<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended SEPTEMBER 30, 2000
--------------------------
[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
---------- ----------
COMMISSION FILE NUMBER: 333-19081
GBC Bancorp, Inc.
-------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Georgia 58-2265327
------------------------------- -------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
165 NASH STREET, LAWRENCEVILLE, GEORGIA 30045
----------------------------------------------
(Address of principal executive offices)
(770) 995-0000
---------------------------
(Issuer's telephone number)
N/A
---------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since
last report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
------- ---------
State the number of shares outstanding of each of the issuer's classes of common
equity, as of November 1, 2000: 951,580; $1 par value
Transitional Small Business Disclosure Format Yes No X
------- -------
<PAGE> 2
GBC BANCORP, INC. AND SUBSIDIARY
================================================================================
INDEX
<TABLE>
PAGE
----
<S> <C> <C>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET - SEPTEMBER 30, 2000................................3
CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME - THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999.............................4
CONSOLIDATED STATEMENTS OF CASH FLOWS - NINE
MONTHS ENDED SEPTEMBER 30, 2000 AND 1999......................................5
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.....................................6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS..........................7
PART II. OTHER INFORMATION
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS......................14
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K.........................................14
SIGNATURES........................................................................15
</TABLE>
2
<PAGE> 3
PART I - FINANCIAL INFORMATION
FINANCIAL STATEMENTS
GBC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2000
(UNAUDITED)
ASSETS
<TABLE>
<S> <C>
Cash and due from banks $ 338,308
Federal funds sold 18,020,000
Securities available-for-sale, at fair value 8,890,425
Loans 65,951,808
Less allowance for loan losses 998,129
------------
Loans, net 64,953,679
Premises and equipment 465,905
Other assets 1,842,759
------------
TOTAL ASSETS $ 94,511,076
============
LIABILITIES AND STOCKHOLDERS' EQUITY
DEPOSITS
Demand $ 11,539,954
Interest-bearing demand 9,034,800
Savings 7,201,246
Time 57,001,659
------------
TOTAL DEPOSITS 84,777,659
Other liabilities 660,563
------------
TOTAL LIABILITIES 85,438,222
------------
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY
Common stock, par value $1; 3,000,000 shares authorized;
951,580 shares issued and outstanding 951,580
Capital surplus 8,540,327
Accumulated deficit (262,529)
Accumulated other comprehensive loss (156,524)
------------
TOTAL STOCKHOLDERS' EQUITY 9,072,854
------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 94,511,076
============
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
3
<PAGE> 4
GBC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 AND
NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
--------------------------- ---------------------------
2000 1999 2000 1999
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans $1,848,929 $ 1,070,573 $4,863,258 $ 2,811,722
Taxable securities 147,758 99,564 433,743 224,559
Federal funds sold 284,230 61,803 421,915 145,403
---------- ----------- ---------- -----------
TOTAL INTEREST INCOME 2,280,917 1,231,940 5,718,916 3,181,684
---------- ----------- ---------- -----------
INTEREST EXPENSE
Deposits 1,106,975 405,371 2,512,669 978,801
Federal funds purchased -- -- 4,692 --
---------- ----------- ---------- -----------
TOTAL INTEREST EXPENSE 1,106,975 405,371 2,517,361 978,801
---------- ----------- ---------- -----------
NET INTEREST INCOME 1,173,942 826,569 3,201,555 2,202,883
PROVISION FOR LOAN LOSSES 117,582 63,200 375,651 187,621
---------- ----------- ---------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,056,360 763,369 2,825,904 2,015,262
---------- ----------- ---------- -----------
OTHER INCOME
Service charges on deposit accounts 31,084 16,808 87,019 45,461
Other income 20,781 19,999 125,887 90,405
---------- ----------- ---------- -----------
51,865 36,807 212,906 135,866
---------- ----------- ---------- -----------
OTHER EXPENSES
Salaries and employee benefits 443,255 323,621 1,293,761 972,189
Equipment and occupancy expenses 185,702 149,160 536,457 436,973
Other operating expenses 167,775 136,524 481,911 403,099
---------- ----------- ---------- -----------
796,732 609,305 2,312,129 1,812,261
---------- ----------- ---------- -----------
NET INCOME BEFORE INCOME TAXES 311,493 190,871 726,681 338,867
INCOME TAX EXPENSE -- -- -- --
---------- ----------- ---------- -----------
NET INCOME 311,493 190,871 726,681 338,867
