| IPO Company Profile |
| SEC Filings | Peer IPO Companies |
| GeorgiaCarolina Bancshares, Inc. |
| 110 East Hill Street, Thomson, GA 30824 * (706) 595-1600 |
| Georgia-Carolina Bancshares, Inc. is a bank holding company that owns First Bank of Georgia, a state-chartered commercial bank that operates two offices in Thomson, Georgia under the name "McDuffie Bank & Trust." |
| Manager | Tier | Phone |
| Interstate/Johnson Lane Corp | Lead Manager | (404) 840-5030 |
| NASSCM: | GCBI | Financial: | SIC 6022 | |
| Type of Shares: | Common Shares | Filing Date: | 8/28/98 | |
| U.S. Shares Filed: | 740,000 | Filing Price: | $13.50 | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $9,990,000 | |
| Primary Shares: | 740,000 | Expenses: | $300,000 | |
| Secondary Shares: | 0 | Post-IPO Shares: | 1,375,380 | |
| Employees: | 24 |
| Issuer's Law Firm: | Smith, Gambrell & Russell |
| Bank's Law Firm: | Moore & Van Allen |
| Registrar/Transfer Agent: | Self Administered |
| Auditor: | Cherry, Bekaert & Holland |
Dollar amounts in U.S. millions except for per share data | |||||
| 6 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 6/30/98 | 6/30/97 | 6/30/98 | |||
| Revenue: | $1.77 | $1.58 | Assets: | $43.99 | |
| Net Income: | $0.10 | $0.17 | Curr Assets: | ||
| EPS: | $0.15 | $0.27 | Liabilities: | $36.64 | |
| Prior EPS: | -$0.09 | $0.25 | Curr Liab: | $36.22 | |
| Cash Flow/Oper: | $3.21 | -$0.51 | Equity: | $7.35 | |
| Cash Flow/Fin: | -$3.58 | $0.41 | Cash: | $1.09 | |
| Cash Flow/Inv: | -$3.58 | ||||
| Competition |
| Competition among financial institutions in the Augusta Market is intense. The Company competes with other state and national banks, savings and loan associations, consumer financial companies, credit unions, money market mutual funds and other financial institutions which have far greater financial resources than those available to the Company. The Company's relatively small size may adversely impact its ability to compete effectively with larger institutions. If the Company is unable to compete for deposits effectively in its primary service areas, such inability would likely have an adverse effect on the Company's potential for growth and profitability. |
| Business Plan |
| The Company's business strategy is to become the community bank of choice in the Augusta Market. The principal elements of this strategy are to: 1)Expand the Company's presence in the Augusta Market by opening a branch office in Augusta in the fourth quarter of 1998 and in Martinez in early 1999; 2)Staff branch offices with local and responsive management teams emphasizing a high level of personalized customer service; 3)Leverage the extensive business relationships and diverse backgrounds of its Board of Directors and its branch office advisory boards to assist the Company in attracting customers; 4)Establish local identities by using the names "First Bank of Augusta" for the Augusta branch office and "First Bank of Columbia County for the Martinez branch office;" 5)Target individuals, professionals and small to medium-sized business customers that require the attention and service which a community-oriented bank is well suited to provide; 6)Provide a broad array of traditional banking products and services while utilizing technology and strategic outsourcing to compete effectively with other financial institutions; and 7)Pursue further expansion opportunities in the Augusta Market by opening additional branch offices and through the possible acquisition of other banks or branches. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to support internal growth related to expansion, to finance possible future acquisitions and for general corporate purposes. |