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) July 1, 2002
Community Bankshares, Inc.
(Exact name of registrant as specified in its charter)
South Carolina 000-22054 57-0966962
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
791 Broughton Street, Orangeburg, South Carolina 29116
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code (803) 535-1060
N/A
(Former name or former address, if changed since last report.)
Item 2. Acquisition or Disposition of Assets.
(a) Effective July 1, 2002, Community Bankshares, Inc. ("CBI") acquired
Ridgeway Bancshares, Inc. ("Ridgeway") pursuant to an Agreement and Plan of
Merger, dated as of November 20, 2001. Ridgeway is a bank holding company
organized under the laws of South Carolina with its principal executive office
in Ridgeway, South Carolina. Ridgeway operates principally through Bank of
Ridgeway, a South Carolina state chartered bank with three offices in Fairfield
and Richland Counties.
Pursuant to the merger, each outstanding share of Ridgeway common stock has
been converted into the right to acquire 25 shares of CBI common stock plus
$100.00 cash, subject to the right of Ridgeway shareholders to make an election
to receive more or less stock or cash. The cash will be paid from CBI's
available funds.
(b) Not applicable.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Business Acquired.
The financial statements required by this item will be filed by amendment
to this Form 8-K within sixty days after July 16, 2002.
(b) Pro forma financial information.
The pro forma financial information required by this item will be filed by
amendment to this Form 8-K within sixty days after July 16, 2002.
(c) Exhibits:
Exhibit No.
from Item
601 of Reg. S-K Description
--------------- -----------
2 Agreement and Plan of Merger between Community
Bankshares, Inc. and Ridgeway Bancshares, Inc.
(incorporated by reference to Exhibit 2 to Registration
Statement on Form S-4, File No. 333-81900)
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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.
COMMUNITY BANKSHARES, INC.
-------------------------------------
(Registrant)
William W. Traynham
Date: July 15, 2002 By:---------------------------------
William W. Traynham
President
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EXHIBIT INDEX
Exhibit No.
from Item
601 of Reg. S-K Description
--------------- -----------
2 Agreement and Plan of Merger between Community
Bankshares, Inc. and Ridgeway Bancshares, Inc.
(incorporated by reference to Exhibit 2 to Registration
Statement on Form S-4, File No. 333-81900)
4