SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-k
CURRENT REPORT
PUSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) June 10, 2003
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Southern Connecticut Bancorp, Inc.
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(Exact Name of Registrant as Specified in Charter)
Connecticut 0-49784 06-1609692
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
215 Church Street, New Haven, CT 06510
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(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code (203) 782-1100
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N/A
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events and Required FD Disclosure.
Southern Connecticut Bancorp, Inc. ("Bancorp") is filing this 8-K in
order to report the decision by Bancorp's board of directors to approve the
establishment by Bancorp of a new commercial bank in New London, Connecticut and
a capital raising by Bancorp. Both the establishment of the new bank and the
capital raising are subject to prior regulatory approval, for which Bancorp has
not yet applied. At a meeting held June 10, 2003, Bancorp's board of directors
approved the following resolutions:
RESOLVED, that the Southern Connecticut Bancorp, Inc. make application
to the State of Connecticut, Department of Banking and the Federal Deposit
Insurance Corporation to establish a commercial bank de novo in the city of New
London, Connecticut with start-up capital of $6,000,000 for the new bank. The
bank will be called The Bank of Southeastern Connecticut.
RESOLVED, that the Company's officers shall be, and they are hereby
authorized and empowered to develop a plan to raise between $10 and $12 million
in new equity capital to support the capitalization of the new bank and for
general corporate purposes, with the terms and conditions of the actual capital
raising subject to the Board's review and approval.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
There are no financial statements, pro forma financial information or
exhibits filed as part of this Form 8-K.
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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.
SOUTHERN CONNECTICUT BANCORP, INC.
By: /s/ Joseph V. Ciaburri
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Name: Joseph V. Ciaburri
Title: Chairman & Chief Executive Officer
Date: June 11, 2003
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