United States
Securities And Exchange Commission
Washington, D. C. 20549
Form 10-QA
Quarterly Report Pursuant To Section 13 or 15(d) of
The Securities Exchange Act Of 1934
For the quarter ended June 30, 1996. Commission File No. 0-10852
SOUTHERN BANCSHARES (N.C.), INC.
DELAWARE 56-1538087
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
121 East Main Street Mount Olive, North Carolina 28365
(Address of Principal Executive offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (919) 658-7000
On April 17, 1996 the Company amended its Certificate Of Incorporation to
reduce the number of authorized shares of the Company's $2 preferred stock
from 2,060 shares to -0- shares and to delete said class of stock; to
reduce the number of authorized shares of its Series B preferred stock from
840,744 shares to 408,728 shares; and to reduce the number of authorized
shares of its Series C preferred stock from 420,372 shares to 43,631
shares, for a total aggregate reduction in the number of authorized shares
of 810,817 shares. Pursuant to resolutions of the Company's Board of Directors,
the Annual Meeting of the Shareholders of the Corporation was duly called and
held on April 17, 1996, upon notice in accordance with Section 222 of the
General Corporation Law of the State of Deleware, at which meeting the necessary
numbers of shares of each class of preferred stock, each class voting separately
as a class, and of all classes of common and preferred stock voting together as
a group, were voted affirmatively in favor of the amendment, as required by
statute. See Exhibit A, Certificate of Amendment of Certificate of
Incorporation of Southern BancShares (N.C.), Inc., attached.
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No ___
Indicate the number of shares outstanding of the Registrant's common stock
as of the close of the period covered by this report.
119,918 shares
<PAGE>
Persuant 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 thereunto duly authorized.
SOUTHERN BANCSHARES (N.C.), INC.
Dated: August 1, 1996 __________________________________
M. J. McSorley, Vice President
Dated: August 1, 1996 __________________________________
David A. Bean, Secretary/Treasurer
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 22,010
<SECURITIES> 161,329
<RECEIVABLES> 7,238
<ALLOWANCES> 6,280
<INVENTORY> 0
<CURRENT-ASSETS> 183,339
<PP&E> 19,157
<DEPRECIATION> 5,803
<TOTAL-ASSETS> 522,024
<CURRENT-LIABILITIES> 449,684
<BONDS> 0
0
2,569
<COMMON> 600
<OTHER-SE> 36,516
<TOTAL-LIABILITY-AND-EQUITY> 522,024
<SALES> 17,986
<TOTAL-REVENUES> 20,050
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 8,322
<LOSS-PROVISION> 20
<INTEREST-EXPENSE> 8,792
<INCOME-PRETAX> 2,916
<INCOME-TAX> 870
<INCOME-CONTINUING> 2,046
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,046
<EPS-PRIMARY> 15.40
<EPS-DILUTED> 15.40
</TABLE>
