1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 7)(1)
1st STATE BANCORP, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
33645S 10 0
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(CUSIP Number)
DECEMBER 31, 2005
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
/X/ Rule 13d-1(b)
/X/ Rule 13d-1(c)
/_/ Rule 13d-1(d)
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(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, SEE the
NOTES).
2
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CUSIP NO. 33645S 10 0 13G PAGE 2 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS:
1st STATE BANCORP, INC. EMPLOYEE STOCK OWNERSHIP PLAN TRUST
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 56-2155141
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) /_/
(b) /_/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF NORTH CAROLINA
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5 SOLE VOTING POWER 0
NUMBER OF --------------------------------------------------------
SHARES
BENEFICIALLY 6 SHARED VOTING POWER 295,567
OWNED BY --------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER 0
REPORTING --------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER 295,567
WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
295,567
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
/_/
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.20% (1)
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12 TYPE OF REPORTING PERSON *
EP
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(1) Based on 2,898,637 shares of common stock outstanding on December 31, 2005.
3
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CUSIP NO. 33645S 10 0 13G PAGE 3 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS:
1st STATE BANCORP, INC. DEFERRED COMPENSATION PLAN
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 56-0223240
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) /_/
(b) /_/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF NORTH CAROLINA
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5 SOLE VOTING POWER 0
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER 122,488
OWNED BY
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER 0
PERSON
WITH --------------------------------------------------------
8 SHARED DISPOSITIVE POWER 122,488
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
122,488
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
/_/
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.23% (1)
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12 TYPE OF REPORTING PERSON *
EP
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(1) Based on 2,898,637 shares of common stock outstanding on December 31, 2005.
4
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CUSIP NO. 33645S 10 0 13G PAGE 4 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS:
JAMES G. McCLURE
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) /_/
(b) /_/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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5 SOLE VOTING POWER 51,426 (1)
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER 127,776 (2)
OWNED BY
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER 51,426 (1)
PERSON
WITH --------------------------------------------------------
8 SHARED DISPOSITIVE POWER 127,776 (2)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
179,202
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
/_/
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.18% (3)
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12 TYPE OF REPORTING PERSON *
IN
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(1) Includes 15,816 shares that may be acquired upon the exercise of options
exercisable within 60 days.
(2) Includes 122,488 shares owned by the 1st State Deferred Compensation Plan,
of which the reporting person serves as a trustee, and 5,288 shares owned by
the reporting spouse and/or children.
(3) Assumes that options for 15,816 shares have exercised. Based on 2,898,637
shares of common stock outstanding as of December 31, 2005.
5
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CUSIP NO. 33645S 10 0 13G PAGE 5 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS:
VIRGIL L. STADLER
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) /_/
(b) /_/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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5 SOLE VOTING POWER 81,540 (1)
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER 130,644 (2)
OWNED BY
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER 81,540 (1)
PERSON
WITH --------------------------------------------------------
8 SHARED DISPOSITIVE POWER 130,644 (2)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
212,184
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
/_/
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.32% (3)
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12 TYPE OF REPORTING PERSON *
IN
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(1) Includes 15,816 shares that may be acquired upon the exercise of options
exercisable within 60 days.
(2) Includes 122,488 shares owned by the 1st State Deferred Compensation Plan,
of which the reporting person serves as a trustee, and 8,156 shares owned by
the reporting person's spouse.
(3) Assumes that options for 15,816 shares have been exercised. Based on
2,898,637 shares of common stock outstanding as of December 31, 2005.
6
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CUSIP NO. 33645S 10 0 13G PAGE 6 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS:
RICHARD H. SHIRLEY
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) /_/
(b) /_/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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5 SOLE VOTING POWER 55,968 (1)
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER 122,488 (2)
OWNED BY
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER 55,968 (1)
PERSON
WITH --------------------------------------------------------
8 SHARED DISPOSITIVE POWER 122,488 (2)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
178,456
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
/_/
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.16% (3)
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12 TYPE OF REPORTING PERSON *
IN
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(1) Includes 15,816 shares that may be acquired upon the exercise of options
exercisable within 60 days.
(2) Consists of 122,488 shares owned by the 1st Bank Deferred Compensation Plan,
of which the reporting person serves as a trustee.
(3) Assumes that options for 15,816 shares have been exercised. Based on
2,898,637 shares of common stock outstanding as of December 31, 2005.
