Highlands Bankshares Inc /WV/ - Current report filing (8-K)
February 13 2008 - 1:21PM
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): February 12, 2008
HIGHLANDS
BANKSHARES, INC.
(Exact
name of registrant as specified in its charter)
West
Virginia
|
0-16761
|
55-0650793
|
(State
or other jurisdiction of
|
(Commission
File Number)
|
(I.R.S.
Employer
|
Incorporation
or organization
|
|
Identification
No.)
|
P.O.
Box 929
|
|
Petersburg,
WV
|
26847
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code (304) 257-4111
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:
|
|
_____
|
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))
|
Page
2
Item
5.02
Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers
On
February 12, 2008, the Compensation
Committee of the Board of Directors of Highlands Bankshares, Inc. (the
“Company”) set the 2008 base salaries for Clarence E. Porter, President and
Chief Executive Officer of the Company and of Grant County Bank, a subsidiary
of
the Company, and Alan L. Brill, President and Chief Executive Officer of Capon
Valley Bank, a subsidiary of the Company, as follows:
|
Applicable
Subsidiary
Bank Salary
|
Holding
Company
Salary
|
Mr.
Porter
|
$
194,775
|
$
78,750
|
Mr.
Brill
|
$
171,150
|
n/a
|
The
Compensation Committee also
determined on February 12, 2008 that the maximum bonus opportunity for each
of
Messrs. Porter and Brill under the Highlands Bankshares, Inc. 2008 Incentive
Bonus Plan for Subsidiary Bank Presidents (the “Plan”) will be 4% of their
applicable subsidiary bank salary indicated above. As previously
reported by the Company in its Current Report on Form 8-K filed on January
9,
2008 (under Item 5.02 of Form 8-K), bonuses under the Plan will be based
primarily on the extent to which Grant County Bank, in the case of Mr. Porter,
and Capon Valley Bank, in the case of Mr. Brill, achieve performance goals
for
2008. These performance goals, which were established by the
Compensation Committee on February 12, 2008, are based on the following,
equally-weighted criteria: growth in net income, return on average assets,
return on average equity and efficiency ratio.
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, hereunto
duly authorized.
|
HIGHLANDS
BANKSHARES, INC.
|
|
(Registrant)
|
|
|
Date:
February 13, 2008
|
/s/R.
Alan
Miller
|
|
R.
Alan Miller, Finance Officer
|
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