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): August 14, 1998
Century Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
North Carolina 000-21881 56-1981518
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
22 Winston Street
Thomasville, North Carolina 27360
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(Address of principal executive offices)
Registrant's telephone number, including area code: (336) 475-4663
N/A
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(Former name or former address, if changed since last report)
Item 5. Other Events
On August 14, 1998, Century Bancorp, Inc. (the "Registrant") announced
that its Board of Directors has adopted a stock repurchase plan. Under the
stock repurchase plan, the Registrant will 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's action will allow
management to make repurchases, without further Board approval, when stock
repurchases are deemed prudent. Under the stock repurchase plan, the Company
could not use more than 10% of its consolidated net worth to make stock
repurchases during any 12 month period. The stock repurchase plan contemplates
that stock repurchases will be made in accordance with Rule 10b-18(b) of the
Regulations issued under the Securities Act of 1934. A copy of the press
release announcing the adoption of the stock repurchase plan is attached hereto
as Exhibit 99.
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.
CENTURY BANCORP, INC.
Date: August 19, 1998 By: /s/ James G. Hudson, Jr.
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James G. Hudson, Jr., President
and Chief Executive Officer
EXHIBIT INDEX
Exhibit No. Description
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99 Press Release of the Registrant distributed August 14, 1998