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): May 29, 2013
Greer Bancshares Incorporated
(Exact name of registrant as specified in its charter)
Commission File Number: 000-33021
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South Carolina | | 57-1126200 |
(State or other jurisdiction of | | (IRS Employer |
incorporation) | | Identification No.) |
1111 W. Poinsett Street
Greer, South Carolina 29650
(Address of principal executive offices, including zip code)
(864) 877-2000
(Registrant’s telephone number, including area code)
(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:
[ ] 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 Entry into a Material Definitive Agreement
Effective May 3, 2013, the Written Agreement issued by the Federal Reserve Bank (“FRB”) against Greer Bancshares Incorporated (the “Company”) dated July 7, 2011 was terminated as a result of the improvement in the overall condition of the Company and was replaced with a Memorandum of Understanding (“FRB MOU”), which became effective May 29, 2013 upon final execution of the documents by the Company and the FRB. The FRB MOU is a step down in corrective action requirements as compared to the Written Agreement and reflects an improvement in the overall condition of the Company from “troubled” to “less than satisfactory”. The FRB MOU requires the Company, among other things, to (i) preserve its cash; (ii) obtain the written consent of its supervisory authorities prior to paying any dividends with respect to its common or preferred stock or trust preferred securities, purchasing or redeeming any shares of its stock or incurring, increasing or guaranteeing any debt; and (iii) submit quarterly reports to the FRB regarding the Company’s actions to comply with the requirements of the FRB MOU. As of July 16, the Company is in compliance with all requirements of the FRB MOU.
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits.
The following exhibits are filed as part of this report:
Exhibit
Number
Description
10.1
Memorandum of Understanding, dated May 29, 2013, by and between Greer Bancshares Incorporated and the Federal Reserve Bank of Richmond.
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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| | | | | | Greer Bancshares Incorporated |
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Date: July 16, 2013 | | | | By: | | /s/ J. Richard Medlock, Jr.
_______________________________ |
| | | | | | | | J. Richard Medlock, Jr. |
| | | | | | | | Chief Financial Officer |
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EXHIBIT INDEX
Exhibit
Number
Description
10.1
Memorandum of Understanding, dated May 29, 2013, by and between Greer Bancshares Incorporated and the Federal Reserve Bank of Richmond.
