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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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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): September 2, 1999
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(August 25, 1999)
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LANIER BANKSHARES, INC.
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(Exact name of registrant as specified in charter)
Georgia 0-21489 58-1814713
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(State or other jurisdiction (Commission File (I.R.S. Employer
jurisdiction of incorporation) Number) Identification No.)
854 Washington Street, Gainesville, Georgia 30501
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(Address of principal executive offices (Zip Code)
Registrant's telephone number, including area code: (770) 536-2265
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Not Applicable
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(Former name or former address, if changed since last report.)
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ITEM 5. Other Events
On August 25, 1999, Lanier Bankshares, Inc. ("Registrant") announced that
it had signed a letter of intent to merge with Century South Banks, Inc.
("Century South"). The proposed acquisition is subject to execution of a
definitive agreement and appropriate corporate shareholder and regulatory
approvals. Registrant's subsidiary, Lanier National Bank, will continue to
operate as a separate national bank.
Century South is the parent company for subsidiary banks located in
Georgia, Tennessee, Alabama and North Carolina. Upon completion of this, as well
as other pending transactions, Century South will operate 38 banking offices
with approximately $1.5 million in assets.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
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99 News release dated August 25, 1999 regarding Registrant signing
letter of intent with Century South Banks, Inc.
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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.
LANIER BANKSHARES, INC.
By: /s/ Joseph D. Chipman, Jr.
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Joseph D. Chipman, Jr.
President and Chief Executive Officer
Date: September 2, 1999
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EXHIBIT 99
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FOR IMMEDIATE RELEASE
August 25, 1999
Century South Banks, Inc. Contact: James A. Faulkner Susan Anderson
P. 0. Box 1000 (706) 864-3915 (706) 864-1111
Dahlonega, Georgia 30533 Joe Evans Joseph D. Chipman, Jr.
P.O. Box 14099 (912) 475-4340 (770) 536-2265
Macon, Georgia 31203
CENTURY SOUTH BANKS, INC. TO ACQUIRE
LANIER NATIONAL BANK
DAHLONEGA, GEORGIA/GAINESVILLE, GEORGIA - James A Faulkner, Vice Chairman
and Chief Executive Officer of Century South Banks, Inc. (NasdaqNMS:CSBI), and
Joseph D. Chipman, Jr., President and Chief Executive Officer of Lanier National
Bank, and its parent company, Lanier Bankshares, Inc., today announce the
signing of a letter of intent whereby Century South Banks, Inc. will acquire,
through merger, Lanier National Bank and its parent company Lanier Bankshares,
Inc.
We are extremely pleased to be entering into this agreement with Lanier
National Bank. Joe Chipman and his Board of Directors have done an outstanding
job of building a $115 million bank in ten short years. Under Joe, and the Board
of Directors leadership, the bank has experienced exceptional growth and
profitability.
Upon completion of the merger, Joe Chipman will become President and Chief
Executive Officer of Century South's Gainesville based affiliate bank with total
assets of some $300 million, and with a Hall County presence of approximately
$243 million and a number 3 market share position in the Hall County market.
"We look forward to the continued expansion of Century South Banks, Inc.'s
franchise under the capable leadership of Joe Chipman and our combined staffs,"
stated James A. Faulkner.
"We are very excited to be affiliated with Century South Banks, Inc. With
the rapidly changing banking environment we face today, we feel it is becoming
increasingly important to affiliate with a larger community bank organization.
Century South has established itself as a community bank that is focused on
local autonomy, while providing all the benefits of a larger institution,"
stated Joe Chipman.
The transaction is valued as $39,650,000 or $31.00 per fully diluted share
of Lanier Bankshares common stock and will be accounted for as a pooling of
interest and provides for a tax free exchange of Century South Banks, Inc.
common stock for each share of Lanier Bankshares, Inc. common stock. The
transaction is scheduled to close in the first quarter of 2000. Upon completion
of the transaction, as well as other pending transactions, Century South Banks,
Inc. will have 38 banking offices with some $1.5 billion in assets located in
Georgia, Tennessee, Alabama and North Carolina.
