Current Report Filing (8-k)
September 19 2017 - 4:44PM
Edgar (US Regulatory)
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): September 13, 2017
Xenith Bankshares, Inc.
(Exact name of registrant as specified in its charter)
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Virginia
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001-32968
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54-2053718
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification Number)
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One James Center, 901 E. Cary Street, Suite 1700
Richmond, Virginia
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23219
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code: (804)
433-2200
(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 registrants under any of the following provisions (
see
General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging growth company ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
On December 31, 2008, Xenith Bankshares, Inc. (the Company) entered into
a Letter Agreement and Securities Purchase Agreement Standard Terms with the United States Department of the Treasury (the Treasury), pursuant to which the Treasury purchased (i) shares of the Companys preferred stock
(the Original Preferred Shares) and (ii) a warrant to purchase shares of the Companys common stock (the Warrant). On August 12, 2010, the Company entered into an Exchange Agreement with the Treasury, pursuant
to which (i) the Treasury exchanged the Original Preferred Shares for newly issued shares of the Companys preferred stock, which the Treasury immediately converted into shares of the Companys common stock (the Exchanged
Shares), and (ii) the terms of the Warrant were amended. The Treasury subsequently sold the Exchanged Shares in an underwritten public offering.
On September 13, 2017, the Company repurchased the Warrant from the Treasury for an aggregate cash purchase price of $1,671,000, the fair market value of
the Warrant as agreed upon by the Company and the Treasury, and cancelled the Warrant. Following the Companys repurchase of the Warrant, the Treasury has no remaining equity stake in the Company.
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SIGNATURE
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.
Date: September 19, 2017
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XENITH BANKSHARES, INC.
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By:
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/s/ Thomas W. Osgood
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Thomas W. Osgood
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Executive Vice President and Chief Financial Officer
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