South Street Financial Corp. Announces Non-Taxable Distributions

Business Wire, Jan 27, 1999

ALBEMARLE, NC--(BUSINESS WIRE)--Jan., 27, 1999--South Street Financial Corp. (Nasdaq: SSFC), the parent holding company for Home Savings Bank of Albemarle, Inc., SSB, Albemarle, North Carolina, announced today that 94.655% of total cash distributions paid by the Company between January and September, 1998 represent a nontaxable return of capital to the shareholders.

The cash distributions include a special $6.00 dividend per share paid on January 8, 1998 and three $0.10 regular dividends paid per share on January 15, 1998, April 8, 1998 and July 9, 1998, respectively. Individual 1099's will be mailed to the shareholders reflecting the taxable and nontaxable portions of the dividends.

South Street Financial Corp. stock is traded on the Nasdaq National Market under the symbol of "SSFC".