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 (Date of earliest event reported) April 12, 1999
ANCHOR FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
South Carolina 000-13759 57-0778015
(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification number)
2002 Oak Street
Myrtle Beach, SC 29577
(Address of principal executive offices)
(Zip Code)
(843) 448-1411
(Registrant's telephone number, including area code)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
Due to the significant growth of Anchor Financial Corporation and the level of
merger and acquisition activity experienced by the Corporation over the last two
years, management determined the need to evaluate its relationship with its
independent accountants, PricewaterhouseCoopers LLP. The Corporation received
proposals from four highly competent and professional independent accounting
firms, including one from PricewaterhouseCoopers LLP. After a thorough analysis
and interview process, management recommended Arthur Andersen LLP to the board
of directors for approval. This recommendation was reviewed by the audit
committee and was approved unanimously by the board of directors of Anchor
Financial Corporation on April 12, 1999. PricewaterhouseCoopers was notified on
April 12, 1999.
Therefore, Anchor Financial Corporation has dismissed PricewaterhouseCoopers LLP
as its independent certified public accountants and has engaged Arthur Andersen
LLP as its new independent certified public accountants effective April 12,
1999.
The reports of PricewaterhouseCoopers on the Corporation's financial statements
for the fiscal years ended December 31, 1998 and 1997 contained no adverse
opinion or disclaimer of opinion, nor were they qualified or modified as to
uncertainty, audit scope or accounting principles.
In connection with the audits of the Corporation's financial statements for each
of the fiscal years ended December 31, 1998 and 1997, and through April 12,
1999, there were no disagreements with PricewaterhouseCoopers on matters of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure which, if not resolved to the satisfaction of
PricewaterhouseCoopers, would have caused PricewaterhouseCoopers to make
reference to such matter in its report.
The Corporation has furnished PricewaterhouseCoopers with a copy of the
foregoing disclosure and requested PricewaterhouseCoopers to furnish it with a
letter addressed to the Securities and Exchange Commission indicating any
disagreement with the foregoing statements. A copy of the letter of
PricewaterhouseCoopers to the Securities and Exchange Commission, dated April
16, 1999, is filed as Exhibit 16 hereto.
<PAGE>
ITEM 7. EXHIBITS
The following exhibits are filed as part of this report.
Exhibits
Exhibit 16 - Letter of PricewaterhouseCoopers LLP to the Securities
and Exchange Commission dated April 16, 1999.
<PAGE>
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.
/s/ John J. Moran
John J. Moran, Senior Vice President
and Comptroller
Date: April 16, 1999
<PAGE>
INDEX TO EXHIBITS
Documents filed under Item 7
Exhibit 16 - Letter of PricewaterhouseCoopers LLP to the Securities and
Exchange Commission dated April 16, 1999
EXHIBIT 16
[LETTERHEAD OF PRICEWATERHOUSECOOPERS LLP]
April 16, 1999
Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC 20549
Ladies and Gentlemen:
Anchor Financial Corporation
We have read Item 4 of Anchor Financial Corporation's Form 8-K dated April 16,
1999 and are in agreement with the statements contained in the third and fourth
paragraphs therein.
Yours very truly,
/s/ PricewaterhouseCoopers LLP
