UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
AMENDMENT No. 1
ANNUAL REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2008
Commission file number 000-27307
![](https://capedge.com/proxy/10-KA/0001094738-09-000015/companyletter.jpg)
(Exact name of registrant as specified in its charter)
North Carolina | 56-1980549 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
2634 Durham Chapel Hill Blvd. Durham, North Carolina | 27707-2800 | |
(Address of Principal Executive Offices) | (Zip Code) |
(919) 687-7800
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, no par value
(Title of class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ¨ No þ
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes ¨ No þ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment of this Form 10-K. ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (check one):
Large accelerated filer ¨ | Accelerated filer ¨ | Nonaccelerated filer ¨ | Smaller reporting company þ |
(Do not check here if a smaller reporting company) |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨ No þ
The aggregate market value of the registrant’s common stock, no par value per share, as of June 30, 2008, held by those persons deemed by the registrant to be nonaffiliates was approximately $11,440,623 (shares held by nonaffiliates at $7.98 per share). For purposes of the foregoing calculation only, all directors, executive officers, and 5% stockholders of the registrant have been deemed affiliates.
As of March 31, 2009 there were 2,031,337 shares outstanding of the registrant’s common stock, no par value.
DOCUMENTS INCORPORATED BY REFERENCE | ||
Document Incorporated | Where | |
11. Portions of the registrant’s Proxy Statement for the Annual Meeting of Stockholders to be held on June 9, 2009. | Part III |
EXPLANATORY NOTE
This Amendment No. 1 on Form 10-K/A (this “Amendment”) amends the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008, which the Registrant previously filed with the Securities and Exchange Commission (the “SEC”) on April 6, 2009 (the “Original Filing”). The Registrant is filing this Amendment solely to correct typographical errors in the Consolidated Statements of Changes in Stockholders Equity in the Original Filing. In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, new certifications by our principal executive officer and principal financial officer are filed as exhibits to this Amendment. Except for the amendments described above, we have not modified or updated disclosures presented in the Original Filing in this Form 10-K/A. Accordingly, this Form 10-K/A does not reflect events occurring after the filing of the Original Filing or modify or update those disclosures affected by subsequent events. Accordingly, this Form 10-K/A should be read in conjunction with our filings made with the SEC after the filing of the Original Filing.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | |||||||||||
YEARS ENDED DECEMBER 31, 2008 AND 2007 | |||||||||||
Accumulated | |||||||||||
Number | Other | ||||||||||
of | Common | Retained | Comprehensive | ||||||||
(Dollars in thousands) | Shares | Stock | Earnings | Loss | Total | ||||||
Balances as of December 31, 2006 | 1,685,646 | $ 5,901 | $ 16,027 | $ (166) | $ 21,762 | ||||||
Comprehensive income: | |||||||||||
Net income | 927 | 927 | |||||||||
Other comprehensive loss | (192) | (192) | |||||||||
Total comprehensive income | 735 | ||||||||||
Dividends declared ($0.20 per share) | (337) | (337) | |||||||||
Balances as of December 31, 2007 | 1,685,646 | $ 5,901 | $ 16,617 | $ (358) | $ 22,895 | ||||||
Balances as of December 31, 2007 (as previously reported) | 1,685,646 | $ 5,901 | $ 16,617 | $ (358) | $ 22,160 | ||||||
Adjustment to reflect adoption of EITF Issue 06-04 | |||||||||||
effective January 1, 2008 | (158) | (158) | |||||||||
Balances as of January 1, 2008, following adoption of EITF Issue 06-04 | 1,685,646 | 5,901 | 16,459 | (358) | 22,002 | ||||||
Comprehensive income: | |||||||||||
Net income | 901 | 901 | |||||||||
Other comprehensive loss | (1,027) | (1,027) | |||||||||
Total comprehensive loss | (126) | ||||||||||
Acquisition of Mutual Community Savings | |||||||||||
Bank, Inc., SSB ("MCSB") | 345,691 | 2,831 | 2,831 | ||||||||
Dividends declared ($0.20 per share) | (388) | (388) | |||||||||
Balances as of December 31, 2008 | $ 2,031,337 | $ 8,732 | $ 16,972 | $ (1,385) | $ 24,319 | ||||||
PART IV
ITEM 15. EXHIBITS
Exhibits and Index of Exhibits |
The following exhibits are filed with or incorporated by reference into this report.
Exhibit No. | Exhibit Description | |
Exhibit 3(i) | Articles of Incorporation of the Company incorporated by reference to Exhibit (3) to the Form 10-QSB for the quarter ended September 30, 1999, filed with the SEC on November 12, 1999. | |
Exhibit 3(ii) | Amended Articles of Incorporation of the Company, adopted by the Shareholders of the Company on May 3, 2000, incorporated by reference to Exhibit 3(v) to the Form 10-KSB for the year ended December 31, 2005, filed with the SEC on March 31, 2006. | |
Exhibit 3(iii) | Restated Bylaws of the Company, incorporated by reference to Exhibit 99.1 to the Form 8K filed with the SEC on April 6, 2009. | |
Exhibit 4 | Specimen Stock Certificate, incorporated by reference to Exhibit 4 to the Form 10-KSB for the year ended December 31, 2000, filed with the SEC on April 2, 2001. | |
Exhibit 10(i) | Employment Agreement dated January 12, 2007 by and among Kim D. Saunders, the Company and the Bank, incorporated by reference to Exhibit 99.1 to the Form 8-K filed with the SEC on January 18, 2007. | |
Exhibit 10(ii) | Agreement and Plan of Reorganization and Merger by and among the Company, the Bank and MCSB, dated August 9, 2007, incorporated by reference to Exhibit 2.1 to the Form 8-K, filed with the SEC on August 10, 2007. | |
Exhibit 21 | Subsidiaries of the Company, incorporated by reference to Exhibit 21 to the Form 10-KSB, filed with the SEC on March 31, 2006. | |
Exhibit 23 * | Consent of McGladrey & Pullen, LLP. | |
Exhibit 31(i) | Certification of Kim D. Saunders. | |
Exhibit 31(ii) | Certification of Lyn Hittle. | |
Exhibit 32 | Certification pursuant to 18 U.S.C. Section 1350. | |
* Previously filed as an exhibit to the Original Filing. |
SIGNATURES
In accordance with Section 13 or 15(d) of the Securities Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
M&F Bancorp, Inc.
Date: April 24, 2009 By: /s/ Kim D. Saunders
Kim D. Saunders
President and Chief Executive Officer
INDEX TO EXHIBITS
Exhibit No. | Exhibit Description | |
Exhibit 31(i) | Certification of Kim D. Saunders. | |
Exhibit 31(ii) | Certification of Lyn Hittle. | |
Exhibit 32 | Certification pursuant to 18 U.S.C. Section 1350. | |