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) May 1, 2007
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. |
Kilmarnock, VA, May 3, 2007, Bay Banks of Virginia, Inc. (OTC BB: BAYK), holding company for Bank of Lancaster and Bay Trust Company, announced that its Board of Directors declared a quarterly dividend of $0.165 per share on May 1, 2007. The dividend will be paid on June 30, 2007 to shareholders of record June 15, 2007.
This June 30, 2007 dividend of $0.165 per share represents a 3.1% increase compared to the $0.16 dividend paid June 30, 2006. The annualized dividend rate per share is $0.66 with a total annualized payout of approximately $1.5 million on 2.4 million shares outstanding.
Bay Banks of Virginia, Inc., based in Kilmarnock, has seven full service banking offices strategically located in Kilmarnock, White Stone, Warsaw, Montross, Heathsville and Callao, and two Trust Company offices in Kilmarnock and Montross. The Bank has received approval to establish a branch office in Colonial Beach, Virginia and has an application pending approval for a branch location in Burgess, Virginia. Both branches are expected to be operational by mid-June 2008. These will be the Bank’s eighth and ninth banking offices. The Colonial Beach office, the second office in Westmoreland County, represents an extension of the Bank’s market to the western part of the County. The Burgess office is the Bank’s third office in Northumberland County and expands its operation in the County.
Bank of Lancaster has total assets of $308 million and offers consumers and businesses a wide mix of financial services. Investment services, including financial planning, securities brokerage and insurance products, are offered through Investment Advantage. Bay Trust Company provides management services for personal and corporate trusts, including estate planning, estate settlement and trust administration as well as financial planning, investment services, management of IRAs and other investment accounts.
Investor contact: Austin L. Roberts III, President and Chief Executive Officer, at 804-435-1171 oraroberts@banklanc.com.
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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 | ||
May 3, 2007
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