SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended December 31, 2001
-----------------
OR
[_] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from __________ to __________.
Commission File No. 0-23763
Quitman Bancorp, Inc.
- --------------------------------------------------------------------------------
(Exact name of Small Business Issuer as Specified in Its Charter)
Georgia 58-2365866
- --------------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation (I.R.S. Employer
or Organization) Identification No.)
602 East Screven Street, Quitman, Georgia 31643
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(Address of Principal Executive Offices)
(229) 263-7538
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Issuer's Telephone Number, Including Area Code
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
YES X NO
----------- -----------
Number of shares of Common Stock outstanding as of December 31, 2001:
507,262
Transitional Small Business Disclosure Format (check one)
YES NO X
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QUITMAN BANCORP, INC.
Contents
--------
Page(s)
-------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements ........................................ 3
Item 2. Management's Discussion and Analysis or Plan of Operation ... 10
PART II - OTHER INFORMATION
Item 1. Legal Proceedings ........................................... 13
Item 2. Changes in Securities and Use of Proceeds ................... 13
Item 3. Defaults upon Senior Securities ............................. 13
Item 4. Submission of Matters to a Vote of Security Holders ......... 13
Item 5. Other Information ........................................... 13
Item 6. Exhibits and Reports on Form 8-K ............................ 13
Signatures ........................................................... 14
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PART I. FINANCIAL INFORMATION
QUITMAN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------
ASSETS
------
DECEMBER 31, SEPTEMBER 30,
2001 2001
---------------------- ---------------------
(Unaudited)
Cash and Cash Equivalents:
Cash and amounts due from depository
institutions $ 631,142 792,577
Interest-bearing deposits in other bank 1,137,225 1,144,567
Federal funds sold 0 100,000
----------------- ------------------
Total Cash and Cash Equivalents 1,768,367 2,037,144
Investment securities:
Available-for-sale 7,216,396 6,682,461
Loans receivable - net of allowance for loan
losses and deferred origination fees 52,360,818 52,536,279
Office properties and equipment, at cost, net of
accumulated depreciation 1,371,312 1,400,845
Real estate and other property acquired
in settlement of loans 174,410 137,248
Accrued interest receivable 536,373 579,296
Investment required by law-stock in Federal
Home Loan Bank, at cost 372,100 372,100
Cash value of life insurance 853,344 785,950
Other assets 325,485 295,164
----------------- -------------------
Total Assets $ 64,978,605 64,826,487
================= ===================
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities:
Deposits $ 56,305,399 55,458,001
Advances from Federal Home Loan Bank 1,500,000 2,000,000
Accrued interest payable 468,748 427,435
Income taxes payable 24,818 45,121
Other liabilities 97,881 235,592
----------------- ------------------
Total Liabilities 58,396,846 58,166,149
----------------- ------------------
Stockholders' Equity:
Common stock, $.10 par value, 4,000,000
shares authorized, 661,250 shares
issued and 507,262 shares outstanding 66,125 66,125
Preferred stock, no par value, 1,000,000
shares authorized, no shares issued
or outstanding 0 0
Additional paid in capital 5,410,028 5,410,028
Retained Earnings 3,120,435 3,185,849
Accumulated other comprehensive income (loss) 47,545 113,610
----------------- ------------------
8,644,133 8,775,612
Receivable from employee stock ownership plan (343,850) (396,750)
Treasury stock, 153,988 shares at cost (1,718,524) (1,718,524)
----------------- ------------------
Total Stockholders' Equity 6,581,759 6,660,338
----------------- ------------------
Total Liabilities and Stockholders' Equity $ 64,978,605 64,826,487
================= ==================
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QUITMAN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
---------------------------------
QUARTER ENDED
