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BRBS: At the effective time, each share of GRBS shall be converted into the right to receive one of the following: i. Cash in the amount of $18.00 less any applicable withholding taxes. ii. 0.782 shares of Carolina Financial Corporation (CARO). iii. A combination of cash and stock in such proportions as requested by the shareholder to the extent available after the proration of the total merger consideration to 10% cash consideration and 90% stock consideration.
FINRA deleted symbol:
http://otce.finra.org/DLDeletions
Greer Bancshares Incorporated Reports Annual Profit
Greer Bancshares Incorporated, the parent company of Greer State Bank, today reported annual net income attributable to common shareholders of $3,030,000 or $1.22 per diluted common share, as compared to the prior year net income of $8,209,000 or $3.30 per diluted common share. The prior year was aided significantly by a credit to the loan loss provision for $1,700,000, as well as a net tax benefit of $3,801,000 due to the non-cash reversal of the deferred tax asset valuation allowance. As previously reported, the bank has repurchased all of its TARP preferred stock. Other highlights of 2014 include the establishment of a new mortgage and loan production office in Clemson, the launch of a Private Banking initiative, and the establishment of the Greer State Bank Foundation, a 501c3 for the purpose of supporting local non-profits.
Total loans outstanding increased 3.5% to $194 million, up from $187 million at December 31, 2013. While total deposits decreased from $253 million to $245 million, checking and savings deposits increased during the year by 4.8%. The bank’s non-accrual loans were 1.10% of gross loans outstanding, an improvement from 1.36% at December 31, 2013.
George Burdette, President and CEO commented, “We are pleased with our financial performance over the past year and feel that we are well positioned to engage in the positive momentum and the strong prospects for the markets we serve. Located in the middle of the Charlotte-Atlanta corridor, with the junction of two interstate highways, a regional airport and most recently the Inland Port, the Greer area has shown remarkable growth and progress. At Greer State Bank, our goal is to be the top performing community bank for the area, helping to facilitate prudent growth and development, and contributing to the quality of life for all. Essentially, our vision is to see people’s lives positively changed by their association with Greer State Bank.”
About Greer State Bank
Now in its twenty-seventh year of operations, Greer State Bank serves the greater Greer community with three branch offices, a fourth branch office in the Taylors community and a mortgage/business lending office in Clemson. Greer Bancshares Incorporated trades in the over the counter market and is quoted on the OTC Bulletin Board under the symbol GRBS. Greer State Bank is FDIC Insured and an Equal Housing Lender.
http://www.sec.gov/Archives/edgar/data/1145547/000114544315000063/exhibit99-1.htm
$GRBS Greer State Bank expands into Clemson..Greer State Bank is venturing into Clemson with a mortgage loan production office, an expansion of the company and the first time the bank has gone outside its traditional Greer/Taylors market. -
See more at: http://greertoday.com/greer-sc/greer-state-bank-expands-into-clemson/2014/07/28/#sthash.1whLxkjr.dpuf
Greer Bancshares Incorporated Reports Repayment of all TARP Funds (7/25/14)
Greer Bancshares Incorporated, the parent company of Greer State Bank, today reported that it has repaid all of the $10,493,000 of TARP preferred stock through a series of repayments, all at full face value. The repayment of principal, and $2,059,000 of deferred and current year dividends, was achieved with several payments throughout the first seven months of 2014 using $6,597,000 in dividends from Greer State Bank as well as $5,955,000 in subordinated debt issued by the company. The company’s Directors purchased approximately 40% of the subordinated debt. The company paid the U.S. Treasury a total of $3,791,000 in dividends and interest since the TARP was issued. George Burdette, President and CEO stated, “The TARP investment served a useful purpose when it was issued in 2009, reinforcing our capital during the height of the financial crisis. We are pleased that our financial progress has allowed this investment to be repaid, at full face value, along with almost $3.8 million in dividends and interest. We continue to pursue our goal to be the top performing community bank, and to see our vision carried forward of people’s lives positively changed by their association with Greer State Bank.”
http://www.greenvillebusinessmag.com/View-Article/ArticleID/6675/Greer-Bancshares-Repayment.aspx
Greer Bancshares Incorporated Reports Second Quarter Profit Marking its Eleventh Straight Profitable Quarter (7/17/14)
Greer Bancshares Incorporated, the parent company of Greer State Bank, today reported second quarter net income of $434,000 or $0.17 per diluted common share, as compared to second quarter 2013 net income of $7,761,000 or $3.12 per diluted common share. The prior year second quarter results were atypical in that they were aided significantly by a credit to the loan loss provision for $1,700,000, as well as a non-cash reversal of the deferred tax asset valuation allowance of $5,544,000. As previously reported, the bank repurchased $1.98 million of TARP preferred stock during the second quarter.
· Total deposits increased to $262 million, up from $253 million at December 31, 2013.
· Total loans outstanding increased to $189 million, up from $187 million at December 31, 2013.
· The bank’s non-accrual loans were 0.86% of gross loans outstanding, down from 1.36% at December 31, 2013.
· Past-due loans were 0.72% of gross loans outstanding, down from 0.87% at December 31, 2013.
