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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">UNITED
        STATES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">SECURITIES AND EXCHANGE COMMISSION</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">Washington, D.C. 20549</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">FORM
        8-K</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">CURRENT REPORT</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Pursuant
        to Section 13 or 15(d) of The Securities Exchange Act of 1934</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Date of
        report (date of earliest event reported): December 5, 2008</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <u><font size="2">&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;&nbsp;&nbsp;&nbsp;</font></u>
        <font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="1">(Exact
        name of Company as specified in its charter)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

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                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="179">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">South Carolina&nbsp;&nbsp;</font></u></p>
                    </td>

                    <td valign="top" nowrap width="185">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                        <u><font size="2">0-15083 &nbsp;</font></u></p>
                    </td>

                    <td valign="top" nowrap width="412">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                        <font size="2">&nbsp;
                        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        <u>57-0824914&nbsp;&nbsp;</u></font></p>
                    </td>
                </tr>
            </table>
        </div>

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            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
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                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="236">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">(State or other juris-</font></p>
                    </td>

                    <td valign="top" nowrap width="216">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">(Commission</font></p>
                    </td>

                    <td valign="top" nowrap width="325">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">(IRS Employer</font></p>
                    </td>
                </tr>
            </table>
        </div>

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            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
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                    <td valign="top" nowrap width="201">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="248">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">diction of incorporation)</font></p>
                    </td>

                    <td valign="top" nowrap width="203">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">File Number)</font></p>
                    </td>

                    <td valign="top" nowrap width="334">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">Identification Number)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><u><font size="2">102
        South Main Street, Greenville, South
        Carolina</font></u><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <u><font size="2">29601</font></u></p>

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                    <td valign="top" nowrap width="380">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" nowrap width="229">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">(Address of principal executive offices)</font></p>
                    </td>

                    <td valign="top" nowrap width="377">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="1">(Zip Code)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">Company&rsquo;s telephone number, including area code: (864)
        255-7900</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Check the
        appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
        filing obligation of the Company under any of the following provisions:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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                    <td valign="top" nowrap width="37">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Wingdings">o</font></p>
                    </td>

                    <td valign="top" nowrap width="601">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Written communications pursuant to Rule 425 under the
                        Securities Act (17 CFR 230.425)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                <tr>
                    <td valign="top" nowrap width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Wingdings">o</font></p>
                    </td>

                    <td valign="top" nowrap width="602">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Soliciting material pursuant to Rule 14a-12 under the
                        Securities Act (17 CFR 240.14a-12)</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                <tr>
                    <td valign="top" nowrap width="36">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Wingdings">o</font></p>
                    </td>

                    <td valign="top" nowrap width="602">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Pre-commencement communications pursuant to Rule 14d-2(b)
                        under the Exchange Act (17 CFR</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2"><font size="2">240.14d-2(b))</font></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font face="Wingdings">o</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font size="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
        Act (17 CFR</font> <font size="2">240.13e-4(c))</font></p>
        <!-- EEDocs PBStart-->

