Current Report on Form 8-K
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 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 27,
2006
Community
Capital Bancshares, Inc.
|
(Exact
Name of Registrant as Specified in Its Charter)
|
|
Georgia
|
(State
or Other Jurisdiction of
Incorporation)
|
000-25345
|
58-2413468
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
2815
Meredyth Drive, Albany, Georgia
|
31707
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
(229)
446-2265
|
(Registrant’s
Telephone Number, Including Area
Code)
|
Not
Applicable
|
(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):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01 Entry into a Material Definitive Agreement.
On
July
27, 2006, Albany Bank and Trust, N.A. (“Albany”) and AB&T National Bank
(“AB&T”, and collectively with Albany, the “Banks”), each a wholly-owned
subsidiary of Community Capital Bancshares, Inc., entered into written
agreements with the Office of the Comptroller of the Currency (the
“Agreements”). Under the Agreements, the Banks agreed to establish
committees to evaluate their compliance with the terms of the Agreements
and to
maintain
higher
capital levels.
The Banks
have
committed to review the CEO, President, Senior Loan Officer and other management
positions for
the
Banks
to
ensure that they
have
appropriate management in place to comply with all applicable laws and to
manage
the day-to-day operations of the Banks. The Banks also committed to improve
their records
and management information systems, information
technology systems, reduce their credit risk, and review and enhance their
lending policies and systems with regard to credit and collateral documentation,
loan review and related records, and loan portfolio management. Under its
Agreement, Albany also will review and enhance its internal controls and
its
conflict of interest policy and overdraft policy, and has committed to improve
its insider
transaction
records.
The
Agreements include additional commitments regarding
strategic planning,
allowances for loan and lease losses, interest rate risk, liquidity, internal
audit, each Bank’s investments, and each Bank’s transactions with its
affiliates, including Community Capital Bancshares, Inc.
Prior
to
entering into the Agreements, the Banks had already taken significant steps
to
address many of the above issues, and management of Albany and AB&T,
respectively, is committed to ensuring that all of the requirements of the
Agreements are met, which will entail commissioning a third party management
study, adding executives and staff, increasing the ratio of Tier 1 capital
to
risk-weighted assets and adjusted total assets, and increasing each Bank’s
liquidity. The Banks expect to address most of the matters in the Agreements
within 60 days.
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 thereunto
duly authorized.
|
COMMUNITY
CAPITAL BANCSHARES, INC.
|
|
|
Dated: August
2, 2006
|
|
|
By:
/s/ David
J. Baranko
|
|
Name:
David
J. Baranko
|
|
Title:
Chief
Financial Officer
|