<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
Current Report Pursuant to Section 13 or 15-(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): March 26, 1997
Eagle Bancshares, Inc.
------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Georgia 58-1640222
- -----------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
Commission file number 0-14379
------------------------------
4305 Lynburn Drive, Tucker, Georgia 30084-4441
- ----------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(770) 908-6690
----------------------------------------------------
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
Not Applicable
----------------------------------------------------
(FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR,
IF CHANGED SINCE LAST REPORT.)
<PAGE> 2
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
GENERAL
On March 26, 1997 Eagle Bancshares, Inc. ("Eagle") acquired all of the
outstanding shares of Southern Crescent Financial Corp ("SCFC") in accordance
with the Agreement and Plan of Merger (the Merger Agreement) dated August 13,
1996. Simultaneously therewith, Southern Crescent Bank, a wholly owned
commercial bank subsidiary of SCFC merged with and into Tucker Federal Bank,
Eagle's wholly owned savings and loan association subsidiary. Eagle is the
surviving corporation in the Merger and Tucker Federal Bank is the surviving
entity in the bank merger and will remain a wholly owned savings association of
Eagle. The merger will be accounted for as a pooling of interest.
NOTES
(1) To eliminate SCFC Stock.
(2) To record the issuance of shares of Eagle Stock in exchange for all of
the outstanding shares of SCFC Stock with the excess recorded as
additional paid-in capital.
(3) To eliminate the weighted average common shares of SCFC.
(4) To record the weighted average number of Eagle Stock issued in exchange
for SCFC Stock.
2
<PAGE> 3
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(b) Proforma financial information
<TABLE>
<CAPTION>
Proforma Combined Balance Sheet
December 31, 1996
(Unaudited)
in thousands except per share data Proforma
Eagle SCFC Adjustments Combined
<S> <C> <C> <C> <C>
Assets:
Cash and amounts due from banks 8,040 8,167 16,207
Interest-bearing deposits 447 4,150 4,597
Securities available for sale 78,794 21,127 99,921
Investment securities held to maturity 60,407 -- 60,407
Loans held for sale 58,511 -- 58,511
Loans receivable, net 397,749 96,595 494,344
Stock in Federal Home Loan Bank, at cost 8,026 -- 8,026
Premises and equipment, net 14,842 5,531 20,373
Real estate held for development and sale 26,785 -- 26,785
Real estate acquired in settlement of loans, net 1,642 -- 1,642
Accrued interest receivable 4,804 -- 4,804
Deferred income taxes 725 -- 725
Other assets 5,394 4,491 9,885
-------------------------------------------------------
Total Assets 666,166 140,061 806,227
-------------------------------------------------------
Liabilities and Stockholders' Equity
Liabilities:
Deposits 415,105 124,729 539,834
Advance payments by borrowers 1,199 -- 1,199
FHLB advances and other borrowings 167,513 3,130 170,643
Drafts outstanding 16,831 -- 16,831
Accrued expenses and other liabilities 7,519 2,394 9,913
-------------------------------------------------------
Total Liabilities 608,167 130,253 738,420
-------------------------------------------------------
Stockholders' equity:
Common stock 4,854 838 (838)(1) 5,828
974 (2)
Additional paid-in capital 28,331 6,488 (6,488)(1) 34,683
6,352 (2)
Retained earnings 27,029 2,502 29,531
Net unrealized (loss) gain on securities (104) (20) (124)
ESOP note payable (1,000) -- (1,000)
Unamortized restricted stock (35) -- (35)
Treasury stock at cost (1,076) -- (1,076)
-------------------------------------------------------
Total stockholders' equity 57,999 9,808 67,807
-------------------------------------------------------
Total liabilities and stockholders' equity 666,166 140,061 806,227
-------------------------------------------------------
</TABLE>
3
<PAGE> 4
<TABLE>
<CAPTION>
Proforma Combined Balance Sheet
March 31, 1996
(Unaudited)
in thousands except per share data Proforma
Eagle SCFC Adjustments Combined
<S> <C> <C> <C> <C>
Assets:
Cash and amounts due from banks 7,477 8,446 15,923
