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): September 9, 1997
FirstBancorporation, Inc.
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(Exact name of registrant as specified in charter)
South Carolina 0-28106 57-1033905
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(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
1121 Boundary Street, Beaufort, South Carolina 29901
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (803) 521-5600
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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
In a letter to its shareholders dated September 9, 1997, the Registrant
announced preliminary plans to establish a de novo national bank in Columbia,
South Carolina. The de novo national bank would operate as a wholly-owned
subsidiary of the Registrant, along with FirstBank, N.A. headquartered in
Beaufort, South Carolina, the Registrant's current sole wholly-owned insured
depository institution subsidiary. Establishment of the de novo national bank
is contingent upon receipt of all applicable regulatory approvals, among other
things.
For further information, reference is made to the letter to shareholders
dated September 9, 1997, a copy of which is attached hereto as Exhibit 99 and
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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Exhibits
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99 Letter to Shareholders dated September 9, 1997
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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.
FIRSTBANCORPORATION, INC.
Date: September 23, 1997 By: /s/James A. Shuford, III
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James A. Shuford, III
President and
Chief Executive Officer
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Exhibit 99
Letter to Shareholders Dated September 9, 1997
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September 9, 1997
Dear Shareholder:
FirstBank and its predecessor, The Savings Bank of Beaufort County FSB, has
provided quality banking services to its customers in Beaufort and Bluffton
since 1986. I am extremely pleased to announce to you today that FirstBank's
holding company, FirstBancorporation, Inc., is aggressively pursuing expansion
plans outside of its current market area.
F. Wayne Lovelace, a twenty-four year banking veteran, has joined
FirstBancorporation to spearhead our efforts to establish a new national bank in
Columbia, SC. After our analysis of the market potential in the Midlands area
of our state, we believe the timing is proper and the market will be receptive
for our style of community banking.
A newly chartered bank under our holding company structure will provide us the
ability to grow our franchise into one of the state's most dynamic areas. This
venture will also provide us with increased diversity in the two bank's deposit
areas and loan portfolios. In conjunction with our expansion plans, we are
currently evaluating the proper structure for the additional capital that will
be required to initially capitalize the new bank. We will keep you informed as
our plans move forward.
While we will move vigorously on this exciting project, our plans are obviously
contingent upon all necessary regulatory approvals and favorable market
conditions.
Thank you for your continued support of FirstBancorporation.
Sincerely,
/s/ JAMES A. SHUFORD, III
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James A. Shuford, III
President
rc
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