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <PAGE><!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><b><font size="2">Item
        1.01. Entry into a Material Definitive Agreement.</font></b></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">On December 5, 2008, The South Financial Group, Inc. (the
        &ldquo;Company&rdquo;) entered into a Letter Agreement (the &ldquo;Purchase
        Agreement&rdquo;) with the United States Department of the Treasury (the &ldquo;Treasury
        Department&rdquo;), pursuant to which the Company agreed to issue 347,000 shares of the
        Company&rsquo;s Fixed Rate Cumulative Perpetual Preferred Stock, Series 2008-T (the
        &ldquo;Series 2008-T Preferred Stock&rdquo;), having a liquidation amount per share equal
        to $1,000, for a total price of $347,000,000. The Series 2008-T Preferred Stock pays
        cumulative dividends at a rate of 5% per year for the first five years and thereafter at a
        rate of 9% per year. The Company may not redeem the Series 2008-T Preferred Stock prior to
        the first dividend payment date after the third anniversary of the original issuance date
        (i.e. February 15, 2012) except with the proceeds from a &ldquo;qualified equity
        offering&rdquo; (as defined in the Articles of Amendment described in Item 5.03). After
        February 15, 2012, the Company may, at its option, redeem the Series 2008-T Preferred Stock
        at par value plus accrued and unpaid dividends. The Series 2008-T Preferred Stock is
        generally non-voting. Prior to December 5, 2011, unless the Company has redeemed the Series
        2008-T Preferred Stock or the Treasury Department has transferred the Series 2008-T
        Preferred Stock to a third party, the consent of the Treasury Department will be required
        for the Company to increase its common stock dividend or repurchase its common stock or
        other equity or capital securities, other than in connection with benefit plans consistent
        with past practice and certain other circumstances specified in the Purchase Agreement. A
        consequence of the Series 2008-T Preferred Stock purchase includes certain restrictions on
        executive compensation that could limit the tax deductibility of compensation the Company
        pays to executive management. The Purchase Agreement is attached as Exhibit 10.1 hereto and
        is incorporated herein by reference.</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">As part of its purchase of the Series 2008-T Preferred Stock, the Treasury
        Department received a warrant (the &ldquo;Warrant&rdquo;) to purchase 10,106,796 shares of
        the Company&rsquo;s common stock at an initial per share exercise price of $5.15. The
        Warrant provides for the adjustment of the exercise price and the number of shares of the
        Company&rsquo;s common stock issuable upon exercise pursuant to customary anti-dilution
        provisions, such as upon stock splits or distributions of securities or other assets to
        holders of the Company&rsquo;s common stock, and upon certain issuances of the
        Company&rsquo;s common stock at or below a specified price relative to the initial exercise
        price. The Warrant expires ten years from the issuance date. If, on or prior to December
        31, 2009, the Company receives aggregate gross cash proceeds of not less than $347,000,000
        from &ldquo;qualified equity offerings&rdquo; announced after October 13, 2008, the number
        of shares of common stock issuable pursuant to the Treasury Department&rsquo;s exercise of
        the Warrant will be reduced by one-half of the original number of shares, taking into
        account all adjustments, underlying the Warrant. Pursuant to the Purchase Agreement, the
        Treasury Department has agreed not to exercise voting power with respect to any shares of
        common stock issued upon exercise of the Warrant. The Warrant is attached as Exhibit 4.2
        hereto and is incorporated herein by reference. Both the Series 2008-T Preferred Stock and
        the Warrant will be accounted for as components of Tier 1 capital.</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">The Series 2008-T Preferred Stock and the Warrant were issued in a private
        placement exempt from registration pursuant to Section 4(2) of the Securities Act of 1933,
        as amended. Upon the request of the Treasury Department at any time, the Company has agreed
        to promptly enter into a deposit arrangement pursuant to which the Series 2008-T Preferred
        Stock may be deposited and depositary shares (&ldquo;Depositary Shares&rdquo;),
        representing fractional shares of Series 2008-T Preferred Stock, may be issued. The Company
        has agreed to register the Series 2008-T Preferred Stock, the Warrant, the shares of common
        stock underlying the Warrant (the &ldquo;Warrant Shares&rdquo;) and Depositary Shares, if
        any, as soon as practicable after the date of the issuance of the Series 2008-T Preferred
        Stock and the Warrant. Neither the Series 2008-T Preferred Stock nor the Warrant will be
        subject to any contractual restrictions on transfer, except that the Treasury Department
        may only transfer or exercise an aggregate of one-half of the Warrant Shares prior to the
        earlier of (i) the Company&rsquo;s receipt of aggregate gross proceeds of not less than
        $347,000,000 in one or more &ldquo;qualified equity offerings&rdquo; and (ii) December 31,
        2009.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">2</font></p>
        <!-- EEDocs PBStart-->