---------- ----------- ---------- -----------
OTHER COMPREHENSIVE INCOME (LOSS):
Unrealized gains (losses) on securities
available-for-sale arising during period 138,205 (55,152) 102,266 (200,747)
---------- ----------- ---------- -----------
COMPREHENSIVE INCOME $ 449,698 $ 135,719 $ 828,947 $ 138,120
========== =========== ========== ===========
BASIC AND DILUTED EARNINGS PER COMMON SHARE $ 0.33 $ 0.20 $ 0.76 $ 0.36
========== =========== ========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING
(BASIC AND DILUTED) 951,580 950,080 951,580 950,080
========== =========== ========== ===========
CASH DIVIDENDS PER SHARE OF COMMON STOCK $ -- $ -- $ -- $ --
========== =========== ========== ===========
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
4
<PAGE> 5
GBC BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(UNAUDITED)
<TABLE>
<CAPTION>
2000 1999
------------ ------------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 726,681 $ 338,867
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 181,050 158,023
Provision for loan losses 375,651 187,621
Gain on sales of other real estate owned (12,387) --
Increase in interest receivable (242,534) (98,269)
Increase in interest payable 296,852 9,638
Other operating activities 50,318 (74,668)
------------ ------------
Net cash provided by operating activities 1,375,631 521,212
------------ ------------
INVESTING ACTIVITIES
Purchases of securities available-for-sale (1,951,166) (6,598,532)
Proceeds from maturities of securities available-for-sale -- 3,500,000
Net increase Federal funds sold (11,370,000) (4,470,000)
Net increase in loans (22,839,590) (11,934,721)
Proceeds from sales of other real estate owned 1,092,296 --
Purchase of premises and equipment (155,327) (75,302)
------------ ------------
Net cash used in investing activities (35,223,787) (19,578,555)
------------ ------------
FINANCING ACTIVITIES
Net increase in deposits 30,993,817 19,649,929
------------ ------------
Net cash provided by financing activities 30,993,817 19,649,929
------------ ------------
Net increase (decrease) in cash and due from banks (2,854,339) 592,586
Cash and due from banks at beginning of period 3,192,647 1,600,046
------------ ------------
Cash and due from banks at end of period $ 338,308 $ 2,192,632
============ ============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest $ 2,220,509 $ 969,163
NONCASH TRANSACTIONS
Unrealized (gains) losses on securities available-for-sale $ (102,266) $ 200,747
Principal balances of loans transferred to other real estate $ 1,121,909 $ --
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
5
<PAGE> 6
GBC BANCORP, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION
The consolidated financial information for GBC Bancorp, Inc. (the
"Company") included herein is unaudited; however, such information
reflects all adjustments (consisting solely of normal recurring
adjustments) which are, in the opinion of management, necessary for a
fair statement of results for the interim period.
The results of operations for the three and nine month periods ended
September 30, 2000 are not necessarily indicative of the results to be
expected for the full year.
NOTE 2. CURRENT ACCOUNTING DEVELOPMENTS
In June 1998, the Financial Accounting Standards Board issued SFAS No.
133, "Accounting for Derivative Instruments and Hedging Activities".
The effective date of this statement has been deferred by SFAS No. 137
until fiscal years beginning after June 15, 2000. However, the
statement permits early adoption as of the beginning of any fiscal
quarter after its issuance. The Company expects to adopt this statement
effective January 1, 2001. SFAS No. 133 requires the Company to
recognize all derivatives as either assets or liabilities in the
balance sheet at fair value. For derivatives that are not designated as
hedges, the gain or loss must be recognized in earnings in the period
of change. For derivatives that are designated as hedges, changes in
the fair value of the hedged assets, liabilities, or firm commitments
must be recognized in earnings or recognized in other comprehensive
income until the hedged item is recognized in earnings, depending on
the nature of the hedge. The ineffective portion of a derivative's
change in fair value must be recognized in earnings immediately.
Management does not believe the adoption of SFAS No. 133 will have a
material effect on the Company's earnings or financial position.
There are no other recent accounting pronouncements that have had, or
are expected to have, a material effect on the Company's financial
statements.
6
<PAGE> 7
GBC BANCORP, INC. AND SUBSIDIARY
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The following is management's discussion and analysis of certain
significant factors which have affected the financial position and
operating results of the Company and its bank subsidiary, Gwinnett
Banking Company (the "Bank"), during the periods included in the
accompanying consolidated financial statements.
