As filed with the Securities and Exchange Commission on July 9, 1997.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
SYNOVUS FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
Georgia 58-1134883
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
901 Front Avenue
Suite 301
Columbus, Georgia 31901
(Address of Principal (Zip Code)
Executive Offices)
--------------------------------------------------------------
SYNOVUS FINANCIAL CORP. 1996 EMPLOYEE LONG-TERM INCENTIVE PLAN
(Full Title of the Plan)
--------------------------------------------------------------
Kathleen Moates
Senior Vice President and Deputy General Counsel
Synovus Financial Corp.
901 Front Avenue
Suite 202
Columbus, Georgia 31901
(706) 649-4818
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
<TABLE>
<CAPTION>
CALCULATION OF REGISTRATION FEE
===================================================================================================================
Title of Proposed Proposed
Securities Amount Maximum Maximum Amount of
to be to be Offering Aggregate Registration
Registered Registered Price Per Share Offering Price Fee
- -------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
Common Stock,
$1.00 par value 6,000,000<F1> $28.44<F2> $170,640,000<F2> $51,709
Common Stock Rights 6,000,000 <F3> <F3> <F3>
<FN>
<F1> Maximum number of shares which may be issued by Synovus Financial Corp.
<F2> Determined pursuant to Rule 457(h) under the Securities Act of 1933
solely for the purpose of calculating the registration fee and
represents the average of the high and low prices of the Common Stock
of Synovus Financial Corp. on the New York Stock Exchange on July 7,
1997.
<F3> The Common Stock Rights (the "Rights") are attached to and trade with
the common stock of Synovus Financial Corp. The value, if any,
attributable to the Rights is reflected in the market price of the
Common Stock of Synovus Financial Corp.
</FN>
</TABLE>
1
<PAGE>
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents and information previously filed by Synovus Financial
Corp. (the "Company") with the Securities and Exchange Commission are
incorporated herein by reference in this Registration Statement as of their
respective dates:
a. The Company's Annual Report on Form 10-K for the fiscal year ended December
31, 1996.
b. All other reports filed pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 (the "Exchange Act") since the end of the
fiscal year covered by the Annual Report referred to in paragraph (a)
above.
c. (i) The description of the Company's Common Stock contained in the
Company's Registration Statement on Form 8-A filed with the
Securities and Exchange Commission on August 21, 1989.
(ii) The description of the Common Stock Rights of the Company appearing
in the Form of Rights Agreement incorporated by reference to Exhibit
1 of the Company's Registration Statement on Form 8-A dated May 3,
1989, filed with the Securities and Exchange Commission on May 3,
1989, pursuant to Section 12 of the Exchange Act.
All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act after the date of this Registration Statement and
prior to the filing of a post-effective amendment that indicates that all
securities offered have been sold or which deregisters all securities then
remaining unsold shall be deemed to be incorporated by reference in this
Registration Statement and to be part hereof from the date of filing such
documents.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
The legality of the securities offered hereby has been rendered by Kathleen
Moates, Deputy General Counsel of the Company. Ms. Moates owns shares of common
stock of the Company and is a participant in the Synovus Financial Corp. 1996
Employee Long-Term Incentive Plan.
2
<PAGE>
Item 6. Indemnification of Directors and Officers.
Subsection (a) of Section 14-2-851 of the Georgia Business Corporation Code
provides that a corporation may indemnify or obligate itself to indemnify an
individual made a party to a proceeding because he or she is or was a director
against liability incurred in the proceeding if such individual conducted
himself or herself in good faith and such individual reasonably believed, in the
case of conduct in an official capacity, that such conduct was in the best
interests of the corporation and, in all other cases, that such conduct was at
least not opposed to the best interests of the corporation and, in the case of
any criminal proceeding, such individual had no reasonable cause to believe such
conduct was unlawful. Subsection (d) of Section 14-2-851 of the Georgia Business
Corporation Code provides that a corporation may not indemnify a director in
connection with a proceeding by or in the right of the corporation except for
reasonable expenses incurred if it is determined that the director has met the
relevant standard of conduct, or in connection with any proceeding with respect
to conduct under Section 14-2-851 of the Georgia Business Corporation Code for
which he was adjudged liable on the basis that personal benefit was improperly
received by him. Notwithstanding the foregoing, pursuant to Section 14-2-854 of
the Georgia Business Corporation Code a court may order a corporation to
indemnify a director or advance expenses if such court determines that the
director is entitled to indemnification under the Georgia Business Corporation
Code or that the director is fairly and reasonably entitled to indemnification
in view of all the relevant circumstances, whether or not such director met the
standard of conduct set forth in subsections (a) and (b) of Section 14-2-851 of
the Georgia Business Corporation Code, failed to comply with Section 14-2-853 of
the Georgia Business Corporation Code or was adjudged liable as described in
paragraph (1) or (2) of subsection (d) of Section 14-2-851 of the Georgia
Business Corporation Code.
