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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): November 17, 2004
1st State Bancorp, Inc.
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(Exact Name of Registrant as Specified in 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)
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:
[ ] 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))
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ITEM 8.01 OTHER EVENTS
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On November 17, 2004, 1st State Bancorp, Inc. (the "Company") announced
that it was commencing a stock repurchase program to acquire up to 296,232
shares of the Company's common stock, which represents approximately 10% of the
outstanding shares of common stock. The program will be dependent upon market
conditions and there is no guarantee as to the exact number of shares to be
purchased by the Company. For more information, reference is made to the
Company's press release dated November 17, 2004, a copy of which is attached to
this Report as Exhibit 99 and is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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(a) Not applicable
(b) Not applicable
(c) The following exhibit is filed herewith:
Exhibit 99 Press Release dated November 17, 2004
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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: November 18, 2004 By: /s/ James C. McGill
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James C. McGill
President and Chief Executive Officer