<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
December 31, 1996. Commission File No. 0-10852
SOUTHERN BANCSHARES (N.C.), INC.
(Exact name of registrant as specified in its charter)
DELAWARE 56-1538087
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
121 East Main Street 28365
Mount Olive, North Carolina (Zip Code)
(Address of Principal Executive offices)
Registrant's Telephone Number,
including Area Code: (919) 658-7000
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Series B non-cumulative preferred stock, no par value
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 by check mark if disclosure of delinquent filers pursuant to item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.
[ X ]
The aggregate market value of the voting stock held by nonaffiliates of the
Registrant as of March 21, 1997: The Registrant's voting stock has no readily
ascertainable market value as of any date within the last sixty days or
otherwise for the reason that such stock is not regularly traded and has no
quoted prices. Therefore, the aggregate market value of the voting stock held
by non-affiliates is not determinable.
The number of shares outstanding of the Registrant's common stock as of
March 21, 1997: Common Stock, $5.00 par value - 119,918 shares
Documents Incorporated by Reference
1. Part II Registrant's Annual Report to Shareholders
2. Part III Registrant's Definitive Proxy Statement dated March 21, 1997
<PAGE>
Pursuant to the requirements of Section 13 or 15 (d) 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.
DATED: MARCH 21, 1997 SOUTHERN BANCSHARES (N.C.), INC.
/s/ R. S. Williams
By: ____________________________________________________
R. S. Williams, President and Chairman of the Board
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.
Signature Title Date
/s/R. S. Williams Chairman of the Board of March 21, 1997
R. S. Williams Directors and President
/s/David A. Bean Treasurer (principal March 21, 1997
David A. Bean financial and accounting
officer)
Director
Bynum R. Brown
/s/William H. Bryan Director March 21, 1997
William H. Bryan
/s/D. Hugh Carlton Director March 27, 1997
D. Hugh Carlton
/s/Robert J. Carroll Director March 25, 1997
Robert J. Carroll
/s/Hope H. Connell Director March 24, 1997
Hope H. Connell
/s/J. Edwin Drew Director March 26, 1997
J. Edwin Drew
/s/Moses B. Gillam, Jr Director March 25, 1997
Moses B. Gillam, Jr.
/s/Leroy C. Hand, Jr. Director March 26, 1997
LeRoy C. Hand, Jr.
/s/Frank B. Holding Director March 21, 1997
Frank B. Holding
/s/M. J. McSorley Director March 21, 1997
M. J. McSorley
/s/W. B. Midyette, Jr. Director March 27, 1997
W. B. Midyette, Jr.
/s/W. Hunter Morgan Director March 25, 1997
W. Hunter Morgan
/s/Charles I. Pierce Director March 25, 1997
Charles I. Pierce, Sr.
/s/W. A. Potts Director March 21, 1997
W. A. Potts
/s/Charles L. Revelle, Jr. Director March 28, 1997
Charles L. Revelle, Jr.
/s/ Charles O. Sykes Director March 21, 1997
Charles O. Sykes
/s/John N. Walker Director March 21, 1997
John N. Walker
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<CASH> 21,445
<SECURITIES> 179,709
<RECEIVABLES> 3,999
[ALLOWANCE] 6,163
<INVENTORY> 0
<CURRENT-ASSETS> 201,154
<PP&E> 21,316
<DEPRECIATION> 5,877
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0
2,564
<COMMON> 600
<OTHER-SE> 41,614
<TOTAL-LIABILITY-AND-EQUITY> 540,758
<SALES> 36,776
<TOTAL-REVENUES> 41,284
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 18,203
<LOSS-PROVISION> 140
<INTEREST-EXPENSE> 17,450
<INCOME-PRETAX> 5,491
<INCOME-TAX> 1,127
<INCOME-CONTINUING> 4,364
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<NET-INCOME> 4,364
<EPS-PRIMARY> 33.00
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