UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
Mitchell Bancorp, Inc.
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(Name of Issuer)
Common Stock, $.01 Par Value
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(Title of Class of Securities)
606503100
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(CUSIP Number)
David L. Ward, Jr.
William R. Lathan, Jr.
Ward and Smith, P.A.
1001 College Court
New Bern, North Carolina 28562
(919) 633-1000
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
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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 . [ ]
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.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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SCHEDULE 13D
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CUSIP NO. 606503100 PAGE 2 OF 10 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
First Citizens BancShares, Inc.
56-1528994
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]
(B) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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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
Delaware, United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES 48,500
BENEFICIALLY -------- ------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -------- ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 48,500
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
48,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.21%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 10
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
This Schedule 13D constitutes the initial filing of First Citizens BancShares,
Inc.
Item 1. Security and Issuer.
This Statement relates to the Common Stock, $.01 par value per share (the
"Common Stock") of Mitchell Bancorp, Inc. (the "Issuer"), whose principal
executive offices are located at 210 Oak Avenue, Spruce Pine, North Carolina
28777.
Item 2. Identity and Background.
(a)-(c) This Statement is being filed by First Citizens BancShares, Inc.
("BancShares"), a Delaware-chartered bank holding company authorized to do
business in North Carolina, whose principal business address is 3128 Smoketree
Court, Raleigh, North Carolina 27604.
Set forth below are the names, residence or business address, positions with
BancShares, present principal occupation or employment, and the name, principal
business, and principal address of any corporation or other organization in
which such employment is conducted, of the directors and executive officers of
BancShares:
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<TABLE>
<CAPTION>
========================================= ========================= ========================================================
Position with Principal Occupation
Name BancShares and Address
========================================= ========================= ========================================================
<S> <C> <C>
John M. Alexander, Jr. Director President, General Manager and Chief Operating
Officer,
Cardinal International Trucks, Inc. (truck dealer)
Post Office Box 26837
Raleigh, North Carolina 27611
- ----------------------------------------- ------------------------- --------------------------------------------------------
Ted L. Bissett Director President, F.D. Bissett & Son, Inc.
(farm supplies)
Post Office Box 279
Spring Hope, North Carolina 27882
- ----------------------------------------- ------------------------- --------------------------------------------------------
Kenneth A. Black Vice President, Group Vice President, Treasurer,
Treasurer, and and Chief Financial Officer
Chief Financial First-Citizens Bank & Trust Company
Officer Post Office Box 27131
Raleigh, North Carolina 27611-7131
- ----------------------------------------- ------------------------- --------------------------------------------------------
B. Irvin Boyle Director Attorney (of Counsel)
Johnston, Taylor, Allison & Hord
Post Office Box 36469
Charlotte, North Carolina 28236
- ----------------------------------------- ------------------------- --------------------------------------------------------
George H. Broadrick Director, Consultant and retired President
Chairman First-Citizens Bank & Trust Company
of Executive Post Office Box 31727
Committee, and Charlotte, North Carolina 28231-1727
Consultant
- ----------------------------------------- ------------------------- --------------------------------------------------------
3
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========================================= ========================= ========================================================
Position with Principal Occupation
Name BancShares and Address
========================================= ========================= ========================================================
William J. Cathcart Group Vice Group Vice President/Trust Department
President of First-Citizens Bank & Trust Company
Subsidiary Post Office Box 27131
Raleigh, North Carolina 27611-7131
- ----------------------------------------- ------------------------- --------------------------------------------------------
Joseph A. Cooper, Jr. Group Vice Group Vice President and
President Chief Information Officer
and Chief First-Citizens Bank & Trust Company
Information Post Office Box 29549
Officer of Raleigh, North Carolina 27626-0549
Subsidiary
- ----------------------------------------- ------------------------- --------------------------------------------------------
Wayne D. Duncan Executive Vice Executive Vice President
President of First-Citizens Bank & Trust Company
Subsidiary Post Office Box 29549
Raleigh, North Carolina 27626-0549
- ----------------------------------------- ------------------------- --------------------------------------------------------
Betty M. Farnsworth Director Homemaker
Post Office Box 206
Pilot Mountain, North Carolina 27041
- ----------------------------------------- ------------------------- --------------------------------------------------------
Lewis M. Fetterman Director President and Owner
LMF Consulting & Marketing Co.;
Assistant to President,
Heartland Pork Enterprises, Inc.
