CENTURY SOUTH BANKS INC
S-8, 1997-12-30
NATIONAL COMMERCIAL BANKS
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<PAGE>
 
   AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 30, 1997
                                                       REGISTRATION NO. 33-91922

                                 
                      ==================================


                       SECURITIES AND EXCHANGE COMMISSION
                                        
                             WASHINGTON, D.C. 20549
                                        

                      ==================================


                                    FORM S-8
                          REGISTRATION STATEMENT UNDER
                           THE SECURITIES ACT OF 1933
                                  
                      ==================================

                           CENTURY SOUTH BANKS, INC.
             (Exact Name of Registrant as Specified in its Charter)

           Georgia                                               58-1455591
- ---------------------------------                            -------------------
  (State or other jurisdiction                                (I.R.S. Employer 
of incorporation or organization)                            Identification No.)


                 60  MAIN STREET WEST, DAHLONEGA, GEORGIA 30533
                 ----------------------------------------------
  (Address, including zip code, and telephone number, including area code, of
                   registrant's principal executive offices)

                                        
                           CENTURY SOUTH BANKS, INC.
                          INCENTIVE STOCK OPTION PLAN
                          ---------------------------
                              (Full title of Plan)


                           THOMAS O. POWELL, ESQUIRE
                            THOMAS M. DUFFY, ESQUIRE
                              TROUTMAN SANDERS LLP
                     600 PEACHTREE STREET, N.E., SUITE 5200
                          Atlanta, Georgia 30308-2216
                          ---------------------------
                    (Name and address of agent for service)
                                        


                                  404/885-3296
                                  ------------
                    (Telephone number, including area code,
                             of agent for service)


APPROXIMATE DATE OF PROPOSED SALE TO THE PUBLIC:  FROM TIME TO TIME AFTER THE
EFFECTIVE DATE OF THE REGISTRATION STATEMENT.


                        CALCULATION OF REGISTRATION FEE



<TABLE>
<CAPTION>
 
 
 
                                                                                             
                                                                             PROPOSED        
                                                      PROPOSED MAXIMUM        MAXIMUM           AMOUNT OF
 TITLE OF SECURITIES TO BE    AMOUNT OF SHARES TO    OFFERING PRICE PER      AGGREGATE         REGISTRATION
       REGISTERED                BE REGISTERED/1/          SHARE/2/        OFFERING PRICE/2/      FEE/1/
<S>                          <C>                     <C>                  <C>              <C>
CENTURY SOUTH BANKS, INC.
 COMMON STOCK $1.00 PAR
 VALUE                               450,000                 $23.87               $393,750       $117.00
</TABLE>

/1/ THIS REGISTRATION STATEMENT ALSO COVERS ANY ADDITIONAL SHARES THAT HEREAFTER
    MAY BE AWARDED AS A RESULT OF THE ADJUSTMENT AND ANTI-DILUTION PROVISIONS OF
    THE CENTURY SOUTH BANKS, INC. INCENTIVE STOCK OPTION PLAN.

/2/ IN ACCORDANCE WITH RULE 457(H), COMPUTED WITH RESPECT TO 450,000 SHARES AT
    $23.87 PER SHARE (THE AVERAGE OF THE CLOSING BID AND ASKED PRICE OF SUCH
    SHARES ON DECEMBER 22, 1997.

  THE CONTENTS OF REGISTRATION STATEMENT NO. 33-91922 ARE INCORPORATED HEREIN BY
REFERENCE.  THIS REGISTRATION STATEMENT IS FILED IN ORDER TO REGISTER ADDITIONAL
SECURITIES OF THE SAME CLASS AS SECURITIES FOR WHICH A REGISTRATION STATEMENT
FILED ON FORM S-8 IS EFFECTIVE PURSUANT TO REGISTRATION STATEMENT NO. 33-91922.
<PAGE>
 
ITEM 8. EXHIBIT

  THE FOLLOWING EXHIBITS ARE FILED ARE PART OF THIS REGISTRATION STATEMENT:


EXHIBIT NUMBER         DESCRIPTION

8                      OPINION OF TROUTMAN SANDERS LLP AS TO THE LEGALITY OF THE
                       SECURITIES BEING REGISTERED
<PAGE>
 
                                   SIGNATURES

    Pursuant to the requirements of the Securities Act of 1933, the Registrant
has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Dahlonega, State of
Georgia, on December 29, 1997.


                                   CENTURY SOUTH BANKS, INC.

