FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 19, 1998
SouthBanc Shares, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-23751 58-2361245
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State or other jurisdiction Commission (I.R.S. Employer
of incorporation File Number Identification No.)
907 N. Main Street, Anderson, South Carolina 29621
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number (including area code): (864) 225-0241
Not Applicable
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(Former name or former address, if changed since last report)
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Item 4. Changes in Registrant's Certifying Accountant
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(a) On May 19, 1998, the Registrant's Board of Directors, at the
recommendation of its Audit Committee, terminated the engagement of KPMG Peat
Marwick LLP, Greenville, South Carolina, as the Registrant's certifying
accountants.
The report of KPMG Peat Marwick LLP on the financial statements of
Perpetual Bank, A Federal Savings Bank ("Savings Bank"), the Registrant's
wholly-owned subsidiary, for either of the last two fiscal years did not
contain an adverse opinion or a disclaimer of opinion and was not qualified or
modified as to uncertainty, audit scope, or accounting principles.
During the Registrant's and the Savings Bank's two most recent
fiscal years and subsequent interim periods preceding the date of termination
of the engagement of KPMG Peat Marwick LLP, neither the Registrant nor the
Savings Bank was not in disagreement with KPMG Peat Marwick LLP on any matter
of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure, which disagreement, if not resolved to the
satisfaction of KPMG Peat Marwick LLP, would have caused KPMG Peat Marwick LLP
to make reference to the subject matter of the disagreement in connection with
its report.
The required letter from KPMG Peat Marwick LLP with respect to the
above statements concerning it will be filed as an amendment hereto.
(b) On May 19, 1998, the Registrant's Board of Directors, at the
recommendation of its Audit Committee, engaged Elliott, Davis & Company, LLP,
Greenville, South Carolina, as the Registrant's certifying accountants.
Neither the Registrant nor the Savings Bank has consulted with Elliott, Davis
& Company, LLP during its two most recent fiscal years nor during any
subsequent interim period prior to its engagement regarding the application of
accounting principles to a specified transaction, either completed or
proposed, or the type of audit opinion that might be rendered on the
Registrant's financial statements.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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None.
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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.
SOUTHBANC SHARES, INC.
Date: May 22, 1998 By: /s/ Robert W. Orr
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Robert W. Orr
President and Chief Executive Officer
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