Federal funds sold -- 3,550 3,550
Interest-bearing deposits 339 99 438
Securities available for sale 79,512 26,476 105,988
Investment securities held to maturity 55,341 -- 55,341
Loans held for sale 92,552 -- 92,552
Loans receivable, net 334,505 76,338 410,843
Stock in Federal Home Loan Bank, at cost 8,565 -- 8,565
Premises and equipment, net 11,033 5,124 16,157
Real estate held for development and sale 12,962 -- 12,962
Real estate acquired in settlement of loans, net 907 437 1,344
Accrued interest receivable 4,124 831 4,955
Deferred income taxes 597 -- 597
Other assets 3,598 3,000 6,598
-------------------------------------------------------
Total Assets 611,512 124,301 735,813
-------------------------------------------------------
Liabilities and Stockholders' Equity
Liabilities:
Deposits 348,098 110,360 458,458
Advance payments by borrowers 1,511 -- 1,511
FHLB advances and other borrowings 173,060 1,277 174,337
Drafts outstanding 24,423 -- 24,423
Accrued expenses and other liabilities 7,245 3,391 10,636
-------------------------------------------------------
Total Liabilities 554,337 115,028 669,365
-------------------------------------------------------
Stockholders' equity:
Common stock 4,854 843 (843)(1) 5,834
980 (2)
Additional paid-in capital 28,331 7,608 (7,608)(1) 35,802
7,471 (2)
Retained earnings 26,696 893 27,589
Net unrealized (loss) gain on securities (495) (24) (519)
ESOP note payable (1,000) -- (1,000)
Unamortized restricted stock (135) -- (135)
Treasury stock at cost (1,076) (47) (1,123)
-------------------------------------------------------
Total stockholders' equity 57,175 9,273 66,448
-------------------------------------------------------
Total liabilities and stockholders' equity 611,512 124,301 735,813
-------------------------------------------------------
</TABLE>
4
<PAGE> 5
<TABLE>
<CAPTION>
Proforma Combined Condensed Statement of Income
For the nine months ended December 31, 1996
(Unaudited)
in thousands except per share data
Eagle SCFC Adjustments Proforma
Combined
<S> <C> <C> <C> <C>
Interest income $39,315 $8,456 $47,771
Interest expense 21,464 3,567 25,031
-------------------------------------------------------
Net interest income 17,851 4,889 22,740
Provision for loan losses 1,775 50 1,825
-------------------------------------------------------
Net interest income after
provision for loan losses 16,076 4,839 20,915
Noninterest income 8,390 862 9,252
Noninterest expense 21,456 3,667 25,123
-------------------------------------------------------
Income before income taxes 3,010 2,034 5,044
Income tax expense 627 912 1,539
-------------------------------------------------------
Net income $ 2,383 $1,122 $ 3,505
-------------------------------------------------------
Net income per common share:
Primary $ 0.52 $ 1.28 $ 0.63
Fully diluted $ 0.52 $ 1.28 $ 0.63
Average common shares:
outstanding
Primary 4,552 876 (876)(3) 5,532
980 (4)
Fully diluted 4,552 876 (876)(3) 5,532
980 (4)
</TABLE>
5
<PAGE> 6
<TABLE>
<CAPTION>
Proforma Combined Condensed Statement of Income
For the nine months ended December 31, 1995
(Unaudited)
in thousands except per share data
Eagle SCFC Adjustments Proforma
Combined
<S> <C> <C> <C> <C>
Interest income $31,563 $7,085 $38,648
Interest expense 17,992 3,085 21,077
-------------------------------------------------------
Net interest income 13,571 4,000 17,571
Provision for loan losses 363 -- 363
-------------------------------------------------------
Net interest income after
provision for loan losses 13,208 4,000 17,208
Noninterest income 7,063 759 7,822
Noninterest expense 14,686 3,379 18,065
Income before income taxes 5,585 1,380 6,965
Income tax expense 1,825 436 2,261
-------------------------------------------------------
Net income $ 3,760 $ 944 $ 4,704
-------------------------------------------------------
Net income per common share
Primary $ 1.18 $ 1.08 $ 1.13
Fully diluted $ 1.18 $ 1.08 $ 1.13
Average common shares
outstanding
Primary 3,186 876 (876)(3) 4,166
980 (4)
Fully diluted 3,186 876 (876)(3) 4,166
980 (4)
</TABLE>
6
<PAGE> 7
<TABLE>
<CAPTION>
Proforma Combined Condensed Statement of Income
Year Ended March 31, 1996
(Unaudited)
in thousands except per share data
Eagle SCFC Adjustments Proforma
Combined
<S> <C> <C> <C> <C>
