U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) October 17, 1997
TRIANGLE BANCORP, INC.
North Carolina 0-21346 56-1764546
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
4300 Glenwood Avenue, Raleigh, North Carolina 27612
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (919) 881-0455
Item 2. Acquisition or Disposition of Assets
On October 2, 1997, Triangle Bancorp, Inc. (Triangle) completed its
acquisition of Bank of Mecklenburg located in Charlotte, North Carolina.
The transaction was a tax-free stock exchange of one share of Triangle
common stock for each share of Bank of Mecklenburg stock. Bank of
Mecklenburg will retain its name as a wholly-owned subsidiary of
Triangle. The transaction was accounted for as a pooling of interests.
Item 7. Financial Statements Pro Forma Financial Information and Exhibits
a. & b. The acquisition and financial information of Bank of Mecklenburg were
previously reported by Triangle on Form 8-K dated May 23, 1997.
c. Exhibits
10 Press Release regarding the acquisition
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
Triangle Bancorp, Inc. has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
TRIANGLE BANCORP, INC.
____________________________
(Registrant)
Date: October 17, 1997 By: /s/ Debra L. Lee
_______________________
Chief Financial Officer
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10 Press Release regarding the acquisition 5
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[Triangle Logo] TRIANGLE BANCORP P.O. Box 19178
Raleigh, North Carolina 27619-9178
NEWS RELEASE For more information, contact:
Michael S. Patterson, Chairman, President and CEO, or
Debra L. Lee, Chief Financial Officer
at (919) 881-0455 in Raleigh
FOR IMMEDIATE RELEASE October 2, 1997
TRIANGLE BANCORP ACQUISITION OF
BANK OF MECKLENBURG COMPLETE
Raleigh, N.C...Triangle Bancorp (Triangle) completed its acquisition of
Bank of Mecklenburg today, announced Michael S. Patterson, chairman and CEO of
Triangle. The transaction was a tax-free stock for stock exchange of one share
of Triangle common stock for each share of Bank of Mecklenburg stock. Bank of
Mecklenburg will retain its name as a wholly-owned subsidiary of Triangle
Bancorp and, as previously announced, R. Scott Anderson will serve as president
and CEO of Bank of Mecklenburg.
Triangle is the holding company for Triangle Bank, which operates 55
banking centers in eastern and south central North Carolina. With the
acquisition of Bank of Mecklenburg with total assets of approximately $300
million, Triangle will reach total assets of nearly $1.5 million and will serve
the Charlotte market with 3 banking centers.
In September, Triangle announced an agreement in principle to purchase
Coastal Leasing Corporation of Greenville, NC. Plans call for the equipment
leasing company also to become a wholly-owned subsidiary of Triangle Bancorp
following the signing of a definitive merger agreement later this month.
***
Ticker symbol: TRBC
www.trianglebank.com
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