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) July 27, 2005
BAY BANKS OF VIRGINIA, INC.
(Exact Name of Registrant as Specified in Charter)
| Virginia | 0-22955 | 54-1838100 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
100 S. Main Street, Kilmarnock, Virginia 22482
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (804) 435-1171
N/A
(Former Name or Former Address, if Changed Since Last Report)
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 (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events.
On July 27, 2005, the Board of Directors declared a third quarter, 2005, dividend of 15.5 cents per share payable on September 30, 2005, to shareholders of record as of September 16, 2005.
Along with the announcement of this third quarter dividend, management would like shareholders to be aware of some of the Company’s notable financial results for the first six months of 2005. Net income after taxes increased by 47% for the six-month period ended June 30, 2005, compared to the same period in 2004, as shown by basic earnings of $0.53 per share through June 30, 2005, which is up from $0.36 per share for the same period in 2004. Loan balances outstanding increased by 10% during the 12-month period from June 30, 2004, to June 30, 2005. Non-interest-bearing checking accounts, which are considered core deposits, increased 23.5% during this same 12-month period.
Item 9.01. Financial Statements and Exhibits.
(a)Financial Statements of Businesses Acquired.
Not applicable.
(b)Pro Forma Financial Information.
Not applicable.
(c) Exhibits.
None.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BAY BANKS OF VIRGINIA, INC. | ||
By: | /s/ Austin L. Roberts, III | |
Austin L. Roberts, III | ||
President and CEO | ||
August 1, 2005
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