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 20, 2000
Southern Community Bancshares, Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-12373 63-1176408
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
325 2nd Street, S.E., Cullman, Alabama 35055
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (256) 734-4863
(Former name of former address, if changed from last report)
Item 5. Other Events.
On December 20, 2000, Southern Community Bancshares, Inc., a Delaware
Corporation (the Company) filed the Form 15 to effect a termination of
registration of its common stock under the Securities and Exchange Act of
1934. The Company issued a press release announcing the filing of the
Form 15 which is filed as an exhibit to this Current Report on Form 8-K.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
1 Press release dated December 20, 2000.
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.
SOUTHERN COMMUNITY BANCSHARES, INC.
Dated as of December 20, 2000 By:______________________________
William R. Faulk, President
EXHIBIT 1
PRESS RELEASE DATED DECEMBER 20, 2000
SOUTHERN COMMUNITY BANCSHARES, INC. FILES FORM 15 WITH SECURITIES AND
EXCHANGE COMMISSION
Southern Community Bancshares, Inc., the holding company for First Federal
Savings and Loan Association of Cullman, is announcing the filing of a
Form 15 with the Securities and Exchange Commission (the "SEC").
Southern Community Bancshares filed the Form 15 with the SEC in order to
effect a termination of registration of its common stock under the
Securities Exchange Act of 1934 (the "1934 Act").
Upon the effectiveness of the Form 15, which is anticipated to be within
90 days, the obligations of Southern Community Bancshares to file with the
SEC certain reports and forms, including 10-KSB, 10-QSB, 8-K and proxy
statements will cease. In addition, the common stock of Southern Community
Bancshares will no longer be eligible for quotation on the OTC Bulletin
Board.
Southern Community Bancshares is taking this action in order to reduce
corporate costs associated with being a "reporting company" under the
1934 Act. William R. Faulk, President and Chief Executive Officer stated
"After careful consideration, the board of directors determined to file the
Form 15 and take action to deregister the common stock under the 1934 Act.
Our common stock is held almost exclusively by people in the local
community and in recent years has been extremely thinly-traded. The board
of directors decided the advantages of being a 'reporting company' under
the 1934 Act do not offset the costs associated with SEC reporting
requirements. Subsequent to deregistration, Southern Community Bancshares
will incur significantly reduced accounting and legal fees and the
administrative burdens of our management will be reduced."
On December 23, 1996, Southern Community Bancshares issued its common stock
in connection with the conversion by First Federal from a mutually
chartered savings and loan association to a federal stock savings
association. In the offering, Southern Community Bancshares sold 1,137,350
shares of common stock, par value $.01, at an initial price of $10 per
share.
First Federal is the only subsidiary of Southern Community Bancshares and
operates two offices located in Cullman, Alabama.
SOURCE: Southern Community Bancshares, Inc.
