<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0305</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2012-06-27</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001143155</issuerCik>
        <issuerName>HAMPTON ROADS BANKSHARES INC</issuerName>
        <issuerTradingSymbol>HMPR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001503163</rptOwnerCik>
            <rptOwnerName>ACMO-HR, L.L.C.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ANCHORAGE CAPITAL GROUP, L.L.C.</rptOwnerStreet1>
            <rptOwnerStreet2>610 BROADWAY, 6TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10012</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001300714</rptOwnerCik>
            <rptOwnerName>Anchorage Capital Group, L.L.C.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>610 BROADWAY</rptOwnerStreet1>
            <rptOwnerStreet2>6TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10012</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001300711</rptOwnerCik>
            <rptOwnerName>Anchorage Advisors Management, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>610 BROADWAY</rptOwnerStreet1>
            <rptOwnerStreet2>6TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10012</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001300713</rptOwnerCik>
            <rptOwnerName>Anchorage Capital Master Offshore, Ltd</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>610 BROADWAY</rptOwnerStreet1>
            <rptOwnerStreet2>6TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10012</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001300650</rptOwnerCik>
            <rptOwnerName>Davis Anthony Lynn</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>610 BROADWAY</rptOwnerStreet1>
            <rptOwnerStreet2>6TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10012</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001300710</rptOwnerCik>
            <rptOwnerName>Ulrich Kevin Michael</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>610 BROADWAY</rptOwnerStreet1>
            <rptOwnerStreet2>6TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10012</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2012-06-27</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>19197431</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.70</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>26391439.80</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Reflects 1-for-25 reverse stock split which became effective as of April 27, 2011.</footnote>
        <footnote id="F2">This Form 4 is being filed with respect to the shares of the Issuer's common stock, par value $0.01 per share (the &quot;Common Shares&quot;), by Anchorage Advisors Management, L.L.C., the sole managing member of Anchorage Capital Group, L.L.C., the investment manager to Anchorage Capital Master Offshore, Ltd., the sole member of ACMO-HR, L.L.C. Mr. Davis is the President of Anchorage Capital Group, L.L.C. and a managing member of Anchorage Advisors Management, L.L.C. Mr. Ulrich is the Chief Executive Officer of Anchorage Capital Group, L.L.C. and the other managing member of Anchorage Advisors Management, L.L.C.</footnote>
        <footnote id="F3">Each of the Reporting Persons may be deemed to be a beneficial owner of the Common Shares for purposes of Rule 16a-1(a)(1) under the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;). Each of the Reporting Persons disclaims beneficial ownership thereof within the meaning of Rule 16a-1(a)(2) under the Exchange Act except to the extent, if any, of its pecuniary interest therein.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>ACMO-HR, L.L.C., By: Anchorage Capital Master Offshore, Ltd., its sole member, By: Anchorage Capital Group, L.L.C., its investment manager, By: /s/ Natalie Birrell, Chief Operating Officer</signatureName>
        <signatureDate>2012-06-29</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>ANCHORAGE CAPITAL GROUP, L.L.C., By: /s/ Natalie Birrell, Chief Operating Officer</signatureName>
        <signatureDate>2012-06-29</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>ANCHORAGE ADVISORS MANAGEMENT, L.L.C., By: /s/ Kevin M. Ulrich, Managing Member</signatureName>
        <signatureDate>2012-06-29</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>ANCHORAGE CAPITAL MASTER OFFSHORE, LTD.,  By: /s/ Natalie Birrell, Director</signatureName>
        <signatureDate>2012-06-29</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Anthony L. Davis</signatureName>
        <signatureDate>2012-06-29</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Kevin M. Ulrich</signatureName>
        <signatureDate>2012-06-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
