EXHIBIT 2.2
First Amendment to Purchase and Assumption Agreement dated June 6, 2000,
by and between Mid State Bank and The Anchor Bank.
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FIRST AMENDMENT
TO
PURCHASE AND ASSUMPTION AGREEMENT
This First Amendment To Purchase and Assumption Agreement (the
"Amendment") is made as of this 6th day of June, 2000, by and between The Anchor
Bank, a South Carolina banking corporation headquartered in Myrtle Beach, South
Carolina ("Seller"), and Mid State Bank, a South Carolina banking corporation
headquartered in Newberry, South Carolina ("Purchaser").
Introduction.
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According to the terms and conditions of that certain Purchase and
Assumption Agreement dated May 9, 2000, by and between Purchaser and Seller (the
"Purchase Agreement"), Seller has agreed to sell certain assets and to transfer
certain deposits and other liabilities associated with its operations to
Purchaser, all as set forth therein. Purchaser and Seller desire to amend the
terms of the Purchase and Assumption Agreement as set forth herein.
Defined terms herein shall have the meanings ascribed to them in the
Purchase Agreement unless otherwise defined herein.
Agreement.
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NOW, THEREFORE, in consideration of these premises and the mutual
covenants hereinafter set forth, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
(a) The definition of "Branch Loan" set forth in Section 1.1 of the
Purchase Agreement is hereby deleted in its entirety and the following
substituted in lieu thereof:
"Branch Loan" means (i) any loan fully secured by any Branch Deposit, and
(ii) any checking line of credit or overdraft checking balance linked to
any Branch Deposit, and (iii) all other loans associated with the Branch
Office as listed on Schedule 2.1(e) hereto (it being acknowledged that
Purchaser shall not have to purchase any loan which is not covered by
clauses (i), (ii) or (iii) of this definition, which is a nonaccrual loan
or any other loan ninety (90) days or more past due as of the Effective
Time), together with any Accrued Interest Receivable thereon, the related
Servicing Rights and all such loan documentation as may be possessed by
Seller with respect to such Branch Loans; provided, however, the Branch
Loans shall not include those loans listed on Schedule 1 to that certain
First Amendment to Purchase and Assumption Agreement dated June 6, 2000,
by and between Purchaser and Seller, which are (i) the loans of Seller
that would be classified as Grade 4 or Grade 5 loans under the Purchaser's
grading system, and (ii) any loans where the borrower is Roy Lee Pryor
III. At any time prior to the tenth (10th) day before the date of Closing,
Schedule 2.1(e) may be supplemented by Seller upon written notice to
Purchaser; provided however, unless Purchaser consents in writing,
Schedule 2.1(e) shall not include any loan whose principal balance is
equal to or greater than ten thousand dollars ($10,000) and which is
entered into or renewed by Seller after the termination of the Due
Diligence Period (as defined below). Notwithstanding anything contained
herein to the contrary, the parties hereto acknowledge and agree that
during the period commencing on the date hereof and ending at midnight of
May 31, 2000 (the "Due Diligence Period"), Purchaser shall be permitted to
conduct a review of any and all Branch Loans. In the event for any reason
the Purchaser in its sole discretion finds any such loan unacceptable to
Purchaser, Purchaser may, at any time prior to midnight of June 1, 2000,
terminate this Agreement by delivering written notice to Seller. In such
event, this Agreement shall be null and void unless the parties hereto
subsequently agree otherwise in writing.
(b) Section 3.1(d) of the Purchase Agreement is hereby deleted in its
entirety and the following substituted in lieu thereof:
(d) One Hundred Percent (100.0%) of the Net Book Value of the Branch
Loans; minus
First Amendment To
Purchase and Assumption Agreement
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(c) Section 3.1(e) of the Purchase Agreement is hereby deleted in its
entirety and the following substituted in lieu thereof:
(e) The lesser of either (i) Ninety-Two Percent (92.0%) of the total
amount of the Branch Deposits on deposit in Seller on the Closing
Date excluding Jumbo Deposits, or (ii) Two Million Fifty Thousand
and No/100 ($2,050,000) Dollars; minus
(d) Except as otherwise modified hereby, the terms and provisions of the
Purchase Agreement shall remain in full force and effect. This Amendment may be
executed in any number of counterparts, all of which taken together shall
constitute one Amendment, and any party hereto may execute this Amendment by
signing any such counterpart. The authorized attachment of counterpart signature
pages shall constitute execution by the parties hereto. This Amendment shall be
governed by and construed in accordance with the laws of the State of South
Carolina. No provision of this Amendment shall be interpreted against any party
hereto because such party or its legal representative drafted such provision.
