UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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) ~~August 6~~December 4, 2009

Buckhead Community Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Georgia

(State or Other Jurisdiction of Incorporation)

000-53197		58-2265980
(Commission File Number)		(IRS Employer Identification No.)
415 East Paces Ferry Road, Atlanta, Georgia		30305
(Address of Principal Executive Offices)		(Zip Code)

~~(404)~~415 ~~231-2265~~East Paces Ferry Road, Atlanta, Georgia 30305

(Address of Principal Executive Offices)(Zip Code)

(404) 504-2557

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, 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 14d-2(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 240.13e-4(c))

Item 1.0103. ~~Entry~~Bankruptcy ~~into~~or ~~a Material Definitive Agreement.~~Receivership

On ~~August~~ December 64, 2009, the Georgia Department of Banking and Finance (the “Georgia Department”) closed The Buckhead Community Bank (the “Bank”), the ~~subsidiary~~wholly ~~bank~~owned commercial banking subsidiary of Buckhead Community Bancorp, Inc. ~~entered~~(the ~~into~~“Company”), ~~a Stipulation~~ and ~~Consent~~the ~~Order~~Federal toDeposit ~~Cease~~Insurance ~~and~~Corporation ~~Desist~~ (~~the~~ “~~Consent Agreement~~FDIC”) ~~with~~was named as the ~~Georgia Department~~receiver of ~~Banking~~the ~~and~~Bank. ~~Finance~~The ~~(“DBF”)~~Company’s ~~and~~principal asset is the ~~Federal~~common ~~Deposit~~stock ~~Insurance~~that ~~Corporation~~it ~~(“FDIC”).~~owns ~~The~~in the Bank, and, ~~its~~as ~~Board~~a result of ~~Directors~~the closure ~~have~~of ~~taken~~the anBank, ~~active~~the ~~role~~Company inhas ~~working~~very ~~with~~limited remaining tangible assets. As the ~~DBF~~owner ~~and~~of all of the ~~FDIC~~capital ~~and~~stock ~~Finance~~of the Bank, the Company would be entitled to ~~improve~~the net recoveries, if any, following the ~~condition~~ liquidation or sale of the Bank or its assets by the FDIC. However, at this time, the Company is unable to provide any assurance that any recovery will be realized by the Company or the timing of any such recovery.

~~The~~In ~~Consent~~connection ~~Agreement~~with ~~is based on~~ the ~~findings~~closure of the ~~DBF~~Bank, ~~and~~ the FDIC ~~during~~issued ana ~~on-site~~press ~~examination~~release, ~~conducted~~dated ~~as of~~ December 84, ~~2008. Since the completion of the examination~~2009, ~~the~~announcing ~~Board of Directors has aggressively taken steps to address~~ the ~~findings of the exam, and the Bank is aggressively working to comply with the requirements of the Consent Agreement~~following: ~~and has already completed many of the required actions.~~

~~Under~~• ~~the~~The ~~terms~~FDIC ofentered ~~the~~into ~~Consent~~a ~~Agreement,~~purchase ~~the~~and ~~Bank~~assumption isagreement ~~required~~with toState ~~submit~~Bank ~~written plans~~and toTrust ~~the~~Company ~~regulators~~(“State ~~and~~Bank”) toof ~~review~~Macon, ~~and~~Georgia, ~~revise~~pursuant asto ~~necessary~~which ~~policies~~State ~~that~~Bank ~~address~~assumed the ~~following~~deposits ~~items: reducing concentrations~~ of ~~credit;~~the ~~continuing~~Bank. toAccordingly, ~~improve~~depositors ~~loan~~of ~~underwriting~~the ~~and~~Bank, ~~credit~~including ~~administration;~~those ~~on-going~~with ~~review~~deposits ~~and~~in ~~grading~~excess of the ~~Bank’s~~ ~~loan portfolio; improving the Bank~~FDIC’s ~~position~~insurance ~~regarding~~limits, ~~classified~~will ~~loans~~automatically ~~and~~become ~~other~~depositors ~~real~~of ~~estate~~State ~~owned;~~Bank ~~the allowance~~ for ~~loan and lease losses; maintaining sufficient capital at~~ the ~~Bank,~~full ~~including~~amount ~~maintenance~~ of antheir 8%deposits, ~~leverage ratio~~ and athey ~~10%~~will ~~total~~continue ~~risk-based~~to ~~ratio;~~have ~~preparing~~uninterrupted aaccess ~~three-year~~to ~~strategic~~their ~~plan~~deposits. ~~and~~Depositors awill ~~profit~~continue ~~plan~~ to ~~improve~~be ~~the~~insured ~~Bank’s~~by ~~earnings and overall condition; and improving~~ the ~~Bank’s~~FDIC, ~~liquidity~~so ~~position~~there ~~and~~is ~~funds~~no ~~management~~need ~~practices.~~for ~~The~~customers ~~Bank is also required~~ to ~~continue~~change totheir ~~appropriately~~banking ~~charge-off~~relationship ~~certain loans that may be classified in future examinations and~~ to ~~reduce~~retain ~~other~~their ~~adversely~~deposit ~~classified assets~~insurance.

