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): June 21, 2007
INTERVEST BANCSHARES CORPORATION
(Exact Name of Registrant as Specified in Charter)
| | | | |
| Delaware | | 000-23377 | | 13-3699013 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification Number) |
| | |
| 1 Rockefeller Plaza, Suite 400 New York, New York | | 10020-2002 |
| (Address of Principal Executive Offices) | | (Zip Code) |
Registrant’s Telephone Number Including Area Code: (212) 218-2800
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)) |
Section 1 – Registrant’s Business and Operations
| Item 1.01 | Entry into a Material Definitive Agreement |
As more particularly described in item 5.02 below, on June 21, 2007, the Board of Directors of Intervest Bancshares Corporation (the “Company”) approved an amendment to the employment agreement between the Company and Lowell S. Dansker.
Section 5 – Corporate Governance and Management
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On June 21, 2007, the Board of Directors of the Company approved an amendment to the employment agreement between the Company and Lowell S. Dansker, its Chairman and Chief Executive Officer. The agreement was amended to: reflect the current base salary of the officer; include an additional factor for annual increases in base salary; and eliminate a provision previously contained in the Agreement which authorized certain outside activities. Pursuant to the employment agreement, Mr. Dansker’s base annual salary will increase, effective July 1, 2007, to $795,000.
Section 9 – Financial Statements and Exhibits
| Item 9.01 | Financial Statements and Exhibits |
| | |
| 10.1 | | Amendment to Employment Agreement between Intervest Bancshares Corporation and Lowell S. Dansker dated June 21, 2007 |
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.
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| | | | INTERVEST BANCSHARES CORPORATION |
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| Date: June 25, 2007 | | | | By: | | /s/ Lowell S. Dansker |
| | | | | | Lowell S. Dansker, Chairman, Chief Executive Officer and President |
| | | | | | (Principal Executive Officer) |
