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): June 26, 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 June 26, 2000, a wholly-owned bank of Community Capital
Corporation, Mid State Bank, consummated its previously announced acquisition of
a Carolina First Bank branch located in Prosperity, South Carolina (the
"Prosperity Branch"). The acquisition of the Prosperity Branch was carried out
pursuant to the terms of the Purchase and Assumption Agreement dated March 31,
2000, by and between Mid State Bank and Carolina First Bank (the "Prosperity
Agreement"). Mid State Bank intends to continue to operate the Prosperity Branch
as a full service retail banking office.
As part of the acquisition of the Prosperity Branch, Mid State Bank
acquired certain furniture, fixtures, equipment, other tangible personal
property, and real property associated with the Prosperity Branch for a purchase
price of approximately $388,000, acquired loans plus accrued interest at the
Prosperity Branch for a purchase price of approximately $19,000, and acquired
coins and currency at the Prosperity Branch for a purchase price of
approximately $63,500 (collectively, the "Prosperity Assets"). Also, Mid State
Bank acquired deposits at the Prosperity Branch totaling approximately
$7,509,600, which included the payment of a premium, and assumed other
liabilities totaling approximately $27,100 (collectively, the "Prosperity
Liabilities"). The aggregate funds due to Carolina First Bank from Mid State
Bank for the acquisition of the Prosperity Assets by Mid State Bank were
credited against the aggregate funds due to Mid State Bank from Carolina First
Bank for the assumption of the Prosperity Liabilities by Mid State Bank.
Consequently, upon the closing of the acquisition of the Prosperity Branch, Mid
State Bank received a net cash payment of approximately $7,066,200 from Carolina
First Bank for the difference in the amount of Prosperity Liabilities assumed
and the purchase price of the Prosperity Assets. The source of the funds used
for the purchase of the Prosperity Assets and to cover the premium on the
deposits was a portion of the available cash of Mid State Bank.
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 March 31, 2000,
by and between Mid State Bank and Carolina First 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 10, 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
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<CAPTION>
Exhibit
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<S> <C>
2.1 Purchase and Assumption Agreement dated March 31, 2000 by and between Mid
State Bank and Carolina First Bank.
99.1 Press Release of Community Capital Corporation.
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