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ASBB > SEC Filings for ASBB > Form 8-K on 22-Jul-2014All Recent SEC Filings

Show all filings for ASB BANCORP INC



Entry into a Material Definitive Agreement, Financial Statements and Exhibits

ITEM 1.01 Entry Into a Material Definitive Agreement

On July 18, 2014, ASB Bancorp, Inc. (the "Company") entered into a Stock Repurchase Agreement (the "Agreement") with Stilwell Value Partners II, L.P., Stilwell Value Partners V, L.P., Stilwell Value Partners VII, L.P., Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Associates, L.P., and Stilwell Partners, L.P. (collectively, the "Sellers"). Pursuant to the Agreement, the Company purchased 392,900 shares of its common stock, $0.01 par value, from the Sellers for an aggregate purchase price of $7,858,000, or $20.00 per share. The repurchase was funded with cash on hand. Following the repurchase transaction, the Company had 4,438,411 shares of common stock outstanding.

The foregoing summary of the Agreement is qualified by reference to the full text of the Agreement, which is included as Exhibit 10.1 to this report and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are filed herewith:

No. Description of Exhibit

10.1 Stock Purchase Agreement dated July 18, 2014

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