- Current report filing (8-K)
February 23 2011 - 9:13AM
Edgar (US Regulatory)
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) February 18, 2011
Habersham Bancorp
(Exact Name of Registrant as Specified in its Charter)
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Georgia
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0-13153
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58-1563165
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(State or Other
Jurisdiction of
Incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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P. O. Box 1980
Historic Highway 441 North,
Cornelia, GA 30531
(Address of Principal Executive Offices)
Registrants telephone number, including area code (706) 778-1000
N/A
(Former Name or Former Address, if Changed Since Last Report)
Item 1.03 Bankruptcy or Receivership.
On February 18, 2011, the Georgia Department of Banking and Finance closed Habersham Bank (the
Bank), which is a wholly owned banking subsidiary of Habersham Bancorp (the Company), and the
Federal Deposit Insurance Corporation (FDIC) was named as the receiver of the Bank.
In connection with the closure of the Bank, the FDIC issued a press release, dated February 18,
2011, announcing the following:
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The FDIC entered into a purchase and assumption agreement with SCBT National
Association of Orangeburg, South Carolina (SCBT) to assume all of the deposits of the
Bank. Accordingly, all depositors of the Bank, including those with deposits in excess of
the FDICs insurance limits, will automatically become depositors of SCBT for the full
amount of their deposits, and they will continue to have uninterrupted access to the
Banks deposits. Depositors will continue to be insured with SCBT, so there is no need for
customers to change their banking relationship to retain their deposit insurance.
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Beginning on Saturday, February 19, 2011, the offices of the Bank will open for
business as branches of SCBT under the name Habersham Bank.
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In addition to assuming all of the deposits of the Bank, SCBT purchased essentially all
of the Banks assets pursuant to a loss-share transaction of approximately $270.7 million
of the Banks assets. The loss-share transaction provides for SCBT and the FDIC to share
in the losses on the assets covered under this agreement.
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Customers who have questions about the foregoing matters, or who would like more
information about the closure of the Bank, can visit the FDICs web site located at
http://www.fdic.gov/bank/individual/failed/habersham.html, or call the FDIC toll-free at
(866) 806-6128.
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A complete copy of the FDICs press release can be found on the Internet at
http://www.fdic.gov/news/news/press/2011/pr11038.html.
In addition, on February 18, 2011, the Company issued a press release related to the events
described above. On February 22, 2011, the Company mailed a letter to its shareholders describing
those events.
Item 9.01 Financial Statements and Exhibits.
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Exhibit
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Description
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99.1
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Press release, dated February 18, 2011.
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99.2
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Letter to shareholders, dated February 21, 2011.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company
duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HABERSHAM BANCORP
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Date: February 22, 2011
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By:
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/s/ David D. Stovall
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David D. Stovall
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Chief Executive Officer
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EXHIBIT INDEX
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Exhibit
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Description
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99.1
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Press release, dated February 18, 2011.
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99.2
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Letter to shareholders, dated February 21, 2011.
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