IN WITNESS WHEREOF, the parties have executed this First Amendment To
Purchase and Assumption Agreement under seal with the corporate parties acting
by and through their duly authorized officers, effective as of the date first
above written.
SELLER:
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THE ANCHOR BANK
By: /s/ TOMMY E. LOOPER
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Tommy E. Looper
Executive Vice President and
Chief Financial Officer
PURCHASER:
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MID STATE BANK
By: /s/ WILLIAM F. STEADMAN
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William F. Steadman
President
First Amendment To
Purchase and Assumption Agreement
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SCHEDULE 1
Exclusions from Branch Loans
As of 5/11/00
Name Acct. # Balance RR
Bedenbaugh Judy L 1302228 9,982 5
Berry Tori 1000017845 1,175 5
Bosket James 1000018223 10,195 5
Bosket Marcus 1000016261 9,640 5
Bosket Marcus 1000018430 287 5
Bouknight Leon 1000016564 4,630 5
Bouknight Leon 1000018271 8,792 5
Bouknight Leon 1000008038 2,448 5
Bouknight Leon 9000017368 13,778 5
Bowdler Elizabeth 1000012754 1,534 5
Bradley Cynthia 1000016801 8,494 5
Breibart Mary T 1000018352 4,259 5
Brown Antoine 1000018391 2,249 5
Clark Dwight O 1000014251 1,933 5
Clark Dwight O 1000012187 6,105 5
Cleveland Arthur 8409722200 190,000 5
Cobb Henry R Jr 1700026 8,993 5
Cole Robecca Lynn 1000016393 2,233 5
Crouch Alicia J 1000016249 6,061 5
Crouch Charlotte 1000012859 2,329 5
Crouch James H 9000014110 34,350 5
Crouch Jinna S 1000016030 3,731 5
Durst Russell 1101868 37,193 5
Forrest Evelyn 1000019180 5,280 5
Forrest George B 1000014026 21,277 5
Forrest George B 1000017206 21,322 5
Forrest George B 1000017983 7,461 5
Forrest George B 1000018676 24,534 5
Gantt Debra 1000016786 1,457 5
Hamby Wesley 1000009163 7,243 5
Haskin Randy T 1000011167 4,011 5
Hill Daryl 1000017953 6,441 5
Hill Felicia Steve 1000015295 11,037 5
Holloway Betty P 1000016561 7,209 5
Holloway Betty P 1000017530 22,118 5
Hughes Mike 1000017557 796 5
Hunter Tammy 1000015715 3,882 5
Hunter Tammy 1000018874 2,569 5
Hyler Randy B II 1000011395 6,486 5
Johnson Darlene C 1000015676 3,279 5
Johnson Darlene C 1000018604 3,323 5
Johnson James R 1304352 16,910 5
Kinard Danny 1000002194 3,044 5
First Amendment To
Purchase and Assumption Agreement
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Langford George W Jr 1303356 70,943 5
Lewis Pamela R 1000011011 1,436 5
Lott Melissa K 1000018094 1,674 5
Mathis Patrick 1000017167 4,965 5
Milner Jenny T 1000013468 16,960 5
Mingus Dennis 1000017236 6,875 5
Mize Christy B 1000018028 4,068 5
Morris Margie R 1000014920 4,722 5
Newberry Vacuum 1000015925 4,020 5
Padgett Russell 1000017158 5,000 5
Pryor Roy L III 1000018547 6,367 5
Pryor Roy L III 1000019018 12,472 5
Rhodes Brandon Lee 1000017029 5,073 5
Robinson George J 1303751 12,753 5
Rushton Francis 1000011782 4,071 5
Rushton Gary 1000010294 2,239 5
Shealy David 1000006820 54,866 5
Shealy David 1304663 90,006 5
Simpkins Sherry 1000019138 1,223 5
Smoothy's Inc 1000010351 95,660 5
Stewart Carriage House 1000008347 135,088 5
Wallace Dorothy 1000000490 8,872 5
White George D 1000014008 9,182 5
White Pierce S Jr 1102314 8,592 5
Yarborough Lisa 100002347 451 5
TOTAL 68 1,117,648 5
As of 5/11/00
Name Acct. # Balance RR
