-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, F/HEdkoTf0YiGQLg8PBxdCeYK/IT7D+BswnOyC9cn+0Rdnbp2/IVk18hwzSxREqa 64e2bPblJV0T98UW0O2HiA== 0000950109-94-000117.txt : 19940207 0000950109-94-000117.hdr.sgml : 19940207 ACCESSION NUMBER: 0000950109-94-000117 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19940128 ITEM INFORMATION: 7 FILED AS OF DATE: 19940204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BB&T FINANCIAL CORP CENTRAL INDEX KEY: 0000013839 STANDARD INDUSTRIAL CLASSIFICATION: 6022 IRS NUMBER: 561056232 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 34 SEC FILE NUMBER: 000-07871 FILM NUMBER: 94504425 BUSINESS ADDRESS: STREET 1: 223 W NASH ST CITY: WILSON STATE: NC ZIP: 27893 BUSINESS PHONE: 9193994291 FORMER COMPANY: FORMER CONFORMED NAME: BRANCH CORP DATE OF NAME CHANGE: 19880803 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 18, 1994 BB&T FINANCIAL CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) North Carolina 0-7871 56-1056232 - ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission (I.R.S. employer of incorporation) file number) identification no.) 223 West Nash Street, Wilson, North Carolina 27893 - -------------------------------------------- --------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (919)399-4291 ------------- Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events. On January 18, 1994 the Registrant and Scotland Savings Bank, S.S.B. agreed to terminate their Agreement and Plan of Reorganization dated April 26, 1993 whereby Scotland Savings was to convert from mutual to stock form and simultaneously be acquired by the Registrant. Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits (c) Exhibits 28.1 Unaudited interim financial statements of Asheville Savings Bank, SSB, and Subsidiary. 99.1 Joint Press Release from BB&T Financial Corp. and Scotland Savings Bank, S.S.B., dated January 18, 1994. 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. BB&T FINANCIAL CORPORATION DATE: February 4, 1994 BY: Scott E. Reed ---------------- ------------- EX-28.1 2 EXHIBIT 28.1 Exhibit 28.1 ASHEVILLE SAVINGS BANK, SSB AND SUBSIDIARY Statements of Income (Unaudited)
Nine Months Ended September 30, ------------------------------- 1993 1992 ------ ------ (in thousands) INTEREST INCOME: Interest on loans $15,800 $18,577 Interest on investment and mortgage-banking securities 1,658 2,731 ------- ------- Total interest income 17,458 21,308 ------- ------- INTEREST EXPENSE: Interest on deposits 8,236 12,027 Interest on borrowed funds 1,583 2,453 ------- ------- Total interest expense 9,819 14,480 ------- ------- NET INTEREST INCOME 7,639 6,828 PROVISION FOR LOAN LOSSES 455 407 ------- ------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 7,184 6,421 NONINTEREST INCOME 1,873 3,154 ------- ------- NONINTEREST EXPENSE: Personnel expense 3,696 3,361 Occupancy 862 862 Other 2,795 2,990 ------- ------- Total noninterest expense 7,353 7,213 Income before income taxes 1,704 2,362 *Income taxes (208) 1,179 ------- ------- Net Income $ 1,912 $ 1,183 ====== =======
* - Net of SFAs 109 Cumulative Effect Adjustment of $634. ASHEVILLE SAVINGS BANK, SSB AND SUBSIDIARIES BALANCE SHEET (000's) -- UNAUDITED
9-30-93 --------- ASSETS Cash and Due from Banks (Including Interest- Bearing Deposits of $20,756) $29,470 Investment and Mortgage-Backed Securities 33,685 Loans 241,483 Less Allowance for Loan Losses 1,762 -------- Net Loans 239,721 Bank Premises and Equipment 6,366 Accrued Interest Receivable 1,891 Other Assets 11,339 -------- Total Assets $322,472 ======== LIABILITIES AND RETAINED EARNINGS Deposits Non-interest Bearing $9,381 Interest Bearing 265,352 -------- Total Deposits 274,733 Advances from Federal Home Loan Bank 17,000 Other Borrowed Funds 59 Accrued Interest Payable 268 Other Liabilities 5,088 -------- Total Liabilities 297,148 Retained Earnings 25,324 -------- Total Liabilities and Retained Earnings $322,472 ========
