UNITED STATES
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
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Date of Report: March 26, 2020 |
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BANK OF SOUTH CAROLINA CORPORATION |
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Exact name of registrant as specified in its charter) |
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South Carolina |
0-27702 |
57-1021355 |
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(State or other jurisdiction |
(Commission |
(I.R.S. Employer |
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256 Meeting Street, Charleston, SC |
29401 |
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(Address of principal executive offices) |
(Zip Code) |
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Registrant’s telephone number, including area code |
(843) 724-1500 |
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(Former name or former address, if changed since last report.) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Common stock |
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BKSC |
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NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 OTHER EVENTS
On March 26, 2020, the Bank of South Carolina Corporation (the “Company”) announced that its Board of Directors has authorized the repurchase of up to $1 million of the Company’s issued and outstanding common stock through March 2021. The stock repurchases may be open market or private purchases, negotiated transactions, block purchases, and/or otherwise. The amount and timing of the stock repurchases will be based on various factors, such as management’s assessment of the Company’s liquidity, the market price of Company common stock compared to management’s assessment of such stock’s underlying value, and other applicable regulatory, legal and accounting factors. The Company has no obligation to repurchase any shares. Additionally, the Company announced a $0.16 per share cash dividend. The information contained in the press release is deemed to be “filed” under the Securities Exchange Act of 1934 as Item 8.01 to this report, and such press release is incorporated herein by reference.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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(d) |
Exhibits.
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The following Exhibit is filed as part of this report
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Exhibit 99.1 |
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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.
Bank of South Carolina Corporation
(Registrant)
Date: March 26, 2020
/s/Eugene H. Walpole, IV
Eugene H. Walpole, IV
Chief Financial Officer
Executive Vice President
Bank of South Carolina Corporation Declares Dividend and Authorizes Stock Repurchase
CHARLESTON, S.C., March 26, 2020 /PRNewswire/ -- Today, the Board of Directors of Bank of South Carolina Corporation, (NASDAQ: BKSC) the parent company for The Bank of South Carolina, declared a quarterly cash dividend of $0.16 per share to shareholders of record April 6, 2020, payable April 30, 2020. This represents the 122nd quarterly cash dividend paid to shareholders – representing over 30 years of rewarding our shareholders.
Additionally, the Company authorized the repurchase of up to $1 million of the Company's issued and outstanding common stock through March 2021. The stock repurchases may be open market or private purchases, negotiated transactions, block purchases, and/or otherwise. The amount and timing of the stock repurchases will be based on various factors, such as management's assessment of the Company's liquidity, the market price of Company common stock compared to management's assessment of such stock's underlying value, and other applicable regulatory, legal and accounting factors. The Company has no obligation to repurchase any shares.
Fleetwood S. Hassell, President and Chief Executive Officer, stated, "In these times of adversity, your bank continues to operate with strong capital, steady earnings, and a visible community presence. As a bank, we are here as a source of strength and comfort to see our customers and shareholders through these challenges. We are pleased to declare, once again, this quarterly cash dividend."
The Bank of South Carolina, a De Novo Charter, which opened in 1987 at 256 Meeting Street, has offices in North Charleston, Summerville, Mt. Pleasant, and the West Ashley community. Our website is www.banksc.com. Bank of South Carolina Corporation currently trades its common stock on the NASDAQ stock market under the symbol "BKSC".
CONTACT: Eugene H. Walpole, IV, TELEPHONE: (843) 724-1500