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) July 10, 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 July 10, 1997, in order to provide the initial capitalization of The
Bank of Newberry County, a South Carolina state bank (formerly in organization)
in Newberry, South Carolina (the "Bank"), the Registrant acquired 330,000 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 $3,300,000 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: July 17, 1997 By: /S/ WILLIAM G. STEVENS
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William G. Stevens
Chief Executive Officer
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EXHIBIT INDEX
Sequentially
EXHIBIT Numbered Page
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10.8 Form of Bank Development Agreement by and among
the Registrant and the Organizers of The Bank of
Newberry County (In Organization), and the related
Conditional Subscription Agreement between the
Registrant and the Bank. (Incorporated by reference to
Exhibit 10.7 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 July 10, 1997 5
4
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EXHIBIT 99.1
The Bank of Newberry County
NEWS RELEASE
William F. Steadman
President/CEO
803-276-2265
FOR IMMEDIATE RELEASE
THE BANK OF NEWBERRY COUNTY OPENS FOR BUSINESS
NEWBERRY, SC - The area's newest community bank to be established in several
years opened its doors to the public Thursday, July 10, 1997.
William F. Steadman, President and Chief Executive Office of The Bank of
Newberry County stated, "We are proud to be able to bring true hometown banking
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 Newberry 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 Newberry County will operate a full service office at 999 Wilson
Road, Newberry with office hours of 8:30 am to 5:00 pm Monday through Thursday
and 8:30 am to 6:00 pm on Friday.
Steve Stockman, vice-president, extends a warm welcome to all to come by and get
reacquainted with Willie Morris, Salley Huffstetler, Amy Burgess, Joan Kyzer,
Anna Johanson and Kay Stewart. "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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