CUSIP No. 203 634 100		Page 1 of 9 Pages

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20552

SCHEDULE 13D

COMMUNITY CAPITAL BANCSHARES, INC.

(Name of Issuer)

Common Stock, par value $1.00 per share
(Title of Class of Securities)

203 634 100
(CUSIP Number)

David M.W. Harvey
Hot Creek Capital, L.L.C.
6900 South McCarran Boulevard, Suite 3040
Reno, Nevada 89509
(775) 823-5233

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

November 12, 2007
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D/A, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o.

NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

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Item 1. Security and Issuer

     The class of equity securities to which this Schedule 13D Amendment No. 2 relates is the Common Stock, par value $1.00 per share, (“Stock”) of Community Capital Bancshares, Inc., a Georgia corporation (the “Company”). The principal executive offices of the Company are located at 2815 Meredyth Drive, Albany, Georgia 31707.

Item 4. Purpose of Transaction

     The purpose for which the Filing Persons have acquired and hold the Stock has changed. The Filing Persons no longer seek to change or influence control of the Company through the acquisition of Stock or through assertion of shareholder rights. Instead the Filing Persons intend to dispose of the Stock in market transactions from time to time or through private transactions, depending on market conditions. The Filing Persons currently do not intend to purchase any shares of the Stock, but may at any time purchase additional shares or dispose of any or all of the shares of Stock. The Filing Persons have no plans or proposals relating to or that would result in any of the matters referred to in paragraphs (b) through (j), inclusive of Item 4 of Schedule 13D/A. The Filing Persons may at any time and from time to time review or reconsider their positions and formulate plans or proposals with respect thereto.

Item 5. Interest in Securities of the Company

     The 292,676 shares of Stock held by the Filing Persons represent 9.56% of the 3,060,341 shares reported by the Company in its Form 10-Q Quarterly Report for the Quarter Ended September 30, 2007 as outstanding on November 8, 2007. Of the Filing Persons, Hot Creek Investors, L.P. alone has entered into transactions in the Stock. In addition to an option granted by the Filing Persons on November 12, 2007, which option is described in Item 6, Hot Creek Investors, L.P. has had the following recent transactions in the Stock, all occurring in the open market:

Date		Number of Shares				Buy/Sell				Price Per Share ($)
September 21, 2007			700			sell				$	9.95
September 25, 2007			459			sell				$	9.95
September 26, 2007			1,926			sell				$	9.695
October 1, 2007			73			sell				$	9.95

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Company.

     On November 12, 2007 the Filing Persons granted to Ms. Barbara Wortley, who is not affiliated with any of the Filing Persons, an option to acquire 150,000 shares of the Stock held by the Filing Persons, which option is exercisable in whole but not in part at any time through March 31, 2008 at $8.50 per share. This summary of the terms of the option agreement is qualified in its entirety by reference to the copy of the option agreement included as an exhibit to this Schedule 13D Amendment No. 2.

Item 7. Material to be Filed as Exhibits

Exhibit		Description
A		Joint Filing Agreement.
B		November 12, 2007 Option Agreement

CUSIP No. 203 634 100		Page 6 of 9 Pages

SIGNATURES

     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: November 20, 2007

CUSIP No. 203 634 100		Page 7 of 9 Pages

EXHIBIT A
JOINT FILING AGREEMENT

     Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree that the Schedule 13D/A to which this Joint Filing Agreement is being filed as an exhibit shall be a joint statement filed on behalf of each of the undersigned.

Date: November 20, 2007

CUSIP No. 203 634 100		Page 8 of 9 Pages

EXHIBIT B
OPTION AGREEMENT

		6900 South McCarran Boulevard, No. 3040
		Reno, Nevada 89509-6144
		contact@hotcreekcapital.com
		(775) 823-5233
		David M.W. Harvey
		Randall F. Kinoshita
		James P. Sullivan

Monday, November 12, 2007

BY FEDERAL EXPRESS

Barbara Wortley
456 Alexander Palm Road
Boca Raton, Florida 33432

	RE:		Option to Purchase Common Stock of Community Capital Bancshares Inc.

Dear Ms. Wortley:

          For a fee of $33,000 (the “Premium”) payable by you, Hot Creek Investors, L.P., a Nevada limited partnership (“Grantor”), does hereby grant unto you, Barbara Wortley, or your assigns (collectively, “Grantee”), an option (the “Option”) to purchase one hundred and fifty thousand (150,000) shares of Common Stock, par value $1.00 per share (the “Stock”) of Community Capital Bancshares Inc., a Georgia corporation, at a purchase price of $8.50 per share or a total aggregate purchase price of $1,275,000 (the “Purchase Price”) at anytime during the period (as may be extended pursuant to the terms of this letter, the “Period”) beginning on the date hereof and ending on (and including) March 31, 2008 (the “First Expiration Date”).

          Grantee may elect to extend the Period until (and including) June 30, 2008 (the “Second Expiration Date”) by making a payment (the “Initial Extension Payment”) to Grantor in the amount of $20,000 on or before the First Expiration Date. If Grantee elects to so extend the Period and makes a timely payment of the Initial Extension Payment, Grantee may elect to further extend the Period until (and including) September 30, 2008 (the “Third Expiration Date”) by making a payment (the “Second Extension Payment”) to Grantor in the amount of $20,000 on or before the Second Expiration Date. If Grantee elects to so extend the Period and makes a timely payment of the Second Extension Payment, Grantee may elect to further extend the Period until (and including) December 31, 2008 by making a payment to Grantor in the amount of $20,000 on or before the Third Expiration Date.

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          This Option shall be exercisable by the Grantee at any time during the Period upon the payment in full by Grantee to the Grantor of the Purchase Price in immediately available funds. This Option, if exercised, must be exercised in full to purchase all of the Stock and may not be exercised in part. Prior to the exercise of the Option and the transfer to Grantee of the Stock, Grantee shall have no rights with respect the voting of any of the Stock,

          Please give me a call if you have any questions.