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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="5">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="4"><B>UNITED STATES</B> </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="4"><B>SECURITIES AND EXCHANGE COMMISSION</B> </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="3"><B>WASHINGTON, D.C. 20549</B> </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="3"><B>FORM 8-K</B> </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>CURRENT REPORT PURSUANT</B> </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>TO SECTION 13 OR 15(D) OF THE</B> </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>SECURITIES EXCHANGE ACT OF 1934</B> </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Date of Report (Date of earliest event reported): March 20, 2006 </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The South Financial Group, Inc. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">(Exact name of registrant as specified in its charter) </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>



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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0-15083&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57-0824914&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="1">&nbsp; </FONT></td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="1">&nbsp; </FONT></td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">(State or other jurisdiction of incorporation) </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">(Commission File Number) </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">(IRS Employer Identification Number) </FONT></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT> </p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="1">&nbsp; </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><U>102 South Main Street, Greenville, South Carolina</U> </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><U>29601</U> </FONT></p> </td> </tr>




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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="1">&nbsp; </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">(Address of principal executive offices) </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">(Zip Code) </FONT></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Registrant&#146;s telephone number, including area code: (864) 255-7900 </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">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: </FONT> </p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.12in;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12) </FONT></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.12in;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.12in;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style='page-break-before:always'></p>
<FONT FACE="Arial, Helvetica, Sans-Serif"><pAGE> </FONT>














<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2"><B>Item 1.01. Entry into a Material Definitive Agreement</B> </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">On February 22, 2006, the Compensation Committee (the &#147;Committee&#148;) of The South Financial Group, Inc. (the &#147;Company&#148;) approved the criteria pursuant to which bonuses will be paid to the Company&#146;s executive officers under the Company&#146;s Management Performance Incentive Plan and the Company&#146;s Long Term Incentive Plan (the &#147;LTIP&#148;) for fiscal 2006 and the period from 2006 through 2008. </FONT> </p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">This was reported in a Current Report on Form 8-K dated February 22, 2006. </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">On March 20, 2006, the Committee expanded the criteria pursuant to which bonuses will be paid to the Company&#146;s executive officers under the LTIP to include return on equity. </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">Other factors will be continue to be considered by the Committee in evaluating the Company&#146;s overall performance, including, for example, the Company&#146;s performance trends and the performance of the banking industry in general. </FONT> </p>


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">2 </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE="2">&nbsp; </FONT></p>

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<FONT FACE="Arial" SIZE="2"><B>Signatures</B> </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><FONT FACE="Arial" SIZE="2">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. </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><FONT FACE="Arial" SIZE="2">&nbsp; </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><FONT FACE="Arial" SIZE="2">The South Financial Group, Inc. </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><FONT FACE="Arial" SIZE="2">&nbsp; </FONT></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>March 24, 2006</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>By:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><i><font face="Arial" size=2>/s/ William P. Crawford, Jr.</font></i></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>William P. Crawford, Jr.</font></p> </td> </tr>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Executive Vice President and General Counsel</font></p> </td> </tr>




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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>3</font></p>

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{"company-data": {"conformed-name": "SOUTH FINANCIAL GROUP INC", "cik": "0000797871", "assigned-sic": "6022", "irs-number": "570824914", "state-of-incorporation": "SC", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-15083", "film-number": "06707922"}, "business-address": {"street1": "102 S MAIN ST", "city": "GREENVILLE", "state": "SC", "zip": "29601", "phone": "8642557900"}, "mail-address": {"street1": "102 S MAIN STREET", "city": "GREENVILLE", "state": "SC", "zip": "29601"}, "former-company": {"former-conformed-name": "CAROLINA FIRST CORP", "date-changed": "19920703"}}
Form 8-K
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): March 20, 2006
The South Financial Group, Inc.
(Exact name of registrant as specified in its charter)
South Carolina
0-15083
57-0824914
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification Number)
102 South Main Street, Greenville, South Carolina
29601
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (864) 255-7900
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:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement
On February 22, 2006, the Compensation Committee (the "Committee") of The South Financial Group, Inc. (the "Company") approved the criteria pursuant to which bonuses will be paid to the Company's executive officers under the Company's Management Performance Incentive Plan and the Company's Long Term Incentive Plan (the "LTIP") for fiscal 2006 and the period from 2006 through 2008.
This was reported in a Current Report on Form 8-K dated February 22, 2006.
On March 20, 2006, the Committee expanded the criteria pursuant to which bonuses will be paid to the Company's executive officers under the LTIP to include return on equity.
Other factors will be continue to be considered by the Committee in evaluating the Company's overall performance, including, for example, the Company's performance trends and the performance of the banking industry in general.
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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.
The South Financial Group, Inc.
March 24, 2006
By:
/s/ William P. Crawford, Jr.
William P. Crawford, Jr.
Executive Vice President and General Counsel
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