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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font face="ARIAL" size="4">UNITED STATES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font face="ARIAL" size="4">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font face="ARIAL" size="3">WASHINGTON, D.C. 20549</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">
        <b><font face="ARIAL" size="3">FORM 8-K</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">
        <b><font face="ARIAL" size="2">CURRENT REPORT PURSUANT</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font face="ARIAL" size="2">TO SECTION 13 OR 15(D) OF THE</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font face="ARIAL" size="2">SECURITIES EXCHANGE ACT OF 1934</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 face="Arial" size="2">Date of Report (Date of earliest event reported): June 9,
        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 face="Arial" 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;</font></u>
        <font face="Arial" size="2">&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Arial" size="2">(Exact name of registrant as specified in its
        charter)</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">&nbsp;</p>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="646" align="center" border="0">
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                <td valign="top" nowrap colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font face="Arial" size="2">
                    &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;</font></u></p>
                </td>

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

                <td valign="top" nowrap colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <u><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57-0824914&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                </td>

                <td width="7">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>
            </tr>

            <tr>
                <td width="7">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    &nbsp;</p>
                </td>

                <td valign="top" nowrap colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font face="Arial" size="2">(State or other jurisdiction of
                    incorporation)</font></p>
                </td>

                <td valign="top" nowrap colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font face="Arial" size="2">(Commission File Number)</font></p>
                </td>

                <td valign="top" nowrap colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font face="Arial" size="2">(IRS Employer Identification Number)</font></p>
                </td>
            </tr>

            <tr>
                <td width="7">
                </td>

                <td width="235">
                </td>

                <td width="7">
                </td>

                <td width="175">
                </td>

                <td width="7">
                </td>

                <td width="220">
                </td>

                <td width="7">
                </td>
            </tr>
        </table>

        <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">
        <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" align="center" border="0">
            <tr>
                <td valign="top" nowrap width="100">
                    <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="333">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font face="Arial" size="2"><u>102 South Main Street, Greenville, South
                    Carolina</u></font></p>
                </td>

                <td valign="top" nowrap width="213">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font face="Arial" size="2"><u>29601</u></font></p>
                </td>
            </tr>

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                <td valign="top" nowrap width="100">
                    <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="333">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font face="Arial" size="2">(Address of principal executive offices)</font></p>
                </td>

                <td valign="top" nowrap width="213">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font face="Arial" size="2">(Zip Code)</font></p>
                </td>
            </tr>
        </table>

        <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: left">
        <font face="Arial" size="2">Registrant&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 face="Arial" 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-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
            <tr>
                <td valign="top" nowrap width="50">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font face="Wingdings">o</font></p>
                </td>

                <td valign="top" nowrap width="650">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font face="Arial" size="2">Written communications pursuant to Rule 425 under
                    the Securities Act (17 CFR 230.425)</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.12in; TEXT-ALIGN: left">
        &nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
            <tr>
                <td valign="top" nowrap width="50">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font face="Wingdings">o</font></p>
                </td>

                <td valign="top" nowrap width="650">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font face="Arial" 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-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.12in; TEXT-ALIGN: left">
        &nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
            <tr>
                <td valign="top" nowrap width="50">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font face="Wingdings">o</font></p>
                </td>

                <td valign="top" nowrap width="650">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font face="Arial" 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-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.12in; TEXT-ALIGN: left">
        &nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
            <tr>
                <td valign="top" nowrap width="50">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font face="Wingdings">o</font></p>
                </td>

                <td valign="top" nowrap width="650">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font face="Arial" 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-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="PAGE-BREAK-BEFORE: always"></p>
        <PAGE><!-- EEDocs PBStart-->

