8-K

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                        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):   JANUARY 10, 2002


                            METROCORP BANCSHARES, INC.
              (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)



             TEXAS                        0-25141                76-0579161
(State or other jurisdiction of   (Commission File Number)    (I.R.S. Employer
 incorporation or organization)                              Identification No.)



    9600 BELLAIRE BLVD., SUITE 252
           HOUSTON, TEXAS                                           77036
(Address of principal executive offices)                         (Zip Code)



      REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:  (713) 776-3876


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ITEM 5. OTHER EVENTS.


     On January 10, 2002, MetroCorp Bancshares, Inc. (the "Company") publicly
disseminated a press release announcing that the Company anticipated its
earnings per share would be below the range of analysts' estimates due to the
results of the Company's asset quality review. The purpose of this Current
Report on Form 8-K is to file as an exhibit a copy of the Company's press
release dated January 10, 2002 announcing such event.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.


     Exhibits. The following materials are filed as exhibits to this Current
Report on Form 8-K:

     99.1   -  Press Release dated January 10, 2002.


                                   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.


                                                METROCORP BANCSHARES, INC.



Dated: January 10, 2002                         By  /s/ Allen D. Brown
                                                  -----------------------------
                                                    Allen D. Brown
                                                    President



                                  EXHIBIT INDEX

     Exhibit
     Number        Description
     ------        -----------

      99.1      Press Release dated January 10, 2002.


                                       2

EX-99.1

                                                                    EXHIBIT 99.1


January 10, 2002

Press Release

METROCORP BANCSHARES, INC. ANNOUNCES LOWER THAN EXPECTED EARNINGS DUE TO ASSET
QUALITY REVIEW

HOUSTON--MetroCorp Bancshares, Inc. (Nasdaq:MCBI) a Texas community banking
organization serving primarily the Asian and Hispanic markets, today announced
that its expected diluted earnings per share for the year ended December 31,
2001, will be in the range of $1.06 to $1.08 which is below the range of
analysts' estimates for the Company. The lower earnings estimates are due to a
larger than expected provision for loan losses for the three and twelve months
ended December 31, 2001, of approximately $2.6 million and $3.8 million,
respectively.

As previously disclosed, due to the uncertainty of the local and national
economy, committing substantial resources over several months, the Company
conducted an extensive asset quality review.  A significant number of loans in
excess of $500,000 were reviewed.  The ratio of Allowance for Loan Losses to
Total Adjusted Loans at December 31, 2001 and 2000 was 1.81% and 1.92%,
respectively.

Allen Brown, President of MetroCorp Bancshares, Inc and Chief Executive Officer
of MetroBank, N.A., said, "We believe we have made tremendous progress in
identifying those credits which may have difficulty in an uncertain economy.
While there is no assurance we have identified all potential losses, we feel
comfortable with the portfolio and will continue our risk assessment of the
portfolio on an ongoing basis.  Lending strategy for 2002 and beyond will focus
on  proactive credit risk management and profitable relationship banking."

MetroCorp Bancshares, Inc, with $746 million in assets, provides a full range of
commercial and consumer banking services through its wholly owned subsidiary,
MetroBank, N.A.  The company has 14 full-service banking locations in the
greater Houston and Dallas metropolitan areas.  For more information, visit the
Company's Web site at www.metrobank-na.com.

The statements contained in this release that are not historical facts are
forward-looking statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995.  Forward-looking statements
describe MetroCorp's future plans, projections, strategies and expectations, are
based on assumptions and involve a number of risks and uncertainties, many of
which are beyond MetroCorp's control.  Actual results could differ materially
from those projected due to changes in interest rates, competition in the
industry, changes in local and national economic conditions and various other
factors.  Additional information concerning such factors that could affect
MetroCorp is contained in MetroCorp's filings with the SEC.


Contact:

MetroCorp Bancshares, Inc., Houston

Allen Brown, President    (713) 776-3876
           or
David D. Rinehart, Executive Vice President/CFO   (713) 776-3876