UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~August 10~~July 5, ~~2012~~2013

CAPITOL CITY BANCSHARES, INC.

(Exact name of Registrant as Specified in Charter)

Georgia

000-25227

58-2452995

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

562 Lee Street, SW, Atlanta, GA 30310

(Address of Principal Executive Offices)

404-752-6067

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:

¨	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 4.02

Non-reliance on Previously Issued Financial Statements or Related Audit Report or Completed Interim Review.

1. On July 101, ~~2012~~2013, management, the Audit Committee and the Board of Directors of Capitol City Bancshares, Inc. (the “Company”) determined that certain adjustments to the Company’s financial statements for the first quarter of ~~2012~~2013 ended March 31, ~~2012~~2013, were necessary based upon ~~the~~management’s ~~final~~ongoing ~~results~~investigation of athe ~~regulatory~~employee ~~examination~~fraud ~~that concluded~~loss ~~during~~and ~~the~~corresponding ~~second~~recognition ~~quarter~~ of ~~2012~~amounts receivable.

2. ~~After~~Through management’s continued review of the subsidiary bank’s ~~loan~~receivable ~~portfolio,~~for itan ~~was~~insurance ~~determined~~claim ~~that~~on ~~an additional~~employee ~~allowance~~fraud ~~for loan~~ loss, ~~should~~it bewas ~~established~~determined ofthe ~~$550,000~~amount ~~and~~included ~~certain~~as ~~partial~~a ~~charge-offs~~receivable offor $~~784~~833,~~367~~000 should be ~~made~~written ofoff ~~several~~and ~~residential~~recorded ~~and~~as ~~commercial~~an ~~real~~expense. ~~estate~~Due ~~nonaccrual~~to ~~loans.~~this ~~Each~~determination, ~~loan~~the ~~with~~Company ais ~~corresponding~~in ~~charge-off~~the ~~was~~process of ~~considered~~restating ~~impaired~~and atamending ~~March 31,~~its ~~2012~~quarterly ~~and~~information ~~all~~filed ~~amounts~~with ~~charged-off~~regulatory ~~were~~authorities ~~included~~and inits ~~the~~Form ~~specific~~10-Q ~~reserves~~related asto ofthe quarter ended March 31, ~~2012~~2013. ~~The~~This ~~regulatory~~restatement ~~examination~~will ~~also~~reduce ~~required~~the ~~that~~Company’s aassets, ~~portion~~equity ofand ~~one~~net ofincome for the ~~Company’s~~three ~~investments be considered~~months anended ~~other~~March 31, ~~than~~2013, ~~temporary~~and ~~impairment~~will ~~and~~have a corresponding ~~charge~~effect ofon ~~$262,437~~the isrelated ~~reflected~~disclosures inand ~~the~~ratios. ~~Company’s~~As ~~amended~~such, the financial ~~statements~~information ~~for~~as ~~the~~of ~~first~~and ~~quarter~~for ofthe ~~2012.~~three Amonths ~~third~~ended ~~adjustment~~March 31, ~~of $98~~2013,~~500~~ which was ~~required~~reported byin ~~the~~Form ~~examiners~~10-Q tofiled ~~increase~~on ~~the~~May 14, ~~valuation~~2013, ~~reserve~~should ~~for~~no ~~foreclosed~~longer ~~real~~be ~~estate~~relied on. ~~These~~The ~~adjustments~~Company ~~were~~intends ~~based~~to onfile ~~the~~an ~~regulatory~~amended ~~examiners’~~quarterly ~~judgments~~report ~~about~~on ~~information~~Form ~~that~~10-Q/A ~~was~~as ~~available~~soon toas ~~them~~reasonably atpracticable. ~~the~~The ~~time~~Company ofwill ~~their~~amend ~~examination.~~any ~~The~~disclosures ~~adjustments~~regarding ~~pursuant~~management’s toevaluation ~~the~~of ~~regulatory~~internal controls over ~~examination~~financial ~~were~~reporting ~~required~~as toappropriate bein ~~effective~~connection aswith ofits ~~March 31,~~future ~~2012~~filings with the Commission.

The Company has consequently concluded that the Company’s previously-filed interim financial statements for the first quarter of 2012 should be adjusted, and the Company has filed an amendment to its Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 on August 10, 2012. With these adjustments, the revision for the first quarter of 2012 will decrease net income by $910,937, or $(0.09) per share, from net income of $148,280, or $0.01 per share, to a net loss of $762,657, or $(0.08) per share. The Company’s balance sheet had no impact other than to adjust the amount of securities available for sale, loans, foreclosed real estate and stockholders’ equity. Futhermore, these adjustments reduced the Company’s Tier 1 Capital to Average Assets ratio by 40 basis points from 3.90% to 3.50%.

3. The Board of Directors and Management has discussed the matters disclosed in this Item 4.02 of this Current Report on Form 8-K with the Company’s independent registered public accounting firm.

Item 9.01

Financial Statements and Exhibits

(c)

Exhibits

The following exhibit is being filed as part of this Report on Form 8-K:

None.

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.

	CAPITOL CITY BANCSHARES, INC.
DATE: September 28, 2012	By:	/s/ George G. Andrews
DATE: July 5, 2013	By:	/s/ George G. Andrews
	Name:	George G. Andrews
	Title:	President and Chief Executive Officer

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