EXHIBIT 2.2
First Amendment to Purchase and Assumption Agreement dated June 6, 2000,
by and between Mid State Bank and The Anchor Bank.
FIRST AMENDMENT
TO
PURCHASE AND ASSUMPTION AGREEMENT
This First Amendment To Purchase and Assumption Agreement (the
"Amendment") is made as of this 6th day of June, 2000, by and between The Anchor
Bank, a South Carolina banking corporation headquartered in Myrtle Beach, South
Carolina ("Seller"), and Mid State Bank, a South Carolina banking corporation
headquartered in Newberry, South Carolina ("Purchaser").
Introduction.
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According to the terms and conditions of that certain Purchase and
Assumption Agreement dated May 9, 2000, by and between Purchaser and Seller (the
"Purchase Agreement"), Seller has agreed to sell certain assets and to transfer
certain deposits and other liabilities associated with its operations to
Purchaser, all as set forth therein. Purchaser and Seller desire to amend the
terms of the Purchase and Assumption Agreement as set forth herein.
Defined terms herein shall have the meanings ascribed to them in the
Purchase Agreement unless otherwise defined herein.
Agreement.
---------
NOW, THEREFORE, in consideration of these premises and the mutual
covenants hereinafter set forth, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
(a) The definition of "Branch Loan" set forth in Section 1.1 of the
Purchase Agreement is hereby deleted in its entirety and the following
substituted in lieu thereof:
"Branch Loan" means (i) any loan fully secured by any Branch Deposit, and
(ii) any checking line of credit or overdraft checking balance linked to
any Branch Deposit, and (iii) all other loans associated with the Branch
Office as listed on Schedule 2.1(e) hereto (it being acknowledged that
Purchaser shall not have to purchase any loan which is not covered by
clauses (i), (ii) or (iii) of this definition, which is a nonaccrual loan
or any other loan ninety (90) days or more past due as of the Effective
Time), together with any Accrued Interest Receivable thereon, the related
Servicing Rights and all such loan documentation as may be possessed by
Seller with respect to such Branch Loans; provided, however, the Branch
Loans shall not include those loans listed on Schedule 1 to that certain
First Amendment to Purchase and Assumption Agreement dated June 6, 2000,
by and between Purchaser and Seller, which are (i) the loans of Seller
that would be classified as Grade 4 or Grade 5 loans under the Purchaser's
grading system, and (ii) any loans where the borrower is Xxx Xxx Xxxxx
III. At any time prior to the tenth (10th) day before the date of Closing,
Schedule 2.1(e) may be supplemented by Seller upon written notice to
Purchaser; provided however, unless Purchaser consents in writing,
Schedule 2.1(e) shall not include any loan whose principal balance is
equal to or greater than ten thousand dollars ($10,000) and which is
entered into or renewed by Seller after the termination of the Due
Diligence Period (as defined below). Notwithstanding anything contained
herein to the contrary, the parties hereto acknowledge and agree that
during the period commencing on the date hereof and ending at midnight of
May 31, 2000 (the "Due Diligence Period"), Purchaser shall be permitted to
conduct a review of any and all Branch Loans. In the event for any reason
the Purchaser in its sole discretion finds any such loan unacceptable to
Purchaser, Purchaser may, at any time prior to midnight of June 1, 2000,
terminate this Agreement by delivering written notice to Seller. In such
event, this Agreement shall be null and void unless the parties hereto
subsequently agree otherwise in writing.
