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) February 22, 2008
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, February 25, 2008, 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 $0.17 per share on February 22, 2008. The dividend will be paid on March 28, 2008 to shareholders of record March 14, 2008.
This March 28, 2008 dividend of $0.17 per share represents an increase of 3% compared to the $0.165 dividend paid March 30, 2007. The annualized dividend rate per share is $0.68 with a total annualized payout of approximately $1.5 million on 2.4 million shares outstanding.
Bay Banks of Virginia, based in Kilmarnock, has seven full service banking offices strategically located in Kilmarnock, White Stone, Warsaw, Montross, Heathsville and Callao; and a Trust Company office in Kilmarnock.
Steady progress continues in the establishment of two additional banking offices. A branch office in Burgess, Northumberland County, Virginia will be the Bank’s 8th retail office and an extension of its market into the eastern region of that county. The Bank plans to open this office during the second quarter of 2008. The Bank is also establishing a Colonial Beach, Virginia retail office. Colonial Beach is an incorporated town within Westmoreland County. Management anticipates opening this office by late 2008. This will be the Bank’s 9th banking office and the 2nd in Westmoreland County, an extension of its market to that County’s western end.
The Company has total assets of $328.5 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 a full range of Wealth Management, Trust and Investment Management services to include: investment advisory accounts, investment management accounts, the management of IRA’s, as well as estate planning, estate settlement services and the management of trusts.
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 | ||
February 25, 2008
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