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) March 18, 2003
UNITED COMMUNITY BANCORP
------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
North Carolina 0-26551 56-2137427
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission File No.) (IRS Employer Identification
of incorporation) number)
1039 Second Street, NE, Hickory, NC 28601-3843
- ------------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code (828) 894-2483
- ------------------------------------------------------------------------------
(Former name or address, if changed since last report.)
Item 5. Other Material Events
Event I
The Board of Directors of United Community Bancorp, Hickory, NC declared a
semiannual cash dividend of $.08 per share at a meeting held on March 11, 2003.
The cash dividend is payable to shareholders of record on the close of business
on April 30, 2003 and will be paid on May 15th, 2003.
Questions about this release can be directed to controller, Marty Lowder.
1-828-431-2300.
March 18, 2003
2
Event II
Catawba Valley Bank Purchases Landmark Building
HICKORY - The holding company for Catawba Valley Bank, renamed to
Integrity Financial Corporation, has purchased the former Alcatel building in
downtown Hickory.
The downtown landmark at 39 Second Street NW will be named the
Integrity Financial building.
The white marble and stone building, constructed in 1941 for the old
First National Bank, will be used for additional office space for employees of
the holding company and support operations for Catawba Valley Bank.
Alcatel purchased the building in 1988 and completely renovated the
20,000 square foot facility. The building's use has been scaled back in recent
years.
"This building was originally built as a showcase for banking in
Hickory, and it is appropriate that is return as a downtown banking center,"
Catawba Valley Bank president Steve Aaron said.
"And within that, we will showcase the philosophies of our banks
through the new corporate name Integrity. We chose the name for our high
standards, ethical practices, and uncompromised financial reporting. We are
disappointed with recent national news involving fraud and unethical practices
among certain corporations, such as Enron and WorldCom, and we want to distance
ourselves from that.
"Our name reflects our mindset."
Integrity Financial, which comprises Catawba Valley Bank, First Gaston
Bank, and Northwestern Bank, will fill most of the offices on the first floor.
Among the people moving to the building include some senior officers, marketing,
accounting, human resources, auditing, support personnel for stockholders
relations, and operations. Additionally, the basement will be used for a
much-needed training center and storage.
Aaron said the building is a smart investment for the company. The
building is less than half the cost of a new facility, and, as a comparison, is
less than the expense of buying land and building a branch.
"We started this bank seven years, and the response of the public has
been overwhelming," Aaron said. "We promised a locally owned, locally managed
bank, and we intend to keep that promise. The bank has grown with the area, and
we have been fortunate enough to attract other banks to share our
community-based values. As we continue to seek expansion within the area,
whether through additional branches such as the new ones in Boone, Statesville
and Mooresville, or the acquisition of other banks, we see an ongoing need for
space. This building allows us to manage the banks from here, and leaves our
Main Office in Viewmont to more adequately serve customers."
Aaron said the bank would not initially open a branch at the downtown
building. "We are considering some unique ways to use the space and better serve
the area, and currently we are studying those options," Aaron said. "We will not
rent any of the space. Also, we want to publicly promote the name of the holding
company."
Hickory mayor Rudy Wright expressed delight in bringing more activity
to the corner sometimes referred to as "Bankers Square." Wright said, "This is a
bank building, finally again used by a local bank. This is a jewel in downtown
Hickory, and we know it will be well preserved by the new owners.
3
"I'm especially proud that this is the result of a homegrown, local
community bank," Wright added.
Aaron said no changes are planned for the building. Moving into the
building will be determined by infrastructure needs, such as phone and computer
lines, and links to the separate banks and branches. The transaction, which
includes all furnishings, will close May 30, with full use of the building after
July 1.
Catawba Valley Bank currently operates offices in Viewmont, West
Hickory, Springs Road, and Newton-Conover. Additional offices in Statesville and
Mooresville will open in August. Branches for Northwestern Bank, a division of
Catawba Valley Bank, are in Wilkesboro, North Wilkesboro, Millers Creek,
Taylorsville, West Jefferson and Boone. First Gaston Bank offices are in
Gastonia, Belmont, Mt. Holly, Stanley and Dallas.
Combined, the holding company assets are now at $556 million, with 15
branches in six counties. Coverage is from the Virginia line to the South
Carolina line, all north and west of Charlotte.
For more information on bank products, services, and stock performance,
call 828/431-2300. Currently the stock exchange symbol is UCBB (United Community
Bancorp), and will change with the annual meeting and approval of the name
Integrity.
March 19, 2003
4
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.
UNITED COMMUNITY BANCORP
By: /s/ R. Steve Aaron
-------------------------------------
R. Steve Aaron
President and Chief Executive Officer
Dated: March 18, 2003
5
EXHIBIT INDEX
Exhibit
Number Description of Exhibit
------ ----------------------
99A Press Release dated March 18, 2003
99B Press Release dated March 19, 2003
6