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 3, 2000
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Community Capital Corporation
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(Exact Name of Registrant as Specified in Its Charter)
South Carolina 0-18460 57-0866395
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification)
1402-C Highway 72, Greenwood, South Carolina 29649
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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 2. Acquisition or Disposition of Assets.
Effective July 3, 2000, Mid State Bank consummated its previously
announced acquisition of a branch of The Anchor Bank located in Saluda, South
Carolina (the "Saluda Branch"). The acquisition the Saluda Branch was carried
out pursuant to the terms of the Purchase and Assumption Agreement dated May 9,
2000, as amended by the First Amendment to Purchase and Assumption Agreement
dated June 6, 2000, by and between Mid State Bank and The Anchor Bank (the
"Saluda Agreement"). Mid State Bank intends to continue to operate the Saluda
Branch as a full service retail banking office.
As part of the acquisition of the Saluda Branch, Mid State Bank acquired
certain furniture, fixtures, equipment, other tangible personal property, and
real property associated with the Saluda Branch for a purchase price of
approximately $427,300, acquired loans plus accrued interest at the Saluda
Branch for a purchase price of approximately $22,470,000, and acquired other
assets at the Saluda Branch for a net purchase price of approximately $181,000
(collectively, the "Saluda Assets"). Also, Mid State Bank acquired deposits at
the Saluda Branch totaling approximately $29,867,000, which included the payment
of a premium, and assumed other liabilities totaling approximately $4,300
(collectively, the "Saluda Liabilities"). The aggregate funds due to The Anchor
Bank from Mid State Bank for the acquisition of the Saluda Assets by Mid State
Bank were credited against the aggregate funds due to Mid State Bank from The
Anchor Bank for the assumption of the Saluda Liabilities by Mid State Bank.
Consequently, upon the closing of the acquisition of the Saluda Branch, Mid
State Bank received a net cash payment of approximately $6,793,000 from The
Anchor Bank for the difference in the amount of Saluda Liabilities assumed and
the purchase price of the Saluda Assets.
The source of the funds used for the above-described transactions included
a loan on July 17, 2000 to Community Capital Corporation from The Bankers Bank,
a banking corporation organized under the laws of Georgia, in the original
principal amount of $4,000,000.
Item 7. Financial Statements and Exhibits.
(a) - (b) Not applicable. The acquisitions described above were not the
acquisition of a business as defined in Rule 11.01(d) of Regulation S-X.
(c) Exhibits.
Exhibit 2.1 - Purchase and Assumption Agreement dated May 9, 2000, by and
between Mid State Bank and The Anchor Bank.
Exhibit 2.2 - First Amendment to Purchase and Assumption Agreement dated
June 6, 2000, by and between Mid State Bank and The Anchor Bank.
Exhibit 99.1 - Press Release of Registrant.
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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 18, 2000 By: /s/ R. WESLEY BREWER
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R. Wesley Brewer
Senior Vice President &
Chief Financial Officer
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EXHIBIT INDEX
Exhibit
2.1 Purchase and Assumption Agreement dated May 9, 2000 by and between
Mid State Bank and The Anchor Bank.
2.2 First Amendment to Purchase and Assumption Agreement dated June 6,
2000, by and between Mid State Bank and The Anchor Bank.
99.1 Press Release of Community Capital Corporation.
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