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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
November 16, 1995 (November 16, 1995)
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Date of Report (Date of earliest event reported)
UNION PLANTERS CORPORATION
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(Exact name of registrant as specified in charter)
TENNESSEE 1-10160 62-0859007
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(State of incorporation) (Commission (I.R.S. Employer
File Number) Identification No.)
UNION PLANTERS ADMINISTRATIVE CENTER
7130 GOODLETT FARMS PARKWAY
MEMPHIS, TENNESSEE 38018
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(Address of principal executive offices)
Registrant's telephone number, including area code: (901) 383-6000
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Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
Union Planters Corporation, (the Corporation) has entered into a
definitive agreement to acquire Capital Bancorporation, Inc., (CBI). This
acquisition is considered probable and meets the test for a significant
subsidiary. Item 7 below presents the unaudited interim consolidated financial
statements as of and for the three and nine months ended September 30, 1995 and
1994. Reference is also made to the Corporation's Current Report on Form 8-K
dated June 20, 1995, which contains the Agreement and Plan of Reorganization
dated June 20, 1995 (as amended and restated on June 22, 1995), and the Current
Report on Form 8-K dated August 21, 1995, as filed on August 22, 1995, which
contains the unaudited interim consolidated financial statements as of and for
the three and six months ended June 30, 1995 and 1994, and the consolidated
financial statements for the years ended December 31, 1994 and 1993.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS, AND
EXHIBITS
(c) Exhibits
99 Additional Exhibits
(a) Capital Bancorporation, Inc. and Subsidiaries Unaudited
Interim Consolidated Financial Statements as of and for
the Three and Nine months Ended September 30, 1995 and 1994
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Page
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1. Consolidated Balance Sheets, September 30, 1995 1
and December 31, 1994
2. Consolidated Statements of Income, Three Months 2
and Nine Months Ended September 30, 1995 and 1994
3. Consolidated Statements of Cash Flows, 3
Nine Months Ended September 30, 1995 and 1994
4. Notes to Consolidated Financial Statements 4
</TABLE>
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SIGNATURE
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.
Union Planters Corporation
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Registrant
Date: November 16, 1995 /s/ M. Kirk Walters
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M. Kirk Walters
Senior Vice President, Treasurer,
and Chief Accounting Officer
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EXHIBIT 99(A)
Capital Bancorporation, Inc. and Subsidiaries Unaudited Interim Consolidated
Financial Statements as of and for the three and nine months ended September
30, 1995 and 1994
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Capital Bancorporation, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, 1995 and December 31, 1994
(Dollars in thousands, except per share data)
(unaudited)
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<CAPTION>
September 30, December 31,
1995 1994
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ASSETS:
Cash and due from banks $ 25,224 35,736
Interest-bearing deposits 9,355 233
Investment securities, at amortized cost (estimated market value of
$99,150 and $111,148 at September 30, 1995 and December 31, 1994,
respectively) 98,640 113,008
Securities available for sale, at estimated market value 14,068 8,958
Federal funds sold 79,400 4,225
Loans 851,405 776,068
Less:
Unearned interest 1,740 2,211
Allowance for possible loan losses 13,907 11,877
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Loans, net 835,758 761,980
Premises and equipment, net 27,917 25,761
Accrued interest receivable 8,060 6,531
Intangible assets 10,907 8,403
Other assets 6,893 5,116
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Total assets $1,116,222 969,951
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LIABILITIES AND STOCKHOLDERS' EQUITY:
Deposits:
Demand deposits $ 103,087 104,202
Savings deposits and interest-bearing transaction accounts 208,110 213,996
Time deposits of $100 or more 120,712 93,508
Time deposits less than $100 546,730 423,617
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Total deposits 978,639 835,323
Short-term borrowings 23,302 34,839
Federal Home Loan Bank advances 5,607 5,000
Notes payable 20,200 14,850
Convertible subordinated capital notes 204 207
Other liabilities 7,968 5,292
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Total liabilities 1,035,920 895,511
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STOCKHOLDERS' EQUITY:
Preferred stock, $1 par value, 200,000 shares authorized:
Series C (10.00% at September 30, 1995 and 9.75% at December 31, 1994)
increasing rate, redeemable, cumulative, perpetual preferred stock,
$500 stated value and redemption value per share; issued and
outstanding 27,600 shares 13,800 13,800
Common stock, $.10 par value; 6,500,000 shares authorized; issued and
outstanding 3,086,539 and 3,033,668 shares at September 30, 1995 and
December 31, 1994, respectively 309 303
Surplus 36,262 35,384
Retained earnings 29,994 25,111
Net unrealized loss on securities available for sale (63) (158)
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Total stockholders' equity 80,302 74,440
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Total liabilities and stockholders' equity $1,116,222 969,951
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</TABLE>
See accompanying notes to consolidated financial statements.