(b) Section 3.1(d) of the Purchase Agreement is hereby deleted in its
entirety and the following substituted in lieu thereof:
(d) One Hundred Percent (100.0%) of the Net Book Value of the Branch
Loans; minus
First Amendment To
Purchase and Assumption Agreement
Page 1
(c) Section 3.1(e) of the Purchase Agreement is hereby deleted in its
entirety and the following substituted in lieu thereof:
(e) The lesser of either (i) Ninety-Two Percent (92.0%) of the total
amount of the Branch Deposits on deposit in Seller on the Closing
Date excluding Jumbo Deposits, or (ii) Two Million Fifty Thousand
and No/100 ($2,050,000) Dollars; minus
(d) Except as otherwise modified hereby, the terms and provisions of the
Purchase Agreement shall remain in full force and effect. This Amendment may be
executed in any number of counterparts, all of which taken together shall
constitute one Amendment, and any party hereto may execute this Amendment by
signing any such counterpart. The authorized attachment of counterpart signature
pages shall constitute execution by the parties hereto. This Amendment shall be
governed by and construed in accordance with the laws of the State of South
Carolina. No provision of this Amendment shall be interpreted against any party
hereto because such party or its legal representative drafted such provision.
IN WITNESS WHEREOF, the parties have executed this First Amendment To
Purchase and Assumption Agreement under seal with the corporate parties acting
by and through their duly authorized officers, effective as of the date first
above written.
SELLER:
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THE ANCHOR BANK
By: /s/ XXXXX X. XXXXXX
----------------------
Xxxxx X. Xxxxxx
Executive Vice President and
Chief Financial Officer
PURCHASER:
---------
MID STATE BANK
By: /s/ XXXXXXX X. XXXXXXXX
-------------------------
Xxxxxxx X. Xxxxxxxx
President
First Amendment To
Purchase and Assumption Agreement
Page 2
SCHEDULE 1
Exclusions from Branch Loans
As of 5/11/00
Name Acct. # Balance RR
Xxxxxxxxxx Xxxx L 1302228 9,982 5
Xxxxx Xxxx 1000017845 1,175 5
Xxxxxx Xxxxx 1000018223 10,195 5
Xxxxxx Xxxxxx 1000016261 9,640 5
Xxxxxx Xxxxxx 1000018430 287 5
Xxxxxxxxx Xxxx 1000016564 4,630 5
Xxxxxxxxx Xxxx 1000018271 8,792 5
Xxxxxxxxx Xxxx 1000008038 2,448 5
Xxxxxxxxx Xxxx 9000017368 13,778 5
Xxxxxxx Xxxxxxxxx 1000012754 1,534 5
Xxxxxxx Xxxxxxx 1000016801 8,494 5
Xxxxxxxx Xxxx T 0000000000 4,259 5
Xxxxx Xxxxxxx 1000018391 2,249 5
Xxxxx Xxxxxx O 1000014251 1,933 5
Xxxxx Xxxxxx O 1000012187 6,105 5
Xxxxxxxxx Xxxxxx 8409722200 190,000 5
Xxxx Xxxxx R Jr 1700026 8,993 5
