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| SFST > SEC Filings for SFST > Form 8-K on 10-Jan-2013 | All Recent SEC Filings |
10-Jan-2013
Termination of a Material Definitive Agreement, Other Events
The Office of the Comptroller of the Currency ("OCC") has notified Southern First Bank, N.A. (the "Bank"), the principal bank subsidiary of Southern First Bancshares, Inc. ("the Company"), that, effective December 19, 2012, it is no longer subject to the Formal Written Agreement (the "Formal Agreement") entered into on June 8, 2010, as further described in the Company's Current Report on Form 8-K filed with the SEC on June 14, 2010.
In addition, the OCC has notified the Bank that, effective December 19, 2012, it is no longer subject to the Individual Minimum Capital Ratios established for the Bank on May 24, 2010, which required the Bank to maintain a tier 1 leverage capital ratio of at least 8.00%, a tier 1 risk-based capital ratio of at least 10.00%, and a total risk-based capital ratio of at least 12.00%, as further described in the Company's Periodic Report on Form 10-Q filed with the SEC on August 16, 2010.
On January 3, 2013, the Company received non-objection from the OCC to disclose the events described above.
On January 9, 2012, the Company redeemed $500,000 of its outstanding preferred stock from one of its preferred shareholders. Since July of 2012, the Company has redeemed a cumulative $1.5 million of its outstanding preferred stock.
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