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): April 17, 2001
PALMETTO BANCSHARES, INC.
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(Exact name of registrant as specified in its charter)
South Carolina 0-26016 74-2235055
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(State or other (Commission File Number) (IRS Employer
jurisdiction of incorporation) Identification No.)
301 Hillcrest Drive, Laurens, South Carolina 29360
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(Address of principal executive offices) (Zip Code)
(864) 984-4551
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Registrant's telephone number (including area code)
Not Applicable
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(Former name or former address, if changed since last report)
Item 4. Change in Registrant's Certifying Accountant
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(a) On April 17, 2001, the Registrant's Board of Directors, at the
recommendation of its Audit Committee, terminated the engagement of KPMG LLP,
Greenville, South Carolina, as the Registrant's certifying accountants.
The report of KPMG LLP on the financial statements of The Palmetto Bank
("the Bank"), the registrant's wholly-owned subsidiary, for either of the last
two fiscal years did not contain an adverse opinion or a disclaimer of opinion
and was not qualified or modified as to uncertainty, audit scope, or accounting
principles.
During the Registrant's and the Bank's two most recent fiscal years and
subsequent interim periods preceding the date of termination of the engagement
of KPMG LLP, neither the Registrant nor the Bank was in disagreement with KPMG
LLP on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which disagreement, if not resolved
to the satisfaction of KPMG LLP would have caused KPMP LLP to make reference to
the subject matter of the disagreement in connection with the report.
The required letter from KPMG LLP with respect to the above statements
concerning it is attached hereto as Exhibit 16.1 and incorporated by reference.
(b) On April 17, 2001, the Registrant's Board of Directors, at the
recommendation of its Audit Committee, engaged Elliott Davis & Company, LLP,
Greenville, South Carolina, as the Registrant's certifying accountants. Neither
the Registrant nor the Bank has consulted with Elliott Davis & Company, LLP
during their two most recent fiscal years nor during any subsequent interim
period prior to its engagement regarding the application of accounting
principles to a specific transactions, either completed or proposed, or the type
of audit opinion that might be rendered on the Registrant's financial
statements.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(a) Financial Statements of the Businesses Acquired. Not Applicable
(b) Pro Forma Financial Information. Not Applicable
(c) Exhibits.
16.1 Letter from KPMG LLP
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.
PALMETTO BANCSHARES, INC.
By:
/s/ L. Leon Patterson
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L. Leon Patterson
Chairman and Chief Executive Officer
/s/ Paul W. Stringer
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Paul W. Stringer
President and Chief Operating Officer
(Chief Accounting Officer)
Date: April 23, 2001