Section 14-2-852 of the Georgia Business Corporation Code provides that to the
extent that a director has been successful, on the merits or otherwise, in the
defense of any proceeding to which he was a party, because he or she is or was a
director of the corporation, the corporation shall indemnify the director
against reasonable expenses incurred by the director in connection therewith.
Section 14-2-857 of the Georgia Business Corporation Code provides that a
corporation may indemnify and advance expenses to an officer of the corporation
who is a party to a proceeding because he or she is an officer of the
corporation to the same extent as a director and if he or she is not a director
to such further extent as may be provided in its articles of incorporation,
bylaws, action of its board of directors or contract except for liability
arising out of conduct specified in Section 14-2-857(a)(2) of the Georgia
Business Corporation Code. Section 14-2-857 of the Georgia Business Corporation
Code also provides that an officer of the corporation who is not a director is
entitled to mandatory indemnification under Section 14-2-852 and is entitled to
apply for court ordered indemnification or advances for expenses under Section
14-2-854, in each case to the same extent as a director. In addition, Section
14-2-857 provides that a corporation may also indemnify and advance expenses to
an employee or agent who is not a director to the extent, consistent with public
policy, that may be provided by its articles of incorporation, bylaws, action of
its board of directors or contract.
In accordance with Article VIII of the Company's Bylaws, every person who is or
was (and the heirs and personal representatives of such person) a director,
officer, employee or agent of the Company shall be indemnified and held
harmless by the Company from and against the obligation to pay a
3
<PAGE>
judgment, settlement, penalty, fine (including an excise tax assessed with
respect to an employee benefits plan), and reasonable expenses (including
attorneys' fees and disbursements) that may be imposed upon or incurred by him
or her in connection with or resulting from any threatened, pending, or
completed, action, suit, or proceeding, whether civil, criminal, administrative,
investigative, formal or informal, in which he or she is, or is threatened to be
made, a named defendant or respondent: (a) because he or she is or was a
director, officer, employee, or agent of the Company; (b) because he or she or
is or was serving at the request of the Company as a director, officer, partner,
trustee, employee, or agent of another corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise; or (c) because he or she is or
was serving as an employee of the corporation who was employed to render
professional services as a lawyer or accountant to the corporation; regardless
of whether such person is acting in such a capacity at the time such obligation
shall have been imposed or incurred, if (i) such person acted in a manner he or
she believed in good faith to be in or not opposed to the best interest of such
corporation, and, with respect to any criminal proceeding, if such person had no
reasonable cause to believe his or her conduct was unlawful or (ii), with
respect to an employee benefit plan, such person believed in good faith that his
or her conduct was in the interests of the participants in and beneficiaries of
the plan.
Pursuant to Article VIII of the Bylaws of the Company, reasonable expenses
incurred in any proceeding shall be paid by the Company in advance of the final
disposition of such proceeding if authorized by the Board of Directors in the
specific case, or if authorized in accordance with procedures adopted by the
Board of Directors, upon receipt of a written undertaking executed personally by
or on behalf of the director, officer, employee or agent to repay such amount if
it shall ultimately be determined that he or she is not entitled to be
indemnified by the Company, and a written affirmation of his or her good faith
belief that he or she has met the standard of conduct required for
indemnification.
The foregoing rights of indemnification and advancement of expenses are not
intended to be exclusive of any other right to which those indemnified may be
entitled, and the Company has reserved the right to provide additional indemnity
and rights to its directors, officers, employees or agents to the extent they
are consistent with law.
The Company carries insurance for the purpose of providing indemnification to
its directors and officers. Such policy provides for indemnification of the
Company for losses and expenses it might incur to its directors and officers for
successful defense of claims alleging negligent acts, errors, omissions or
breach of duty while acting in their capacity as directors or officers and
indemnification of its directors and officers for losses and expense upon the
unsuccessful defense of such claims.
Item 7. Exemption from Registration Claimed.