DECEMBER 31,
-----------------------------
2001 2000
------------ -----------
(Unaudited) (Unaudited)
Interest Income:
Loans receivable:
First mortgage loans $ 1,047,702 1,044,299
Consumer and other loans 127,858 95,411
Interest on FHLMC Pool 7 18
Investment securities 101,786 105,384
Interest-bearing deposits 6,867 19,793
Federal funds sold 240 0
------------ ------------
Total Interest Income 1,284,460 1,264,905
------------ ------------
Interest Expense:
Deposits 750,182 741,316
Interest on Federal Home Loan
Bank advances 10,508 88,299
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Total Interest Expense 760,690 829,615
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Net Interest Income 523,770 435,290
Provision for loan losses 15,000 15,000
------------ ------------
Net Interest Income After Provision for Losses 508,770 420,290
------------ ------------
Non-Interest Income:
Gain (loss) on sale of securities 0 (7,582)
Gain on sale of other real estate 3,086 0
Service charges 39,909 29,571
Late charges on loans 7,328 1,616
Insurance commissions 4,666 3,122
Other income 22,124 19,758
------------ ------------
Total Non-Interest Income 77,113 46,485
------------ ------------
Non-Interest Expense:
Compensation 274,146 142,966
Other personnel expenses 66,596 73,347
Occupancy expenses of premises 11,283 14,075
Furniture and equipment expenses 45,046 52,307
Federal deposit insurance 2,482 2,327
Advertising 9,804 6,978
Office supplies 9,082 9,388
Other operating expenses 115,652 113,504
Merger and acquisition expense 101,367 0
------------ ------------
Total Non-Interest Expense 635,458 414,892
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Income Before Income Taxes (49,575) 51,883
Provision for Income Taxes 15,839 22,223
------------ ------------
Net Income (Loss) $ (65,414) 29,660
============ ============
Earnings Per Share - Basic $ (.14) .06
============ ============
Earnings Per Share - Diluted $ (.13) .06
============ ============
Dividends Per Share $ .00 2.92
============ ============
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QUITMAN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
-----------------------------------------------
ACCUMULATED
OTHER
ADDITIONAL COMPREHENSIVE RECEIVABLE
COMMON PAID IN RETAINED INCOME FROM TREASURY
STOCK CAPITAL EARNINGS (LOSS) ESOP STOCK TOTAL
---------- ---------- ---------- ------------- ---------- ---------- -----------
Balance, September 30, 2000 $ 66,125 6,135,412 3,662,836 (72,086) (449,650) (1,718,524) 7,624,113
Net income 0 0 29,660 0 0 0 29,660
Dividends 0 (725,384) (755,821) 0 0 0 (1,481,205)
Other comprehensive income (loss) 0 0 0 66,763 0 0 66,763
Change in receivable from employee
stock ownership plan 0 0 0 0 52,900 0 52,900
---------- ---------- ---------- ---------- ---------- ---------- ----------
Balance, December 31, 2000
(Unaudited) $ 66,125 5,410,028 2,936,675 (5,323) (396,750) (1,718,524) 6,292,231
========== ========== ========== ========== ========== ========== ==========
Balance, September 30, 2001 $ 66,125 5,410,028 3,185,849 113,610 (396,750) (1,718,524) 6,660,338
Net income 0 0 (65,414) 0 0 0 (65,414)
Other comprehensive income (loss) 0 0 0 (66,065) 0 0
(66,065)
Change in receivable from employee
stock ownership plan 0 0 0 0 52,900 0 52,900
---------- ---------- ---------- ---------- ---------- ---------- ----------
Balance, December 31, 2001
(Unaudited) $ 66,125 5,410,028 3,120,435 47,545 (343,850) (1,718,524) 6,581,759
========== ========== ========== ========== ========== ========== ==========
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QUITMAN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------
QUARTER ENDED DECEMBER 31,
----------------------------
2001 2000
----------- ------------
(Unaudited) (Unaudited)
Cash Flows From Operating Activities:
Net income (Loss) $ (65,414) 29,660
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 30,505 35,463
Provision for loan losses 15,000 15,000
Amortization (Accretion) of securities 4,627 2,398
Gain on sale of foreclosed assets (3,086) 0
(Gain) loss on sale of securities 0 7,582
Deferred income taxes 6,462 (3,926)
Change in Assets and Liabilities:
(Increase) Decrease in accrued interest receivable 42,923 60,523
Increase (Decrease) in accrued interest payable 41,313 94,332
Increase (Decrease) in other liabilities (137,711) (116,933)
