EXHIBIT 25
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------------------------
FORM T-1
------------------------------------------
STATEMENT OF ELIGIBILITY AND QUALIFICATION
UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED,
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE
Check if an application to determine eligibility of a trustee pursuant to
Section 305(b) (2)
-----
-----------------------------------------
FIRST UNION NATIONAL BANK
(Exact name of Trustee as specified in its charter)
000 XXXXX XXXXX XXXXXX, 0XX XX.
XXXXXXXXX, XX 00000-0000 00-0000000
(Address of principal executive office) (Zip Code) (I.R.S. Employer Identification No.)
Xxxxxxxx X. Xxxxxxx (804) 343-6067
000 Xxxx Xxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx 00000
-------------------------------------------------
SOUTHERN STATES CAPITAL TRUST II
(Exact name of obligor as specified in its charter)
Delaware (Applied For)
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
0000 Xxxx Xxxxx Xxxxxx
P. O. Xxx 00000
Xxxxxxxx, XX 00000
(Address of principal executive offices) (Zip Code)
-----------------------------------------------
Capital Securities of Southern States Capital Trust II
(Title of the indenture securities)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1. General information.
(a) The following are the names and addresses of each examining or
supervising authority to which the Trustee is subject:
The Comptroller of the Currency, Washington, D.C.
Federal Reserve Bank of Richmond, Richmond, Virginia.
Federal Deposit Insurance Corporation, Washington, D.C.
Securities and Exchange Commission, Division of Market Regulation,
Washington, D.C.
(b) The Trustee is authorized to exercise corporate trust powers.
2. Affiliations with obligor.
The obligor is not an affiliate of the Trustee.
3. Voting Securities of the Trustee.
Response not required.
(See answer to Item 13)
4. Trusteeships under other indentures.
Response not required.
(See answer to Item 13)
5. Interlocking directorates and similar relationships with the obligor or
underwriters.
Response not required.
(See answer to Item 13)
6. Voting securities of the Trustee owned by the obligor or its officials.
Response not required.
(See answer to Item 13)
7. Voting securities of the Trustee owned by underwriters or their officials.
Response not required.
(See answer to Item 13)
8. Securities of the obligor owned or held by the Trustee.
Response not required.
(See answer to Item 13)
2
9. Securities of underwriters owned or held by the Trustee.
Response not required.
(See answer to Item 13)
10. Ownership or holdings by the Trustee of voting securities of certain
affiliates or security holders of the obligor.
Response not required.
(See answer to Item 13)
11. Ownership or holdings by the Trustee of any securities of a person owning
50 percent or more of the voting securities of the obligor.
Response not required.
(See answer to Item 13)
12. Indebtedness of the obligor to the Trustee.
Response not required.
(See answer to Item 13)
13. Defaults by the obligor.
A. None
B. None
14. Affiliations with the underwriters.
Response not required.
(See answer to Item 13)
15. Foreign trustee.
Trustee is a national banking association organized under the laws of
the United States.
16. List of Exhibits.
(1) *Articles of Incorporation.
(2) Certificate of Authority of the Trustee to conduct business. No
Certificate of Authority of the Trustee to commence business is
furnished since this authority is continued in the Articles of
Association of the Trustee.
3
(3) *Certificate of Authority of the Trustee to exercise corporate trust
powers.
(4) *By-Laws.
(5) Inapplicable.
(6) Consent by the Trustee required by Section 321(b) of the Trust
Indenture Act of 1939 as amended. Included at Page 5 of this Form T-1
Statement.
(7) *Report of condition of Trustee. See Attached.
(8) Inapplicable.
(9) Inapplicable.
* Exhibits thus designated have heretofore been filed with the Securities
and Exchange Commission, have not been amended since filing are
incorporated herein by reference (See Exhibit T-1 Registration Number 333-
58547).
4
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the Trustee, FIRST UNION NATIONAL BANK, a national banking association
organized and existing under the laws of the United States of America, has duly
caused this Statement of Eligibility and Qualification to be signed on its
behalf by the undersigned, thereunto duly authorized, all in the City of
Richmond, and in the Commonwealth of Virginia on the 17TH day of December,
-----
1999.
FIRST UNION NATIONAL BANK
(Trustee)
BY: /s/ Xxxxxxxx X. Xxxxxxx
-------------------------
Vice President
EXHIBIT T-1 (6)
CONSENT OF TRUSTEE
Under Section 321(b) of the Trust Indenture Act of 1939 and in
connection with the issuance by Southern States Capital Trust II of its Capital
Securities of Southern States Capital Trust II, First Union National Bank, as
the Trustee herein named, hereby consents that reports of examinations of said
Trustee by Federal, State, Territorial or District authorities may be furnished
by such authorities to the Securities and Exchange Commission upon requests
therefor.
