ~~sale,~~and or other ~~change~~documents ofwith ~~control of~~ the ~~registrant~~Securities and MrExchange Commission (“SEC”). The ~~Story~~registration ~~terminates~~statement ~~his~~will ~~employment~~contain ~~due~~a prospectus of Buckhead relating to athe ~~material~~common ~~change~~stock to be issued in the acquisition of ~~duties,~~Allied and a ~~material~~proxy ~~reduction~~statement of ~~his~~Allied ~~compensation,~~relating orto athe ~~relocation~~acquisition. Investors ofand ~~his~~shareholders ~~principal~~are ~~business~~urged ~~office~~to byread ~~more~~the ~~than~~proxy 10statement/prospectus ~~miles,~~and orany other relevant documents filed with the ~~registrant~~SEC ~~terminates~~when Mrthey become available because they will contain important information. ~~Story~~Investors ~~without~~and ~~cause~~shareholders ~~within~~will abe ~~twelve~~able ~~(12)~~to ~~month~~receive ~~period~~the ~~following~~proxy astatement/prospectus ~~change~~and other documents filed by Buckhead free of ~~control~~charge at the SEC’s web site, Mrwww.sec.gov ~~Story~~or ~~shall~~from beBuckhead ~~entitled~~Community toBancorp, ~~the~~Inc. ~~following:~~ at 415 Paces Ferry Road, Atlanta, Georgia 30305.

~~(1)~~Allied and its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the acquisition. Information about such directors and executive officers and their ownership of Allied common stock will be set forth in the proxy statement/prospectus. Investors may obtain additional information regarding the interests of such participants by reading the proxy statement/prospectus when it becomes available.

AItem ~~payment equal to his base salary for twelve (12) months;~~9.01

~~(2)~~Financial Statements and Exhibits

A cash payment for each vacation day which Mr. Story has not used during the calendar year in which occurs the effective date of termination, which amount shall be determined based on a daily rate of Mr. Story’s base salary assuming two hundred sixty (~~260~~c) ~~business days in such year;~~

~~(3)~~Exhibits

~~Any~~2.1 ~~unvested~~Agreement ~~stock~~and ~~options~~Plan ~~held~~of Reorganization dated March 1, 2007 by Mrand among Buckhead Community Bancorp, Inc., ~~Story~~The ~~will~~Buckhead ~~become~~Community ~~fully~~Bank, ~~vested~~Allied Bancshares, Inc. and ~~exercisable~~First asNational Bank of ~~the~~Forsyth ~~effective~~County ~~date~~(Schedules ofand ~~termination~~exhibits are omitted pursuant to Regulation S-B, Item 601(b)(2); Allied agrees to furnish supplementally a copy of such schedules and/or exhibits to the SEC upon request.)

~~(4)~~2

Payment to Mr. Story of an amount equal to his cost of COBRA health continuation coverage for Mr. Story under the registrant’s group health plan for a period of twelve (12) months from the termination date.SIGNATURES

AtPursuant to the ~~sole~~requirements ~~discretion~~ of the ~~registrant,~~Securities ~~the~~Exchange ~~above~~Act ~~described~~of ~~severance compensation described in paragraphs (1)~~1934, ~~(2) and (4) above may be paid to Mr. Story in a single lump sum payment within fifteen (15) days after~~ the ~~termination~~registrant ~~date,~~has orduly ~~alternatively,~~caused ~~the~~this ~~registrant~~report ~~may elect~~ to ~~make~~be ~~such~~signed ~~payments~~ on ~~the~~its ~~first~~behalf ~~day~~by ofthe ~~each~~undersigned ~~month~~hereunto ~~for~~duly ~~twelve months (12) months following the termination date~~authorized.

InMarch ~~addition~~6, ~~the~~2007 ~~Amendment~~ALLIED ~~provides that in the event of termination of Mr. Story’s employment after a change of control where he is entitled to the above benefits~~BANCSHARES, ~~for a period of twelve (12) months following such termination of Mr~~INC. ~~Story’~~By: s/Andrew ~~employment, Mr~~K. ~~Story~~Walker ~~may~~Andrew not (i) solicit customers of the registrant or its subsidiary bank for the purpose of providing financial services competitive with those provided by the registrant or its subsidiary bank or (ii) solicit employees of the registrant or its subsidiary bank for employment by an employer providing products or services competitive with the business of the registrant or its subsidiary bankK. ~~Also,~~ ~~the~~Walker ~~Amendment~~President ~~clarifies~~and ~~that Mr.~~Chief ~~Story~~Executive ~~may not at any time furnish, use or divulge to anyone any confidential information or trade secrets acquired by him from the registrant or its subsidiary bank.~~ Officer

~~Item~~EXHIBIT ~~9.01.~~INDEX

~~Financial~~2.1 ~~Statements~~Agreement and ~~Exhibits~~Plan of Reorganization dated March 1, 2007 by and among Buckhead Community Bancorp, Inc., The Buckhead Community Bank, Allied Bancshares, Inc. and First National Bank of Forsyth County (Schedules and exhibits are omitted pursuant to Regulation S-B, Item 601(b)(2); Allied agrees to furnish supplementally a copy of such schedules and/or exhibits to the SEC upon request.)

~~(c)~~4

Exhibits.

Exhibit Number		Sequential Page Number
10.1	Amendment to Employment Agreement of Sam Story	4

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

November 13, 2006 ALLIED BANCSHARES, INC. By: s/Andrew K. Walker Andrew K. Walker Vice Chairman and Chief Executive Officer

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