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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): August 14, 1998
Century Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
North Carolina 000-21881 56-1981518
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
22 Winston Street
Thomasville, North Carolina 27360
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(Address of principal executive offices)
Registrant's telephone number, including area code: (336) 475-4663
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 August 14, 1998, Century Bancorp, 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, without further Board approval, when stock
repurchases are deemed prudent. Under the stock repurchase plan, the Company
could not use more than 10% of its consolidated net worth to make stock
repurchases during any 12 month period. 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.
CENTURY BANCORP, INC.
Date: August 19, 1998 By: /s/ James G. Hudson, Jr.
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James G. Hudson, Jr., 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 August 14, 1998
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FOR IMMEDIATE RELEASE
DATE: August 14, 1998
FOR ADDITIONAL INFORMATION
James G. Hudson, Jr., President
Century Bancorp, Inc.
(336) 475-4663
CENTURY BANCORP, INC. ANNOUNCES
APPROVAL OF STOCK REPURCHASE PLAN
James G. Hudson, Jr., President of Century Bancorp, Inc., Thomasville,
North Carolina, announced that the Company's Board of Directors has adopted a
stock repurchase plan. Under the stock repurchase plan, Century Bancorp 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. Hudson
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, the Company could not use more than 10% of its
consolidated net worth to make repurchases during any 12 month period.
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 June 30, 1998, Century Bancorp had consolidated assets of $96.9
million, consolidated stockholders' equity of $18.7 million and 1,270,859 shares
outstanding. The Company's wholly owned subsidiary, Home Savings, Inc., SSB, is
located in Thomasville, North Carolina. The Company's common stock is listed for
quotation on the Nasdaq Small Cap market under the symbol "CENB".
