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 24, 2000
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Smith River Bankshares, Inc.
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(Exact name of registrant as specified in its charter)
Virginia 333-86993 54-1956616
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(State or other (Commission (I.R.S. Employer
Jurisdiction File Number) Identification No.)
of incorporation)
Suite 12, Patrick Henry Mall, 730 East Church Street, Martinsville, Virginia
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(Address of principal executive offices)
24112
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(Zip Code)
Registrant's telephone number, including area code (540) 632-8092
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(Former name or former address, if changed since last report.)
Item 5. Other Events.
Smith River Bankshares, Inc., (the "Corporation"), has received all the
necessary regulatory approvals in order to capitalize and own all the shares of
Smith River Community Bank, N.A. (the "Bank"). The Bank has received final
approval from the Office of the Comptroller of the Currency and the Federal
Deposit Insurance Corporation to open as a nationally chartered bank effective
July 24, 2000. The Bank will also be a member of the Federal Reserve. The
Corporation has received approvals from the State Corporation Commission and the
Federal Reserve Bank to capitalize and own all the shares of Smith River
Community Bank, N.A. and function as its bank holding company.
Smith River Bankshares, Inc. began an offering to the public in November 1999
for a minimum of 537,500 and a maximum of 912,500 shares of its common stock at
$10.00 per share. The Corporation is offering to its organizers/directors
87,500 units at $10.00 per unit. Each unit consists of one share of common
stock and one warrant to purchase a share of common stock in the future at
$10.00 per share. On July 12, 2000, the Corporation announced that it would
extend its public offering of its shares of common stock until the close of
business on July 31, 2000.
Smith River Bankshares, Inc. was incorporated as a Virginia corporation
effective January 14, 1999. The Corporation was primarily organized to serve as
a bank holding company for the proposed Smith River Community Bank, N. A. (the
"Bank"). Prior to the organization of the Corporation, the Corporation's
shareholders, who are also the Organizers, formed FCNB LLC, a limited liability
company, to organize the Corporation and the Bank and provide for financing of
organization, offering, and other pre-opening costs.
Smith River Community Bank, N.A. intends to operate as a full service bank
serving the areas of Martinsville and Henry County and surrounding areas. Upon
opening, the Bank will begin to attract and accept deposits and will make
commercial, consumer and real estate loans. Smith River Community Bank, N.A.
will emphasize the advantages of dealing with an independent, locally-owned and
headquartered commercial bank to meet the particular needs of individuals,
professionals and small to medium-sized businesses.
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 hereunto duly authorized.
SMITH RIVER BANKSHARES, INC.
Date July 24, 2000 By /s/ Cecil R. McCullar
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Cecil R. McCullar
President and Chief Executive Officer
Date July 24, 2000 By /s/ Brenda H. Smith
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Brenda H. Smith
Senior Vice President and
Chief Financial Officer