Not applicable.
4
<PAGE>
Item 8. Exhibits.
Exhibit
Number
4.1 Articles of Incorporation of the Company, as amended, incorporated
by reference to Exhibit 4(a) to the Company's Registration Statement
on Form S-8 filed with the Securities and Exchange Commission on
July 23, 1990 (File No. 33-35926).
4.2 Bylaws, as amended, of the Company, incorporated by reference to
Exhibit 3.2 of the Company's Annual Report on Form 10-K for the
fiscial year ended December 31, 1996 filed with the Securities and
Exchange Commission on March 6, 1997.
4.3 Form of Rights Agreement incorporated by reference to Exhibit 1 of
the Company's Registration Statement on Form 8-A dated May 3, 1989,
filed with the Securities and Exchange Commission on May 3, 1989,
pursuant to the Section 12 of the Exchange Act.
5 Legal opinion of Kathleen Moates, Deputy General Counsel of the
Company, as to the legality of the securities being offered.
23.1 Consent of KPMG Peat Marwick LLP.
23.2 The consent of Kathleen Moates, Deputy General Counsel of the
Company, is contained in her opinion filed as Exhibit 5.
24 Powers of Attorney contained on the signature pages of this
Registration Statement.
Item 9. Undertakings.
(a) The Company hereby undertakes:
(1) To file, during any period in which offers or sales are being made,
a post-effective amendment to this Registration Statement to include
any material information with respect to the plan of distribution
not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement.
(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.
(b) The Company hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Company's annual
report pursuant to Section 13(a) or Section
5
<PAGE>
15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the
Exchange Act) that is incorporated by reference in the Registration
Statement shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the
Company pursuant to the foregoing provisions, or otherwise, the Company has
been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the
Company of expenses incurred or paid by a director, officer or controlling
person of the Company in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Company will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication of such
issue.
6
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it meets
all the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Columbus, State of Georgia, on the 9th day of
July, 1997.
SYNOVUS FINANCIAL CORP.
(Registrant)
By:/s/James H. Blanchard
---------------------------------
James H. Blanchard,
Chairman of the Board and
Principal Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints James H. Blanchard, James D. Yancey and Stephen
L. Burts, Jr., and each of them, his or her true and lawful attorney(s)-in-fact
and agent(s), with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any
or all amendments to this Registration Statement and to file the same, with all
exhibits and schedules thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said
attorney(s)-in-fact and agent(s) full power and authority to do and perform each
and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he or she might or could do in
person, hereby ratifying and confirming all that said attorney(s)-in-fact and
agent(s), or their substitute(s), may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements of Securities Act of 1933, as amended, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
/s/William B. Turner Date: July 9, 1997
- -------------------------------------------------
William B. Turner,
Director and Chairman of
the Executive Committee
/s/James H. Blanchard Date: July 9, 1997
- ------------------------------------------------
James H. Blanchard,
Chairman of the Board and
Principal Executive Officer
/s/John T. Oliver Date: July 9, 1997
- ---------------------------------------------------
John T. Oliver, Jr.,
Director and Vice Chairman
of the Executive Committee
<PAGE>
/s/James D. Yancey Date: July 9, 1997
- -------------------------------------------------
James D. Yancey,
Vice Chairman of the Board
/s/Richard E. Anthony Date: July 9, 1997
- ------------------------------------------------
Richard E. Anthony,
Vice Chairman of the Board
/s/Walter M. Deriso, Jr. Date: July 9, 1997
- -------------------------------------------------
Walter M. Deriso, Jr.,
Vice Chairman of the Board
/s/Stephen L. Burts, Jr. Date: July 9, 1997
- --------------------------------------------------
Stephen L. Burts, Jr.,
President and Director
/s/G. Sanders Griffith, III Date: July 9, 1997
- -------------------------------------------------
G. Sanders Griffith, III,
Senior Executive Vice President,
General Counsel and Secretary
/s/Thomas J. Prescott Date: July 9, 1997
- -------------------------------------------------
Thomas J. Prescott,
Executive Vice President, Treasurer,
Principal Accounting and Financial Officer
/s/Jay C. McClung Date: July 9, 1997
- --------------------------------------------------
Jay C. McClung,