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Capital Bancorporation, Inc. and Subsidiaries
Consolidated Statements of Income
Three Months and Nine Months Ended September 30, 1995 and 1994
(Dollars in thousands, except per share data)
(unaudited)
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<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
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<S> <C> <C> <C> <C>
INTEREST INCOME:
Interest and fees on loans $ 19,727 14,760 54,242 41,114
Interest on investment securities:
Taxable 1,364 1,210 4,047 3,665
Tax-exempt 122 126 372 434
Interest on securities available for sale:
Taxable 227 149 488 482
Tax-exempt 4 3 10 10
Interest on Federal funds sold 1,150 204 2,246 622
Other interest income 83 2 88 13
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Total interest income 22,677 16,454 61,493 46,340
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INTEREST EXPENSE:
Interest on deposits 11,671 6,942 29,916 19,255
Interest on short-term borrowings 313 313 1,026 923
Interest on notes payable 532 287 1,093 796
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Total interest expense 12,516 7,542 32,035 20,974
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Net interest income 10,161 8,912 29,458 25,366
Provision for possible loan losses 437 543 1,289 846
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Net interest income after provision for
possible loan losses 9,724 8,369 28,169 24,520
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NONINTEREST INCOME:
Service charges on deposits 1,030 745 2,813 2,181
Gains on sales of securities available for sale - - - -
Gains on sales of loans 334 245 810 1,007
Other 1,148 845 3,103 2,357
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Total noninterest income 2,512 1,835 6,726 5,545
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NONINTEREST EXPENSE:
Salaries and employee benefits 4,002 3,642 11,519 10,870
Occupancy 742 599 1,966 1,697
Equipment 587 612 1,758 1,652
FDIC assessments 169 444 1,102 1,293
Amortization of intangible assets 277 252 762 662
Other 2,045 2,111 5,473 5,579
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Total noninterest expense 7,822 7,660 22,580 21,753
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Income before applicable income tax expense 4,414 2,544 12,315 8,312
Applicable income tax expense 1,764 1,087 4,728 3,249
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Net income 2,650 1,457 7,587 5,063
Preferred stock dividends 345 336 1,021 1,008
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Net income available to common stockholders $ 2,305 1,121 6,566 4,055
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Earnings per common and common equivalent share $ 0.71 0.36 2.04 1.30
Weighted average common and common equivalent
shares outstanding 3,267,901 3,125,547 3,218,331 3,107,572
</TABLE>
See accompanying notes to consolidated financial statements.
