SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Earliest Event Reported: November 10, 2000
SOUTHSIDE BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
TEXAS 000-12247 75-1848732
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(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation or organization) Identification No.)
1201 S. Beckham, Tyler, Texas 75701
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (903) 531-7111
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ITEM 5. OTHER EVENTS.
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On November 10, 2000, Southside Bancshares, Inc. (the "Company")
announced approval of a 5% common stock dividend payable on November 30, 2000 to
shareholders of record on November 20, 2000. Additionally, the Board of
Directors of the Company also declared a regular cash dividend of $.05 and a
special cash dividend of $.025 both payable on December 18, 2000 to shareholders
of record on December 4, 2000. The Board of Directors of the Company also voted
to increase the regular annual cash dividend of $.20 per share to $.24 per
share, a 20% increase, beginning in the first quarter 2001. Please see the
attached Press Release, dated November 10, 2000, for a more detailed
explanation.
As a result of the 5% common stock dividend and pursuant to the
Indenture between the Company and Wilmington Trust Company, dated November 8,
2000, the conversion ratio for the Company's convertible trust preferred
securities shall be adjusted to a conversion rate of 1.0000 shares of common
stock per $10 principal amount of debentures (which is equivalent to a
conversion price of $10.00 per share of common stock).
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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99.1 Press Release dated November 10, 2000
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SIGNATURE
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.
Dated: November 17, 2000
SOUTHSIDE BANCSHARES, INC.
By: /s/ Lee R. Gibson
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Name: Lee R. Gibson
Title: Executive Vice President and CFO
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EXHIBIT INDEX
Sequentially
Exhibit Numbered
No. Exhibit Description Page
99.1 Press Release dated November 10, 2000 1
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