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 September 9, 1999)
BOC FINANCIAL CORP.
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(Exact name of Registrant as specified in its charter)
NORTH CAROLINA 000-24245 56-6511744
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(State or other jurisdiction (Commission File No.) (IRS Employer Identification
of incorporation) number)
107 SOUTH CENTRAL AVENUE, LANDIS, NORTH CAROLINA 28088
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(Address of principal executive offices)
Registrant's telephone number, including area code (704) 857-7277
NOT APPLICABLE
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(Former address of principal executive offices)
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ITEM 5 OTHER EVENTS.
On September 9, 1999, the Board of Directors of the Registrant authorized the
issuance of shares of the Registrant's $1.00 par value common stock permitted
under the Management Recognition Plan ("MRP"), previously approved by the
shareholders. The total number of shares distributed under the MRP totals
37,029. The Board of Directors allocated the MRP shares in the following manner:
Stephen R. Talbert 10,929
Henry H. Land 6,400
John A. Drye 6,400
Susan Linn Norvell 6,400
Lynne Scott Safrit 6,400
Colleen M. Bostian 100
James H. Harris, III 100
Nancy B. Misenheimer 100
Lisa Blalock Ashley 100
Lynnette S. Walters 100
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Total 37,029
On September 9, 1999, the Board of Directors of the Registrant declared the one
time return of capital dividend in the amount of $3.50 per share of its common
stock. The dividend is payable on October 8, 1999 to shareholders of record on
September 24, 1999.
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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.
BOC FINANCIAL CORP.
BY: /s/ Stephen R. Talbert
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Stephen R. Talbert, Chief Executive Officer
Dated: October 5, 1999
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION OF EXHIBIT
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21 Press Release dated September 15, 1999
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BOC FINANCIAL CORP
107 South Central Avenue
Landis, North Carolina 28088-1503
September 15, 1999
PRESS RELEASE
FOR IMMEDIATE RELEASE
For Further Information Contact:
Stephen R. Talbert, President and CEO
(704) 857-7277
BOC FINANCIAL CORP DECLARES RETURN OF CAPITAL DIVIDEND
Landis, North Carolina. On September 9, 1999 the Board of Directors of BOC
Financial Corp declared a one time return of capital dividend in the amount of
$3.50 per share payable October 8, 1999 to shareholders of record on September
24, 1999. In declaring the dividend, the Board of Directors noted that the
company and its subsidiary, Bank of the Carolinas, remain "well capitalized" and
that the aggregate cash dividend of $2,817,500 would not have an impact on the
operations of either the corporation or the bank subsidiary. Mr. Stephen
Talbert, President commented: "Being so overly capitalized as we are has had a
negative impact on our performance ratios as compared to our peers. The Board of
Directors believes that this prudent step of a small reduction in our capital
base will be helpful in that regard."
***END OF RELEASE***
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