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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): June 17, 1999
1st State Bancorp, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Virginia 0-25859 56-2130744
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(State or Other Jurisdiction (Commission (I .R.S. Employer
of Incorporation) File Number) Identification No.)
445 S. Main Street, Burlington, North Carolina 27215
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(336) 227-8861
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
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On June 17, 1999, the Board of Directors of the Registrant
announced that it has established a policy for the payment of
quarterly cash dividends. The first dividend, payable August
10, 1999 to stockholders of record at the close of business on
July 15, 1999, will be in the amount of $.08 per share.
Further information regarding the quarterly cash dividend
is set forth in a press release dated June 17, 1999, attached as
Exhibit 99.1 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
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AND EXHIBITS
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Exhibit 99.1 Press Release dated June 17, 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.
1ST STATE BANCORP, INC.
Date: June 28, 1999 By: /s/ James C. McGill
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James C. McGill
President and Chief Executive Officer
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PRESS RELEASE - June 17, 1999 FOR IMMEDIATE RELEASE:
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For more information contact:
1ST STATE BANCORP, INC. James C. McGill or
A. Christine Baker
(336) 227-8861
1ST STATE BANCORP, INC. ANNOUNCES QUARTERLY CASH DIVIDEND POLICY
Burlington, North Carolina 1st State Bancorp, Inc. (Nasdaq:FSBC)
1st State Bancorp, Inc., headquartered in Burlington, North
Carolina, announced today that its Board of Directors has
established a policy for the payment of quarterly cash
dividends. The first quarterly cash dividend will be in the
amount of $0.08 per share and will be paid on August 10, 1999 to
stockholders of record at the close of business on July 15,
1999.
James C. McGill, the Company's President, stated that the
Board of Directors determined that the payment of quarterly
dividends was appropriate in light of the Company's financial
condition and results of operations. He noted that future
dividends will be dependent upon the Company's financial
condition, earnings, capital needs, regulatory requirements and
economic conditions.
1st State Bancorp, Inc. is the parent holding company of
1st State Bank, a North Carolina-chartered commercial bank. The
Bank serves Alamance County in north central North Carolina from
its six full-service branch offices. The Company's common stock
trades on the Nasdaq National Market under the symbol FSBC.
This press release contains statements that are
forward-looking, as that term is defined by the Private
Securities Litigation Act of 1995 or the Securities and Exchange
Commission in its rules, regulations, and releases. The Company
intends that such forward-looking statements are based on
current expectations regarding important risk factors including,
but not limited to, the impact of interest rates on financing
and year 2000 issues. Accordingly, actual results may differ
from those expressed in the forward-looking statements, and the
making of such statements should not be regarded as a represen-
tation by the Company or any other person that results expressed
therein will be achieved.
