SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended December 31, 1999
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED].
For the transition period from _______________ to ______________________
Commission File Number 0-23971
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A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Gaston Federal Bank Employees' Savings & Profit Sharing Plan and Trust
B: Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Gaston Federal Bancorp, Inc.
245 West Main Avenue
P.O. Box 2249
Gastonia, North Carolina 28053-2249
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SUMMARY ANNUAL REPORT
FOR GASTON FEDERAL BANK EMPLOYEES' SAVINGS &
PROFIT SHARING PLAN AND TRUST
This is a summary of the annual report for the Gaston Federal Bank Employees'
Savings & Profit Sharing Plan and Trust, EIN 56-0233080, Plan No. 004, for the
period January 1, 1999 through December 31, 1999.
Basic Financial Statement
Benefits under the plan are provided through a trust fund. Plan expenses were
$36,262. These expenses included $11,652 in administrative expenses and $24,610
in benefits paid to participants and beneficiaries. A total of 66 persons were
participants in or beneficiaries of the plan at the end of the plan year.
The value of plan assets, after subtracting liabilities of the plan, was
$2,553,630 as of December 31, 1999, compared to $2,289,545 as of January 1,
1999. During the plan year the plan experienced an increase in its net assets of
$264,085. This increase includes unrealized appreciation and depreciation in the
value of plan assets; that is, the difference between the value of the plan's
assets at the end of the year and the value of the assets at the beginning of
the year or the cost of assets acquired during the year. The plan had total
income of $300,347 including employer contributions of $50,725 and employee
contributions of $176,519.
Your Rights To Additional Information
You have the right to receive a copy of the full annual report. To obtain a copy
of the full annual report, or any part thereof, write or call Gaston Federal
Bank, 245 West Main Avenue P.O. Box 2249, Gastonia, NC 28053-2249, (704)
868-5200.
You also have the right to receive from the plan administrator, on request and
at no charge, a statement of the assets and liabilities of the plan and
accompanying notes, or a statement of income and expenses of the plan and
accompanying notes, or both. If you request a copy of the full annual report
from the plan administrator, these two statements and accompanying notes will be
included as part of that report.
You also have the legally protected right to examine the annual report at the
main office of the plan (Gaston Federal Bank, 245 West Main Avenue P.O. Box
2249, Gastonia, NC 28053-2249) and at the U.S. Department of Labor in
Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon
payment of copying costs. Requests to the Department should be addressed to:
Public Disclosure Room, N-5638, Pension and Welfare Benefits Administration,
U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.
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SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
GASTON FEDERAL BANK EMPLOYEES' SAVINGS &
PROFIT SHARING PLAN AND TRUST
Date: June 21, 2000 By: /s/ Paul L. Teem, Jr.
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Name: Paul L. Teem, Jr.
Title: Executive Vice President
and Secretary
