8-K
Bank Of South Carolina Corp (BKSC)
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: March 25, 2021<br><br><br><br><br><br>Bank of South Carolina Corporation | |||
|---|---|---|---|
| (Exact name of registrant as specified in its charter) | |||
| South Carolina | 0-27702 | 57-1021355 | |
| (State or other jurisdiction <br>of incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>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))<br><br><br>Securities registered pursuant to Section 12(b) of the Act: | |||
| Title of each class | Trading<br><br><br>Symbol(s) | Name of each exchange on which registered | |
| --- | --- | --- | |
| Common stock | BKSC | NASDAQ |
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. ☐
Item 8.01 OTHER EVENTS
On March 25, 2021, the Company announced a $0.17 per share cash dividend and a $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 Press release dated March 25, 2021
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 Bank of South Carolina Corporation |
|---|
| (Registrant) |
| Date: March 25, 2021 |
| /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., March 25, 2021 /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 $0.17 per share to shareholders of record April 6, 2021, payable April 30, 2021. This represents the 126^th^ quarterly cash dividend paid to shareholders – representing over 30 years of rewarding our shareholders.
Additionally, the Board of Directors declared a special cash dividend of $0.10 per share to shareholders of record April 6, 2021, payable April 30, 2021.
Fleetwood S. Hassell, President and Chief Executive Officer, stated, "On March 26, 2020, our Board of Directors authorized the repurchase of up to $1.0 million of the Company's common stock. Of that amount, approximately $400,000 was used to repurchase 25,067 shares. The repurchase program is scheduled to expire at the end of this quarter, and we are pleased with its success. We are additionally pleased to use the remaining funds to reward our shareholders with a special, one-time $0.10 per share cash dividend, in addition to the regular $0.17 per share quarterly cash dividend payable on April 30, 2021 to shareholders of record April 6, 2021. We remain extremely well capitalized and look forward to moving through the rest of the year with a return to brighter days."
About Bank of South Carolina CorporationThe Bank of South Carolina Corporation is the holding company of The Bank of South Carolina ("The Bank"). The Bank is a South Carolina state-chartered bank with offices in Charleston, North Charleston, Summerville, Mt. Pleasant, and the West Ashley community and has been in continuous operation since 1987. 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, Executive Vice President and Chief Financial Officer, (843) 724-1500