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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 14, 1998
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 15, 1998, South Street Financial Corp. (the "Registrant")
announced that its Board of Directors had authorized management to repurchase up
to 10% of the 4,208,724 shares of the Registrant's common stock that currently
are issued and outstanding. Any repurchase will be made pursuant to the
Registrant's stock repurchase plan adopted in June 1998. Between June 1998 and
December 1998, the Registrant repurchased 467,636 shares of its issued and
outstanding common stock. The Board's action will allow management to make
repurchases, without further Board approval, when stock repurchases are deemed
prudent. Stock repurchases will be made in accordance with Rule 10b-18(b) of the
Regulations issued under the Securities Act of 1934.
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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: January 11, 1999 By: /s/ Carl M. Hill
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Carl M. Hill, President and
Chief Executive Officer
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