Executive Vice President
/s/Calvin Smyre Date: July 9, 1997
- --------------------------------------------------
Calvin Smyre,
Executive Vice President
/s/Daniel P. Amos Date: July 9, 1997
- -------------------------------------------------
Daniel P. Amos,
Director
<PAGE>
- ------------------------------------------------- Date: ______, 1997
Joe E. Beverly,
Director
/s/Richard Y. Bradley Date: July 9, 1997
- -----------------------------------------------
Richard Y. Bradley,
Director
- ------------------------------------------------ Date: ______, 1997
C. Edward Floyd,
Director
- ------------------------------------------------ Date: ______, 1997
Gardiner W. Garrard, Jr.,
Director
- ------------------------------------------------ Date: ______, 1997
V. Nathaniel Hansford,
Director
/s/John P. Illges, III Date: July 9, 1997
- ----------------------------------------------
John P. Illges, III,
Director
/s/Mason H. Lampton Date: July 9, 1997
- ----------------------------------------------
Mason H. Lampton,
Director
- ---------------------------------------------- Date: ______, 1997
Elizabeth C. Ogie,
Director
/s/H. Lynn Page Date: July 9, 1997
- ----------------------------------------------
H. Lynn Page,
Director
- ------------------------------------------------- Date: ______, 1997
William L. Pherigo,
Director
<PAGE>
- ------------------------------------------------- Date: ______, 1997
Robert V. Royall, Jr.,
Director
/s/George C. Woodruff, Jr. Date: July 9, 1997
- -----------------------------------------
George C. Woodruff, Jr.,
Director
<PAGE>
EXHIBIT INDEX
Sequential
Exhibit Page
Number Description Number
4.1 Articles of Incorporation of the Company (incorporated by
reference to Exhibit 4(a) to the Company's Registration
Statement on Form S-8 filed with the Securities and
Exchange Commission on July 23, 1990 (File No. 33-
35926)).
4.2 Bylaws, as amended, of the Company (incorporated by
reference to Exhibit 3.2 to the Company's Annual Report
on Form 10-K for the fiscal year ended December 31,
1996 filed with the Securities and Exchange Commission
on March 6, 1997.
4.3 Form of Rights Agreement incorporated by reference to
Exhibit 1 of Company's Registration Statement on Form
8-A dated May 3, 1989, filed with the Securities and
Exchange Commission on May 3, 1989, pursuant to the
Section 12 of the Exchange Act.
5 Legal opinion of Kathleen Moates, Deputy General
Counsel of the Company, as to the legality of the
securities being offered.
23.1 Consent of KPMG Peat Marwick LLP.
23.2 The consent of Kathleen Moates, Deputy General Counsel
of the Company, is contained in her opinion filed as
Exhibit 5.
24 Powers of Attorney contained on the signature pages of
this Registration Statement.
filings\snv\exindex.s-8
July 9, 1997
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street
Washington, D.C. 20549
Ladies and Gentlemen:
As Senior Vice President and Deputy General Counsel of Synovus
Financial Corp. (the "Registrant"), I am familiar with the preparation and
filing of the Registrant's Registration Statement on Form S-8, pursuant to which
the Registrant proposes to register 6,000,000 shares of its $1.00 par value
common stock ("Registrant's Common Stock") issued pursuant to the Synovus
Financial Corp. 1996 Employee Long-Term Incentive Plan ("Plan").
I have examined, and am familiar with, the originals or copies,
certified or otherwise, of the documents, corporate records and other
instruments of the Registrant relating to the Registrant's Common Stock issued
pursuant to the Plan which I deem relevant and which form the basis of the
opinion hereinafter set forth.
I am of the opinion that under the laws of the State of Georgia, the
jurisdiction in which the Registrant is incorporated and the jurisdiction in
which the Registrant has its principal office, the shares of Registrant's Common
Stock offered under the Plan will, when issued in accordance with the terms of
such Plan, be duly authorized, validly issued and outstanding, and will be fully
paid and non-assessable shares of the Registrant's Common Stock, and no personal
liability will attach to the holders of any of the shares of the Registrant's
Common Stock.
The undersigned counsel to the Registrant hereby consents to the use of
my opinion as Exhibit 5 to the aforesaid Registration Statement.
Sincerely,
/s/Kathleen Moates
Kathleen Moates
KM/bmk
Exhibit 5
Accountants' Consent
The Board of Directors
Synovus Financial Corp.:
We consent to the incorporation by reference in the registration statement on
Form S-8 of Synovus Financial Corp. of our report dated January 21, 1997,
relating to the consolidated statements of condition of Synovus Financial Corp.
and subsidiaries as of December 31, 1996 and 1995, and the related consolidated
statements of income, changes in shareholders' equity, and cash flows for each
of the years in the three-year period ended December 31, 1996, which report
appears in the December 31, 1996 annual report on Form 10-K of Synovus Financial
Corp.
