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): ~~August~~September 296, 2005

ebank Financial Services, Inc.

(Exact name of registrant as specified in its charter)


GEORGIA (State or other jurisdiction of incorporation)		000-24043 (Commission File Number)		58-2349097 (IRS Employer Identification No.)

2410 Paces Ferry Road, Suite 190
Atlanta Georgia 30339
(Address of Principal Executive
Offices) (Zip Code)

(770) 863-9225
(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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 1.01. Entry Into a Material Definitive Agreement.
	Item 9.01. Financial Statements and Exhibits.
	SIGNATURES
EX-10.1 AMENDMENT TO JAMES L. BOX NON-QUALIFIED STOCK OPTION AGREEMENT


	Item 1.01. Entry Into a Material Definitive Agreement.
	Item 7.01. Regulation FD Disclosure.
	SIGNATURES

Item 1.01. Entry Into a Material Definitive Agreement.

~~On August 29, 2005, the Compensation Committee of~~ ebank Financial Services, ~~Inc~~inc. (the “Company”) ~~approved~~ ~~an amendment to a non-qualified stock option agreement~~ previously ~~granted~~reported toon ~~Mr.~~May ~~James~~16, ~~L. Box~~2005, ~~Chief~~that ~~Executive~~it entered ~~Officer~~into ofa ~~the~~Standstill ~~Company,~~Agreement onwith ~~August 9,~~Edward ~~2004~~L. ~~The~~Terry ~~original~~and ~~August 9,~~Gary ~~2004 non-qualified stock option agreement granted Mr~~R. ~~Box~~ anRhineheart ~~option~~and tocertain ~~purchase 150,000 shares~~ of ~~the~~ ~~Company’s~~their ~~common~~related ~~stock~~interests. ~~and~~The ~~was~~Standstill ~~issued~~Agreement aswas aentered ~~stand-alone~~into ~~grant~~in ~~outside~~connection ofwith the ~~terms~~ filing of ~~the~~a ~~Company’s 1998~~Change ~~Stock~~in ~~Incentive~~Control ~~Plan.~~Notice ~~Under~~with the ~~terms~~Office of ~~the~~Thrift ~~original~~Supervision ~~grant,~~ (the ~~options~~“OTS”) ~~were~~by ~~exercisable~~Messrs. Terry ~~immediately~~ and ~~generally expired ten years from the date of grant~~Rhineheart. ~~However,~~The ~~the~~effectiveness ~~terms~~ of the ~~original~~ ~~grant~~Standstill ~~provided~~Agreement ~~that,~~was inconditioned ~~the event of termination of employment for any reason, Mr. Box must exercise the option within a period ending~~ on ~~the~~approval ~~earlier~~by ~~of (i)~~ the ~~one year period following~~ ~~the~~OTS ~~event~~ of ~~termination; or (ii)~~ the ~~expiration~~Change ~~date~~in ofControl ~~the option~~Notice.

~~Pursuant~~ As discussed below, the Company has been notified that the OTS does not intend to disapprove the ~~amendment~~Change ~~adopted~~in Control Notice and, accordingly, the terms of the Standstill Agreement became effective upon such action by the ~~Compensation~~OTS. ~~Committee~~Pursuant (ato ~~copy~~the terms of ~~which~~the isStandstill ~~filed~~Agreement, ~~as an~~Messrs. ~~exhibit~~Terry toand ~~this~~Rhineheart ~~Report)~~have agreed, ~~upon~~among aother ~~termination~~things, ofto ~~employment~~limit ~~for~~their ~~any~~stock ~~reason~~ownership ~~(other~~in the Company to no more than a33% ~~termination~~of the issued and outstanding shares of the Company’s common stock during the term of ~~employment~~the ~~for~~Standstill ~~“Cause”~~Agreement and the Company has agreed that, at the first annual meeting of shareholders following the occurrence of both (A) the ~~Mr.~~OTS action described below and (B) ~~Box~~Messrs. Terry ~~may~~and ~~exercise~~Rhineheart ~~the~~and ~~option~~their related interests holding at ~~any~~least ~~time~~25% onof orthe ~~before~~Company’s ~~August 9,~~outstanding voting ~~2014~~securities, the ~~original~~Company ~~expiration~~will ~~date~~use its best efforts to cause one (1) representative of ~~the~~such shareholders ~~option~~to be elected to its Board of Directors. ~~Upon~~The ainitial ~~termination~~term of ~~employment~~the Standstill Agreement is for ~~“Cause~~a period of five (5) years, subject to certain events enumerated in the Standstill Agreement which could cause such term to be terminated early, such as an “extraordinary transaction” (as defined in the Standstill Agreement) or an agreement among all of the parties to terminate such agreement. Please refer to the ~~options~~May 16, ~~granted~~2005 ~~will~~Form ~~terminate~~8-K ~~immediately~~filed by the Company which contains a description of the Standstill Agreement, along with a complete copy of such agreement.

~~Pursuant to the amendment, the term “Cause” has the same meaning as such term is defined in the Employment Agreement between Mr.~~Item ~~Box~~7.01. ~~and ebank, originally dated May~~Regulation ~~17,~~FD ~~2002, as amended~~Disclosure.

~~Except~~ On asSeptember 6, ~~described~~2005, ~~above~~the Company received a notice from the OTS dated September 2, no2005, stating ~~other~~that ~~changes~~the ~~were~~OTS ~~made~~does not intend to disapprove the Change in Control Notice previously filed by Messrs. Terry and Rhineheart and certain of their related interests. Pursuant to the Change in Control Notice, Messrs. Terry and Rhineheart have agreed to limit their stock ~~option~~ownership ~~agreement~~in the Company to no more than 33% of the issued and outstanding shares of the Company’s common stock. Despite this 33% limitation, a Change in Control Notice is required by the OTS for anyone planning to acquire in excess of 25% of the outstanding shares of a thrift institution.

~~Item~~ Pursuant to the Change in Control Notice, Messrs. 9Terry and Rhineheart generally may acquire shares of the Company’s common stock within a one year period after September 2, 2005, the date of the OTS letter acting on the Change in Control Notice, subject to no material change in the circumstances set forth in the Change in Control Notice occurring during that time.01 Additionally, to the extent Messrs. Terry ~~Financial~~and ~~Statements~~Rhineheart desire to acquire more than 33% of the Company’s common stock, they must obtain the approval of the OTS pursuant to either a new Change in Control Notice or an amended Change in Control Notice. The requirement that the OTS approve any acquisitions over the 33% limitation is in addition to the terms and ~~Exhibits~~conditions contained in the Standstill Agreement.

~~(c)~~ Additionally, the Company and Messrs. ~~The~~Terry ~~following~~and ~~exhibit~~Rhineheart isintend ~~filed~~to asexplore, asubject ~~part~~to approval of ~~this~~the ~~Report:~~parties and regulatory approvals, the formation of a mortgage origination business through a joint venture or other appropriate structure.

Exhibit No.				Description
	10.1			Amendment to James L. Box Non-qualified Stock Option Agreement.

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.

	ebank Financial Services, Inc.
Date: August 29, 2005	By:	/s/ James L. Box
		James L. Box, President and Chief Executive Officer


		ebank Financial Services, Inc.

Date: September 7, 2005		By: /s/ James L. Box James L. Box, President and Chief Executive Officer

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