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UNITED STATES
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 if earliest event reported): July 22, 1998
Commission file number 0-18560
The Savannah Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Georgia 58-1861820
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(State or other jurisdiction of (IRS Employer
incorporation or organization) identification No.)
25 Bull Street, Savannah, GA 31401
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(Address of principal executive offices) (Zip Code)
912-651-8200
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(Registrant's telephone number, including area code)
Not Applicable
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(Former Name or Former Address, If Changed Since Last Report)
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ITEM FIVE. OTHER EVENTS
On July 22, 1998, a news release was made announcing the resolution of all
pending matters that caused an earlier delay in the merger process with Bryan
Bancorp of Georgia, Inc (Bryan). The agreements necessary to protect the
pooling-of-interests accounting method have been signed.
ITEM SEVEN. EXHIBIT
EXHIBIT 99 - Copy of the contents of the news release
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
The Savannah Bancorp, Inc.
Date: 7/28/98 By: /s/ Archie H. Davis
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President & CEO
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EXHIBIT 99
The Savannah Bancorp, Inc.
News Release For More Information please contact:
July 22, 1998 Archie H. Davis,
President & CEO
For release: Immediately Savannah, Georgia
912 / 651-8200
The Savannah Bancorp Announces End to Merger Delay with Bryan Bancorp
Savannah, GA (Nasdaq: SAVB) The Savannah Bancorp, Inc. (Savannah), the bank
holding company for The Savannah Bank, N.A., located in Savannah, Georgia,
"After a three-month delay, we are delighted to move toward completion of the
merger that was announced on February 11. We expect all regulatory documents to
be filed within two weeks. The shareholders' meetings for Savannah and Bryan
will be held in the fourth quarter," said Archie H. Davis, President & CEO of
The Savannah Bancorp, Inc. Under the terms of the merger agreement, Bryan
shareholders will receive 1.85 shares of Savannah common stock for each share of
Bryan common stock. Based on Savannah's closing stock price of $25.50 on
February 10, 1998, the transaction is valued at approximately $24 million. Both
Boards of Directors are expected to approve an amendment to the merger agreement
that extends the latest consummation date from September 30 to December 31,
1998. The Savannah Bank, N.A. provides banking services from four full-service
offices in Savannah, Chatham County, Georgia. A fifth office is scheduled to
open in the Medical Arts Shopping Center in the third quarter, 1998. As of June
30, 1998, Savannah had $169 million in total assets, $148 million in total
deposits and $15.9 million in total stockholders' equity. Bryan Bank & Trust,
the subsidiary of Bryan, has one office in Richmond Hill, Georgia, 20 miles
south of downtown Savannah. Combined assets after the merger will be
approximately $240 million based on June 30, 1998 assets.
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