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): November 27, 1996
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GREEN STREET FINANCIAL CORP
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(Exact name of Registrant as specified in its Charter)
North Carolina 0-27620 56-1951478
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(State or other jurisdiction (SEC File No.) (IRS Employer
of incorporation) Identification
Number)
241 Green Street, Fayetteville, North Carolina 28301-5051
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(910) 483-3681
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Not Applicable
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(Former name or former address, if changed since last Report)
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GREEN STREET FINANCIAL CORP
INFORMATION TO BE INCLUDED IN REPORT
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Item 5. Other Events
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The Registrant announced that it intends to implement the Restricted
Stock Plan previously approved by stockholders. The Registrant intends to
purchase up to 171,925 shares of its Common Stock to be awarded as incentive
bonuses to directors and officers of the Registrant and its subsidiaries. It is
anticipated that such shares of Common Stock will be purchased in the open
market from time to time. Alternatively, the Plan is permitted to purchase such
shares directly from the Registrant.
For further details, reference is made to the press release dated
November 27, 1996, which is attached hereto as Exhibit 99 and incorporated
herein by this reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
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Exhibit 99 -- Press Release dated November 27, 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: December 2, 1996 By: /s/ H.D. Reaves, Jr.
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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
November 27, 1996
Contact: H.D. Reaves, Jr.
Chief Executive Officer
John C. Pate
Chief Financial Officer
REGULATORY APPROVAL OF RESTRICTED STOCK PLAN
Green Street Financial Corp (Nasdaq - GSFC), the holding company for
Home Federal Savings and Loan Association ("Association"), announced today that
the Corporation had received non-objection from the Office of Thrift Supervision
to implement the Corporation's Restricted Stock Plan ("Plan"). The Plan intends
to purchase up to 171,925 shares of Common Stock to be distributed in accordance
with the Plan as approved by the stockholders at the Meeting of Stockholders
held on October 17, 1996. It is anticipated that such shares of Common Stock
will be purchased in open market transactions from time to time. Alternatively,
the Plan may purchase such shares directly from the Corporation's authorized but
unissued common stock.
The Association 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".