FIRST UNION NATIONAL BANK
BY: /s/ Xxxx X. Xxxxxx
-------------------------
Vice President
Dated: December 17, 1999
-----------------
#585275v2
5
REPORT OF CONDITION
Consolidating domestic subsidiaries of the
First Union National Bank Charlotte
Name of Bank City
in the state of North Carolina, at the close of business on September
30, 1999, published in response to call made by Comptroller of the
Currency, under title 00, Xxxxxx Xxxxxx Code, Section 161. Charter
Number 02737 Comptroller of the Currency Southeastern District
Statement of Resources and Liabilities
ASSETS
Thousands of dollars
1 Cash and balances due from depository institutions:
a. Noninterest-bearing balances and currency and coin........................................... 8,946,000
b. Interest-bearing balances.................................................................... 266,000
2 Securities:
a. Held-to-maturity securities.................................................................. 1,644,000
b. Available-for-sale securities................................................................ 47,356,000
3 Federal funds sold and securities purchased under agmts to resell: 2,856,000
4 Loans and lease financing receivables:
a. Loans and leases, net of unearned income................................. 132,839,000
b. LESS: Allowance for loan and lease losses................................ 1,743,000
c. LESS: Allocated transfer risk reserve.................................... 0
d. Loans and leases, net of unearned income, allowance, and reserve............................. 131,096,000
5 Assets held in trading accounts................................................................. 8,333,000
6 Premises and fixed assets (including capitalized leases)........................................ 3,070,000
1
7 Other real estate owned.............................................................................. 134,000
8 Investments in unconsolidated subsidiaries and associated companies.................................. 262,000
9 Customers' liability to this bank on acceptances outstanding......................................... 807,000
10 Intangible assets.................................................................................... 5,115,000
11 Other assets......................................................................................... 10,789,000
12 Total assets......................................................................................... 220,674,000
LIABILITIES
13 Deposits:
a. In domestic offices.............................................................................. 129,621,000
(1) Noninterest-bearing......................................................... 21,341,000
(2) Interest-bearing............................................................ 108,280,000
b. In foreign offices, Edge and Agmt subsidiaries, and IBFs.......................................... 9,838,000
(1) Noninterest-bearing........................................................................... 466,000
(2) Interest-bearing.............................................................................. 9,372,000
14 Federal funds purchased and securities sold under agmts to repurchase: 23,796,000
15 a. Demand notes issued to the U.S. Treasury.......................................................... 782,000
b. Trading liabilities............................................................................... 4,984,000
16 Other borrowed money:
a. With a remaining maturity of one year or less..................................................... 14,643,000
b. With a remaining maturity of more than one year through three years............................... 5,639,000
c. With a remaining maturity of more than three years 2,872,000
17 Not applicable
18 Bank's liability on acceptances executed and outstanding............................................. 807,000
19 Subordinated notes and debentures.................................................................... 4,269,000
20 Other liabilities.................................................................................... 6,515,000
21 Total liabilities.................................................................................... 203,766,000
22 Not applicable
2
EQUITY CAPITAL
23 Perpetual preferred stock and related surplus....................................................... 161,000
24 Common stock........................................................................................ 455,000
25 Surplus............................................................................................. 13,306,000
26 a. Undivided profits and capital reserves........................................................... 3,553,000
b. Net unrealized holding gains (losses) on available-for-sale securities........................... (562,000)
27 Cumulative foreign currency translation adjustments................................................. (5,000)
28 Total equity capital................................................................................ 16,908,000
29 Total liabilities, limited-life preferred stock, and equity capital
(sum of items 21and 28)............................................................................ 220,674,000
We, the undersigned directors, attest to the correctness of this
statement of resources and liabilities. We declare that it has been
examined by us, and to the best of our knowledge and belief has been
prepared in conformance with the instructions and is true and correct.
Directors I, Xxxx X. Xxxxxxxx
----------------------
Xxxxxx X. Xxxxxxxxxxx Name
---------------------
X. Xxxxxxx Xxxxxxxx Vice President
------------------- ---------------
Xxxx X. Xxxxxxx Title
---------------
of the above-named bank
do hereby declare that
this Report of
Condition is true and
correct to the best of
my knowledge and
belief.
report.condition 9/30/99
3