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

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font face="Arial, Helvetica, Sans-Serif" size="2"><b>Item 5.02</b></font>
        <font face="Arial, Helvetica, Sans-Serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font face="Arial, Helvetica, Sans-Serif" size="2"><u><b>Departure of Directors or Certain
        Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
        of Certain Officers</b></u></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 face="Arial, Helvetica, Sans-Serif" size="2"><u>Resignation of Officer</u></font></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 face="Arial, Helvetica, Sans-Serif" size="2">Effective June 10, 2008, Maurice J.
        Spagnoletti resigned his position as President of Carolina First Bank, the wholly-owned
        banking subsidiary of The South Financial Group, Inc. (&ldquo;TSFG&rdquo;). In connection
        with this resignation, Mr. Spagnoletti, Carolina First Bank and TSFG entered into the
        Separation and Release Agreement attached hereto, the terms of which are incorporated by
        reference herein. This Separation and Release Agreement provides for cash payments to Mr.
        Spagnoletti, a complete release of TSFG, and other miscellaneous covenants.</font></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font face="Arial, Helvetica, Sans-Serif" size="2"><u>Organizational
        Realignment</u></font></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 face="Arial, Helvetica, Sans-Serif" size="2">TSFG has realigned its management
        reporting structure, lessening the number of reports to the Chief Executive Officer and
        creating an &ldquo;Operating Council.&rdquo; Specifically, TSFG has promoted James R.
        Gordon to Senior EVP &amp; Chief Financial Officer, H. Lynn Harton to Senior EVP &amp;
        Chief Commercial Banking Officer and Christopher T. Holmes to Senior EVP &amp; Chief Retail
        Banking Officer. Mr. Gordon, Mr. Harton and Mr. Holmes will continue reporting to Mack I.
        Whittle, Jr., Chairman, CEO and President of TSFG, and collectively, they will form
        TSFG&rsquo;s Operating Council. Robert A. Edwards has been promoted to Executive Vice
        President &amp; Chief Risk Officer and will also report to Mr. Whittle. Additionally, the
        respective heads of the Legal and Internal Audit departments will report to Mr.
        Whittle.</font></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font face="Arial, Helvetica, Sans-Serif" size="2">Mr. Gordon joined the Company in 2007
        and will now have the following responsibilities: Finance, Treasury, Accounting, Investor
        Relations, Human Resources, Technology and Operations.</font></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font face="Arial, Helvetica, Sans-Serif" size="2">Mr. Harton joined the Company in 2007
        and will now have the following responsibilities: State and Market Presidents, Commercial
        Banking, Commercial Real Estate, Corporate Banking, Credit and Corporate Financial Services
        (including Treasury Services, Wealth Management, Mortgage, and Merchant).</font></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font face="Arial, Helvetica, Sans-Serif" size="2">Mr. Holmes joined the Company in 2006
        and will now have the following responsibilities: Retail Market Executives, Retail Banking,
        Business Banking, Corporate Marketing, Delivery Channel Management and Retail
        Lending.</font></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font face="Arial, Helvetica, Sans-Serif" size="2">In connection with these and related
        organizational changes, the Company expects to record non-operating charges for contractual
        arrangements, including payments to Mr. Spagnoletti, of up to approximately $3
        million.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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="48">
                        <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="74">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Arial, Helvetica, Sans-Serif" size="2"><b>Item
                        7.01</b></font></p>
                    </td>

                    <td valign="top" nowrap width="517">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Arial, Helvetica, Sans-Serif" size="2"><u><b>Regulation FD
                        Disclosure</b></u></font></p>
                    </td>
                </tr>
            </table>
        </div>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font face="Arial, Helvetica, Sans-Serif" size="2">On May 8, 2008, TSFG issued 250,000
        shares of preferred stock, consisting of 55,562 shares of Series 2008ND-V Preferred Stock,
        184,718 shares of Series 2008ND-NV Preferred Stock, 2,221 shares of Series 2008D-V
        Preferred Stock and 7,499 shares of Series 2008D-NV Preferred Stock.&nbsp; TSFG expects to
        hold a Special Meeting of Shareholders (&ldquo;Special Meeting&rdquo;) on July 18, 2008 for
        common shareholders to vote to approve the conversion terms and general voting rights of
        the</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 face="Arial, Helvetica, Sans-Serif" size="2">2</font></p>
        <font face="Arial, Helvetica, Sans-Serif"><!-- EEDocs PBStart--></font>