Xxxx Xxxxxxx Xxxx 1000016393 2,233 5
Xxxxxx Xxxxxx J 1000016249 6,061 5
Xxxxxx Xxxxxxxxx 1000012859 2,329 5
Xxxxxx Xxxxx H 9000014110 34,350 5
Xxxxxx Xxxxx S 1000016030 3,731 5
Xxxxx Xxxxxxx 1101868 37,193 5
Xxxxxxx Xxxxxx 1000019180 5,280 0
Xxxxxxx Xxxxxx X 1000014026 21,277 0
Xxxxxxx Xxxxxx X 0000000000 21,322 0
Xxxxxxx Xxxxxx X 1000017983 7,461 0
Xxxxxxx Xxxxxx X 1000018676 24,534 5
Xxxxx Xxxxx 0000000000 1,457 5
Xxxxx Xxxxxx 1000009163 7,243 5
Xxxxxx Xxxxx T 0000000000 4,011 5
Xxxx Xxxxx 1000017953 6,441 5
Xxxx Xxxxxxx Xxxxx 1000015295 11,037 5
Xxxxxxxx Xxxxx P 1000016561 7,209 5
Xxxxxxxx Xxxxx P 1000017530 22,118 5
Xxxxxx Xxxx 1000017557 796 5
Xxxxxx Xxxxx 1000015715 3,882 5
Xxxxxx Xxxxx 1000018874 2,569 5
Xxxxx Xxxxx B II 1000011395 6,486 5
Xxxxxxx Xxxxxxx C 1000015676 3,279 5
Xxxxxxx Xxxxxxx C 1000018604 3,323 5
Xxxxxxx Xxxxx R 1304352 16,910 5
Xxxxxx Xxxxx 1000002194 3,044 5
First Amendment To
Purchase and Assumption Agreement
Page 0
Xxxxxxxx Xxxxxx X Jr 1303356 70,943 5
Xxxxx Xxxxxx R 1000011011 1,436 5
Xxxx Xxxxxxx K 1000018094 1,674 5
Xxxxxx Xxxxxxx 1000017167 4,965 5
Xxxxxx Xxxxx T 1000013468 16,960 5
Xxxxxx Xxxxxx 1000017236 6,875 5
Xxxx Xxxxxxx B 1000018028 4,068 5
Xxxxxx Xxxxxx R 1000014920 4,722 5
Newberry Vacuum 1000015925 4,020 5
Xxxxxxx Xxxxxxx 1000017158 5,000 5
Xxxxx Xxx L III 1000018547 6,367 5
Xxxxx Xxx L III 1000019018 12,472 5
Xxxxxx Xxxxxxx Xxx 1000017029 5,073 5
Xxxxxxxx Xxxxxx J 1303751 12,753 5
Xxxxxxx Xxxxxxx 1000011782 4,071 5
Xxxxxxx Xxxx 1000010294 2,239 5
Xxxxxx Xxxxx 1000006820 54,866 5
Xxxxxx Xxxxx 1304663 90,006 5
Xxxxxxxx Xxxxxx 1000019138 1,223 5
Smoothy's Inc 1000010351 95,660 5
Xxxxxxx Carriage House 1000008347 135,088 0
Xxxxxxx Xxxxxxx 1000000490 8,872 5
Xxxxx Xxxxxx D 1000014008 9,182 5
White Pierce S Jr 1102314 8,592 5
Xxxxxxxxxx Xxxx 100002347 451 5
TOTAL 68 1,117,648 5
As of 5/11/00
Name Acct. # Balance RR
Xxxxx Xxx 1000017671 4,991 4
Xxxxx Xxxxx W 1000014428 16,000 4
Xxxxx Xxxxx W 1000014140 2,499 4
Xxxxx Xxxxx W 1000011176 18,329 4
Ann's Dairy Bar 1103029 25,150 4
Xxxxxxxx Xxxxx 1000018718 23,343 4
Xxxxxx Xxxxxxxx M 1000018040 19,886 4
Xxxxxxx Xxxxx A 1000006271 5,368 4
Xxxxx Xxxxxx 1000010135 3,138 4
Xxxxxxxxxx Xxxxx 1000009166 12,993 4
Xxxxxxxxxx Xxxxx 1000013303 10,000 4
Xxxxxxxxxx Xxxxx 1000007711 4,000 4
Xxxxx Xxxxx 1000007537 13,581 4
Xxxxx Xxxxx 1000010840 3,740 4
Xxxxx Xxxxx 1000018013 26,120 4
Xxxxxxxx Xxxxxxx J 1102866 91,449 4
Xxxxxxx Xxxx C 1000018811 1,655 4
Xxxxxxx Xxxx C 1000014992 5,259 4
Xxxxxx Xxxxxxxx L 1000013885 9,657 4
Xxxxxx Kershall 1000009208 4,893 4
First Amendment To
Purchase and Assumption Agreement
