Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 1993, for Southern National Corporation (North Carolina). The registrant is a financial holding company with principal executive offices in Lumberton, North Carolina. Its common stock and depositary shares are registered on the New York Stock Exchange.
Key Financial Metrics
The provided filing text contains the cover page, signature block, and exhibit index but does not include the financial statements or management discussion sections. Consequently, specific values for revenue, profit, cash flow, margins, debt, and liquidity are not present in the source text.
- Market Value: The aggregate market value of voting common stock held by non-affiliates as of February 17, 1994, was $780.9 million.
- Shares Outstanding: As of February 17, 1994, there were 42,353,374 shares outstanding.
Material Changes and Corporate Actions
A significant corporate action occurred during the reporting period regarding a merger:
- Merger Approval: On December 27, 1993, shareholders approved a resolution to acquire The First Savings Bank, FSB.
- Share Issuance: The approval authorized the issuance of up to 8,305,000 shares of common stock (including shares from options) to effect the acquisition.
- Voting Results: Of the shares represented by proxy, 97.62% voted for the resolution, 1.18% against, and 1.19% abstained.
Guidance, Outlook, and Risks
The provided text does not contain management commentary, forward-looking guidance, risk factors, or discussions of contingencies. The document focuses on the formal approval of the merger and the listing of exhibits, including various executive employment contracts and change-in-control agreements.
Investor Verification Checklist
- Verify the financial impact of the acquisition of The First Savings Bank, FSB, in the full financial statements (not included in this text).
- Confirm the final number of shares issued for the merger and the resulting dilution to existing shareholders.
- Review the full text of the executive employment contracts and change-in-control agreements listed in the exhibit index to understand potential compensation liabilities.
- Check subsequent filings for the integration progress of the acquired savings bank.