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
June 27, 2006
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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
of incorporation) Identification Number)
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 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
At its June 27, 2006 meeting, the Company's Board of Directors approved an
amended Board of Directors' Compensation Policy for the Company and its
wholly-owned subsidiary, Synergy Bank. The annual retainer paid to Company
directors was increased to $10,000 from $6,000. No retainer is paid for serving
as a Bank director. The $1,500 per meeting fee paid to Bank directors for each
regularly scheduled monthly meeting of the Bank was not changed. No meeting fee
is paid for attendance at meetings of the Company's Board of Directors. The per
meeting fee paid to directors for a qualifying committee meeting of the Bank or
the Company's board of directors was raised to $500 from $300. The additional
fee received by the chairman of the board was raised to $5,000 annually from
$3,000. The amended policy is effective July 1, 2006.
ITEM 8.01 OTHER EVENTS
On June 27, 2006, the Company entered into a Rule 10b5-1 trading plan in
order to facilitate its previously announced open market repurchase program
under which purchases are made from time to time in the open market, based on
stock availability, price and the Company's financial performance.
Also on June 27, 2006, the Company's Board of Directors declared a
quarterly cash dividend of $0.06 per common share, representing an increase from
the former quarterly cash dividend of $0.05. The dividend will be paid on July
28, 2006 to stockholders of record on July 14, 2006. A copy of the press release
is furnished with this Form 8-K as exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibit
Number Description
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99.1 Press Release dated June 28, 2006
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: June 28, 2006 By:/s/ Kevin A. Wenthen
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Kevin A. Wenthen
Senior Vice President
and Chief Administrative Officer