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Company Description (as filed with the SEC)
ASB Bancorp, Inc. - ASB Bancorp, Inc. ("ASB Bancorp" or the "Company"), a North Carolina corporation, was incorporated in May 2011 to be the holding company for Asheville Savings Bank ("Asheville Savings" or the "Bank") upon the completion of the Bank's conversion from the mutual to the stock form of ownership. Before the completion of the conversion, the Company did not engage in any significant activities other than organizational activities. On October 11, 2011, the mutual to stock conversion was completed and the Bank became the wholly owned subsidiary of the Company. Also on that date, the Company sold and issued 5,584,551 shares of its common stock at a price of $10.00 per share, through which the Company received net offering proceeds of $53.9 million. Additionally, the Company loaned $4.5 million to the Bank's newly formed employee stock ownership plan (the "ESOP") to purchase 446,764 shares of the Company's stock issued in the public offering. ... More ...