Increase (Decrease) in income taxes payable (20,303) (13,043)
(Increase) Decrease in other assets (2,749) 16,467
----------- -----------
Net cash provided (used) by operating activities (88,433) 127,523
----------- -----------
Cash Flows From Investing Activities:
Capital expenditures (972) (7,429)
Purchase of available-for-sale securities (1,077,361) (248,828)
Proceeds from sale of foreclosed property 25,924 0
Proceeds from sale of available-for-sale securities 200,000 740,156
Net (increase) decrease in loans 100,461 (1,004,362)
Principal collected on mortgage-backed securities 238,700 48,464
Increase in cash value of life insurance (67,394) (8,402)
----------- -----------
Net cash provided (used) by investing activities (580,642) (480,401)
------------ -----------
Cash Flows From Financing Activities:
Net increase (decrease) in deposits 847,398 2,062,100
Principal collected on receivable from ESOP 52,900 52,900
Payments on Federal Home Loan Bank advances (500,000) 0
----------- -----------
Net cash provided (used) by financing activities 400,298 2,115,000
----------- -----------
Net Increase (Decrease) in cash and cash equivalents (268,777) 1,762,122
Cash and Cash Equivalents at Beginning of Period 2,037,144 1,663,455
----------- -----------
Cash and Cash Equivalents at End of Period $ 1,768,367 3,425,577
=========== ===========
Supplemental Disclosures of Cash Flow Information:
- --------------------------------------------------
Cash Paid During The Period For:
Interest $ 719,377 735,283
Income taxes 29,680 31,600
Non-Cash Investing Activities:
Increase (Decrease) in unrealized gains on available-
for-sale securities (100,098) 101,156
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QUITMAN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
-----------------------------------------------
QUARTER ENDED DECEMBER 31,
----------------------------
2001 2000
------------ ----------
(Unaudited) (Unaudited)
Net Income (Loss) $ (65,414) $ 29,660
------------ -----------
Other Comprehensive Income, Net of Tax:
Unrealized gains (losses) on securities:
Unrealized holding gains (losses)
arising during the period (66,065) 59,181
Reclassification adjustment for (gains)
losses included in net income 0 7,582
------------ -----------
Other Comprehensive Income (Loss) (66,065) 66,763
------------ -----------
Comprehensive Income (Loss) $ (131,479) 96,423
============= ===========
-7-
QUITMAN BANCORP, INC. AND SUBSIDIARY
Notes to Financial Statements
(Unaudited)
Note 1 - Basis of Preparation
- -----------------------------
The accompanying unaudited financial statements were prepared in
accordance with instructions for Form 10-QSB and therefore do not
include all disclosures necessary for a complete presentation of the
statements of financial condition, statements of income, statements of
comprehensive income and statements of cash flow in conformity with
generally accepted accounting principles. However, all adjustments
which are, in the opinion of management, necessary for the fair
presentation of the interim financial statements have been included.
All such adjustments are of a normal recurring nature. The statement of
income for the three-month period ended December 31, 2001 is not
necessarily indicative of the results which may be expected for the
entire year.
It is suggested that these unaudited financial statements be read in
conjunction with the audited consolidated financial statements and
notes thereto for Quitman Bancorp, Inc. and Subsidiary for the year
ended September 30, 2001.
Note 2 - Plan of Conversion
- ---------------------------
On October 14, 1997, the Bank's Board of Directors approved a plan
("Plan") to convert from a federally chartered mutual savings bank to a
federally chartered stock savings bank subject to approval by the
Bank's members. The Plan, which included formation of the holding
company, Quitman Bancorp, Inc., was subject to approval by the Office
of Thrift Supervision (OTS) and included the filing of a registration
statement with the SEC. The conversion was completed on April 2, 1998.
Actual conversion costs were accounted for as a reduction in gross
proceeds.
The Plan called for the common stock of the Bank to be purchased by the
holding company and for the common stock of the holding company to be
offered to various parties in an offering at a price of $10.00 per
share.
