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): August 28, 1996
GREEN STREET FINANCIAL CORP
(Exact name of Registrant as specified in its Charter)
North Carolina 0-27620 56-1951478
(State or other jurisdiction (SEC File No.) (IRS Employer
of incorporation) Identification Number)
241 Green Street, Fayetteville, North Carolina 28301-5051
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(910) 483-3681
Not Applicable
(Former name or former address, if changed since last Report)
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GREEN STREET FINANCIAL CORP
INFORMATION TO BE INCLUDED IN REPORT
Item 5. Other Events
The Registrant announced that on August 28, 1996, the Board of Directors
declared a quarterly cash dividend of $0.10 per share and a special dividend of
$.15 per share to all shareholders of record on October 11, 1996, payable on
October 25, 1996. Additionally, the Registrant announced that it intends to
apply to the Office of Thrift Supervision for approval to repurchase up to 5% of
its Common Stock in open-market transactions between October 21, 1996 and April
4, 1997.
For further details, reference is made to the Press Release dated August
28, 1996, which is attached hereto as Exhibit 99 and incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
Exhibit 99 -- Press Release dated August 28, 1996.
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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.
GREEN STREET FINANCIAL CORP
Date: August 28, 1996 By: /s/ H.D. Reaves, Jr.
H.D. Reaves, Jr.
Chief Executive Officer
and President
EXHIBIT 99
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GREEN STREET FINANCIAL CORP
241 Green Street Telephone (910) 483-3681
P.O. Box 1540 Fax (910) 483-5102
Fayetteville, North Carolina 28302
FOR IMMEDIATE RELEASE
August 28, 1996
Contact: H.D. Reaves, Jr.
Chief Executive Officer
John C. Pate
Chief Financial Officer
Green Street Financial Corp (Nasdaq - GSFC), the holding company for Home
Federal Savings and Loan Association, announced today the following:
* Dividends - Directors approved the regular quarterly $0.10 per share cash
dividend, and also an additional $0.15 per share special dividend payable on
October 25, 1996 to stockholders of record as of the close of business on
October 11, 1996. The fiscal year for the corporation ends on September 30, 1996
and the directors have voted to pay this special dividend at the end of the
fiscal year. These dividends are being paid as a result of continued
profitability of the corporation and its wholly owned subsidiary, Home Federal
Savings and Loan Association.
* Stock Repurchase Program - Pending the approval of the Office of Thrift
Supervision, the Directors intend to implement a stock repurchase plan. Such
plan will provide for the repurchase of up to 5% of the corporation's common
stock in the open market during the time period from October 21, 1996 to April
4, 1997. Such repurchases will depend on the corporation's profitability, the
market price of the common stock, and availability of such stock.
* Dividend Reinvestment Plan - In January 1997, the Corporation's
stockholders will be offered a convenient opportunity to purchase additional
stock through the reinvestment of the quarterly dividends. The plan is
completely voluntary by the stockholders.
* Home Federal is a federally chartered savings and loan headquartered in
Fayetteville, North Carolina. Green Street's common stock is quoted on the
Nasdaq National Market under the symbol "GSFC" and is listed in newspapers as
"GreenSt n".