Abney Leo 1000017671 4,991 4
Adams Wyman W 1000014428 16,000 4
Adams Wyman W 1000014140 2,499 4
Adams Wyman W 1000011176 18,329 4
Ann's Dairy Bar 1103029 25,150 4
Atkinson Janet 1000018718 23,343 4
Bailey Danielle M 1000018040 19,886 4
Bearden Tammy A 1000006271 5,368 4
Black Donnie 1000010135 3,138 4
Boatwright James 1000009166 12,993 4
Boatwright James 1000013303 10,000 4
Boatwright James 1000007711 4,000 4
Boone David 1000007537 13,581 4
Boone David 1000010840 3,740 4
Boone David 1000018013 26,120 4
Breibart Richard J 1102866 91,449 4
Burnett Mary C 1000018811 1,655 4
Burnett Mary C 1000014992 5,259 4
Butler Everette L 1000013885 9,657 4
Butler Kershall 1000009208 4,893 4
First Amendment To
Purchase and Assumption Agreement
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Clark Ernest 1302796 3,961 4
Clark Ernest 1000018991 8,037 4
Coleman Leroy 1000008140 2,314 4
Corley John Voight 1000007141 7,075 4
Country Peddler 1102551 95,007 4
Crouch Glenn 1000007147 6,205 4
Crouch Glenn 1000009631 7,056 4
Crouch Glenn 1000015559 44,311 4
Crouch Glenn 1000016141 12,178 4
Crouch J Bennie Jr 1000013801 30,112 4
Crouch J Bennie Jr 1000017572 2,219 4
Crouch J Bennie Jr 1000017425 3,669 4
Crouch J Bennie Jr 1000010636 3,805 4
Crouch J Bennie Jr 1000016738 161,186 4
Crouch Norman J 1103567 38,393 4
Crouch Sandra E 1000014590 3,999 4
Culbreath Dexter 1000017434 3,144 4
Edwards Henry Clark 1000015454 65,410 4
Ergle Johnnie 1000000388 37,687 4
Graham Heather 1000017470 743 4
Hall, Jeffrey 1000011704 23,777 4
Hall, Jeffrey 8000011704 (19,022) 4
Hicks Doris L 71874190 5,423 4
Johnson Dorothy Y 1000009913 8,500 4
Johnson Dorothy Y 1000014065 11,500 4
Johnson Dorothy Y 1000010951 6,162 4
Koon Jimmie Lee Jr 1103915 7,031 4
Koon Jimmie Lee Jr 1000001765 9,567 4
Koontz Samuel E 1102995 43,686 4
Lake Mike 1000019234 7,872 4
Martin Hoover 51864320 15,904 4
McDaniel Richard 1000010147 1,160 4
Mills Cliff 1304217 15,777 4
Mitchell Benjamin 1000011980 78,108 4
Padgett Chandra H 1000018808 11,765 4
Powell Dwight 1303846 49,190 4
Pressley Daniel A 1000019117 6,918 4
Prewett Leah R 1000013507 2,025 4
Price Jason 1104008 11,163 4
Price Jason 1303914 52,463 4
Price Jason 1102702 11,779 4
Ray Anthony D 1304093 26,126 4
Rita John R 1000012883 81,193 4
Rita John R 1000017494 8,957 4
Rita John R 1000014512 5,021 4
Rita John R 1000012865 42,725 4
Rita John R 1000012085 11,904 4
Rita John R 1000009826 34,537 4
Rodgers Andrew T 51863617 10,000 4
Rodgers Andrew T 1000016054 30,000 4
Rodgers David L 1303326 17,377 4
Salter O Fredrick Jr 1303300 21,875 4
First Amendment To
Purchase and Assumption Agreement
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Shealy Larry D 1302825 17,026 4
Smith Thomas Dwight 1302780 5,412 4
Southeast Helicopter 1000004438 2,893 4
Southeast Helicopter 1000012463 70,966 4
Southeast Helicopter 1000015913 15,457 4
Southeast Helicopter 11862551 95,000 4
Storey Leonard 1303529 8,567 4
Wertz Ernie K 1302813 10,663 4
Wertz Logging 1000010375 11,323 4
Wertz William S 51862387 11,013 4
White Gina B 1000015262 12,442 4
Williams Vannie Jr 11863483 15,000 4
Williams Vannie Jr 1000014164 29,156 4
Yarbrough Molte 81864177 5,000 4
Yarbrough Molte 1000014485 9,891 4
TOTAL 87 1,808,834 4
First Amendment To
Purchase and Assumption Agreement
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