-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DnW4fSxiqcjeF5uTt5oW8uY8bfFuKDkUN6sRzhPTkPOMgpN6Kn8SvTmsRe6idJZK B/HXyfqvbJNzZ2qOjeOxsg== 0001002105-09-000588.txt : 20091222 0001002105-09-000588.hdr.sgml : 20091222 20091222165834 ACCESSION NUMBER: 0001002105-09-000588 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20091217 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091222 DATE AS OF CHANGE: 20091222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIZENS BANCORP OF VIRGINIA INC CENTRAL INDEX KEY: 0001277254 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 200469337 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50576 FILM NUMBER: 091255733 BUSINESS ADDRESS: STREET 1: 126 S MAIN STREET CITY: BLACKSTONE STATE: VA ZIP: 23824 BUSINESS PHONE: 4342928123 MAIL ADDRESS: STREET 1: 126 S MAIN STREET CITY: BLACKSTONE STATE: VA ZIP: 23824 8-K 1 f8kcitizens.htm Form 8-K

 

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): December 17, 2009

___________

 

CITIZENS BANCORP OF VIRGINIA, INC.

(Exact name of registrant as specified in its charter)

        

Virginia

(State or other jurisdiction

of incorporation)

000-50576

(Commission File Number)

20-0469337

(I.R.S. Employer

Identification No.)

 

 

 

126 South Main Street

Blackstone, Virginia

(Address of principal executive offices)

 

23824

(Zip Code)

 

Registrant’s telephone number, including area code: (434) 292-7221

 

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:

 

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

On December 17, 2009, the board of directors of Citizens Bancorp of Virginia, Inc. (the “Company”) elected Mr. Timothy Ray Tharpe as a new director of the Company. Mr. Tharpe’s term will expire at the Annual Meeting in May 2010. The Board anticipates naming Mr. Tharpe to serve on one or more committees of the Board but at the time of this Form 8-K has not determined to which committees he will be named. The Company will file an amendment to this Form 8-K naming the committee(s) once it is determined.

 

Mr. Tharpe, who is 42, is vice president and manager of J.R. Tharpe Trucking Co. Inc. located in Burkeville, Virginia. J.R. Tharpe Trucking owns and operates a variety of dump trucks and dump trailers licensed for Virginia, West Virginia, Maryland, North Carolina and Washington, D.C. The company primarily provides hauling services to residential and commercial customers in the Mid-Atlantic region. The company is a family-owned business, founded in 1971 by Mr. James Tharpe.

 

Consistent with the compensation policies applicable to the Company’s non-employee directors, Mr. Tharpe will be eligible to receive an annual retainer fee of $3,600 plus a fee of $600 for each meeting of the Board and $300 for each committee meeting he attends.

 

The Company issued a press release on December 22, 2009 announcing the election of Mr. Tharpe, a copy of which is being furnished as Exhibit 99.1 to this report and is incorporated by reference into this Item 5.02.

 

Item 8.01

Other Events

 

On December 22, 2009, the Registrant issued a press release announcing the declaration of a $0.17 per share cash dividend to all shareholders of record on January 4, 2010 and payable on January 14, 2010. A copy of the press release is attached as Exhibit 99.2 to this report and is incorporated by reference into this Item 8.01.

 

Item 9.01

Financial Statements and Exhibits.

 

 

(d)

Exhibits.

 

 

Exhibit No.

Description

 

 

99.1

Press Release dated December 22, 2009 announcing appointment of Timothy Ray Tharpe as a director.

 

 

99.2

Press Release dated December 22, 2009 announcing quarterly dividend.

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

CITIZENS BANCORP OF VIRGINIA, INC.

 

 

(Registrant)

 

 

 

 

 

 

 

 

 

Date: December 22, 2009

By:

/s/ Joseph D. Borgerding

 

 

Joseph D. Borgerding

 

 

President and Chief Executive Officer

                                                                                                              

 

                                                                                                              

 

 

EXHIBIT INDEX

 

 

Exhibit No.

Description

 

 

99.1

Press Release dated December 22, 2009 announcing appointment of Timothy Ray Tharpe as a director.

 

 

99.2

Press Release dated December 22, 2009 announcing quarterly dividend.

 

 

 

 EX-99 2 ex99.htm EXHIBIT 99.1

Exhibit 99.1


 

PRESS RELEASE - FOR IMMEDIATE DISTRIBUTION

 

Dated: December 22, 2009

 

Citizens Bancorp of Virginia, Inc.

