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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: October 18, 2005
The South Financial Group, Inc.
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(Exact name of registrant as specified in its charter)
South Carolina 0-15083 57-0824914
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
102 South Main Street, Greenville, South Carolina 29601
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (864) 255-7900
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Securities
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
On October 18, 2005, TSFG appointed Timothy K. Schools as Chief Financial
Officer (principal financial officer and principal accounting officer). Mr.
Schools, currently age 35, joined TSFG in September 2004 and served as Executive
Vice President of Corporate Development prior to this current appointment. Mr.
Schools does not have a stated term of office as an executive officer of TSFG.
William S. Hummers III, who had previously served as Chief Financial
Officer (principal financial officer and principal accounting officer), was
appointed Chief Risk and Administrative Officer. Mr. Hummers also serves as Vice
Chairman of the Board, and will continue in such position.
These changes will be effective November 1, 2005.
From 1999 to 2001, Mr. Schools served as Vice President - Investors
Relations for SouthTrust Corporation and from 2001 to 2004, Mr. Schools served
as Senior Vice President of Strategic Planning and Investors Relations of
National Commerce Financial Corporation. There is no family relationship as
defined in the SEC's rules between Mr. Schools and any other executive officer
or any director of TSFG. Since Mr. Schools employment with TSFG, there have been
no "related party" transactions (as contemplated in the SEC's rules) between him
and TSFG.
Mr. Schools and Mr. Hummers will continue to participate as executive
officers in the Corporation's compensation programs on a basis that takes into
account their responsibilities, experience, and performance. The Compensation
Committee of the board of directors may consider adjustments in compensation in
light of altered responsibilities. However, no decisions have been made in that
regard. Mr. Schools continues to be employed under his current contractual
agreement with TSFG. This agreement provides for a rolling three-year term and
certain severance and change of control benefits that include, under certain
circumstances, the extension of welfare benefits for up to two years after
termination of employment and payment of up to three times base salary and
annual bonus (with the annual bonus amount being equal to the average of the
annual bonus over the three years prior to termination). Mr. Schools has also
executed a supplemental executive retirement agreement dated October 4, 2004
that provides certain retirement benefits based on the average of the three
highest years of base salary and annual bonus during the ten years prior to
termination of employment. The normal retirement benefit is 40% (60% after five
years of service) of the three-year average amount and is payable for 180
months. The agreement also provides for early termination, death and disability
benefits. TSFG has filed these agreements with the SEC in its periodic filings
made pursuant to the Securities Exchange Act of 1934.
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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.
October 19, 2005 By: /s/ William P. Crawford, Jr.
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William P. Crawford, Jr.
Executive Vice President and Secretary
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