FORWARD-LOOKING STATEMENTS
The Company may from time to time make written or oral forward-looking
statements, including statements contained in the Company's filings
with the Securities and Exchange Commission and its reports to
stockholders. Statements made, other than those concerning historical
information, should be considered forward-looking and subject to
various risks and uncertainties. Such forward-looking statements are
made based upon management's belief as well as assumptions made by, and
information currently available to, management pursuant to "safe
harbor" provisions of the Private Securities Litigation Reform Act of
1995. The Company's actual results may differ materially from the
results anticipated in forward-looking statements due to a variety of
factors, including governmental monetary and fiscal policies, deposit
levels, loan demand, loan collateral values, securities portfolio
values, interest rate risk management, the effects of competition in
the banking business from other commercial banks, thrifts, mortgage
banking firms, consumer finance companies, credit unions, securities
brokerage firms, insurance companies, money market funds and other
financial institutions operating in the Company's market area and
elsewhere, including institutions operating through the Internet,
changes in governmental regulation relating to the banking industry,
including regulations relating to branching and acquisitions, failure
of assumptions underlying the establishment of reserves for loan
losses, including the value of collateral underlying delinquent loans
and other factors. The Company cautions that such factors are not
exclusive. The Company does not undertake to update any forward-looking
statement that may be made from time to time by, or on behalf of, the
Company.
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2000, the liquidity ratio of the Company, as
determined under guidelines established by regulatory authorities, was
satisfactory. Management considers the Company's liquidity to be
adequate to meet operating and loan funding requirements. The liquidity
ratio (i.e. cash, short-term assets and marketable assets divided by
deposits) for the Company was approximately 32%. As the Company grows,
management will continue to monitor liquidity and make adjustments as
deemed necessary.
7
<PAGE> 8
At September 30, 2000, the capital ratios of the Company and the Bank
were adequate based on regulatory minimum capital requirements. The
minimum capital requirements and the actual capital ratios for the
Company and the Bank are as follows:
<TABLE>
<CAPTION>
ACTUAL
-------------------
GBC GWINNETT REGULATORY
BANCORP, BANKING MINIMUM
INC. COMPANY REQUIREMENT
-------- -------- -----------
<S> <C> <C> <C>
Leverage capital ratios 10.29% 9.97% 4.00%
Risk-based capital ratios:
Core capital 12.88 12.48 4.00
Total capital 14.13 13.73 8.00
</TABLE>
As the Company continues to grow and the loan portfolio increases, the
capital ratios will decrease to levels closer to, but still in excess
of regulatory minimum requirements.
8
<PAGE> 9
FINANCIAL CONDITION
Following is a summary of the Company's balance sheets for the periods
indicated:
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
2000 1999 INCREASE (DECREASE)
----------------- --------------- ------------------------------
(DOLLARS IN THOUSANDS) AMOUNT PERCENT
------------------------------------ ------------- --------
<S> <C> <C> <C> <C>
Cash and due from banks $ 338 $ 3,193 $ (2,855) (89.41)%
Federal funds sold 18,020 6,650 11,370 170.98
Securities 8,890 6,837 2,053 30.03
Loans, net 64,954 43,612 21,342 48.94
Equipment 466 491 (25) (5.09)
Other assets 1,843 1,549 294 18.98
---------------- ---------------- -------------
$ 94,511 $ 62,332 $ 32,179 51.63
================ ================ =============
Deposits $ 84,778 $ 53,784 $ 30,994 57.63%
Other liabilities 660 304 356 117.11
Stockholders' equity 9,073 8,244 829 10.06
---------------- ---------------- -------------
$ 94,511 $ 62,332 $ 32,179 51.63
================ ================ =============
</TABLE>
As indicated in the above table, the Company's total assets grew at a rate of
51.63%. Deposit growth of $30,994,000 and reduced levels of cash were invested
in loans, securities, and Federal funds sold. The Company's loan to deposit
ratio has decreased from 82.34% at December 31, 1999 to 77.79% at September 30,
2000, indicating that deposit growth associated with higher rates paid on
deposits has outpaced the loan demand in the Company's primary market area of
Gwinnett County, Georgia. Stockholders' equity has increased by $829,000 due to
net income of $727,000 and decreased unrealized losses on securities
available-for-sale of $102,000.
