UNITED STATES
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: July 16, 1999
CAROLINA FIRST CORPORATION
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(Exact name of registrant as specified in its charter)
South Carolina 0-15083 57-0824914
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(State of other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification Number)
102 South Main Street, Greenville, South Carolina 29601
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (864) 255-7900
The Exhibit Index appears on page 4 hereof.
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ITEM 5. OTHER EVENTS
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On July 1, 1999, Carolina First Corporation consummated the acquisition
of Citrus Bank. In connection with the acquisition, Carolina First Corporation
issued approximately 3,125,000 shares of its common stock.
See attached Press Release.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(a) FINANCIAL STATEMENTS OF THE BUSINESSES ACQUIRED. Not Applicable
(b) PRO FORMA FINANCIAL INFORMATION. Not Applicable
(c) EXHIBITS.
99.1 Press Release
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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.
CAROLINA FIRST CORPORATION
July 16, 1999 By: /s/ William S. Hummers III
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William S. Hummers III
Executive Vice President
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EXHIBIT INDEX
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EXHIBIT
99.1 Press Release
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EXHIBIT 99.1
(Logo appears here)
CAROLINA FIRST CORPORATION
P.O. BOX 1029
GREENVILLE, SC 29602
864/255-7913
NEWS RELEASE
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DATE: July 1, 1999
RELEASE DATE: Immediate
CAROLINA FIRST COMPLETES MERGER WITH CITRUS BANK
GREENVILLE, SC -- Carolina First Corporation (Nasdaq/NM:CAFC) announced the
completion of its merger with Citrus Bank, effective Thursday, July 1, 1999.
Carolina First acquired all the outstanding common shares of Citrus Bank in
exchange for approximately 3,125,000 shares of Carolina First common stock,
valued at approximately $74 million. Each share of Citrus Bank stock will be
exchanged for 1.493 shares of Carolina First common stock. This transaction is
being accounted for using the pooling-of-interests method of accounting.
Citrus Bank, a Florida state-chartered bank, has total assets of approximately
$275 million, loans of approximately $197 million, and deposits of approximately
$254 million with 8 branch locations in the Orlando and central Florida area.
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Carolina First's 12 Florida locations, which include Citrus Bank and Citizens
First National Bank which was acquired in April 1999, will operate as Citrus
Bank with assets of approximately $330 million. Randy O. Burden, Chairman, Chief
Executive Officer and President of Citrus Bank, will head Carolina First's
Florida operation. Citrus bank expects to open a branch in Jacksonville in
mid-July. Carolina First Corporation, headquartered in Greenville, South
Carolina, is a financial services company with $3.0 billion in total assets, 73
banking offices in South Carolina and 12 banking offices in northern and central
Florida. It operates Carolina First Bank, the largest South Carolina-based
commercial bank; Citrus Bank, a Florida banking subsidiary; and Carolina First
Mortgage Company, the second largest mortgage loan servicer in South Carolina.
Other subsidiaries include a savings bank, a full service brokerage company, an
automobile finance company and a small business investment company that invests
principally in bank technology companies. Carolina First's common stock trades
on the Nasdaq National Market under the symbol CAFC. Additional information
about Carolina First is available on its web site at www.carolinafirst.com.
CONTACTS:
William S. Hummers III, Executive Vice President, (864) 255-7913
Mary M. Gentry, Treasurer, (864) 255-4919
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