-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MFv4vt0fVVlADpTKs0Yr0nEXVopdrH/D2vCJWZX4pXqvrNtMkivCInW8ope1KBXY gyfb2a+uIsjoPfgNvXEjKg== 0001376474-07-000024.txt : 20070730 0001376474-07-000024.hdr.sgml : 20070730 20070730140446 ACCESSION NUMBER: 0001376474-07-000024 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20070730 DATE AS OF CHANGE: 20070730 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SOUTH FINANCIAL GROUP INC CENTRAL INDEX KEY: 0000797871 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 570824914 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-42671 FILM NUMBER: 071009065 BUSINESS ADDRESS: STREET 1: 102 S MAIN ST CITY: GREENVILLE STATE: SC ZIP: 29601 BUSINESS PHONE: 8642557900 MAIL ADDRESS: STREET 1: 102 S MAIN STREET CITY: GREENVILLE STATE: SC ZIP: 29601 FORMER COMPANY: FORMER CONFORMED NAME: CAROLINA FIRST CORP DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: McMullen John S. CENTRAL INDEX KEY: 0001408157 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: BUSINESS PHONE: 813-273-9776 MAIL ADDRESS: STREET 1: 371 CHANNELSIDE WALK WAY, #1901 CITY: TAMPA STATE: FL ZIP: 33602-6776 SC 13D 1 schedule13d.htm Schedule 13D



 

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

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SCHEDULE 13D

Under the Securities and Exchange Act of 1934

(Amendment No.                 )*


The South Financial Group, Inc.

(Name of Issuer)


Common Stock, $ 1.00 Par Value

(Title of Class of Securities)


837841105

(CUSIP Number)


John S. McMullen

371 Channelside Walk Way #1901

Tampa, FL 33602-6776

(813) 273-9776

(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)


July 30, 2007

(Date of Event which Requires Filing of this Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  o


Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.


* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.


The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).



1




CUSIP No.   837841105

1.

Names of Reporting Persons.

I.R.S. Identification Nos. of above persons (entities only).

John S. McMullen

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

o

3.

SEC Use Only

4.

Source of Funds (See Instructions)

PF

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

o

6.

Citizenship or Place of Organization

Tampa, Florida, U.S.A.

 

Number of Shares Beneficially by Owned by Each Reporting Person With

7.

Sole Voting Power

285,068

8.

Shared Voting Power

0

9.

Sole Dispositive Power

285,068

10.

Shared Dispositive Power

0

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

285,068

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

o

13.

Percent of Class Represented by Amount in Row (11)

0.383% (rounded 0.4%)

14.

Type of Reporting Person (See Instructions)

IN




2



Item 1.  Security and Issuer

The class of equity security to which this statement relates is the common stock, par value $1.00 per share (the “Shares”), of The South Financial Group, Inc., a South Carolina corporation. The name and address of the principal executive offices of the Issuer are:

The South Financial Group, Inc.

102 South Main Street

Greenville, SC 29601

Item 2.  Identity and Background

This statement on Schedule 13D is being filed by:

(a)

Name: John S. McMullen

(b)

Address:

371 Channelside Walk Way #1901

Tampa, FL 33602-6776

(c)

Occupation: Not applicable

(d)

During the last five (5) years, John S. McMullen has not been convicted in a criminal proceeding.

(e)

During the last five (5) years, John S. McMullen has not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws.

(f)

Citizenship: United States

Item 3.  Source and Amount of Funds or Other Consideration

Not applicable.

Item 4.  Purpose of Transaction

Not applicable.

Item 5.  Interest in the Securities of the Issuer

(a) (b)

The information contained on the cover pages of this Statement is incorporated herein by reference.  As of the date hereof, John S. McMullen has beneficial ownership (within the meaning of Rule 13-d-3 under the Exchange Act) and sole power to vote or direct the vote of 285,068 shares of Common Stock, which represents approximately 0.383%of the shares of Common Stock deemed issued and outstanding as of July 30, 2007.

(c)

Except as set forth or incorporated herein the Reporting Person has not effected any transaction in Common Stock during the past 60 days.

(d)

Not applicable.

(e)

Not applicable.

Item 6.  Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

None.

Item 7.  Material to Be Filed as Exhibits

Exhibit A:  Letter addressed to the Issuer’s Board of Directors.



3



SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date:  July 30, 2007

 

By:

/s/ John S. McMullen                   

John S. McMullen

 

 




4


EX-1 2 tsfgboardletter.htm Exhibit A




        



July 30, 2007


The South Financial Group, Inc.

Attention: Mr. Mack I. Whittle, Jr.  Chairman & CEO

P. O. Box 1029

Greenville, South Carolina 29602


To the Board of Directors:


I have sole voting and dispositive power of 285,068 shares of common stock of The South Financial Group, Inc. [hereinafter “TSFG“] and have had so for many years.  


I am very displeased with both TSFG’s operating performance/earnings and underperformance of the stock.  I have had discussions with other substantial shareholders who share my thoughts/displeasure.


TSFG, and its banking subsidiaries, appear to have very good geographical locations in the states of South Carolina, North Carolina & Florida.  It also appears to have very dedicated officers and employees and a good customer/client base.  Overall credit asset quality also appears to be adequate.


However, management’s inability to meet previously publicly stated target goals, etc. and the recent decline in stock valuation reflect investors’ poor perceptions/expectations of TSFG.  And, with an ROE of 6%, one of the lowest in the industry, it is hard to argue the point.


As a shareholder, I believe the Board of Directors should NOW consider strategic alternatives and evaluate whether TSFG should remain independent or pursue other options for enhancing shareholder value.  Based on previous mergers/acquisitions and premiums paid for bank holding companies in the southeastern United States, I believe a larger bank holding company would pay a premium that would exceed a valuation TSFG might achieve, in the years ahead, by remaining independent.


I further believe that there is considerable interest in TSFG from strategic acquirers and the likelihood of consummating a deal is high.  It is my opinion, and the opinion of many other very substantial shareholders, that management and the Board of Directors should NOW actively explore such an option.


Management and the Board of Directors have an opportunity to crown their substantial achievements to date by remaining open to all potential avenues of value creation.  I believe, as do many other shareholders, that the potential for substantial value creation from a sale of TSFG merits action.


Therefore, I request the TSFG Board of Directors engage an investment banking firm to solicit indications of interest from potential acquirers.  I would expect the Board of Directors to carefully consider all acquisition proposals relative to the attractiveness of remaining independent.


Regards,




John S. McMullen


371 Channelside Walk Way #1901

Tampa, FL 33602-6776

Phone 813-273-9776




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