UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) FEBRUARY 20, 2007
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NBOG BANCORPORATION, INC.
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(Exact Name of Registrant as Specified in Its Charter)
GEORGIA
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(State or Other Jurisdiction of Incorporation)
001-16413 58-2554464
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(Commission File Number) (IRS Employer Identification No.)
807 DORSEY STREET, GAINESVILLE, GEORGIA 30501
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(Address of Principal Executive Offices) (Zip Code)
(770) 297-8060
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(Registrant's Telephone Number, Including Area Code)
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 (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. Appointment of Principal Officer.
On February 20, 2007, the Company appointed Sondra J. Perkins as Principal
Financial Officer and Controller. Ms. Perkins has been with the bank for five
years as Chief Operations Officer. Ms. Perkins has 20 years of banking
experience and is a 1995 graduate of North Georgia College & State University.
Ms. Perkins is not subject to a written employment agreement with the Company,
but currently receives an annual base salary of $80,000.
The Company's officers, and the businesses and other organizations with
which they are associated, from time to time may have banking transactions in
the ordinary course of business with the Bank and the Company. The Bank's policy
is that any loans or other commitments to those persons or entities be made in
accordance with applicable law and on substantially the same terms, including
interest rates and collateral, as those prevailing at the time for comparable
transactions with other persons or entities of similar standing. All
transactions with affiliates must be on terms no less favorable than could be
obtained from an unaffiliated third party and must be approved by a majority of
directors including a majority of disinterested directors.
In addition, each loan by the Bank to any officer, director or controlling
person of the Bank or any of its affiliates may be made only in compliance with
the following conditions:
The loan:
- must be evidenced by a promissory note naming the Bank as
payee and must contain an annual percentage rate which is
reasonably comparable to that normally charged to non-affiliates
by other commercial lenders for similar loans made in the Bank's
locale;
- must be repaid according to appropriate amortization
schedules and contain default provisions comparable to those
normally used by other commercial lenders for similar loans made
to non-affiliates in the Bank's locale;
- must be made only if credit reports and financial
statements, or other reasonable investigation appropriate in
light of the nature and terms of the loan and which meet the loan
policies normally used by other commercial lenders for similar
loans made to non-affiliates in the Bank's locale, show the loan
to be collectible and the borrower a satisfactory credit risk;
and
- the purpose of the loan and the disbursement of proceeds are
reviewed and monitored in a manner comparable to that normally
used by other commercial lenders for similar loans made in the
Bank's locale.
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.
NBOG BANCORPORATION, INC.
Dated: February 21, 2007
By: /s/ Sondra J. Perkins
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Name: Sondra J. Perkins
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Title: Controller
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