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <font face="Arial, Helvetica, Sans-Serif"><PAGE>
        <!-- EEDocs PBEnd--></font>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font face="Arial, Helvetica, Sans-Serif" size="2">preferred stock.&nbsp; The following is
        a summary of treatment of TSFG&rsquo;s preferred shares in the computation of earnings per
        share, which differs depending on the series of preferred stock based on the contingent
        nature of the conversion.</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 face="Arial, Helvetica, Sans-Serif" size="2"><u>Treatment of Dividends</u></font></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 face="Arial, Helvetica, Sans-Serif" size="2">For purposes of basic earnings per
        share, the dividends on the preferred stock will be deducted from net income to arrive at
        net income applicable to common shares in the period in which the dividends are declared
        versus in the period in which they are paid. Dividends on TSFG&rsquo;s preferred stock will
        generally be $6.25 million per quarter, however the second quarter 2008 dividend is
        expected to be declared at a pro rata amount of $5.83 million. The dividends on the
        preferred stock are also deducted in the calculation of diluted earnings per share until
        those shares are considered common stock equivalents as discussed in &ldquo;Convertibility
        of Preferred Stock,&rdquo; or if the inclusion of the preferred stock as common stock
        equivalents is considered anti-dilutive as discussed in &ldquo;Anti-Dilution
        Treatment&rdquo; below.</font></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font face="Arial, Helvetica, Sans-Serif" size="2"><u>Convertibility of Preferred
        Stock</u></font></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 face="Arial, Helvetica, Sans-Serif" size="2"><i>Series 2008ND-V Preferred Stock and
        Series 2008 D-V Preferred Stock</i>:&nbsp; These series currently constitute an aggregate
        of 57,783 shares.&nbsp; Following the date of the Special Meeting, even if shareholder
        approval is not obtained, holders may, at their option, convert their shares into TSFG
        common stock based on the applicable conversion price. These shares are considered common
        stock equivalents and approximately 8.9 million shares (based on the assumed conversion of
        the shares using a conversion price of $6.50) are added to average common shares
        outstanding in computing diluted earnings per share, unless such shares are considered
        anti-dilutive as discussed below.&nbsp;</font></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font face="Arial, Helvetica, Sans-Serif" size="2"><i>Series 2008ND-NV Preferred Stock and
        Series 2008D-NV Preferred Stock</i>:&nbsp; These series currently constitute an aggregate
        of 192,217 shares.&nbsp; For these series, the conversion of such shares is contingent upon
        shareholder approval of the conversion features of the stock.&nbsp; Therefore, prior to
        receipt of shareholder approval, the shares are not considered common stock equivalents and
        are not included in the computation of diluted earnings per share. Subsequent to receipt of
        shareholder approval but prior to May 1, 2011, the shares will be considered common stock
        equivalents and approximately 29.6 million shares (based on the assumed conversion of the
        shares using a conversion price of $6.50) are added to average common shares outstanding in
        computing diluted earnings per share, unless such shares are considered anti-dilutive as
        discussed below.&nbsp;</font></p>

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

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font face="Arial, Helvetica, Sans-Serif" size="2"><u>Anti-Dilution
        Treatment</u></font></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 face="Arial, Helvetica, Sans-Serif" size="2">Upon the removal of the aforementioned
        contingency (i.e. shareholder approval), with the subsequent effect that such shares of
        preferred stock are considered common stock equivalents, the assumed converted shares will
        be included in the diluted earnings per share calculations, unless the inclusion is
        considered anti-dilutive.&nbsp;&nbsp; For example, when a net loss from operations exists,
        including the assumed converted shares in the diluted earnings per share calculation may
        reduce the diluted loss per share amount and thus would be considered anti-dilutive, which
        would require that the shares be excluded from the diluted earnings per share calculation.
        In that situation, basic and diluted earnings per share would be the same
        amount.</font></p>