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <PAGE><!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left">
        <font size="2"><b><font size="2">Item 3.02. Unregistered Sales of Equity
        Securities.</font></b></font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">The information set forth under &ldquo;Item 1.01 Entry into a Material
        Definitive Agreement&rdquo; is incorporated herein by reference.</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><b><font size="2">Item
        3.03. Material Modification to Rights of Security Holders.</font></b></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">Prior to December 5, 2011, unless the Company has redeemed the Series 2008-T
        Preferred Stock or the Treasury Department has transferred the Series 2008-T Preferred
        Stock to a third party, the consent of the Treasury Department will be required for the
        Company to (1) declare or pay any dividend or make any distribution on its common stock
        (other than regular quarterly cash dividends of not more than $0.01 per share of common
        stock,) or (2) redeem, purchase or acquire any shares of its common stock or other equity
        or capital securities, other than in connection with benefit plans consistent with past
        practice and certain other circumstances specified in the Purchase Agreement.</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">In addition, under the Articles of Amendment described in Item 5.03, the
        Company&rsquo;s ability to declare or pay dividends or repurchase its common stock or other
        equity or capital securities will be subject to restrictions in the event that it fails to
        declare and pay (or set aside for payment) full dividends on the Series 2008-T Preferred
        Stock.</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><b><font size="2">Item
        5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of
        Certain Officers; Compensatory Arrangements of Certain Officers.</font></b></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">Under the terms of the Purchase Agreement, the Company amended certain
        employment agreements to the extent necessary to be in compliance with the executive
        compensation and corporate governance requirements of Section 111(b) of the of the
        Emergency Economic Stabilization Act of 2008 (&ldquo;EESA&rdquo;) as implemented by any
        guidance or regulation under Section 111(b) of EESA that has been issued and is in effect
        as of the date of issuance of the Series 2008-T Preferred Stock and the Warrant. The
        applicable executive compensation requirements apply to the compensation of the
        Company&rsquo;s &ldquo;senior executive officers&rdquo; (the &ldquo;SEOs&rdquo;).
        Consistent with its obligations under the Purchase Agreement, prior to December 5, 2008,
        the Company entered into amendments to its compensation arrangements with each of the SEOs,
        among other things, to (1) limit such senior executive officer&rsquo;s compensation so as
        not to exceed the amount allowable under Section 111(b) of the EESA and applicable rules
        and regulations, and (2) provide that to the extent required by the&nbsp;Treasury
        Department or the EESA and applicable rules and regulations, any bonus or incentive
        compensation paid to the executive will be subject to recovery by the Company if the
        payments were based on statements of earnings, gains or other criteria that are later
        proven to be materially inaccurate. Each of these requirements applies during the period
        that the Treasury Department owns any securities acquired under the Purchase Agreement and
        within the meaning of Section 111(b) of the EESA.&nbsp;</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><b><font size="2">Item
        5.03. Amendment to Articles of Incorporation or Bylaws; Change in Fiscal
        Year.</font></b></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">On December 3, 2008, the Company filed with the South Carolina Secretary of
        State an Articles of Amendment (the &ldquo;Articles of Amendment&rdquo;) for the purpose of
        amending its Articles of Incorporation to fix the preferences, limitations and relative
        rights of the Series 2008-T Preferred Stock.</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">The Articles of Amendment for the Series 2008-T Preferred Stock is attached
        hereto as Exhibit 4.1 and incorporated by reference herein.</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><b><font size="2">Item
        7.01. Regulation FD Disclosure</font></b></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">On November 28, 2008, the Company filed a shelf registration statement on
        Form S-3ASR with the Securities and Exchange Commission, which replaced the Company&rsquo;s
        existing shelf registration statement that was expiring on December 1, 2008. This new shelf
        registration statement was filed as a result of the expiration of the prior shelf
        registration statement and not to facilitate any presently-contemplated
        transaction.</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">3</font></p>
        <!-- EEDocs PBStart-->