Interest income $43,100 $9,525 $52,625
Interest expense 24,607 4,214 28,821
----------------------------------------------------
Net interest income 18,493 5,311 23,804
Provision for loan losses 1,000 -- 1,000
----------------------------------------------------
Net interest income after
provision for loan losses 17,493 5,311 22,804
Noninterest income 10,044 1,023 11,067
Noninterest expense 20,121 4,561 24,682
----------------------------------------------------
Income before income taxes 7,416 1,773 9,189
Income tax expense 2,396 574 2,970
----------------------------------------------------
Net income $ 5,020 $1,199 $ 6,219
----------------------------------------------------
Net income per common share:
Primary $ 1.53 $ 1.36 $ 1.40
Fully diluted $ 1.53 $ 1.36 $ 1.40
Average common shares
outstanding:
Primary 3,278 879 (879)(3) 4,436
1,158 (4)
Fully diluted 3,278 879 (879)(3) 4,440
1,162 (4)
</TABLE>
7
<PAGE> 8
<TABLE>
<CAPTION>
Proforma Combined Condensed Statement of Income
Year Ended March 31, 1995
(Unaudited)
in thousands except per share data
Eagle SCFC Adjustments Proforma
Combined
<S> <C> <C> <C> <C>
Interest income $32,342 $7,276 $39,618
Interest expense 15,631 2,871 18,502
--------------------------------------------------------
Net interest income 16,711 4,405 21,116
Provision for loan losses 643 -- 643
--------------------------------------------------------
Net interest income after
provision for loan losses 16,068 4,405 20,473
Noninterest income 6,347 1,116 7,463
Noninterest expense 16,035 4,311 20,346
--------------------------------------------------------
Income before income taxes 6,380 1,210 7,590
Income tax expense 2,279 431 2,710
--------------------------------------------------------
Net income $ 4,101 $ 779 $ 4,880
--------------------------------------------------------
Net income per common share
Primary $ 1.34 $ 0.89 $ 1.16
Fully diluted $ 1.34 $ 0.89 $ 1.16
Average common shares
outstanding
Primary 3,059 876 (876)(3) 4,217
1,158 (4)
Fully diluted 3,059 876 (876)(3) 4,221
1,162 (4)
</TABLE>
8
<PAGE> 9
<TABLE>
<CAPTION>
Proforma Combined Condensed Statement of Income
Year Ended March 31, 1994
(Unaudited)
in thousands except per share
data
Eagle SCFC Adjustments Proforma
Combined
<S> <C> <C> <C> <C>
Interest income $ 27,529 $4,497 $ 32,026
Interest expense 12,532 1,744 14,276
-----------------------------------------------------------
Net interest income 14,997 2,753 17,750
Provision for loan losses 1,000 34 1,034
-----------------------------------------------------------
Net interest income after
provision for loan losses 13,997 2,719 16,716
Noninterest income 9,250 734 9,984
Noninterest expense 14,740 3,006 17,746
-----------------------------------------------------------
Income before income taxes 8,507 447 8,954
Income tax expense 3,189 196 3,385
-----------------------------------------------------------
Income before extraordinary
item and cumulative effect of
change in accounting principle 5,318 251 5,569
-----------------------------------------------------------
Extraordinary item (427) -- (427)
Cumulative effect of change in
accounting for income tax 320 -- 320
Net income $ 5,211 $ 251 $ 5,462
-----------------------------------------------------------
Net income per common share
Primary $ 1.70 $ 0.33 $ 1.29
Fully diluted $ 1.70 $ 0.33 $ 1.29
Average common shares
outstanding
Primary 3,060 760 (760)(3) 4,218
1,158 (4)
Fully diluted 3,060 760 (760)(3) 4,222
1,162 (4)
</TABLE>
9
<PAGE> 10
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
EAGLE BANCSHARES, INC.
(Registrant)
Date: May 22, 1997 /s/ C. Jere Sechler, Jr.
------------------------------------
C. Jere Sechler, Jr.
Chairman of the Board, President and
Principal Executive Officer
Pursuant to the requirements of the Securities Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant in
the capacities and on the dates indicated.
Date: May 22, 1997 /s/ Richard B. Inman, Jr.
---------------------------------
Richard B. Inman, Jr.
Director, Secretary and Treasurer
Date: May 22, 1997 /s/ C. Jere Sechler, Jr.
-----------------------------------
C. Jere Sechler, Jr.
Chairman of the Board and President
Date: May 22, 1997 /s/ LuAnn Durden
-----------------------
LuAnn Durden
Chief Financial Officer
10