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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) February 27, 2000
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JAMES RIVER BANKSHARES, INC.
(Exact Name of registrant as specified in its charter)
Virginia 0-26314 54-1740210
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(State or other jurisdiction (Commission) (I.R.S. Employer
of incorporation) File Number) Identification No.)
1514 Holland Road, Suffolk, Virginia 23434
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (757) 934-8100
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N/A
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(Former name or former address, if changed since last report.)
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Item 5 - Other Events
Attached as Exhibit 99.1 is a press release dated February 25, 2000 regarding
the planned suspension of operations of Mortgage Company of James River, Inc.,
which conducts mortgage company operations as an indirect wholly owned
subsidiary of James River Bankshares, Inc.
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SIGNATURE
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.
JAMES RIVER BANKSHARES, INC.
Date: February 27, 2000 By /s/ Harold U. Blythe
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Harold U. Blythe,
President
and Chief Executive Officer
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EXHIBIT INDEX
Exhibit No.
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99.1 Press Release dated February 25, 2000.
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[JAMES RIVER BANKSHARES LOGO]
FOR IMMEDIATE RELEASE
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Contact: Donald W. Fulton, Jr.
Senior Vice President & CFO
(757) 934-8734 ext. 206
JAMES RIVER BANKSHARES
TO CLOSE MORTGAGE COMPANY
SUFFOLK, VA (February 25, 2000) James River Bankshares (NASDAQ NMS: JRBK)
today announced that it will suspend operations of Mortgage Company of James
River, Inc. The company was established in the fourth quarter of 1998 and began
operations in January 1999. The mortgage company, which is based in Richmond,
Virginia, is a subsidiary of James River Bank, Waverly, Virginia.
According to Harold U. Blythe, President and CEO of James River Bankshares,
"It was unfortunate that we entered the mortgage business just as the cycle was
beginning to turn in a negative direction. In spite of cost cutting measures
and other strategies to increase business volume, we were unable to eliminate
operating losses. Reluctantly, we have decided to suspend the mortgage
company's operations."
The company will continue operations for approximately 60 days until such
time as loans in process can be closed. The closing will affect seven mortgage
company employees and will result in a charge to James River Bankshares' first
quarter earnings. The amount of the charge is expected to be approximately
$105,000 net after taxes.
James River Bankshares is a multi-community bank holding company based in
Suffolk, Virginia. It owns five community banks, two consumer finance
companies, and an equity-based lending subsidiary in addition to the mortgage
company.
This press release contains "forward-looking statements," within the meaning
of federal securities laws, that involve risks and uncertainties. Statements
herein are based on certain assumptions and analyses by the company and other
factors it believes are appropriate in the circumstances. However, the
company's expectations are subject to a number of risks and uncertainties and
other factors that could cause actual results, events and developments to differ
materially from those contemplated by any forward-looking statements herein.
Consequently, all forward-looking statements made herein are qualified by these
cautionary statements and the cautionary language in the company's most recent
Form 10-K report and other documents filed with the Securities and Exchange
Commission.
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