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): January 25, 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 January 25, 1996, registrant and its wholly owned subsidiary, United Carolina
Bank ("UCB"), and Seaboard Savings Bank, Inc. SSB ("Seaboard"), headquartered in
Plymouth, N.C., completed the merger of Seaboard into UCB pursuant to the
parties' agreement and plan of reorganization and merger executed on September
19, 1995. Registrant issued 279,095 shares of its common stock, and paid $3,818
in cash in lieu of issuing fractional shares of its common stock, in exchange
for Seaboard's 306,687 shares of common stock outstanding on January 25, 1996.
Registrant also assumed the obligation to issue an additional 35,888 shares of
its common stock in connection with 39,425 vested option shares of Seaboard
common stock which were outstanding as of January 25, 1996, under Seaboard
option plans assumed by UCB in the merger transaction. On January 25, 1996,
Seaboard, which operated three branch banking offices in Plymouth, Williamston
and Columbia, N.C., reported $46.3 million in total assets and $40.7 million in
total deposits. Including the Seaboard offices, registrant operates 139 branch
offices in 87 communities in North and South Carolina and had total consolidated
assets of approximately $3.8 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: February 9, 1996
UNITED CAROLINA BANCSHARES CORPORATION
by s/Howard V. Hudson,Jr.
Howard V. Hudson, Jr.
General Counsel and Secretary
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