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 14, 2006



                           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 February 14, 2006 declared a dividend of 23 cents per
share. This dividend is payable on March 31, 2006 to shareholders of record
March 8, 2006.



      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

February 14, 2006