Peoples Bancorp Of North Carolina Inc 8-K, filed Feb 18, 2020
Peoples Bancorp Of North Carolina Inc (PEBK)
8-K
2020-02-18
For: 2020-02-18
View Original
Added on
April 12, 2026
About this 8-K
Peoples Bancorp Of North Carolina Inc filed this 8-K on February 18, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
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): February 18, 2020
Peoples Bancorp of North Carolina, Inc.
(Exact
Name of Registrant as Specified in Its Charter)
North Carolina
(State
or Other Jurisdiction of Incorporation)
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000-27205
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56-2132396
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(Commission
File No.)
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(IRS
Employer Identification No.)
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518 West C Street, Newton, North Carolina
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28658
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(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:
☐
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))
Peoples
Bancorp of North Carolina, Inc.
INDEX
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Page
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Item
8.01 – Other Events
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3
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Item
9.01 – Financial Statements and Exhibits
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3
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Signatures
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4
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Exhibit
(99)(a) Press Release dated February 18, 2020
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5
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2
Item 8.01. Other Events
On
February 18, 2020, Peoples Bancorp of North Carolina, Inc. issued a
press release announcing a Stock Repurchase Plan authorizing the
repurchase of outstanding shares totaling up to
$3,000,000.
A copy
of the press release is attached hereto as Exhibit (99)(a) and is
incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
(d)
Exhibits
Press
Release dated February 18, 2020
Disclosure about forward-looking statements
Statements made in
this Form 8-K, other than those concerning historical information,
should be considered forward-looking statements pursuant to the
safe harbor provisions of the Securities Exchange Act of 1934 and
the Private Securities Litigation Act of 1995. These
forward-looking statements involve risks and uncertainties and are
based on the beliefs and assumptions of management and on the
information available to management at the time that this report
was prepared. These statements can be identified by the use of
words like “expect,” “anticipate,”
“estimate,” and “believe,” variations of
these words and other similar expressions. Readers should not place
undue reliance on forward-looking statements as a number of
important factors could cause actual results to differ materially
from those 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.
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.
3
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.
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PEOPLES BANCORP OF
NORTH CAROLINA, INC.
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Date: February 18,
2020
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By:
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/s/ A. Joseph Lampron,
Jr.
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A. Joseph Lampron,
Jr.
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Executive Vice
President and Chief Financial Officer
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4
EXHIBIT (99)(a)
NEWS RELEASE
February 18, 2020
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Contact:
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Lance A. Sellers
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President and Chief Executive Officer
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A. Joseph Lampron, Jr.
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Executive Vice President and Chief Financial Officer
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828-464-5620, Fax 828-465-6780
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For Immediate Release
PEOPLES BANCORP ANNOUNCES AUTHORIZATION OF STOCK REPURCHASE
PLAN
Peoples
Bancorp of North Carolina, Inc. (Nasdaq: PEBK), the parent company
of Peoples Bank, Newton, NC announced today that its Board of
Directors has authorized a stock repurchase program, whereby up to
$3 million will be allocated to repurchase the Company’s
common stock. At December 31, 2019, the Company had assets of $1.2
billion and stockholder’s equity of $134.1
million.
Any
purchases under the Company’s repurchase program may be made
periodically as permitted by securities laws and other legal
requirements in the open market or in privately-negotiated
transactions. The timing and amount of any repurchase of shares
will be determined by the Company’s management, based on its
evaluation of market conditions and other factors. The repurchase
program may be suspended at any time or from time-to-time without
prior notice.
“The
Board’s decision to repurchase stock was based on the
strength of the Company’s balance sheet and capital position.
We believe this is an appropriate way to utilize capital and
enhance shareholder value,” said Lance Sellers, President and
Chief Executive Officer.
Peoples
Bank currently operates 19 banking offices entirely in North
Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg,
Iredell and Wake Counties. Peoples Bank also operates loan
production offices in Lincoln, Mecklenburg, and Durham Counties.
The Company’s common stock is publicly traded and is quoted
on the Nasdaq Global Market under the symbol
“PEBK.”
Statements made in this press release, other than those concerning
historical information, should be considered forward-looking
statements pursuant to the safe harbor provisions of the Securities
Exchange Act of 1934 and the Private Securities Litigation Act of
1995. These forward-looking statements involve risks and
uncertainties and are based on the beliefs and assumptions of
management and on the information available to management at the
time that this release was prepared. These statements can be
identified by the use of words like “expect,”
“anticipate,” “estimate,” and
“believe,” variations of these words and other similar
expressions. Readers should not place undue reliance on
forward-looking statements as a number of important factors could
cause actual results to differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ include, but are not limited to, (1) competition in the
markets served by Peoples Bank, (2) changes in the interest rate
environment, (3) general national, regional or local economic
conditions may be less favorable than expected, resulting in, among
other things, a deterioration in credit quality and the possible
impairment of collectibility of loans, (4) legislative or
regulatory changes, including changes in accounting standards, (5)
significant changes in the federal and state legal and regulatory
environment and tax laws, (6) the impact of changes in monetary and
fiscal policies, laws, rules and regulations and (7) other risks
and factors identified in the Company’s other filings with
the Securities and Exchange Commission, including but not limited
to those described in the Company’s annual report on Form
10-K for the year ended December 31, 2018.