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Section 1: 8-K (FORM 8-K)

 

 

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: September 27, 2018
 

BANK OF SOUTH CAROLINA CORPORATION 

(Exact name of registrant as specified in its charter)

 

South Carolina 0-27702 57-1021355
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)

 

256 Meeting Street, Charleston, SC 29401
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code (843) 724-1500

 

 

 

(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 (see General Instruction A.2. below):

 

¨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))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 §240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

 

 

Item 8.01 OTHER EVENTS

 

On September 27, 2018, the Bank of South Carolina Corporation issued a press release announcing a $0.15 per share cash dividend and a $0.10 per share special cash dividend. The information contained in the press release is deemed to be “filed” under the Securities Exchange Act of 1934 as Item 8.01 to this report, and such press release is incorporated herein by reference.

 

 

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

 

(d) Exhibits.

 

The following Exhibit is filed as part of this report

 

  Exhibit 99.1

Press release dated September 27, 2018

 

 

 

 

 

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.

 

 

  Bank of South Carolina Corporation
  (Registrant)
   
   
  Date: September 27, 2018
   
   
  /s/Eugene H. Walpole, IV
  Eugene H. Walpole, IV
  Chief Financial Officer
  Executive Vice President

 

 

 

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Section 2: EX-99.1 (EXHIBIT 99.1)

Bank of South Carolina Corporation Declares Dividend

CHARLESTON, S.C., Sept. 27, 2018 /PRNewswire/ -- Today, the Board of Directors of Bank of South Carolina Corporation, (NASDAQ: BKSC) the parent company for The Bank of South Carolina, declared a quarterly cash dividend of $0.15 per share to shareholders of record October 9, 2018, payable October 31, 2018. This represents the 116th quarterly cash dividend paid to shareholders since 1987.

In addition, and in recognition of the company's 2018 performance to-date, the Board of Directors declared a special cash dividend of $0.10 per share to shareholders of record October 9, 2018, payable October 31, 2018.

Fleetwood S. Hassell, President and Chief Executive Officer, stated, "We believe the economy of the Lowcountry is strong, and with the addition of our North Charleston office to open next year, we are excited about the future of The Bank of South Carolina. With recent merger announcements, the number of community banks in our state will shrink to well below 50. We are proud to remain independent – with capital ratios that allow us to, once again, reward our shareholders."

The Bank of South Carolina, a De Novo Charter, which opened in 1987 at 256 Meeting Street, has offices in Summerville, Mt. Pleasant, and the West Ashley community. Our website is www.banksc.com. Bank of South Carolina Corporation currently trades its common stock on the NASDAQ stock market under the symbol "BKSC".



CONTACT: Eugene H. Walpole, IV, (843) 724-1500

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