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): April 22, 2014
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 1.02 Termination of a Material Definitive Agreement.
On April 21, 2014, Greer Bancshares, Incorporated (the "Company"), parent company of Greer State Bank (the “Bank”) received notice of the termination of the Memorandum of Understanding (the “MOU”), which was effective January 31, 2013, between the Bank, the Federal Deposit Insurance Corporation and the South Carolina Board of Financial Institutions. The termination of the MOU was effective April 17, 2014.
The MOU required the Bank, among other things, to (i) prepare and submit annual, comprehensive budgets; (ii) maintain a minimum 8% Tier one leverage capital ratio and a minimum 10% Total Risk based capital ratio; (iii) take various specified actions to continue to reduce classified assets; (iv) obtain the written consent of its supervisory authorities prior to paying any cash dividends; and (v) submit periodic reports to the FDIC regarding various aspects of the foregoing actions. The MOU, which was filed as Exhibit 10.1 to the Company’s Report on Form 8-K filed with the Securities and Exchange Commission on March 26, 2013, and is incorporated herein by reference, and the foregoing summary is qualified in its entirety by reference to the full text of the MOU.
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: April 22, 2014 | | | | By: | | /s/ J. Richard Medlock, Jr.
__________________________________________ |
| | | | | | | | J. Richard Medlock, Jr. |
| | | | | | | | Chief Financial Officer |
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