The stockholders of the holding company approved a proposed stock
option plan and a proposed restricted stock plan at a meeting of the
stockholders on April 13, 1999. Shares issued to directors and
employees under these plans may be from authorized but unissued shares
of common stock or they may be purchased in the open market. In the
event that options or shares are issued under these plans, such
issuances will be included in the earnings per share calculation; thus,
the interests of existing stockholders would be diluted.
The Bank may not declare or pay a cash dividend if the effect thereof
would cause its net worth to be reduced below either the amounts
required for the liquidation account discussed below or the regulatory
capital requirements imposed by federal regulations.
At the time of conversion, the Bank established a liquidation account
(which is a memorandum account that does not appear on the balance
sheet) in an amount equal to its retained income as reflected in the
latest balance sheet used in the final conversion prospectus. The
liquidation account will be maintained for the benefit of eligible
account holders who continue to maintain their deposit accounts in the
Bank after the conversion. In the event of a complete liquidation of
the Bank (and only in such an event),
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eligible depositors who continue to maintain accounts shall be
entitled to receive a distribution from the liquidation account before
any liquidation may be made with respect to common stock.
Note 3 - Stock Repurchase
- -------------------------
The Company has adopted a stock repurchase program that allows for the
repurchase, from time-to- time, of up to 153,988 shares of common
stock. Any shares repurchased may be used for general and other
corporate purposes, including the issuance of shares upon the exercise
of stock options. On December 9, 1999, the Company completed its stock
repurchase program, having repurchased 153,988 shares of its common
stock at a cost of $1,718,524.
Note 4 - Earnings Per Share
- ---------------------------
The following table sets forth the reconciliation of the numerators and
denominators of the basic and diluted earnings per share (EPS)
computations:
THREE MONTHS ENDED
DECEMBER 30,
---------------------------
2001 2000
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(a) Net income available to shareholders $ (65,414) 29,660
========== ===========
Denominator:
Weighted-average shares outstanding 507,262 507,262
Less: ESOP weighted-average shares
Unallocated 39,675 46,741
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(b) Basic EPS weighted-average shares
outstanding 467,587 460,521
Effect of dilutive securities 29,013 0
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(c) Diluted EPS weighted-average shares
outstanding 496,600 460,521
========== ===========
Basic earnings per share (a/b) $ (.14) .06
========== ===========
Diluted earnings per share (a/c) $ (.13) .06
========== ===========
Note 5 - Merger Agreement
- -------------------------
On October 22, 2001, Quitman Bancorp, Inc. and Colony Bankcorp, Inc. entered
into an agreement and Plan of Merger and reorganization whereby Colony Bankcorp,
Inc. is to acquire 100% of the outstanding shares of Quitman Bancorp, Inc.'s
common stock. Each share of Quitman Bancorp, Inc. common stock will receive .683
shares of Colony Bankcorp, Inc. common stock and $4.41 in cash. This agreement
is subject to a number of conditions, including receipt of appropriate
regulatory approvals.
-9-
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Comparison of Financial Condition at December 31, 2001 and September 30, 2001
Quitman Bancorp, Inc. (the "Company") may from time-to-time make written or oral
"forward-looking statements" including statements contained in the Company's
filings with the Securities and Exchange Commission (including this report on
Form 10-QSB), in its reports to stockholders and in other communications by the
Company, which are made in good faith by the Company pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve risks and uncertainties, such as
statements of the Company's plans, objectives, expectations, estimates and
intentions, that are subject to change based on various important factors (some
of which are beyond the Company's control). The following factors, among others,
could cause the Company's financial performance to differ materially from the
plans, objectives, expectations, estimates and intentions expressed in
forward-looking statements: the strength of the United States economy in general
and the strength of the local economies in which the Company conducts
operations; the effect of, and changes in, trade, monetary and fiscal policies
and laws, including interest rate policies of the Board of Governors of the
Federal Reserve System, inflation, interest rate and market and monetary
fluctuations; the timely development of and acceptance of new products and
services of the Company and the perceived overall value of these products and
services by users, including the features, pricing and quality compared to
competitors' products and services; the willingness of users to substitute
competitors' products and services for the Company's products and services; the
success of the Company in gaining regulatory approval of its products and
services, when required; the impact of changes in financial services' laws and
regulations (including laws concerning taxes, banking, securities and
insurance); technological changes and acquisitions; changes in consumer spending
and saving habits; and the success of the Company at managing the risks
described above involved in the foregoing.
