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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): June 2, 1999
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FIRSTSPARTAN FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 0-22445 56-2015272
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
380 E. Main Street, Spartanburg, South Carolina 29302
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Address of principal executive offices Zip Code
Registrant's telephone number, including area code: (864) 582-2391
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
FirstSpartan Financial Corp. (the "Company") announced on June 2, 1999 that its
Board of Directors had declared a special cash distribution in the amount of
$12.00 per share, payable on June 25, 1999 to shareholders of record on June 14,
1999. The Company expects that the majority of the distribution will be a
non-taxable return of capital, although the exact amount of the distribution
that could be considered non-taxable cannot be confirmed until the Company
determines its operating results for the 1999 tax year. The amount of the
special cash distribution that would be treated as a return of capital will be
treated as a reduction in the cost basis of each share and will not be subject
to income tax as a dividend to shareholders. The press release concerning the
announcement of this event is incorporated herein by reference and is included
as Exhibit 99.1 to this Form 8-K.
Also, on June 2, 1999, the Company entered into a loan agreement with Central
Carolina Bank and Trust Company in the amount of $35,000,000 for the purpose of
funding payment of a portion of the special cash distribution previously
described. The loan agreement is incorporated herein by reference and is
included as Exhibit 99.2 to this form 8-K.
Item 7. Exhibits
99. Exhibits
1 Press Release of the Company Dated June 2, 1999
2 Loan Agreement with Central Carolina Bank and Trust Company Dated
June 2, 1999
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.
FirstSpartan Financial Corp.
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(Registrant)
June 9, 1999 /s/ Billy L. Painter
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Date President and Chief Executive Officer