UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
COMSOUTH BANKSHARES, INC.
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(Name of Issuer)
Common
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(Title of Class of Securities)
205648108
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(CUSIP Number)
H. Jerry Shearer, P. O. Box 7574, Columbia, S.C., 29202 (803) 749-7888
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
April 10, 1996
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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 [ ].
Check the following box if a fee is being paid with the statement [ ]. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
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).
<PAGE>
SCHEDULE 13D
CUSIP NO. 205648108 PAGE 2 OF 7
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jerry Zucker
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3. COMMISSION USE ONLY
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4. SOURCE OF FUNDS*
AF
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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
USA
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7. SOLE VOTING POWER
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8. SHARED VOTING POWER
91,400
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9. SOLE DISPOSITIVE POWER
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10. SHARED DISPOSITIVE POWER
91,400
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
91,400
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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)
6.6%
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14. TYPE OF REPORTING PERSON*
IN
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<PAGE>
SCHEDULE 13D
CUSIP NO. 205648108 PAGE 3 OF 7
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
H. Jerry Shearer
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3. COMMISSION USE ONLY
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4. SOURCE OF FUNDS*
AF, PF
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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
USA
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7. SOLE VOTING POWER
15,621
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8. SHARED VOTING POWER
91,400
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9. SOLE DISPOSITIVE POWER
15,621
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10. SHARED DISPOSITIVE POWER
91,400
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
107,021
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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)
7.7%
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14. TYPE OF REPORTING PERSON*
IN
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<PAGE>
SCHEDULE 13D
CUSIP NO. 205648108 PAGE 4 OF 7
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mid-Atlantic Investors
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3. COMMISSION 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
USA
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7. SOLE VOTING POWER
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8. SHARED VOTING POWER
91,400
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9. SOLE DISPOSITIVE POWER
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10. SHARED DISPOSITIVE POWER
91,400
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
91,400
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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)
6.6%
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14. TYPE OF REPORTING PERSON*
PN
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<PAGE>
Schedule 13D Page 5 of 7 Pages
Item 1. Security and Issuer
Common stock of ComSouth Bankshares, Inc., 1350 Main Street, Columbia,
South Carolina 29201 (the "Issuer").
Item 2. Identity and Background
Mid-Atlantic Investors ("Mid-Atlantic") is a general partnership
organized under the laws of the state of South Carolina for the purpose of
investing in financial institutions. Its address is Post Office Box 7574,
Columbia, South Carolina 29202. Messrs Zucker and Shearer are the partners of
Mid-Atlantic. Mid-Atlantic has not, during the last five years, been convicted
in a criminal proceeding or been a party to a civil proceeding.
Jerry Zucker is a natural person who resides at 16 Buckingham Drive,
Charleston, South Carolina 29407. Mr. Zucker is the chief executive officer of
The InterTech Group, Inc., Post Office Box 5205, North Charleston, South
Carolina 29406. Mr. Zucker has not, during the last five years, been convicted
in a criminal proceeding or been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which he was or is
subject to any judgment, decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to, state or federal securities
laws or finding any violation with respect to such laws. Mr. Zucker is a citizen
of the State of South Carolina and the United States of America.
H. Jerry Shearer is a natural person residing at 289 Hunters Blind
Drive, Columbia, South Carolina 29212. His principal occupation is as managing
partner of Mid-Atlantic. Mr. Shearer has not, during the last five years, been
convicted in any criminal proceeding or been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction as a result of which
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws. Mr.
Shearer is a citizen of the State of South Carolina and the United States of
America.
Item 3. Source and Amount of Funds or Other Consideration
46,575 of the shares of common stock as to which this filing relates
were purchased with personal funds by Mr. Zucker and Mr. Shearer. The interest
of Mid- Atlantic and Mr. Shearer in such shares is as a result of the formation
of the partnership to which Mr. Zucker has assigned 34,500 shares and Mr.
Shearer has assigned 12,190 shares. In 1992 32,283 shares were purchased for
$276,181 from working capital of Mid-Atlantic. Mid-Atlantic purchased an
additional 12,427 shares in 1996 for $156,641 from working capital.
Item 4. Purpose of Transaction
The purpose of the acquisitions of the securities by Mid-Atlantic is
for investment and to take actions which may enhance the value of the securities
as an investment. Mid-Atlantic may acquire or dispose of additional securities
through open market purchases or privately negotiated transactions. Mr. Shearer
was formerly a director of the Issuer, but declined to stand for reelection at
the 1993 meeting of shareholders and his term expired at that meeting.
<PAGE>
Schedule 13D Page 6 of 7 Pages
Item 5. Interest in Securities of the Issuer
Mid-Atlantic, Mr. Zucker and Mr. Shearer together beneficially own
91,400 shares or 6.6% of the common stock of the Issuer. They share both voting
and dispositive power of those shares.
On November 24, 1992, Mid-Atlantic bought 32,283 shares of the common
stock of the Issuer at $8.555 per share. The purchase was a privately negotiated
transaction. The gross purchase price was $276,181.
In the past sixty days the following purchases were made by
Mid-Atlantic through broker-dealers on the American Stock Exchange:
Date Shares Price/Share
- ---- ------ -----------
3-28-96 1,000 12.00
4-03-96 4,000 12.50
4-03-96 2,500 12.625
4-03-96 2,500 12.75
4-08-96 500 12.50
4-08-96 500 12.625
4-10-96 377 12.875
4-10-96 550 13.25
4-10-96 500 13.00
In addition, Mr. Shearer owns 13,600 shares and has options to acquire
2,000 shares of the common stock of the Issuer. Mr. Shearer also has sole voting
and dispositive power over 21 shares with respect to which he is custodian for
the benefit of a member of his family. Mr. Shearer disclaims beneficial
ownership of those 21 shares.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
91,400 of the shares of common stock of the Issuer as to which this
filing relates is partnership property. As such, it will be voted and/or
disposed of by the partnership pursuant to the vote of the partners. Any income
or loss recognized by the partnership in connection with the ownership or
disposition of such securities will be divided between the partners in
accordance with the partnership agreement.
Item 7. Material to be Filed as Exhibits
(a) Copy of the written agreement relating to the filing of joint acquisition
statements. (Previously filed)
<PAGE>
Schedule 13D Page 7 of 7 Pages
Signatures
After reasonable inquiry and to the best of my knowledge and belief, I
certify the information set forth in this amended statement is true, complete
and correct.
MID ATLANTIC INVESTORS
April 15, 1996 By: /s/Jerry Zucker*
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Jerry Zucker, Partner
April 15, 1996 By: /s/H. Jerry Shearer
---------------------------------
H. Jerry Shearer, Partner
April 15, 1996 /s/Jerry Zucker*
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Jerry Zucker
April 15, 1996 /s/H. Jerry Shearer
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H. Jerry Shearer
*by H. Jerry Shearer
Attorney-in-fact