7
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CUSIP NO. 33645S 10 0 13G PAGE 7 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS:
T. SCOTT QUAKENBUSH
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) /_/
(b) /_/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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5 SOLE VOTING POWER 79,755 (1)
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER 302,997 (2)
OWNED BY
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER 79,755 (1)
PERSON
WITH --------------------------------------------------------
8 SHARED DISPOSITIVE POWER 302,997 (2)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
382,752
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
/_/
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
13.20% (3)
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12 TYPE OF REPORTING PERSON *
IN
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(1) Includes 15,816 shares that may be acquired upon the exercise of options
exercisable within 60 days.
(2) Includes 295,567 shares owned by the 1st State Inc. Employee Stock Ownership
Plan Trust, of which the reporting person serves as a trustee, and 7,430
shares owned the reporting person's spouse.
(3) Assumes that options for 15,816 shares been exercised. Based on 2,898,637
shares of common stock outstanding as of December 31, 2005.
8
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CUSIP NO. 33645S 10 0 13G PAGE 8 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS:
ERNEST A. KOURY, JR.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) /_/
(b) /_/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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5 SOLE VOTING POWER 1,000
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER 295,567 (1)
OWNED BY
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER 1,000
PERSON
WITH --------------------------------------------------------
8 SHARED DISPOSITIVE POWER 295,567 (1)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
296,567
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
/_/
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.23% (2)
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12 TYPE OF REPORTING PERSON *
IN
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(1) Consists of 295,567 shares owned by the 1st State Bancorp, Inc. Employee
Stock Ownership Plan, of which the reporting person serves as a trustee.
(2) Based on 2,898,637 shares of common stock outstanding as of December 31,
2005.
9
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CUSIP NO. 33645S 10 0 13G PAGE 9 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS:
BERNIE C. BEAN
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) /_/
(b) /_/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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5 SOLE VOTING POWER 38,947 (1)
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER 295,567 (2)
OWNED BY
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER 38,947 (1)
PERSON
WITH --------------------------------------------------------
8 SHARED DISPOSITIVE POWER 295,567 (2)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
334,514
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
/_/
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11.54% (3)
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12 TYPE OF REPORTING PERSON *
IN
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(1) Includes 15,816 shares that may be acquired upon the exercise of options
exercisable within 60 days.
(2) Consists of 295,567 shares owned by the 1st Bancorp, Inc. Employee Stock
Ownership Plan Trust, of which the reporting person serves as a trustee.
(3) Assumes that options for 15,816 shares have been exercised. Based on
2,898,637 shares of common stock outstanding as of December 31, 2005.
10
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PAGE 10 OF 13 PAGES
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
ITEM 1(a). NAME OF ISSUER.
1st State Bancorp, Inc.
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES.
445 S. Main Street
Burlington, North Carolina 27215
ITEM 2(a). NAME OF PERSON(S) FILING.
1st State Bancorp, Inc. Employee Stock Ownership Plan ("ESOP"); 1st
State Bank Deferred Compensation Plan ("Deferred Compensation Plan"); the
following individuals who serve as the trustees of the ESOP: T. Scott
Quakenbush, Ernest A. Koury, Jr. and Bernie C. Bean; and the following
individuals who serve as trustees of the Deferred Compensation Plan: James G.
McClure, Virgil L. Stadler and Richard H. Shirley.
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR, IF NONE, RESIDENCE.
Same as Item 1(b).
ITEM 2(c). CITIZENSHIP.
See Row 4 of the second part of the cover page provided for each
reporting person.
ITEM 2(d). TITLE OF CLASS OF SECURITIES.
Common Stock, par value $.01 per share.
ITEM 2(e). CUSIP NUMBER: 33645S 10 0
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), OR 13d-2(b)
OR (c), CHECK WHETHER THE PERSON FILING IS A:
(f) /X/ An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(f)
This Schedule 13G also is being filed on behalf of the Deferred
Compensation Plan and by each trustee of the ESOP and the Deferred Compensation
Plan, filing pursuant to Rule 13d-1(c) and applicable SEC no-action letters.
ITEM 4. OWNERSHIP.
(a) AMOUNT BENEFICIALLY OWNED: See Row 9 of the second part of the
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cover page provided for each reporting person.
(b) PERCENT OF CLASS: See Row 11 of the second part of the cover page
----------------
provided for each reporting person.
11
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PAGE 11 OF 13 PAGES
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(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS: See Rows 5, 6, 7,
--------------------------------------------
and 8 of the second part of the cover page provided for each
reporting person.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following: /_/
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
The ESOP Committee has the power to determine whether dividends on
allocated shares that are paid to the ESOP trust are distributed to participants
or are used to repay the ESOP loan.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY OR CONTROL PERSON.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATIONS.
By signing below, each signatory in the capacity of a trustee of the
1st State Bancorp, Inc. Employee Stock Ownership Plan Trust certifies that, to
the best of his knowledge and belief, the securities referred to above were
acquired and are held in the ordinary course of business and were not acquired
and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.
