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): March 29, 1996
UNITED CAROLINA BANCSHARES CORPORATION
(Exact name of registrant as specified in its charter)
NORTH CAROLINA 05583 56-0954530
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
127 West Webster Street, Whiteville, North Carolina 28472
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (910) 642-5131
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
On March 29, 1996, registrant and its wholly owned subsidiary, United Carolina
Bank ("UCB"), and Triad Bank ("Triad"), headquartered in Greensboro, N.C.,
completed the merger of Triad into UCB pursuant to the parties' agreement and
plan of reorganization and merger executed on October 19, 1995. Registrant
issued 1,595,125 shares of its common stock, and paid $16,538 in cash in lieu of
issuing fractional shares of its common stock, in exchange for Triad's 1,868,278
shares of common stock outstanding on March 29, 1996. Registrant also assumed
the obligation to issue an additional 127,164 shares of its common stock in
connection with 148,873 vested option shares of Triad common stock which were
outstanding as of March 29, 1996, under Triad option plans assumed by UCB in the
merger transaction. On March 29, 1996, Triad, which operated eleven branch full
service banking offices in Greensboro (8), Winston-Salem (2), and Asheboro (1),
and two limited service branches in Heritage Greens and Abbotswood, N.C.,
reported $207.4 million in total assets and $188.1 million in total deposits.
Including the Triad offices, registrant operates 152 branch offices in North and
South Carolina and has total consolidated assets of approximately $4.2 billion.
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.
Date: April 15, 1996
UNITED CAROLINA BANCSHARES CORPORATION
by s/Howard V. Hudson, Jr.
Howard V. Hudson, Jr.
General Counsel and Secretary
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