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)
June 14, 1996
SWVA BANCSHARES, INC.
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(Exact name of Registrant as specified in its Charter)
Virginia 0-24674 54-1721629
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(State or other jurisdiction (SEC File No.) (IRS Employer
of incorporation) Identification
Number)
302 Second Street, S.W., Roanoke, Virginia 24011
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (540) 343-0135
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Not Applicable
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(Former name or former address, if changed since last Report)
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SWVA BANCSHARES, INC.
INFORMATION TO BE INCLUDED IN REPORT
Item 5. Other Events
On June 14, 1996, the registrant announced that its Board of Directors had
adopted a stock repurchase program that authorizes the repurchase of up to 5% of
the outstanding shares of the common stock of the registrant before October 7,
1996.
For further details, reference is made to the press release dated June 14,
1996, which is attached hereto as Exhibit 99 and incorporated herein by this
reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
Exhibit 99 -- Press Release dated June 14, 1996.
PRESS RELEASE
[Logo]
SWVA Bancshares, Inc. Contact: B.L. Rakes, President
(Over-the-Counter: SWVB) 540-343-0135
302 Second Street, S.W.
Roanoke, Virginia 24011
For Immediate Release
June 14, 1996
SWVA BANCSHARES, INC.
Authorization of Stock Repurchase Program by Board
Roanoke, Virginia -- June 14, 1996 -- SWVA Bancshares, Inc. (the
"Company") (Over- the-Counter: SWVB), the holding company of Southwest Virginia
Savings Bank, FSB, has announced its intention to repurchase up to 27,160 shares
of the Company's common stock. Mr. B.L. Rakes, President, said the Company has
been authorized by its Board of Directors to repurchase up to 27,160 shares or
5% of its 543,190 outstanding shares of common stock. The Company has filed the
necessary regulatory application for permission to initiate the repurchase
program. There is no assurance that the application will be approved or that the
full 5% will be repurchased.
The repurchases are expected to be made in open-market transactions,
subject to the availability of stock, market conditions, the trading price of
the stock and the Company's financial performance. Such repurchased shares will
become authorized but unissued shares and will be utilized for general corporate
and other purposes, including the issuance of shares in connection with the
exercise of stock options. The repurchase program is expected to be completed by
October 7, 1996, at which time the Company may terminate or continue the
program. As of June 4, 1996, the last reported trade of the Company's common
stock was at a price of $15.40 per share.
At March 31, 1996, the Company reported total consolidated assets and
consolidated stockholders' equity of $66.7 million and $8.5 million,
respectively. Southwest Virginia Savings Bank, FSB operates through its main
office located in Roanoke and through four full service branches located in
Roanoke, Vinton and Salem and one loan production office in Roanoke. The Bank's
deposits are insured up to legal maximum limits by the Federal Deposit Insurance
Corporation.
302 Second Street, S.W. Roanoke, Virginia 24011-1597 (703) 343-0135