By signing below, each signatory in the capacity of a trustee of the
1st State Bank Deferred Compensation Plan certifies that, to the best of his
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
By signing below, each signatory in his individual capacity certifies
that, to the best of his knowledge and belief, the securities referred to above
were not acquired and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in any
transaction having that purpose or effect.
12
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PAGE 12 OF 13 PAGES
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
1ST STATE BANCORP, INC.
EMPLOYEE STOCK OWNERSHIP PLAN TRUST
By Its Trustees:
/s/ T. Scott Quakenbush February 14, 2006
------------------------------------- -----------------
T. Scott Quakenbush, as Trustee Date
/s/ Ernest A. Koury February 14, 2006
------------------------------------- -----------------
Ernest A. Koury, as Trustee Date
/s/ Bernie C. Bean February 14, 2006
-------------------------------------- -----------------
Bernie C. Bean, as Trustee Date
1ST STATE BANK
DEFERRED COMPENSATION PLAN
By Its Trustees:
/s/ Richard H. Shirley February 14, 2006
--------------------------------------- -----------------
Richard H. Shirley, as Trustee Date
/s/ James G. McClure February 14, 2006
--------------------------------------- -----------------
James G. McClure, as Trustee Date
Virgil L. Stadler February 14, 2006
--------------------------------------- -----------------
Virgil L. Stadler, as Trustee Date
Richard H. Shirley February 14, 2006
------------------------------------------------ -----------------
Richard H. Shirley, as an Individual Stockholder Date
James G. McClure February 14, 2006
------------------------------------------------ -----------------
James G. McClure, as an Individual Stockholder Date
Virgil L. Stadler February 14, 2006
------------------------------------------------ -----------------
Virgil L. Stadler, as an Individual Stockholder Date
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PAGE 13 OF 13 PAGES
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/s/ T. Scott Quakenbush February 14, 2006
------------------------------------------------ -----------------
T. Scott Quakenbush, as an Individual Stockholder Date
/s/ Ernest A. Koury, Jr. February 14, 2006
------------------------------------------------ -----------------
Ernest A. Koury, Jr. as an Individual Stockholder Date
/s/ Bernie C. Bean February 14, 2006
------------------------------------------------ -----------------
Bernie C. Bean, as an Individual Stockholder Date
14
EXHIBIT 99
AGREEMENT RELATING TO FILING OF
JOINT STATEMENT PURSUANT TO
RULE 13D-1(k) UNDER THE SECURITIES ACT OF 1934
The undersigned agree that Amendment No. 6 to the Statement on Schedule
13G to which this Agreement is attached is filed on behalf of each of them.
Date: February 14, 2006
1ST STATE BANCORP, INC. EMPLOYEE STOCK OWNERSHIP PLAN TRUST
By Its Trustees:
/s/ T. Scott Quakenbush February 14, 2006
------------------------------------- -----------------
T. Scott Quakenbush, as Trustee Date
/s/ Ernest A. Koury, Jr. February 14, 2006
------------------------------------- -----------------
Ernest A. Koury, Jr. as Trustee Date
/s/ Bernie C. Bean February 14, 2006
-------------------------------------- -----------------
Bernie C. Bean, as Trustee Date
1ST STATE BANCORP, INC. DEFERRED COMPENSATION PLAN
By Its Trustees:
/s/ James G. McClure February 14, 2006
--------------------------------------- -----------------
James G. McClure, as Trustee Date
Virgil L. Stadler February 14, 2006
--------------------------------------- -----------------
Virgil L. Stadler, as Trustee Date
/s/ Richard H. Shirley February 14, 2006
--------------------------------------- -----------------
Richard H. Shirley, as Trustee Date
/s/ James G. McClure February 14, 2006
---------------------------------------------- -----------------
James G. McClure, as an Individual Stockholder Date
Virgil L. Stadler February 14, 2006
----------------------------------------------- -----------------
Virgil L. Stadler, as an Individual Stockholder Date
/s/ Richard H. Shirley February 14, 2006
------------------------------------------------ -----------------
Richard H. Shirley, as an Individual Stockholder Date
15
/s/ T. Scott Quakenbush February 14, 2006
------------------------------------------------- -----------------
T. Scott Quakenbush, as an Individual Stockholder Date
/s/ Ernest A. Koury, Jr. February 14, 2006
--------------------------------------------- -----------------
Ernest A. Koury, Jr. as an Individual Stockholder Date
/s/ Bernie C. Bean February 14, 2006
-------------------------------------------- -----------------
Bernie C. Bean, as an Individual Stockholder Date