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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 M4nVxWOTAv7BlPWoot93njOsiwOkKfZuYYic0JQVgoPsDbViZSIzCkwp0+/jptWU
 6pY+XKataetsG8EuyPoVhQ==

<SEC-DOCUMENT>0001181431-03-015297.txt : 20030724
<SEC-HEADER>0001181431-03-015297.hdr.sgml : 20030724
<ACCEPTANCE-DATETIME>20030724155123
ACCESSION NUMBER:		0001181431-03-015297
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030723
FILED AS OF DATE:		20030724

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			METROCORP BANCSHARES INC
		CENTRAL INDEX KEY:			0001068300
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				760579161
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		9600 BELLAIRE BLVD SUITE 152
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77036
		BUSINESS PHONE:		7137763876

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			TAI JAI MIN DAVID
		CENTRAL INDEX KEY:			0001247815

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25141
		FILM NUMBER:		03801000

	BUSINESS ADDRESS:	
		STREET 1:		METROCORP
		STREET 2:		9600 BELLAIRE BLVD STE 252
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77036
		BUSINESS PHONE:		7137763876
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd13969.xml
<DESCRIPTION>FORM 4/OPTION EXECERCISE
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-07-23</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001068300</issuerCik>
        <issuerName>METROCORP BANCSHARES INC</issuerName>
        <issuerTradingSymbol>MCBI</issuerTradingSymbol></issuer>
<reportingOwner>
<reportingOwnerId>
            <rptOwnerCik>0001247815</rptOwnerCik>
            <rptOwnerName>TAI JAI MIN DAVID</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>Executive Vice President/Sec</officerTitle>
<otherText></otherText></reportingOwnerRelationship></reportingOwner>
<nonDerivativeSecurity>
<securityTitle>
<value>Common Stock</value></securityTitle>
<transactionDate>
<value>2003-07-23</value></transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved></transactionCoding>
<transactionTimeliness>
<value></value></transactionTimeliness>
<transactionAmounts>
<transactionShares>
<value>15500</value></transactionShares>
<transactionValue>
<value>11.00</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>261888</value>
<footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></nonDerivativeSecurity>
<derivativeSecurity>
<securityTitle>
<value>Stock Option (right to buy)</value></securityTitle>
<conversionOrExercisePrice>
<value>11.00</value></conversionOrExercisePrice>
<transactionDate>
<value>2003-07-23</value></transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved></transactionCoding>
<transactionAmounts>
<transactionShares>
<value>15500</value></transactionShares>
<transactionValue>
<value>0</value>
<footnoteId id="F2"/></transactionValue>
<transactionAcquiredDisposedCode>
<value>D</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>1998-07-24</value></exerciseDate>
<expirationDate>
<value>2003-07-24</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>15500</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>0</value></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></derivativeSecurity>
<footnotes>
<footnote id="F1">The reporting person also has beneficial ownership of 5,757 shares held through the 401(k) Plan.</footnote>
<footnote id="F2">There is no price associated with the stock option grant.</footnote></footnotes>
<ownerSignature>
<signatureName>Jai Min David Tai</signatureName>
<signatureDate>2003-07-24</signatureDate></ownerSignature></ownershipDocument>


</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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