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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): December 2, 1997
South Street Financial Corp.
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(Exact name of registrant as specified in its charter)
North Carolina 0-21083 56-1973261
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
155 West South Street
Albemarle, North Carolina 28001
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(Address of principal executive offices)
Registrant's telephone number, including area code: (704) 982-9184
N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On December 2, 1997, the Board of Directors of South Street Financial Corp.
declared a special one-time cash dividend of $6.00 for each share of the
Company's issued and outstanding common stock to be paid on January 8, 1998 to
shareholders of record on December 17, 1997. The Company anticipates that the
dividend will be considered a return of capital and as such would be viewed as a
reduction in the cost basis of each share of the Company's common stock and
would not be subject to income tax as a dividend to shareholders. A copy of the
press release announcing the special dividend is attached as Exhibit (99) (a)
hereto and incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(99)(a) Press Release.
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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.
SOUTH STREET FINANCIAL CORP.
Date: December 2, 1997 By: /s/ Carl M. Hill
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Carl M. Hill, President and
Chief Executive Officer
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EXHIBIT INDEX
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Exhibit No. Description
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<S> <C>
(99)(a) Press Release dated
December 2, 1997
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Exhibit 99(a)
[SOUTH STREET FINANCIAL CORP. LETTERHEAD]
Press Release:
Tuesday, December 2, 1997
South Street Financial Corp. Declares Dividend
ALBEMARLE, NC, December 2, South Street Financial Corp., the holding company of
Home Savings Bank of Albemarle, SSB announced today that its Board of Directors
declared a one-time cash dividend of $6.00 per share to be paid on January 8,
1998 to shareholders of record on December 17, 1997. The Company anticipates
that the dividend will be considered a return of capital thereby reducing the
shareholder's basis in each share of South Street Financial Corp. stock and thus
would not be taxable as a regular dividend.
Due to the magnitude of the dividend declared today in relation to South Street
Financial Corp.'s share price, Nasdaq has determined that the Company's shares
of common stock will trade ex-dividend on January 9, 1998. Shareholders are
advised that if they sell their shares before the ex-dividend date, they will
transfer the right to receive the special dividend to the buyer(s) of those
shares.
South Street Financial Corp. is traded under the symbol "SSFC" on the Nasdaq
National Market.
Contact: South Street Financial Corp.
Mr. R. Ronald Swanner
Executive Vice President
(704) 982-9184
