- Current report filing (8-K)
2010年4月2日 - 5:40AM
Edgar (US Regulatory)
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UNITED
STATES
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SECURITIES
AND EXCHANGE COMMISSION
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WASHINGTON,
DC 20549
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FORM
8-K
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CURRENT
REPORT PURSUANT
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TO
SECTION 13 OR 15(D) OF THE
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SECURITIES
EXCHANGE ACT OF 1934
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Date
of report (Date of earliest event reported) March
26, 2010
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First
National Bancshares, Inc.
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(Exact
name of registrant as specified in its charter)
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South
Carolina
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(State
or other jurisdiction of incorporation)
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000-30523
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58-2466370
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(Commission
File Number)
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(IRS
Employer Identification No.)
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215
North Pine Street, Spartanburg, S.C.
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29302
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(Address
of principal executive offices)
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(Zip
Code)
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(864)
948-9001
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(Registrant's
telephone number, including area code)
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Not
Applicable
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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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o
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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o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR
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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ITEM 1.01
Entry Into and Modification
of a Material Definitive Agreement
On March
26, 2010, First National Bancshares, Inc. (the “Company”) and Nexity Bank (the
“Lender”) entered into a First Amendment to the Loan Modification and Settlement
Agreement (the “Amendment”), amending that certain Loan Modification and
Settlement Agreement dated December 30, 2009 (the “Settlement Agreement”),
regarding the Loan Agreement, Stock Pledge Agreement, and Promissory Note, each
dated as of December 28, 2007 between the parties (collectively, as subsequently
amended and modified from time to time, the “Loan Documents”). As of
March 26, 2010, the Company was in noncompliance with certain terms of the
Settlement Agreement. The Company's entry into the Amendment removes
this noncompliance and the Company is now in total compliance with all
provisions of the Settlement Agreement.
Pursuant
to the terms of the Amendment, on March 26, 2010 the Company remitted to the
Lender via wire transfer $147,827.38 to satisfy interest owed to the Lender for
the quarter ended December 31, 2009. The Lender agreed to extend the
Payment Date (as defined in the Settlement Agreement) to June 15, 2010, by which
date the Company may pay the Lender the sum of $3,500,000, plus accrued
interest, in full settlement of the Loan, subject to regulatory
approval.
The
Settlement Agreement is described in and attached as Exhibit 10.23 to our Form
10-K filed March 10, 2010. The Loan Documents are described in and
attached as Exhibits 10.2, 10.3, and 10.4, respectively, to our Form 8-K filed
April 1, 2009.
A copy of
the news release announcing this matter is attached hereto as Exhibit
99.1.
Item
9.01
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Financial
Statements and Exhibits
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The
following exhibit is filed as part of this report:
Exhibit
Number
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Description
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99.1
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Press
Release of First National Bancshares, Inc. dated April 1,
2010.
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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.
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FIRST
NATIONAL BANCSHARES, INC.
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By:
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/s/
Kitty B. Payne
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Name
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Kitty
B. Payne
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Title:
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EVP/Chief
Financial Officer
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Dated: April
1, 2010
Exhibit
Number
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Description
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99.1
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Press
Release of First National Bancshares, Inc. dated April 1,
2010.
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First National Bancshares (SC) (MM) (NASDAQ:FNSC)
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