UNITED STATES
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) December 21, 2006
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Parkvale Financial Corporation
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(Exact Name of Registrant as Specified in its Charter)
Pennsylvania 0-17411 25-1556590
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
4220 William Penn Highway, Monroeville, Pennsylvania 15146
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (412) 373-7200
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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 (see General Instruction A.2 below):
[ ] 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))
Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of
Certain Officers.
(e) On December 21, 2006, the Board of Directors of Parkvale
Savings Bank ("the Bank"), the operating subsidiary of Parkvale
Financial Corporation (the "Company"), approved a new Change in
Control Severance Agreement with Thomas R. Ondek.
The change in control agreement is similar to agreements with other
Senior Vice Presidents that were restated in December 2005 to use the
definitions of change in control and disability set forth in Section
409A of the Internal Revenue Code (the "Code"). The agreement also
permits further amendments to be made by the Bank to the extent
necessary to comply with Section 409A after the final regulations are
issued by the Internal Revenue Service.
The Company has a discretionary bonus plan in place with monthly
accruals recorded throughout the calendar year. On December 21, 2006,
the Bank approved the establishment of annual base salaries and
authorized discretionary bonus amounts payable in January 2007 for the
Bank's officers as follows:
Salary Bonus
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Robert J. McCarthy, Jr. $375,000 $275,000
Timothy G. Rubritz $150,000 $ 58,000
Gail B. Anwyll $ 94,092 $ 34,000
Thomas R. Ondek $ 97,080 $ 34,000
Gilbert A. Riazzi $109,800 $ 34,000
Item 9.01 Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) The following exhibit is included with this Report:
Exhibit No. Description
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10 (I) Change in Control Severance Agreement between
Parkvale Savings Bank and Thomas R. Ondek
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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 hereunto duly authorized.
PARKVALE FINANCIAL CORPORATION
By: /s/ Robert J. McCarthy, Jr.
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Name: Robert J. McCarthy, Jr.
Title: President and Chief
Executive Officer
Date: December 27, 2006
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