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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 3, 2005
SOUTHSIDE BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Texas 0-12247 75-1848732
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
1201 S. Beckham, Tyler, Texas 75701
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (903) 531-7111
NA
(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:
[ ] Written communications pursuant to Rule 425 under 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
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On November 3, 2005, Southside Bancshares, Inc. ("Southside") Board of
Directors approved amendments to the Retirement Plan for the Subsidiaries of
Southside Bancshares, Inc. ("the Plan") as amended and restated which will
affect future participation in the plan and reduce the accrual of future
benefits.
The amendments to the Plan approved by the Southside Board of Directors include
the following:
o Entrance into the Plan by new employees will be frozen effective
November 15, 2005;
o Benefit accruals for current participants will be reduced in future
periods effective January 1, 2006. The current benefit accrual of 2%
for the first 20 years of service, 1% for the next 15 years and a
formula for the benefit accruals for each service year over 35 years
has been changed to reduce future benefit accruals for current
participants. The future benefit accrual for current participants
effective January 1, 2006 will be amended to 90% of 1% for the first
35 years of service and the formula for benefit accruals for each year
of service over 35 years will be reduced by 10%.
Southside anticipates that the amendments to the Plan will have a positive
impact on earnings as the reduced future benefits to current participants and
freezing of new participants should reduce the cost of maintaining the Plan in
the future.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SOUTHSIDE BANCSHARES, INC.
Date: November 9, 2005 By: /s/ Lee R. Gibson
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Lee R. Gibson
Executive Vice President and
Chief Financial Officer