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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G
                                (Rule 13d - 102)

                 INFORMATION TO BE INCLUDED IN STATEMENTS FILED
                PURSUANT TO RULES 13d-1(b) AND (c) AND AMENDMENTS
                       THERETO FILED PURSUANT TO 13d-2(B)

                              (Amendment No. N/A)*

                            Gateway Bancshares, Inc.
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock

- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   367583 10 1
- --------------------------------------------------------------------------------
                                 (CUSIP Number)

                                September 5, 2000
- --------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

         [ ] Rule 13d-1(b)

         [X] Rule 13d-1(c)

         [ ]Rule 13d-1(d)

(1)      The remainder of this cover page shall be filled out for a reporting
         person's initial filing on this form with respect to the subject class
         of securities, and for any subsequent amendment containing information
         which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes).


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CUSIP NO. 367583 10 1                                               PAGE 2 OF 4

================================================================================

  1   NAME OF REPORTING PERSON
      S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
               James Arthell Gray, Sr.

               Social Security Number:

- --------------------------------------------------------------------------------
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP               (a)  [  ]
           N/A                                                       (b)  [  ]
- --------------------------------------------------------------------------------
  3   SEC USE ONLY


- --------------------------------------------------------------------------------
  4   CITIZENSHIP OR PLACE OF ORGANIZATION

      United States of America

- --------------------------------------------------------------------------------
         NUMBER OF             5 SOLE VOTING POWER
          SHARES                      43,360
       BENEFICIALLY
         OWNED BY
           EACH
         REPORTING
          PERSON
           WITH
                             --------------------------------------------------
                               6 SHARED VOTING POWER
                                          0

                             --------------------------------------------------
                               7 SOLE DISPOSITIVE POWER
                                          43,360

                             --------------------------------------------------
                               8 SHARED DISPOSITIVE POWER
                                          0

- -------------------------------------------------------------------------------
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
               43,360

- -------------------------------------------------------------------------------
 10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   [ ]

               N/A

- -------------------------------------------------------------------------------
 11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
               6.4%

- -------------------------------------------------------------------------------
 12   TYPE OF REPORTING PERSON

      IN

===============================================================================




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CUSIP NO. 367583 10 1                                               PAGE 3 OF 4


ITEM 1(A).        NAME OF ISSUER:

         Gateway Bancshares, Inc.

ITEM 1(B).        ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

         5102 Alabama Highway
         Ringgold, Georgia  30736

ITEM 2(A).        NAME OF PERSON FILING:

         James Arthell Gray, Sr.

ITEM 2(B).        ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:

         7138 Revere Circle
         Chattanooga, TN 37421

ITEM 2(C).        CITIZENSHIP:

         United States of America

ITEM 2(D).        TITLE OF CLASS OF SECURITIES:

         Common Stock

ITEM 2(E).        CUSIP NUMBER:

         367583 10 1

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR 13D-2(B),
CHECK WHETHER THE PERSON FILING IS:

         Not applicable

ITEM 4.  OWNERSHIP AS OF SEPTEMBER 5, 2000:

         (a)      Amount beneficially owned: 43,360

         (b)      Percent of class:  6.4%

         (c)      Number of shares as to which such person has

                  (i)      sole power to vote or direct the vote: 43,360

                  (ii)     shared power to vote or direct the vote:       0

                  (iii)    sole power to dispose or to direct the disposition
                           of: 43,360

                  (iv)     shared power to dispose or direct the disposition
                           of:      0


ITEM 5.  OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

         Not Applicable

ITEM 6.  OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:

         Not applicable


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CUSIP NO. 367583 10 1                                               PAGE 4 OF 4


ITEM 7.  IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
         THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:

         Not applicable

ITEM 8.  IDENTIFICATION AND CLASSIFICATION OF THE MEMBERS OF THE GROUP:

         Not applicable

ITEM 9.  NOTICE OF DISSOLUTION OF GROUP:

         Not applicable

ITEM 10. CERTIFICATION:

         By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.

                                    SIGNATURE

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

                                  Date:        November 16, 2000
                                               --------------------------------

                                  Signature:   /s/ James Arthell Gray, Sr.
                                               --------------------------------

                                  Name:        James Arthell Gray, Sr.
                                               --------------------------------