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Capital Bancorporation, Inc. and Subsidiaries
Consolidated Statements of Cash Flow
For the Nine Months Ended September 30, 1995 and 1994
(Dollars in thousands)
(unaudited)
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<CAPTION>
Nine Months Ended September 30,
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1995 1994
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Cash flows from operating activities:
Net income ..................................................................... $ 7,587 5,063
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization ................................................ 2,445 2,909
Provision for possible loan losses ........................................... 1,289 846
Stock dividends received ..................................................... (10) -
(Gain) loss on sale of premises and equipment................................. (13) 2
Increase in taxes receivable.................................................. 246 175
Increase in accrued interest receivable ...................................... (876) (1,457)
Increase in accrued interest payable ......................................... 1,473 244
Origination of loans for sale ................................................ (56,620) (52,274)
Proceeds from sale of loans .................................................. 57,430 53,281
Gain on sale of loans ........................................................ (810) (1,007)
Other operating activities, net .............................................. 555 689
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Net cash provided by operating activities ...................................... 12,696 8,471
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Cash flows from investing activities:
(Increase) decrease in interest-bearing deposits................................ (6,204) 1,666
Principal payments received and proceeds from:
Maturities of investment securities .......................................... 92,775 36,168
Maturities of securities available for sale .................................. 1,305 5,906
Sales of securities available for sale........................................ 4,423 -
Purchases of investment securities ............................................. (78,284) (26,821)
Purchases of securities available for sale...................................... (1,528) (493)
Net increase in loans to customers ............................................. (15,670) (89,779)
Recoveries of loans previously charged off ..................................... 424 340
Decrease in cash and cash equivalents from purchase of subsidiary,
net of cash received of $364.................................................. (6,493) -
Purchases of premises and equipment ............................................ (1,821) (5,088)
Proceeds from sale of premises and equipment ................................... 94 -
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Net cash used in investing activities........................................... (10,979) (78,101)
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Cash flows from financing activities:
Net increase in deposits ....................................................... 77,330 47,887
Net increase (decrease) in short-term borrowings ............................... (16,537) 1,318
Proceeds from notes payable..................................................... 20,200 -
Payments on notes payable....................................................... (16,230) (1,650)
Proceeds from issuance of common stock to Employee Stock Ownership Plan......... 322 -
Proceeds from exercise of common stock warrants and options .................... 562 306
Payments for fractional shares in a pooling-of-interests acquisition............ - (2)
Dividends paid on common stock ................................................. (1,683) (1,365)
Dividends paid on preferred stock .............................................. (1,018) (1,008)
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Net cash provided by financing activities ...................................... 62,946 45,486
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Net increase (decrease) in cash and cash equivalents ......................... 64,663 (24,144)
Cash and cash equivalents at beginning of period ............................... 39,961 71,573
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Cash and cash equivalents at end of period ..................................... $104,624 47,429
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Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest on deposits and borrowed funds .................................... $ 30,278 20,731
Income taxes ............................................................... 4,518 3,074
Noncash activity during the period for:
Transfer of loans to foreclosed property ................................... 1,151 500
Loans charged off .......................................................... 1,083 714
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</TABLE>
See accompanying notes to consolidated financial statements.
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<PAGE> 5
Capital Bancorporation, Inc.
Notes to Consolidated Financial Statements
1. Basis of Financial Statement Presentation
The accompanying unaudited consolidated financial statements
have been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all
information and footnotes required by generally accepted accounting
principles for complete financial statements. However, except as disclosed
herein, there has been no material change in the information disclosed in
the notes to consolidated financial statements included in the Company's
Annual Report on Form 10-K for the year ended December 31, 1994. In the
opinion of management, all adjustments, consisting of normal recurring
accruals considered necessary for a fair presentation have been included.
Operating results for the three months and nine months ended September 30,
1995 are not necessarily indicative of the results that may be expected
for the year ending December 31, 1995.
On August 31, 1994 the Company acquired Bank of South County located in
St. Louis, Missouri in a transaction accounted for as a
pooling-of-interests. Accordingly, prior period financial statements have
been restated as if the combining entities had been consolidated for all
periods.
2. On June 20, 1995, Union Planters Corporation ("UPC") and Capital
Bancorporation, Inc. entered into a definitive Agreement and Plan of
Reorganization (which was subsequently amended on June 22, 1995) pursuant
to which UPC is to acquire all of the issued and outstanding common stock
of Capital. Each share of Capital's common stock issued and outstanding on
the date of closing is to be exchanged for 1.185 shares of UPC common
stock. The transaction is expected to be completed during the fourth
quarter of 1995 or the first quarter of 1996, and is subject to the
approval of the Company's common stockholders, regulatory approval, and the
satisfaction of certain normal contractual closing conditions.
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