-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PdyR/OgSxMvnMT7ZewXBOUjZwcxLO7NguCCgWXMF9ed0YE0v/QgNE+70YDK8eLO3 T5itLMXDpzNb+7Ch/OY/dg== 0000894671-08-000090.txt : 20081114 0000894671-08-000090.hdr.sgml : 20081114 20081114163203 ACCESSION NUMBER: 0000894671-08-000090 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081114 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081114 DATE AS OF CHANGE: 20081114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OHIO VALLEY BANC CORP CENTRAL INDEX KEY: 0000894671 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 311359191 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20914 FILM NUMBER: 081191929 BUSINESS ADDRESS: STREET 1: 420 THIRD AVE CITY: GALLIPOLIS STATE: OH ZIP: 45631 BUSINESS PHONE: 7404462631 MAIL ADDRESS: STREET 1: 420 THIRD AVENUE STREET 2: PO BOX 240 CITY: GALLIPOLIS STATE: OH ZIP: 45631 8-K 1 sec8k111408tarpturndowncvr.txt TARP TURNDOWN DISCLOSURE 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 November 14, 2008 ------------------- Date of Report (Date of earliest event reported) OHIO VALLEY BANC CORP. ------------------------- (Exact name of registrant as specified in its charter) Ohio ------ (State or other jurisdiction of incorporation) 0-20914 31-1359191 --------- ------------ (Commission File Number) (IRS Employer Identification No.) 420 Third Avenue, Gallipolis, Ohio 45631 ------------------------------------------ (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (740) 446-2631 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: [ ] Written communications 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)) Item 8.01 - Other Events - ------------------------- On November 14, 2008, Ohio Valley Banc Corp. issued a news release announcing its decision not to participate in the Troubled Asset Relief Program Capital Purchase Program of the United States Department of the Treasury. A copy of the news release is attached to this Form 8-K as Exhibit 99.1. Item 9.01 - Financial Statements and Exhibits - --------------------------------------------- Exhibit No. Description - ----------- ----------- 99.1 News release issued by Ohio Valley Banc Corp. on November 14, 2008. Page 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 thereunto duly authorized. OHIO VALLEY BANC CORP. Date: November 14, 2008 By: /s/ Jeffrey E. Smith ------------------------------- Jeffrey E. Smith, President and Chief Executive Officer Page 3 EX-99 2 sec8k111408tarpturndownex99.txt TARP TURNDOWN DISCLOSURE EXHIBIT 99.1 November 14, 2008 - For immediate release Contact: Scott Shockey, CFO (740) 446-2631 OHIO VALLEY BANC CORP. WILL NOT APPLY FOR FEDERAL FUNDS UNDER THE U. S. TREASURY'S CAPITAL PURCHASE PROGRAM GALLIPOLIS, OHIO - Ohio Valley Banc Corp. (NASDAQ: OVBC) (the "Company"), parent company of The Ohio Valley Bank Company (the "Bank"), announced today that it will not apply to participate in the United States Department of the Treasury's Capital Purchase Program (the "CPP"). The CPP is part of the federal government's Troubled Asset Relief Program approved by Congress to provide added capital and liquidity to financial institutions in hopes of increasing lending. Under the CPP, a financial institution holding company can apply for federal funds to be invested in the company, with the U. S. Treasury receiving preferred stock with a required dividend of 5% per year and warrants convertible into common stock. As part of the investment arrangement, the company receiving the federal funds must agree to certain restrictions on its operations, including obtaining permission from Treasury to increase dividends on its common stock or to repurchase its shares and certain restrictions related to executive compensation. In addition, Treasury could transfer the preferred stock to third parties, and the holder of the preferred stock would have the right to elect two directors to the Board of Directors of the financial institution under certain circumstances. Jeffrey E. Smith, President and CEO of the Company, said, "After carefully considering the Company's capital and liquidity and its potential uses of the federal funds, as well as the other restrictions and disadvantages that would accompany participation in the Program, we concluded that it was in the best interests of the shareholders of the Company not to participate in the Program. Ohio Valley Banc Corp. meets the standards to be "well capitalized" under regulatory definitions. We believe we have adequate capital and liquidity at this time to continue to make loans in our market area in accordance with prudent lending standards. We understand that other financial institutions may need and benefit from the federal government's assistance, but we are able to do our part toward the U. S. Government's goal of making loans more available, without the federal funds. Forward-looking Information Certain statements contained in this news release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believes," "anticipates," "expects," "intends," "targeted" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying those statements. Forward-looking statements involve risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events, including: (i) changes in political, economic or other factors such as inflation rates, recessionary or expansive trends, and taxes; (ii) competitive pressures; (iii) fluctuations in interest rates; (iv) the level of defaults and prepayment on loans made by the Company; (v) unanticipated litigation, claims, or assessments; (vi) fluctuations in the cost of obtaining funds to make loans; and (vii) regulatory changes. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statement is made to reflect unanticipated events. See Item 1.A. "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and Part II, Item 1.A. "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2008, for further discussion of the risks affecting the business of the Company and the value of an investment in its shares. -----END PRIVACY-ENHANCED MESSAGE-----