SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): August 20, 2002
1st State Bancorp, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Virginia 0-25859 56-2130744
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
445 S. Main Street, Burlington, North Carolina 27215
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (336) 227-8861
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS
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On August 20, 2002, the Board of Directors of 1st State Bancorp, Inc. (the
"Corporation") announced that it is commencing a stock repurchase program to
acquire up to 328,961 shares of the Corporation's common stock, which represents
approximately 10% of the outstanding common stock. The program, which is
expected to be completed within 18 months, will be dependent upon market
conditions and there is no guarantee as to the exact number of shares to be
repurchased by the Corporation.
Further information regarding the stock repurchase program is set forth in
a press release dated August 20, 2002, attached as Exhibit 99.1 and incorporated
herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
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Exhibit 99.1 Press Release dated August 20, 2002
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.
1ST STATE BANCORP, INC.
Date: August 20, 2002 By:/s/ James C. McGill
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James C. McGill
President and Chief Executive Officer