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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): May 17, 2000
Annapolis National Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Maryland 000-22961 521648903
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(State or other Jurisdiction of (Commission File No.) (I.R.S. Employer Identification No.)
Incorporation)
180 Admiral Cochrane Drive Suite 300, 21401
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Annapolis, Maryland (Zip Code)
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(Address of principal executive offices)
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Registrant's telephone number, including area code: (410) 224-4455
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On May 17, 2000, the Registrant announced a stock repurchase program
under which it will acquire up to 5% of its outstanding common stock. A press
release regarding the announcement is attached as Exhibit 99.
Item 7. Final Statements, Pro Forma Final Information and Exhibits.
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(c) Exhibits
Exhibit 99. Press Release
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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.
ANNAPOLIS NATIONAL BANCORP, INC.
Date: May 17, 2000
By: /s/ Richard M. Lerner
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Richard M. Lerner,
Chief Executive Officer
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EXHIBIT 99.
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[ANNAPOLIS NATIONAL BANK LOGO]
NEWS RELEASE
For Immediate Release Contact: Richard M. Lerner
May 17, 2000 (410) 224-4455
Annapolis National Finds
Investment Opportunity Close to Home
Annapolis, May 17, 2000 -- Annapolis National Bancorp, Inc. today announced a
stock repurchase program under which the Corporation will acquire up to 5% of
its outstanding common stock, or 116,175 shares.
Annapolis National Bancorp CEO Richard M. Lerner said that the repurchase
program, authorized by the Corporation's Board of Directors, could be completed
within four months. The Board expects that a reduction in the number of shares
of outstanding stock will increase the Corporation's per share earnings and book
value, Lerner said.
"The Board considers the Corporation's common stock to be an attractive
investment, given the price range in which it has traded recently," Lerner said.
Annapolis National Bancorp's share price closed at 4 1/8 on May 16, 2000. Book
value per share as of March 31, 2000 was $5.52. The Corporation's common stock
trades on the NASDAQ SmallCap market under the ticker symbol "ANNB."
According to Lerner, the repurchases generally will be effected through open
market purchases, although he did not rule out the possibility of unsolicited
negotiated transactions or
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ANNAPOLIS NATIONAL TO INVEST IN ITS OWN SHARES ADD ONE
other types of repurchases. The extent of the repurchase program will depend on
market conditions, Lerner said, and the exact number of shares the Corporation
will repurchase is not guaranteed.
Lerner characterized the stock repurchase program as "part of Annapolis National
Bancorp's ongoing efforts to enhance shareholder value and invest our resources
in the most efficient manner possible."
Annapolis National Bancorp is the parent company of Annapolis National Bank and
is based in Annapolis, where it recently broke ground on a new headquarters
building at the intersection of Bestgate Road and Generals Highway opposite the
Annapolis Mall.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995: Except for historical information, all of the statements, expectations and
assumptions contained in the foregoing are forward-looking statements that
involve a number of risks and uncertainties. Although the Corporation has used
its best efforts to be accurate in making these forward-looking statements, it
is possible that the assumptions made by management may not materialize.
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