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <PAGE><!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><b><font size="2">Item
        9.01. Financial Statements and Exhibits.</font></b></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">(d)
        Exhibits.</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">The
        following exhibits are filed herewith:</font></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left">
        <u><b><font size="2">Exhibit No.</font></b></u> <font size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">Exhibit</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">Description</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">3.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Articles of Amendment for the Series 2008-T Preferred Stock
                        dated December 3, 2008</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">4.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Form of Certificate for the Series 2008-T Preferred
                        Stock</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">4.2</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Warrant for Purchase of Shares of Common Stock</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Letter Agreement, dated December 5, 2008, between The South
                        Financial Group, Inc. and the United States Department of the Treasury with
                        respect to the issuance and sale of the Series 2008-T Preferred Stock and
                        the Warrant</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">99.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Press Release dated December 5, 2008</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Signatures</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the
        Company has duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE SOUTH FINANCIAL GROUP,
        INC.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                <tr>
                    <td valign="top" nowrap width="263">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">December 11, 2008</font></p>
                    </td>

                    <td valign="top" nowrap width="27">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">By:</font></p>
                    </td>

                    <td valign="top" nowrap width="349">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><i><font size="2">/s/ William P. Crawford, Jr.</font></i></u></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">William P. Crawford, Jr.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font size="2">Executive Vice President and General Counsel</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">4</font></p>
        <!-- EEDocs PBStart-->

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <PAGE><!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">Exhibit Index</font></b></p>

