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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): April 8, 1999
Carolina Fincorp, Inc.
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(Exact name of registrant as specified in its charter)
North Carolina 000-21701 56-1978449
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
115 South Lawrence Street
Rockingham, North Carolina 28380
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(Address of principal executive offices)
Registrant's telephone number, including area code: (910) 997-6245
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 April 8, 1999, Carolina Fincorp, Inc. (the "Registrant") announced that
its Board of Directors has adopted a stock repurchase plan. Under the stock
repurchase plan, the Registrant will be able to repurchase shares of its
outstanding common stock in the open market or in privately negotiated
transactions at appropriate times to allow it to enhance the value of its stock
for its shareholders and to manage its capital. The Board's action will allow
management to make repurchases of up to five percent of its currently
outstanding shares of common stock, without further Board approval, when stock
repurchases are deemed prudent and in accordance with purchase price limitations
set forth in the Board's approval of the plan. The stock repurchase plan
contemplates that stock repurchases will be made in accordance with Rule
10b-18(b) of the Regulations issued under the Securities Act of 1934. A copy of
the press release announcing the adoption of the stock repurchase plan is
attached hereto as Exhibit 99.
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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.
CAROLINA FINCORP, INC.
Date: April 8, 1999 By: /s/ R. Larry Campbell
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R. Larry Campbell, President
and Chief Executive Officer
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EXHIBIT INDEX
Exhibit No. Description
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99 Press Release of the Registrant distributed April 8, 1999
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FOR IMMEDIATE RELEASE
DATE: April 8, 1999
FOR ADDITIONAL INFORMATION
R. Larry Campbell, President
Carolina Fincorp, Inc.
(910) 997-6245
CAROLINA FINCORP, INC. ANNOUNCES
APPROVAL OF STOCK REPURCHASE PLAN
R. Larry Campbell, President of Carolina Fincorp, Inc., Rockingham, North
Carolina, announced that the Company's Board of Directors has adopted a stock
repurchase plan. Under the stock repurchase plan, Carolina Fincorp will be able
to repurchase shares of its outstanding common stock in the open market or in
privately negotiated transactions at times deemed appropriate. Mr. Campbell
stated, "The Board's action was based on its conclusion that the ability to
repurchase stock under certain appropriate circumstances will help the Company
enhance the value of its common stock for its stockholders and manage its
capital." Under the plan, as approved by the Board of Directors, Management
could repurchase up to five percent of the Company's currently outstanding
common stock without further Board approval when repurchases are considered
prudent and in accordance with purchase price limitations set forth in the
Board's approval of the Plan.
The Company intends to make all repurchases in compliance with applicable
regulatory guidelines and to administer the plan in accordance with applicable
securities and other laws.
As of December 31, 1998, Carolina Fincorp had consolidated assets of $116.6
million, consolidated stockholders' equity of $15.8 million and 1,905,545 shares
outstanding. The Company's wholly owned subsidiary, Richmond Savings Bank, Inc.,
SSB, provides banking services through its offices in Rockingham, Southern
Pines, Laurinburg and Ellerbe, North Carolina. The Company's common stock is
listed for quotation on the Nasdaq National Market under the symbol "CFNC".
