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) March 25, 1997
Community Capital Corporation
(Exact Name of Registrant as Specified in Its Charter)
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South Carolina 0-18460 57-0866395
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification)
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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 March 25, 1997, in order to provide the initial capitalization of
The Bank of Belton, a South Carolina state bank (formerly in organization) in
Belton, South Carolina (the "Bank"), the Registrant acquired 350,000 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
$3,500,000 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: April 14, 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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Sequentially
EXHIBIT Numbered Page
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10.7 Form of Bank Development Agreement by and among the
Registrant and the Organizers of The Bank of Belton (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 April 4, 1997 5
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EXHIBIT 99.1
THE BANK
OF BELTON
News Release
DATE: April 4, 1997
TO: News Media
FROM: Jimmy Lollis
RELEASE DATE: Immediate Release
THE BANK OF BELTON OPENS FOR BUSINESS
BELTON, SC - The Bank of Belton opened for business on March 25, 1997.
The state member bank is insured by the Federal Deposit Insurance Corporation.
It is located at 711 Anderson Street and has a staff with over 175 years of
community banking experience in the Belton area. The staff consists of Jimmy
Lollis, President, Regenna Becks, Sandy Bryant, Marion Davis, Billie Jo Hall,
Connie King and Denise Smith.
"All managerial decisions including loans, services and marketing will be made
in Belton. The Bank's Board of Directors live and work in the Belton area and
are concerned for the economic needs of our community. We are confident that
individuals and businesses in the area will be receptive to the personal banking
service that we will provide," according to Mr. Lollis.
The Board of Directors consist of Jack Clinkscales, Jr., Patsy Daniel, Dr.
Tommy Dixon, Mike Greer, Dr. Kenneth Heller, Dianne Henderson, Brian Holliday,
J.M. Horton, Marshall Keys, Lollis, Paul Marshall and Patrick O'Dell.
Banking hours are 8:30 AM to 5:00 PM Monday thru Wednesday and 8:30 AM to 5:30
PM Thursday and Friday. Drive up window will open at 8:00 AM.
For further information, please call (864) 338-BANK.
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