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) January 21, 2011
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WESTSTAR FINANCIAL SERVICES CORPORATION
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(Exact name of Registrant as specified in its charter)
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North Carolina
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000-30515
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56-2181423
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(State or other jurisdiction
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(Commission File Number)
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(IRS Employer Identification
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of incorporation)
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No.)
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79 Woodfin Place, Asheville, North Carolina
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28801-2426
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code (828) 252-1735
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Not Applicable
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(Former name or former address, if changed since last report)
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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))
ITEM 2.01 Completion of Acquisition or Disposition of Assets
On January 21, 2011, the Registrant’s wholly-owned subsidiary, The Bank of Asheville, Asheville, North Carolina (the “Bank”), was closed by the North Carolina Office of the Commissioner of Banks and the Federal Deposit Insurance Corporation (the “FDIC”) was named receiver. No advance notice is given to the public when a financial institution is closed.
As a result of the closure and pursuant to the Federal Deposit Insurance Act, the Registrant has lost all rights with respect to the issued and outstanding shares of the Bank’s common stock and such shares now have no value. The Registrant is no longer a bank holding company registered under the Bank Holding Company Act of 1956.
The FDIC, acting in its capactiy as receiver, entered into a purchase and assumption agreement with First Bank, Troy, North Carolina, whereby First Bank assumed all deposit liabilities and substantially all of the assets of the Bank. Each of the Bank’s five offices re-opened as offices of First Bank on January 24, 2011.
ITEM 8.01 Other Events.
The disclosure contained under Item 2.01 of the Current Report on Form 8-K is incorporated into this Item 8.01 by reference.
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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WESTSTAR FINANCIAL SERVICES CORPORATION
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By:
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/s/ Randall C. Hall
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Randall C. Hall
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Chief Executive Officer, President
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and Chief Financial Officer
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Dated: January 24, 2011