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 Act of 1934
Date of Report (Date of earliest event reported) November 7, 2001
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CAVALRY BANCORP, INC.
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(exact name of registrant as specified in its charter)
Tennessee 0-23605 62-1721072
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
114 West College Street, Murfreesboro, Tennessee 37130
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including are code (615) 893-1234
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Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
Cavalry Bancorp, Inc. (Nasdaq:CAVB) (the Company) announced on November 7, 2001
that it will terminate the Company's Management Recognition Plan (the Plan) and
take a non-recurring, non-cash charge of approximately $1.8 million (after-tax)
in its fourth quarter ending December 31, 2001.
The press release concerning the announcement of this event is incorporated
herein by reference and is included as Exhibit 99(a) to this Form 8-K.
Item 7. Exhibits
99. Exhibits
(a) Press Release of the Company Dated November 7, 2001
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.
CAVALRY BANCORP, INC.
Date: November 7, 2001 By: /s/Ronald F. Knight
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Ronald F. Knight
President and Chief Operating
Officer
Date: November 7, 2001 By: /s/Hillard C. Gardner
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Hillard C. Gardner
Senior Vice President and
Chief Financial Officer
EXHIBIT 99(a) Press Release
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Contact: William S. Jones
Executive Vice President and
Chief Administrative Officer
(615) 849-2272
CAVALRY BANCORP ELECTS TO TAKE NON-RECURRING,
NON-CASH CHARGE IN THE FOURTH QUARTER
MURFREESBORO, Tenn. (November 7, 2001) Cavalry Bancorp, Inc. (Nasdaq:CAVB)
(the Company) today announced that it will terminate the Company's Management
Recognition Plan (the Plan) and take a non-recurring, non-cash charge of
approximately $1.8 million (after-tax) in its fourth quarter ending December 31,
2001. The Plan, which was approved by stockholders and began in 1999, was
established to build long-term equity interest in the Company for officers and
key employees.
Commenting on the announcement, Ed C. Loughry, Jr., Chairman and Chief Executive
Officer of Cavalry Bancorp, said, "By going ahead and recognizing this one-time
charge to operating earnings in the fourth quarter of this year, we will
eliminate an ongoing expense in years 2002, 2003 and 2004. We believe that by
taking this action now it should have a positive impact on earnings during that
time period. The charge will cause our financial results to reflect a loss for
the fourth quarter; however, we expect to report a profit for our full year
ending December 31, 2001. The charge does not affect the cash position of the
Company."
Loughry went on to say, "Cavalry Banking continues to experience good growth in
deposits and loans in 2001 and we are pleased with the overall quality of our
loan portfolio. We are benefiting from the relatively strong and diverse
economy of our markets and believe the Company is well positioned to achieve
solid financial results in the future."
With assets of over $400 million, Cavalry Bancorp, the parent of Cavalry
Banking, is a community-oriented financial institution operating nine offices in
Central Tennessee.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995:
The statements contained in this release which are not historical facts contain
forward looking information with respect to plans, projections or future
performance of the Company, the occurrence of which involve certain risks and
uncertainties detailed in the Company's filings with the Securities and Exchange
Commission.
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