(agribusiness)
208 Fox Lake Road
Clinton, North Carolina 28328
- ----------------------------------------- ------------------------- --------------------------------------------------------
John R. Francis, Jr. Vice President; Executive Vice President
Executive Vice First-Citizens Bank & Trust Company
President of 3959 Electric Road, S.W.
Subsidiary Suite 305
Roanoke, Virginia 24018
- ----------------------------------------- ------------------------- --------------------------------------------------------
Carmen P. Holding Director Graduate student; Director,
First-Citizens Bank & Trust Company
Post Office Box 151
Raleigh, North Carolina 27602
- ----------------------------------------- ------------------------- --------------------------------------------------------
Frank B. Holding Executive Vice Executive Vice Chairman
Chairman of First-Citizens Bank & Trust Company
the Board Post Office Box 1377
Smithfield, North Carolina 27577
- ----------------------------------------- ------------------------- --------------------------------------------------------
Frank B. Holding, Jr. President and President and Chief
Director Administrative Officer
First-Citizens Bank & Trust Company
Post Office Box 29549
Raleigh, North Carolina 27626-0549
- ----------------------------------------- ------------------------- --------------------------------------------------------
Lewis R. Holding Chairman of Chairman of the Board
the Board First-Citizens Bank & Trust Company
Post Office Box 151
Raleigh, North Carolina 27602
- ----------------------------------------- ------------------------- --------------------------------------------------------
4
<PAGE>
========================================= ========================= ========================================================
Position with Principal Occupation
Name BancShares and Address
========================================= ========================= ========================================================
Charles B. C. Holt Director Secretary and Treasurer
Holt Oil Company, Inc. (wholesale
petroleum products distributor)
Post Office Box 53157
Fayetteville, North Carolina 28305
- ----------------------------------------- ------------------------- --------------------------------------------------------
Edwin A. Hubbard Director Retired businessman
1805 Cool Springs Road
Sanford, North Carolina 27330
- ----------------------------------------- ------------------------- --------------------------------------------------------
James B. Hyler, Jr. Vice Chairman Vice Chairman and Chief
of the Board Operating Officer
First-Citizens Bank & Trust Company
Post Office Box 29549
Raleigh, North Carolina 27626-0549
- ----------------------------------------- ------------------------- --------------------------------------------------------
Gale D. Johnson, M.D. Director Retired Surgeon;
Director, Health Affairs
Campbell University
910 West Pope Street
Dunn, North Carolina 28334
- ----------------------------------------- ------------------------- --------------------------------------------------------
Freeman R. Jones Director and Retired; President, EFC Corporation
Chairman of (real estate investment)
Salary 730 Morrison Road
Committee Midland, North Carolina 28107
- ----------------------------------------- ------------------------- --------------------------------------------------------
Lucius S. Jones Director President and Owner, United Realty &
Construction Company, Inc.
(residential construction, sales,
and development)
Post Office Box 128
Wendell, North Carolina 27591
- ----------------------------------------- ------------------------- --------------------------------------------------------
Richard H. Lane Senior Vice Senior Vice President and
President and General Auditor
General Auditor First-Citizens Bank & Trust Company
of Subsidiary Post Office Box 27131
Raleigh, North Carolina 27611-7131
- ----------------------------------------- ------------------------- --------------------------------------------------------
Alex G. MacFadyen, Jr. Secretary; Group Vice Group Vice President and Secretary
President of Subsidiary First-Citizens Bank & Trust Company
Post Office Box 27131
Raleigh, North Carolina 27611-7131
- ----------------------------------------- ------------------------- --------------------------------------------------------
Joseph T. Maloney, Jr. Director Private investor; retired businessman
Post Office Box 2504
Fayetteville, North Carolina 28302
- ----------------------------------------- ------------------------- --------------------------------------------------------
J. Claude Mayo, Jr. Director Retired Insurance Executive
Post Office Box 1238
Rocky Mount, North Carolina 27802
- ----------------------------------------- ------------------------- --------------------------------------------------------
William McKay Director Retired savings bank executive
4917 Howard Gap Road
Flat Rock, North Carolina 28731
- ----------------------------------------- ------------------------- --------------------------------------------------------
5
<PAGE>
========================================= ========================= ========================================================
Position with Principal Occupation
Name BancShares and Address
========================================= ========================= ========================================================
Brent D. Nash Director; Senior Vice President
Senior Vice First-Citizens Bank & Trust Company
President of Post Office Box 339
Subsidiary Tarboro, North Carolina 27886
- ----------------------------------------- ------------------------- --------------------------------------------------------
Lewis T. Nunnelee, II Director Chairman of the Board
Coastal Beverage Company, Inc.
