SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Former Name or Former Address, if Changed Since Last Report)
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 (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Director Richard A. Sheaffer will reach the Board’s mandatory retirement age of 70 prior to the Board’s May, 2012 meeting and retired, effective after the Board’s regularly scheduled meeting held on April 12, 2012. Mr. Sheaffer was originally elected as a member of the Board of Directors on August 6, 1976. He was elected as Chairman of the board in January 1990, and served in that capacity until April 2007.
Item 8.01 – Other Events.
Effective April 12, 2012, the Company’s Board of Directors, by a unanimous resolution adopted on March 8, 2012, set the number of directors at ten. This reduction in the number of directors, which had previously been set at eleven, coincided with the retirement of Richard A. Sheaffer. The Board of Directors believes that reducing the number of directors at this time compliments its commitment to streamline the management function.
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.