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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Palmetto Bancshares, Inc.
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(NAME OF ISSUER)
Common stock, par value $5.00 per share
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(TITLE OF CLASS OF SECURITIES)
None
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(CUSIP NUMBER)
L. Leon Patterson
Chief Executive Officer
Palmetto Bancshares, Inc.
101 West Main Street
Laurens, South Carolina 29360
(864) 984-8321
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(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
Copy to:
James M. Shoemaker, Jr., Esq.
WYCHE, BURGESS, FREEMAN & PARHAM, P.A.
P.O. BOX 728
GREENVILLE, SOUTH CAROLINA 29602-0728
(864) 242-8200
April 30, 1995
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(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box [ ].
Check the following box if a fee is being paid with the statement [X].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1: and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
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CUSIP No. None SCHEDULE 13D Page 2 of 5 Pages
--------------------- -------- --------
(1) Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
L. Leon Patterson
SSN ###-##-####
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(2) Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ X ]
(3) SEC Use Only
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(4) SOURCE OF FUNDS*
PF,00
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(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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(6) Citizenship or Place of Organization
United States
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(7) Sole Voting Power
Number of 78,530.24 (includes 4,000 fully exercisable
Shares stock options that expire in December, 1997)
Beneficially --------------------------------------------------------
Owned by (8) Shared Voting Power
Each 7,000
Reporting --------------------------------------------------------
Person With (9) Sole Dispositive Power
78,530.24 (includes 4,000 fully exercisable
stock options that expire in December, 1997)
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(10) Shared Dispositive Power
7,000
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
78,530.24 (includes 4,000 fully exercisable
stock options that expire in December, 1997)
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(12) Check Box if Aggregate Amount in Row (11) Excludes Certain
Shares* [ X ]
(13) Percent of Class Represented by Amount in Row (11)
7.814%
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(14) Type of Reporting Person*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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Page 3 of 5
ITEM 1. SECURITY AND ISSUER
This Statement on Schedule 13D (this "Statement") relates to the
Common Stock, par value $5.00 per share, of Palmetto Bancshares, Inc. (the
"Company"). The Company's principal executive offices are located at 101
West Main Street, Laurens, South Carolina, 29360.
ITEM 2. IDENTITY AND BACKGROUND
(a)-(c) The person filing this Statement is L. Leon Patterson, Chief
Executive Officer of the Company. Mr. Patterson maintains his principal
business address at the executive offices of the company.
(d)-(e) During the last five years, Mr. Patterson has not been convicted
in a criminal proceeding or been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction as a result of which he was
or is subject to a judgement, decree or final order enjoining future violations
of, or prohibiting or maintaining activities subject to, federal or state
securities laws or finding any violation with respect to such laws.
(f) Mr. Patterson is a citizen of the United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OTHER CONSIDERATION.
Mr. Patterson has served as Chairman of the Board and Chief
Executive Officer of the Company and The Palmetto Bank, its wholly-owned
subsidiary, since March 1986. From January 1978 to February 1986, he served
as Chairman of the Board and President of the Company, and in 1977 he served
as President of the Company. Throughout the term of his employment with the
Company, Mr. Patterson has acquired shares using his personal funds. In
addition, Mr. Patterson participates in the Palmetto Bancshares, Inc.
Employee Stock Ownership Plan and Trust and the Palmetto Bancshares, Inc.
Stock Option Plan (the "Stock Option Plan"), pursuant to which he is allocated
shares of stock and granted stock options, respectively.
ITEM 4. PURPOSE OF TRANSACTION
(a)-(j) None. Mr. Patterson is filing this Statement because of
the Company's registration, effective as of April 30, 1995, of its securities
on Form 8-A pursuant to Section 12(g) of the Securities Exchange Act of
1934, as amended.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Mr. Patterson beneficially owns 78,530.24 shares of the
Company's Common Stock, including 4,000 shares subject to
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Page 4 of 5
fully exercisable stock options awarded pursuant to the Company's Stock Option
Plan, which expire in December 1997. This amount represents approximately
7.814% of the outstanding shares of the Company as of the date of this
Statement.
(b) Mr. Patterson retains sole power with respect to voting and
disposition of his shares. Mr. Patterson's wife owns 7,000 shares of Company
Common Stock; Mr. Patterson disclaims beneficial ownership of his wife's shares.
(c) None.
(d)-(e) Not Applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
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Page 5 of 5
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
March 1, 1996
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(Date)
/s/ L. Leon Patterson
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(Signature)
L. Leon Patterson
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(Name/Title)