/s/KPMG PEAT MARWICK LLP
KPMG PEAT MARWICK LLP
Atlanta, Georgia
July 8, 1997
Exhibit 23.1
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it meets
all the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Columbus, State of Georgia, on the 9th day of
July, 1997.
SYNOVUS FINANCIAL CORP.
(Registrant)
By:/s/James H. Blanchard
---------------------------------------------
James H. Blanchard,
Chairman of the Board and
Principal Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints James H. Blanchard, James D. Yancey and Stephen
L. Burts, Jr., and each of them, his or her true and lawful attorney(s)-in-fact
and agent(s), with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any
or all amendments to this Registration Statement and to file the same, with all
exhibits and schedules thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said
attorney(s)-in-fact and agent(s) full power and authority to do and perform each
and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he or she might or could do in
person, hereby ratifying and confirming all that said attorney(s)-in-fact and
agent(s), or their substitute(s), may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements of Securities Act of 1933, as amended, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
/s/William B. Turner Date: July 9, 1997
- -------------------------------------------------
William B. Turner,
Director and Chairman of
the Executive Committee
/s/James H. Blanchard Date: July 9, 1997
- ------------------------------------------------
James H. Blanchard,
Chairman of the Board and
Principal Executive Officer
/s/John T. Oliver Date: July 9, 1997
- ---------------------------------------------------
John T. Oliver, Jr.,
Director and Vice Chairman
of the Executive Committee
<PAGE>
/s/James D. Yancey Date: July 9, 1997
- -------------------------------------------------
James D. Yancey,
Vice Chairman of the Board
/s/Richard E. Anthony Date: July 9, 1997
- ------------------------------------------------
Richard E. Anthony,
Vice Chairman of the Board
/s/Walter M. Deriso, Jr. Date: July 9, 1997
- -------------------------------------------------
Walter M. Deriso, Jr.,
Vice Chairman of the Board
/s/Stephen L. Burts, Jr. Date: July 9, 1997
- --------------------------------------------------
Stephen L. Burts, Jr.,
President and Director
/s/G. Sanders Griffith, III Date: July 9, 1997
- -------------------------------------------------
G. Sanders Griffith, III,
Senior Executive Vice President,
General Counsel and Secretary
/s/Thomas J. Prescott Date: July 9, 1997
- -------------------------------------------------
Thomas J. Prescott,
Executive Vice President, Treasurer,
Principal Accounting and Financial Officer
/s/Jay C. McClung Date: July 9, 1997
- --------------------------------------------------
Jay C. McClung,
Executive Vice President
/s/Calvin Smyre Date: July 9, 1997
- --------------------------------------------------
Calvin Smyre,
Executive Vice President
/s/Daniel P. Amos Date: July 9, 1997
- -------------------------------------------------
Daniel P. Amos,
Director
<PAGE>
- ------------------------------------------------- Date: ______, 1997
Joe E. Beverly,
Director
/s/Richard Y. Bradley Date: July 9, 1997
- -----------------------------------------------
Richard Y. Bradley,
Director
- ------------------------------------------------- Date: ______, 1997
C. Edward Floyd,
Director
- ------------------------------------------------- Date: ______, 1997
Gardiner W. Garrard, Jr.,
Director
- ------------------------------------------------- Date: ______, 1997
V. Nathaniel Hansford,
Director
/s/John P. Illges, III Date: July 9, 1997
- ----------------------------------------------
John P. Illges, III,
Director
/s/Mason H. Lampton Date: July 9, 1997
- ----------------------------------------------
Mason H. Lampton,
Director
- ------------------------------------------------- Date: ______, 1997
Elizabeth C. Ogie,
Director
/s/H. Lynn Page Date: July 9, 1997
- ----------------------------------------------
H. Lynn Page,
Director
- ------------------------------------------------- Date: ______, 1997
William L. Pherigo,
Director
<PAGE>
- ------------------------------------------------- Date: ______, 1997
Robert V. Royall, Jr.,
Director
/s/George C. Woodruff, Jr. Date: July 9, 1997
- -----------------------------------------
George C. Woodruff, Jr.,
Director
