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 3, 2000
Great Pee Dee Bancorp, Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-23521 56-2050592
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
515 Market Street, Cheraw, South Carolina 29520
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (843) 537-7656
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 2. Acquisition or Disposition of Assets
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On March 3, 2000, First Federal Savings and Loan Association of Cheraw,
Cheraw, South Carolina, the wholly-owned subsidiary of Great Pee Dee Bancorp,
Inc., and Coastal Federal Savings Bank, Myrtle Beach, South Carolina, the
wholly-owned subsidiary of Coastal Financial Corporation, completed the purchase
of certain assets and the assumption of liabilities relating to Coastal
Federal's branch office located at 1385 Alice Drive in Florence, South Carolina.
The deposits of the Florence branch office totaled approximately $25 million as
of the date of the consummation, approximately $11 million of loans were
acquired, and a deposit premium of $2 million was paid by First Federal.
For further information, see the Registrant's press release dated March 6,
2000, which is included as Exhibit 99.1 to this report.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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The applicable pro forma and other financial information will be provided
by an amendment to this Form 8-K that will be filed within 60 days of the
required filing date of this Form 8-K.
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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.
GREAT PEE DEE BANCORP, INC.
INC.
DATE: March 15, 2000 By: /s/ Herbert W. Watts
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Herbert W. Watts
President and Chief Executive
Officer
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EXHIBIT INDEX
The following Exhibits are filed as part of this report:
Exhibit 99.1 - Press Release of First Federal Savings and Loan Association
of Cheraw
COASTAL FEDERAL SAVINGS BANK AND FIRST FEDERAL OF CHERAW
ANNOUNCE COMPLETION OF SALE OF FLORENCE OFFICE
Myrtle Beach, South Carolina, (March 6, 2000). Coastal Federal Savings
Bank, a subsidiary of Coastal Financial Corporation (Nasdaq/CFCP) and First
Federal Savings & Loan Association of Cheraw, a subsidiary of Great Pee Dee
Bancorp, Inc., today announced the closing of the purchase by First Federal of
Cheraw of the Florence, South Carolina branch office from Coastal Federal
Savings Bank. Coastal Federal transferred approximately $25 million in deposits
to First Federal and sold $10 million in loans in conjunction with this
transaction. Coastal Federal expects to record a pretax gain of approximately
$1.8 million related to this transaction. Separately, as of March 3, 2000, the
Board of Directors approved a restructuring of the securities portfolio. The
Bank expects to incur a pretax loss of $1.0 million to $1.8 million in the
securities portfolio restructuring.
Herbert W. Watts, President of First Federal of Cheraw, stated that the two
banks will work closely to ensure that the transition is orderly. Watts
continued "First Federal of Cheraw is excited to have the opportunity to serve
additional customers in the Florence market. Our style of banking is high touch
and relationship oriented, so the customers should notice very little change in
that regard."
Michael C. Gerald, President of Coastal Federal said, "We are very pleased
that the purchaser of our Florence office shares our commitment to providing a
high level of service in the delivery of financial services to the residents of
the Pee Dee Region. Our decision to sell the Florence office permits Coastal
Federal to better focus our efforts on coastal markets along the coast of North
and South Carolina and gain efficiency improvements."
