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) May 15, 2003 (May 15, 2003)




                           ALLIED FIRST BANCORP, INC.
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             (Exact name of Registrant as specified in its Charter)



         MARYLAND                    0001-16763                 36-4482786
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(State or other jurisdiction    (Commission File No.)          (IRS Employer
     of incorporation)                                       Identification No.)

        387 Shuman Boulevard, Suite 120W, Naperville, Illinois      60563
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              (Address of principal executive offices)            (Zip Code)

Registrant's telephone number, including area code: (630) 778-7700



                                       N/A
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          (Former Name or Former Address, if changed since last report)







Item 5.  Other Events and Regulation FD Disclosure

         On May 15, 2003,  Allied First  Bancorp,  Inc.  issued a press  release
announcing the completion of its common stock repurchase  program whereby Allied
First Bancorp,  Inc. acquired up to 50,000 shares of its common stock. A copy of
the  press  release  is  filed as  Exhibit  99.1  hereto.  Pursuant  to  General
Instruction F of Form 8-K, this exhibit is incorporated herein by reference.

         Statements contained in this Current Report which are not historical in
nature  are  forward-  looking  statements  within the  meaning  of the  Private
Securities  Litigation  Reform  Act of  1995.  Such  forward-looking  statements
involve  certain  risks and  uncertainties  that could cause  actual  results to
differ materially from the anticipated  results or other expectations  expressed
in  the  forward-looking  statements.  These  risks  and  uncertainties  include
changing market conditions, changes in the market price of Allied First Bancorp,
Inc.'s  common  stock,  regulatory  constraints  and  other  factors  as  may be
identified  from time to time in Allied First  Bancorp,  Inc.'s filings with the
Securities  and Exchange  Commission  or in Allied First  Bancorp,  Inc.'s press
releases.  Allied First Bancorp,  Inc.  undertakes no obligation to update these
forward-looking  statements to reflect events or circumstances  that occur after
the date on which such statements were made.

Item 7.  Financial Statements and Exhibits

         (c)      Exhibits

                  99.1     Press Release dated May 15, 2003







                                   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.

                                           ALLIED FIRST BANCORP, INC.




Date:    May 15, 2003                      By: /s/ Kenneth L. Bertrand
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                                               Kenneth L. Bertrand
                                               President and Chief Executive
                                               Officer


Date:    May 15, 2003                      By: /s/ Brian K. Weiss
     -----------------------------            ----------------------------------
                                              Brian K. Weiss
                                              Chief Financial Officer







                                  EXHIBIT INDEX




   Exhibit No.                         Description

      99.1                             Press Release dated May 15, 2003