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IBCA > SEC Filings for IBCA > Form 8-K on 29-Oct-2012All Recent SEC Filings




Change in Directors or Principal Officers, Submission of Matters to a V

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective October 26, 2012, C. Wayne Crowell was elected as Director of Intervest Bancshares Corporation (the "Company"). Mr. Crowell is an appointee of the United States Department of the Treasury ("Treasury") pursuant to its rights as the holder of the Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock"), which stock was issued in connection with the Company's participation in the TARP Capital Purchase Program. Treasury has the right to appoint two directors to the Board of Directors at any time that dividends payable on the Series A Preferred Stock have not been paid for an aggregate of six quarterly dividend periods. The terms of the Series A Preferred Stock provide that Treasury will retain the right to appoint such directors at subsequent annual meetings of shareholders until all accrued and unpaid dividends for all past dividend periods have been paid.

Mr. Crowell will receive compensation for his service as a Director in conformity with the Company's practices related to non-employee directors. Mr. Crowell will also be appointed a director of Intervest National Bank, the wholly-owned banking subsidiary of the Company, effective upon receipt of regulatory approvals required by the Office of the Comptroller of the Currency.

On October 29, 2012, the Company issued a press release announcing the election of Mr. Crowell and a copy of that press release is attached hereto as Exhibit
99.1. Mr. Crowell spent more than 35 years with the Office of the Comptroller of the Currency prior to his retirement from that agency in February of 2009. He presently is the principal of CWC Consulting LLC, which provides consulting services to financial institutions.

Item 5.07 Submission of Matters to a Vote of Security Holders

Mr. C. Wayne Crowell was appointed as a director by the United States Treasury as the sole holder of the Company's Series A Preferred Stock, acting by a written consent dated October 24, 2012.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

No. Description

99.1 Press Release

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