ATFS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 4 to

SCHEDULE 13E-3

RULE 13e-3 TRANSACTION STATEMENT

(Pursuant to Section 13(e) of the Securities Exchange Act of 1934)

ALTRUST FINANCIAL SERVICES, INC.

(Name of the Issuer)

(Name of Person(s) Filing Statement)

Common Stock, par value $.01 per share

(Title of Class of Securities)

02209W104

(CUSIP Number of Class of Securities)

J. Robin Cummings

President and Chief Executive Officer

Altrust Financial Services, Inc.

811 2nd Avenue S.W.

Cullman, Alabama 35055-4222

(256) 737-7000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications

on Behalf of Person(s) Filing Statement)

Copies to :

Ralph F. MacDonald, III, Esq.

Jones Day

1420 Peachtree Street, N.E.

Suite 1400

Atlanta, Georgia 30309

(404) 521-3939

This statement is filed in connection with (check the appropriate box):

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies:   ¨

Check the following box if the filing is a final amendment reporting the results of the transaction:   þ

Calculation of Filing Fee

Amount previously paid: $348

Form or registration statement no.: Schedule 14A

Filing Party: Altrust Financial Services, Inc.

Date Filed: November 13, 2007

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INTRODUCTION

This Amendment No. 4 (this “Final Amendment”) to the Rule 13e-3 Transaction Statement on Schedule 13E-3 (this “Transaction Statement”) first filed on November 14, 2007, and as amended by Amendment No. 1 filed on December 11, 2007, Amendment No. 2 filed on January 10, 2008, and Amendment No. 3 filed on January 16, 2008, is being filed by (1) Altrust Financial Services, Inc., an Alabama corporation (“Altrust”), the issuer of the common stock that is subject to the Rule 13e-3 transaction described herein, (2) Holly Pond Corp., an Alabama corporation and wholly owned subsidiary of Altrust that was formed solely to facilitate the reorganization (“Merger Sub”), (3) Altrust Financial Services, Inc. Savings & ESOP Trust, (4) J. Robin Cummings, (5) G. Whit Drake, (6) N. Jasper Estes, (7) Cecil Alan Walker, (8) Terry Neal Walker, (9) Timothy Dudley Walker, (10) Brian C. Witcher, (11) Debra Brown Goble, (12) Candice Nail Hooten, (13) Raymond O’Neal Lindsey, (14) Lionel James Powell, (15) Morris Steven Stanford, (16) Kenneth Howard Weldon, and (17) John Edwin Whitley (collectively, the “Filing Persons”), although each Filing Person expressly disclaims any obligation to file this Transaction Statement.

This Final Amendment is being filed pursuant to Rule 13e-3(d)(3) to report the results of the transaction that is the subject of this Transaction Statement.

Item 15. Additional Information

Regulation M-A Item 1011

Item 1011(b) is hereby amended and supplemented as follows:

On February 12, 2008, at a special meeting of Altrust’s stockholders, Altrust’s stockholders voted to approve the merger of the Merger Sub with and into Altrust (the “Merger”) as contemplated by the Agreement and Plan of Reorganization, dated as of November 13, 2007, by and between Altrust and the Merger Sub, as amended by Amendment No. 1, dated as of January 8, 2008 (collectively, the “Plan of Reorganization”).

On March 7, 2008, Altrust filed Articles of Merger with the Secretary of State of the State of Alabama, pursuant to which the Merger Sub was merged with and into Altrust, with Altrust continuing as the surviving entity. At the effective time of the Merger, (i) each share of Altrust common stock held by persons who were not Eligible Shareholders (as such term is defined in the Plan of Reorganization), was exchanged into the right to receive $17.25 in cash, without interest, (ii) all shares of Altrust common stock held by Altrust or any direct or indirect wholly-owned subsidiary of Altrust (other than shares held in a fiduciary or custodial capacity or as a result of debts previously contracted) were automatically cancelled, (iii) all shares of Altrust common stock held by persons who were Eligible Shareholders remained issued and outstanding, (iv) all shares of Merger Sub common stock were automatically cancelled, and (v) the separate corporate existence of the Merger Sub ceased.

As a result of the Merger, Altrust common stock became eligible for termination of registration pursuant to Rule 12g-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, Altrust will file a Certification and Notice of Termination of Registration on Form 15 with the Securities and Exchange Commission to deregister its common stock under the Exchange Act.

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SIGNATURE

After due inquiry and to the best of their knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated March 12, 2008

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