The Company cautions that these important factors are not exclusive. The Company
does not undertake to update any forward-looking statement, whether written or
oral, that may be made from time-to-time by or on behalf of the Company.
Total assets increased by $.25 million or .4% due primarily to the increase in
investment securities resulting from funds received from an increase in
deposits.
Total equity decreased by $78,579 as a result of a net loss for the three months
ended December 31, 2001, changes in other comprehensive income and reduction of
a guaranty of a loan to the Bank's employee stock ownership plan.
Non-Performing Assets and Delinquencies
Loans accounted for on a non-accrual basis increased to $525,947 at December 31,
2001 from $223,000 at September 30, 2001. The increase was the result of six
loans being reclassified to performing loans and seven loans being added to
non-accrual. The allowance for loan losses was $442,459 at December 31, 2001.
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Comparison of the Results of Operations for the Three Months Ended December 31,
2001 and 2000
Net Income. Net income decreased by $95,074 from net income of $29,660 for the
three months ended December 31, 2000 to net loss of $65,414 for the three months
ended December 31, 2001. This decrease is primarily the result an increase in
non-interest expenses, which included merger and acquisition expense of
$101,367, and as a one-time accelerated benefit plan expense that more than
offset increased interest income, service charges and a decrease in interest
expense. The annualized return on average assets decreased to (.40%) from .19%
for the three months ended December 31, 2001 and 2000, respectively.
Net Interest Income. Net interest income increased $88,480 or 20.3% from
$435,290 for the three months ended December 31, 2000 to $523,770 for the three
months ended December 31, 2001. The increase was primarily due to a decrease in
interest paid on Federal Home Loan Bank advances.
Interest Income. Interest income increased $19,555 for the three months ended
December 31, 2001 compared to the same three months ended December 31, 2000. The
increase in interest income was primarily due to an increase in the average
balance of interest-earning assets. The average balance of interest-earning
assets increased by 6.7%. This increase in average interest-earning assets added
an additional $19,555 of interest income. The average yield on interest-earning
assets decreased moderately to 8.4% from 8.9% for the three months ended
December 31, 2001 and 2000, respectively.
Interest Expense. Interest expense decreased $69,000 from $830,000 for the three
months ended December 31, 2000 to $761,000 for the three months ended December
31, 2001. The decrease in interest expense was due to an increase in average
interest-bearing liabilities of $4.6 million, offset by a decrease in the cost
of funds of 99 basis points (100 basis points equals 1%).
Non-Interest Income. Non-interest income increased by $31,000 primarily from an
increase in service charges of $10,000, increase in gain on sale of repossessed
assets of $3,000, decrease in non-recurring loss on sale of securities of
$7,600, increase in late charges on loans of $6,000, increase in insurance
commissions $2,000 and increase in miscellaneous income of $2,000.
Non-Interest Expense. Non-interest expense increased by $221,000 primarily due
to increased compensation and other personnel expense, furniture and equipment
expense, merger and acquisition expenses and other operating expenses. Our
compensation and other personnel expense increased an aggregate of $124,400
between the periods as a result of contributions to the Bank's Restricted Stock
Plan approved in April of 1999. Contributions to the Plan for the three months
ended December 31, 2001 were $140,639 as compared to $13,701 for the three month
period ended December 31, 2000. This increase was due to a decision to fully
fund the Plan during the three month period ended December 31, 2001. Expenses
incurred which related to our merger and acquisition agreement amounted to
$101,300. Additional merger expenses to be incurred in the next two quarters are
estimated to be approximately $200,000. Other non-interest expenses, including
expenses of the Parent Company in the amount of $7,100, decreased $5,200.
Although no definite plans have been made, we are exploring whether to purchase
land and construct a branch. We would likely hire experts or spend money before
we commit to purchasing land or constructing a new branch. If we decided not to
build a new branch, any money that we had spent up to that time would be a
non-interest expense and would negatively affect our income.
