UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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): ~~November~~December 821, 2022

GrandSouth Bancorporation

(Exact name of registrant as specified in its charter)

South Carolina

(State or other jurisdiction of incorporation)

000-31937	57-1104394
(Commission File Number)	(IRS Employer Identification No.)

381 Halton Road, Greenville, South Carolina	29607
(Address of principal executive offices)	(Zip Code)

(864) 770-1000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		None		None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 57.0701. ~~Submission~~Regulation ofFD ~~Matters to a Vote of Security Holders~~Disclosure.

~~GrandSouth~~On ~~Bancorporation~~December ~~(“GrandSouth”) held a special meeting of its shareholders on Tuesday~~21, ~~November 8,~~ 2022, ~~in Greenville, South Carolina related to~~ GrandSouth’s ~~proposed merger~~Bancorporation ~~with~~(the ~~First Bancorp. On~~ “Company”), the ~~record~~holding ~~date~~company offor ~~September~~GrandSouth 14Bank, ~~2022,~~issued ~~GrandSouth~~a ~~had~~press ~~5,222,042~~release ~~shares~~announcing ofa ~~common~~quarterly ~~stock~~cash ~~outstanding~~dividend ~~and 282,828 shares~~ of ~~preferred stock outstanding, each entitled to vote at the special meeting~~$0.20 Atper ~~the~~common ~~special~~share ~~meeting, holders of GrandSouth common~~($0.21 ~~stock~~per ~~(the “Common Shareholders”) voted on three proposals and holders of GrandSouth~~ Series A preferred ~~stock (the “Preferred Shareholders”~~share) ~~voted~~payable on ~~one~~December ~~proposal~~30, ~~each~~2022 asto ~~described~~shareholders inof ~~the~~record ~~proxy~~on ~~statement/prospectus~~December ~~dated September 23~~27, 2022~~, and cast their votes as described below:~~.

~~Proposal~~The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. ~~Approval~~The information in this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the ~~Merger~~Securities ~~Agreement~~Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

~~GrandSouth’s~~Item ~~shareholders approved~~9.01. ~~the~~Financial ~~Agreement~~Statements and Plan of Merger and Reorganization, dated June 21, 2022, by and between GrandSouth and First Bancorp (the “merger agreement”), pursuant to which GrandSouth will merge with and into First Bancorp, with First Bancorp continuing as the surviving entityExhibits. ~~The following is a tabulation of the voting results:~~

~~Common~~(d) ~~Stock~~Exhibits. The following exhibit index lists the exhibit that is furnished with this Current Report on Form 8-K:

Votes For			Votes Against			Abstentions			Broker Non-Votes
4,355,294			1			5,000			0

EXHIBIT INDEX

Series A Preferred Stock:

Exhibit No.		Description
99.1		Press Release dated December 21, 2022.

Votes For			Votes Against			Abstentions			Broker Non-Votes
211,006			713			3,004			0

Common Stock and Series A Preferred Stock, voting together as a single class:

Votes For			Votes Against			Abstentions			Broker Non-Votes
4,566,300			714			8,004			0

Proposal 2 - Compensation Proposal

GrandSouth’s Common Shareholders approved, on a non-binding, advisory basis, the compensation that may be paid or become payable to GrandSouth’s named executive officers that is based on or otherwise relates to the merger. The following is a tabulation of the voting results:

Votes For			Votes Against			Abstentions			Broker Non-Votes
4,170,087			167,304			22,904			0

Proposal 3 – Adjournment, Postponement, Continuation Proposal

GrandSouth’s Common Shareholders approved a proposal to adjourn the GrandSouth special meeting, if necessary or appropriate, to permit further solicitation of proxies in favor of Proposal 1, the GrandSouth merger proposal. Although Proposal 3 was approved, the adjournment of the special meeting was not necessary because GrandSouth’s shareholders approved Proposal 1. The following is a tabulation of the voting results:

Votes For			Votes Against			Abstentions			Broker Non-Votes
4,328,172			2			32,121			0

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.

	GRANDSOUTH BANCORPORATION,
	GRANDSOUTH BANCORPORATION
	Registrant
Dated: December 21, 2022	By:	/s/ John B. Garrett
Dated: November 9, 2022	By:	/s/ John B. Garrett
	Name:	John B. Garrett
		John B. Garrett
	Title:	Chief Financial Officer
		Chief Financial Officer

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