George Burdette, President and CEO commented, “We are pleased with our financial performance, the positive momentum and the strong prospects for the Greer area community. We remain committed to serving local customers well through quick responses, local decisions and outstanding relationship service.”
About Greer State Bank
Now in its twenty-sixth year of operations, Greer State Bank serves the greater Greer community with three branch offices and a fourth branch office in the Taylors community. Greer Bancshares Incorporated trades in the over the counter market and is quoted on the OTC Bulletin Board under the symbol GRBS. More information on Greer State Bank can be found on the company website at http://www.GreerStateBank.com.
http://www.sec.gov/Archives/edgar/data/1145547/000114544314000944/d31521_ex99-1.htm
Greer Bancshares Issues Notes To Repay TARP Preferred (6/11/14)
On June 11, 2014, after receiving regulatory approval, Greer Bancshares Incorporated (the “Company”) issued an aggregate principal amount of $1,980,000 of Series A 5% Subordinated Notes due 2022 (the “Series A Notes”) in a private placement pursuant to certain exemptions from registration under the Securities Act of 1933, as amended (the “Securities Act”), and state securities laws. All of the Series A Notes were issued to “accredited investors” as that term is defined in Rule 501(a) of Regulation D under the Securities Act.
Also on June 11, 2014, after receiving regulatory approval, the Company used the entire proceeds from the Series A Notes to repurchase an aggregate principal amount of $1,980,000 of the Company’s preferred stock (the “TARP Preferred”) that was issued to the U.S. Treasury Department in January 2009 under the Troubled Assets Relief Program. The sole purpose of the Series A Note offering was to repurchase a portion of the Company’s outstanding TARP Preferred. The dividend rate on most of the TARP Preferred increased from 5% to 9% on February 16, 2014. (The dividend rate on $500,000 in principal amount of the TARP Preferred was 9% from the date of issuance.) The remaining outstanding principal amount of the Company’s TARP Preferred is $5,363,000.
The Series A Notes will initially accrue interest at a rate of 5% per annum, payable at the end of each calendar quarter. The interest rate will increase to 7% per annum, effective July 1, 2017. Delay of payment prior to the maturity date due to restrictions imposed by applicable law or government regulatory agencies (“Regulatory Action”) will not constitute a default under, or breach of, the Series A Notes. The Series A Notes mature on June 30, 2022. The Company may prepay all or any part of the outstanding principal amount of the Series A Notes at any time after June 30, 2016. The Series A Notes are not convertible into the common stock or any other securities of the Company and are not secured by any collateral, guaranty, insurance, sinking fund or other form of security. There is no limitation on the Company’s right to issue additional indebtedness on par with or senior to the Series A Notes.
Holders of a majority of the principal amount of the Series A Notes may declare the principal and interest on all of the notes to be immediately due and payable if there is an Event of Default, which generally is defined as any of the following: (a) an interest payment on any Series A Note remains unpaid for 30 days after its due date (unless the failure results from Regulatory Action), (b) the Company fails to repay in full the principal of any Series A Note within 30 days of the maturity date (though if the failure is the result of Regulatory Action, there is no Event of Default unless the failure to pay continues after the first anniversary of the due date), (c) the Company fails to perform any obligation under the Series A Notes other than the obligation to pay principal or interest and that failure continues for a period of 60 days after the Company’s receipt of written notice and a request to cure from a holder of a Series A Note or (d) the Company files for bankruptcy or takes, or is subject to, other similar actions for the protection of creditors as described in the Series A Notes.
All of the Series A Notes were issued to the following participating members of the Company’s board of directors or their family members: Charles D. Wall, his son James E. Wall, Gary M. Griffin, Jeffery M. Howell, Linda S. Hannon and Walter M. Burch.
The foregoing description of the Series A Notes is qualified in its entirety by the form of Series A Note filed herewith as Exhibit 10.1 to this Current Report on Form 8-K, which exhibit is incorporated herein by reference. As previously reported on the Company’s Current Report on Form 8-K dated June 2, 2014, the Memorandum of Understanding between the Company and the Federal Reserve Bank of Richmond indentified in the Series A Notes has been terminated.
Each Series A Note was issued pursuant to a subscription agreement in the form filed herewith as Exhibit 10.2 between the Company and the note purchaser, which exhibit is incorporated herein by reference. The form of Subscription Agreement is included in this Current Report to provide information regarding its terms. It is not provided to give factual information about the Company or any other parties thereto. In addition, the representations, warranties and covenants contained in the Subscription Agreements were made only for purposes of those agreements and as of specific dates, were solely for the benefit of the parties to those agreements, and may be subject to limitations agreed to by the contracting parties, including being qualified by disclosures exchanged between the parties in connection with the execution of the agreements. The representations and warranties may have been made for the purposes of allocating contractual risk between the parties to the agreements instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Investors are not third-party beneficiaries under the Subscription Agreements and should not view the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or conditions of the Company.
http://www.sec.gov/Archives/edgar/data/1145547/000114544314000879/d31437.htm
Saw that.. Thanks ;0)
Termination of a Material Definitive Agreement
On June 2, 2014 - Greer Bancshares Inc. received notice from the Federal Reserve Bank of Richmond that the Memorandum of Understanding (MOU) between the Company and the Federal Reserve Bank of Richmond had been terminated effective May 30th, 2014. The MOU had been in effect since May 29th, 2013.
