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 20, 1998
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
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N/A
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(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
The Board of Directors of Stone Street Bancorp, Inc. (the "Registrant")
authorized the repurchase of up to 10% of the issued and outstanding shares of
the Registrant's common stock pursuant to the Registrant's stock repurchase
plan adopted on December 1, 1997. To date, the Registrant has repurchased
179,900 shares. There are currently 1,718,152 shares issued and outstanding.
On October 20, 1998, the Board of Directors authorized the repurchase of
additional shares of the Registrant's issued and outstanding common stock in
accordance with the stock repurchase plan. The Plan provides for the repurchase
of shares of the Registrant's 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'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, as amended.
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: October 21, 1998 By: /s/J. Charles Dunn
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J. Charles Dunn, President and
Chief Executive Officer