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): June 25, 2008 (June 23, 2008)
EMERGENT GROUP INC.
(Exact name of Registrant as specified in Charter)
| Nevada | 0-21475 | 93-1215401 |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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| 10939 Pendleton Street, Sun Valley, CA | 91352 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (818) 394-2800
Not Applicable
(Former name or former address, if changed since last report.)
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):
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01 Material Agreements.
Emergent Group Inc. and PRI Medical Technologies, Inc. (collectively the “Company”) entered into a new credit agreement (the “Agreement”) with a bank, effective June 23, 2008. The Agreement provides for a line of credit of $1 million and is collateralized by substantially all assets of the Company. Advances under the Agreement bear interest at the prime rate, plus one-half of one percent, with interest payable monthly. Subject to the terms of the Agreement, the Company may request and repay advances from time to time through the expiration date. The Agreement includes certain financial covenants that must be met including a covenant that for a period of not less than thirty (30) consecutive days during the loan term, that no loan amount will be outstanding under the Agreement. The Agreement expires on June 3, 2009.
Item 9.01 Financial Statements and Exhibits.
Exhibits
| (c) Exhibit | 10.1 – Credit Agreement with City National Bank effective June 23, 2008* |
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* Filed herewith.
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.
| | EMERGENT GROUP INC. | |
| | | (Registrant) | |
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| Dated: June 25, 2008 | By: | /s/ Bruce J. Haber | |
| | | Bruce J. Haber, Chief Executive Officer | |
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