• The ~~Board~~Bank’s ofseven ~~Directors~~offices ofwill ~~the~~reopen ~~Bank~~on isMonday, ~~also~~December ~~required~~7, ~~within 60 days~~2009, toas ~~complete~~branches ~~a written job description for executive officers and members~~ of ~~senior~~State ~~management and to prepare an organizational chart that designates lines of authority and responsibilities for each officer position. So long as the Consent Agreement remains in place, the~~ Bank ~~must notify the DBF and the FDIC when it proposes to add any individual to the Board or employ an individual as an executive officer~~. ~~Further~~However, ~~the~~for ~~Bank~~a ~~may~~period ~~not, without the prior written approval~~ of ~~the DBF and the FDIC~~time, ~~declare~~customers orof ~~pay~~both ~~any~~banks ~~dividends~~should orcontinue ~~renew~~to oruse ~~accept~~their ~~additional~~existing ~~brokered~~locations ~~deposits.~~until ~~The~~State Bank ~~has~~can ~~agreed~~fully tointegrate ~~correct~~the ~~all~~deposit ~~violations~~records of ~~rules or policy noted in~~ the ~~examination report within 30 days~~Bank.

~~While~~• ~~the~~State ~~Consent Agreement is important and significant, the~~ Bank ~~believes~~purchased ~~that,~~essentially ~~due~~all ~~to the~~of ~~proactive steps previously taken by~~ the Bank’s ~~management~~assets, ~~and~~which ~~Board,~~totalled ~~many~~approximately of$874.0 ~~the~~million ~~requirements~~as of ~~the~~November ~~Consent~~6, ~~Agreement~~2009, ~~have already been met. The Bank~~ and ~~management~~entered ~~will~~into ~~continue~~a toloss-share ~~strive~~transaction towith ~~address~~ the ~~concerns~~FDIC ~~that~~with ~~gave~~respect ~~rise~~ to ~~the Consent~~approximately ~~Agreement.~~$692 ~~The~~million ~~Bank will continue to conduct its banking business with customers in a normal fashion. Banking products and services and hours~~ of ~~business will remain~~ the ~~same, and the~~ Bank’s ~~deposits will remain insured by the FDIC to the maximum limits allowed by law~~assets.

•

Customers who have questions about the foregoing matters, or who would like more information about the closure of the Bank, can visit the FDIC’s web site located at http://www.fdic.gov/bank/individual/failed/buckheadcommunity.html, or call the FDIC toll-free at (800) 823-3215.

A complete copy of the FDIC’s press release can be found on the Internet at http://www.fdic.gov/news/news/press/2009/pr09219.html. To date, except as described above, no other entity or newly chartered bank has been involved in the process of closing and unwinding the Bank. The management teams of the Company and the Bank have been working closely with the Georgia Department, the FDIC and State Bank to make the transition as smooth as possible for the Bank’s customers.

In connection with the receivership of the Bank, both the Company and the Bank expect to receive notices, from substantially all of the counterparties (including, without limitation, lenders) to the Company’s and/or Bank’s material agreements, of alleged events of default under those agreements, and of those counterparties’ intentions to terminate those agreements or accelerate the Company’s and/or the Bank’s performance of those agreements. The Company and/or the Bank may dispute certain of those notices. However, in the event of a default by the Company and/or Bank under one or more of those material agreements, or in the event of the termination of one or more of the material agreements, the Company’s and/or Bank’s financial and other obligations under such agreements may be accelerated. The Company and/or Bank may be subject to penalties under those agreements and also may suffer cross-default claims from counterparties under the Company’s and/or Bank’s other agreements.

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 thereunto duly authorized.

BUCKHEAD COMMUNITY BANCORP, INC. By: /s/ Marvin Cosgray Name: Marvin Cosgray Title: President and Chief Executive Officer


	BUCKHEAD COMMUNITY BANCORP, INC.

Dated: December 8, 2009

	By:	/S/ DAWN KINARD
	Name:	Dawn Kinard
	Title:	Chief Financial Officer

~~Dated:~~3 ~~August 7, 2009~~

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