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

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2010-09-30</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <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 ADVISORS, 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>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>

    <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>0001300714</rptOwnerCik>
            <rptOwnerName>Anchorage Advisors, 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>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>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>153020190</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Warrant</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.40</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2010-09-30</value>
            </exerciseDate>
            <expirationDate>
                <value>2020-09-30</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.01 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>15693704</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Anchorage Advisors Management, L.L.C. is the sole managing member of Anchorage Advisors, L.L.C., the investment advisor to Anchorage Capital Master Offshore, Ltd., the sole member of ACMO-HR, L.L.C.  Mr. Davis is the President of Anchorage Advisors, L.L.C. and a managing member of Anchorage Advisors Management, L.L.C.  Mr. Ulrich is the Chief Executive Officer of Anchorage Advisors, L.L.C. and the other managing member of Anchorage Advisors Management, L.L.C</footnote>
        <footnote id="F2">The Warrant for the purchase of the shares of the issuer's common stock, par value $0.01 per share (&quot;Warrant Shares&quot;), is held for the account of ACMO-HR, L.L.C.</footnote>
        <footnote id="F3">Each of the reporting persons may be deemed to be a beneficial owner of the Shares, the Warrant and the Warrant 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>By: /s/ Natalie Birrell, Chief Operating Officer of Anchorage Advisors, L.L.C.</signatureName>
        <signatureDate>2010-10-12</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>By:  /s/ Natalie Birrell, Chief Operating Officer of Anchorage Advisors, L.L.C., Investment Manager of Anchorage Capital Master Offshore, Ltd., Sole Member of ACMO-HR, L.L.C</signatureName>
        <signatureDate>2010-10-12</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>By:  /s/ Anthony L. Davis</signatureName>
        <signatureDate>2010-10-12</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>By:  /s/ Kevin M. Ulrich</signatureName>
        <signatureDate>2010-10-12</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Kevin M. Ulrich, Managing Member of Anchorage Capital Master Offshore, Ltd.</signatureName>
        <signatureDate>2010-10-12</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Natalie Birrell, Director of Anchorage Capital Master Offshore, Ltd.</signatureName>
        <signatureDate>2010-10-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
