-----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, Ph4VLtx71h6qGXFxYyrTHbYCy1veulA1DaU4qk+2msnlohc+LVV277/jWXgk2/H5 siqHx4Fym6eikjH82j5VxA== 0000950144-04-012294.txt : 20041221 0000950144-04-012294.hdr.sgml : 20041221 20041221165144 ACCESSION NUMBER: 0000950144-04-012294 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041216 ITEM INFORMATION: Termination of a Material Definitive Agreement FILED AS OF DATE: 20041221 DATE AS OF CHANGE: 20041221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHFIRST BANCSHARES INC CENTRAL INDEX KEY: 0000925963 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 631121255 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13640 FILM NUMBER: 041218019 BUSINESS ADDRESS: STREET 1: 126 NORTH NORTON AVE CITY: SYLACAUGA STATE: AL ZIP: 35150 BUSINESS PHONE: 2052454365 MAIL ADDRESS: STREET 1: PO BOX 167 CITY: SYLACAUGA STATE: AL ZIP: 35150 8-K 1 g92483e8vk.txt SOUTHFIRST BANCSHARES, INC. 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 Date of report (Date of earliest event reported): December 16, 2004 SOUTHFIRST BANCSHARES, INC. (Exact Name of Registrant as Specified in Charter) DELAWARE 1-13640 63-1121255 (State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 126 North Norton Avenue, Sylacauga, Alabama 35150 (Address of Principal Executive Offices / Zip Code) (205) 245-4365 (Registrant's telephone number, including area code) Item 1.02 Other Events and Required FD Disclosure. On December 16, 2004, SouthFirst Bancshares, Inc.'s wholly-owned subsidiary and federally chartered stock savings association, First Federal of the South ("First Federal"), received notification from the Office of Thrift Supervision (the "OTS") that it had agreed to end certain restrictions placed upon First Federal by the OTS in its March 22, 2002 Supervisory Agreement through the rescission of that agreement as of December 14, 2004. (a) Exhibits. 99.1 Letter from the Office of Thrift Supervision to First Federal of the South, dated December 14, 2004. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SOUTHFIRST BANCSHARES, INC. Dated: December 21, 2004 By: /s/ Sandra H. Stephens ----------------------------------- Sandra H. Stephens Executive Vice President and Chief Operating Officer Exhibit Page
EXHIBIT NO. DESCRIPTION OF EXHIBIT - ----------- ---------------------- 99.1 Letter from the Office of Thrift Supervision to First Federal of the South, dated December 14, 2004.
EX-99.1 2 g92483exv99w1.txt EX-99.1 LETTER FROM THE OFFICE OF THRIFT SUPERVISION . . . [OFFICE OF OFFICE OF THRIFT SUPERVISION THRIFT Department of the Treasury Regional Director, Southeast SUPERVISION ------------------------------ ---------------------------- LOGO] 1475 Peachtree Street, N.E., Atlanta, GA 30309 * Telephone: (404) 888-5619 P.O. Box 105217, Atlanta, GA 30348-5217 * Fax: (404) 888-5634
December 14, 2004 OTS No. 05329 Mr. Joe K. McArthur President First Federal of the South 126 N. Norton Avenue Sylacauga, Alabama 35150 Dear Mr. McArthur: I am responding to your letter dated November 10, 2004 to Review Examiner David G. Hughey that requested the rescission of the March 22, 2002 Supervisory Agreement (Agreement). Your letter noted that the March 15, 2004 report of examination did not disclose any areas of noncompliance with the Agreement, although that same report of examination did reveal certain matters concerning compliance with the Bank Secrecy Act (BSA) that required immediate corrective actions. Our BSA compliance examination conducted on August 23, 2004 did note that the problems resulting in incorrect or incomplete currency transaction reports being submitted were addressed, and your thrift's independent test appeared to be thorough and appropriate for a thrift of First Federal's size and operating characteristics. Based on the foregoing examination results, I agree to rescind the Agreement effective the date of this letter. Although the March 15, 2004 examination did note full compliance with the Agreement, management and the directorate still need to focus on the thrift's concentration in construction and land loans, and perhaps more importantly, the continued inability to consistently generate positive core earnings. Management and the board of directors should also continue its efforts to ensure continuous full compliance with the BSA/Anti-Money Laundering/OFAC requirements as well as all other applicable laws and regulations. If there are any questions concerning this letter, please call Mr. Hughey at (404) 888-8113. Sincerely, /s/ JOHN E. RYAN ---------------------------- John E. Ryan Regional Director -----END PRIVACY-ENHANCED MESSAGE-----