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 10, 2005



                                 HIGHLANDS BANKSHARES, INC.
                   (Exact name of registrant as specified in its charter)


      West Virginia                    0-16761               55-0650793
- ------------------------        -------------------        -------------
(State or other jurisdiction of(Commission File Number)   (I.R.S. Employer
incorporation or organization)                           Identification No.)


         P. O. Box 929
  Petersburg, West Virginia                                     26847
- --------------------------------                         ---------------
(Address of principal executive offices)                     (Zip Code)

      Registrant's telephone number, including area code (304) 257-4111


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:

___     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))


 2


Item 8  Other Events


      The Board of Directors of Highlands Bankshares, Inc, at its regularly
scheduled meeting held May 10, 2005 declared a dividend of 20 cents per share.
This dividend is payable on June 30, 2005 to shareholders of record June 8,
2005.

      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.



                                       HIGHLANDS BANKSHARES, INC.
                                       (Registrant)

                                       /s/ R. ALAN MILLER
                                       ------------------------------
                                       R. Alan Miller
                                       Finance Officer

May 10, 2005