(wholesale beer distributor)
1919 South Live Oak Parkway
Wilmington, North Carolina 28403
- ----------------------------------------- ------------------------- --------------------------------------------------------
William C. Orr Executive Vice Executive Vice President
President of First-Citizens Bank & Trust Company
Subsidiary Post Office Box 29549
Raleigh, North Carolina 27626-0549
- ----------------------------------------- ------------------------- --------------------------------------------------------
James M. Parker Executive Vice Executive Vice President
President of First-Citizens Bank & Trust Company
Subsidiary Post Office Box 29549
Raleigh, North Carolina 27626-0549
- ----------------------------------------- ------------------------- --------------------------------------------------------
Talbert O. Shaw, Ph.D. Director President, Shaw University
(educator)
118 East South Street
Raleigh, North Carolina 27601
- ----------------------------------------- ------------------------- --------------------------------------------------------
R. C. Soles, Jr. Director Attorney and Senior Partner
Soles, Phipps, Ray,
Prince & Williford;
Senator, North Carolina Senate
Post Office Box 6
Tabor City, North Carolina 28463
- ----------------------------------------- ------------------------- --------------------------------------------------------
David L. Ward, Jr. Director and Senior Attorney and President
Chairman of Ward and Smith, P.A.
Audit Committee Post Office Box 867
New Bern, North Carolina 28563-0867
- ----------------------------------------- ------------------------- --------------------------------------------------------
Edward L. Willingham, IV Executive Vice Executive Vice President
President of First-Citizens Bank & Trust Company
Subsidiary Post Office Box 29549
Raleigh, North Carolina 27626-0549
- ----------------------------------------- ------------------------- --------------------------------------------------------
J. Allen Woodward Executive Vice Executive Vice President
President of First-Citizens Bank & Trust Company
Subsidiary Post Office Box 31727
Charlotte, North Carolina 28231-1727
- ----------------------------------------- ------------------------- --------------------------------------------------------
</TABLE>
<PAGE>
(d) During the last five years, none of the persons or corporations listed above
has been convicted in any criminal proceedings (excluding traffic violations or
similar misdemeanors).
(e) During the last five years, none of the persons or corporations listed above
has been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction as a result of which he, she or it was or is subject to a
judgment, decree or final order enjoining future violations of, or
6
<PAGE>
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
(f) Each of the natural persons listed above is a United States citizen.
BancShares is a Delaware-chartered bank holding company authorized to do
business in North Carolina. Its principal subsidiary is First-Citizens Bank &
Trust Company, a North Carolina-chartered bank, and its other subsidiaries are:
Atlantic States Bank, a federally-chartered savings bank; First-Citizens Bank, A
Virginia Corporation; and First-Citizens Bank & Trust Company, a West
Virginia-chartered bank.
Item 3. Source and Amount of Funds or Other Consideration.
Shares of Common Stock of the Issuer purchased by BancShares to date were
purchased with cash. Any shares of Common Stock of the Issuer which may be
purchased by BancShares following the date of this Statement are expected to be
purchased with cash.
Item 4. Purpose of Transaction.
