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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): DECEMBER 14, 1998
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BANK OF GRANITE CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-15956 56-1550545
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
P.O. Box 128, 23 North Main Street, Granite Falls, N.C. 28630
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(Address of Principal Executive Offices) (Zip Code)
(Registrant's telephone number, including area code) (828)496-2000
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Not Applicable
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(Former Name or Former Address, if changed since last report)
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Bank of Granite Corporation, Form 8-K, December 14, 1998, page 1 of 5
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INDEX
BANK OF GRANITE CORPORATION
Page
Item 5 - Other Events 3
Item 7 - Exhibits 3
Signatures 4
Exhibit 99 (a) News Release dated December 14, 1998 5
Bank of Granite Corporation, Form 8-K, December 14, 1998, page 2 of 5
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Item 5 - Other Events
(a) On December 14, 1998, the Registrant announced that its Board
of Directors had approved a plan to purchase up to $5 million of its common
stock on the open market or in privately negotiated transactions as conditions
warrant. The repurchase plan is effective until December 2001. As of
November 30, 1998, the Company had 11,464,913 shares outstanding.
This filing, including exhibits, may contain forward looking statements
within the meaning of the Private Securities Litigation Reform Act. The
accuracy of such forward looking statements could be affected by such factors
as, including but not limited to, the financial success or changing strategies
of the Company's customers, actions of government regulators, or general
economic conditions.
The news of this event was released on December 14, 1998, as evidenced
by Exhibit 99(a) to this Form 8-K.
Item 7 - Exhibits
99 Additional Exhibits
(a) News Release dated December 14, 1998
Bank of Granite Corporation, Form 8-K, December 14, 1998, page 3 of 5
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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 thereunto duly authorized.
BANK OF GRANITE CORPORATION
December 17, 1998 BY: /s/ Kirby A. Tyndall
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Kirby A. Tyndall
Senior Vice President
and Chief Financial Officer
Bank of Granite Corporation, Form 8-K, December 14, 1998, page 4 of 5
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Exhibit 99 (a)
BANK OF GRANITE CORPORATION
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For Immediate Release: December 14, 1998
BANK OF GRANITE CORPORATION ANNOUNCES
PLAN TO REPURCHASE SHARES
Bank of Granite Corporation announced today that its Board of Directors
has approved a plan to purchase up to $5 million of its common stock on the
open market or in privately negotiated transactions as conditions warrant.
The repurchase plan is effective until December 2001. As of November 30,
1998, the Company had 11,464,913 shares outstanding.
John A. Forlines, Jr., Chairman and Chief Executive Officer of Bank of
Granite Corporation, said the Company would determine the extent and timing of
its repurchase activities under the program according to the Company's best
interest. Forlines added, "this decision by the Board will allow us to have
additional choices in allocating our capital and will enable us to continue
our goal of building value for our shareholders."
Bank of Granite Corporation is the parent of Bank of Granite and GLL &
Associates, Inc. Bank of Granite operates fourteen full-service banking
offices in Caldwell, Catawba, and Burke Counties. GLL & Associates,
headquartered in Winston-Salem, originates mortgages in the Central and
Southern Piedmont and Catawba Valley Regions of North Carolina. Bank of
Granite Corporation's stock is traded on the National Market System and is
quoted electronically under the NASDAQ symbol GRAN.
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For further information, contact Kirby A. Tyndall,
Senior Vice President and Chief Financial Officer
at VOICE (828) 496-2026, FAX (828) 496-2116 or
Internet: [email protected]
Bank of Granite Corporation, Form 8-K, December 14, 1998, page 5 of 5
