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): December 1, 1997
Stone Street Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
North Carolina 001-14230 56-1949352
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
232 South Main Street
Mocksville, North Carolina 27323-5936
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(Address of principal executive offices)
Registrant's telephone number, including area code: (704) 634-5936
N/A
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(Former name or former address, if changed since last report)
Item 5. Other Events
On December 1, 1997 Stone Street Bancorp, Inc. (the "Registrant")
announced that its Board of Directors has adopted a stock repurchase plan. Under
the stock repurchase plan, the Registrant would be able to repurchase shares of
its outstanding common stock in the open market or in privately negotiated
transactions at appropriate times to allow it to enhance the value of its stock
for its shareholders and to manage its capital. The Board of Directors has
authorized the repurchase of up to 10% of the 1,898,052 shares of the
Registrant's common stock that are issued and outstanding at the present time.
The Board's action will allow management to make repurchases, without further
Board approval, when stock repurchases are deemed prudent. Stock repurchases
will be made in accordance with Rule 10b-18(b) of the regulations issued under
the Securities Exchange Act of 1934.
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.
STONE STREET BANCORP, INC.
Date: December 1, 1997 By: /s/ J. Charles Dunn
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J. Charles Dunn, President and
Chief Executive Officer