SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20552
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
August 23, 2005
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Date of Report
(Date of earliest event reported)
Synergy Financial Group, Inc.
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(Exact name of Registrant as specified in its Charter)
New Jersey 0-50467 52-2413926
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(State or other jurisdiction (File No.) (IRS Employer Identification Number)
of incorporation)
310 North Avenue East, Cranford, New Jersey 07016
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (800) 693-3838
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Not Applicable
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(Former name or former address, if changed since last Report)
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
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act
SYNERGY FINANCIAL GROUP, INC.
INFORMATION TO BE INCLUDED IN REPORT
Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
On August 24, 2005, Synergy Financial Group, Inc. (the "Registrant")
announced that the Company's Board of Directors approved the appointment of A.
Richard Abrahamian as Senior Vice President and Chief Financial Officer of the
Registrant and its wholly-owned subsidiary, Synergy Bank (the "Bank"), at its
August 23, 2005 meeting.
Mr. Abrahamian, age 46, joined the Bank in July, 2005 as Senior Vice
President of Finance and Accounting. He was formerly a senior vice president
with PNC Bank, responsible for evaluating opportunities for expansion and
performance enhancement within the bank's retail banking network. Prior to that,
he was Senior Vice President and Chief Accounting Officer at UnitedTrust Bank
and Vice President and Controller at its parent company, United National
Bancorp, from August, 1992 until their acquisition by PNC Bank in January, 2004.
Mr. Abrahamian earned a BS in Accounting and a MBA in Finance from
Fairleigh Dickinson University and is a graduate of the University of Delaware's
Stonier Graduate School of Banking.
Synergy Bank has entered into a change in control severance agreement
with Mr. Abrahamian. The agreement has a term of three years and provides for an
annual extension of the term of the agreement upon determination of the Board of
Directors that Mr. Abrahamian's performance has met the requirements and
standards of the Board. If Mr. Abrahamian's employment is terminated within
twelve months of a change in control of the Bank, he will receive severance
benefits equal to approximately three times his average annual compensation,
provided, however that any payments under the agreements will be reduced as may
be necessary to not exceed the tax deductible limits under Section 280G of the
Code.
A copy of the press release announcing Mr. Abrahamian is furnished with
this Form 8-K as exhibit 99.
Item 9.01 Financial Statements and Exhibits
Exhibit
Number Description
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99 Press Release dated August 24, 2005
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.
SYNERGY FINANCIAL GROUP, INC.
Date: August 24, 2005 By: /s/Kevin A. Wenthen
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Kevin A. Wenthen
Senior Vice President and
Chief Administrative Officer