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

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

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <font face="Arial, Helvetica, Sans-Serif"><PAGE>
        <!-- EEDocs PBEnd--></font>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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="52">
                        <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="586">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Arial, Helvetica, Sans-Serif" size="2"><b>Item 9.01.</b> &nbsp;
                        <u><b>Financial Statements and Exhibits</b></u></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="194">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Arial, Helvetica, Sans-Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        <u>Exhibit No.</u></font></p>
                    </td>

                    <td valign="top" nowrap width="444">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Arial, Helvetica, Sans-Serif" size="2"><u>Description</u></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                <tr>
                    <td valign="top" nowrap width="194">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Arial, Helvetica, Sans-Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1</font></p>
                    </td>

                    <td valign="top" nowrap width="444">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Arial, Helvetica, Sans-Serif" size="2">Separation and Release
                        Agreement</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: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font face="Arial, Helvetica, Sans-Serif" size="2"><b>Signatures</b></font></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 face="Arial, Helvetica, Sans-Serif" 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-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 face="Arial, Helvetica, Sans-Serif" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        THE SOUTH FINANCIAL GROUP, INC.</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 valign="top" nowrap width="454">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Arial, Helvetica, Sans-Serif" size="2">June 12, 2008</font></p>
                    </td>

                    <td valign="top" nowrap width="31">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Arial, Helvetica, Sans-Serif" size="2">By:</font></p>
                    </td>

                    <td valign="top" nowrap width="188">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Arial, Helvetica, Sans-Serif" size="2"><u><i>/s/ William P.
                        Crawford, Jr.</i></u></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font face="Arial, Helvetica, Sans-Serif" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        William P. Crawford, Jr.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 2in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
        <font face="Arial, Helvetica, Sans-Serif" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        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 face="Arial, Helvetica, Sans-Serif" size="2">4</font></p>
        <font face="Arial, Helvetica, Sans-Serif"><!-- EEDocs PBStart--></font>

        <p style="PAGE-BREAK-BEFORE: always"></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">&nbsp;</p>
        <font face="Arial, Helvetica, Sans-Serif"><!-- EEDocs PBStart--><!-- EEDocs PBEnd--></font>


