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) April 5, 2000
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Community Capital Corporation
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(Exact Name of Registrant as Specified in Its Charter)
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<S> <C> <C>
South Carolina 0-18460 57-0866395
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(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
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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 5. OTHER EVENTS.
On April 5, 2000, Mid State Bank, a wholly-owned bank of Community
Capital Corporation, announced the signing of a letter of intent with The Anchor
Bank and Anchor Financial Corporation (collectively "Anchor") concerning the
acquisition by Mid State Bank of Anchor's branch office located in Saluda, South
Carolina. The transaction is expected to close during the second or third
quarter of 2000, 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 April 5, 2000.
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 5, 2000 By:/s/ William G. Stevens
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William G. Stevens
Chief Executive Officer
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EXHIBIT 99
NEWS RELEASE
For further information:
James H. Stark, Community Capital Corporation
864/941-8206
Barbara W. Marshall, Anchor Bank
843/946-3126
April 5, 2000
FOR IMMEDIATE RELEASE
Mid State Bank and Anchor Bank Announce
Letter of Intent for Sale of Saluda Office
Greenwood and Myrtle Beach, SC, April 5, 2000- Mid State Bank, a subsidiary of
Community Capital Corporation, and Anchor Bank, a subsidiary of Anchor Financial
Corporation, today announced the signing of a letter of intent by which Mid
State Bank will purchase the deposits, loans, and certain other assets of Anchor
Bank's Saluda, South Carolina branch office. Pending regulatory approval, the
transaction is expected to be completed during the second or third quarter of
2000.
William F. Steadman, President of Mid State Bank, stated that the two banks will
work closely together to ensure a smooth transition. "We are pleased to serve
additional customers in the Saluda market and look forward to this expansion of
our service base."
Stephen L. Chryst, Chairman of the Board, President, and Chief Executive Officer
of Anchor Bank, said, "Our decision to sell the Saluda office permits us to
focus our efforts and gain efficiency improvements. Community Capital
Corporation has a strong commitment to customer service and will work hard to
serve customers in the Saluda market."
On January 10, 2000, Anchor signed a definitive agreement to be acquired by
Carolina First Corporation, a $3.6 billion financial services company
headquartered in Greenville, SC. Anchor shareholders will receive 2.175 shares
of Carolina First stock for each share of Anchor Financial stock they own. The
merger is expected to be accounted for as a pooling of interest and is scheduled
to be completed during the second quarter of 2000, pending shareholder and
regulatory approval.
William G. Stevens, Chief Executive Officer of Community Capital Corporation,
stated: "We already have plans and regulatory approval to open an office in
Saluda. This acquisition comes at a very opportune time for the strategy of our
franchise and will be accretive to earnings for 2000. We look forward to
providing the Saluda market with our style of community banking."
Advisory Note Regarding Forward-Looking Statements
Certain of the statements contained in this press release may be considered
forward-looking statements subject to the safe harbor created by the Private
Securities Litigation Reform Act of 1995. Community
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Capital Corporation (the "Company") cautions readers of this press release that
such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of the Company to be materially different from those expressed or
implied by such forward-looking statements. Although the Company's management
believes that their expectations of future performance are based on reasonable
assumptions within the bounds of their knowledge of their business and
operations, there can be no assurance that actual results will nit differ
materially from their expectations. Factors which could cause actual results to
differ from expectations include, among other things, the challenges, costs and
complications associated with the development of the branch office; the ability
of the Company to effectively integrate and staff the operations of the branch
office; the ability of the Company to retain and deploy in a timely manner the
cash associated with branch acquisition into assets with satisfactory yields and
credit profiles; competition from existing financial institutions operating in
the Company's market areas as well as the entry into such areas of new
competitors with greater resources, broader branch networks and more
comprehensive services; the challenges and uncertainties in the implementation
of the Company's expansion and development strategies; and other factors
described in reports filed by the Company with the Securities and Exchange
Commission.
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