                                   By:  /s/ James A. Faulkner
                                        ---------------------
                                        James A. Faulkner, Vice Chairman and 
                                        Chief Executive Officer

                                   By:  /s/ Joseph W. Evans
                                        -------------------
                                        Joseph W. Evans, President, 
                                        Chief Financial Officer and 
                                        Chief Operating Officer
<PAGE>
 
                               POWER OF ATTORNEY
                                        
    KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints jointly and severally, James A. Faulkner and
Susan J. Anderson, and each one of them, their respective attorney-in-fact, each
with the power of substitution, for him in any and all capacities, to sign any
and all amendments to this Registration Statement (including post-effective
amendments), and to file the same, with exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, hereby
ratifying and confirming all that each of said attorneys-in-fact, or their
respective substitute or substitutes, may do or cause to be done by virtue
hereof.

    Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities as of December 29, 1997:

<TABLE>
<CAPTION>
           Signature                                         Title
           ---------                                         -----                                
<S>                                                      <C> 
        /s/ J. Russell Ivie                              Vice Chairman of the Board and Director
- ------------------------------------------- 
            J. Russell Ivie                         

        /s/ James A. Faulkner                            President, Chief Executive Officer, and Director
- ------------------------------------------- 
            James A. Faulkner   

       /s/ William H. Anderson, II                       Chairman and Director
- ------------------------------------------- 
          William H. Anderson, II        

          /s/ Joseph W. Evans                            President, Chief Operating Officer, and Chief
- -------------------------------------------              Financial Officer Director
            Joseph W. Evans 

                                                         Director
- ------------------------------------------- 
             Quill Healey 


         /s/ William L. Chandler                         Director
- -------------------------------------------              
           William L. Chandler 
 
                                                         Director
- -------------------------------------------              
               Jim Balcom
 

         /s/ Thomas T. Folger, Jr.                       Director
- -------------------------------------------              
           Thomas T. Folger, Jr. 

                                                         Director
- -------------------------------------------               
          John B. McKibbon, III


                                                         Director
- -------------------------------------------               
                Frank Jones

           /s/ E. Paul Stringer                          Director
- -------------------------------------------                
               E. Paul Stringer
</TABLE>

<PAGE>
 

                                                                      EXHIBIT 8


                              TROUTMAN SANDERS LLP
                                ATTORNEYS AT LAW
                        A LIMITED LIABILITY PARTNERSHIP


                               NATIONSBANK PLAZA
                    600 PEACHTREE STREET, N.E. - SUITE 5200
                          ATLANTA, GEORGIA 30308-2216
                            TELEPHONE: 404-885-3000
                            FACSIMILE: 404-885-3995
                  INTERNET:  [email protected]

Thomas O. Powell                                                    404-885-3294

                               December 30, 1997


Century South Banks, Inc.
60 Main Street West
Dahlonega, Georgia 30533

   Re:  Century South Banks, Inc. ("CSBI")

Ladies and Gentlemen:

     This opinion is given in connection with the filing by CSBI, a corporation
organized and existing under the laws of the State of Georgia, with the
Securities and Exchange Commission under the Securities Act of 1933, as amended,
of a Registration Statement on Form S-8 ("Registration Statement") with respect
to 450,000 shares of the common stock of CSBI ("Common Stock") to be issued
under the CSBI 1995 Incentive Stock Option Plan (the "Plan").  The shares are to
be issued solely in accordance with the terms and conditions of the Plan.

     In rendering this opinion, we have examined such corporate records and
documents, including the Plan, as we have deemed relevant and necessary as the
basis for the opinion set forth herein.  Based upon the foregoing, it is our
opinion that the shares CSBI Common Stock included in the Registration
Statement, when issued to the grantees pursuant to the Plan, have been duly
authorized by all requisite actions on the part of CSBI and, upon vesting of the
shares pursuant to the Plan, and the issuance of such shares, such shares will
be validly issued, fully paid, and nonassessable under the Georgia Business
Corporation Code.

     We hereby consent to the use of this opinion and to the reference made to
the firm under the caption "Legal Matters" in the Prospectus constituting part
of the Registration Statement. This opinion is not given in regard to any
reoffer or resale of shares of Common Stock acquired pursuant to the Plan.

                                         Sincerely,

                                         /s/ Thomas M. Duffy
                                         ----------------------
                                         Troutman Sanders LLP

cc:  James A. Faulkner, President
     Richard R. Cheatham, Esquire


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