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 20, 2016
|
SELECT BANCORP, INC. |
||
|
(Exact Name of Registrant as Specified in Charter)
|
| North Carolina | 000-50400 | 20-0218264 |
|
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 700 W. Cumberland Street, Dunn, North Carolina | 28334 |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (910) 892-7080
| Not Applicable |
| (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:
| q | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| q | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| q | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| q | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 8.01. | Other Events. |
On January 20, 2016, Select Bancorp, Inc. consummated the redemption of all of its outstanding Senior Non-Cumulative Perpetual Preferred Stock, Series A, issued under the U.S. Treasury’s Small Business Lending Fund Program. The company paid Treasury an aggregate of $7,649,034.86 in connection with the redemption of the 7,645 preferred shares, which redemption price reflected the $1,000 per share liquidation amount plus accrued and unpaid dividends for the current dividend period. Select Bancorp has now exited the Small Business Lending Fund Program.
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.
| SELECT BANCORP, INC. | |||
| Date: January 20, 2016 | By: | /s/ Mark A. Jeffries | |
| Mark A. Jeffries | |||
| Executive Vice President and Chief Financial Officer | |||