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): October 31, 1996
SOUTH ALABAMA BANCORPORATION, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-15423 63-0909434
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
100 St. Joseph Street
Mobile, Alabama 36602
(Address of principal executive offices)
Registrant's telephone number, including area code 334-431-7800
Item 2. Acquisition or Disposition of Assets.
On October 31, 1996, First Monco Bancshares, Inc., a bank holding company
under the Bank Holding Company Act, was merged with and into the Registrant.
The merger was completed under the terms of an Agreement and Plan of Merger,
dated as of May 31, 1996, as amended and restated as of August 21, 1996
(the "Agreement").
Pursuant to the Agreement, each of the 11,795 shares of the common stock
of First Monco Bancshares, Inc. will be exchanged for 103.91 shares of stock
in the combined company. Each share of the Registrant's stock remains equal
to one share of the combined company.
Prior to the merger First Monco Bancshares, Inc. was the owner of 100% of
the stock of the Monroe County Bank, an Alabama banking corporation having,
immediately prior to the merger, total assets of approximately $91 million,
total deposits of approximately $79 million, loans of approximately $22 million
and shareholders' equity of approximately $12 million. The Monroe County Bank
operates out of two banking locations in Monroe County.
Effective upon consummation of the merger, the Board of Directors of the
Registrant is comprised of 14 members, 11 of whom were the incumbent directors
of the Registrant prior to the merger, and 3 of whom were directors of First
Monco Bancshares, Inc. prior to the merger. The Monroe County Bank, as well
as The Bank of Mobile and First National Bank, Brewton, the Registrant's two
wholly owned subsidiaries, will continue to operate under their current
names, boards of directors and management.
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 hereunto duly authorized.
SOUTH ALABAMA BANCORPORATION, INC.
(Registrant)
W. Bibb Lamar, Jr.
W. Bibb Lamar, Jr.
President and Chief Executive Officer
Date: November 7, 1996
