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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) February 28, 1997
Community Capital Corporation
(Exact Name of Registrant as Specified in Its Charter)
South Carolina 0-18460 57-0866395
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification)
109 Montague Avenue, Greenwood, South Carolina 29646
(Address, Including Zip Code of Principal Executive Offices)
(864) 941-8200
(Registrant's Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
This document contains a total of 5 pages. The exhibit index is set
forth on sequentially numbered page 4.
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ITEM 2. ACQUISITION OF ASSETS.
On February 28, 1997, in order to provide the initial capitalization of
The Bank of Barnwell County, a South Carolina state bank (formerly in
organization) in Barnwell, South Carolina (the "Bank"), the Registrant acquired
720,000 shares (the "Shares") of the Bank's common stock, which Shares
constitute all of the issued and outstanding shares of capital stock of the
Bank. The Registrant paid cash of $7,200,000 as total consideration for the
Shares, which amount was determined by authorities of the South Carolina State
Board of Financial Institutions as the amount of initial capitalization of the
Bank necessary to satisfy South Carolina banking laws and other applicable
regulatory requirements. Funds used to acquire the Shares were obtained from the
proceeds of the Registrant's Registration Statement on Form S-2 initially filed
with the Securities and Exchange Commission on December 20, 1996. The
acquisition of the Shares was carried out pursuant to the terms of a Conditional
Subscription Agreement between the Registrant and the Bank and under the terms
of a Bank Development Agreement by and among the Registrant and the organizers
of the Bank.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) FINANCIAL STATEMENTS. The acquisition of the Shares by the
Registrant constituted the initial capitalization of the Bank. Consequently, no
financial statements of the Bank existed prior to such acquisition.
(b) EXHIBITS. The exhibits listed in the Exhibit Index are filed as
part of this Current Report on Form 8-K.
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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.
COMMUNITY CAPITAL CORPORATION
Date: March 19, 1997 By: /S/ WILLIAM G. STEVENS
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William G. Stevens
Chief Executive Officer
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EXHIBIT INDEX
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10.9 Form of Bank Development Agreement by and among
the Registrant and the Organizers of The Bank of
Barnwell County (In Organization), and the related
Conditional Subscription Agreement between the
Registrant and the Bank. (Incorporated by reference to
Exhibit 10.9 to the Registrant's Registration Statement
on Form S-2 (File No. 333-18457) initially filed with the
Securities and Exchange Commission on December 20,
1996.)
99.1 Press release of the Registrant dated March 3, 1997 5
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EXHIBIT 99.1
THE BANK of NEWS
BARNWELL COUNTY RELEASE
For Further Information:
Marshall L. Martin, Jr.
President/CFO
803-259-BANK
March 3, 1997
FOR IMMEDIATE RELEASE
THE BANK OF BARNWELL COUNTY OPENS FOR BUSINESS
BARNWELL, SC - The area's first community bank to be established in several
decades opened its doors to the public last Friday, February 28, 1997.
Marshall L. Martin, Jr., President and Chief Executive Officer of The Bank of
Barnwell County states, "We are proud to be able to bring true hometown banking
back to this area. Banking is a relationship business built on service and trust
and our employees bring a wealth of banking experience to this community bank
and are anxious to begin serving the banking needs of Barnwell County's citizens
and businesses. It took tremendous dedication from the Directors, Officers and
Employees to accomplish getting this bank open in approximately 12 months from
the initial organizational meeting."
The Bank of Barnwell County will operate a full service office at 1810 Main
Street in Barnwell with office hours of 9:00 a.m. to 5:00 p.m. Monday through
Thursday and 9:00 a.m. to 6:00 p.m. on Friday. On April 7, 1997, the Bank will
purchase the 5 Carolina First branches located in Barnwell, Blackville, Salley,
Springfield and Williston and as a result will become one of the area's largest
financial institutions with assets exceeding $50 million.
Duncan Holliday, Vice President, extended a warm welcome to all to come by and
get reacquainted with Teresa, Melanie, Cynthia, Donna, Sonja and Marty and to
meet this banking family's newest members, Tiffany Steadman and Dewey Griggs.
"We are looking forward to giving our former customers that personal service
they came to expect from us and to building new banking relationships with those
looking for a bank where decisions are made locally by people who care about
their business."
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