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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): June 22, 2006
INTERVEST BANCSHARES CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware 000-23377 13-3699013
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
One Rockefeller Plaza, Suite 400 New York, New York 10020-2002
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number Including Area Code: (212) 218-2800
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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))
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SECTION 1 - REGISTRANT'S BUSINESS AND OPERATIONS
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On June 22, 2006, the Board of Directors of Intervest Bancshares
Corporation approved an increase in the base salary of Mr. Lowell S. Dansker,
Vice Chairman, President and Treasurer, to $400,000 per annum, effective as of
July 1, 2006. Of this amount, a total of $200,000 per annum will be paid by
Intervest Mortgage Corporation, a wholly owned subsidiary of Intervest
Bancshares Corporation, and a total of $200,000 per annum will be paid by
Intervest National Bank, a wholly owned subsidiary of Intervest Bancshares
Corporation.
On June 22, 2006, the Board of Directors of Intervest Mortgage Corporation
approved an increase in the base salary of Mr. Stephen A. Helman, Vice President
and Secretary, to $230,000 per annum, effective as of July 1, 2006. The Board of
Directors of Intervest Mortgage Corporation also approved an employment
agreement between Intervest Mortgage Corporation and Mr. Helman. Mr. Helman's
entire salary will be paid by Intervest Mortgage Corporation.
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Exhibit No. Description
10.1
Employment Agreement between Intervest Mortgage Corporation
and Stephen A. Helman dated as of June 26, 2006, incorporated
by reference to Intervest Mortgage Corporation's Form 8-K
dated June 22, 2006 and filed on June 28, 2006 with the
Securities and Exchange Commission, wherein such document is
identified as Exhibit 10.1.
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.
INTERVEST BANCSHARES CORPORATION
Date: June 28, 2006 By: /s/ Jerome Dansker
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JEROME DANSKER,
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
(Principal Executive Officer)
Date: June 28, 2006 By: /s/ Lowell S. Dansker
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LOWELL S. DANSKER,
VICE CHAIRMAN, PRESIDENT AND TREASURER
(Principal Financial Officer)
INDEX TO EXHIBITS
Exhibit No. Description
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10.1 Employment Agreement between Intervest Mortgage Corporation and
Stephen A. Helman dated as of June 26, 2006, incorporated by
Reference to Intervest Mortgage Corporation's Form 8-K dated June
22, 2006 and filed on June 28, 2006 with the Securities and
Exchange Commission, wherein such document is identified as
Exhibit 10.1.