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): July 17, 2012
Cardinal Bankshares Corporation
(Exact name of registrant as specified in its charter)
| Virginia | 0-28780 | 54-1804471 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 101 Jacksonville Circle, P.O. Box 215 Floyd, Virginia |
24091 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (540) 745-4191
Not Applicable
(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:
| ¨ | 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 8.01 | Other Events. |
On July 17, 2012, Bank of Floyd (the “Bank”), the wholly owned bank subsidiary of Cardinal Bankshares Corporation, issued a press release announcing that Stephen B. Munro has been named Chief Lending Officer of the Bank.
A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
The following exhibit is filed herewith:
| Exhibit |
Description of Exhibit | |
| 99.1 | Press Release dated July 17, 2012. | |
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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.
| CARDINAL BANKSHARES CORPORATION | ||||||
| Dated: July 17, 2012 | By: | /s/ J. Alan Dickerson | ||||
| J. Alan Dickerson | ||||||
| Vice President and Chief Financial Officer | ||||||
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Exhibit Index
| Exhibit |
Description of Exhibit | |
| 99.1 | Press Release dated July 17, 2012. | |
Exhibit 99.1
Bank of Floyd
NEWS RELEASE
FOR IMMEDIATE RELEASE
July 17, 2012
Contact:
Michael Larrowe
President and CEO
Bank of Floyd
(540) 745-5210
Bank of Floyd revamping lending program;
names Southwest Virginia banker as chief lending officer
FLOYD, Va. – The Bank of Floyd today announced that it has named Stephen B. Munro of Roanoke, Va., as chief lending officer, part of management’s plans to revamp the bank’s lending policies and credit infrastructure.
Additionally, the bank is close to announcing a new chief credit officer, who will work alongside Munro to refine credit and underwriting guidelines that, say bank officials, will bolster lending to qualified borrowers in its markets. Plans are also underway to place small business and consumer lenders in each of its seven branches.
“We have been working on our lending infrastructure and underwriting since last year, but with the right people onboard, we will now be able to refine and implement our policies much sooner,” said Michael Larrowe, president and chief executive officer. “These changes will allow us to ramp up our lending.
“For us, it’s about being there for our customers,” he said. “We want our customers to feel comfortable about coming to us for any financial need, including business and personal loans.”
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Munro joins the company from BB&T, where as senior vice president and regional credit officer he managed the credit quality and profitability for $932 million in commercial loans for the bank’s Southwest Virginia Region. With more than 20 years in banking, Munro is experienced in commercial lending, commercial loan portfolio development and management and new business development.
“Steve has worked and performed admirably for one of the leading and respected superregional banks in the country,” Larrowe said. “He was one of their top bankers in Southwest Virginia so he knows our markets very well. Steve’s knowledge and experience is exactly the kind of talent we need to increase our loan production.”
Munro was instrumental in leading BB&T’s Southwest Virginia Region to a No. 2 ranking in 2011 in quality, profitability and growth in commercial loans. The region ranked 35th out of 36 BB&T regions in 12 states in 2008. He held oversight responsibility for six loan portfolio managers, providing expertise in loan structuring, pricing and co-approvals.
A 1989 graduate of Roanoke College in Salem, Va., Munro spent the first 11 years of his banking career at SunTrust Bank, another superregional bank. He was Business Banker of the Year for Western Virginia in 1998 and 1999.
“It’s extremely exciting to be on the ground floor of Bank of Floyd’s strategy to build and implement a credit infrastructure that will provide our customers with the resources they need, whether for personal or business loans,” Munro said. “I love this area and the people. This is a great opportunity to be part of something very special.”
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