UNITED STATES
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: August 22, 2003
The South Financial Group, Inc.
-------------------------------------------
(Exact name of registrant as specified in its charter)
South Carolina 0-15083 57-0824914
------------------- ---------- ------------------
(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification
Number)
102 South Main Street, Greenville, South Carolina 29601
------------------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (864) 255-7900
ITEM 5. Other Events
On August 7, 2003, The South Financial Group, Inc. ("TSFG") received
approval from the Federal Reserve Bank in Richmond, VA to consummate its
acquisition of MountainBank Financial Corporation ("MBFC"). Under the existing
Agreement and Plan of Merger between MBFC and TSFG, the TSFG common stock issued
in the merger is valued based on the closing prices for the ten trading days
immediately following Federal Reserve approval (August 7, 2003). This ten
trading day average is $24.66. Accordingly, the relevant exchange ratios are
1.318 shares of TSFG common stock for each share of MBFC common stock, and 1.581
shares of TSFG common stock for each share of MBFC Series A Preferred Stock.
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.
THE SOUTH FINANCIAL GROUP, INC.
August 22, 2003 By: /s/ William S. Hummers III
---------------------------------
William S. Hummers III
Executive Vice President