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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): July 2, 1999
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Innes Street Financial Corporation
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(Exact name of Company as specified in its charter)
North Carolina 333-63363 56-2101799
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
401 W. Innes Street Salisbury, NC 28144
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(Address of principal executive offices) (Zip Code)
Company's telephone number, including area code: (704) 633-2341
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On July 2, 1999, Innes Street Financial Corporation (the "Company")
announced that its Board of Directors had adopted a stock repurchase plan.
Under the stock repurchase plan, the Company will be able to repurchase shares
of its outstanding common stock in the open market at appropriate times to allow
it to enhance the value of its stock for its shareholders and to manage its
capital. The Board of Directors has authorized the repurchase of up to 5% of the
Company's common stock that is issued and outstanding at the present time. The
Board's action will allow management to make repurchases, without further Board
approval, when stock repurchases are deemed prudent. Stock repurchases will be
made in accordance with Rule 10b-18(b) of the Regulations issued under the
Securities Exchange Act of 1934.
Item 7. Exhibits
Exhibit 1: Press Release of the Company Dated July 2, 1999
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
INNES STREET FINANCIAL CORPORATION
Date: July 15, 1999 By: /s/Ronald E. Bostian
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Ronald E. Bostian, President and
Chief Executive Officer
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Exhibit 1.
For Immediate Release
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News Release
July 2, 1999
Contact: Ronald E. Bostian
(704) 633-2341
INNES STREET FINANCIAL CORPORATION
Announces Commencement of Stock Repurchase Program
Salisbury, N.C. July 2, 1999 Innes Street Financial Corporation
(NASDAQ;ISFC), the holding company for Citizens Bank, FSB, announced today it
will commence its Stock Repurchase Program. The Stock Repurchase Program
authorizes the holding company to repurchase up to 112,412 shares. At present,
there are 2,248,250 shares outstanding. Then the repurchase will be made from
time to time at the discretion of management of the holding company in the open
market or privately negotiated transactions.
Innes Street Financial Corporation is a publicly owned unitary thrift holding
company and the parent corporation of Citizens Bank, a federally chartered
thrift offering traditional products and services. The Bank conducts its
business through its main office located at 401 West Innes Street, Salisbury,
N.C. and one branch in Rockwell, N.C., and one branch in Statesville, N.C.
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