SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report: October 2, 1998
COMMISSION FILE NUMBER 0-17939
CAROLINA FIRST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
NORTH CAROLINA 56-165582
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
402 East Main Street
Lincolnton, North Carolina 28092
(Address of principal executive office) (Zip Code)
704-732-2222
(Registrant's telephone number, including area code)
Item 5. Other Events
See the following press release, dated October 2, 1998, announcing the
certain changes in the directors and officers of the Company. These changes will
be effective immediately.
PRESS RELEASE
FOR RELEASE: October 2, 1998
CONTACT: James E. Burt, III
Carolina First BancShares, Inc.
(704) 732-2222
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At a special board of directors meeting today, Chairman and Director D.
Mark Boyd, III voluntarily suspended his service as a director and officer of
Carolina First BancShares, Inc. and Lincoln Bank of North Carolina effective
immediately. This separation will allow Mr. Boyd time to answer allegations
recently brought against him with respect to alleged violations of the North
Carolina securities laws in connection with purchases of Community Bank & Trust
Stock.
"We regret recent events have made it necessary for Mr. Boyd to request
this leave of absence from the company," said James E. Burt, III, President of
Carolina First, "however, we have every confidence that once all the facts have
been ascertained, Mr. Boyd will be returned to his position at the bank."
Mr. Burt was named Acting Chairman of Carolina First until this matter is
resolved and Mr. Boyd can resume his leadership role in the Company. Mr. Burt,
currently President and Chief Operating Officer of Carolina First BancShares,
Inc. and President and Chief Executive Officer of Lincoln Bank will continue
these duties as before.
Carolina First is the parent company of Lincoln Bank of North Carolina
and Cabarrus Bank of North Carolina with 23 offices serving the heart of
Carolina. Its stock is listed in The Charlotte Observer under the Interdealer
stock section and carries the symbol CAFP in the over-the-counter market (pink
sheets).
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.
CAROLINA FIRST BANCSHARES, INC.
(Registrant)
Date: October 2, 1998 By: /s/ Jan H. Hollar
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Jan H. Hollar
Principal Accounting Officer