HCSB FINANCIAL CORPORATION (OTCMKTS:HCFB) Files An 8-K Material Modification to Rights of Security HoldersItem 2.01
Upon the completion of the Merger, outstanding shares of the Company’s common stock (other than shares held by the Company, United, or any of their respective wholly owned subsidiaries) were converted into the right to receive 0.0050 shares of United’s common stock. As described in the Company’s Current Report on Form 8-K filed July 27, 2017, the Merger and the Merger Agreement were approved by the Company’s shareholders at the special meeting of shareholders held on July 27, 2017. The information set forth in Item 2.01 of this Current Report on Form 8-K is incorporated by reference herein.
| Item 2.01 | Changes in Control of Registrant. |
Upon the completion of the Merger on July 31, 2017, the Company merged with and into United and, accordingly, a change in control of the Company occurred. The information set forth in Item 2.01 of this Current Report on Form 8-K is incorporated by reference herein.
| Item 2.01 | Financial Statements and Exhibits. |
(d)Exhibits
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Exhibit No. |
Description |
| 2.1 | Agreement and Plan of Merger, dated April 19, 2017, by and between United and the Company (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed April 20, 2017). |
About HCSB FINANCIAL CORPORATION (OTCMKTS:HCFB)
HCSB Financial Corporation is a holding company for Horry County State Bank (the Bank). The Bank is a state chartered bank. Its primary market includes Horry County in South Carolina and Columbus and Brunswick Counties in North Carolina. The Company’s segments include Commercial, Commercial Real Estate, Consumer and Residential. From its over eight branch locations, it offers a range of deposit services, including checking accounts, savings accounts, certificates of deposit, money market accounts, and individual retirement account (IRAs), as well as a range of non-deposit investment services. In addition, it offers a range of loan products designed for consumers, businesses and farmers. The Bank also offers other services, such as cash management services, sweep accounts, repurchase agreements, mobile banking, remote deposit capture, safe deposit boxes, travelers checks, direct deposit of payroll and social security checks, online banking and automatic drafts for various accounts.
