0001144204-13-046326.txt : 20130815 0001144204-13-046326.hdr.sgml : 20130815 20130815161624 ACCESSION NUMBER: 0001144204-13-046326 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130815 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130815 DATE AS OF CHANGE: 20130815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BAY BANKS OF VIRGINIA INC CENTRAL INDEX KEY: 0001034594 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 541838100 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22955 FILM NUMBER: 131042419 BUSINESS ADDRESS: STREET 1: 100 S MAIN STREET CITY: KILMARNICK STATE: VA ZIP: 22482 BUSINESS PHONE: 8044351171 MAIL ADDRESS: STREET 1: 100 S MAIN STREET CITY: KILMARNOCK STATE: VA ZIP: 22482 8-K 1 v353137_8k.htm CURRENT REPORT

 

 

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): August 15, 2013

 

 

 

BAY BANKS OF VIRGINIA, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Virginia 0-22955 54-1838100

(State or Other Jurisdiction

of Incorporation)

 

 (Commission File Number)

(IRS Employer

Identification No.)

 

 

100 S. Main Street, Kilmarnock, Virginia 22482

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s telephone number, including area code: (804) 435-1171

 

N/A

(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 8.01      Other Events.

 

On August 15, 2013, Bay Banks of Virginia, Inc. (the “Company”) issued a press release announcing the sale of the former Bay Trust building in Kilmarnock, Virginia. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01      Financial Statements and Exhibits.

 

(d)  Exhibits.

 

 

Exhibit No.   Description
99.1   Press release, August 15, 2013

  

 
 

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.

 

 

  BAY BANKS OF VIRGINIA, INC.
   
   
  By:  /s/ Deborah M. Evans              
  Deborah M. Evans
  Chief Financial Officer

 

August 15, 2013

 

 
 

EXHIBIT INDEX

 

 

Exhibit No.   Description
99.1   Press release, August 15, 2013

 

 

 EX-99.1 2 v353137_ex99-1.htm EXHIBIT 99.1

Bay Banks of Virginia, Inc. Announces Sale of the Former Bay Trust Building

KILMARNOCK, Va., Aug. 15, 2013 /PRNewswire/ -- Bay Banks of Virginia, Inc. (OTCQB: BAYK), announced its affiliate Bay Trust Company, completed on July 1, 2013 the sale of the former Bay Trust building located at 1 North Main Street in Kilmarnock.

The building, located in the heart of Main Street, was purchased by the Town of Kilmarnock. The building now accommodates the Town of Kilmarnock's administrative staff, the Kilmarnock Police Department, the public works team and the waste water treatment plant team.

The transaction from the sale of the Bay Trust building, resulting in a gain of $165,000, is expected to reduce the subsidiary's expenses by $2,500/month.

"To build upon our strength and commitment to our clients, Bank of Lancaster and its affiliates during the last quarter of 2011 formed a Wealth Management suite at Bank of Lancaster's corporate headquarters at 100 S. Main Street in Kilmarnock. At this location, our wealth management team of experienced trust officers from Bay Trust Company and investment officers from Bank of Lancaster's Investment Advantage area are able to work closely in growing, preserving and protecting our client's assets," states Randal R. Greene, Bay Banks President and Chief Executive Officer.

"The consolidation of our wealth management resources in one location accomplishes several things for our clients. It makes it easier for them to do their banking and investment planning by placing these resources together in one location. It also makes meeting new bank clients more convenient, enabling us to talk about their financial goals and how they can plan to accomplish them, whether they need help with investments, estate planning, or a loan. We want our clients to know that we are their complete financial services provider," states Frank Burke, President and CEO of Bay Trust Company.

"The transaction of the sale of the building continues our strategic efforts to improve our operating efficiencies and long-term success of the bank," stated Mr. Greene. "With our second quarter and year to date results, we have continued to realize improved earnings. We will continue working on core earnings in 2013, but with a focus toward prudent growth into contiguous markets."



CONTACT: Kylie Bransford, 804-435-4106, kybransford@banklanc.com