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):October 16, 1998
The Southern Banc Company
- -----------------------------------------------------------
(Exact name of registrant as specified in charter)
Delaware 1-13964 63-1146351
- -----------------------------------------------------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
221 S. 6th Street, Gadsden, Alabama 35901-4102
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(256) 543-3860
ITEM 5. OTHER EVENTS
------------
On October 16, 1998, The Southern Banc Company, Inc. (the
"Registrant"),announced that its Board of Directors had approved
the repurchase of up to 5 percent of the outstanding shares of
its common stock, or approximately 61,515 shares. The Registrant
also announced that it plans to repurchase up to an additional
36,3666 shares to be used in connection with the exercise of
outstanding stock options. The Registrant's press release is
attached hereto as Exhibit 99.1 and incorporated by reference
herein.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
-----------------------------------------------------
Exhibit 99.1 Press Release dated October 16, 1998
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.
THE SOUTHERN BANC COMPANY, INC.
BY: /s/ James B. Little, Jr.
---------------------------
James B. Little, Jr.
Chairman of the Board, President
and Chief Executive Officer
Date: October 16, 1998