SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): March 19, 2003
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)
ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE
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On March 19, 2003, 1st State Bancorp, Inc. (the "Corporation") announced
that the Board of Directors increased the quarterly cash dividend rate by 2
cents per share, or 25%, from 8 cents per share to 10 cents per share, beginning
with the cash dividend for the quarter ended March 31, 2003. The Corporation
also announced that the cash dividend for the quarter ended March 31, 2003 is
payable on May 9, 2003 to shareholders of record as of April 15, 2003.
Further information regarding the dividend is set forth in a press release
dated March 19, 2003, attached as Exhibit 99.1 and incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
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Exhibit 99.1 Press Release dated March 19, 2003
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: March 19, 2003 By:/s/ James C. McGill
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James C. McGill
President and Chief Executive Officer