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 26, 1998
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Community Capital Corporation
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(Exact Name of Registrant as Specified in Its Charter)
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South Carolina 0-18460 57-0866395
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer Identification No.)
of Incorporation)
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109 Montague Avenue, Greenwood, South Carolina 29646
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(Address, Including Zip Code, of Principal Executive Offices)
(864) 941-8200
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(Registrant's Telephone Number, Including Area Code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
On February 26, 1998, two of the wholly-owned banks of Community
Capital Corporation, The Bank of Belton and Clemson Bank & Trust, announced the
signing of definitive agreements for the acquisition of three of Carolina First
Bank's branch offices. The Bank of Belton will acquire two Carolina First Bank
branch offices located in Belton and Honea Path, South Carolina; and Clemson
Bank & Trust will acquire one Carolina First Bank branch office located in
Calhoun Falls, South Carolina. The transactions are expected to be close during
the second quarter of 1998, pending regulatory approval and other conditions of
closing. A copy of the News Release is attached hereto as Exhibit 99 (page 3 of
4).
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
Exhibit 99, News Release, dated February 26, 1998.
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 2, 1998 By: /s/ JAMES H. STARK
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James H. Stark
Chief Financial Officer
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EXHIBIT 99
NEWS RELEASE
FEBRUARY 26, 1998
THE BANK OF BELTON, CLEMSON BANK & TRUST AND CAROLINA FIRST
ANNOUNCE AGREEMENT ON THE SALE OF THREE OFFICES
GREENVILLE, SC - The Bank of Belton, Clemson Bank & Trust and Carolina
First Bank today announced the signing of definitive agreements for The Bank of
Belton to acquire two of Carolina First Bank's branch offices located in Belton
and Honea Path, South Carolina, respectively, and Clemson Bank & Trust to
acquire a Carolina First Bank branch office located in Calhoun Falls, South
Carolina. The three branch offices have total deposits of approximately $45
million. The transactions are expected to be completed during the second quarter
of 1998, pending regulatory approval and certain other conditions of closing.
The terms of the transactions were not disclosed.
James A. (Jimmy) Lollis, President and Chief Executive Officer of The
Bank of Belton, stated that the banks will work closely to ensure that the
transition is orderly. Lollis continued, "The Bank of Belton is excited to have
the opportunity to serve the customers in these markets. We look forward to
working with the competent staff in Belton and Honea Path to provide the same
quality of service that our present customers receive. This expansion reinforces
our commitment to banking in the upstate of South Carolina."
Donna W. Robinson, President and Chief Executive Officer of Clemson
Bank & Trust, stated, "We are excited that Clemson Bank & Trust's first
branching opportunity comes in Calhoun Falls, South Carolina where community
banking values and services are appreciated. The Clemson staff welcomes the new
members of its family and anticipates growth in this market with the combined
efforts of the fine employees in Calhoun Falls and the products offered by
Clemson Bank & Trust."
James W. Terry, Jr., President of Carolina First Bank, said, "We are
pleased that the purchasers of the three branches, The Bank of Belton and
Clemson Bank & Trust, are South Carolina based community banks which share our
local goal of serving the banking needs of South Carolinians. Our decision to
sell the three offices in no way reflects a shift in our strategy of being South
Carolina's bank, but merely permits Carolina First to focus our efforts."
The Bank of Belton and Clemson Bank & Trust are two of the five banks
wholly-owned by Community Capital Corporation. Community Capital Corporation,
headquartered in Greenwood, South Carolina, has 12 banking offices located in
western South Carolina with $250 million in total assets. The common stock of
Community Capital Corporation is traded on the American Stock Exchange under the
symbol "CYL."
Carolina First Bank is a wholly-owned subsidiary of Carolina First
Corporation, headquartered in Greenville, South Carolina. Carolina First
Corporation is the largest independent bank holding company in South Carolina
with $2.2 billion in total assets and 65 banking offices
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throughout the state. Carolina First Corporation's common stock trades on the
Nasdaq National Market under the symbol "CAFC." Additional information about
Carolina First is available on its web site at www.carolinafirst.com.
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