        <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">Exhibit</font></u></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <u><font size="2">Description</font></u></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">3.01</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Articles of Amendment for the Series 2008-T Preferred Stock
                        dated December 3, 2008</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">4.01</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Form of Certificate for the Series 2008-T Preferred
                        Stock</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">4.02</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Warrant for Purchase of Shares of Common Stock</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">10.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Letter Agreement, dated December 5, 2008, between The South
                        Financial Group, Inc. and the United States Department of the Treasury with
                        respect to the issuance and sale of the Series 2008-T Preferred Stock and
                        the Warrant</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="67">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">99.1</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="571">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Press Release dated December 5, 2008</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">5</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>
        <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
    </body>
</html>
[{"type": "8-K", "sequence": "1", "filename": "form8k-12112009.htm", "description": "REPORT DATED DECEMBER 6, 2008", "secsgml_size_bytes": 40856}]
{"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": "081242549"}, "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"}}
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): December 5, 2008
The
        South Financial Group,
        Inc.
(Exact
        name of Company as specified in its charter)
South Carolina
0-15083
57-0824914
(State or other juris-
(Commission
(IRS Employer
diction of incorporation)
File Number)
Identification Number)
102
        South Main Street, Greenville, South
        Carolina
29601
(Address of principal executive offices)
(Zip Code)
Company'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 Company 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 December 5, 2008, The South Financial Group, Inc. (the
        "Company") entered into a Letter Agreement (the "Purchase
        Agreement") with the United States Department of the Treasury (the "Treasury
        Department"), pursuant to which the Company agreed to issue 347,000 shares of the
        Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series 2008-T (the
        "Series 2008-T Preferred Stock"), having a liquidation amount per share equal
        to $1,000, for a total price of $347,000,000. The Series 2008-T Preferred Stock pays
        cumulative dividends at a rate of 5% per year for the first five years and thereafter at a
        rate of 9% per year. The Company may not redeem the Series 2008-T Preferred Stock prior to
        the first dividend payment date after the third anniversary of the original issuance date
        (i.e. February 15, 2012) except with the proceeds from a "qualified equity
        offering" (as defined in the Articles of Amendment described in Item 5.03). After
        February 15, 2012, the Company may, at its option, redeem the Series 2008-T Preferred Stock
        at par value plus accrued and unpaid dividends. The Series 2008-T Preferred Stock is
        generally non-voting. Prior to December 5, 2011, unless the Company has redeemed the Series
        2008-T Preferred Stock or the Treasury Department has transferred the Series 2008-T
        Preferred Stock to a third party, the consent of the Treasury Department will be required
        for the Company to increase its common stock dividend or repurchase its common stock or
        other equity or capital securities, other than in connection with benefit plans consistent
        with past practice and certain other circumstances specified in the Purchase Agreement. A
        consequence of the Series 2008-T Preferred Stock purchase includes certain restrictions on
        executive compensation that could limit the tax deductibility of compensation the Company
        pays to executive management. The Purchase Agreement is attached as Exhibit 10.1 hereto and
        is incorporated herein by reference.
As part of its purchase of the Series 2008-T Preferred Stock, the Treasury
        Department received a warrant (the "Warrant") to purchase 10,106,796 shares of
        the Company's common stock at an initial per share exercise price of $5.15. The
        Warrant provides for the adjustment of the exercise price and the number of shares of the
        Company's common stock issuable upon exercise pursuant to customary anti-dilution
        provisions, such as upon stock splits or distributions of securities or other assets to
        holders of the Company's common stock, and upon certain issuances of the
        Company's common stock at or below a specified price relative to the initial exercise
        price. The Warrant expires ten years from the issuance date. If, on or prior to December
        31, 2009, the Company receives aggregate gross cash proceeds of not less than $347,000,000
        from "qualified equity offerings" announced after October 13, 2008, the number
        of shares of common stock issuable pursuant to the Treasury Department's exercise of
        the Warrant will be reduced by one-half of the original number of shares, taking into
        account all adjustments, underlying the Warrant. Pursuant to the Purchase Agreement, the
        Treasury Department has agreed not to exercise voting power with respect to any shares of
        common stock issued upon exercise of the Warrant. The Warrant is attached as Exhibit 4.2
        hereto and is incorporated herein by reference. Both the Series 2008-T Preferred Stock and
        the Warrant will be accounted for as components of Tier 1 capital.
The Series 2008-T Preferred Stock and the Warrant were issued in a private
        placement exempt from registration pursuant to Section 4(2) of the Securities Act of 1933,
        as amended. Upon the request of the Treasury Department at any time, the Company has agreed
        to promptly enter into a deposit arrangement pursuant to which the Series 2008-T Preferred
        Stock may be deposited and depositary shares ("Depositary Shares"),
        representing fractional shares of Series 2008-T Preferred Stock, may be issued. The Company
