- Current report filing (8-K)
February 11 2009 - 2:31PM
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 10, 2009
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
|
|
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_____
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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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_____
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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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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 10, 2009, the Compensation Committee of the Board of Directors of
Highlands Bankshares, Inc. (the “Company”) set the 2009 base salaries for the
Presidents of the Company’s subsidiary banking organizations. Clarence E. Porter
is President and Chief Executive Officer of the Grant County Bank and the salary
shown below is as president of that subsidiary bank. Alan L. Brill is President
and Chief Executive Officer of Capon Valley Bank and the salary shown below is
as president of that subsidiary bank.
|
|
Applicable Subsidiary
Bank Salary
|
|
Mr.
Porter
|
|
$
|
190,575
|
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Mr.
Brill
|
|
$
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171,150
|
|
In
addition, on February 10, 2009, the Compensation Committee determined the extent
to which Mssrs. Porter and Brill had achieved performance goals for 2008 as set
forth by the Committee at its February 2008 meeting. More information regarding
the Incentive Bonus Plan can be found as an exhibit to the Company’s Form 8-K
filed on January 9, 2008. The table below illustrates the maximum potential
incentive pay for Mssrs. Brill and Porter and the actual amount of incentive pay
to be paid based upon criteria established by the Highlands Bankshares
Compensation Committee.
|
|
Maximum
Incentive Pay
Based upon 2008
Criteria
|
|
Actual
Incentive Pay Based
upon
Achievement of 2008
Criteria
|
Mr.
Porter
|
|
$
|
7,623
|
|
|
$
|
7,623
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Mr.
Brill
|
|
$
|
6,846
|
|
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$
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4,655
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|
The
Compensation Committee also determined on February 10, 2009 that the maximum
incentive pay opportunity for each of Messrs. Porter and Brill under the
Highlands Bankshares, Inc. 2009 Incentive Bonus Plan for Subsidiary Bank
Presidents (the “Plan”) will be 4% of their applicable subsidiary bank salary
indicated above. The basic structure of the Plan is unchanged from
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 2009. These performance goals, which were established by
the Compensation Committee on February 10, 2009, 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.
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HIGHLANDS
BANKSHARES, INC.
|
|
(Registrant)
|
|
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Date:
February 11, 2009
|
/s/R. Alan
Miller
|
|
R.
Alan Miller, Finance Officer
|
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