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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: January 2, 2001
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Commission File Number 0-25422
PAB BANKSHARES, INC.
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(Exact name of registrant as specified in its charter)
Georgia 58-1473302
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(State or other jurisdiction of (IRS employer identification no.)
incorporation or organization)
3250 North Valdosta Road
Valdosta, Georgia 31602
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(Address of Principal executive offices) (Zip Code)
(912) 241-2775
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(Registrants telephone number, including area code)
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ITEM 5. OTHER EVENTS
PAB Bankshares, Inc. and Friendship Community Bank Announce Completion of Merger
VALDOSTA, GA - PAB Bankshares, Inc. (AMEX: PAB), in Valdosta, Georgia and
Friendship Community Bank, Ocala, Florida jointly announced that they have
completed the merger in which PAB acquired 100% of the stock of Friendship
Community Bank in an all cash transaction. The effective date of the merger was
December 31, 2000.
R. Bradford Burnette, President and CEO for PAB Bankshares, stated, "we are
delighted to pursue our expansion strategy in the rapidly growing Florida
market. Marion County is one of the twenty most populous counties in Florida.
Marion County's population grew 26.2% from 1990 to 1999 and is projected to grow
another 22% by 2010. Marion County has a diverse economic base and $2.5 billion
in deposits. We think that Friendship Community Bank has a tremendous potential
for growth and profitability."
Kenneth D. Colen, Chairman of Friendship Community Bank, stated, "we believe
that this is a beneficial merger for both our customers and our shareholders.
PAB has a strong commitment to the independent banking practices we have worked
to pioneer in Marion County. We have been a solid member of the community and
we believe that commitment will continue."
Friendship Community Bank has total assets of approximately $50 million.
Friendship has two full service banking locations in Ocala.
With the completed merger, PAB Bankshares, Inc. now has approximately $800
million in total assets. PAB is a bank holding company which operates six
community banks and one non-banking investment subsidiary.
PAB Bankshares, Inc. common stock is traded on the American Stock Exchange under
the ticker symbol PAB. For more information on PAB Bankshares visit
www.pabbankshares.com.
CAUTIONARY STATEMENTS FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT
This current report on Form 8-K contains "forward looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. When used in
this report, the words "believes," "expects," "anticipates," "estimates," and
similar words and expressions are generally intended to identify forward-looking
statements. Statements that describe PAB's future strategic plans, goals or
objectives are also forward-looking statements, including those regarding the
intent, belief or current expectations of the Company or management, are not
guarantees of future performance, results or events and involve risks and
uncertainties, and that actual results and events may differ materially from
those in the forward-looking statements as a result of various factors
including, but not limited to, (i) interest rates and general economic
conditions in the markets in which PAB operates, (ii) competitive pressures in
the markets in which PAB operates, (iii) the effect of future legislation or
regulatory changes on PAB's operations, (iv) the effect of weather, such as
drought, on agribusiness loans and (v) other factors described from time to time
in PAB's filings with the Securities and Exchange Commission. The
forward-looking statements included in this report are made only as of the date
hereof. PAB undertakes no obligation to update such forward-looking statements
to reflect subsequent events or circumstances.
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SIGNATURES
Pursuant 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.
PAB BANKSHARES, INC.
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Registrant
Date: January 2, 2001 By: /s/ R. Bradford Burnette
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R. Bradford Burnette
President and Chief Executive Officer
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