baynational8k.htm
UNITED
STATES
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): January 07,
2009
Bay National
Corporation
(Exact Name of Registrant as
Specified in its Charter)
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Maryland
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000-51765
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52-2176710
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(State
of Incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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2328
West Joppa Road
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Lutherville, Maryland
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21093
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
Telephone Number, Including Area Code: 410-494-2580
N/A
(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 communication 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))
Section
5 – Corporate Governance and Management
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(b) On
January 7, 2009, Richard J. Oppitz, Executive Vice President and Chief Credit
Officer of Bay National Bank, the bank operating subsidiary of Bay National
Corporation, was terminated effective immediately. Mr. Oppitz was
terminated as part of a reduction in workforce taken as a cost-saving measure by
the Company and not in connection with any disagreement with the Company or its
management.
(e) Mr.
Oppitz received a severance payment calculated in the same manner as other
individuals who have previously been terminated, that is two weeks of pay in
lieu of two weeks notice and six weeks of severance calculated at two weeks of
pay for each full year of service. The payment received by Mr. Oppitz
totaled $29,077.00.
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 thereunto
duly authorized.
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BAY
NATIONAL CORPORATION |
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Date: January
13, 2009
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By:
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/s/
Hugh W. Mohler
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Hugh
W. Mohler
President
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