SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 12(b) OR (g) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 9, 1998
SOUTHERN BANCSHARES (N.C.), INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-10852 56-1538087
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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
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Item 5. Other Events.
Registrant announced that, on June 10, 1998, and through a newly-formed,
wholly-owned business trust subsidiary, it had completed an underwritten
public offering and sale of $23,000,000 in preferred capital trust
securities. The offering was underwritten by Wheat First Union. A copy of
Registrant's press release pertaining to completion of the public offering is
included as an exhibit to this Report.
Item 7. Financial Statements and Exhibits.
The following Exhibits are included in this Report.
Exhibit No. Description of Exhibit
1 Copy of Registrant's press release pertaining to
completion of the public offering
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, Registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.
Dated: June 9, 1998
SOUTHERN BANCSHARES (N.C.), INC.
By: /s/John C. Pegram, Jr.
____________________________________
John C. Pegram, Jr.
President and Chief Executive Officer
<PAGE>
EXHIBIT 1
Southern BancShares (N.C.), Inc 121 EAST MAIN STREET
A Bank Holding Company MOUNT OLIVE, NORTH CAROLINA 28365
POST OFFICE BOX 629
TELEPHONE 1-919-658-7024
Immediate Release
June 12, 1998
For further information contact:
David A Bean, Vice President
(919) 658-7013
Bank Announces Securities Offering
Mount Olive, N.C. - Southern BancShares (N.C.), Inc. ("Southern") today
announced that, through a newly-formed, wholly-owned business trust
subsidiary, it has completed a public offering and sale of $23,000,000 in
preferred capital trust securities.
John C. Pegram, Jr., Southern's President and Chief Executive Officer,
stated that, "This Transaction will provide Southern with additional capital
to support, and to permit additional growth in, Southern's banking business."
The offering was underwritten by Wheat First Union.
Southern is headquartered in Mount Olive, N.C., and is the parent
holding company of Southern Bank and Trust Company, a North Carolina-
chartered bank that conducts its business through 43 banking offices in 39
communities located in eastern North Carolina.
