Form 8-K





Washington, D.C. 20549









Date of Report (Date of earliest event reported): October 31, 2008




(Exact name of registrant as specified in its charter)




North Carolina   000-51513   20-3035898

(State or other jurisdiction

of incorporation)

  (Commission File Number)  

(IRS Employer

Identification No.)


1117 Military Cutoff Road

Wilmington, North Carolina

(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (910) 509-2000



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:


¨ 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))




Item 2.02. Results of Operations and Financial Condition.

On October 31, 2008, we distributed a press release announcing our results of operations for the three and nine months ended September 30, 2008. A copy of our press release is being furnished as Exhibit 99.1 to this Report.


Item 9.01. Financial Statements and Exhibits.

Exhibits. The following exhibit is being furnished with this Report:


Exhibit No.


Exhibit Description

99.1    Copy of our press release dated October 31, 2008

Disclosures About Forward Looking Statements

This Report and its exhibits contain statements relating to our financial condition, results of operations, plans, strategies, branch expansion plans, trends, projections of results of specific activities or investments, expectations or beliefs about future events or results, and other statements that are not descriptions of historical facts. Those statements may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by terms such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “forecasts,” “potential” or “continue,” or similar terms or the negative of these terms, or other statements concerning opinions or judgments of our management about future events. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in our Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission from time to time. Copies of those reports are available directly through the Commission’s website at Other factors that could influence the accuracy of those forward-looking statements include, but are not limited to: (a) the impact on financial institutions in general of recent adverse conditions in the banking industry and the credit and securities markets; (b) the financial success or changing strategies of our customers; (c) customer acceptance of our services, products and fee structure; (d) changes in competitive pressures among depository and other financial institutions or in our ability to compete effectively against larger financial institutions in our banking market; (e) actions of government regulators, or changes in laws, regulations or accounting standards, that adversely affect our business; (f) our ability to manage our growth and to underwrite increasing volumes of loans; (g) the impact on our profits of increased staffing and expenses resulting from expansion; (h) changes in the interest rate environment and the level of market interest rates that reduce our net interest margin and/or the volumes and values of loans we make and securities we hold; (i) weather and similar conditions, particularly the effect of hurricanes on our banking and operations facilities and on our customers and the coastal communities in which we do business; (j) changes in general economic or business conditions and the real estate market in our banking market (particularly changes that affect our loan portfolio, the abilities of our borrowers to repay their loans, and the values of loan collateral); and (k) other developments or changes in our business that we do not expect. Although our management believes that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All forward-looking statements attributable to us are expressly qualified in their entirety by the cautionary statements in this paragraph. We have no obligation, and do not intend, to update these forward-looking statements.




Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, we have duly caused this Report to be signed on our behalf by the undersigned thereunto duly authorized.


Date: November 3, 2008   By:  

/S/ Betty V. Norris

    Betty V. Norris
    Senior Vice President and Chief Financial Officer