        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
    </body>
</html>
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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": "08896175"}, "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): June 9,
        2008
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 5.02
Departure of Directors or Certain
        Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
        of Certain Officers
Resignation of Officer
Effective June 10, 2008, Maurice J.
        Spagnoletti resigned his position as President of Carolina First Bank, the wholly-owned
        banking subsidiary of The South Financial Group, Inc. ("TSFG"). In connection
        with this resignation, Mr. Spagnoletti, Carolina First Bank and TSFG entered into the
        Separation and Release Agreement attached hereto, the terms of which are incorporated by
        reference herein. This Separation and Release Agreement provides for cash payments to Mr.
        Spagnoletti, a complete release of TSFG, and other miscellaneous covenants.
Organizational
        Realignment
TSFG has realigned its management
        reporting structure, lessening the number of reports to the Chief Executive Officer and
        creating an "Operating Council." Specifically, TSFG has promoted James R.
        Gordon to Senior EVP & Chief Financial Officer, H. Lynn Harton to Senior EVP &
        Chief Commercial Banking Officer and Christopher T. Holmes to Senior EVP & Chief Retail
        Banking Officer. Mr. Gordon, Mr. Harton and Mr. Holmes will continue reporting to Mack I.
        Whittle, Jr., Chairman, CEO and President of TSFG, and collectively, they will form
        TSFG's Operating Council. Robert A. Edwards has been promoted to Executive Vice
        President & Chief Risk Officer and will also report to Mr. Whittle. Additionally, the
        respective heads of the Legal and Internal Audit departments will report to Mr.
        Whittle.
Mr. Gordon joined the Company in 2007
        and will now have the following responsibilities: Finance, Treasury, Accounting, Investor
        Relations, Human Resources, Technology and Operations.
Mr. Harton joined the Company in 2007
        and will now have the following responsibilities: State and Market Presidents, Commercial
        Banking, Commercial Real Estate, Corporate Banking, Credit and Corporate Financial Services
        (including Treasury Services, Wealth Management, Mortgage, and Merchant).
Mr. Holmes joined the Company in 2006
        and will now have the following responsibilities: Retail Market Executives, Retail Banking,
        Business Banking, Corporate Marketing, Delivery Channel Management and Retail
        Lending.
In connection with these and related
        organizational changes, the Company expects to record non-operating charges for contractual
        arrangements, including payments to Mr. Spagnoletti, of up to approximately $3
        million.
Item
                        7.01
Regulation FD
                        Disclosure
On May 8, 2008, TSFG issued 250,000
        shares of preferred stock, consisting of 55,562 shares of Series 2008ND-V Preferred Stock,
        184,718 shares of Series 2008ND-NV Preferred Stock, 2,221 shares of Series 2008D-V
        Preferred Stock and 7,499 shares of Series 2008D-NV Preferred Stock.  TSFG expects to
        hold a Special Meeting of Shareholders ("Special Meeting") on July 18, 2008 for
        common shareholders to vote to approve the conversion terms and general voting rights of
        the
2
preferred stock.  The following is
        a summary of treatment of TSFG's preferred shares in the computation of earnings per
        share, which differs depending on the series of preferred stock based on the contingent
        nature of the conversion.
Treatment of Dividends
For purposes of basic earnings per
        share, the dividends on the preferred stock will be deducted from net income to arrive at
        net income applicable to common shares in the period in which the dividends are declared
        versus in the period in which they are paid. Dividends on TSFG's preferred stock will
        generally be $6.25 million per quarter, however the second quarter 2008 dividend is
        expected to be declared at a pro rata amount of $5.83 million. The dividends on the
        preferred stock are also deducted in the calculation of diluted earnings per share until
        those shares are considered common stock equivalents as discussed in "Convertibility
        of Preferred Stock," or if the inclusion of the preferred stock as common stock
        equivalents is considered anti-dilutive as discussed in "Anti-Dilution
        Treatment" below.
Convertibility of Preferred
        Stock
Series 2008ND-V Preferred Stock and
        Series 2008 D-V Preferred Stock
:  These series currently constitute an aggregate
        of 57,783 shares.  Following the date of the Special Meeting, even if shareholder
        approval is not obtained, holders may, at their option, convert their shares into TSFG
        common stock based on the applicable conversion price. These shares are considered common
        stock equivalents and approximately 8.9 million shares (based on the assumed conversion of
        the shares using a conversion price of $6.50) are added to average common shares
        outstanding in computing diluted earnings per share, unless such shares are considered
        anti-dilutive as discussed below.
Series 2008ND-NV Preferred Stock and
        Series 2008D-NV Preferred Stock
:  These series currently constitute an aggregate
        of 192,217 shares.  For these series, the conversion of such shares is contingent upon
        shareholder approval of the conversion features of the stock.  Therefore, prior to
        receipt of shareholder approval, the shares are not considered common stock equivalents and
        are not included in the computation of diluted earnings per share. Subsequent to receipt of
        shareholder approval but prior to May 1, 2011, the shares will be considered common stock
        equivalents and approximately 29.6 million shares (based on the assumed conversion of the
        shares using a conversion price of $6.50) are added to average common shares outstanding in
        computing diluted earnings per share, unless such shares are considered anti-dilutive as
        discussed below.
Anti-Dilution
        Treatment
Upon the removal of the aforementioned
        contingency (i.e. shareholder approval), with the subsequent effect that such shares of
        preferred stock are considered common stock equivalents, the assumed converted shares will
        be included in the diluted earnings per share calculations, unless the inclusion is
        considered anti-dilutive.   For example, when a net loss from operations exists,
        including the assumed converted shares in the diluted earnings per share calculation may
        reduce the diluted loss per share amount and thus would be considered anti-dilutive, which
        would require that the shares be excluded from the diluted earnings per share calculation.
        In that situation, basic and diluted earnings per share would be the same
        amount.
3
Item 9.01.
Financial Statements and Exhibits
Exhibit No.
Description
99.1
Separation and Release
                        Agreement
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.
June 12, 2008
By:
/s/ William P.
                        Crawford, Jr.
William P. Crawford, Jr.
Executive Vice President and General Counsel
4