ASHEVILLE SAVINGS BANK, SSB AND SUBSIDIARY Statement of Cash Flows (Unaudited)
Nine Months Ended September 30, ------------------------------- 1993 1992 ------ ------ (in thousands) OPERATING ACTIVITIES: Net Income $ 1,912 $ 1,183 Adjustment to reconcile net income to cash provided by (used in) operating activities Provision for loan losses and foreclosed real estate 1,032 469 Depreciation and amortization 440 440 Gain on sale of loans, net (524) (669) Gain on sale of investment securities 460 Increase in income taxes payable 162 Decrease in income taxes receivable 141 324 Addition to deferred income 863 1,178 Deferred income tax cumulative adjustment (634) Dividends on Federal Home Loan Bank stock (196) (218) (Increase) decrease in accrued interest receivable 294 903 Increase (decrease) in accrued interest payable 18 (7) Deferred income tax (benefit) (365) (120) Other 2,496 158 -------- -------- Net Cash Provided by Operating Activities 5,639 4,101 -------- -------- Investing Activities: Loans originated or acquired (83,385) (85,754) Loan principal repayments 46,027 49,457 Loans sold 46,762 49,182 Proceeds from maturities of investment securities 8,041 13,997 Purchase of investment securities (10,052) (10,036) Purchase of mortgage-backed securities 0 (5,394) Mortgage-backed securities principal repayments 2,620 1,587 Other (501) 665 -------- -------- Cash Provided by Investing Activities 9,512 13,704 -------- -------- FINANCING ACTIVITIES: Net decrease in deposits (7,783) (29,190) Decrease in borrowed funds (2,004) (5,004) Other 1,330 940 -------- -------- Cash Used in Financing Activities (8,457) (33,254) -------- -------- Increase (decrease) in Cash and Cash Equivalents 6,694 (15,449) Cash and Cash Equivalents -- January 1 22,776 49,931 -------- -------- Cash and Cash Equivalents -- September 30 $ 29,470 $34,482 ======== ========
EX-99.1 3 EXHIBIT 99.1 - -------------------------------------------------------------------------------- [LETTERHEAD OF BB&T FINANCIAL CORPORATION APPEARS HERE] EXHIBIT 99.1 BB&T FINANCIAL CORPORATION AND SCOTLAND SAVINGS BANK, S.S.B. ANNOUNCE TERMINATION OF PROPOSED CONVERSION MERGER William C. Fitzgerald III, President of Scotland Savings Bank, S.S.B. of Laurinburg, North Carolina, and John A. Allison, Chairman of the Board and Chief Executive Officer of BB&T Financial Corporation in Wilson, North Carolina, jointly announced today the termination of their agreement dated April 26, 1993 providing for the conversion of Scotland Savings from a mutual savings bank to a stock savings bank and its simultaneous acquisition by BB&T Financial Corporation. The announcement follows a decision by the Scotland Savings Bank Board of Directors to end the process that would lead to the conversion and merger. Mr. Allison said that while BB&T Financial Corporation would like Scotland Savings Bank to be a part of the BB&T family, he respected the decision by their board. ### - -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE JANUARY 18, 1994 CONTACT: - -------- B. Gloydan Stewart, Jr. Senior Vice President Investor Relations 919/399-4219 Scott E. Reed Senior Executive Vice President & Treasurer 919/399-4418 William C. Fitzgerald III President & Chief Executive Officer Scotland Savings Bank, S.S.B. 910/276-2703 -----END PRIVACY-ENHANCED MESSAGE-----