UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 2, 2021
GrandSouth Bancorporation
(Exact name of registrant as specified in its charter)
South Carolina
(State or other jurisdiction of incorporation)
| 000-31937 | 57-1104394 |
| (Commission File Number) | (IRS Employer Identification No.) |
| 381 Halton Road, Greenville, South Carolina | 29607 |
| (Address of principal executive offices) | (Zip Code) |
(864) 770-1000
(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):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| None | None | None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 7.01 | Regulation FD Disclosure. |
On July 2, 2021, GrandSouth Bancorporation (the “Company”), the holding company for GrandSouth Bank, announced that Mrs. LeeAnn Weber, who joined the Company’s Board of Directors in March 2021, was elected at the Company’s 2021 annual meeting of shareholders to serve a one-year term expiring at the 2022 annual meeting of shareholders.
The information in Items 7.01 and 9.01, including Exhibit 99.1, is furnished to, and not filed with, the U.S. Securities and Exchange Commission.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Item | Exhibit | |
| 99.1 | Press Release dated July 2, 2021 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| GRANDSOUTH BANCORPORATION | ||||
| Dated: July 2, 2021 | By: | /s/ John B. Garrett | ||
| Name: | John B. Garrett | |||
| Title: | Chief Financial Officer | |||
Exhibit 99.1
FOR IMMEDIATE RELEASE
GRANDSOUTH BANCORPORATION ANNOUNCES NEW BOARD OF DIRECTORS MEMBER
Greenville, South Carolina, July 2, 2021 — GrandSouth Bancorporation (GRRB:OTCQX) (the “Company”), the holding company for GrandSouth Bank (“GrandSouth”, or the “Bank”), would like to congratulate LeeAnn Weber on being elected to the board of directors at the Company’s 2021 annual meeting of shareholders. Mrs. Weber is the CFO, Executive Secretary, and Treasurer of Strange Bros. Grading Co. Inc. Strange Bros. Grading was founded in 1954 and is one of the leading site development contractors in the Upstate. Mrs. Weber joined the company in 1984 after attending Lees-McRae College and has extensive experience in the commercial construction industry. She is active with NAWIC (National Women in Construction) and currently volunteers with Meals on Wheels, Saint Francis Foundation, Pearls and Pumps (fundraiser for Breast Health), Taylors Free Medical Clinic, and The American Heart Association.
“We are thrilled to have LeeAnn as part of the GrandSouth team. We have enjoyed a 30-year relationship with her family and their company whose values mirror ours when it comes to quality, service, and talented employees,” said President and CEO, JB Schwiers. GrandSouth takes pride in being a premier provider of banking services to all facets of the construction industry. Mrs. Weber’s industry knowledge will enhance the Bank’s ability to serve this business sector. Mrs. Weber and her husband, Jack, reside in Greenville.
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About GrandSouth Bancorporation and GrandSouth Bank: GrandSouth Bancorporation, the parent company of GrandSouth Bank, was founded in 1998 as a commercial bank. Since then, it has grown into eight locations and offers a full array of commercial banking services for individuals and small businesses. The bank has over $1.1 billion in assets as of March 31, 2021, including over $889 million in gross loans. Learn more at: https://www.grandsouth.com/
| Contact: | JB Schwiers |
| President and Chief Executive Officer | |
| (864) 527-7150 |