        has agreed to register the Series 2008-T Preferred Stock, the Warrant, the shares of common
        stock underlying the Warrant (the "Warrant Shares") and Depositary Shares, if
        any, as soon as practicable after the date of the issuance of the Series 2008-T Preferred
        Stock and the Warrant. Neither the Series 2008-T Preferred Stock nor the Warrant will be
        subject to any contractual restrictions on transfer, except that the Treasury Department
        may only transfer or exercise an aggregate of one-half of the Warrant Shares prior to the
        earlier of (i) the Company's receipt of aggregate gross proceeds of not less than
        $347,000,000 in one or more "qualified equity offerings" and (ii) December 31,
        2009.
2
Item 3.02. Unregistered Sales of Equity
        Securities.
The information set forth under "Item 1.01 Entry into a Material
        Definitive Agreement" is incorporated herein by reference.
Item
        3.03. Material Modification to Rights of Security Holders.
Prior to December 5, 2011, unless the Company has redeemed the Series 2008-T
        Preferred Stock or the Treasury Department has transferred the Series 2008-T Preferred
        Stock to a third party, the consent of the Treasury Department will be required for the
        Company to (1) declare or pay any dividend or make any distribution on its common stock
        (other than regular quarterly cash dividends of not more than $0.01 per share of common
        stock,) or (2) redeem, purchase or acquire any shares of its common stock or other equity
        or capital securities, other than in connection with benefit plans consistent with past
        practice and certain other circumstances specified in the Purchase Agreement.
In addition, under the Articles of Amendment described in Item 5.03, the
        Company's ability to declare or pay dividends or repurchase its common stock or other
        equity or capital securities will be subject to restrictions in the event that it fails to
        declare and pay (or set aside for payment) full dividends on the Series 2008-T Preferred
        Stock.
Item
        5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of
        Certain Officers; Compensatory Arrangements of Certain Officers.
Under the terms of the Purchase Agreement, the Company amended certain
        employment agreements to the extent necessary to be in compliance with the executive
        compensation and corporate governance requirements of Section 111(b) of the of the
        Emergency Economic Stabilization Act of 2008 ("EESA") as implemented by any
        guidance or regulation under Section 111(b) of EESA that has been issued and is in effect
        as of the date of issuance of the Series 2008-T Preferred Stock and the Warrant. The
        applicable executive compensation requirements apply to the compensation of the
        Company's "senior executive officers" (the "SEOs").
        Consistent with its obligations under the Purchase Agreement, prior to December 5, 2008,
        the Company entered into amendments to its compensation arrangements with each of the SEOs,
        among other things, to (1) limit such senior executive officer's compensation so as
        not to exceed the amount allowable under Section 111(b) of the EESA and applicable rules
        and regulations, and (2) provide that to the extent required by the Treasury
        Department or the EESA and applicable rules and regulations, any bonus or incentive
        compensation paid to the executive will be subject to recovery by the Company if the
        payments were based on statements of earnings, gains or other criteria that are later
        proven to be materially inaccurate. Each of these requirements applies during the period
        that the Treasury Department owns any securities acquired under the Purchase Agreement and
        within the meaning of Section 111(b) of the EESA.
Item
        5.03. Amendment to Articles of Incorporation or Bylaws; Change in Fiscal
        Year.
On December 3, 2008, the Company filed with the South Carolina Secretary of
        State an Articles of Amendment (the "Articles of Amendment") for the purpose of
        amending its Articles of Incorporation to fix the preferences, limitations and relative
        rights of the Series 2008-T Preferred Stock.
The Articles of Amendment for the Series 2008-T Preferred Stock is attached
        hereto as Exhibit 4.1 and incorporated by reference herein.
Item
        7.01. Regulation FD Disclosure
On November 28, 2008, the Company filed a shelf registration statement on
        Form S-3ASR with the Securities and Exchange Commission, which replaced the Company's
        existing shelf registration statement that was expiring on December 1, 2008. This new shelf
        registration statement was filed as a result of the expiration of the prior shelf
        registration statement and not to facilitate any presently-contemplated
        transaction.
3
Item
        9.01. Financial Statements and Exhibits.
(d)
        Exhibits.
The
        following exhibits are filed herewith:
Exhibit No.
Exhibit
Description
3.1
Articles of Amendment for the Series 2008-T Preferred Stock
                        dated December 3, 2008
4.1
Form of Certificate for the Series 2008-T Preferred
                        Stock
4.2
Warrant for Purchase of Shares of Common Stock
10.1
Letter Agreement, dated December 5, 2008, between The South
                        Financial Group, Inc. and the United States Department of the Treasury with
                        respect to the issuance and sale of the Series 2008-T Preferred Stock and
                        the Warrant
99.1
Press Release dated December 5, 2008
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
        Company has duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.
THE SOUTH FINANCIAL GROUP,
        INC.
December 11, 2008
By:
/s/ William P. Crawford, Jr.
William P. Crawford, Jr.
Executive Vice President and General Counsel
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Exhibit Index
Exhibit
Description
3.01
Articles of Amendment for the Series 2008-T Preferred Stock
                        dated December 3, 2008
4.01
Form of Certificate for the Series 2008-T Preferred
                        Stock
4.02
Warrant for Purchase of Shares of Common Stock
10.1
Letter Agreement, dated December 5, 2008, between The South
                        Financial Group, Inc. and the United States Department of the Treasury with
                        respect to the issuance and sale of the Series 2008-T Preferred Stock and
                        the Warrant
99.1
Press Release dated December 5, 2008
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