UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q/A
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1994.
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-15600
CBC BANCORP, INC.
(Exact name of registrant as specified in its
charter)
CONNECTICUT 06-1179862
(State or other jurisdiction (I.R.S. Employer
incorporation or organization) Identification No.)
128 Amity Road, Woodbridge, CT 06525
(Address or principal executive offices) (Zip Code)
(203) 389-2800
(Registrant's telephone number, including area code)
NONE
(Former name, former address and former fiscal year
if changed from last report)
Indicate by check mark whether the registrant (1) has filed all reports
required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to filed by Sections 12, 13, or 15 (d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
As of September 30, 1994, there were 2,012,514 shares of CBC Bancorp,
Inc. Common Stock, par value $.01 per share, outstanding.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
In June 1992, two shareholders brought a civil action in the U.S. District
Civil
Court for the district of Connecticut against the Company and certain of its
then officers and directors. The amended complaint alleges violations of the
anti-fraud provisions of the federal securities laws for purported
misrepresentations or omissions in certain public filings as well as various
claims under the state law. The Company and the individual defendants filed
motions to dismiss the amended complaint. The U.S. District Civil Court
for the District of Connecticut denied the Company's and individuals' motions.
The defendants intend to contest all such claims vigorously.
The Company and the Bank are also involved in various legal proceedings which
have arisen in the ordinary course of business. Management, after consultation
with legal counsel, does not anticipate that settlement or other disposition of
the shareholder civil actions and other pending and threatened civil actions
will have a material effect on the financial condition or results of the
operation of the Company.
Item 6. Exhibits and Report on Form 8-K
(a) Exhibit 27 Financial Data Schedule
(b) Two Form 8-K's were filed since the fourth quarter ended December 31,
1993 as follows:
Financial
Items Reported Statements Filed Date Filed
1. Capital Restoration Plan None March 25, 1994
2. Sale of Senior Notes None September 12,
1994
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 duly authorized.
CBC BANCORP, INC.
(Registrant)
Date: December 22, 1994
Charles Pignatelli
President and Chief Executive Officer
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
27 Financial Data Schedule for the
Company's Form 10-Q for the nine
months ended September 30, 1994.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 3,063
<INT-BEARING DEPOSITS> 0
<FED-FUNDS-SOLD> 3,572
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 7,126
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 70,951
<ALLOWANCE> 3,572
<TOTAL-ASSETS> 98,693
<DEPOSITS> 92,395
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,245
<LONG-TERM> 4,688
<COMMON> 20
0
6,260
<OTHER-SE> (7,048)
<TOTAL-LIABILITIES-AND-EQUITY> 98,693
<INTEREST-LOAN> 5,290
<INTEREST-INVEST> 361
<INTEREST-OTHER> 115
<INTEREST-TOTAL> 5,766
<INTEREST-DEPOSIT> 2,446
<INTEREST-EXPENSE> 2,622
<INTEREST-INCOME-NET> 3,144
<LOAN-LOSSES> 1,641
<SECURITIES-GAINS> (822)
<EXPENSE-OTHER> 4,944
<INCOME-PRETAX> (2,731)
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,731)
<EPS-PRIMARY> (1.36)
<EPS-DILUTED> 0
<YIELD-ACTUAL> 4.38
<LOANS-NON> 8,761
<LOANS-PAST> 9,346
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 5,012
<CHARGE-OFFS> 3,662
<RECOVERIES> 581
<ALLOWANCE-CLOSE> 3,572
<ALLOWANCE-DOMESTIC> 3,572
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
