CENTURY BANCORP INC /NC
8-K, 1999-06-18
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED
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<PAGE>

                       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): June 16, 1999

                              Century Bancorp, Inc.
                ------------------------------------------------
             (Exact name of registrant as specified in its charter)



       North Carolina                   000-21881              56-1981518
- ----------------------------        -----------------       -------------------
(State or other jurisdiction           (Commission           (IRS Employer
     of incorporation)                 File Number)         Identification No.)





                                22 Winston Street
                        Thomasville, North Carolina 27360
                    ----------------------------------------
                    (Address of principal executive offices)





Registrant's telephone number, including area code:  (336) 475-4663


                                       N/A
          -------------------------------------------------------------
          (Former name or former address, if changed since last report)
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Item 5.  Other Events

          On June 16, 1999, Century Bancorp, Inc. (the "Registrant") announced
that its Board of Directors had amended its stock repurchase plan to delete a
provision which prevented the Registrant from using more than 10% of its
consolidated net worth to make repurchases during any 12 month period. A copy of
the press release announcing the amendment 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: June 18, 1999             By:  /s/   James G. Hudson, Jr.
                                   ----------------------------------------
                                       James G. Hudson, Jr., President
                                         and Chief Executive Officer
<PAGE>

                                  EXHIBIT INDEX


Exhibit No.     Description
- -----------     -----------

    99          Press Release of the Registrant distributed June 16, 1999

<PAGE>

FOR IMMEDIATE RELEASE

DATE:   June 16, 1999


                                                 FOR ADDITIONAL INFORMATION

                                                 James G. Hudson, Jr., President
                                                 Century Bancorp, Inc.
                                                 (336) 475-4663


                         CENTURY BANCORP, INC. ANNOUNCES
                       AMENDMENT TO 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 an
amendment to its stock repurchase plan. The amendment deleted a provision to the
stock repurchase plan which provided that Century Bancorp could not use more
than 10% of its consolidated net worth to make repurchases during any 12 month
period. Under the amended plan, Century Bancorp could use more than 10% of its
consolidated net worth to make repurchases during a 12 month period if no
applicable federal or state law, rule or regulation would be violated.

         As of March 31, 1999, Century Bancorp had consolidated assets of
$91,757,720, consolidated stockholders' equity of $18,320,162 and 1,194,719
shares outstanding. The company's wholly owned subsidiary, Home Savings, Inc.,
SSB, is located in Thomasville, North Carolina. Century Bancorp's common stock
is listed for quotation on the Nasdaq Small Cap market under the symbol "CENB".


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