The Company has received approval from its regulatory authorities to open branch
banking facilities in Alpharetta, Georgia. Management expects to begin branch
operations by December 1, 2000. The Company has entered into a five year lease
agreement to lease the facilities at a monthly cost of approximately $9,100. The
Company anticipates expending approximately $500,000 for leasehold improvements
and other equipment.
9
<PAGE> 10
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 AND
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
Following is a summary of the Company's operations for the periods indicated.
<TABLE>
<CAPTION>
THREE MONTHS ENDED
SEPTEMBER 30,
------------------------------------
2000 1999 INCREASE (DECREASE)
----------------- ----------------- --------------------------------
(DOLLARS IN THOUSANDS) AMOUNT PERCENT
------------------------------------ ----------------- --------
<S> <C> <C> <C> <C>
Interest income $ 2,281 $ 1,232 $ 1,049 85.15%
Interest expense 1,107 405 702 173.08
----------------- ----------------- ---------------
Net interest income 1,174 827 347 42.03
Provision for loan losses 118 63 55 86.05
Other income 52 37 15 40.91
Other expense 797 610 187 30.76
---------------- ----------------- ---------------
Net income $ 311 $ 191 $ 120 63.20%
================ ================= ===============
</TABLE>
<TABLE>
<CAPTION>
NINE MONTHS ENDED
SEPTEMBER 30,
-----------------------------------
2000 1999 INCREASE (DECREASE)
---------------- ---------------- ----------------------------------
(DOLLARS IN THOUSANDS) AMOUNT PERCENT
----------------------------------- ---------------- ----------
<S> <C> <C> <C> <C>
Interest income $ 5,719 $ 3,182 $ 2,537 79.74%
Interest expense 2,517 979 1,538 157.19
---------------- ---------------- ----------------
Net interest income 3,202 2,203 999 45.33
Provision for loan losses 376 188 188 100.22
Other income 213 136 77 56.70
Other expense 2,312 1,812 500 27.58
---------------- ---------------- ----------------
Net income $ 727 $ 339 $ 388 114.44%
================ ================ ================
</TABLE>
The Company's net interest income increased by $347,000 and $999,000 for the
third quarter and first nine months of 2000 as compared to the same periods in
1999. The Company's net interest margin decreased to 6.01% during the first nine
months of 2000 as compared to 7.36% for the first nine months of 1999 and 7.21%
for the entire year of 1999. The increase in the net interest income is due
primarily to the increased volume of average loans and related loan fees. The
decrease in the net interest margin is due to the increase of securities and
Federal funds sold as components of total interest-earning assets which yield
less than loans, coupled with the increase in rates paid on deposits. The
average rate paid on deposits was 5.74% for the first nine months of 2000 as
compared to 4.82% for the first nine months of 1999 and 4.96% for the entire
year of 1999.
10
<PAGE> 11
The provision for loan losses increased by $55,000 and $188,000 for the third
quarter and first nine months of 2000 as compared to the same periods in 1999.
The increase is due to a combination of increased net charge-offs of $44,000 and
overall loan growth, as well as inherent risk in the loan portfolio. Management
does not believe the increases in net charge-offs indicate any significant
negative trend in the overall credit quality of the loan portfolio. The
Company's allowance for loan losses as a percentage of total loans amounted to
1.51% at September 30, 2000 as compared to 1.52% at December 31, 1999. The
allowance for loan losses is maintained at a level that is deemed appropriate by
management to adequately cover all known and inherent risks in the loan
portfolio. Management's evaluation of the loan portfolio includes a continuing
review of loan loss experience, current economic conditions which may affect the
borrower's ability to repay and the underlying collateral value.
Information with respect to nonaccrual, past due and restructured loans is as
follows:
<TABLE>
<CAPTION>
SEPTEMBER 30,
----------------------------------------
2000 1999
------------------ -------------------
(DOLLARS IN THOUSANDS)
----------------------------------------
<S> <C> <C>
Nonaccrual loans $ 0 $ 0
Loans contractually past due ninety days or more as to interest
or principal payments and still accruing 0 0
Restructured loans 0 0
Loans, now current about which there are serious doubts as to the
ability of the borrower to comply with loan repayment terms 0 0
Interest income that would have been recorded on nonaccrual
and restructured loans under original terms 2 0
Interest income that was recorded on nonaccrual and restructured loans 0 0
</TABLE>
It is the policy of the Bank to discontinue the accrual of interest income when,
in the opinion of management, collection of such interest becomes doubtful. This
status is accorded such interest when (1) there is a significant deterioration
in the financial condition of the borrower and full repayment of principal and
interest is not expected and (2) the principal or interest is more than ninety
days past due, unless the loan is both well-secured and in the process of
collection.