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=10032256
*This is always a good day for D & O ....and a good sign for shareholders going forward.
Marker:
Greer Bancshares, In (GRBS)
$7.49 down -0.21 (-2.73%)
Volume: 100
$GRBS..Greer Bancshares, Inc. 10Q filed Greer State Bank
doing great.
10Q filed May 14, 2014
http://www.otcmarkets.com/stock/GRBS/filings
That's a great start for 2014!
Doubtful the bank can duplicate that .46 eps for 3 more qtrs only because of where the extra earnings were generated from but if they can do even half that [.23], which is very doable, that would be an annualized EPS of $1.15.
Banks should sell at a P/E of 10
10 X $1.15 = $11.50
Todays Market value is: $5.15
We have an $11.50 bank selling for $5.15....where else can you buy an excellent, transparent, well managed, regulated and profitable business for < 50 cents on the dollar!
Can you spell - Low P/E...value found!
Marker:
Greer Bancshares, In (GRBS)
$5.15 0.0 (0.00%)
Volume: 0
GRBS..Greer Bancshares earnings rise for 1Q....
Greer Bancshares Inc., parent company of Greer State Bank, reported first quarter net income of $1,153,000 or 46 cents a diluted share, an 80 percent increase over the prior year first-quarter.
http://www.greenvilleonline.com/story/money/business/2014/04/17/greer-bancshares-earnings-rise-q/7810179/
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9922985
The bank received the $9.993M TARP money on Jan. 30th, 2009 and the interest rate was set at 5% for 5 years...that deal ended Jan. 30th of 2014 and when it did the interest rate jumped to 9%.
TARP was a savior for that 5 years and at 5% it was relatively cheap money ...but at 9% that savior becomes a bit of a millstone around the neck of the bank.
I can see why they're motivated to pay down their TARP debt.
thanx for the info 1center!
Marker: (Mid-day)
Greer Bancshares, In (GRBS)
$5.00 up 0.1 (2.04%)
Volume: 100
$GRBS..Greer Bancshares March 21, 8k...
On February 14, 2014, after receiving regulatory approval, Greer Bancshares Incorporated (the "Company") gave notice to the trustees of its trust preferred securities that it was ending its deferral of interest on its two junior subordinated debentures related to its two series of trust preferred securities and paid all $970,422 of deferred interest amounts due. The Company had been deferring payments of interest since January 2011 as per the terms of the two series of trust preferred securities and was generally prohibited from paying any dividends on its capital stock until the deferred interest had been paid.
On March 4, 2014, after receiving regulatory approval, the Company resumed the payment of regular quarterly cash dividends on its preferred stock issued to the U.S. Treasury Department as part of the Troubled Assets Relief Program (“TARP Preferred”) and paid all $1,928,247 of deferred dividend amounts due. The Company had suspended the payment of cash dividends on the TARP Preferred, which accumulate and compound when not paid, in January 2011. The terms of the TARP Preferred prohibited the Company from paying any dividends on its common stock while payments on the TARP Preferred were in arrears.
On March 19, 2014, after receiving regulatory approval, the Company repurchased $3,150,000 of principal amounts of the TARP Preferred, which leaves remaining $7,343,000 of principal amount of TARP Preferred outstanding as of March 19, 2014.
On March 21, 2014, the Company issued a news release announcing the repurchase of $3,150,000 of its TARP Preferred stock. A copy of the news release is furnished herewith as Exhibit 99.1.
http://www.otcmarkets.com/stock/GRBS/filings
Greer Bancshares Incorporated
Greer, SC
Original TARP investment amount: $9,993,000.00 (on Jan. 30, 2009) Outstanding investment $9,993,000.00 (Footnote 8)
Total cash back: $975,831.00 (May include dividends and interest payments not shown below)
Investment status: Full investment outstanding; warrants outstanding
Data current as of Oct. 16, 2013
Footnotes
(8) Privately-held qualified financial institution; Treasury received a warrant to purchase additional shares of preferred stock (unless the institution is a CDFI), which it exercised immediately.
* Fees Include: (i) placement fees in private auctions of a cash purchase program issuer’s securities where Treasury pays placement fees to the placement agents in an amount equal to a minimum of $50,000 (per issuer) or 1.00% of gross aggregate proceeds for each security and (ii) unreimbursed underwriting fees in public offerings. Placement fees in private auctions are paid approximately one month after settlement.
Not all transactions are shown; dividend and interest payments are omitted.
http://banktracker.investigativereportingworkshop.org/tarp/south-carolina/greer/greer-bancshares-incorporated/
Greer Bancshares:
PPS: $5.45
BVPS: $5.27
TTM EPS: $1.27
Assets: $358mm
Common Equity: $13.1mm
Preferred Stock: $13.4mm
FHLB Borrowings $57.8mm
Good one to watch for the future.
Greer Bancshares - Banktracker
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