UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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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): July 9, 2009

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HIGHLANDS BANKSHARES, INC.

(Exact name of registrant as specified in its charter)

        

 

Registrant’s telephone number, including area code: (276) 628-9181

 

Not Applicable

(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:

 

 

 

 

 

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As previously disclosed in April 2009, the Board of Directors of Highlands Bankshares, Inc. (the “Company”) implemented a policy whereby it expects the Company will pay cash dividends on a semi-annual basis instead of an annual basis. In furtherance of this policy, on July 9, 2009, the Board of Directors declared a cash dividend of $0.11 for each share of the Company’s common stock outstanding. The dividend is payable on August 3, 2009 to shareholders of record on July 24, 2009. Based on the current number of shares outstanding, the aggregate payment will be approximately $550,356. The Board of Directors expects to declare its next cash dividend after the conclusion of the fourth quarter of 2009.

 

A Cautionary Note about Forward-Looking Statements

 

Certain information in this report may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are generally identified by phrases such as “the Company expects,” “the Company believes” or words of similar import. These statements speak only as of the date of this report. The statements are based on current expectations, are inherently uncertain, are subject to risks, and should be viewed with caution.

 

Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.