Announces the Election of New Director

 

[Blackstone, Virginia] Citizens Bancorp of Virginia, Inc. parent company for Citizens Bank and Trust Company, announces that the Board of Directors elected its newest Director, Timothy Ray Tharpe at its meeting on December 17, 2009.

 

Mr. Tharpe, who is 42, is vice president and manager of J.R. Tharpe Trucking Co. Inc. located in Burkeville, Virginia. J.R. Tharpe Trucking owns and operates a variety of dump trucks and dump trailers licensed for Virginia, West Virginia, Maryland, North Carolina and Washington, D.C. The company primarily provides hauling services to residential and commercial customers in the Mid-Atlantic region. The company is a family-owned business, founded in 1971 by Mr. James Tharpe.

 

Timothy Tharpe attended Southside Virginia Community College and Longwood University majoring in Business Administration. Prior to 1990, Mr. Tharpe served as a Vice President for W.C. Newman in Farmville, Virginia.

 

Mr. Tharpe resides in Farmville, Virginia, with his wife, Lisa, and their two children, Josh and Lexy.

 

The Corporate Governance and Nominating Committee of the Board of Directors nominated Timothy Tharpe after careful consideration of Mr. Tharpe’s qualifications in meeting the requirements detailed in the Company’s Corporate Governance and Nominating Committee Charter. The Board of Directors also determined that Mr. Tharpe’s community involvement and business affiliations would serve to enhance the Bank’s representation in the Nottoway County and Farmville, Virginia markets.

 

Citizens Bancorp of Virginia, Inc. is a single bank holding company headquartered in Blackstone, Virginia with $317.1 million in assets as of September 30, 2009. Its subsidiary, Citizens Bank and Trust Company, was founded in 1873 and is the second oldest community bank in Virginia. The Bank has eleven banking offices in Amelia, Nottoway, Prince Edward, Chesterfield counties, the City of Colonial Heights, and South Hill which provide financial services to individuals and small to medium size businesses.

 

******************************

 

 

This press release may contain forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from these statements. Please refer to Citizens Bancorp’s filings with the Securities and Exchange Commission for a summary of important factors that could affect Citizens’ forward-looking statements. Citizens Bancorp undertakes no obligation to revise these statements following the date of this press release.

 

CONTACT:

Joseph D. Borgerding

 

President and Chief Executive Officer

 

Phone: 434-292-8100 or Joe.Borgerding@cbtva.com

 

**********************************************************************

 

 

 

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Exhibit 99.2


 

PRESS RELEASE - FOR IMMEDIATE DISTRIBUTION

 

Dated: December 22, 2009

 

Citizens Bancorp of Virginia Reports Fourth Quarter 2009 Dividend

 

[Blackstone, Virginia] Citizens Bancorp of Virginia, Inc. (CZBT.OB), parent company for Citizens Bank and Trust Company, announces that the Board of Directors approved a $0.17 per share dividend for the fourth quarter of 2009 at its regularly scheduled meeting on December 17, 2009. The current dividend represents an annualized dividend yield of 5.15% based upon the highest closing stock price in the fourth quarter (through December 10, 2009) of $13.20 per share. The average dividend yield of selected Virginia-based banks with assets less than $1 billion as of the most recently completed quarter was 2.20%. Citizens Bank & Trust Company continues to maintain significantly higher capital ratios and a return on average asset ratio when compared to similar asset-size banks in the Commonwealth of Virginia and nationally. The Bank, established in 1873, stands as ready as ever to serve the financial needs of its customers. Whether it is for home mortgages, auto or personal loans, loans for small to medium size businesses and wealth management services, Citizens Bank & Trust Company can help you achieve your goals.

 

The quarterly cash dividend is payable on January 14, 2010, to shareholders of record as of the close of business on January 4, 2010.

 

Citizens Bancorp of Virginia, Inc. is a single bank holding company headquartered in Blackstone, Virginia with $317.1 million in assets as of September 30, 2009. Its subsidiary, Citizens Bank and Trust Company, was founded in 1873 and is the second oldest community bank in Virginia. The Bank has eleven banking offices in Amelia, Nottoway, Prince Edward, Chesterfield counties, the City of Colonial Heights, and South Hill which provide financial services to individuals and small to medium size businesses.

 

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This press release may contain forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from these statements. Please refer to Citizens Bancorp’s filings with the Securities and Exchange Commission for a summary of important factors that could affect Citizens’ forward-looking statements. Citizens Bancorp undertakes no obligation to revise these statements following the date of this press release.

 

CONTACT:

Ronald E. Baron

 

SVP and Chief Financial Officer

 

Voice: 434-292-8100 or E-mail: Ron.Baron@cbtva.com

 

 

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