BancShares purchased 48,500 shares of the Common Stock in the Issuer's initial
public offering during 1996. At the time of purchase, those shares amounted to
4.9495% of the Issuer's outstanding Common Stock (based on a total of 979,897
outstanding shares). However, it has recently come to BancShares' attention
that, as a result of repurchases by the Issuer of its Common Stock during 1997,
the percentage of the Issuer's outstanding shares represented by BancShares'
48,500 shares had risen to 5.21% (based on an aggregate of 930,902 outstanding
shares as reflected in the Issuer's recently published 1997 Annual Report).
Until receipt and review of the Annual Report during October 1997, BancShares
was not aware of the Issuer's repurchases that resulted in its beneficial
ownership exceeding 5%. As described below in Item 5, BancShares has now sold
sufficient shares of the Common Stock to reduce its ownership to less than 5%.
BancShares' purchase of the Issuer's Common Stock during 1996 was for investment
purposes only, which purposes are unchanged to date. However, if a proposal
regarding possible future acquisition of the Issuer were to be developed,
BancShares would consider various factors including, without limitation, the
following: the Issuer's financial condition, business, and prospects; other
developments concerning the Issuer; price levels of the Common Stock; other
opportunities available to BancShares; developments with respect to BancShares'
business; and general economic and stock market conditions. Based upon its
review of such factors, BancShares will take such actions in the future as may
be deemed appropriate in light of the circumstances existing from time to time.
7
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Whether BancShares purchases any additional shares of the Issuer's Common Stock,
and the amount and timing of any such purchases, will depend on BancShares'
continuing assessment of pertinent factors including, without limitation, the
following: the availability of shares for purchase at particular price levels;
the Issuer's and BancShares' business and prospects; other business and
investment opportunities available to BancShares; economic conditions; stock
market and money market conditions; the attitude and actions of the management
and the Board of Directors of the Issuer; the availability and nature of
opportunities to dispose of BancShares' interest; and other plans and
requirements of BancShares. Depending upon its assessment of these factors from
time to time, BancShares may change its present intentions as stated above,
including a possible determination to dispose of some or all of the shares it
holds.
As described above, BancShares may consider purchasing additional shares of the
Issuer in the open market or in privately negotiated transactions. Nevertheless,
BancShares will not be permitted to purchase more than 9.99% of the Issuer's
Common Stock unless the North Carolina Savings Administrator (the
"Administrator") grants regulatory approval to BancShares to make additional
purchases. At such time, if ever, that BancShares seeks to acquire in excess of
9.99% of the Issuer's Common Stock, BancShares will apply to the Administrator
for approval to acquire 10% or more of the Issuer's Common Stock and will file
all other necessary regulatory applications for approval to acquire additional
shares of Common Stock of the Issuer.
Except as stated above, at present, BancShares does not have any specific plans
or proposals which would result in any of the consequences listed in (a)-(j) of
Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a)-(b) Prior to October 27, 1997, BancShares beneficially owned and exercised
sole voting and dispositive power as to 48,500 shares of Common Stock,
constituting 5.21% of the outstanding Common Stock of the Issuer (based on
930,902 shares outstanding). However, as a result of its sale of 3,820 shares of
the Common Stock on October 27, 1997, as further described in Item 5(c) below,
BancShares now beneficially owns and exercises sole voting and dispositive power
as to 44,680 shares of Common Stock, constituting 4.80% of the outstanding
Common Stock of the Issuer. To the best of the knowledge of BancShares, and
after due inquiry, no directors or executive officers of BancShares or its
subsidiaries beneficially own any additional shares of the Common Stock.
(c) On October 27, 1997, BancShares sold 3,820 shares of the Common Stock on the
open market at a price of $16.75 per share. Otherwise, during the 60 days
preceding the filing of this
8
<PAGE>
Schedule, no transactions in the Common Stock have been effected by BancShares
or any of its directors or executive officers.
(d) No other person is known to have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of, the shares of
Common Stock beneficially owned by BancShares.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
There are no contracts, agreements, arrangements, understandings, or
relationships (legal or otherwise) between BancShares and any other person with
respect to any securities of the Issuer.
Item 7. Material to be Filed as Exhibits.
None.
9
<PAGE>
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.
FIRST CITIZENS BANCSHARES, INC.
December 12, 1997 By: /s/Frank B. Holding, Jr.
Frank B. Holding, Jr., President
and Chief Administrative Officer
10
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