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Xxxxx Xxxxxx 1302796 3,961 4
Xxxxx Xxxxxx 1000018991 8,037 4
Xxxxxxx Xxxxx 1000008140 2,314 4
Xxxxxx Xxxx Xxxxxx 1000007141 7,075 4
Country Peddler 1102551 95,007 4
Xxxxxx Xxxxx 1000007147 6,205 4
Xxxxxx Xxxxx 1000009631 7,056 4
Xxxxxx Xxxxx 1000015559 44,311 4
Xxxxxx Xxxxx 0000000000 12,178 4
Xxxxxx J Xxxxxx Xx 1000013801 30,112 4
Xxxxxx J Xxxxxx Xx 1000017572 2,219 4
Xxxxxx J Xxxxxx Xx 1000017425 3,669 4
Xxxxxx J Xxxxxx Xx 1000010636 3,805 4
Xxxxxx J Xxxxxx Xx 1000016738 161,186 4
Xxxxxx Xxxxxx J 1103567 38,393 4
Xxxxxx Xxxxxx E 1000014590 3,999 4
Xxxxxxxxx Xxxxxx 1000017434 3,144 4
Xxxxxxx Xxxxx Xxxxx 1000015454 65,410 4
Xxxxx Xxxxxxx 1000000388 37,687 4
Xxxxxx Xxxxxxx 1000017470 743 4
Xxxx, Xxxxxxx 0000000000 23,777 4
Xxxx, Xxxxxxx 8000011704 (19,022) 4
Xxxxx Xxxxx L 71874190 5,423 4
Xxxxxxx Xxxxxxx Y 1000009913 8,500 4
Xxxxxxx Xxxxxxx Y 1000014065 11,500 4
Xxxxxxx Xxxxxxx Y 1000010951 6,162 4
Xxxx Xxxxxx Xxx Xx 1103915 7,031 4
Xxxx Xxxxxx Xxx Xx 1000001765 9,567 4
Xxxxxx Xxxxxx E 1102995 43,686 4
Xxxx Xxxx 1000019234 7,872 4
Xxxxxx Xxxxxx 51864320 15,904 4
XxXxxxxx Xxxxxxx 1000010147 1,160 4
Xxxxx Xxxxx 1304217 15,777 4
Xxxxxxxx Xxxxxxxx 1000011980 78,108 4
Xxxxxxx Xxxxxxx H 0000000000 11,765 4
Xxxxxx Xxxxxx 1303846 49,190 4
Xxxxxxxx Xxxxxx A 1000019117 6,918 4
Xxxxxxx Xxxx R 1000013507 2,025 4
Xxxxx Xxxxx 1104008 11,163 4
Xxxxx Xxxxx 1303914 52,463 4
Xxxxx Xxxxx 1102702 11,779 4
Xxx Xxxxxxx D 1304093 26,126 4
Xxxx Xxxx R 1000012883 81,193 4
Xxxx Xxxx R 1000017494 8,957 4
Xxxx Xxxx R 1000014512 5,021 4
Xxxx Xxxx R 1000012865 42,725 4
Xxxx Xxxx R 1000012085 11,904 4
Xxxx Xxxx R 1000009826 34,537 4
Xxxxxxx Xxxxxx T 51863617 10,000 4
Xxxxxxx Xxxxxx T 1000016054 30,000 4
Xxxxxxx Xxxxx L 1303326 17,377 4
Xxxxxx O Xxxxxxxx Xx 1303300 21,875 4
First Amendment To
Purchase and Assumption Agreement
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Xxxxxx Xxxxx D 1302825 17,026 4
Xxxxx Xxxxxx Xxxxxx 1302780 5,412 4
Southeast Helicopter 1000004438 2,893 4
Southeast Helicopter 1000012463 70,966 4
Southeast Helicopter 1000015913 15,457 4
Southeast Helicopter 11862551 95,000 4
Xxxxxx Xxxxxxx 1303529 8,567 4
Xxxxx Xxxxx K 1302813 10,663 4
Xxxxx Logging 0000000000 11,323 4
Xxxxx Xxxxxxx S 51862387 11,013 4
White Xxxx X 1000015262 12,442 4
Xxxxxxxx Xxxxxx Jr 11863483 15,000 4
Xxxxxxxx Xxxxxx Jr 1000014164 29,156 4
Xxxxxxxxx Molte 81864177 5,000 4
Xxxxxxxxx Molte 1000014485 9,891 4
TOTAL 87 1,808,834 4
First Amendment To
Purchase and Assumption Agreement
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