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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): December 14, 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 (IRS Employer
of incorporation) File Number) 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 5 - CORPORATE GOVERNANCE AND MANAGEMENT
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On December 14, 2006, the Board of Directors of Intervest Bancshares Corporation
(the "Company") approved an increase to the base salary of its Chairman, Mr.
Lowell S. Dansker. Effective as of January 1, 2007, Mr. Dansker will receive an
annual base salary of $750,000. On December 14, 2006, the Board of Directors of
the Company also approved the award of a cash bonus to Mr. Dansker in the amount
of $200,000, with such bonus to be paid to Mr. Dansker on or before December 31,
2006. These amounts will be paid to Mr. Dansker by the Company's wholly owned
subsidiaries as follows: 50% by Intervest Mortgage Corporation and 50% by
Intervest National Bank.
On December 14, 2006, the Board of Directors of the Company also approved the
award of cash bonuses to other executive officers of the Company or its
subsidiaries, as follows, with such bonuses to be paid on or before January 31,
2007: Mr. John J. Arvonio, Chief Financial and Accounting Officer of the Company
- - $10,000; Mr. Keith A. Olsen, President, Florida Division of Intervest National
Bank - $15,000; Mr. Raymond Sullivan, President of Intervest National Bank -
$10,000; Mr. Stephen A. Helman, Vice President and Secretary of the Company -
$10,000; and Mr. John Hoffmann, Vice President and Chief Financial Officer of
Intervest Mortgage Corporation - $7,500. The bonuses awarded to Messrs. Olsen,
Sullivan and Arvonio will be paid by Intervest National Bank and the bonuses
awarded to Messrs. Helman and Hoffmann will be paid by Intervest Mortgage
Corporation.
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: December 19, 2006 By: /s/ Lowell S. Dansker
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LOWELL S. DANSKER, CHAIRMAN AND
EXECUTIVE VICE PRESIDENT
(PRINCIPAL EXECUTIVE OFFICER)
Date: December 19, 2006 By: /s/ John J. Arvonio
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JOHN J. ARVONIO, CHIEF FINANCIAL AND
ACCOUNTING OFFICER
(PRINCIPAL FINANCIAL OFFICER)