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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): March 17, 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 March 17, 1998, the Board of Directors of Century Bancorp, Inc. declared
a special one-time cash dividend of $30.00 for each share of the Company's
issued and outstanding common stock to be paid on April 6, 1998 to shareholders
of record on March 27, 1998. The Company anticipates that the dividend will be
considered a return of capital and as such would be reviewed 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. In addition, on March 17,
1998, the Board declared a share dividend of three shares per share on the
423,626 issued and outstanding shares of the Company's common stock. The share
dividend also is to be paid on April 6, 1998 to shareholders of record on March
27, 1998.
A copy of the press release announcing the special dividend and the share
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.
CENTURY BANCORP, INC.
Date: March 18, 1998 By: /s/ James G. Hudson
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James G. Hudson, President
and Chief Executive Officer
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EXHIBIT INDEX
Exhibit No. Description
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(99)(a) Press Release dated
March 17, 1998
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Exhibit (99)(a)
CENTURY BANCORP, INC.
22 Winston Street
Thomasville, North Carolina 27360
Phone: 336-475-4663
Fax: 336-476-8889
News Release
March 17, 1998
Contact: James G. Hudson, Jr.
President
(336) 475-4663
THOMASVILLE, NC - Century Bancorp, Inc., the parent holding company for Home
Savings, Inc., SSB, announced today that its Board of Directors declared a one-
time cash dividend of $30.00 per share on the 423,623 issued and outstanding
shares of the Company's common stock to be paid on April 6, 1998 to shareholders
of record on March 27, 1998. The Company anticipates that the dividend will be
considered a return of capital thereby reducing the shareholder's basis in each
share of Century Bancorp, Inc. stock and thus would not be taxable as a regular
dividend.
In addition, on March 17, 1998, the Board declared a share dividend of three
shares per share on the 423,623 issued and outstanding shares of the Company's
common stock. The share dividend also is to be paid on April 6, 1998 to
shareholders of record on March 27, 1998.
Due to the magnitude of the dividend declared today in relation to Century
Bancorp's share price, NASDAQ has determined that the Company's shares of common
stock will trade ex-dividend on April 7, 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 and the share dividend to the buyer(s) of those
shares.
Century Bancorp, Inc. is traded on the NASDAQ Small-Cap Market under the symbol
"CENB".
