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): June 9,
2010
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)
Identification
No.)
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(Commission
File Number)
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(I.R.S.
Employer
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2328
West Joppa Road
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Lutherville, Maryland
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(Address
of Principal Executive Offices)
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21093
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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
1 – Securities and Trading Markets
Item
1.03. Bankruptcy or Receivership.
On July 9, 2010, Bay National Bank (the
“Bank”), the principal operating subsidiary of Bay National Corporation (the
“Company”) was closed by the Office of the Comptroller of Currency, which
appointed the Federal Deposit Insurance Corporation (the “FDIC”) as receiver of
the Bank.
As indicated in the FDIC press release
dated July 9, 2010, subsequent to the closure, Bay Bank, FSB, Lutherville,
Maryland, assumed the operations and all of the deposits of the Bank, and
purchased essentially all of the Bank’s assets. All depositors of the Bank, will
automatically become depositors of Bay Bank, FSB for the full amount of their
deposits, and they will continue to have uninterrupted access to the Bank’s
deposits.
The Company’s principal assets were the
capital stock that it owns in the Bank. As the owner of all of the capital stock
of the Bank, the Company would be entitled to the net recoveries, if any,
following the liquidation or sale of the Bank or its remaining assets
by the FDIC. However, at this time, the Company does not believe that any
recovery will be realized.
Cautionary Note Regarding
Forward-Looking Statements
Any
statement herein with respect to the future of the Company’s economic
performance constitutes a forward-looking statement as defined by Federal
securities laws. Such statement is only a prediction based on our
current expectations about future events, and there are or may be important
factors that could cause our actual results to be materially different from the
future results expressed or implied by such forward-looking
statement. Unless required by law, we undertake no obligation to
publicly update or revise any forward-looking statement to reflect circumstances
or events after the date made.
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: June
15, 2010
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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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