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: September 26, 2019
Bank of South Carolina Corporation
(Exact name of registrant as specified in its charter)
| South Carolina | 0-27702 | 57-1021355 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| 256 Meeting Street Charleston, SC | 29401 |
| (Address of principal executive offices) | (Zip Code) |
| Registrant’s telephone number, including area code | (843) 724-1500 |
(Former name or former address, if changed since last report.)
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 (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange 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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common stock | BKSC | NASDAQ |
Item 8.01 OTHER EVENTS
On September 26, 2019, the Bank of South Carolina Corporation issued a press release announcing a $0.16 per share cash dividend and $0.10 per share special cash dividend. The information contained in the press release is deemed to be “filed” under the Securities Exchange Act of 1934 as Item 8.01 to this report, and such press release is incorporated herein by reference.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
| (d) | Exhibits. |
The following Exhibit is filed as part of this report
| Exhibit 99.1 |
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.
Bank of South Carolina Corporation
(Registrant)
Date: September 26, 2019
/s/Eugene H. Walpole, IV
Eugene H. Walpole, IV
Chief Financial Officer
Executive Vice President
Exhibit 99.1
Bank of South Carolina Corporation Declares Dividend
CHARLESTON, S.C., Sept. 26, 2019 /PRNewswire/ -- Today, the Board of Directors of Bank of South Carolina Corporation, (NASDAQ: BKSC) the parent company for The Bank of South Carolina, declared a quarterly cash dividend of $0.16 per share to shareholders of record October 7, 2019, payable October 31, 2019. This represents the 120th quarterly cash dividend paid to shareholders – representing 30 years of rewarding our shareholders.
Additionally, in recognition of the upcoming opening of The Bank of South Carolina's newest office in North Charleston, the Board of Directors declared a special cash dividend of $0.10 per share to shareholders of record October 7, 2019, payable October 31, 2019.
Fleetwood S. Hassell, President and Chief Executive Officer, stated, "We are especially proud to not only declare our regular quarterly cash dividend but also an additional special cash dividend to recognize and celebrate the upcoming opening of our North Charleston office. This location will continue our model of strong asset quality, consistent earnings growth, stable capital, and investment in our bankers and the communities they serve."
The Bank of South Carolina, a De Novo Charter, which opened in 1987 at 256 Meeting Street, has offices in Summerville, Mt. Pleasant, and the West Ashley community. A fifth office at 9403 Highway 78 in North Charleston is under construction and anticipated to open in the fourth quarter of 2019. Our website is www.banksc.com. Bank of South Carolina Corporation currently trades its common stock on the NASDAQ stock market under the symbol "BKSC".
CONTACT: Eugene H. Walpole, IV, (843) 724-1500