Sec Form 4 Filing - CLEMMONS ALAN D @ TIDELANDS BANCSHARES INC - 2016-07-01

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
CLEMMONS ALAN D
2. Issuer Name and Ticker or Trading Symbol
TIDELANDS BANCSHARES INC [ TDBK]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X __ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle)
1411 HIGHWAY 15
3. Date of Earliest Transaction (MM/DD/YY)
07/01/2016
(Street)
MYRTLE BEACH, SC29577
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/08/2013 S 225 ( 1 ) D $ 0.308 61,895 D
Common Stock 08/19/2014 S 135 ( 1 ) D $ 0.3759 61,760 D
Common Stock 08/26/2015 S 210 ( 1 ) D $ 0.22 61,550 D
Common Stock 07/01/2016 D 61,550 D $ 0.52 ( 2 ) 0 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
CLEMMONS ALAN D
1411 HIGHWAY 15
MYRTLE BEACH, SC29577
X
Signatures
/s/ Alan D. Clemmons 07/05/2016
Signature of Reporting Person Date
Explanation of Responses:
( 1 )Reflects shares sold by the reporting person's broker to pay annual maintenance fees associated with the reporting person's brokerage account. The sales were made without the reporting person's knowledge.
( 2 )Disposed of pursuant to that certain Agreement and Plan of Merger dated as of April 4, 2016, as amended, between Tidelands Bancshares, Inc. ("Tidelands") and United Community Banks, Inc. ("United"), pursuant to which Tidelands was merged with and into United. At the effective time of the merger, each share of Tidelands common stock was cancelled and converted into the right to receive $0.52 in cash.

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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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