U.S. 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 26, 1998
INTERVEST BANCSHARES CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 13-3699013
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(State or other jurisdiction (I.R.S. Employer Identification No.)
or incorporation)
10 Rockefeller Plaza, Suite 1015
New York, New York 10020-1903 (212) 757-7300
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(Address of administrative office) (Registrant's telephone number,
including area code)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Intervest Bancshares Corporation has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Intervest Bancshares Corporation
June 26, 1998 By: /s/ Lowell S. Dansker
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Lowell S. Dansker
President and Treasurer
(Chief Financial Officer)
ITEM 5. OTHER EVENTS
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On June 26, 1998, Intervest Bancshares Corporation completed the sale of
Convertible Subordinated Debentures in the aggregate principal amount of
$7,000,000. The debentures are due July 1, 2008 and are convertible at any time
before April 1, 2008, unless previously redeemed, into shares of Class A Common
Stock, par value $1.00 per share, of Intervest Bancshares Corporation at an
initial conversion price of $11.50 per share.
The initial conversion price was determined based on the average closing
prices of the Class A Common Stock during the 20 trading days prior to June 26,
1998, less $.50 and rounded down to the nearest quarter dollar. The conversion
price will be subject to adjustment annually.
Interest on the debentures will accrue each calendar quarter at 8%, which
represents the prime rate of Chase Manhattan Bank on June 26, 1998, less
one-half of one percent. In addition, interest will accrue each calender quarter
on the balance of the accrued interest as of the last day of the preceding
calendar quarter at 8%. All accrued interest is payable at the maturity of the
debentures whether by acceleration, redemption or otherwise.
A complete description of the debentures can be found in the prospectus
dated May 14, 1998, which was filed with the Securities and Exchange Commission
with Intervest Bancshares Corporation's registration statement on Form SB-2,
Commission File No. 333-50113.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
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(a) Not Applicable
(b) Not Applicable
(c) Not Applicable