0001093672-13-000037.txt : 20131217 0001093672-13-000037.hdr.sgml : 20131217 20131217084930 ACCESSION NUMBER: 0001093672-13-000037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20131217 ITEM INFORMATION: Other Events FILED AS OF DATE: 20131217 DATE AS OF CHANGE: 20131217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEOPLES BANCORP OF NORTH CAROLINA INC CENTRAL INDEX KEY: 0001093672 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 562132396 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27205 FILM NUMBER: 131280505 BUSINESS ADDRESS: STREET 1: 518 WEST C STREET CITY: NEWTON STATE: NC ZIP: 28658-4007 BUSINESS PHONE: 8284645620 MAIL ADDRESS: STREET 1: PO BOX 467 CITY: NEWTON STATE: NC ZIP: 28658-0467 8-K 1 form8kfor121713.htm FORM 8-K FOR DEC 17, 2013 form8kfor121713.htm
 
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 (Date of earliest event reported):               December 17, 2013
 
 
 
Peoples Bancorp of North Carolina, Inc.
(Exact Name of Registrant as Specified in Its Charter)
 
 
North Carolina
(State or Other Jurisdiction of Incorporation)
 
 
 
000-27205
56-2132396
(Commission File No.)
(IRS Employer Identification No.)
 
 
 
518 West C Street, Newton, North Carolina
28658
(Address of Principal Executive Offices)
(Zip Code)
 
 
 
(828) 464-5620
(Registrant’s Telephone Number, Including Area Code)
 
 
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:
 
    r
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
    r
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
    r
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
    r
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
Peoples Bancorp of North Carolina, Inc.
INDEX
 
 
Page
Item 8.01 – Other Events
3
 
Signatures
4
   
 
 
 
2
 
 
Item 8.01.  Other Events

On December 10, 2013, Peoples Bancorp of North Carolina, Inc. (the “Company”) received regulatory approval to repurchase and redeem the remaining 12,524 outstanding shares of its Series A preferred stock. It is anticipated that the repurchase and redemption will be completed in January 2014.  The preferred stock was originally issued to the United States Department of the Treasury in 2008 and subsequently sold to individual investors, not affiliated with the Company, in 2012. The dividend increases from the current annual rate of 5% to 9% in February 2014.

Management expects the repurchase of the Company’s preferred stock, which has a liquidation preference of $12,524,000, to be approximately $0.18 accretive to the Company’s diluted earnings per common share in 2014 based on current interest rates.


Disclosure about forward-looking statements

This Form 8-K contains forward-looking statements.  These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements.  Factors that might cause such a difference include, but are not limited to, changes in interest rate environment, management’s business strategy, national, regional, and local market conditions and legislative and regulatory conditions.

Readers should not place undue reliance on forward-looking statements, which reflect management’s view only as of the date hereof.  The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.  Readers should also carefully review the risk factors described in other documents the Company files from time to time with the Securities and Exchange Commission.
 
 
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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.
 
 
PEOPLES BANCORP OF NORTH CAROLINA, INC.
  
       
Date: December 17, 2013
By:
/s/ A. Joseph Lampron, Jr.  
    A. Joseph Lampron, Jr.  
    Executive Vice President and Chief Financial Officer  
       
 
 

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