SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
10-KSB/A
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998 Commission File No. 0-11255
Heritage Bankshares, Inc.
Virginia 54-1234322
(State or other jurisdiction of (IRS Employer corporation
incorporation or organization) identification number)
200 East Plume Street
Norfolk, Virginia 23514
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (757) 523-2600
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, $5 par Value Securities not registered on a stock exchange
Title of Each Class
Indicate by a check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to item 405
of Regulation SB is not contained herein, and will not be contained, to the best
of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of the Form 10-KSB or any amendment to
this Form 10-KSB. [X]
State the aggregate market value of the voting stock held by non-affiliates of
the registrant as of March 22, 1999: $10,763,888*
Indicate the number of shares outstanding of each of the registrant's classes of
common stock as of March 22, 1999:
Common Stock, $5 Par Value - 803,150
- -----------------------
o In calculating the aggregate market value, we have used the most recent
sales price of Common Stock known to the Company, which is $16.00 per share
and voting stock held by non-affiliates of the registrant at March 22, 1999
of 672,743 shares.
<PAGE>
EXPLAINATORY NOTE
An error in an electronic data file effected the data presented on Page F-14,
Note 5 titled "Securities" in the notes to the Consolidated Financial Statements
<PAGE>
<TABLE>
NOTE 5 - SECURITIES
Securities at December 31, 1998 and 1997 are as follows:
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Estimated
Cost Gains Losses Fair Value
--------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
December 31, 1998:
Securities available for sale
U.S. Treasury $ 5,999,454 $ 83,666 $ - $ 6,083,120
U.S. government agencies 7,038,469 51,222 6,451 7,083,240
Mortgage-backed securities 952,599 8,528 1,180 959,947
States and political
subdivisions 193,643 - 1,859 191,784
----------- ----------- ----------- -----------
$14,184,165 $ 143,416 $ 9,490 $14,318,091
=========== =========== =========== ===========
Securities held to maturity:
U.S. Treasury $ 1,742,557 $ 28,856 $ - $ 1,771,413
U.S. government agencies 1,706,042 18,671 - 1,724,713
States and political
subdivisions 821,361 27,118 - 848,479
Other 848,755 - - 848,755
----------- ----------- ----------- -----------
$ 5,118,715 $ 74,645 $ - $ 5,193,360
=========== =========== =========== ===========
December 31, 1997:
Securities available for sale
U.S. Treasury $ 9,997,043 $ 50,198 $ 121 $10,047,120
U.S. government agencies 4,817,324 25,776 2,359 4,840,741
Mortgage-backed securities 829,433 13,082 791 841,724
----------- ----------- ----------- -----------
$15,643,800 $ 89,056 $ 3,271 $15,729,585
=========== =========== =========== ===========
Securities held to maturity:
U.S. Treasury $ 2,233,944 $ 17,934 $ - $ 2,251,878
U.S. government agencies 2,702,120 14,178 554 2,715,744
Mortgage-backed securities 455,649 - 1,327 454,322
States and political
subdivisions 827,582 15,457 - 843,039
Other 646,300 - - 646,300
----------- ----------- ----------- -----------
$ 6,865,595 $ 47,569 $ 1,881 $ 6,911,283
=========== =========== =========== ===========
</TABLE>
Other securities include restricted investments of $846,300 and
$646,300 at December 31, 1998 and 1997, respectively. These securities do not
have a readily determinable fair value and lack a market. Therefore, they are
carried at cost and periodically evaluated for impairment.
(Notes continued on next page)
F-14
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) 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.
Heritage Bankshares, Inc.
(Registrant)
Date: March 31, 1999 by /s/ Robert J. Keogh
-----------------------------------------
Robert J. Keogh, President and Chief
Executive Officer
by /s/ Peter M. Meredith, Jr.*
-----------------------------------------
Peter M. Meredith, Jr., Chairman of the
Board of Directors
31
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities indicated on March 31, 1999.
SIGNATURES
/s/ Peter M. Meredith, Jr.*
- -------------------------------------
Peter M. Meredith, Jr.
Chairman of the Board of Directors
/s/ Robert J. Keogh
- -------------------------------------
Robert J. Keogh
President and Chief Executive Officer & Director
/s/ Henry U. Harris, III*
- -------------------------------------
Henry U. Harris, III
Vice-Chairman of the Board of Directors
/s/ Stephen A. Johnsen*
- -------------------------------------
Stephen A. Johnsen
Secretary of the Board of Directors
/s/ Lisa F. Chandler*
- --------------------------------------
Lisa F. Chandler
Director
/s/ James A. Cummings*
- -------------------------------------
James A. Cummings
Director
/s/ F. Dudley Fulton*
- -------------------------------------
F. Dudley Fulton
Director
/s/ Gerald L. Parks*
- -------------------------------------
Gerald L. Parks
Director
/s/ Ross C. Reeves*
- -------------------------------------
Ross C. Reeves
Director
/s/ Harvey W. Roberts, III*
- -------------------------------------
Harvey W. Roberts, III
Director
*by: /s/ Robert J. Keogh
----------------------------------
Robert J. Keogh, attorney-in-fact
