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| Sun Bancshares, Inc. |
| P.O. Box 1359, Murrells Inlet, SC 29576 * (843) 357-5217 |
| Business Description | The bank was incorporated on August 3, 1999 to organize and serve as the holding company for SunBank, N.A., a proposed national bank. Our main office will be located in Murrells Inlet, South Carolina and we intend to operate a branch office in Georgetown, South Carolina. As a community bank, we will focus on providing personalized service and financial products to individuals and small- to medium-sized businesses located in Murrells Inlet, Georgetown and the surrounding communities. |
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Filing Information Not yet | |||
| To Trade As | - - (OTC) | Industry | Financial (SIC 6021) |
| Type of Stock Offered | Common Shares | Filing Date | 2/11/00 |
| Domestic Shares Filed | 1,000,000 | Filing Price | $10.00 |
| Foreign Shares Filed | 0 | Offering Amount | $10,000,000 |
| Company Shares | 1,000,000 | Est. Expenses | - - |
| Selling Shrhldrs Shares | 0 | Post-IPO Shares | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Wachovia Securities, Inc. | Lead Manager |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 4 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/99 | ||||||
| Revenues | - | - | - | - | - | - | - |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | - | - | - | - | - | - | -0.165 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | - | - | - | ||||
| Cash Flow - Inv. | - | - | -0.04 | ||||
| Cash Flow - Fin. | - | - | 0.22 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/99 | Financial Ratios | ||||
| Total Assets | 0.09 | Current Assets | - | Current Ratio | - |
| Total Liab. | 0.25 | Current Liab. | - | Debt Ratio | 293.38% |
| Total Equity | -0.16 | Working Cap. | - | Debt to Equity Ratio | - |
| Cash | 0.01 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to capitalize SunBank and to lease the sites for, construct and furnish its main office and branch office buildings and to provide working capital to operate SunBank. We will use the remaining net proceeds of this offering to repay amounts drawn on our line of credit, to provide Sun Bancshares with working capital to maintain adequate liquidity and for general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Powell, Goldstein, Frazer & Murphy |
| Bank's Law Firm | Smith Helms Mulliss & Moore |
| Auditor | Tourville, Simpson & Henderson |
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