Non-interest expense increased as a result of staffing and equipping the bank
building opened in April 1999. These expenses have stabilized and our operations
in the building have now produced higher overall levels of loan and deposit
activity. Our ability to fully offset these increased non-interest expenses will
depend in part on
-11-
our ability to continue to increase the size of the loan portfolio without
increasing the provision for loan losses and increase the amount of deposits we
hold without substantially increasing interest expense. Our non-interest expense
would further increase if we built the new branch discussed in the prior
paragraph.
Income Taxes. Income tax expense amounted to $22,223 for the three months ended
December 31, 2000 compared to $15,839 for the three months ended December 31,
2001.
Liquidity and Capital Resources
Management monitors our risk-based capital and leverage capital ratios in order
to assess compliance with regulatory guidelines. At December 31, 2000, the Bank
had tangible capital, leverage, and total risk-based capital of 9.39%, 9.39% and
14.33%, respectively, which exceeded the OTS's minimum requirements of 1.50%,
4.00% and 8.00%, respectively.
On December 19, 2000 the Board of Directors approved a dividend of $2.92 per
share payable January 11, 2001 to shareholders of record on December 29, 2000.
This dividend was partially paid from funds made available by dividends from the
subsidiary bank and partially paid from funds held by the Company. Approximately
$1.43 per share was deemed to be a return of capital.
We are exploring whether to purchase land and construct a branch. Although no
definite plans have been made, if a new branch is built, the land and
construction cost would total approximately $600,000. We have sufficient liquid
assets to pay for these costs.
Pursuant to FASB No. 130, entities are required to present other comprehensive
income and total comprehensive income reflecting certain items in other
comprehensive income that are otherwise excluded from net income. For the
Company, other comprehensive income relates to recording changes in the value of
its investment portfolio as regards unrealized gains or losses that may result
from movements in interest rates. For the quarter ended December 31, 2001, the
savings bank showed unrealized losses, net of tax effect, totaling $66,065 due
to decreases in interest rates as the National Money Market reacted to actions
by the Federal Open Market Committee. Management does not anticipate the
realization of this loss. The unrealized loss does, however, negatively impact
the Company's capital. The unrealized losses, net of applicable taxes, combined
with a net operating loss of $65,414 and a reduction in the receivable from the
Bank's Employee Stock Ownership Plan of $52,900 yields a net decrease in the
Company's capital of $78,579. The book value per share of common stock decreased
from $13.13 on September 30, 2001 to $12.98 as of December 31, 2001. The Bank's
capital continues to exceed regulatory requirements and continues to be adequate
to support future asset growth.
On October 22, 2001, the Company signed a merger agreement with Colony Bankcorp,
Inc. If the merger occurs, existing stockholders will receive cash and common
stock of Colony Bankcorp, Inc. in exchange for the common stock of the Company.
-12-
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
Not applicable.
Item 2. Changes in Securities and Use of Proceeds
-----------------------------------------
Not applicable.
Item 3. Defaults Upon Senior Securities
-------------------------------
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
Not applicable.
Item 5. Other Information
-----------------
On December 28 and 31, 2001, a registration statement on Form
S-4, including a prospectus and proxy material, relating to the
proposed merger with Colony Bankcorp, Inc. was filed with the
U.S. Securities and Exchange Commission by Colony Bankcorp, Inc.
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) None.
(b) A Form 8-K dated October 22, 2001 was filed on October 23,
2001 to announce the execution of an agreement and Plan of
Merger between Colony Bankcorp, Inc. and Quitman Bancorp,
Inc.
-13-
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of
1934, as amended, the registrant has caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
QUITMAN BANCORP, INC.
Date: February 12, 2001 By: /s/ Melvin E. Plair
-------------------
Melvin E. Plair
President and Chief Executive Officer
(Principal Executive and Financial
Officer)
(Duly Authorized Officer)
Date: February 12, 2001 By: /s/ Peggy L. Forgione
---------------------
Peggy L. Forgione
Vice President and Controller
(Chief Accounting Officer)
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