Loans classified for regulatory purposes as loss, doubtful, substandard, or
special mention that have not been included in the table above do not represent
or result from trends or uncertainties which management reasonably expects will
materially impact future operating results, liquidity, or capital resources.
These classified loans do not represent material credits about which management
is aware of any information which causes management to have serious doubts as to
the ability of such borrowers to comply with the loan repayment terms.
11
<PAGE> 12
Information regarding certain loans and allowance for loan loss data is as
follows:
<TABLE>
<CAPTION>
NINE MONTHS ENDED
SEPTEMBER 30,
-----------------------------------
2000 1999
----------------- ---------------
(DOLLARS IN THOUSANDS)
-----------------------------------
<S> <C> <C>
Average amount of loans outstanding $ 53,739 $ 31,126
================ ================
Balance of allowance for loan losses at beginning of period $ 674 $ 373
---------------- ----------------
Loans charged off
Commercial and financial $ 42 $ 0
Real estate construction 10 0
Instalment 0 0
Other 0 8
---------------- ----------------
52 8
---------------- ----------------
Loans recovered
Commercial and financial 0 0
Real estate construction 0 0
Instalment 0 0
---------------- ----------------
0 0
---------------- ----------------
Net charge-offs 52 8
---------------- ----------------
Additions to allowance charged to
operating expense during period 376 188
---------------- ----------------
Balance of allowance for loan losses at end of period $ 998 $ 553
================ ================
Ratio of net loans charged off during the period to
average loans outstanding .10% .03%
================ ================
</TABLE>
Other income increased by $15,000 and $77,000 for the third quarter and first
nine months of 2000 as compared to the same periods in 1999, due to increased
service charges on deposit accounts associated with the overall deposit growth
and other miscellaneous fees.
Other expenses increased by $187,000 and $500,000 for the third quarter and
first nine months of 2000 as compared to the same periods in 1999. Salaries and
employee benefits have increased by $120,000 and $322,000 during these periods
due to an increase in the number of full time equivalent employees to 26 as of
September 30, 2000 from 23 as of September 30, 1999 and to normal salary
increases. Equipment and occupancy expenses have increased by $36,000 and
$99,000 during these periods due to increased building lease expense, equipment
depreciation, and service contracts. Other operating expenses have increased by
$31,000 and $79,000 during these periods due to the overall growth of the
Company.
12
<PAGE> 13
The Company has recorded no provision for income taxes due to cumulative net
operating losses.
The Company is not aware of any known trends, events or uncertainties, other
than the effect of events as described above, that will have or that are
reasonably likely to have a material effect on its liquidity, capital resources
or operations. The Company is also not aware of any current recommendations by
the regulatory authorities which, if they were implemented, would have such an
effect.
13
<PAGE> 14
PART II - OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
(a) The annual meeting of the stockholders of the Company
was held on August 15, 2000.
(b) The following directors were selected at the meeting
to serve terms for the upcoming year:
James B. Ballard Douglas A. Langley
Jerry M. Boles Norris J. Nash
W. H. Britt Joseph J. Powell
Richard F. Combs William S. Stanton, Jr.
William G. Hayes Larry D. Key
The shares represented at the meeting (680,987 or
71.56%) voted as follows:
<TABLE>
<CAPTION>
ITEM (B)
# OF
SHARES
--------
<S> <C>
For 680,987
Against -
Abstained -
--------
Total 680,987
========
</TABLE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits.
27. Financial Data Schedule (for SEC use only).
(b) Reports on Form 8-K.
None.
14
<PAGE> 15
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
GBC BANCORP, INC.
(Registrant)
DATE: November 10, 2000 BY: /s/ Larry D. Key
----------------- --------------------------------------------------
Larry D. Key, President
(Principal Executive Officer)
DATE: November 10, 2000 BY: /s/ John Hopkins
----------------- --------------------------------------------------
John Hopkins, Chief Financial Officer
(Principal Financial and Accounting Officer)
15
