Virginia Commerce Bancorp Inc - Current report filing (8-K)
05 Februar 2008 - 11:16PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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):
January 30,
2008
Virginia Commerce Bancorp, Inc.
(Exact name of registrant as specified in its
charter)
Virginia
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0-28635
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54-1964895
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(State or other jurisdiction
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(Commission file number)
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(IRS Employer
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of incorporation)
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Number)
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5350 Lee Highway, Arlington,
Virginia 22207
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(Address of Principal Executive Offices) (Zip
Code)
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Registrants telephone number, including area
code:
703.534.0700
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N/A
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(Former Name or Former Address, if changed
since last report)
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Check the appropriate box below
if the Form 8-K is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (See General
Instruction A.2. below):
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c)
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Item 5.02.
Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers Compensatory Arrangements of Certain Officers
(e) On January 30, 2008, the
Compensation Committee of the Board of Directors of Virginia Commerce Bancorp, Inc.
(the Company) authorized the payment of the annual cash bonuses, and the
award of options under the Companys 1998 Stock Option Plan, to the Companys
named executive officers, as set forth in the table below. The committee also authorized increases in
base compensation to the amounts set forth below, effective January 1,
2008, for each named executive officer.
Name
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Title
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Cash
Bonus
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Options
Awarded
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Base
Salary
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Percentage
Increase in
Base Salary
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Peter A. Converse
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Chief Executive Officer
Company; President and Chief Executive Officer Bank
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$200,000
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24,500
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$381,000
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2.97%
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Michael G. Anzilotti
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President Company
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$ 48,000
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10,925
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$169,950
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3.00%
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R. B. Anderson, Jr.
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Executive Vice President and Chief Lending Officer
Bank
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$100,000
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14,900
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$231,750
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3.00%
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William K. Beauchesne
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Treasurer and Chief
Financial Officer Company; Executive Vice President and Chief Financial
Officer Bank
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$ 56,000
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12,250
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$190,550
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3.00%
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Steven A. Reeder
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Executive Vice President Retail Banking-Bank
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$ 30,000
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10,595
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$164,800
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3.00%
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The Board of Directors also
approved on January 30, 2008, the award of an aggregate of 36,000 options
to purchase common stock the non-employee directors of the Company, as set
forth in the table below:
Name
|
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Options
Awarded
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Leonard Adler
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6,000
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W. Douglas Fisher
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6,000
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David M. Guernsey
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6,000
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Robert H. LHommedieu
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6,000
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Norris E. Mitchell
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6,000
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Arthur L. Walters
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6,000
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All options granted to named
executive officers and directors have an exercise price of $11.74 per share,
have a 10 year term from the date of grant, vest in five annual installments
commencing January 30, 2009, and are subject to the terms of the 1998
Stock Option Plan.
2
Signatures
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.
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VIRGINIA
COMMERCE BANCORP, INC.
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By:
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/s/
Peter A. Converse
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Peter
A. Converse, Chief Executive Officer
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Dated:
February 5, 2008
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3
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