SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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)
March 6, 1997
CCF HOLDING COMPANY
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(Exact name of Registrant as specified in its Charter)
Georgia 0-25846 58-2173616
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(State or other jurisdiction (SEC File No.) (IRS Employer
of incorporation) Identification
Number)
101 North Main Street, Jonesboro, Georgia 30236
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (770) 478-8881
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Not Applicable
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(Former name or former address, if changed since last Report)
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CCF HOLDING COMPANY
INFORMATION TO BE INCLUDED IN REPORT
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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Exhibit 99 - Letter to Stockholders concerning recent occurrences,
including name change, opening new branches, and
increased costs reducing net income.
<PAGE>
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, thereunto duly authorized.
CCF HOLDING COMPANY
Date: March 6, 1997 By: /s/ David B. Turner
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David B. Turner
President and Chief Executive Officer
[CCF HOLDING COMPANY LETTERHEAD]
Dear Fellow Shareholder:
We are writing to update you on recent occurrences at your bank. We are proud to
announce that we opened a Fayette County, Georgia office in temporary quarters
on February 10th and are looking forward to the permanent branch being ready
late summer or early fall of this year. We are also working towards the
establishment of another office in McDonough, Georgia (Henry County) in the next
few months.
By this time you are probably aware that we have changed our name to HERITAGE
BANK, effective February 4, 1997. We feel this new name more accurately reflects
who we are and what we will be without losing our ties to the past.
We certainly recognize the dramatic change sin the financial services industry
and are doing our best to adapt to them. Both Fayette and Henry Counties are
growing rapidly and we are trying to leverage our high level of capital by
expanding into these new markets.
Costs associated with opening, staffing and equipping the Fayette branch, and
similar costs for the McDonough branch, and the hiring of additional personnel
in our main office to provide customers with additional loan products will
result in increased expenses and reduced net income until we can achieve certain
levels of deposit and loan activity. This situation is expected to continue for
at least the next nine months. We do not expect the decrease in earnings to be
prolonged and in the long term, this expansion of markets, personnel, products
and services should enhance shareholder value. However, as with any expansion,
if the new branches or additional personnel do not ultimately result in
increased deposit and loan activity and increased net interest income, these
expenses would continue to have an adverse affect on net income.
None of these positive changes will be possible without you and your continued
support. Our goal is simple to enhance shareholder value. We will try to keep
you informed and I am always available if you have questions or concerns.
Very truly yours,
/s/ D. B. Turner
D. B. Turner
President and
Chief Executive Officer
