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): March 13, 2012
HIGHLANDS BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
| West Virginia | 0-16761 | 55-0650793 |
| (State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer |
| Incorporation or organization | Identification No.) |
| P.O. Box 929 | |
| Petersburg, WV | 26847 |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code (304) 257-4111
| 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: | |
| _____ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425 |
| _____ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| _____ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| _____ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Page 2
Section 1 – Registrant’s Business and Operations
| Item 5.02 | Departure of Directors or Certain Officers, Appointment of Certain Others, Compensatory Arrangements of Certain Officers |
The Board of Directors of Highlands Bankshares, Inc, at its regularly scheduled meeting held March 13, 2012, has decided to combine the positions of Chairman of the Board and President and CEO of the Company. Upon doing so, the Board appointed Mr. John G. Van Meter, the Company’s current Chairman of the Board, to also serve as the Company’s President and CEO. The Board and executive management have agreed that based on the Board’s and management’s oversight at the subsidiary level, the combination of the Chairmen and CEO is economically beneficial at this time. The Board retains the right to exercise its judgment to separate the roles in the future.
Mr. Van Meter has served as a Highlands board member since May 1985 and has served as board member of one of the Company’s subsidiary banks, The Grant County Bank, since 1977. Mr. Van Meter graduated from West Virginia University College of Law in 1961 and has been practicing law in Petersburg WV since 1961. Mr. Van Meter was one of the founding board members of the Company.
Mr. Van Meter will assume the role of President and CEO of the company effective May 8, 2012.
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.
| HIGHLANDS BANKSHARES, INC. | |
| (Registrant) | |
| /s/Jeffrey B. Reedy | |
| Jeffrey B. Reedy, Chief Financial Officer | |
March 15, 2012